Company: ANIX
Filing Date: 2025-09-10
Form Type: 10-Q
Source: 0001493152-25-013000
Chunk: 45

Company: Anixa Biosciences Inc
Filing Date: 2025-09-10
Form: 10-Q
Item: Part I, Item 8
Chunk 45
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 to Form
10-Q and Rule 8-03 of Regulation S-X. Accordingly, certain information and disclosures required by US GAAP in annual financial statements
have been omitted or condensed. These interim condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements and related disclosures included in our Annual Report on Form 10-K for the fiscal year ended October
31, 2024. The accompanying October 31, 2024 condensed consolidated balance sheet data was derived from the audited financial statements
but does not include all disclosures required by US GAAP. The condensed consolidated financial statements include all adjustments of
a normal recurring nature which, in the opinion of management, are necessary for a fair statement of our financial position as of July
31, 2025, and results of operations and cash flows for the interim periods represented. The results of operations for the three and nine
months ended July 31, 2025 are not necessarily indicative of the results to be expected for the year.

Noncontrolling
Interest

Noncontrolling
interest represents Wistar’s equity ownership in Certainty and is presented as a component of equity. The following table sets
forth the changes in noncontrolling interest for the nine months ended July 31, 2025 (in thousands):

 SCHEDULE OF CHANGES IN NONCONTROLLING INTEREST

    Balance,
    October 31, 2024 
    $(1,110)
  
    Net
    loss attributable to noncontrolling interest 
     (74)
  
    Balance,
    July 31, 2025 
    $(1,184)

Revenue
Recognition

Our
revenue has been derived solely from technology licensing and the sale of patented technologies. Revenue is recognized upon transfer
of control of intellectual property rights and satisfaction of other contractual performance obligations to licensees in an amount that
reflects the consideration we expect to receive.

Our
revenue recognition policy requires us to make certain judgments and estimates in connection with the accounting for revenue. Such areas
may include determining the existence of a contract and identifying each party’s rights and obligations to transfer goods and services,
identifying the performance obligations in the contract, determining the transaction price and allocating the transaction price to separate
performance obligations, estimating the timing of satisfaction of performance obligations, determining whether a promise to grant a license
is distinct from other promised goods or services and evaluating whether a license transfers to a customer at a point in time or over
time.

Our
re