Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jan. 31, 2021 | Mar. 08, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Advaxis, Inc. | |
Entity Central Index Key | 0001100397 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 119,466,620 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 33,318 | $ 25,178 |
Deferred expenses | 1,602 | 1,808 |
Prepaid expenses and other current assets | 608 | 865 |
Total current assets | 35,528 | 27,851 |
Property and equipment (net of accumulated depreciation) | 2,189 | 2,393 |
Intangible assets (net of accumulated amortization) | 3,404 | 3,261 |
Operating right-of-use asset (net of accumulated amortization) | 4,644 | 4,839 |
Other assets | 182 | 182 |
Total assets | 45,947 | 38,526 |
Current liabilities: | ||
Accounts payable | 399 | 410 |
Accrued expenses | 2,142 | 1,737 |
Common stock warrant liability | 44 | 17 |
Current portion of operating lease liability | 992 | 962 |
Deferred revenue | 165 | |
Total current liabilities | 3,577 | 3,291 |
Operating lease liability, net of current portion | 4,795 | 5,055 |
Total liabilities | 8,372 | 8,346 |
Commitments and contingencies - Note 9 | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; 0 shares issued and outstanding at January 31, 2021 and October 31, 2020; Liquidation preference of $0 at January 31, 2021 and October 31, 2020 | ||
Common stock - $0.001 par value; 170,000,000 shares authorized, 116,130,688 and 78,074,023 shares issued and outstanding at January 31, 2021 and October 31, 2020, respectively | 116 | 78 |
Additional paid-in capital | 452,174 | 440,840 |
Accumulated deficit | (414,715) | (410,738) |
Total stockholders' equity | 37,575 | 30,180 |
Total liabilities and stockholders' equity | $ 45,947 | $ 38,526 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, liquidation preference value | $ 0 | $ 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 170,000,000 | 170,000,000 |
Common stock, shares issued | 116,130,688 | 78,074,023 |
Common stock, shares outstanding | 116,130,688 | 78,074,023 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 1,615 | $ 3 |
Operating expenses: | ||
Research and development expenses | 2,570 | 4,859 |
General and administrative expenses | 3,008 | 3,030 |
Total operating expenses | 5,578 | 7,889 |
Loss from operations | (3,963) | (7,886) |
Other income (expense): | ||
Interest income, net | 1 | 66 |
Net changes in fair value of derivative liabilities | (27) | (37) |
Other income | 12 | |
Net loss before benefit for income taxes | (3,977) | (7,857) |
Income tax expense | ||
Net loss | $ (3,977) | $ (7,857) |
Net loss per common share, basic and diluted | $ (0.05) | $ (0.15) |
Weighted average number of common shares outstanding, basic and diluted | 83,943,982 | 51,747,246 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (3,977) | $ (7,857) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock compensation | 236 | 242 |
Loss on change in value of warrants | 27 | 37 |
Loss on disposal of property and equipment | 12 | |
Abandonment of intangible assets | 232 | |
Depreciation expense | 192 | 229 |
Amortization expense of intangible assets | 67 | 91 |
Amortization of right-of-use asset | 195 | 181 |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 463 | 789 |
Other assets | 1 | |
Accounts payable and accrued expenses | 394 | (1,462) |
Deferred revenue | (165) | |
Operating lease liabilities | (230) | (191) |
Net cash used in operating activities | (2,786) | (7,708) |
INVESTING ACTIVITIES | ||
Cost of intangible assets | (210) | (238) |
Net cash used in investing activities | (210) | (238) |
FINANCING ACTIVITIES | ||
Net proceeds of issuance of common stock | 8,550 | 9,737 |
Warrant exercise | 2,586 | |
Proceeds from employee stock purchase plan | 2 | |
Net cash provided by financing activities | 11,136 | 9,739 |
Net increase in cash and cash equivalents | 8,140 | 1,793 |
Cash and cash equivalents at beginning of period | 25,178 | 32,363 |
Cash and cash equivalents at end of period | 33,318 | 34,156 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for taxes | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES | ||
Warrant liability reclassified into equity | 2 | |
Amounts accrued for offering costs | $ 109 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Advaxis, Inc. (“Advaxis” or the “Company”) is a clinical-stage biotechnology company focused on the development and commercialization of proprietary Listeria monocytogenes Lm Lm Lm Lm TM ● Alerting and training the immune system by activating multiple pathways in Antigen-Presenting Cells (“APCs”) with the equivalent of multiple adjuvants; ● Attacking the tumor by generating a strong, cancer-specific T cell response; and ● Breaking down tumor protection through suppression of the protective cells in the tumor microenvironment (“TME”) that shields the tumor from the immune system. This enables the activated T cells to begin working to attack the tumor cells. Advaxis’ proprietary Lm Lm Liquidity and Capital Resources Liquidity and Management’s Plans Similar to other development stage biotechnology companies, the Company’s products that are being developed have not generated significant revenue. As a result, the Company has suffered recurring losses and requires significant cash resources to execute its business plans. These losses are expected to continue for the foreseeable future. As of January 31, 2021, the Company had approximately $33.3 million in cash and cash equivalents. Although the Company expects to have sufficient capital to fund its obligations, as they become due, in the ordinary course of business until at least March 2022, the actual amount of cash that it will need to operate is subject to many factors. Over the past year, the Company has taken steps to obtain additional financing, including an at-the-market (“ATM”) program through A.G.P./Alliance Global Partners and an equity line financing arrangement with Lincoln Park Capital. Pursuant to these warrant exercises, the Company received aggregate proceeds of about $2.6 million which were payable upon exercise. With these funds raised and a reduction in the operating expenses the Company believes that it has enough cash to fund its operations for one year from the date of filing. The Company recognizes it will need to raise additional capital in order to continue to execute its business plan in the future. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company or whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to further scale back its operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Basis of Presentation | 3 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Basis of Presentation | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation/Estimates The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited interim condensed balance sheet as of January 31, 2021 has been derived from the Company’s October 31, 2020 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates include the timelines associated with revenue recognition on upfront payments received, fair value and recoverability of the carrying value of property and equipment and intangible assets, fair value of warrant liability, grant date fair value of options, deferred tax assets and any related valuation allowance and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, based on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could materially differ from these estimates. These unaudited interim condensed financial statements should be read in conjunction with the financial statements of the Company as of and for the fiscal year ended October 31, 2020 and notes thereto contained in the Company’s 2020 Annual Report on Form 10-K, as filed with the SEC on January 22, 2021, and as amended by Amendment No. 1 thereto on Form 10-KA filed on February 26, 2021. Net Income (Loss) per Share Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, restricted stock units and other potential common stock outstanding during the period. In the case of a net loss, the impact of the potential common stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential common stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table below sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share as of January 31, 2021 and 2020. As of January 31, 2021 and 2020, 0 and 343,838 warrants, respectively, are included in the basic earnings per share computation because the exercise price was $0. As of January 31, 2021 2020 Warrants 8,014,220 5,405,726 Stock options 1,047,377 553,446 Restricted stock units 5,556 11,644 Total 9,067,153 5,970,816 Recent Accounting Standards Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed financial statements. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following (in thousands): January 31, 2021 October 31, 2020 Leasehold improvements $ 2,335 $ 2,335 Laboratory equipment 1,131 1,218 Furniture and fixtures 744 744 Computer equipment 409 409 Construction in progress 19 19 Total property and equipment 4,638 4,725 Accumulated depreciation and amortization (2,449 ) (2,332 ) Net property and equipment $ 2,189 $ 2,393 Depreciation expense for the three months ended January 31, 2021 and 2020 was $0.2 million. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. INTANGIBLE ASSETS Intangible assets, net consisted of the following (in thousands): January 31, 2021 October 31, 2020 Patents $ 4,689 $ 4,479 Licenses 777 777 Software 117 117 Total intangibles 5,583 5,373 Accumulated amortization (2,179 ) (2,112 ) Intangible assets $ 3,404 $ 3,261 The expiration dates of the existing patents range from 2021 to 2040 but the expiration dates can be extended based on market approval if granted and/or based on existing laws and regulations. Capitalized costs associated with patent applications that are abandoned without future value are charged to expense when the determination is made not to further pursue the application. Patent applications having a net book value of $0 million and $0.3 million were abandoned and were charged to general and administrative expenses in the statement of operations for each of the three months ended January 31, 2021 and 2020, respectively. Amortization expense for intangible assets that was charged to general and administrative expense in the statement of operations aggregated $ 67 thousand and $0.1 million for each of the three months ended January 31, 2021 and 2020, respectively. Management has reviewed its long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. Net assets are recorded on the balance sheet for patents and licenses related to axalimogene filolisbac (AXAL), ADXS-HOT, ADXS-PSA and ADXS-HER2 and other products that are in development. However, if a competitor were to gain FDA approval for a treatment before us or if future clinical trials fail to meet the targeted endpoints, the Company will likely record an impairment related to these assets. In addition, if an application is rejected or fails to be issued, the Company would record an impairment of its estimated book value. Lastly, if the Company is unable to raise enough capital to continue funding its studies and developing its intellectual property, the Company would likely record an impairment to these assets. As of January 31, 2021, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows (in thousands): Fiscal year ending October 31, 2021 (Remaining) $ 205 2022 273 2023 273 2024 273 2025 273 Thereafter 2,107 Total $ 3,404 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. ACCRUED EXPENSES: The following table summarizes accrued expenses included in the condensed balance sheets (in thousands): January 31, 2021 October 31, 2020 Salaries and other compensation $ 496 $ 737 Vendors 1,414 671 Professional fees 232 329 Total accrued expenses $ 2,142 $ 1,737 |
Common Stock Purchase Warrants
Common Stock Purchase Warrants and Warrant Liability | 3 Months Ended |
Jan. 31, 2021 | |
Common Stock Purchase Warrants And Warrant Liability | |
Common Stock Purchase Warrants and Warrant Liability | 6. COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY Warrants As of January 31, 2021, there were outstanding warrants to purchase 8,341,558 shares of our common stock with exercise prices ranging from $0 to $281.25 per share. Information on the outstanding warrants is as follows: Exercise Number of Shares Expiration Date Type of Financing $ 281.25 25 N/A Other warrants $ 0.30 70,863 July 2024 September 2018 Public Offering $ 2.80 327,338 September 2024 July 2019 Public Offering $ 0.35 7,943,332 November 2025 November 2020 Public Offering Grand Total 8,341,558 As of October 31, 2020, there were outstanding warrants to purchase 398,226 shares of our common stock with exercise prices ranging from $0 to $281.25 per share. Information on the outstanding warrants is as follows: Exercise Number of Shares Expiration Date Type of Financing $ - 327,338 July 2024 July 2019 Public Offering $ 281.25 25 N/A Other Warrants $ 0.372 70,863 September 2024 September 2018 Public Offering Grand Total 398,226 A summary of warrant activity for the quarter ended January 31, 2021 is as follows (in thousands, except share and per share data): Warrants Weighted Weighted Aggregate Outstanding and exercisable warrants at October 31, 2020 398,226 $ 0.08 3.76 $ 110,640 Issued 15,333,332 0.35 4.82 Exercised (7,390,000 ) 0.35 Outstanding and exercisable warrants at January 31, 2021 8,341,558 $ 0.45 4.76 $ 3,048,937 As of January 31, 2021, the Company had 8,270,695 of its total 8,341,558 outstanding warrants classified as equity (equity warrants). At October 31, 2020, the Company had 327,363 of its total 398,226 outstanding warrants classified as equity (equity warrants). At issuance, equity warrants are recorded at their relative fair values, using the relative fair value method, in the stockholders’ equity section of the condensed balance sheets. Warrant Liability As of January 31, 2021, the Company had 70,863 of its total 8,341,558 outstanding warrants from September 2018 Public Offering classified as liabilities (liability warrants). At October 31, 2020, the Company had 70,863 of its total 398,226 outstanding warrants classified as liabilities (liability warrants). These warrants contain a down round feature, except for exempt issuances as defined in the warrant agreement, in which the exercise price would immediately be reduced to match a dilutive issuance of common stock, options, convertible securities and changes in option price or rate of conversion. As of January 31, 2021, the down round feature was triggered three times and the exercise price of the warrants were reduced from $22.50 to $0.30. The warrants require liability classification as the warrant agreement requires the Company to maintain an effective registration statement and does not specify any circumstances under which settlement in other than cash would be permitted or required. As a result, net cash settlement is assumed and liability classification is warranted. For these liability warrants, the Company utilized the Monte Carlo simulation model to calculate the fair value of these warrants at issuance and at each subsequent reporting date. In measuring the warrant liability at January 31, 2021 and October 31, 2020, the Company used the following inputs in its Monte Carlo simulation model: January 31, 2021 October 31, 2020 Exercise Price $ 0.30 $ 0.37 Stock Price $ 0.73 $ 0.34 Expected Term 3.61 years 3.87 years Volatility % 114 % 106 % Risk Free Rate 0.20 % 0.29 % |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | 7. SHARE BASED COMPENSATION The following table summarizes share-based compensation expense included in the condensed statements of operations (in thousands): Three Months Ended January 31, 2021 2020 Research and development $ 57 $ 91 General and administrative 179 151 Total $ 236 $ 242 Restricted Stock Units (RSUs) A summary of the Company’s RSU activity and related information for the three months ended January 31, 2021 is as follows: Number of Weighted-Average Balance at October 31, 2020 5,556 $ 24.32 Vested - Cancelled - Balance at January 31, 2021 5,556 $ 24.32 As of January 31, 2021, there was approximately $30,000 of unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 0.22 years. As of January 31, 2021, the aggregate intrinsic value of non-vested RSU’s was approximately $4,100. Employee Stock Awards Common Stock issued to executives and employees related to vested incentive retention awards, employment inducements, management purchases and employee excellence awards totaled 0 shares and 2,957 shares during the three months ended January 31, 2021 and 2020, respectively. Total stock compensation expense associated with employee awards for the three months ended January 31, 2021 and 2020 was approximately $0 and $56,000, respectively. Stock Options A summary of changes in the stock option plan for the three months ended January 31, 2021 is as follows: Shares Weighted Weighted Aggregate Outstanding as of October 31, 2020 1,011,768 $ 33.43 8.04 $ 4 Granted 50,000 0.39 Cancelled or expired (14,391 ) 21.49 Outstanding as of January 31, 2021 1,047,377 $ 32.02 7.89 $ 143 Vested and exercisable at January 31, 2021 313,268 $ 103.55 4.72 $ 18 Options Outstanding Options Exercisable Weighted Weighted Weighted Weighted Average Average Average Average Exercise Number Remaining Exercise Number Remaining Exercise Price Range Outstanding Contractual Price Exercisable Contractual Price $ 0.30-$10.00 793,412 9.20 $ 3.52 83,201 8.30 $ 3.52 $ 10.01-$100.00 91,727 6.93 $ 29.17 67,829 6.83 $ 31.01 $ 100.01-$200.00 92,847 2.51 $ 166.04 92,847 2.51 $ 166.04 $ 200.01-$277.50 69,391 1.33 $ 210.79 69,391 1.33 $ 210.79 During the three months end January 31, 2021, the Company granted options to purchase 50,000 shares of its common stock to an employee. The stock options have a ten-year term, vest over three years from the date of grant, and have an exercise price of $0.39. Total compensation cost related to the Company’s outstanding stock options, recognized in the condensed statements of operations for the three months ended January 31, 2021 and 2020 was approximately $0.2 million. As of January 31, 2021, there was approximately $0.4 million of unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of 1.54 years. As of January 31, 2021, the aggregate intrinsic value of vested and exercisable options was $143 thousand and the aggregate intrinsic value of non-vested options was approximately $18 thousand. In determining the fair value of the stock options granted during the three months ended January 31, 2021, the Company used the following inputs in its Black Scholes Merton model: Three Months Expected Term 6 years Expected Volatility 103.27 % Expected Dividends 0 % Risk Free Interest Rate 0.53 % Employee Stock Purchase Plan During the three months ended January 31, 2021 and 2020, the Company issued 0 and 5,555 shares, respectively, that were purchased under the 2018 Employee Stock Purchase Plan (“ESPP”). |
Collaboration and Licensing Agr
Collaboration and Licensing Agreements | 3 Months Ended |
Jan. 31, 2021 | |
Business Combinations [Abstract] | |
Collaboration and Licensing Agreements | 8. COLLABORATION AND LICENSING AGREEMENTS OS Therapies LLC On September 4, 2018, the Company entered into a development, license and supply agreement with OS Therapies (“OST”) for the use of ADXS31-164, also known as ADXS-HER2, for evaluation in the treatment of osteosarcoma in humans. Under the terms of the license agreement, as amended, OST will be responsible for the conduct and funding of a clinical study evaluating ADXS-HER2 in recurrent, completely resected osteosarcoma. Under the most recent amendment to the licensing agreement, OST agreed to pay Advaxis $25,000 per month (“Monthly Payment”) starting on April 30, 2020 until it achieved its funding milestone of $2,337,500. Upon receipt of the first Monthly Payment, Advaxis initiated the transfer of the intellectual property and licensing rights of ADXS31-164, which were licensed pursuant to the Penn Agreement, back to the University of Pennsylvania. Contemporaneously, OST will enter negotiations with the University of Pennsylvania to establish a licensing agreement for ADXS31-164 to OST for clinical and commercial development of the ADXS31-164 technology. In December 2020 and January 2021, the Company received an aggregate of $1,615,000 from OS Therapies upon achievement of the funding milestone set forth in the license agreement. The Company therefore transferred and OST took full ownership of, the IND application for ADXS31-164 in its entirety along with agreements and promises contained therein, as well as all obligations associated with this IND or any HER2 product/program development. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is from time to time involved in legal proceedings in the ordinary course of our business. The Company does not believe that any of these claims or proceedings against us is likely to have, individually or in the aggregate, a material adverse effect on the financial condition or results of operations. |
Leases
Leases | 3 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Leases | 10. LEASES Operating Leases The Company leases its corporate office and manufacturing facility in Princeton, New Jersey under an operating lease that expires in November 2025. The Company has the option to renew the lease term for two additional five-year terms. The renewal periods were not included the lease term for purposes of determining the lease liability or right-of-use asset. The Company has provided a security deposit of approximately $182,000, which is recorded as Other Assets in the condensed balance sheet. The Company identified and assessed the following significant assumptions in recognizing its right-of-use assets and corresponding lease liabilities: ● As the Company does not have sufficient insight to determine an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company utilized a synthetic credit rating model to determine a benchmark for its incremental borrowing rate for its leases. The benchmark rate was adjusted to arrive at an appropriate discount rate for the lease. ● Since the Company elected to account for each lease component and its associated non-lease components as a single combined component, all contract consideration was allocated to the combined lease component. ● Renewal option periods have not been included in the determination of the lease terms as they are not deemed reasonably certain of exercise. ● Variable lease payments, such as common area maintenance, real estate taxes, and property insurance are not included in the determination of the lease’s right-of-use asset or lease liability. Supplemental balance sheet information related to leases as of January 31, 2021 is as follows (in thousands): Operating leases: Operating lease right-of-use assets $ 4,644 Operating lease liability $ 992 Operating lease liability, net of current portion 4,795 Total operating lease liabilities $ 5,787 Supplemental lease expense related to leases was as follows (in thousands): Lease Cost (in thousands) Statements of Operations Classification For the Three For the Three Operating lease cost General and administrative 290 290 Short-term lease cost General and administrative - 85 Variable lease cost General and administrative $ 437 141 Total lease expense $ 727 516 Other information related to leases where the Company is the lessee is as follows: For the Three Weighted-average remaining lease term 4.8 years Weighted-average discount rate 6.5 % Supplemental cash flow information related to operating leases was as follows: For the Three For the Three Cash paid for operating lease liabilities $ 324 300 Future minimum lease payments under non-cancellable leases as of January 31, 2021 is as follows (in thousands): Fiscal Year ending October 31, 2021 (Remaining) $ 1,369 2022 1,395 2023 1,419 2024 1,444 2025 120 Thereafter 993 Total minimum lease payments 6,740 Less: Imputed interest (953 ) Total $ 5,787 Under ASC 842, future minimum payments under the Company’s operating lease were as follows (in thousands): Fiscal Year ending October 31, 2021 (Remaining) $ 993 2022 1,369 2023 1,395 2024 1,419 2025 1,444 Thereafter 120 Total $ 6,740 Under ASC 842, rent expense for each of the three months ended January 31, 2021 and 2020 was approximately $0.3 million. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY Public Offerings In November 2020, the Company closed on a public offering of 30,666,665 shares of its common stock at a public offering price of $0.30 per share, for gross proceeds of $9.2 million, which gives effect to the exercise of the underwriter’s option in full. In addition, the Company also undertook a concurrent private placement of warrants to purchase up to 15,333,332 shares of common stock. The warrants have an exercise price per share of $0.35, are exercisable immediately and will expire five years from the date of issuance. The warrants also provide that if there is no effective registration statement registering, or no current prospectus available for, the issuance or resale of the warrant shares, the warrants may be exercised via a cashless exercise. After deducting the underwriting discounts and commissions and other offering expenses, the net proceeds from the offering were approximately $8.5 million. During the three months ended January 31, 2020, warrant holders from the Company’s November 2020 offering exercised 7,390,000 warrants in exchange for 7,390,000 shares of the Company’s common stock. Pursuant to these warrant exercises, the Company received aggregate proceeds of about $2.6 million which were payable upon exercise. A summary of the changes in stockholders’ equity for the three months ended January 31, 2021 and 2020 is presented below (in thousands, except share data): Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2019 - $ - 50,201,671 $ 50 $ 423,750 $ (384,269 ) $ 39,531 Stock-based compensation - - 2,957 - 242 - 242 Advaxis public offerings, net of offering costs - - 10,000,000 10 9,618 - 9,628 Warrant exercises - - 26,416 - 2 - 2 Issuance of shares to employees under ESPP Plan - - 5,555 - 2 - 2 Net Loss - - - - - (7,857 ) (7,857 ) Balance at January 31, 2020 - $ - 60,236,599 $ 60 $ 433,614 $ (392,126 ) $ 41,548 Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2020 - $ - 78,074,023 $ 78 $ 440,840 $ (410,738 ) $ 30,180 Stock-based compensation - - - - 236 - 236 Advaxis public offerings, net of offering costs - - 30,666,665 31 8,519 - 8,550 Warrant exercises - - 7,390,000 7 2,579 - 2,586 Net Loss - - - - - (3,977 ) (3,977 ) Balance at January 31, 2021 - $ - 116,130,688 $ 116 $ 452,174 $ (414,715 ) $ 37,575 |
Fair Value
Fair Value | 3 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. FAIR VALUE The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance describes a fair value hierarchy based on the levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2— Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or corroborated by observable market data or substantially the full term of the assets or liabilities. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the value of the assets or liabilities. The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of January 31, 2021 and October 31, 2020 (in thousands): January 31, 2021 Level 1 Level 2 Level 3 Total Common stock warrant liability, warrants exercisable at $0.372 through September 2024 - - $ 44 $ 44 October 31, 2020 Level 1 Level 2 Level 3 Total Common stock warrant liability, warrants exercisable at $0.372 through September 2024 - - $ 17 $ 17 The following table sets forth a summary of the changes in the fair value of the Company’s warrant liabilities (in thousands): For the Beginning balance $ 17 Warrant exercises - Change in fair value 27 Ending Balance $ 44 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events In February 2021, warrant holders exercised about 3.3 million warrants from the Company’s November 2020’s offering. The Company received aggregate proceeds of about $1.2 million from these exercises. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 3 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation/Estimates | Basis of Presentation/Estimates The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited interim condensed balance sheet as of January 31, 2021 has been derived from the Company’s October 31, 2020 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates include the timelines associated with revenue recognition on upfront payments received, fair value and recoverability of the carrying value of property and equipment and intangible assets, fair value of warrant liability, grant date fair value of options, deferred tax assets and any related valuation allowance and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, based on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could materially differ from these estimates. These unaudited interim condensed financial statements should be read in conjunction with the financial statements of the Company as of and for the fiscal year ended October 31, 2020 and notes thereto contained in the Company’s 2020 Annual Report on Form 10-K, as filed with the SEC on January 22, 2021, and as amended by Amendment No. 1 thereto on Form 10-KA filed on February 26, 2021. |
