Cover
Cover - shares | 6 Months Ended | |
Apr. 30, 2022 | Jun. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Apr. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --10-31 | |
Entity File Number | 001-36138 | |
Entity Registrant Name | ADVAXIS, INC. | |
Entity Central Index Key | 0001100397 | |
Entity Tax Identification Number | 02-0563870 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 9 Deer Park Drive | |
Entity Address, Address Line Two | Suite K-1 | |
Entity Address, City or Town | Monmouth Junction | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08852 | |
City Area Code | (609) | |
Local Phone Number | 452-9813 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ADXS | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,820,480 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 32,085,000 | $ 41,614,000 |
Prepaid expenses and other current assets | 2,092,000 | 1,643,000 |
Total current assets | 34,177,000 | 43,257,000 |
Property and equipment (net of accumulated depreciation) | 84,000 | 118,000 |
Intangible assets (net of accumulated amortization) | 3,220,000 | 3,354,000 |
Operating right-of-use asset (net of accumulated amortization) | 26,000 | 40,000 |
Other assets | 11,000 | 11,000 |
Total assets | 37,518,000 | 46,780,000 |
Current liabilities: | ||
Accounts payable | 39,000 | 87,000 |
Accrued expenses | 1,738,000 | 2,836,000 |
Current portion of operating lease liability | 27,000 | 28,000 |
Common stock warrant liability | 563,000 | 4,929,000 |
Total current liabilities | 2,367,000 | 7,880,000 |
Operating lease liability, net of current portion | 12,000 | |
Total liabilities | 2,367,000 | 7,892,000 |
Contingencies – Note 10 | ||
Series D convertible preferred stock- $0.001 par value; 0 shares authorized, 0 shares issued and outstanding at April 30, 2022 and October 31, 2021. | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized, 0 shares issued and outstanding at April 30, 2022 and October 31, 2021. | ||
Common stock - $0.001 par value; 170,000,000 shares authorized, 1,820,480 shares issued and outstanding at April 30, 2022 and October 31, 2021. | 2,000 | 2,000 |
Additional paid-in capital | 466,554,000 | 467,486,000 |
Accumulated deficit | (431,405,000) | (428,600,000) |
Total stockholders’ equity | 35,151,000 | 38,888,000 |
Total liabilities and stockholders’ equity | $ 37,518,000 | $ 46,780,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2022 | Oct. 31, 2021 |
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 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 170,000,000 | 170,000,000 |
Common stock, shares issued | 1,820,480 | 1,820,480 |
Common stock, shares outstanding | 1,820,480 | 1,820,480 |
Series D Convertible Redeemable Preferred Stock [Member] | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 0 | 0 |
Temporary equity, shares issued | 0 | 0 |
Temporary equity, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 250 | $ 1,375 | $ 250 | $ 2,990 |
Operating expenses: | ||||
Research and development expenses | 1,484 | 4,344 | 3,138 | 6,914 |
General and administrative expenses | 1,768 | 3,352 | 4,278 | 6,360 |
Total operating expenses | 3,252 | 7,696 | 7,416 | 13,274 |
Loss from operations | (3,002) | (6,321) | (7,166) | (10,284) |
Other income (expense): | ||||
Interest income, net | 6 | 2 | 7 | 3 |
Net changes in fair value of derivative liabilities | 607 | 995 | 4,409 | 968 |
Other income (expense) | (1) | 217 | (5) | 229 |
Net loss before income taxes | (2,390) | (5,107) | (2,755) | (9,084) |
Income tax expense | 50 | 50 | ||
Net loss | (2,440) | (5,107) | (2,805) | (9,084) |
Accretion of discount and redemption feature of convertible preferred stock | (1,025) | (1,025) | ||
Income available to common stockholders | $ (3,465) | $ (5,107) | $ (3,830) | $ (9,084) |
Net loss per common share, basic and diluted | $ (1.90) | $ (3.32) | $ (2.10) | $ (6.49) |
Weighted average number of common shares outstanding | 1,820,480 | 1,539,313 | 1,820,480 | 1,398,692 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net loss | $ (2,805,000) | $ (9,084,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share based compensation | 49,000 | 451,000 |
Gain on change in value of warrants | (4,366,000) | (968,000) |
Gain on change in value of preferred stock redemption liability | (43,000) | |
Loss on disposal of property and equipment | 1,530,000 | |
Abandonment of intangible assets | 129,000 | 69,000 |
Depreciation expense | 34,000 | 316,000 |
Amortization expense of intangible assets | 140,000 | 135,000 |
Amortization of right-of-use asset | 14,000 | 327,000 |
Net gain on write-off of right-of-use asset and lease liability | (116,000) | |
Change in operating assets and liabilities: | ||
Accounts receivable | (1,375,000) | |
Prepaid expenses, other current assets and deferred expenses | (449,000) | 45,000 |
Other assets | 182,000 | |
Accounts payable and accrued expenses | (1,146,000) | 1,142,000 |
Deferred revenue | (165,000) | |
Operating lease liabilities | (13,000) | (1,389,000) |
Net cash used in operating activities | (8,456,000) | (8,900,000) |
INVESTING ACTIVITIES | ||
Proceeds from disposal of property and equipment | 214,000 | |
Cost of intangible assets | (135,000) | (268,000) |
Net cash used in investing activities | (135,000) | (54,000) |
FINANCING ACTIVITIES | ||
Net proceeds of issuance of Series D preferred stock | 4,312,000 | |
Net proceeds of issuance of common stock and warrants | 28,115,000 | |
Redemption of Series D preferred stock | (5,250,000) | |
Warrant exercises | 3,771,000 | |
Net cash (used in) provided by financing activities | (938,000) | 31,886,000 |
Net increase in cash and cash equivalents | (9,529,000) | 22,932,000 |
Cash and cash equivalents at beginning of year | 41,614,000 | 25,178,000 |
Cash and cash equivalents at end of year | 32,085,000 | 48,110,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for taxes | 50,000 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES | ||
Reclassification of preferred stock redemption liability into equity upon redemption of preferred stock | 44,000 | |
Accretion of discount and redemption feature of convertible preferred stock | $ 1,025,000 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Apr. 30, 2022 | |
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 COVID-19 On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”) as a global pandemic and recommended containment and mitigation measures. Since then, extraordinary actions have been taken by international, federal, state, and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 in regions throughout the world. These actions include travel bans, quarantines, “stay-at-home” orders, and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. The continued impact of the COVID-19 pandemic cannot be predicted at this time 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 April 30, 2022, the Company had approximately $ 32.1 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 | 6 Months Ended |
Apr. 30, 2022 | |
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 consolidated 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 consolidated balance sheet as of April 30, 2022 has been derived from the Company’s October 31, 2021 audited financial statements. In the opinion of management, the unaudited interim condensed consolidated 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 consolidated financial statements should be read in conjunction with the financial statements of the Company as of and for the fiscal year ended October 31, 2021 and notes thereto contained in the Company’s 2021 Annual Report on Form 10-K, as filed with the SEC on February 14, 2022. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated. Restricted Cash On January 31, 2022, the Company transferred $ 5,250,000 Convertible Preferred Stock Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. The Company classifies conditionally redeemable preferred shares, which includes preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as temporary equity (“mezzanine”) until such time as the conditions are removed or lapse. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For share-based derivative financial instruments, the Company used the Monte Carlo simulation model, the Black Scholes model and a binomial model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheet as current or non-current based on whether or not net-cash settlement of the instrument could be required within 12 months after the balance sheet date. 