Anixa Biosciences Reports $3.2 Million Net Loss, Focuses on Cancer Therapy Development

Anixa Biosciences, Inc. reported its financial results for the three months ending January 31, 2025, revealing a net loss of $3.2 million, a slight improvement from a net loss of $3.3 million during the same period in 2024. The company did not generate any revenue in either quarter, maintaining its focus on the development of cancer therapies and vaccines. Total operating costs and expenses decreased to $3.4 million from $3.6 million year-over-year, primarily due to reduced general and administrative expenses.

Research and development expenses rose to $1.6 million in the latest quarter, up from $1.4 million in the prior year. This increase was attributed to higher costs associated with the breast cancer vaccine program and license fees for the ovarian cancer CAR-T therapeutic. General and administrative expenses decreased significantly, from $2.3 million to $1.8 million, driven by lower investor relations costs and reduced employee compensation expenses. Interest income also fell to $173,000 from $319,000, reflecting a decrease in short-term investments and interest rates.

As of January 31, 2025, Anixa's total current assets were approximately $18.7 million, down from $21.4 million at the end of October 2024. The company’s cash and cash equivalents decreased to $1.1 million, while short-term investments also declined. Total liabilities decreased to $2.2 million from $2.7 million, with current liabilities falling to $2.0 million. Shareholders' equity was reported at $17.9 million, down from $20.0 million, reflecting the net loss incurred during the quarter.

Anixa continues to focus on its clinical programs, including a Phase 1 trial for its CAR-T therapy targeting ovarian cancer, which has shown promising results in initial cohorts. The company is also advancing its breast cancer vaccine program, with plans to initiate a Phase 2 trial in 2025. Management believes that existing cash and investments will be sufficient to fund operations for at least the next twelve months, and they have not issued any shares under their at-the-market equity offering during the quarter. The company retains the option to sell approximately $97 million of common stock under this program in the future.

Looking ahead, Anixa aims to continue its strategic collaborations and clinical trials while managing costs effectively. The company does not expect to generate revenue from its therapeutic and vaccine programs in the near term but anticipates potential licensing opportunities with larger pharmaceutical companies as clinical trials progress.