Company: ANIX
Filing Date: 2025-03-11
Form Type: 10-Q
Source: 0001493152-25-009854
Chunk: 12

Company: Anixa Biosciences Inc
Filing Date: 2025-03-11
Form: 10-Q
Item: Part I, Item 8
Chunk 12
---
 Weighted Average
    Remaining
    Contractual Life
    (in years)

    Weighted
    Average
    Exercise Price

    $
    6.56

    300,000

    1.1

    $
    6.56

Stock Awards

During the three months ended
January 31, 2025, we did not issue any stock awards. During the three months ended January 31, 2024, we issued 29,336 shares of common
stock to consultants providing investor relations services, and recorded expense of approximately $96,000.

     11 

Treasury stock

As of January 31, 2025, the Company
held 2,000 shares of its common stock as treasury stock. These shares were repurchased during the fiscal year ended October 31, 2024,
at an average cost of $3.17 per share for a total cost of approximately $6,000. The repurchases were made as part of a stock buyback program
approved by our Board of Directors on July 11, 2024. The treasury shares are accounted for under the cost method and are recorded as a
reduction in shareholders’ equity in the consolidated balance sheet. The Company may reissue treasury shares for stock option exercises,
acquisitions, or other corporate purposes.

4. FAIR VALUE MEASUREMENTS

US GAAP defines fair value and
establishes a framework for measuring fair value. We have categorized our financial assets and liabilities, based on the priority of the
inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. If the inputs used to measure the financial
instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to
the fair value measurement of the instrument.

Financial assets and liabilities
recorded in the accompanying condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as
follows:

Level 1 – Financial instruments
whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which we have the ability to
access at the measurement date.

Level 2 – Financial instruments
whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices
of instruments with similar attributes in active markets.

Level 3 – Financial instruments
whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to