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: SCHEDULE OF ANTI -DILUTED SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE 2022 2021 As of April 30, 2022 2021 Warrants 377,818 377,818 Stock options 11,101 12,892 Total 388,919 390,710 Recent Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplification of Income Taxes (Topic 740) Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public companies for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted this standard effective November 1, 2021 and it is not material to the financial results of the Company. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share (“EPS”) calculations as a result of these changes. The standard will be effective for the Company for fiscal years beginning after December 15, 2023 and can be applied on either a fully retrospective or modified retrospective basis. Early adoption is permitted for fiscal years beginning after December 15, 2020. The Company adopted this standard effective November 1, 2021 and it is not material to the financial results of the Company. 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 consolidated financial statements. Reverse Stock Split On March 31, 2022, the Company’s stockholders voted to approve an amendment to allow the Company to execute a reverse stock split of common stock within a range of 1 for 20 to 1 for 80 1 for 80 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 3. PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT April 30, 2022 October 31, 2021 Laboratory equipment $ 179 $ 179 Computer equipment 241 241 Total property and equipment 420 420 Accumulated depreciation and amortization (336 ) (302 ) Net property and equipment $ 84 $ 118 Depreciation expense for the three months ended April 30, 2022 and 2021 was approximately $ 16,000 124,000 34,000 316,000 1,530,000 968,000 562,000 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 4. INTANGIBLE ASSETS Intangible assets, net consisted of the following (in thousands): SUMMARY OF INTANGIBLE ASSETS April 30, 2022 October 31, 2021 Patents $ 4,812 $ 4,836 Licenses 777 777 Software 98 98 Total intangibles 5,687 5,711 Accumulated amortization (2,467 ) (2,357 ) Intangible assets $ 3,220 $ 3,354 The expiration dates of the existing patents range from 2021 to 2039 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 approximately $ 26,000 69,000 129,000 69,000 70,000 68,000 140,000 135,000 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 other products that are in development. However, if a competitor were to gain FDA approval for a similar treatment before the Company 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 April 30, 2022, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows (in thousands): SCHEDULE OF CARRYING VALUE OF INTANGIBLE ASSETS Fiscal year ending 2022 (Remaining) $ 139 2023 278 2024 278 2025 278 2026 278 Thereafter 1,969 Total $ 3,220 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Apr. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | 5. ACCRUED EXPENSES The following table summarizes accrued expenses included in the condensed consolidated balance sheets (in thousands): SUMMARY OF ACCRUED EXPENSES April 30, 2022 October 31, 2021 Salaries and other compensation $ 74 $ 55 Vendors 1,028 1,968 Professional fees 436 613 Other 200 200 Total accrued expenses $ 1,738 $ 2,836 |
LEASES
LEASES | 6 Months Ended |
Apr. 30, 2022 | |
Leases | |
LEASES | 6. LEASES Operating Leases The Company previously leased a corporate office and manufacturing facility in Princeton, New Jersey under an operating lease that was set to expire in November 2025 1,000,000 182,000 818,000 4,512,000 5,628,000 116,000 On March 25, 2021, the Company entered into a new one-year lease agreement for its corporate office/lab with base rent of approximately $ 29,000 March 25, 2023 43,000 Supplemental balance sheet information related to leases was as follows (in thousands): SCHEDULE OF SUPPLEMENTAL BALANCE SHEET RELATED TO LEASES April 30, 2022 October 31, 2021 Operating leases: Operating lease right-of-use assets $ 26 $ 40 Operating lease liability $ 27 $ 28 Operating lease liability, net of current portion - 12 Total operating lease liabilities $ 27 $ 40 Supplemental lease expense related to leases was as follows (in thousands): SCHEDULE OF LEASE EXPENSES Lease Cost (in thousands) Statements of Operations Classification For the Three For the Six Operating lease cost General and administrative $ 7 $ 15 Variable lease cost General and administrative 10 19 Total lease expense $ 17 $ 34 Supplemental lease expense related to leases was as follows (in thousands): Lease Cost (in thousands) Statements of Operations Classification For the Three For the Six Operating lease cost General and administrative $ 1,011 $ 1,301 Short-term lease cost General and administrative 16 16 Variable lease cost General and administrative 61 159 Total lease expense $ 1,088 $ 1,476 Other information related to leases where the Company is the lessee is as follows: SCHEDULE OF OTHER INFORMATION RELATED TO LEASES April 30, 2022 October 31, 2021 Weighted-average remaining lease term 0.9 1.4 Weighted-average discount rate 3.79 % 3.79 % Supplemental cash flow information related to operating leases was as follows: SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES For the Six For the Six Cash paid for operating lease liabilities $ 14 $ 1,363 Future minimum lease payments under non-cancellable leases as of April 30, 2022 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Fiscal Year ending October 31, 2022 (Remaining) $ 15 2023 13 Total minimum lease payments 28 Less: Imputed interest (1 ) Total $ 27 |
COMMON STOCK PURCHASE WARRANTS
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY | 6 Months Ended |
Apr. 30, 2022 | |
Common Stock Purchase Warrants And Warrant Liability | |
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY | 7. COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY Warrants As of April 30, 2022 and October 31, 2021, there were outstanding and exercisable warrants to purchase 377,818 20.00 224.00 SCHEDULE OF COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY Exercise Price Number of Shares Warrants Expiration Date Type of Financing $ 20.00 879 July 2024 September 2018 Public Offering $ 224.00 4,092 September 2024 July 2019 Public Offering $ 28.00 57,230 November 2025 November 2020 Public Offering $ 56.00 140,552 April 2026 April 2021 Registered Direct Offering (Accompanying Warrants $ 56.00 175,065 5 years after the date such warrants become exercisable, if ever April 2021 Private Placement (Private Placement Warrants Grand Total 377,818 As of April 30, 2022 and October 31, 2021, the Company had 201,874 377,818 Warrant Liability As of April 30, 2022 and October 31, 2021, the Company had 175,944 377,818 The warrants issued in the April 2021 Private Placement will become exercisable only on such day, if ever, that is 14 days after the Company files an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock, $ 0.001 170,000,000 300,000,000 170,000,000 300,000,000 In measuring the warrant liability for the warrants issued in the April 2021 Private Placement at April 30, 2022 and October 31, 2021, the Company used the following inputs in its Black Scholes model: SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY April 30, 2022 October 31, 2021 Exercise Price $ 56.00 $ 56.00 Stock Price $ 6.56 $ 38.80 Expected Term 5 5 Volatility % 110 % 106 % Risk Free Rate 2.92 % 1.18 % The September 2018 Public Offering 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 April 30, 2022, the down round feature was triggered four times and the exercise price of the warrants were reduced from $ 1,800.00 20.00 In measuring the warrant liability for the September 2018 Public Offering warrants at April 30, 2022 and October 31, 2021, the Company used the following inputs in its Monte Carlo simulation model: SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY April 30, 2022 October 31, 2021 Exercise Price $ 20.00 $ 24.00 Stock Price $ 6.56 $ 38.80 Expected Term 2.37 2.87 Volatility % 109 % 123 % Risk Free Rate 2.79 % 0.77 % At