Company: ANIX
Filing Date: 2025-09-10
Form Type: 10-Q
Source: 0001493152-25-013000
Chunk: 52

Company: Anixa Biosciences Inc
Filing Date: 2025-09-10
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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  Exercise Price 
  
    $6.56  
     300,000  
     0.6  
    $6.56 

Stock
Awards

During
the three and nine months ended July 31, 2025, we did not issue any stock awards. During the three and nine months ended July 31, 2024,
we issued 60,000 shares and 89,336 shares of common stock, respectively, to consultants providing investor relations services, and recorded
expense of approximately $62,000 and $158,000, respectively.

Treasury
stock

During
the fiscal year ended October 31, 2024, the Company purchased 2,000 shares of its common stock as treasury stock. The shares were purchased
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, that has subsequently expired. The treasury shares were accounted for under
the cost method and were recorded as a reduction in shareholders’ equity in the condensed consolidated balance sheet. In March
2025, the Company cancelled the treasury shares resulting in a reduction in shares outstanding and paid-in capital.

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 the overall fair value measurement. These inputs reflect management’s own assumptions