ANIXA BIOSCIENCES, INC. Financial Results for the Second Quarter of FY2023

Revenue Generation through Technology Licensing and Patented Technologies

ANIXA BIOSCIENCES, INC. has announced its financial results for the second quarter of fiscal year 2023. The company achieved $210,000 in revenue during the quarter. This revenue was generated solely through technology licensing and the sale of patented technologies. According to the company’s revenue recognition policy, revenue is recognized when intellectual property rights are transferred and contractual performance obligations to licensees are fulfilled.

Focus on Vaccine and Immunotherapy Development

ANIXA BIOSCIENCES primarily focuses on developing vaccines and immunotherapies for breast cancer, ovarian cancer, and infectious diseases. The company holds exclusive licenses for intellectual property related to breast cancer vaccine technology developed at the Cleveland Clinic and ovarian cancer vaccine technology developed at Wistar, a highly regarded National Cancer Institute-designated cancer research center.

Breast Cancer Vaccine Clinical Trials

Phase 1 clinical trials have been initiated for ANIXA’S breast cancer vaccine. The goal of this vaccine is to prevent the occurrence of triple-negative breast cancer (TNBC). The trial is taking place at the Cleveland Clinic and will involve 18 to 24 patients who have completed treatment for early-stage TNBC and are currently tumor-free but at a high risk of recurrence.

Chimeric Endocrine Receptor T-cell Therapy for Ovarian Cancer

ANIXA BIOSCIENCES is currently developing a chimeric endocrine receptor T-cell therapy for ovarian cancer. This therapy utilizes CAR-T technology and is being developed in collaboration with the Moffitt Cancer Center and Research Institute.

Research and Development Expenses

The company incurred $998,000 in research and development expenses during the second quarter. These expenses cover the development of immuno-therapy drugs against cancer, anti-viral drug candidates for COVID-19 (until March 2023), the breast cancer vaccine, and the ovarian cancer vaccine. Additionally, general and administrative expenses amounted to $1,611,000.

Financial Position and Funding Options

ANIXA BIOSCIENCES ended the quarter with $5.6 million in cash and cash equivalents, along with short-term investments totaling $21.4 million. The company believes that its existing cash resources will be sufficient to fund its operations for at least the next twelve months. However, it may explore additional funding options such as sales of equity securities or public or private debt if necessary.

Ongoing Research and Development Efforts

Overall, ANIXA BIOSCIENCES continues to make progress with its vaccine and immunotherapy programs. Ongoing clinical trials for the breast cancer vaccine and chimeric endocrine receptor T-cell therapy are underway. The company’s revenue from technology licensing and patented technologies provides a stable foundation for its ongoing research and development efforts. With a strong financial position, ANIXA is well-equipped to pursue its mission of developing innovative treatments for critical medical needs.

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