April 30, 2022 and October 31, 2021, the fair value of the warrant liability was approximately $ 563,000 4,929,000 564,000 995,000 4,366,000 968,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Atachbarian On November 15, 2021, a purported stockholder of the Company commenced an action against the Company and certain of its directors in the U.S. District Court for the District of New Jersey, entitled Atachbarian v. Advaxis, Inc., et al., No. 3:21-cv-20006. The plaintiff alleges that the defendants breached their fiduciary duties and violated Section 14(a) and Rule 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder by allegedly failing to disclose certain matters in its Registration Statement on Form S-4 (Commission File No. 333-259065 (the “Registration Statement”) filed in connection with a proposed merger with Biosight Ltd. (the “Previously Proposed Merger”). On December 15, 2021, pursuant to an understanding reached with the plaintiff, the Company made certain other additional disclosures that mooted the demands asserted in the complaint. On December 17, 2021, the plaintiff filed a notice of voluntary dismissal with prejudice. On February 7, 2022, the Company and the plaintiff reached a settlement agreement, which is recorded in general and administrative expenses in the condensed consolidated statement of operations. Purported Stockholder Claims Related to Biosight Transaction Between September 16, 2021, and November 4, 2021, the Company received demand letters on behalf of six purported stockholders of the Company, alleging that the Company failed to disclose certain matters in the Registration Statement, and demanding that the Company disclose such information in a supplemental disclosure filed with the SEC. On October 14, 2021, the Company filed an amendment to the Registration Statement and on November 8, 2021, the Company made certain other additional disclosures that mooted the demands asserted in the above-referenced letters. The six plaintiffs have made settlement demands and the plaintiffs and the company have reached settlements in principle to resolve all six demands, which is recorded in general and administrative expenses in the condensed consolidated statement of operations. In addition, the Company received certain additional demands from stockholders asserting that the proxy materials filed by the Company in connection with the Previously Proposed Merger contained alleged material misstatements and/or omissions. Certain stockholders also demanded books and records of the Company pursuant to Delaware law. In response to these demands, the Company agreed to make, and did make, certain supplemental disclosures to the proxy materials. The stockholder has made a settlement demand. At this time, the Company is unable to predict the likelihood of an unfavorable outcome. Purported Stockholder Claims Related to Series D Convertible Preferred Stock Offering On February 17, 2022, the Company received a letter on behalf of a purported stockholder of the Company, demanding certain books and records pursuant to Delaware law regarding the proposed issuance of super voting preferred stock. The Company agreed to provide certain books and records to the stockholder and agreed to make, and did make, a supplemental disclosure to the proxy materials. The stockholder has made a settlement demand. At this time, the Company is unable to predict the likelihood of an unfavorable outcome. |
TEMPORARY EQUITY
TEMPORARY EQUITY | 6 Months Ended |
Apr. 30, 2022 | |
Temporary Equity | |
TEMPORARY EQUITY | 9. TEMPORARY EQUITY Series D Convertible Preferred Stock Offering On January 31, 2022, the Company consummated an offering with certain institutional investors for the private placement of 1,000,000 5,000,000 4.75 5 20.00 105 110 4.3 Since the Series D preferred stock had a redemption feature at the option of the holder, it was classified as temporary equity. At the January 31, 2022 issuance date, the Series D preferred stock was recorded on the balance sheet at approximately $ 4,225,000 4,312,000 87,000 On April 6, 2022, the holders of all 1,000,000 outstanding shares of the Series D Preferred Stock exercised their right to cause the Company to redeem all of such shares at a price per share equal to 105 % of the stated value per share of $ 5.00 , and such shares were redeemed accordingly. The $ 1,025,000 accretion of the Series D convertible preferred stock to its redemption value was recorded as a reduction in additional paid-in capital (see Note 10). Preferred Stock Redemption Liability The Company evaluated the preferred stock redemption feature under ASC 815. Since the preferred stock redemption feature is not considered to be clearly and closely related to the preferred stock host and the redemption feature meets the four characteristics of a derivative under ASC 815, the preferred stock redemption feature is required to be bifurcated from the preferred stock host and valued as a liability. The Company utilized a binomial model to calculate the fair value of the preferred stock redemption feature at issuance. In measuring the preferred stock redemption liability at April 6, 2021 (redemption date) and January 31, 2022 (issuance date), the Company used the following inputs in its binomial model: SCHEDULE OF PREFERRED STOCK REDEMPTION LIABILITY April 6, 2022 January 31, 2022 Exercise Price $ 20.00 $ 20.00 Stock Price $ 9.04 $ 10.88 Volatility % 96 % 105 % Risk Free Rate 1.25 % 1.00 % At April 6, 2022 and January 31, 2022, the fair value of the preferred stock redemption liability was approximately $ 44,000 87,000 44,000 44,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 10. STOCKHOLDERS’ EQUITY A summary of the changes in stockholders’ equity for the six months ended April 30, 2022 and 2021 is presented below (in thousands, except share data): SUMMARY OF STOCKHOLDERS EQUITY Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2020 - $ - 975,925 $ 2 $ 440,916 $ (410,738 ) $ 30,180 Stock-based compensation - - - - 236 - 236 Advaxis public offerings, net of offering costs - - 383,333 - 8,550 - 8,550 Warrant exercises - - 92,375 - 2,586 - 2,586 Net loss - - - - - (3,977 ) (3,977 ) Balance at January 31, 2021 - $ - 1,451,633 $ 2 $ 452,288 $ (414,715 ) $ 37,575 Stock-based compensation - - 69 - 215 - 215 Stock option exercises - - 4 - - - - Advaxis public offerings, net of offering costs - - 230,794 - 13,683 - 13,683 Warrant exercises - - 137,968 - 1,185 - 1,185 Issuance of shares to employees under ESPP Plan - - 12 - - - - Net loss - - - - - (5,107 ) (5,107 ) Balance at April 30, 2021 - $ - 1,820,480 $ 2 $ 467,371 $ (419,822 ) $ 47,551 Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2021 - $ - 1,820,480 $ 2 $ 467,486 $ (428,600 ) $ 38,888 Stock-based compensation - - - - 26 - 26 Net loss - - - - - (365 ) (365 ) Balance at January 31, 2022 - $ - 1,820,480 $ 2 $ 467,512 $ (428,965 ) $ 38,549 Stock-based compensation - - - - 23 - 23 Accretion of discount and redemption feature of convertible preferred stock - - - - (1,025 ) - (1,025 ) Convertible preferred stock redemption - - - - 44 - 44 Net loss - - - - - (2,440 ) (2,440 ) Balance at April 30, 2022 - $ - 1,820,480 $ 2 $ 466,554 $ (431,405 ) $ 35,151 |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 6 Months Ended |
Apr. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE BASED COMPENSATION | 11. SHARE BASED COMPENSATION The following table summarizes share-based compensation expense included in the condensed consolidated statements of operations (in thousands): SUMMARY OF SHARE BASED COMPENSATION EXPENSE Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 Research and development $ 11 $ 56 $ 24 $ 113 General and administrative 12 159 25 338 Total $ 23 $ 215 $ 49 $ 451 Stock Options A summary of changes in the stock option plan for the six months ended April 30, 2022 is as follows: SUMMARY OF CHANGES IN STOCK OPTION PLAN Shares Weighted Weighted Aggregate Outstanding as of October 31, 2021 11,174 $ 1,545.60 7.80 $ 27 Cancelled or expired (73 ) 22,200.00 Outstanding as of April 30, 2022 11,101 $ 1,408.80 7.31 $ - Vested and exercisable at April 30, 2022 6,058 $ 2,544.00 6.64 $ - The following table summarizes information about the outstanding and exercisable options at April 30, 2022: 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 $ 24.00 80.00 8,407 8.05 $ 43.20 3,375 7.95 $ 40.00 $ 80.01 800.00 692 6.56 $ 597.60 681 6.55 $ 604.80 $ 800.01 8,000.00 1,130 5.73 $ 2,321.60 1,130 5.73 $ 2,321.60 $ 8,000.01 20,664.00 872 2.83 $ 14,040.80 872 2.83 $ 14,040.80 As of April 30, 2022, there was approximately $ 101,000 1.16 Potential Acceleration of Stock Options In the event of a merger transaction, similar to the Previously Proposed Merger Agreement, all of the Chief Executive Officer’s 625 |
