What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-06-10 compared with 2026-03-09 · 71 added, 44 removed, 135 unchanged (46% of the section changed)

17 unchanged sentences

OF OPERATIONS

months ended January 31, 2026 compared with three months ended January 31, 2025

had no revenue during the three-month periods ended January 31, 2026 and 2025.

have not generated any revenue to date from our therapeutics or vaccine programs.

In addition, while we pursue our therapeutics and vaccine

programs, we may also make investments in and form new companies to develop additional emerging technologies.

We do not expect to begin

generating revenue with respect to any of our current therapy or vaccine programs in the near term.

We hope to achieve a profitable outcome

by eventually licensing our technologies to large pharmaceutical companies that have the resources and infrastructure in place to manufacture,

market and sell our technologies as therapeutics or vaccines.

The eventual licensing of any of our technologies may take several years,

if it is to occur at all, and may depend on positive results from human clinical trials.

months ended April 30, 2026 compared with three months ended April 30, 2025

had no revenue during the three-month periods ended April 30, 2026 and 2025.

We have not generated

any revenue to date from our therapeutics or vaccine programs.

In addition, while we pursue our therapeutics and vaccine programs, we

may also make investments in and form new companies to develop additional emerging technologies.

We do not expect to begin generating

revenue with respect to any of our current therapy or vaccine programs in the near term.

We hope to achieve a profitable outcome by eventually

licensing our technologies to large pharmaceutical companies that have the resources and infrastructure in place to manufacture, market

and sell our technologies as therapeutics or vaccines.

The eventual licensing of any of our technologies may take several years, if it

is to occur at all, and may depend on positive results from human clinical trials.

and Development Expenses

the three months ended January 31, 2026, research and development expenses related to the development of our cancer vaccines and CAR-T

the three months ended April 30, 2026, research and development expenses related to the development of our cancer vaccines and CAR-T

therapeutics consisted of approximately $812,000 and $446,000, respectively.

During the three months ended January 31, 2025 research

and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $975,000

and $577,000, respectively.

and development expenses decreased by approximately $450,000 to approximately $1,102,000 in the three months ended January 31, 2026,

from approximately $1,552,000 in the three months ended January 31, 2025.

The decrease in research and development expenses was primarily

due to a decrease in research and development expenses related to our breast cancer vaccine program as a result of fluctuations in the

timing of certain materials manufacturing activities of approximately $189,000, a decrease in research and development expenses related

to our CAR-T development program as a result of fluctuations in the timing of clinical trial patient enrollment of approximately $134,000,

a decrease in employee compensation and related costs, other than stock-based compensation expense, of approximately $84,000, and a decrease

in employee stock-based compensation expense of approximately $61,000.

During the three months ended April 30, 2025 research and

development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $898,000 and

$424,000, respectively.

and development expenses decreased by approximately $64,000 to approximately $1,258,000 in the three months ended April 30, 2026, from

approximately $1,322,000 in the three months ended April 30, 2025.

The decrease in research and development expenses was primarily due

to a decrease in employee stock-based compensation expense of approximately $134,000 and a decrease in employee compensation and related

costs, other than stock-based compensation expense, of approximately $94,000, offset by an increase in research and development expenses

related to our ovarian cancer CAR-T development program as a result of fluctuations in the timing of clinical trial patient enrollment

of approximately $75,000 and an increase in research and development expenses related to our breast cancer vaccine program as a result

of fluctuations in the timing of certain materials manufacturing activities of approximately $65,000.

and Administrative Expenses

and administrative expenses decreased by approximately $220,000 to approximately $1,614,000 in the three months ended January 31, 2026,

from approximately $1,834,000 in the three months ended January 31, 2025.

and administrative expenses decreased by approximately $292,000 to approximately $1,389,000 in the three months ended April 30, 2026,

from approximately $1,681,000 in the three months ended April 30, 2025.

The decrease in general and administrative expenses was primarily

due to a decrease in employee stock-based compensation expense of approximately $133,000, a decrease in director stock-based compensation

of approximately $68,000, a decrease in patent prosecution costs of approximately $32,000, a decrease in director compensation, other

than stock-based compensation expense, of approximately $29,000, and a decrease in employee compensation and related costs, other than

stock-based compensation expense, of approximately $20,000, offset by an increase in investor and public relations expense of approximately

income decreased by approximately $42,000 to approximately $131,000 in the three months ended January 31, 2026, from approximately $173,000

in the three months ended January 31, 2025, primarily due to a decrease in the amount of short-term investments held and a decrease in

due to a decrease in employee stock-based compensation expense of approximately $182,000 and a decrease in patent-related costs of approximately

income decreased by approximately $79,000 to approximately $111,000 in the three months ended April 30, 2026, from approximately $190,000

in the three months ended April 30, 2025, primarily due to a decrease in the amount of short-term investments held and a decrease in

interest rates.

