Anixa Biosciences, Inc. reported its financial results for the third quarter and nine months ended July 31, 2024, highlighting significant changes in revenue, expenses, and overall financial position compared to the previous fiscal period.

The company did not generate any revenue during the three and nine months ended July 31, 2024, consistent with the same periods in 2023. However, in the nine months ended July 31, 2023, Anixa reported revenue of approximately $210,000 from a one-time licensing agreement. The absence of revenue in the current period reflects the company's ongoing focus on research and development rather than immediate commercialization of its vaccine and therapeutic programs.

Total operating costs and expenses for the third quarter of 2024 increased to $3,592,000, up from $2,844,000 in the same quarter of 2023. Year-to-date operating costs also rose to $10,668,000 from $8,170,000. The increase in expenses was primarily driven by a rise in research and development costs, which totaled $1,925,000 for Q3 2024, compared to $1,088,000 in Q3 2023. Year-to-date research and development expenses reached $4,920,000, up from $3,154,000 in the prior year. This increase was largely attributed to heightened spending on the breast cancer vaccine and CAR-T therapeutics programs.

The net loss for the third quarter of 2024 was $(3,315,000), compared to $(2,548,000) in Q3 2023. For the nine months ended July 31, 2024, the net loss was $(9,785,000), an increase from $(7,209,000) in the same period of 2023. The net loss per common share attributable to common shareholders for the nine months ended July 31, 2024, was $(0.30), compared to $(0.23) in the prior year.

As of July 31, 2024, Anixa's total assets were $22,908,000, down from $25,522,000 as of October 31, 2023. The company reported cash and cash equivalents of $1,225,000, an increase from $915,000 at the end of the previous fiscal year. However, total shareholders' equity decreased to $21,771,000 from $24,337,000.

In terms of strategic developments, Anixa raised approximately $2,984,000 through an at-the-market equity offering during the nine months ended July 31, 2024. The company has the potential to issue an additional $97 million of common stock under this program. The company continues to focus on its vaccine and therapeutic development programs, including collaborations with The Cleveland Clinic and ongoing clinical trials for its breast cancer and ovarian cancer vaccines.