LICENSING AGREEMENTS
LICENSING AGREEMENTS | 6 Months Ended |
Apr. 30, 2022 | |
Licensing Agreements | |
LICENSING AGREEMENTS | 12. 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 2,337,500 During the three months ended January 31, 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 and recorded $1,615,000 in revenue. During the three months ended April 30, 2021 , the Company achieved the second milestone set forth in the license agreement for evaluation in the treatment of osteosarcoma in humans and recorded $ 1,375,000 1,375,000 Global BioPharma Inc. On December 9, 2013, the Company entered into an exclusive licensing agreement for the development and commercialization of axalimogene filolisbac with Global BioPharma, Inc. (“GBP”), a Taiwanese based biotech company funded by a group of investors led by Taiwan Biotech Co., Ltd (TBC). During the six months ended April 30, 2022, the Company recorded $ 250,000 |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | 13. 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 April 30, 2022 and October 31, 2021 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Fair value measured at April 30, 2022 Level 1 Level 2 Level 3 Total Financial assets at fair value: Cash equivalents (money market funds) $ 17,156 $ - $ - $ 17,156 Total Financial Assets at Fair Value $ 17,156 $ - $ - $ 17,156 Financial liabilities at fair value: Common stock warrant liability, warrants exercisable at $ 20.00 $ - $ - $ 4 $ 4 Common stock warrant liability, warrants exercisable at $ 56.00 - - 559 559 Total financial liabilities at fair value $ - $ - $ 563 $ 563 Level 1 Level 2 Level 3 Total Fair value measured at October 31, 2021 Level 1 Level 2 Level 3 Total Financial assets at fair value: Cash equivalents (money market funds) $ 17,153 $ - $ - $ 17,153 Total Financial Assets at Fair Value $ 17,153 $ - $ - $ 17,153 Financial liabilities at fair value: Common stock warrant liability, warrants exercisable at $ 24.00 $ - $ - $ 27 $ 27 Common stock warrant liability, warrants exercisable at $ 56.00 - - 4,902 4,902 Total financial liabilities at fair value $ - $ - $ 4,929 $ 4,929 The following table presents changes in Level 3 liabilities measured at fair value (in thousands) for the six months ended April 30 2022. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. SCHEDULE OF FAIR VALUE MEASURING UNOBSERVABLE INPUTS Preferred Stock Redemption Liability Warrant Liabilities Total Fair value at October 31, 2021 $ - $ 4,929 $ 4,929 Additions 87 - 87 Change in fair value (43 ) (4,366 ) (4,409 ) Redemption (44 ) - (44 ) Fair value at April 30, 2022 $ - $ 563 $ 563 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation/Estimates | Basis of Presentation/Estimates The accompanying unaudited interim condensed consolidated 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 consolidated balance sheet as of April 30, 2022 has been derived from the Company’s October 31, 2021 audited financial statements. In the opinion of management, the unaudited interim condensed consolidated 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 consolidated financial statements should be read in conjunction with the financial statements of the Company as of and for the fiscal year ended October 31, 2021 and notes thereto contained in the Company’s 2021 Annual Report on Form 10-K, as filed with the SEC on February 14, 2022. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated. |
Restricted Cash | Restricted Cash On January 31, 2022, the Company transferred $ 5,250,000 |
Convertible Preferred Stock | Convertible Preferred Stock Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. The Company classifies conditionally redeemable preferred shares, which includes preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as temporary equity (“mezzanine”) until such time as the conditions are removed or lapse. |
Derivative Financial Instruments | Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For share-based derivative financial instruments, the Company used the Monte Carlo simulation model, the Black Scholes model and a binomial model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheet as current or non-current based on whether or not net-cash settlement of the instrument could be required within 12 months after the balance sheet date. |
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: SCHEDULE OF ANTI -DILUTED SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE 2022 2021 As of April 30, 2022 2021 Warrants 377,818 377,818 Stock options 11,101 12,892 Total 388,919 390,710 |
Recent Accounting Standards | Recent Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplification of Income Taxes (Topic 740) Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public companies for annual periods beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted this standard effective November 1, 2021 and it is not material to the financial results of the Company. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share (“EPS”) calculations as a result of these changes. The standard will be effective for the Company for fiscal years beginning after December 15, 2023 and can be applied on either a fully retrospective or modified retrospective basis. Early adoption is permitted for fiscal years beginning after December 15, 2020. The Company adopted this standard effective November 1, 2021 and it is not material to the financial results of the Company. 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 consolidated financial statements. |
Reverse Stock Split | Reverse Stock Split On March 31, 2022, the Company’s stockholders voted to approve an amendment to allow the Company to execute a reverse stock split of common stock within a range of 1 for 20 to 1 for 80 1 for 80 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF ANTI -DILUTED SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE | SCHEDULE OF ANTI -DILUTED SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE 2022 2021 As of April 30, 2022 2021 Warrants 377,818 377,818 Stock options 11,101 12,892 Total 388,919 390,710 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment, net consisted of the following (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT April 30, 2022 October 31, 2021 Laboratory equipment $ 179 $ 179 Computer equipment 241 241 Total property and equipment 420 420 Accumulated depreciation and amortization (336 ) (302 ) Net property and equipment $ 84 $ 118 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SUMMARY OF INTANGIBLE ASSETS | Intangible assets, net consisted of the following (in thousands): SUMMARY OF INTANGIBLE ASSETS April 30, 2022 October 31, 2021 Patents $ 4,812 $ 4,836 Licenses 777 777 Software 98 98 Total intangibles 5,687 5,711 Accumulated amortization (2,467 ) (2,357 ) Intangible assets $ 3,220 $ 3,354 |
SCHEDULE OF CARRYING VALUE OF INTANGIBLE ASSETS | As of April 30, 2022, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows (in thousands): SCHEDULE OF CARRYING VALUE OF INTANGIBLE ASSETS Fiscal year ending 2022 (Remaining) $ 139 2023 278 2024 278 2025 278 2026 278 Thereafter 1,969 Total $ 3,220 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Payables and Accruals [Abstract] | |
SUMMARY OF ACCRUED EXPENSES | The following table summarizes accrued expenses included in the condensed consolidated balance sheets (in thousands): SUMMARY OF ACCRUED EXPENSES April 30, 2022 October 31, 2021 Salaries and other compensation $ 74 $ 55 Vendors 1,028 1,968 Professional fees 436 613 Other 200 200 Total accrued expenses $ 1,738 $ 2,836 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Leases | |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET RELATED TO LEASES | Supplemental balance sheet information related to leases was as follows (in thousands): SCHEDULE OF SUPPLEMENTAL BALANCE SHEET RELATED TO LEASES April 30, 2022 October 31, 2021 Operating leases: Operating lease right-of-use assets $ 26 $ 40 Operating lease liability $ 27 $ 28 Operating lease liability, net of current portion - 12 Total operating lease liabilities $ 27 $ 40 |
