Company: ANIX
Filing Date: 2025-03-11
Form Type: 10-Q
Source: 0001493152-25-009854
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Company: Anixa Biosciences Inc
Filing Date: 2025-03-11
Form: 10-Q
Item: Part I, Item 8
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ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BUSINESS AND FUNDING

Description of Business

As used herein, “we,”
“us,” “our,” the “Company” or “Anixa” means Anixa Biosciences, Inc. and its consolidated
subsidiaries.

Anixa Biosciences, Inc. is a biotechnology
company developing therapies and vaccines that are focused on critical unmet needs in oncology. Our therapeutics program consists of the
development of a chimeric endocrine receptor-T cell therapy, a novel form of chimeric antigen receptor-T cell (“CAR-T”) technology,
initially focused on treating ovarian cancer, which is being developed at our subsidiary, Certainty Therapeutics, Inc. (“Certainty”).
Our vaccine programs include (i) the development of a vaccine against breast cancer, initially focused on triple negative breast cancer
(“TNBC”), the most lethal form of breast cancer, (ii) the development of a vaccine against ovarian cancer, and (iii) a vaccine
discovery program utilizing the same mechanism as our breast and ovarian cancer vaccines, to develop additional cancer vaccines to address
many intractable cancers, including high incidence malignancies in lung, colon and prostate.

Our subsidiary, Certainty, is
developing immuno-therapy drugs against cancer. Certainty holds an exclusive worldwide, royalty-bearing license to use certain intellectual
property owned or controlled by The Wistar Institute (“Wistar”), the nation’s first independent biomedical research
institute and a leading NCI designated cancer research center, relating to Wistar’s chimeric endocrine receptor targeted therapy
technology. We have initially focused on the development of a treatment for ovarian cancer, but we also may pursue applications of the
technology for the development of treatments for additional solid tumors. The license agreement requires Certainty to make certain cash
and equity payments to Wistar upon achievement of specific development milestones. With respect to Certainty’s equity obligations
to Wistar, Certainty issued to Wistar shares of its common stock equal to five percent (5%) of the common stock of Certainty, such equity
stake subject to dilution by further funding of Certainty’s activities by the Company. Due to such Company funding, Wistar’s
equity stake in Certainty was 4.3% as of January 31, 202