Anixa Biosciences(ANIX) - 2021 Q3 - Quarterly Report

Revenue - Revenue for the nine months ended July 31, 2021, was approximately $513,000 from a single license agreement, compared to no revenue in the same period in 2020[110] Expenses - Research and development expenses increased by approximately $42,000 to approximately $4,016,000 for the nine months ended July 31, 2021, from approximately $3,974,000 in the same period in 2020[114] - General and administrative expenses rose by approximately $1,408,000 to approximately $5,170,000 for the nine months ended July 31, 2021, compared to approximately $3,762,000 in the prior year[115] - Research and development expenses for CAR-T therapeutics were approximately $1,753,000, for cancer vaccines approximately $1,400,000, and for anti-viral therapeutics approximately $861,000 for the nine months ended July 31, 2021[113] Cash Flow - Cash used in operating activities was approximately $3,893,000 during the nine months ended July 31, 2021[120] - Cash provided by financing activities was approximately $31,422,000, including net proceeds of approximately $20,292,000 from a public offering of 4,285,715 shares of common stock[120] - The company raised approximately $20,292,000 through a public offering and approximately $10,834,000 through an at-the-market equity program during the nine months ended July 31, 2021[119] - The company expects existing cash and cash equivalents to be sufficient to fund activities for at least the next twelve months[119] Net Loss - The net loss attributable to noncontrolling interest was approximately $116,000 for the nine months ended July 31, 2021, compared to $57,000 in the same period in 2020[117] Interest Income - Interest income decreased by approximately $31,000 to approximately $2,000 for the nine months ended July 31, 2021, from approximately $33,000 in the prior year[116] Stock-Based Compensation - The company measures stock-based compensation costs at the grant date using the Black-Scholes pricing model and recognizes it as an expense over a service period of one to four years[127] - For stock options vesting upon achieving price targets, the company employs a Monte Carlo Simulation to estimate fair value at grant date[127] - The expected term of stock options is determined using a simplified method, which is a weighted average of the vesting term and contractual term[129] Investments - As of July 31, 2021, the company had investments in short-term, fixed rate, and highly liquid instruments, which are not considered at risk with respect to interest rate changes[131] - The rate of return on existing securities could be affected at the time of reinvestment[131]