SCHEDULE OF LEASE EXPENSES | Supplemental lease expense related to leases was as follows (in thousands): SCHEDULE OF LEASE EXPENSES Lease Cost (in thousands) Statements of Operations Classification For the Three For the Six Operating lease cost General and administrative $ 7 $ 15 Variable lease cost General and administrative 10 19 Total lease expense $ 17 $ 34 Supplemental lease expense related to leases was as follows (in thousands): Lease Cost (in thousands) Statements of Operations Classification For the Three For the Six Operating lease cost General and administrative $ 1,011 $ 1,301 Short-term lease cost General and administrative 16 16 Variable lease cost General and administrative 61 159 Total lease expense $ 1,088 $ 1,476 |
SCHEDULE OF OTHER INFORMATION RELATED TO LEASES | Other information related to leases where the Company is the lessee is as follows: SCHEDULE OF OTHER INFORMATION RELATED TO LEASES April 30, 2022 October 31, 2021 Weighted-average remaining lease term 0.9 1.4 Weighted-average discount rate 3.79 % 3.79 % |
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES | Supplemental cash flow information related to operating leases was as follows: SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES For the Six For the Six Cash paid for operating lease liabilities $ 14 $ 1,363 |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES | Future minimum lease payments under non-cancellable leases as of April 30, 2022 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Fiscal Year ending October 31, 2022 (Remaining) $ 15 2023 13 Total minimum lease payments 28 Less: Imputed interest (1 ) Total $ 27 |
COMMON STOCK PURCHASE WARRANT_2
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |
SCHEDULE OF COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY | SCHEDULE OF COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY Exercise Price Number of Shares Warrants Expiration Date Type of Financing $ 20.00 879 July 2024 September 2018 Public Offering $ 224.00 4,092 September 2024 July 2019 Public Offering $ 28.00 57,230 November 2025 November 2020 Public Offering $ 56.00 140,552 April 2026 April 2021 Registered Direct Offering (Accompanying Warrants $ 56.00 175,065 5 years after the date such warrants become exercisable, if ever April 2021 Private Placement (Private Placement Warrants Grand Total 377,818 |
SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY | In measuring the warrant liability for the September 2018 Public Offering warrants at April 30, 2022 and October 31, 2021, the Company used the following inputs in its Monte Carlo simulation model: SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY April 30, 2022 October 31, 2021 Exercise Price $ 20.00 $ 24.00 Stock Price $ 6.56 $ 38.80 Expected Term 2.37 2.87 Volatility % 109 % 123 % Risk Free Rate 2.79 % 0.77 % |
Private Placement [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY | In measuring the warrant liability for the warrants issued in the April 2021 Private Placement at April 30, 2022 and October 31, 2021, the Company used the following inputs in its Black Scholes model: SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY April 30, 2022 October 31, 2021 Exercise Price $ 56.00 $ 56.00 Stock Price $ 6.56 $ 38.80 Expected Term 5 5 Volatility % 110 % 106 % Risk Free Rate 2.92 % 1.18 % |
TEMPORARY EQUITY (Tables)
TEMPORARY EQUITY (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Temporary Equity | |
SCHEDULE OF PREFERRED STOCK REDEMPTION LIABILITY | In measuring the preferred stock redemption liability at April 6, 2021 (redemption date) and January 31, 2022 (issuance date), the Company used the following inputs in its binomial model: SCHEDULE OF PREFERRED STOCK REDEMPTION LIABILITY April 6, 2022 January 31, 2022 Exercise Price $ 20.00 $ 20.00 Stock Price $ 9.04 $ 10.88 Volatility % 96 % 105 % Risk Free Rate 1.25 % 1.00 % |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
SUMMARY OF STOCKHOLDERS EQUITY | A summary of the changes in stockholders’ equity for the six months ended April 30, 2022 and 2021 is presented below (in thousands, except share data): SUMMARY OF STOCKHOLDERS EQUITY Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2020 - $ - 975,925 $ 2 $ 440,916 $ (410,738 ) $ 30,180 Stock-based compensation - - - - 236 - 236 Advaxis public offerings, net of offering costs - - 383,333 - 8,550 - 8,550 Warrant exercises - - 92,375 - 2,586 - 2,586 Net loss - - - - - (3,977 ) (3,977 ) Balance at January 31, 2021 - $ - 1,451,633 $ 2 $ 452,288 $ (414,715 ) $ 37,575 Stock-based compensation - - 69 - 215 - 215 Stock option exercises - - 4 - - - - Advaxis public offerings, net of offering costs - - 230,794 - 13,683 - 13,683 Warrant exercises - - 137,968 - 1,185 - 1,185 Issuance of shares to employees under ESPP Plan - - 12 - - - - Net loss - - - - - (5,107 ) (5,107 ) Balance at April 30, 2021 - $ - 1,820,480 $ 2 $ 467,371 $ (419,822 ) $ 47,551 Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2021 - $ - 1,820,480 $ 2 $ 467,486 $ (428,600 ) $ 38,888 Stock-based compensation - - - - 26 - 26 Net loss - - - - - (365 ) (365 ) Balance at January 31, 2022 - $ - 1,820,480 $ 2 $ 467,512 $ (428,965 ) $ 38,549 Stock-based compensation - - - - 23 - 23 Accretion of discount and redemption feature of convertible preferred stock - - - - (1,025 ) - (1,025 ) Convertible preferred stock redemption - - - - 44 - 44 Net loss - - - - - (2,440 ) (2,440 ) Balance at April 30, 2022 - $ - 1,820,480 $ 2 $ 466,554 $ (431,405 ) $ 35,151 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SUMMARY OF SHARE BASED COMPENSATION EXPENSE | The following table summarizes share-based compensation expense included in the condensed consolidated statements of operations (in thousands): SUMMARY OF SHARE BASED COMPENSATION EXPENSE Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 Research and development $ 11 $ 56 $ 24 $ 113 General and administrative 12 159 25 338 Total $ 23 $ 215 $ 49 $ 451 |
SUMMARY OF CHANGES IN STOCK OPTION PLAN | A summary of changes in the stock option plan for the six months ended April 30, 2022 is as follows: SUMMARY OF CHANGES IN STOCK OPTION PLAN Shares Weighted Weighted Aggregate Outstanding as of October 31, 2021 11,174 $ 1,545.60 7.80 $ 27 Cancelled or expired (73 ) 22,200.00 Outstanding as of April 30, 2022 11,101 $ 1,408.80 7.31 $ - Vested and exercisable at April 30, 2022 6,058 $ 2,544.00 6.64 $ - |
SUMMARY OF OUTSTANDING AND EXERCISABLE OPTIONS | The following table summarizes information about the outstanding and exercisable options at April 30, 2022: 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 $ 24.00 80.00 8,407 8.05 $ 43.20 3,375 7.95 $ 40.00 $ 80.01 800.00 692 6.56 $ 597.60 681 6.55 $ 604.80 $ 800.01 8,000.00 1,130 5.73 $ 2,321.60 1,130 5.73 $ 2,321.60 $ 8,000.01 20,664.00 872 2.83 $ 14,040.80 872 2.83 $ 14,040.80 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022 and October 31, 2021 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Fair value measured at April 30, 2022 Level 1 Level 2 Level 3 Total Financial assets at fair value: Cash equivalents (money market funds) $ 17,156 $ - $ - $ 17,156 Total Financial Assets at Fair Value $ 17,156 $ - $ - $ 17,156 Financial liabilities at fair value: Common stock warrant liability, warrants exercisable at $ 20.00 $ - $ - $ 4 $ 4 Common stock warrant liability, warrants exercisable at $ 56.00 - - 559 559 Total financial liabilities at fair value $ - $ - $ 563 $ 563 Level 1 Level 2 Level 3 Total Fair value measured at October 31, 2021 Level 1 Level 2 Level 3 Total Financial assets at fair value: Cash equivalents (money market funds) $ 17,153 $ - $ - $ 17,153 Total Financial Assets at Fair Value $ 17,153 $ - $ - $ 17,153 Financial liabilities at fair value: Common stock warrant liability, warrants exercisable at $ 24.00 $ - $ - $ 27 $ 27 Common stock warrant liability, warrants exercisable at $ 56.00 - - 4,902 4,902 Total financial liabilities at fair value $ - $ - $ 4,929 $ 4,929 |
