Anixa Biosciences, Inc.

What they do

Anixa develops therapies and vaccines for oncology through its subsidiary Certainty Therapeutics and in collaboration with research institutions including The Wistar Institute and the H. Lee Moffitt Cancer Center. The lead therapeutic is liraltagene autoleucel (lira-cel), a chimeric endocrine receptor-T cell therapy licensed from Wistar and initially targeting ovarian cancer, currently in a Phase 1 dose-escalation trial. Vaccine programs include breast cancer and ovarian cancer vaccines plus a discovery program aimed at lung, colon and prostate cancers.

Revenue drivers

• Lira-cel CAR-T therapeutics (Certainty) — No revenue generated to date. The Phase 1 ovarian cancer trial is being conducted at Moffitt with up to 24-48 patients; the company expects no near-term revenue and aims to eventually license the technology to a large pharmaceutical company.
• Cancer vaccine programs — No revenue generated to date. Includes breast cancer and ovarian cancer vaccine candidates plus a discovery program for lung, colon and prostate cancers, developed with third parties to conserve funds.
• Licensing and collaboration arrangements — Anixa states it hopes to achieve a profitable outcome by licensing its technologies to large pharmaceutical companies rather than commercializing independently; no licensing revenue has been recognized.

Recent performance

The company reported no revenue in the three-month or nine-month periods ended July 31, 2026, and no revenue in the comparable prior-year periods. For the three months ended July 31, 2026, research and development expenses were approximately $1,326,000, up from approximately $1,055,000 a year earlier, driven mainly by breast cancer vaccine materials manufacturing. General and administrative expenses were approximately $1,411,000 versus approximately $1,381,000. Interest income declined to approximately $112,000 from approximately $156,000. For the nine months ended July 31, 2026, research and development expenses were approximately $3,686,000, with cancer vaccines at approximately $2,406,000 and CAR-T at approximately $1,280,000.

Strategy

Anixa's stated model is to conserve funds by collaborating with third parties such as Wistar and Moffitt to develop its technologies rather than building internal manufacturing and sales infrastructure. The company continues dose escalation of lira-cel, having treated patients through a fourth dose cohort at 30-times the first cohort dose, and obtained FDA permission to re-dose one patient. It also funds vaccine development, including breast cancer vaccine materials manufacturing. Management states it may invest in or form new companies for additional emerging technologies. The company expects to fund operations through its at-the-market equity program and potentially other financings.

Risks

• History of losses and negative cash flow — As of October 31, 2025, accumulated deficit was approximately $251,677,000, with fiscal 2025 losses of approximately $11,028,000 and negative operating cash flow of approximately $7,173,000.
• Need for additional funding and dilution — Management states existing cash, cash equivalents and short-term investments will fund activities for at least the next twelve months, and future capital may be raised through equity sales; during fiscal 2025 the company raised approximately $2,378,000 net through an at-the-market offering of 772,001 shares.
• No product revenue and uncertain licensing timeline — Anixa has not generated revenue from its therapeutics or vaccine programs and does not expect to begin generating revenue in the near term; eventual licensing may take several years and depends on positive human clinical trial results.
• Early-stage clinical and regulatory risk — Lira-cel remains in a Phase 1 dose-escalation trial, where efficacy signs described by the company are anecdotal; the trial's completion is estimated in two to three years and depends on reaching maximum tolerated dose, enrollment rates and efficacy data.

Outlook

Management states it does not expect to generate revenue from current therapy or vaccine programs in the near term and hopes to license technologies to large pharmaceutical companies. The lira-cel Phase 1 trial is estimated to be completed in two to three years, depending on dose escalation, enrollment and data. Based on information as of January 12, 2026, the company believes existing cash, cash equivalents and short-term investments will fund activities for at least the next twelve months, with up to $100 million of common stock remaining available under its at-the-market program as of October 31, 2025.