Anixa Biosciences(ANIX) - 2024 Q1 - Quarterly Report

Revenue - Revenue for the three months ended January 31, 2024, was $0, consistent with the same period in 2023, as the company has not generated revenue from its therapeutics or vaccine programs [82]. - The company does not expect to begin generating revenue from its current therapy or vaccine programs in the near term, aiming for future licensing to large pharmaceutical companies [82]. Expenses - Research and development expenses increased by approximately $281,000 to approximately $1,349,000 for the three months ended January 31, 2024, compared to $1,068,000 for the same period in 2023 [84]. - General and administrative expenses rose by approximately $772,000 to approximately $2,260,000 for the three months ended January 31, 2024, from approximately $1,488,000 in the same period of 2023 [85]. Income and Cash Flow - Interest income increased by approximately $117,000 to approximately $319,000 for the three months ended January 31, 2024, compared to $202,000 for the same period in 2023, due to higher interest rates and increased short-term investments [86]. - Cash used in operating activities was approximately $2,309,000 for the three months ended January 31, 2024 [91]. - Cash, cash equivalents, and short-term investments decreased by approximately $46,000 to approximately $23,798,000 as of January 31, 2024, from approximately $23,844,000 at the end of fiscal year 2023 [91]. Financing - The company raised approximately $2,196,000, net of expenses, through an at-the-market equity offering of 555,820 shares of common stock during the three months ended January 31, 2024 [90]. - The company may issue up to $100 million of common stock under its at-the-market equity program, with approximately $98 million available for future sales as of January 31, 2024 [90]. Losses - The net loss attributable to noncontrolling interest increased by approximately $3,000 to approximately $35,000 for the three months ended January 31, 2024, from approximately $32,000 in the same period of 2023 [88].