SCHEDULE OF FAIR VALUE MEASURING UNOBSERVABLE INPUTS | The following table presents changes in Level 3 liabilities measured at fair value (in thousands) for the six months ended April 30 2022. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. SCHEDULE OF FAIR VALUE MEASURING UNOBSERVABLE INPUTS Preferred Stock Redemption Liability Warrant Liabilities Total Fair value at October 31, 2021 $ - $ 4,929 $ 4,929 Additions 87 - 87 Change in fair value (43 ) (4,366 ) (4,409 ) Redemption (44 ) - (44 ) Fair value at April 30, 2022 $ - $ 563 $ 563 |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash and cash equivalents, at carrying value | $ 32,085 | $ 41,614 |
SCHEDULE OF ANTI -DILUTED SECUR
SCHEDULE OF ANTI -DILUTED SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE (Details) - shares | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 388,919 | 390,710 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 377,818 | 377,818 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 11,101 | 12,892 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | Jun. 06, 2022 | Mar. 31, 2022 | Jan. 31, 2022 |
Stockholders' Equity Note, Stock Split | 1 for 20 to 1 for 80 | ||
Board Of Directors [Member] | |||
Stockholders' Equity Note, Stock Split | 1 for 80 | ||
SeriesD Preferred Stock Redemption [Member] | |||
Restricted cash | $ 5,250,000 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Laboratory equipment | $ 179 | $ 179 |
Computer equipment | 241 | 241 |
Total property and equipment | 420 | 420 |
Accumulated depreciation and amortization | (336) | (302) |
Net property and equipment | $ 84 | $ 118 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Depreciation expense | $ 16,000 | $ 124,000 | $ 34,000 | $ 316,000 |
Gain loss on sale of property plant equipment | 1,530,000 | |||
Research And Development [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Gain loss on sale of property plant equipment | 968,000 | |||
General and Administrative Expense [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Gain loss on sale of property plant equipment | $ 562,000 |
SUMMARY OF INTANGIBLE ASSETS (D
SUMMARY OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 4,812 | $ 4,836 |
Licenses | 777 | 777 |
Software | 98 | 98 |
Total intangibles | 5,687 | 5,711 |
Accumulated amortization | (2,467) | (2,357) |
Intangible assets | $ 3,220 | $ 3,354 |
SCHEDULE OF CARRYING VALUE OF I
SCHEDULE OF CARRYING VALUE OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 (Remaining) | $ 139 | |
2023 | 278 | |
2024 | 278 | |
2025 | 278 | |
2026 | 278 | |
Thereafter | 1,969 | |
Total | $ 3,220 | $ 3,354 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Goodwill [Line Items] | ||||
Book value patent applications, net | $ 129,000 | $ 69,000 | ||
Intangible asset amortization expense | 140,000 | 135,000 | ||
General and Administrative Expense [Member] | ||||
Goodwill [Line Items] | ||||
Book value patent applications, net | $ 26,000 | $ 69,000 | 129,000 | 69,000 |
Intangible asset amortization expense | $ 70,000 | $ 68,000 | $ 140,000 | $ 135,000 |
SUMMARY OF ACCRUED EXPENSES (De
SUMMARY OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Payables and Accruals [Abstract] | ||
Salaries and other compensation | $ 74 | $ 55 |
Vendors | 1,028 | 1,968 |
Professional fees | 436 | 613 |
Other | 200 | 200 |
Total accrued expenses | $ 1,738 | $ 2,836 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET RELATED TO LEASES (Details) - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 | Mar. 26, 2021 | Mar. 25, 2021 |
Leases | ||||
Operating lease right-of-use assets | $ 26,000 | $ 40,000 | $ 4,512,000 | $ 43,000 |
Operating lease liability | 27,000 | 28,000 | ||
Operating lease liability, net of current portion | 12,000 | |||
Total operating lease liabilities | $ 27,000 | $ 40,000 | $ 5,628,000 | $ 43,000 |
SCHEDULE OF LEASE EXPENSES (Det
SCHEDULE OF LEASE EXPENSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Total lease expense | $ 17 | $ 1,088 | $ 34 | $ 1,476 |
Short-term lease cost | 27 | 27 | ||
General and Administrative Expense [Member] | ||||
Operating lease cost | 7 | 1,011 | 15 | 1,301 |
Variable lease cost | $ 10 | 61 | $ 19 | 159 |
Short-term lease cost | $ 16 | $ 16 |
SCHEDULE OF OTHER INFORMATION R
SCHEDULE OF OTHER INFORMATION RELATED TO LEASES (Details) | Apr. 30, 2022 | Oct. 31, 2021 |
Leases | ||
Weighted-average remaining lease term | 10 months 24 days | 1 year 4 months 24 days |
Weighted-average discount rate | 3.79% | 3.79% |
SCHEDULE OF CASH FLOW INFORMATI
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Leases | ||
Cash paid for operating lease liabilities | $ 14 | $ 1,363 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details) - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 | Mar. 26, 2021 | Mar. 25, 2021 |
Leases | ||||
2022 (Remaining) | $ 15,000 | |||
2023 | 13,000 | |||
Total minimum lease payments | 28,000 | |||
Less: Imputed interest | (1,000) | |||
Total | $ 27,000 | $ 40,000 | $ 5,628,000 | $ 43,000 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 25, 2021 | Apr. 30, 2022 | Oct. 31, 2021 | |
Leases | ||||
Lease expiration date | Nov. 30, 2025 | |||
Lease termination | $ 1,000,000 | |||
Security deposit | $ 182,000 | |||
Net payment for termination fee | 818,000 | |||
Operating lease, right of use asset | 4,512,000 | $ 43,000 | 26,000 | $ 40,000 |
Operating lease liability | 5,628,000 | $ 43,000 | $ 27,000 | $ 40,000 |
Net gain on leases | 116,000 | |||
Payment of rent | $ 29,000 | |||
Lessee finance lease renewal term date | Mar. 25, 2023 |
SCHEDULE OF COMMON STOCK PURCHA
SCHEDULE OF COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
Offsetting Assets [Line Items] | ||
Exercise Price | $ 20 | $ 24 |
Grand Total Number of Shares Underlying Warrants | 377,818 | 377,818 |
Exercise Price Range One [Member] | ||
Offsetting Assets [Line Items] | ||
Exercise Price | $ 20 | $ 20 |
Grand Total Number of Shares Underlying Warrants | 879 | 879 |
Expiration date | July 2024 | July 2024 |
Type of financing | September 2018 Public Offering | September 2018 Public Offering |
Exercise Price Range Two [Member] | ||
Offsetting Assets [Line Items] | ||
Exercise Price | $ 224 | $ 224 |
Grand Total Number of Shares Underlying Warrants | 4,092 | 4,092 |
Expiration date | September 2024 | September 2024 |
Type of financing | July 2019 Public Offering | July 2019 Public Offering |
Exercise Price Range Three [Member] | ||
Offsetting Assets [Line Items] | ||
Exercise Price | $ 28 | $ 28 |
Grand Total Number of Shares Underlying Warrants | 57,230 | 57,230 |
Expiration date | November 2025 | November 2025 |
Type of financing | November 2020 Public Offering | November 2020 Public Offering |
Exercise Price Range Four [Member] | ||
Offsetting Assets [Line Items] | ||
Exercise Price | $ 56 | $ 56 |
Grand Total Number of Shares Underlying Warrants | 140,552 | 140,552 |
Expiration date | April 2026 | April 2026 |
Type of financing | April 2021 Registered Direct Offering (Accompanying Warrants | April 2021 Registered Direct Offering (Accompanying Warrants |
Exercise Price Range Five [Member] | ||
Offsetting Assets [Line Items] | ||
Exercise Price | $ 56 | $ 56 |
Grand Total Number of Shares Underlying Warrants | 175,065 | 175,065 |
Expiration date | 5 years after the date such warrants become exercisable, if ever | 5 years after the date such warrants become exercisable, if ever |
Type of financing | April 2021 Private Placement (Private Placement Warrants) | April 2021 Private Placement (Private Placement Warrants |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY (Details) | Apr. 30, 2022$ / shares | Oct. 31, 2021$ / shares |
Exercise Price | $ 20 | $ 24 |
Private Placement [Member] | ||
Exercise Price | 56 | 56 |
Warrant Liability [Member] | ||
Exercise Price | 20 | 24 |
Stock Price | $ 6.56 | $ 38.80 |
Warrant Liability [Member] | Measurement Input, Expected Term [Member] | ||
Expected Term | 2 years 4 months 13 days | 2 years 10 months 13 days |
Warrant Liability [Member] | Measurement Input, Price Volatility [Member] | ||
Measurement input percentage | 109 | 123 |
Warrant Liability [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Measurement input percentage | 2.79 | 0.77 |
Warrant Liability [Member] | Private Placement [Member] | ||
Exercise Price | $ 56 | $ 56 |
Stock Price | $ 6.56 | $ 38.80 |
Warrant Liability [Member] | Private Placement [Member] | Measurement Input, Expected Term [Member] | ||
Expected Term | 5 years | 5 years |