Net Income (Loss) Per Share | Net Income (Loss) per Share Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, restricted stock units and other potential common stock outstanding during the period. In the case of a net loss, the impact of the potential common stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential common stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table below sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share as of January 31, 2021 and 2020. As of January 31, 2021 and 2020, 0 and 343,838 warrants, respectively, are included in the basic earnings per share computation because the exercise price was $0. As of January 31, 2021 2020 Warrants 8,014,220 5,405,726 Stock options 1,047,377 553,446 Restricted stock units 5,556 11,644 Total 9,067,153 5,970,816 |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Basis of Presentation (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Anti-dilutive Securities Excluded from Diluted Net Loss Per Share | The table below sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share as of January 31, 2021 and 2020. As of January 31, 2021 and 2020, 0 and 343,838 warrants, respectively, are included in the basic earnings per share computation because the exercise price was $0. As of January 31, 2021 2020 Warrants 8,014,220 5,405,726 Stock options 1,047,377 553,446 Restricted stock units 5,556 11,644 Total 9,067,153 5,970,816 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consisted of the following (in thousands): January 31, 2021 October 31, 2020 Leasehold improvements $ 2,335 $ 2,335 Laboratory equipment 1,131 1,218 Furniture and fixtures 744 744 Computer equipment 409 409 Construction in progress 19 19 Total property and equipment 4,638 4,725 Accumulated depreciation and amortization (2,449 ) (2,332 ) Net property and equipment $ 2,189 $ 2,393 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets, net consisted of the following (in thousands): January 31, 2021 October 31, 2020 Patents $ 4,689 $ 4,479 Licenses 777 777 Software 117 117 Total intangibles 5,583 5,373 Accumulated amortization (2,179 ) (2,112 ) Intangible assets $ 3,404 $ 3,261 |
Schedule of Carrying Value of Intangible Assets | As of January 31, 2021, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows (in thousands): Fiscal year ending October 31, 2021 (Remaining) $ 205 2022 273 2023 273 2024 273 2025 273 Thereafter 2,107 Total $ 3,404 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | The following table summarizes accrued expenses included in the condensed balance sheets (in thousands): January 31, 2021 October 31, 2020 Salaries and other compensation $ 496 $ 737 Vendors 1,414 671 Professional fees 232 329 Total accrued expenses $ 2,142 $ 1,737 |
Common Stock Purchase Warrant_2
Common Stock Purchase Warrants and Warrant Liability (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Common Stock Purchase Warrants And Warrant Liability | |
Schedule of Outstanding Warrants | Information on the outstanding warrants is as follows: Exercise Number of Shares Expiration Date Type of Financing $ 281.25 25 N/A Other warrants $ 0.30 70,863 July 2024 September 2018 Public Offering $ 2.80 327,338 September 2024 July 2019 Public Offering $ 0.35 7,943,332 November 2025 November 2020 Public Offering Grand Total 8,341,558 As of October 31, 2020, there were outstanding warrants to purchase 398,226 shares of our common stock with exercise prices ranging from $0 to $281.25 per share. Information on the outstanding warrants is as follows: Exercise Number of Shares Expiration Date Type of Financing $ - 327,338 July 2024 July 2019 Public Offering $ 281.25 25 N/A Other Warrants $ 0.372 70,863 September 2024 September 2018 Public Offering Grand Total 398,226 |
Schedule of Warrants Activity | summary of warrant activity for the quarter ended January 31, 2021 is as follows (in thousands, except share and per share data): Warrants Weighted Weighted Aggregate Outstanding and exercisable warrants at October 31, 2020 398,226 $ 0.08 3.76 $ 110,640 Issued 15,333,332 0.35 4.82 Exercised (7,390,000 ) 0.35 Outstanding and exercisable warrants at January 31, 2021 8,341,558 $ 0.45 4.76 $ 3,048,937 |
Schedule of Assumptions Used in Warrant Liability | In measuring the warrant liability at January 31, 2021 and October 31, 2020, the Company used the following inputs in its Monte Carlo simulation model: January 31, 2021 October 31, 2020 Exercise Price $ 0.30 $ 0.37 Stock Price $ 0.73 $ 0.34 Expected Term 3.61 years 3.87 years Volatility % 114 % 106 % Risk Free Rate 0.20 % 0.29 % |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share Based Compensation Expense | The following table summarizes share-based compensation expense included in the condensed statements of operations (in thousands): Three Months Ended January 31, 2021 2020 Research and development $ 57 $ 91 General and administrative 179 151 Total $ 236 $ 242 |
Summary of RSU Activity and Related Information | A summary of the Company’s RSU activity and related information for the three months ended January 31, 2021 is as follows: Number of Weighted-Average Balance at October 31, 2020 5,556 $ 24.32 Vested - Cancelled - Balance at January 31, 2021 5,556 $ 24.32 |
Summary of Changes in Stock Option Plan | A summary of changes in the stock option plan for the three months ended January 31, 2021 is as follows: Shares Weighted Weighted Aggregate Outstanding as of October 31, 2020 1,011,768 $ 33.43 8.04 $ 4 Granted 50,000 0.39 Cancelled or expired (14,391 ) 21.49 Outstanding as of January 31, 2021 1,047,377 $ 32.02 7.89 $ 143 Vested and exercisable at January 31, 2021 313,268 $ 103.55 4.72 $ 18 |
Summary of Outstanding and Exercisable Options | Options Outstanding Options Exercisable Weighted Weighted Weighted Weighted Average Average Average Average Exercise Number Remaining Exercise Number Remaining Exercise Price Range Outstanding Contractual Price Exercisable Contractual Price $ 0.30-$10.00 793,412 9.20 $ 3.52 83,201 8.30 $ 3.52 $ 10.01-$100.00 91,727 6.93 $ 29.17 67,829 6.83 $ 31.01 $ 100.01-$200.00 92,847 2.51 $ 166.04 92,847 2.51 $ 166.04 $ 200.01-$277.50 69,391 1.33 $ 210.79 69,391 1.33 $ 210.79 |
Summary of Fair Value of Stock Options Granted of BSM | In determining the fair value of the stock options granted during the three months ended January 31, 2021, the Company used the following inputs in its Black Scholes Merton model: Three Months Expected Term 6 years Expected Volatility 103.27 % Expected Dividends 0 % Risk Free Interest Rate 0.53 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Related to Leases | Supplemental balance sheet information related to leases as of January 31, 2021 is as follows (in thousands): Operating leases: Operating lease right-of-use assets $ 4,644 Operating lease liability $ 992 Operating lease liability, net of current portion 4,795 Total operating lease liabilities $ 5,787 |
Schedule of Lease Expenses | Supplemental lease expense related to leases was as follows (in thousands): Lease Cost (in thousands) Statements of Operations Classification For the Three For the Three Operating lease cost General and administrative 290 290 Short-term lease cost General and administrative - 85 Variable lease cost General and administrative $ 437 141 Total lease expense $ 727 516 |
Schedule of Other Information Related to Leases | Other information related to leases where the Company is the lessee is as follows: For the Three Weighted-average remaining lease term 4.8 years Weighted-average discount rate 6.5 % |
