Company: ANIX
Filing Date: 2025-03-11
Form Type: 10-Q
Source: 0001493152-25-009854
Chunk: 21

Company: Anixa Biosciences Inc
Filing Date: 2025-03-11
Form: 10-Q
Item: Part I, Item 8
Chunk 21
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 our existing cash, cash equivalents and short-term investments will be sufficient to fund our activities for at least the next twelve
months. The Company had approximately $18,686,000 of total current assets at January 31, 2025 compared to approximately $21,362,000 at
October 31, 2024 which is a reduction of approximately $2,676,000 for the three months ended January 31, 2025. Therefore, the Company
believes that it has sufficient cash, cash equivalents and short-term investments to operate its business, as currently contemplated,
for significantly longer than 12 months from the date of this Report. We have implemented a business model that conserves funds by collaborating
with third parties to develop our technologies. During the three months ended January 31, 2025, we did not issue any shares under our
at-the-market equity offering. Under our at-the-market equity program, which is currently effective and may remain available for us to
use in the future, as of January 31, 2025, we may sell approximately $97 million of common stock.

During the three months ended
January 31, 2025, cash used in operating activities was approximately $2,904,000. Cash provided by investing activities was approximately
$2,703,000, resulting from the maturities of short-term investments of approximately $15,700,000, offset by purchases of short-term investments
totaling approximately $12,997,000. Cash used in financing activities was approximately $17,000, due to expenses related to maintaining
our at-the-market equity offering program. As a result, our cash, cash equivalents, and short-term investments at January 31, 2025 decreased
approximately $2,669,000 to approximately $17,255,000 from approximately $19,924,000 at the end of fiscal year 2024.

 17 

CRITICAL ACCOUNTING POLICIES

The Company’s condensed
consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America.
In preparing these financial statements, we make assumptions, judgments and estimates that can have a significant impact on amounts reported
in our condensed consolidated financial statements. We base our assumptions, judgments and estimates on historical experience and various
other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under
different assumptions or conditions. On a regular basis, we evaluate our assumptions,