Warrant Liability [Member] | Private Placement [Member] | Measurement Input, Price Volatility [Member] | ||
Measurement input percentage | 110 | 106 |
Warrant Liability [Member] | Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Measurement input percentage | 2.92 | 1.18 |
COMMON STOCK PURCHASE WARRANT_3
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Jun. 03, 2021 | |
Warrants outstanding | 377,818 | 377,818 | ||||
Number of warrants to purchase common stock | 377,818 | 377,818 | 377,818 | |||
Warrant exercise price per share | $ 20 | $ 20 | $ 24 | |||
Common stock par or stated value per share | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock shares authorized | 170,000,000 | 170,000,000 | 170,000,000 | |||
Fair value of the warrant liability | $ 563,000 | $ 563,000 | $ 4,929,000 | |||
Income on fair value of warrants | $ 564,000 | $ 995,000 | $ 4,366,000 | $ 968,000 | ||
Private Placement [Member] | ||||||
Warrant exercise price per share | $ 56 | $ 56 | $ 56 | |||
IPO [Member] | ||||||
Common stock shares authorized | 300,000,000 | 300,000,000 | ||||
Maximum [Member] | ||||||
Common stock shares authorized | 300,000,000 | |||||
Minimum [Member] | ||||||
Common stock shares authorized | 170,000,000 | |||||
Warrant [Member] | ||||||
Warrants outstanding | 377,818 | |||||
Number of warrants to purchase common stock | 377,818 | 377,818 | 377,818 | |||
Warrant exercise price per share | $ 20 | $ 20 | ||||
Warrant [Member] | Maximum [Member] | ||||||
Warrant exercise price per share | $ 224 | |||||
Equity Warrants [Member] | ||||||
Warrants outstanding | 377,818 | 377,818 | 377,818 | |||
Number of warrants to purchase common stock | 201,874 | 201,874 | 201,874 | |||
Warrant Liability [Member] | ||||||
Warrant exercise price per share | $ 20 | $ 20 | $ 24 | |||
Warrant Liability [Member] | Private Placement [Member] | ||||||
Warrants outstanding | 377,818 | 377,818 | 377,818 | |||
Number of warrants to purchase common stock | 175,944 | 175,944 | 175,944 | |||
Warrant exercise price per share | $ 56 | $ 56 | $ 56 | |||
Warrant Liability [Member] | Maximum [Member] | ||||||
Warrant exercise price per share | 1,800 | 1,800 | ||||
Warrant Liability [Member] | Minimum [Member] | ||||||
Warrant exercise price per share | $ 20 | $ 20 |
SCHEDULE OF PREFERRED STOCK RED
SCHEDULE OF PREFERRED STOCK REDEMPTION LIABILITY (Details) | Apr. 06, 2022 | Jan. 31, 2022 |
Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input percentage | 20 | 20 |
Measurement Input, Share Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input percentage | 9.04 | 10.88 |
Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input percentage | 96 | 105 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input percentage | 1.25 | 1 |
TEMPORARY EQUITY (Details Narra
TEMPORARY EQUITY (Details Narrative) - USD ($) | Apr. 06, 2022 | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2022 | Oct. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||||
Stated value | $ 13,683,000 | $ 8,550,000 | ||||
Issue discount | 5.00% | |||||
Temporary equity stock stated value accumulated dividends | 105.00% | |||||
Temporary equity stock stated value accumulated dividends on extension | 110.00% | |||||
Proceeds from issuance or estimated offering | $ 4,312,000 | $ 4,300,000 | ||||
Temporary equity, carrying amount, attributable to parent | 4,225,000 | |||||
Preferred stock, redemption amount | $ 44,000 | $ 87,000 | $ 44,000 | |||
Series D Preferred Stock [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Preferred stock conversion price | $ 20 | |||||
Temporary equity stock stated value accumulated dividends | 105.00% | |||||
Temporary Equity, Shares Outstanding | 1,000,000 | |||||
Temporary Equity, Par or Stated Value Per Share | $ 5 | |||||
Series D convertible preferred stock [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stated value | $ 1,025,000 | |||||
Preferred stock, redemption amount | $ 44,000 | |||||
Private Placement [Member] | Institutional Investors [Member] | Series D Preferred Stock [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Shares issued | 1,000,000 | |||||
Stated value | $ 5,000,000 | |||||
Share purchase price | $ 4.75 |
SUMMARY OF STOCKHOLDERS EQUITY
SUMMARY OF STOCKHOLDERS EQUITY (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at January 31, 2022 | $ 38,549 | $ 38,888 | $ 37,575 | $ 30,180 | $ 38,888 | $ 30,180 |
Stock-based compensation | 23 | 26 | 215 | 236 | ||
Advaxis public offerings, net of offering costs | 13,683 | 8,550 | ||||
Warrant exercises | 1,185 | 2,586 | ||||
Net loss | (2,440) | (365) | (5,107) | (3,977) | (2,805) | (9,084) |
Stock option exercises | ||||||
Issuance of shares to employees under ESPP Plan | ||||||
Balance at April 30, 2022 | 35,151 | 38,549 | 47,551 | 37,575 | 35,151 | 47,551 |
Accretion of discount and redemption feature of convertible preferred stock | (1,025) | |||||
Convertible preferred stock redemption | 44 | |||||
Preferred Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at January 31, 2022 | ||||||
Beginning balance, shares | ||||||
Stock-based compensation | ||||||
Advaxis public offerings, net of offering costs | ||||||
Warrant exercises | ||||||
Net loss | ||||||
Stock option exercises | ||||||
Issuance of shares to employees under ESPP Plan | ||||||
Balance at April 30, 2022 | ||||||
Ending balance, shares | ||||||
Accretion of discount and redemption feature of convertible preferred stock | ||||||
Convertible preferred stock redemption | ||||||
Common Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at January 31, 2022 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 |
Beginning balance, shares | 1,820,480 | 1,820,480 | 1,451,633 | 975,925 | 1,820,480 | 975,925 |
Stock-based compensation | ||||||
Advaxis public offerings, net of offering costs | ||||||
Advaxis public offerings, net of offering costs, shares | 230,794 | 383,333 | ||||
Warrant exercises | ||||||
Warrant exercises, shares | 137,968 | 92,375 | ||||
Net loss | ||||||
Stock-based compensation, shares | 69 | |||||
Stock option exercises | ||||||
Stock option exercises, shares | 4 | |||||
Issuance of shares to employees under ESPP Plan | ||||||
Issuance of shares to employees under ESPP Plan, shares | 12 | |||||
Balance at April 30, 2022 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 |
Ending balance, shares | 1,820,480 | 1,820,480 | 1,820,480 | 1,451,633 | 1,820,480 | 1,820,480 |
Accretion of discount and redemption feature of convertible preferred stock | ||||||
Convertible preferred stock redemption | ||||||
Additional Paid-in Capital [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at January 31, 2022 | 467,512 | $ 467,486 | $ 452,288 | $ 440,916 | $ 467,486 | $ 440,916 |
Stock-based compensation | 23 | 26 | 215 | 236 | ||
Advaxis public offerings, net of offering costs | 13,683 | 8,550 | ||||
Warrant exercises | 1,185 | 2,586 | ||||
Net loss | ||||||
Stock option exercises | ||||||
Issuance of shares to employees under ESPP Plan | ||||||
Balance at April 30, 2022 | 466,554 | 467,512 | 467,371 | 452,288 | 466,554 | 467,371 |
Accretion of discount and redemption feature of convertible preferred stock | (1,025) | |||||
Convertible preferred stock redemption | 44 | |||||
Retained Earnings [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at January 31, 2022 | (428,965) | (428,600) | (414,715) | (410,738) | (428,600) | (410,738) |
Stock-based compensation | ||||||
Advaxis public offerings, net of offering costs | ||||||
Warrant exercises | ||||||
Net loss | (2,440) | (365) | (5,107) | (3,977) | ||
Stock option exercises | ||||||
Issuance of shares to employees under ESPP Plan | ||||||
Balance at April 30, 2022 | (431,405) | $ (428,965) | $ (419,822) | $ (414,715) | $ (431,405) | $ (419,822) |
Accretion of discount and redemption feature of convertible preferred stock | ||||||
Convertible preferred stock redemption |
SUMMARY OF SHARE BASED COMPENSA
SUMMARY OF SHARE BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | $ 23 | $ 215 | $ 49 | $ 451 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | 11 | 56 | 24 | 113 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | $ 12 | $ 159 | $ 25 | $ 338 |
SUMMARY OF CHANGES IN STOCK OPT
SUMMARY OF CHANGES IN STOCK OPTION PLAN (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Apr. 30, 2022USD ($)$ / sharesshares | |