Schedule of Cash Flow Information Related to Leases | Supplemental cash flow information related to operating leases was as follows: For the Three For the Three Cash paid for operating lease liabilities $ 324 300 |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases | Future minimum lease payments under non-cancellable leases as of January 31, 2021 is as follows (in thousands): Fiscal Year ending October 31, 2021 (Remaining) $ 1,369 2022 1,395 2023 1,419 2024 1,444 2025 120 Thereafter 993 Total minimum lease payments 6,740 Less: Imputed interest (953 ) Total $ 5,787 |
Schedule of Future Minimum Payments Under Operating Lease | Under ASC 842, future minimum payments under the Company’s operating lease were as follows (in thousands): Fiscal Year ending October 31, 2021 (Remaining) $ 993 2022 1,369 2023 1,395 2024 1,419 2025 1,444 Thereafter 120 Total $ 6,740 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Summary of Stockholders Equity | A summary of the changes in stockholders’ equity for the three months ended January 31, 2021 and 2020 is presented below (in thousands, except share data): Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2019 - $ - 50,201,671 $ 50 $ 423,750 $ (384,269 ) $ 39,531 Stock-based compensation - - 2,957 - 242 - 242 Advaxis public offerings, net of offering costs - - 10,000,000 10 9,618 - 9,628 Warrant exercises - - 26,416 - 2 - 2 Issuance of shares to employees under ESPP Plan - - 5,555 - 2 - 2 Net Loss - - - - - (7,857 ) (7,857 ) Balance at January 31, 2020 - $ - 60,236,599 $ 60 $ 433,614 $ (392,126 ) $ 41,548 Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2020 - $ - 78,074,023 $ 78 $ 440,840 $ (410,738 ) $ 30,180 Stock-based compensation - - - - 236 - 236 Advaxis public offerings, net of offering costs - - 30,666,665 31 8,519 - 8,550 Warrant exercises - - 7,390,000 7 2,579 - 2,586 Net Loss - - - - - (3,977 ) (3,977 ) Balance at January 31, 2021 - $ - 116,130,688 $ 116 $ 452,174 $ (414,715 ) $ 37,575 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of January 31, 2021 and October 31, 2020 (in thousands): January 31, 2021 Level 1 Level 2 Level 3 Total Common stock warrant liability, warrants exercisable at $0.372 through September 2024 - - $ 44 $ 44 October 31, 2020 Level 1 Level 2 Level 3 Total Common stock warrant liability, warrants exercisable at $0.372 through September 2024 - - $ 17 $ 17 |
Schedule of Changes in Fair Value of Warrant Liabilities | The following table sets forth a summary of the changes in the fair value of the Company’s warrant liabilities (in thousands): For the Beginning balance $ 17 Warrant exercises - Change in fair value 27 Ending Balance $ 44 |
Nature of Operations (Details N
Nature of Operations (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Oct. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents | $ 33,318 | $ 25,178 | |
Proceeds from warrant exercise | $ 2,586 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Basis of Presentation (Details Narrative) - $ / shares | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Number of securities included in computation of basic earnings per share | 9,067,153 | 5,970,816 |
Exercise price | $ 0 | $ 0 |
Warrants [Member] | ||
Number of securities included in computation of basic earnings per share | 0 | 343,838 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Anti-dilutive Securities Excluded from Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Total | 9,067,153 | 5,970,816 |
Warrants [Member] | ||
Total | 8,014,220 | 5,405,726 |
Stock Options [Member] | ||
Total | 1,047,377 | 553,446 |
Restricted Stock Units [Member] | ||
Total | 5,556 | 11,644 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 192 | $ 229 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Leasehold improvements | $ 2,335 | $ 2,335 |
Laboratory equipment | 1,131 | 1,218 |
Furniture and fixtures | 744 | 744 |
Computer equipment | 409 | 409 |
Construction in progress | 19 | 19 |
Total property and equipment | 4,638 | 4,725 |
Accumulated depreciation and amortization | (2,449) | (2,332) |
Net property and equipment | $ 2,189 | $ 2,393 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Expiration of patents description | The expiration dates of the existing patents range from 2021 to 2040. | |
Book value patent applications, net | $ 232 | |
Intangible asset amortization expense | $ 67 | $ 91 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 4,689 | $ 4,479 |
Licenses | 777 | 777 |
Software | 117 | 117 |
Total intangibles | 5,583 | 5,373 |
Accumulated amortization | (2,179) | (2,112) |
Intangible assets | $ 3,404 | $ 3,261 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Carrying Value of Intangible Assets (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 (Remaining) | $ 205 |
2022 | 273 |
2023 | 273 |
2024 | 273 |
2025 | 273 |
Thereafter | 2,107 |
Total | $ 3,404 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Payables and Accruals [Abstract] | ||
Salaries and other compensation | $ 496 | $ 737 |
Vendors | 1,414 | 671 |
Professional fees | 232 | 329 |
Total accrued expenses | $ 2,142 | $ 1,737 |
Common Stock Purchase Warrant_3
Common Stock Purchase Warrants and Warrant Liability (Details Narrative) - $ / shares | Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 |
Class of Warrant or Right [Line Items] | |||
Number of warrants to purchase common stock | 8,341,558 | 398,226 | 7,390,000 |
Warrant exercise price per share | $ 0.372 | $ 0.372 | |
Equity Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants to purchase common stock | 8,270,695 | 327,363 | |
Warrant Liability [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants to purchase common stock | 70,863 | 70,863 | |
Warrant exercise price per share | $ 0.30 | $ 0.37 | |
Minimum [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrant exercise price per share | 0 | 0 | |
Minimum [Member] | Warrant Liability [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrant exercise price per share | 0.30 | ||
Maximum [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrant exercise price per share | 281.25 | $ 281.25 | |
Maximum [Member] | Warrant Liability [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrant exercise price per share | $ 22.50 |
Common Stock Purchase Warrant_4
Common Stock Purchase Warrants and Warrant Liability - Schedule of Outstanding Warrants (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.372 | $ 0.372 | |
Number of Shares Underlying Warrants | 8,341,558 | 398,226 | 7,390,000 |
Exercise Price Range One [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 281.25 | ||
Number of Shares Underlying Warrants | 25 | 327,338 | |
Expiration Date | Jul. 31, 2024 | ||
Type of Financing | Other warrants | July 2019 Public Offering | |
Exercise Price Range Two [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.30 | $ 281.25 | |
Number of Shares Underlying Warrants | 70,863 | 25 | |
Expiration Date | Jul. 31, 2024 | ||
Type of Financing | September 2018 Public Offering | Other Warrants | |
Exercise Price Range Three [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 2.80 | $ 0.372 | |
Number of Shares Underlying Warrants | 327,338 | 70,863 | |
Expiration Date | Sep. 30, 2024 | Sep. 30, 2024 | |
Type of Financing | July 2019 Public Offering | September 2018 Public Offering | |
Exercise Price Range Four [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.35 | ||
Number of Shares Underlying Warrants | 7,943,332 | ||
Expiration Date | Nov. 30, 2025 | ||
Type of Financing | November 2020 Public Offering |
Common Stock Purchase Warrant_5
Common Stock Purchase Warrants and Warrant Liability - Schedule of Warrants Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Jan. 31, 2021USD ($)$ / sharesshares | |
Common Stock Purchase Warrants And Warrant Liability | |
Warrants, Outstanding and exercisable warrants, Beginning balance | shares | 398,226 |
Warrants, Issued | shares | 15,333,332 |
Warrants, Exercised | shares | (7,390,000) |
Warrants, Outstanding and exercisable warrants, Ending balance | shares | 8,341,558 |
Weighted Average Exercise Price, Outstanding and exercisable warrants, Beginning | $ / shares | $ 0.08 |
Weighted Average Exercise Price, Issued | $ / shares | 0.35 |
Weighted Average Exercise Price, Exercised | $ / shares | 0.35 |
Weighted Average Exercise Price, Outstanding and exercisable warrants, Ending | $ / shares | $ 0.45 |
Weighted Average Remaining Contractual Life In Years, Outstanding and exercisable warrants, Beginning | 3 years 9 months 3 days |
Weighted Average Remaining Contractual Life In Years, Outstanding and exercisable warrants, Issued | 4 years 9 months 25 days |
Weighted Average Remaining Contractual Life In Years, Outstanding and exercisable warrants, Ending balance | 4 years 9 months 3 days |
Aggregate Intrinsic Value, Beginning | $ | $ 110,640 |
Aggregate Intrinsic Value, Ending | $ | $ 3,048,937 |
Common Stock Purchase Warrant_6
Common Stock Purchase Warrants and Warrant Liability - Schedule of Assumptions Used in Warrant Liability (Details) | Jan. 31, 2021$ / shares | Oct. 31, 2020$ / shares | Jan. 31, 2020$ / shares |
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.372 | $ 0.372 | |
Stock Price | 0 | $ 0 | |
Warrant Liability [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | 0.30 | 0.37 | |
Stock Price | $ 0.73 | $ 0.34 | |
Warrant Liability [Member] | Expected Term [Member] | |||
Class of Warrant or Right [Line Items] | |||
Expected Term | 3 years 7 months 10 days | 3 years 10 months 14 days | |
Warrant Liability [Member] | Volatility [Member] | |||
Class of Warrant or Right [Line Items] | |||
Measurement input percentage | 114 | 106 | |
Warrant Liability [Member] | Risk Free Rate [Member] | |||
Class of Warrant or Right [Line Items] | |||
Measurement input percentage | 0.20 | 0.29 |
Share Based Compensation (Detai
Share Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Oct. 31, 2020 | |
Unrecognized compensation cost related to non-vested stock option awards | $ 400,000 | ||
Unrecognized compensation cost related to non-vested remaining weighted average vesting period | 1 year 6 months 14 days | ||
Stock compensation expense | $ 236,000 | $ 242,000 | |
Stock granted options to purchase | 50,000 | ||
Stock option term | P10Y | ||
Stock option vesting period | 3 years | ||
Stock option exercise price | $ 0.39 | $ 33.43 | |
Compensation cost related to outstanding stock options | $ 200,000 | $ 200,000 | |
Aggregate intrinsic value of vested and exercisable options | 143,000 | ||
Aggregate intrinsic value of non-vested options | 18,000 | $ 4,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Unrecognized compensation cost related to non-vested stock option awards | $ 30,000 | ||
Unrecognized compensation cost related to non-vested remaining weighted average vesting period | 2 months 19 days | ||
Aggregate intrinsic value of non-vested RSU | $ 4,100 | ||
Employee Stock Awards [Member] | |||
Share-based compensation, common stock, shares | 0 | 2,957 | |
Stock compensation expense | $ 0 | $ 56,000 | |
2018 Employee Stock Purchase Plan [Member] | |||
Number of shares issued under employee stock purchase plan | 0 | 5,555 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based compensation expense | $ 236 | $ 242 |
Research and Development [Member] | ||
Share-based compensation expense | 57 | 91 |
General and Administrative [Member] | ||
Share-based compensation expense | $ 179 | $ 151 |
Share Based Compensation - Su_2
Share Based Compensation - Summary of RSU Activity and Related Information (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Number of RSUs, Unvested Beginning Balance | 5,556 |
Number of RSUs, Vested | |
Number of RSUs, Cancelled | |
Number of RSUs, Unvested Ending Balance | 5,556 |
Weighted-Average Grant Date Fair Value, Unvested Beginning Balance | $ / shares | $ 24.32 |
Weighted-Average Grant Date Fair Value, Unvested Ending Balance | $ / shares | $ 24.32 |
Share Based Compensation - Su_3
Share Based Compensation - Summary of Changes in Stock Option Plan (Details) | 3 Months Ended |
Jan. 31, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Shares, Outstanding, Beginning Balance | shares | 1,011,768 |
Shares, Granted | shares | 50,000 |
Shares, Cancelled or Expired | shares | (14,391) |
Shares, Outstanding, Ending Balance | shares | 1,047,377 |
Shares, Vested and Exercisable | shares | 313,268 |
Weighted Average Exercise Price, Outstanding, Beginning | $ / shares | $ 33.43 |
Weighted Average Exercise Price, Granted | $ / shares | 0.39 |
Weighted Average Exercise Price, Cancelled or Expired | $ / shares | 21.49 |
Weighted Average Exercise Price, Outstanding, Ending | $ / shares | 0.39 |
Weighted Average Exercise Price, Vested and Exercisable | $ / shares | $ 103.55 |
Weighted Average Remaining Contractual Life In Years, Outstanding, Beginning | 8 years 15 days |
Weighted Average Remaining Contractual Life In Years, Outstanding, Ending balance | 7 years 10 months 21 days |
Weighted Average Remaining Contractual Life In Years, Vested and Exercisable | 4 years 8 months 19 days |
Aggregate Intrinsic Value, Beginning | $ | $ 4,000 |
Aggregate Intrinsic Value, Ending | $ | 18,000 |
Aggregate Intrinsic Value, Vested and Exercisable | $ | $ 18,000 |
Share Based Compensation - Su_4
Share Based Compensation - Summary of Outstanding and Exercisable Options (Details) | 3 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Exercise Price Range One [Member] | |
Exercise Price Range, lower limit | $ 0.30 |
Exercise Price Range, upper limit | $ 10 |
Number Outstanding, Options Outstanding | shares | 793,412 |
Weighted Average Remaining Contractual, Options Outstanding | 9 years 2 months 12 days |
Weighted Average Exercise Price, Options Outstanding | $ 3.52 |
Number Outstanding, Options Exercisable | shares | 83,201 |
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 8 years 3 months 19 days |
Weighted Average Exercise Price, Options Exercisable | $ 3.52 |
Exercise Price Range Two [Member] | |
Exercise Price Range, lower limit | 10.01 |
Exercise Price Range, upper limit | $ 100 |
Number Outstanding, Options Outstanding | shares | 91,727 |
Weighted Average Remaining Contractual, Options Outstanding | 6 years 11 months 4 days |
Weighted Average Exercise Price, Options Outstanding | $ 29.17 |
Number Outstanding, Options Exercisable | shares | 67,829 |
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 6 years 9 months 29 days |
Weighted Average Exercise Price, Options Exercisable | $ 31.01 |
Exercise Price Range Three [Member] | |
Exercise Price Range, lower limit | 100.01 |
Exercise Price Range, upper limit | $ 200 |
Number Outstanding, Options Outstanding | shares | 92,847 |
Weighted Average Remaining Contractual, Options Outstanding | 2 years 6 months 3 days |
Weighted Average Exercise Price, Options Outstanding | $ 166.04 |
Number Outstanding, Options Exercisable | shares | 92,847 |
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 2 years 6 months 3 days |
Weighted Average Exercise Price, Options Exercisable | $ 166.04 |
Exercise Price Range Four [Member] | |
Exercise Price Range, lower limit | 200.01 |
Exercise Price Range, upper limit | $ 277.50 |
Number Outstanding, Options Outstanding | shares | 69,391 |
Weighted Average Remaining Contractual, Options Outstanding | 1 year 3 months 29 days |
Weighted Average Exercise Price, Options Outstanding | $ 210.79 |
Number Outstanding, Options Exercisable | shares | 69,391 |
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 1 year 3 months 29 days |
Weighted Average Exercise Price, Options Exercisable | $ 210.79 |
Share Based Compensation - Su_5
Share Based Compensation - Summary of Fair Value of Stock Options Granted of BSM (Details) | 3 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Expected Term | 6 years |
Expected Volatility | 103.27% |
Expected Dividends | 0.00% |
Risk Free Interest Rate | 0.53% |
Collaboration and Licensing A_2
Collaboration and Licensing Agreements (Details Narrative) - USD ($) | Apr. 30, 2020 | Jan. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 |
Revenue | $ 1,615,000 | $ 3,000 | |||
Development, License and Supply Agreement [Member] | OS Therapies [Member] | |||||
Revenue | $ 25,000 | ||||
Funding milestone payment | $ 2,337,500 | ||||
Milestone set forth in the Licence Agreement [Member] | OS Therapies LLC [Member] | |||||
Milestone achievement, description | The Company received an aggregate of $1,615,000 from OS Therapies upon achievement of the funding milestone set forth in the license agreement. | The Company received an aggregate of $1,615,000 from OS Therapies upon achievement of the funding milestone set forth in the license agreement. |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expiration | Nov. 30, 2025 | |
Security deposit | $ 182 | |
Rent expense | $ 300 | $ 300 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Related to Leases (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 4,644 | $ 4,839 |
Operating lease liability | 992 | 962 |
Operating lease liability, net of current portion | 4,795 | $ 5,055 |
Total operating lease liabilities | $ 5,787 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expenses (Details) - General and Administrative [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Operating lease cost | $ 290 | $ 290 |
Short-term lease cost | 85 | |
Variable lease cost | 437 | 141 |
Total lease expense | $ 727 | $ 516 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Details) | Jan. 31, 2021 |
Leases [Abstract] | |
Weighted-average remaining lease term | 4 years 9 months 18 days |
Weighted-average discount rate | 6.50% |
Leases - Schedule of Cash Flow
Leases - Schedule of Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 324 | $ 300 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Leases [Abstract] | |
2021 (Remaining) | $ 1,369 |
2022 | 1,395 |
2023 | 1,419 |
2024 | 1,444 |
2025 | 120 |
Thereafter | 993 |
Total minimum lease payments | 6,740 |
Less: Imputed interest | (953) |
Total | $ 5,787 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Payments Under Operating Lease (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Leases [Abstract] | |
2021 (Remaining) | $ 993 |
2022 | 1,369 |
2023 | 1,395 |
2024 | 1,419 |
2025 | 1,444 |
Thereafter | 120 |
Total | $ 6,740 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2020 | Jan. 31, 2020 | Jan. 31, 2021 | Oct. 31, 2020 | |
Number of warrants to purchase common stock | 7,390,000 | 8,341,558 | 398,226 | |
Net proceeds from offering | $ 8,500 | $ 2,600 | ||
Warrants exercise price | $ 0.372 | $ 0.372 | ||
Public Offering [Member] | ||||
Number of common stock shares sold | 30,666,665 | |||
Share price per share | $ 0.30 | |||
Proceeds from sale of common shares | $ 9,200 | |||
Private Placement [Member] | ||||
Number of warrants to purchase common stock | 15,333,332 | |||
Warrants exercise price | $ 0.35 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stockholders Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Beginning balance | $ 30,180 | $ 39,531 |
Stock-based compensation | 236 | 242 |
Advaxis public offerings, net of offering costs | 8,550 | 9,628 |
Warrant exercises | 2,586 | 2 |
Issuance of shares to employees under ESPP Plan | 2 | |
Net Loss | (3,977) | (7,857) |
Ending balance | 37,575 | 41,548 |
Preferred Stock [Member] | ||
Beginning balance | ||
Beginning balance, shares | ||
Stock-based compensation | ||
Stock-based compensation, shares | ||
Advaxis public offerings, net of offering costs | ||
Advaxis public offerings, net of offering costs, shares | ||
Warrant exercises | ||
Warrant exercises, shares | ||
Issuance of shares to employees under ESPP Plan | ||
Issuance of shares to employees under ESPP Plan, shares | ||
Net Loss | ||
Ending balance | ||
Ending balance, shares | ||
Common Stock [Member] | ||
Beginning balance | $ 78 | $ 50 |
Beginning balance, shares | 78,074,023 | 50,201,671 |
Stock-based compensation | ||
Stock-based compensation, shares | 2,957 | |
Advaxis public offerings, net of offering costs | $ 31 | $ 10 |
Advaxis public offerings, net of offering costs, shares | 30,666,665 | 10,000,000 |
Warrant exercises | $ 7 | |
Warrant exercises, shares | 7,390,000 | 26,416 |
Issuance of shares to employees under ESPP Plan | ||
Issuance of shares to employees under ESPP Plan, shares | 5,555 | |
Net Loss | ||
Ending balance | $ 116 | $ 60 |
Ending balance, shares | 116,130,688 | 60,236,599 |
Additional Paid-In Capital [Member] | ||
Beginning balance | $ 440,840 | $ 423,750 |
Stock-based compensation | 236 | 242 |
Advaxis public offerings, net of offering costs | 8,519 | 9,618 |
Warrant exercises | 2,579 | 2 |
Issuance of shares to employees under ESPP Plan | 2 | |
Net Loss | ||
Ending balance | 452,174 | 433,614 |
Accumulated Deficit [Member] | ||
Beginning balance | (410,738) | (384,269) |
Stock-based compensation | ||
Advaxis public offerings, net of offering costs | ||
Warrant exercises | ||
Issuance of shares to employees under ESPP Plan | ||
Net Loss | (3,977) | (7,857) |
Ending balance | $ (414,715) | $ (392,126) |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Oct. 31, 2020 |
Common stock warrant liability, warrants exercisable | $ 44 | $ 17 |
Fair Value, Inputs, Level 1 [Member] | ||
Common stock warrant liability, warrants exercisable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Common stock warrant liability, warrants exercisable | ||
Fair Value, Inputs, Level 3 [Member] | ||
Common stock warrant liability, warrants exercisable | $ 44 | $ 17 |
Fair Value - Schedule of Fair_2
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (Parenthetical) - $ / shares | Jan. 31, 2021 | Oct. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Warrant exercise price per share | $ 0.372 | $ 0.372 |
Fair Value - Schedule of Change
Fair Value - Schedule of Changes in Fair Value of Warrant Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Beginning balance | $ 17 | |
Warrant exercises | 2,586 | $ 2 |
Ending Balance | 44 | |
Warrant Liability [Member] | ||
Beginning balance | 17 | |
Warrant exercises | ||
Change in fair value | 27 | |
Ending Balance | $ 44 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Thousands | Feb. 28, 2021 | Jan. 31, 2021 | Jan. 31, 2020 | Oct. 31, 2020 |
Number of warrants exercised | 8,341,558 | 7,390,000 | 398,226 | |
Proceeds from warrants exercise | $ 2,586 | |||
Subsequent Event [Member] | November 2020 Offering [Member] | ||||
Number of warrants exercised | 3,300,000 | |||
Proceeds from warrants exercise | $ 1,200 |