1 unchanged sentence

net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, decreased

by approximately $9,000 to approximately $20,000 in the three months ended January 31, 2026 from approximately $29,000 in the three months

ended January 31, 2025, as Certainty’s net loss decreased.

by approximately $3,000 to approximately $20,000 in the three months ended April 30, 2026 from approximately $23,000 in the three months

ended April 30, 2025, as Certainty’s net loss decreased.

months ended April 30, 2026 compared with six months ended April 30, 2025

had no revenue during the six-month periods ended April 30, 2026 and 2025.

and Development Expenses

the six months ended April 30, 2026, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics

consisted of approximately $1,485,000 and $875,000, respectively.

During the six months ended April 30, 2025 research and development

expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $1,873,000 and $1,001,000,

respectively.

and development expenses decreased by approximately $514,000 to approximately $2,360,000 in the six months ended April 30, 2026, from

approximately $2,874,000 in the six months ended April 30, 2025.

The decrease in research and development expenses was primarily due

to a decrease in employee stock-based compensation expense of approximately $195,000, a decrease in employee compensation and related

costs, other than stock-based compensation expense, of approximately $178,000, a decrease in research and development expenses related

to our breast cancer vaccine of approximately $124,000, and a decrease in research and development expenses related to our ovarian cancer

CAR-T therapeutic of approximately $59,000, offset by an increase in legal and other professional fees of approximately $53,000.

and Administrative Expenses

and administrative expenses decreased by approximately $512,000 to approximately $3,003,000 in the six months ended April 30, 2026, from

approximately $3,515,000 in the six months ended April 30, 2025.

The decrease in general and administrative expenses was primarily due

to a decrease in employee stock-based compensation of approximately $316,000, a decrease in director stock-based compensation of approximately

$77,000, a decrease in patent-related costs of approximately $59,000, and a decrease in director compensation, other than stock-based

compensation expense, of approximately $44,000, offset by an increase in investor and public relations expense of approximately $43,000.

income decreased by approximately $121,000 to approximately $242,000 in the six months ended April 30, 2026, from approximately $363,000

in the six months ended April 30, 2025, primarily due to a decrease in the amount of short-term investments held and a decrease in interest

Loss Attributable to Noncontrolling Interest

net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, decreased

by approximately $12,000 to approximately $40,000 in the six months ended April 30, 2026 from approximately $52,000 in the six months

ended April 30, 2025, as Certainty’s net loss decreased.

AND CAPITAL RESOURCES

primary sources of liquidity are cash, cash equivalents and short-term investments.

on currently available information as of March 9, 2026, we believe that our existing cash, cash equivalents and short-term investments

on currently available information as of June 10, 2026, we believe that 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 $13,686,000 of cash, cash

equivalents and short-term investments at January 31, 2026 compared to approximately $15,174,000 at October 31, 2025 which is a reduction

of approximately $972,000 for the three months ended January 31, 2026.

equivalents and short-term investments at April 30, 2026 compared to approximately $15,174,000 at October 31, 2025 which is a reduction

of approximately $1,488,000 for the three months ended April 30, 2026.

Therefore, the Company believes that it has sufficient cash, cash

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technologies.

During the three months ended January 31, 2026, we raised approximately $1,625,000, net of expenses, through an at-the-market

During the six months ended April 30, 2026, we raised approximately $2,870,000, net of expenses, through an at-the-market

equity offering of 887,134 shares of common stock.

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, 2026, we may sell approximately $98 million of common stock.

the three months ended January 31, 2026, cash used in operating activities was approximately $2,610,000.

available for us to use in the future, as of April 30, 2026, we may sell approximately $97 million of common stock.

the six months ended April 30, 2026, cash used in operating activities was approximately $4,351,000.

Cash provided by investing activities

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Cash provided by financing activities was approximately $2,934,000, resulting

from the sale of 429,328 shares of common stock in an at-the-market equity offering of approximately $1,625,000, net of expenses, and

proceeds from stock option exercises of approximately $60,000.

As a result, our cash, cash equivalents, and short-term investments at

January 31, 2026 decreased approximately $972,000 to approximately $14,202,000 from approximately $15,174,000 at October 31, 2025.

from the sale of 887,134 shares of common stock in an at-the-market equity offering of approximately $2,870,000, net of expenses, proceeds

from stock option exercises of approximately $60,000 and proceeds from the sale of common stock pursuant to an employee stock purchase

plan of approximately $4,000.

As a result, our cash, cash equivalents, and short-term investments at April 30, 2026 decreased approximately

$1,488,000 to approximately $13,686,000 from approximately $15,174,000 at October 31, 2025.

have expected future cash obligations related to the lease of our executive offices through 2029, inclusive of extension periods, estimated

94 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis