What changed in this filing

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Item 1. Financial Statements

2025-05-28 compared with 2025-03-11 · 213 added, 163 removed, 535 unchanged (41% of the section changed)

ANIXA BIOSCIENCES,

Financial Statements.

ANIXA BIOSCIENCES, INC.

AND SUBSIDIARIES

1 unchanged sentence

(in thousands, except share and per share data)

January 31, 2025

April 30, 2025

October 31, 2024

24 unchanged sentences

100,000,000 shares authorized;

32,196,862 shares issued and outstanding as of January 31, 2025 and October 31, 2024

32,211,092 and 32,196,862 shares issued and outstanding as of April 30, 2025 and October 31, 2024, respectively

Additional paid-in capital

Accumulated deficit

Treasury stock, 2,000 shares at cost

Treasury stock, 2,000 shares at cost as of October 31, 2024

Total shareholders’ equity

8 unchanged sentences

For the three months ended

Operating costs and expenses:

For the six months ended

Operating expenses:

Research and development expenses (including non-cash stock-based compensation expenses of $ 417 , $ 520 , $ 814 and $ 1,009 , respectively)

General and administrative expenses (including non-cash stock-based compensation expenses of $ 571 , $ 740 , $ 1,229 and $ 1,511 , respectively)

Total operating costs and expenses

Total operating expenses

Loss from operations

12 unchanged sentences

(in thousands, except share data)

FOR THE THREE MONTHS ENDED JANUARY 31, 2025 (UNAUDITED )

Shareholders’

Balance, October 31, 2024

FOR THE THREE MONTHS ENDED APRIL 30, 2025 (UNAUDITED )

Shareholders’ Equity

Balance, January 31, 2025

$ ( 243,934 )

Stock option compensation to employees and directors

1 unchanged sentence

Common stock issued to consultants

Common stock issued to consultants, shares

Common stock issued in an at-the-market offering, net of offering expenses

Common stock issued in an at-the-market offering, net of offering expenses, shares

Common stock issued upon exercise of stock options

Common stock issued upon exercise of stock options, shares

Expenses related to an at-the-market offering

Common stock issued in an at-the-market offering, net of offering expenses of $ 33

Common stock issued pursuant to an employee stock purchase plan

Cancelation of treasury shares

Balance, April 30, 2025

$ ( 246,724 )

FOR THE THREE MONTHS ENDED APRIL 30, 2024 (UNAUDITED )

Shareholders’ Equity

Balance, January 31, 2024

FOR THE THREE MONTHS ENDED JANUARY 31, 2024

$ ( 231,451 )

Stock option compensation to employees and directors

Stock options issued to consultants

Common stock issued in an at-the-market offering, net of offering expenses of $ 26

Common stock issued upon exercise of stock options

Common stock issued pursuant to an employee stock purchase plan

Balance, April 30, 2024

$ ( 234,590 )

The accompanying notes are an integral part of these

condensed consolidated financial statements.

ANIXA BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except share data)

FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)

Shareholders’

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Balance, October 31, 2024

$ ( 240,750 )

Stock option compensation to employees and directors

Stock options issued to consultants

Common stock issued to consultants

Common stock issued in an at-the-market offering, net of offering expenses of $ 51

Common stock issued pursuant to an employee stock purchase plan

Cancelation of treasury shares

Balance, April 30, 2025

$ ( 246,724 )

FOR THE SIX MONTHS ENDED APRIL 30, 2024 (UNAUDITED)

Shareholders’

Balance, October 31, 2023

$ ( 228,196 )

Stock option compensation to employees and directors

Stock options issued to consultants

Common stock issued in an at-the-market offering, net of offering expenses of $ 94

Common stock issued upon exercise of stock options

Balance, January 31, 2024

Common stock issued to consultants

Common stock issued pursuant to an employee stock purchase plan

Balance, April 30, 2024

$ ( 234,590 )

The accompanying notes are an integral part of these

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(in thousands)

For the three months ended

For the six months ended

Cash flows from operating activities:

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Cash flows from financing activities:

Net (expenses) proceeds from an at-the-market

(Expenses) proceeds from sale of common stock in an at-the-market offering, net of offering expenses of $ 51 and $ 94 , respectively

Proceeds from sale of common stock pursuant to an employee stock purchase plan

Proceeds from exercise of stock options

Net cash (used in) provided by financing activities

Net (decrease) increase in cash and cash equivalents

Net cash provided by financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

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many intractable cancers, including high incidence malignancies in lung, colon and prostate.

Our subsidiary, Certainty, is

developing immuno-therapy drugs against cancer.

Certainty holds an exclusive worldwide, royalty-bearing license to use certain intellectual

property owned or controlled by The Wistar Institute (“Wistar”), the nation’s first independent biomedical research

institute and a leading NCI designated cancer research center, relating to Wistar’s chimeric endocrine receptor targeted therapy

We have initially focused on the development of a treatment for ovarian cancer, but we also may pursue applications of the

technology for the development of treatments for additional solid tumors.

The license agreement requires Certainty to make certain cash

and equity payments to Wistar upon achievement of specific development milestones.

With respect to Certainty’s equity obligations

to Wistar, Certainty issued to Wistar shares of its common stock equal to five percent ( 5 %) of the common stock of Certainty, such equity

stake subject to dilution by further funding of Certainty’s activities by the Company.

Due to such Company funding, Wistar’s

equity stake in Certainty was 4.3 % as of January 31, 2025.

Certainty, in collaboration with

Our subsidiary, Certainty,

is developing immuno-therapy drugs against cancer.

Certainty holds an exclusive worldwide, royalty-bearing license to use certain

intellectual property owned or controlled by The Wistar Institute (“Wistar”), the nation’s first independent

biomedical research institute and a leading National Cancer Institute (“NCI”) designated cancer research center, relating to

Wistar’s chimeric endocrine receptor targeted therapy technology.

We have initially focused on the development of a treatment

for ovarian cancer, but we also may pursue applications of the technology for the development of treatments for additional solid

The license agreement requires Certainty to make certain cash and equity payments to Wistar upon achievement of specific

development milestones.

With respect to Certainty’s equity obligations to Wistar, Certainty issued to Wistar shares of its

common stock equal to five percent ( 5 %)

of the common stock of Certainty, such equity stake subject to dilution by further funding of Certainty’s activities by the

Due to such Company funding, Wistar’s equity stake in Certainty was 4.2 %

as of April 30, 2025.

Certainty, in

collaboration with the H.

Lee Moffitt Cancer Center and Research Institute, Inc.

(“Moffitt”), has begun human clinical testing of the CAR-T technology

licensed by Certainty from Wistar aimed initially at treating ovarian cancer.

After receiving authorization from the FDA, we commenced

enrollment of patients in a Phase 1 clinical trial and treated the first patient in August 2022.

Further, in May 2023 and August 2023,

we treated the second and third patients in the trial, respectively, at the same dose level as the first patient, and the treatment was

well-tolerated by the patients.

In February 2024, May 2024 and June 2024, we treated the three patients, respectively, of the second dose

cohort, where the patients were administered a three-times higher dose of cells than the patients in the first cohort.

The treatment at

this dose level has also been well-tolerated by the patients.

While the dose levels in the first two cohorts were expected to be sub-therapeutic,

two of the six patients exhibited some anecdotal signs of efficacy.

Both have shown possible signs of tumor necrosis, and one is still

alive nearly 2 years past initial treatment.

In the case of this patient, due to the encouraging results with her initial treatment, we

sought single patient Investigational New Drug (“IND”) application permission from the FDA to re-dose her.

This re-dosing

was approved by the FDA, and we administered her second treatment in October 2024.

This second treatment appears to have been well-tolerated

by the patient.

From November 2024 to February 2025, we treated three patients in the third dose cohort, where they were administered

a ten-times higher dose of cells than the patients in the first dose cohort.

Consistent with the lower dose cohorts, the treatment appears

to have been well-tolerated by the patients.

As of March 11, 2025, we are preparing to enroll patients in the 4 th dose cohort,

where we will be administering a 30-times higher dose than the original dose cohort.

(“Moffitt”), has begun human clinical

testing of the CAR-T technology licensed by Certainty from Wistar aimed initially at treating ovarian cancer.

After receiving

authorization from the FDA, we commenced enrollment of patients in a Phase 1 clinical trial and treated the first patient in August

Further, in May 2023 and August 2023, we treated the second and third patients in the trial, respectively, at the same dose

level as the first patient, and the treatment was well-tolerated by the patients.

In February 2024, May 2024 and June 2024, we

treated the three patients, respectively, of the second dose cohort, where the patients were administered a three-times higher dose

of cells than the patients in the first cohort.

The treatment at this dose level has also been well-tolerated by the patients.

the dose levels in the first two cohorts were expected to be sub-therapeutic, two of the six patients exhibited some anecdotal signs

Both have shown possible signs of tumor necrosis, and one is still alive two years past initial treatment while the

other is still alive one year past initial treatment.

In the case of the patient that is two years past initial treatment, due to the encouraging results with her initial

treatment, we sought single patient Investigational New Drug (“IND”) application permission from the FDA to re-dose her.

This re-dosing was approved by the FDA, and we administered her second treatment in October 2024.

This second treatment appears to

have been well-tolerated by the patient.

From November 2024 to February 2025, we treated three patients in the third dose cohort,

where they were administered a ten-times higher dose of cells than the patients in the first dose cohort.

Consistent with the lower

dose cohorts, the treatment appears to have been well-tolerated by the patients.

As of May 28, 2025, we are preparing to enroll

patients in the fourth dose cohort, where we will be administering a 30-times higher dose than the original dose cohort.

This study is a dose-escalation

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varying degrees of injection site irritation.

These findings are promising, and as we continue the Phase 1 trial, we are preparing to

initiate a Phase 2 clinical trial in the neo-adjuvant setting (pre-surgery) to determine possible therapeutic effect of the vaccine.

anticipate commencing the Phase 2 trial in 2025.

We are nearing enrollment completion and treatment and monitoring will continue over the

next three to four months.

We anticipate reporting final Phase 1 data at the San Antonio Breast Cancer Symposium in December 2025.

Phase 1 findings to date are promising, and as we continue the final stages of the Phase 1 trial, we are preparing to initiate a Phase

2 clinical trial in the neo-adjuvant setting (pre-surgery) to determine possible therapeutic effect of the vaccine.

The Phase 2 trial

will commence following final Phase 1 data release, FDA consultations, protocol development and clinical site selection.

We hold an exclusive worldwide,

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In May 2021, Cleveland Clinic

was granted acceptance for our ovarian cancer vaccine technology into the National Cancer Institute’s (“NCI”) PREVENT

was granted acceptance for our ovarian cancer vaccine technology into the NCI’s PREVENT

The NCI is a part of the National Institutes of Health (“NIH”).

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Funding and Management’s Plans

Based on currently available information as of March 11, 2025, 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

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,

Based on currently available information

as of May 28, 2025, 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 $ 15,597,000 of cash, cash equivalents and short-term investments at April 30, 2025 compared to approximately

$ 19,924,000 at October 31, 2024 which is a reduction of approximately $ 4,327,000 for the six months ended April 30, 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.

1 unchanged sentence

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 six months ended April 30, 2025, we issued 14,712 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 April 30, 2025, we may sell approximately $ 97 million of common stock.

SIGNIFICANT ACCOUNTING POLICIES

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The condensed consolidated financial statements include all adjustments of a

normal recurring nature which, in the opinion of management, are necessary for a fair statement of our financial position as of January

normal recurring nature which, in the opinion of management, are necessary for a fair statement of our financial position as of April

30, 2025, and results of operations and cash flows for the interim periods represented.

The results of operations for the three months

ended January 31, 2025 are not necessarily indicative of the results to be expected for the year.

The results of operations for the three and six

months ended April 30, 2025 are not necessarily indicative of the results to be expected for the year.

Noncontrolling Interest

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The following table sets forth the changes in

noncontrolling interest for the three months ended January 31, 2025 (in thousands):

noncontrolling interest for the six months ended April 30, 2025 (in thousands):

SCHEDULE OF CHANGES IN NONCONTROLLING INTEREST

1 unchanged sentence

Net loss attributable to noncontrolling interest

Balance, January 31, 2025

Balance, April 30, 2025

Revenue Recognition

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These costs are included under the caption “Operating

costs and expenses” in the accompanying consolidated statements of operations.

costs and expenses” in the accompanying condensed consolidated statements of operations.

Research and Development Expenses

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We recorded stock-based compensation expense related to service-based stock options granted to employees and directors

of approximately $ 1,031,000 and $ 1,108,000 during the three months ended January 31, 2025 and 2024.

of approximately $ 962,000 and $ 1,238,000 during the three months ended April 30, 2025 and 2024, respectively, and approximately $ 1,993,000

and $ 2,346,000 during the six months ended April 30, 2025 and 2024, respectively.

The compensation cost for service-based

3 unchanged sentences

We recorded stock-based consulting expense related to stock options granted to consultants of approximately $ 26,000 and

$ 56,000 during the three months ended January 31, 2025 and 2024, respectively.

$ 22,000 during the three months ended April 30, 2025 and 2024, respectively, and approximately $ 50,000 , and $ 78,000 , during the six months

ended April 30, 2025 and 2024, respectively.

Stock Option Activity

During the three months ended

January 31, 2025 and 2024, we granted options to purchase 1,355,000 shares and 1,335,000 shares of common stock, respectively, to employees

and consultants, with exercise prices ranging from $ 2.37 to $ 4.39 per share, pursuant to the 2018 Share Plan.

During the three months

ended January 31, 2025, no stock options were exercised.

During the three months ended January 31, 2024, stock options to purchase 24,000

shares of common stock were exercised on a cash basis, with aggregate proceeds of approximately $ 67,000 .

April 30, 2025 and 2024, we granted options to purchase 0 shares and 15,000 shares of common stock, respectively, and during the six months

ended April 30, 2025 and 2024, we granted options to purchase 1,355,000 shares and 1,350,000 shares of common stock, respectively, to

employees and consultants, with exercise prices ranging from $ 2.37 to $ 4.39 per share, pursuant to the Anixa Biosciences, Inc.

Incentive Plan (the “2018 Share Plan”).

During the three and six months ended April 30, 2025, no stock options were exercised.

During the three and six months ended April 30, 2024, stock options to purchase 19,999 shares and 43,999 shares of common stock, respectively,

were exercised on a cash basis, with aggregate proceeds of approximately $ 57,000 and $ 124,000 , respectively.

Stock Option Plans

During the three months ended

January 31, 2025, we had two stock option plans:

During the three and six months

ended April 30, 2025, we had two stock option plans:

the Anixa Biosciences, Inc.

2010 Share Incentive Plan (the “2010 Share Plan”)

and the Anixa Biosciences, Inc.

2018 Share Incentive Plan (the “2018 Share Plan”), which were adopted by our Board of Directors

on July 14, 2010 and January 25, 2018, respectively.

The 2018 Share Plan was approved by our shareholders on March 29, 2018.

and the 2018 Share Plan, which were adopted by our Board of Directors on July 14, 2010 and January 25, 2018, respectively.

The 2018 Share

Plan was approved by our shareholders on March 29, 2018.

2010 Share Plan

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awards on July 14, 2020.

Information regarding the 2010 Share Plan for the three months ended January 31, 2025 is as follows:

Information regarding the 2010 Share Plan for the six months ended April 30, 2025 is as follows:

SCHEDULE OF OPTION ACTIVITY

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Options outstanding at October 31, 2024

Options outstanding and exercisable at January 31, 2025

Options outstanding and exercisable at April 30, 2025

The following table summarizes

information about stock options outstanding and exercisable under the 2010 Share Plan as of January 31, 2025:

information about stock options outstanding and exercisable under the 2010 Share Plan as of April 30, 2025:

OF OPTIONS OUTSTANDING AND EXERCISABLE

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units to employees, directors and consultants.

As of January 31, 2025, the 2018 Share Plan had 645,000 shares available for future grants.

Information regarding the 2018 Share Plan for the three months ended January 31, 2025 is as follows:

As of April 30, 2025, the 2018 Share Plan had 645,000 shares available for future grants.

Information regarding the 2018 Share Plan for the six months ended April 30, 2025 is as follows:

OF OPTION ACTIVITY

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Forfeited/expired

Options outstanding at January 31, 2025

Options exercisable at January 31, 2025

Options outstanding at April 30, 2025

Options exercisable at April 30, 2025

The following table summarizes

information about stock options outstanding and exercisable under the 2018 Share Plan as of January 31, 2025:

information about stock options outstanding and exercisable under the 2018 Share Plan as of April 30, 2025:

OF OPTIONS OUTSTANDING AND EXERCISABLE

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Employee Stock Purchase Plan (the “ESPP”) which permits eligible employees to purchase shares at not less

than 85 % of the market value of the Company’s common stock on the offering date or the purchase date of the applicable offering

period, whichever is lower.

The ESPP was adopted by our Board of Directors on August 13, 2018 and approved by our shareholders on September

During the three months ended January 31, 2025 and 2024, no shares were purchased under the ESPP.

As of January 31, 2025, we had

warrants outstanding to purchase 300,000 shares of common stock at $ 6.56 per share, issued during fiscal year 2021 and expiring on March

than 85 % of the market value of the Company’s common stock on the offering date or the purchase date of the applicable semi-annual

offering period, whichever is lower.

The ESPP was adopted by our Board of Directors on August 13, 2018 and approved by our shareholders

on September 27, 2018.

During the six months ended April 30, 2025 and 2024, employees purchased 1,518 shares and 2,616 shares, respectively,

under the ESPP with aggregate proceeds of approximately $ 4,000 and $ 7,000 , respectively .

As of April 30, 2025, we had warrants

outstanding to purchase 300,000 shares of common stock at $ 6.56 per share, issued during fiscal year 2021 and expiring on March 22, 2026 .

Information regarding the Company’s

warrants for the three months ended January 31, 2025 is as follows:

warrants for the six months ended April 30, 2025 is as follows:

OF WARRANTS ACTIVITY

Average Exercise

Price Per Share

Warrants outstanding at October 31, 2024

Warrants outstanding and exercisable at January 31, 2025

Warrants outstanding and exercisable at April 30, 2025

The following table summarizes

information about the Company’s outstanding and exercisable warrants as of January 31, 2025:

SCHEDULE OF OUTSTANDING AND EXERCISABLE

information about the Company’s outstanding and exercisable warrants as of April 30, 2025:

OF OUTSTANDING AND EXERCISABLE WARRANTS

Exercise Prices

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Exercise Price

During the three months ended

January 31, 2025, we did not issue any stock awards.

During the three months ended January 31, 2024, we issued 29,336 shares of common

stock to consultants providing investor relations services, and recorded expense of approximately $ 96,000 .

During the three and six months

ended April 30, 2025, we did not issue any stock awards.

During the three and six months ended April 30, 2024, we issued 29,336 shares

and 29,336 shares of common stock, respectively, to consultants providing investor relations services, and recorded expense of approximately

$ 96,000 and $ 96,000 , respectively.

Treasury stock

As of January 31, 2025, the Company

held 2,000 shares of its common stock as treasury stock.

These shares were repurchased during the fiscal year ended October 31, 2024,

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.

The treasury shares are accounted for under the cost method and are recorded as a

reduction in shareholders’ equity in the consolidated balance sheet.

The Company may reissue treasury shares for stock option exercises,

acquisitions, or other corporate purposes.

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.

shares were accounted for under the cost method and were recorded as a reduction in shareholders’ equity in the condensed

consolidated balance sheet.

During the three months ended April 30, 2025, the Company cancelled the treasury shares resulting in a

reduction in shares outstanding and paid-in capital.

FAIR VALUE MEASUREMENTS

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The following table presents the

hierarchy for our financial assets measured at fair value on a recurring basis as of January 31, 2025 (in thousands):

hierarchy for our financial assets measured at fair value on a recurring basis as of April 30, 2025 (in thousands):

SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS

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For this reason, excluded from the

calculation of Diluted EPS for the three months ended January 31, 2025 and 2024, were stock options to purchase 13,488,062 and 12,497,094

shares, respectively, and warrants to purchase 300,000 and 300,000 shares, respectively.

calculation of Diluted EPS for the six months ended April 30, 2025 and 2024, were stock options to purchase 13,488,062 shares and 12,422,094

shares, respectively, and warrants to purchase 300,000 shares and 300,000 shares, respectively.

EFFECT OF RECENTLY ADOPTED AND ISSUED PRONOUNCEMENTS

In November 2023, the FASB issued

Accounting Standards Update 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, to provide more disaggregated

expense information about a public entity’s reportable segments.

The amendments in this update should be applied retrospectively

and are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024.

a detailed assessment of the impact that this guidance will have on our consolidated financial statements and related disclosures, and

our analysis is currently ongoing.

In November 2023, the FASB issued Accounting Standards Update 2023-07,

Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, to provide more disaggregated expense information about

a public entity’s reportable segments.

The amendments in this update should be applied retrospectively and are effective for fiscal

years beginning after December 15, 2023, and interim periods beginning after December 15, 2024.

We are currently evaluating the impact

of this guidance on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued

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December 15, 2024 for public entities.

We began a detailed assessment of the impact that this guidance will have on our consolidated financial

statements and related disclosures, and our analysis is currently ongoing.

We are currently evaluating the impact of this guidance on our consolidated financial statements

and related disclosures.

In March 2024, the FASB issued

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periods beginning after December 15, 2027.

We began a detailed assessment of the impact that this guidance will have on our consolidated

financial statements and related disclosures, and our analysis is currently ongoing.

We are currently evaluating the impact of this guidance on our consolidated financial statements

and related disclosures.

We recognize deferred tax assets

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We have no unrecognized income

tax benefits as of January 31, 2025 and October 31, 2024 and we account for interest and penalties related to income tax matters, if any,

tax benefits as of April 30, 2025 and October 31, 2024 and we account for interest and penalties related to income tax matters, if any,

in general and administrative expenses.

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$ 250,000 with a discount rate of 12 %.

Rent expense was approximately $ 16,000 and $ 17,000 , respectively, for the three months ended January

31, 2025 and 2024.

Rent expense was approximately $ 16,000 and $ 17,000 , respectively, for the three months ended April

30, 2025 and 2024, and approximately $ 31,000 and $ 33,000 , respectively, for the six months ended April 30 2025 and 2024.

For operating leases, the lease

1 unchanged sentence

The remaining 53 -month lease term

as of January 31, 2025 for the Company’s lease includes the noncancelable period of the lease and the additional two-year option

period that the Company is reasonably certain to exercise.

as of April 30, 2025 for the Company’s lease includes the noncancelable period of the lease and the additional two-year option period

that the Company is reasonably certain to exercise.

All right-of-use assets are reviewed for impairment when indications of impairment

As of January 31, 2025, the annual

As of April 30, 2025, the annual

minimum future lease payments of our operating lease liability were as follows (in thousands):

5 unchanged sentences

Present value of future minimum lease payments

Balance as of January 31, 2025:

Balance as of April 30, 2025:

Operating lease liability

6 unchanged sentences

License Commitments

As of January 31, 2025, our commitments

As of April 30, 2025, our commitments

under certain technology license agreements related to our therapeutic and vaccine development programs for the next twelve months were

5 unchanged sentences

in prostate, lung and colon and iii) the further development of our CAR-T technology.

As of January 31, 2025, future payments the Company

As of April 30, 2025, future payments the Company

may make under these agreements, dependent upon, among other things, development of analytical methods, formulation feasibility studies,

8 unchanged sentences

While our results of operations are primarily reviewed

on a consolidated basis, the chief operating decision-maker manages the enterprise in three reportable segments, each with different operating and potential revenue generating

characteristics:

on a consolidated basis, the chief operating decision-maker manages the enterprise in three reportable segments, each with different

operating and potential revenue generating characteristics:

(i) Cancer Vaccines, (ii) CAR-T Therapeutics, and (iii) Other.

The following represents selected financial information

for our segments for the three months ended January 31, 2025 and 2024 and as of January 31, 2025 and October 31, 2024 (in thousands):

The following

represents selected financial information for our segments for the three and six months ended April 30, 2025 and 2024 and as of April

30, 2025 and October 31, 2024 (in thousands):

SCHEDULE OF SEGMENT INFORMATION

For the Three Months Ended

For the Six Months Ended

Cancer Vaccines

CAR-T Therapeutics

Net income (loss)

Total operating costs and expenses

1 unchanged sentence

Operating costs and expenses excluding non-cash stock-based compensation

Operating costs and expenses excluding non-cash stock-based compensation expense:

Operating costs and expenses excluding non-cash stock-based compensation:

Cancer Vaccines

CAR-T Therapeutics

Operating costs and expenses excluding non-cash share based compensation

Operating costs and expenses excluding non-cash stock-based compensation

Total assets:

1 unchanged sentence

CAR-T Therapeutics

Operating costs and expenses excluding

non-cash stock-based compensation is the measurement the chief operating decision-maker uses in managing the enterprise.

Operating costs and expenses excluding non-cash stock-based compensation

is the measurement the chief operating decision-maker uses in managing the enterprise.

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 1. Financial Statements