Share-Based Payment Arrangement [Abstract] | |
Shares Outstanding, Beginning Balance | shares | 11,174 |
Weighted Average Exercise Price, Outstanding, Beginning | $ / shares | $ 1,545.60 |
Weighted Average Remaining Contractual Life In Years, Beginning | 7 years 9 months 18 days |
Aggregate Intrinsic Value, Beginning | $ | $ 27 |
Shares, Cancelled or Expired | shares | (73) |
Weighted Average Exercise Price, Cancelled or Expired | $ / shares | $ 22,200 |
Shares, Outstanding, Ending Balance | shares | 11,101 |
Weighted Average Exercise Price, Outstanding, Ending | $ / shares | $ 1,408.80 |
Weighted Average Remaining Contractual Life In Years, Ending Balance | 7 years 3 months 21 days |
Aggregate Intrinsic Value, Ending | $ | |
Shares, Vested and Exercisable | shares | 6,058 |
Weighted Average Exercise Price, Vested and Exercisable | $ / shares | $ 2,544 |
Weighted Average Remaining Contractual Life In Years, Vested and Exercisable | 6 years 7 months 20 days |
Aggregate Intrinsic Value, Vested and Exercisable | $ |
SUMMARY OF OUTSTANDING AND EXER
SUMMARY OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) | 6 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Exercise Price Range One [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price Range, lower limit | $ 24 |
Exercise Price Range, upper limit | $ 80 |
Number Outstanding, Options Outstanding | shares | 8,407 |
Weighted Average Remaining Contractual, Options Outstanding | 8 years 18 days |
Weighted Average Exercise Price, Options Outstanding | $ 43.20 |
Number Outstanding, Options Exercisable | shares | 3,375 |
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 7 years 11 months 12 days |
Weighted Average Exercise Price, Options Exercisable | $ 40 |
Exercise Price Range Two [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price Range, lower limit | 80.01 |
Exercise Price Range, upper limit | $ 800 |
Number Outstanding, Options Outstanding | shares | 692 |
Weighted Average Remaining Contractual, Options Outstanding | 6 years 6 months 21 days |
Weighted Average Exercise Price, Options Outstanding | $ 597.60 |
Number Outstanding, Options Exercisable | shares | 681 |
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 6 years 6 months 18 days |
Weighted Average Exercise Price, Options Exercisable | $ 604.80 |
Exercise Price Range Three [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price Range, lower limit | 800.01 |
Exercise Price Range, upper limit | $ 8,000 |
Number Outstanding, Options Outstanding | shares | 1,130 |
Weighted Average Remaining Contractual, Options Outstanding | 5 years 8 months 23 days |
Weighted Average Exercise Price, Options Outstanding | $ 2,321.60 |
Number Outstanding, Options Exercisable | shares | 1,130 |
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 5 years 8 months 23 days |
Weighted Average Exercise Price, Options Exercisable | $ 2,321.60 |
Exercise Price Range Four [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price Range, lower limit | 8,000.01 |
Exercise Price Range, upper limit | $ 20,664 |
Number Outstanding, Options Outstanding | shares | 872 |
Weighted Average Remaining Contractual, Options Outstanding | 2 years 9 months 29 days |
Weighted Average Exercise Price, Options Outstanding | $ 14,040.80 |
Number Outstanding, Options Exercisable | shares | 872 |
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 2 years 9 months 29 days |
Weighted Average Exercise Price, Options Exercisable | $ 14,040.80 |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details Narrative) $ in Millions | 6 Months Ended |
Apr. 30, 2022USD ($)shares | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Unrecognized compensation cost related to outstanding stock options | $ | $ 101,000 |
Unrecognized compensation cost related to non-vested remaining weighted average vesting period | 1 year 1 month 28 days |
Chief Executive Officer [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Share-based compensation arrangement by share-based payment award, options, nonvested, number of shares | shares | 625 |
LICENSING AGREEMENTS (Details N
LICENSING AGREEMENTS (Details Narrative) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | Sep. 04, 2018 | May 31, 2021 | Apr. 30, 2022 |
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 and recorded $1,615,000 in revenue. | ||||
Global BioPharma, Inc [Member] | License and Service [Member] | |||||
Revenue | $ 250,000 | ||||
Development, License and Supply Agreement [Member] | OS Therapies [Member] | |||||
Revenue | $ 1,375,000 | $ 25,000 | |||
Funding milestone payment | $ 2,337,500 | ||||
Funding for milestone payment | $ 1,375,000 |
SCHEDULE OF FAIR VALUE, ASSETS
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets at Fair Value | $ 17,156 | $ 17,153 |
Common stock warrant liability, warrants exercisable at $24.00 through September 2024 | 563 | 4,929 |
Total financial liabilities at fair value | 563 | 4,929 |
Private Placement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability, warrants exercisable at $56.00 through 5 years after the date such warrants become exercisable, if ever (Private Placement Warrants) | 559 | 4,902 |
Through September Two Thousand Twenty Four [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability, warrants exercisable at $24.00 through September 2024 | 4 | 27 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents (money market funds) | 17,156 | 17,153 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets at Fair Value | 17,156 | 17,153 |
Total financial liabilities at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Private Placement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability, warrants exercisable at $56.00 through 5 years after the date such warrants become exercisable, if ever (Private Placement Warrants) | ||
Fair Value, Inputs, Level 1 [Member] | Through September Two Thousand Twenty Four [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability, warrants exercisable at $24.00 through September 2024 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents (money market funds) | 17,156 | 17,153 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets at Fair Value | ||
Total financial liabilities at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Private Placement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability, warrants exercisable at $56.00 through 5 years after the date such warrants become exercisable, if ever (Private Placement Warrants) | ||
Fair Value, Inputs, Level 2 [Member] | Through September Two Thousand Twenty Four [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability, warrants exercisable at $24.00 through September 2024 | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents (money market funds) | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets at Fair Value | ||
Total financial liabilities at fair value | 563 | 4,929 |
Fair Value, Inputs, Level 3 [Member] | Private Placement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability, warrants exercisable at $56.00 through 5 years after the date such warrants become exercisable, if ever (Private Placement Warrants) | 559 | 4,902 |
Fair Value, Inputs, Level 3 [Member] | Through September Two Thousand Twenty Four [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability, warrants exercisable at $24.00 through September 2024 | 4 | 27 |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents (money market funds) |
SCHEDULE OF FAIR VALUE, ASSET_2
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) (Parenthetical) - $ / shares | Apr. 30, 2022 | Oct. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||
Warrant exercise price per share | $ 20 | $ 24 |
Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Warrant exercise price per share | $ 56 | $ 56 |
SCHEDULE OF FAIR VALUE MEASURIN
SCHEDULE OF FAIR VALUE MEASURING UNOBSERVABLE INPUTS (Details) $ in Thousands | 6 Months Ended |
Apr. 30, 2022USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value at October 31, 2021 | $ 4,929 |
Additions | 87 |
Change in fair value | (4,409) |
Redemption | (44) |
Fair value at April 30, 2022 | 563 |
Preferred stock redemption liability [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value at October 31, 2021 | |
Additions | 87 |
Change in fair value | (43) |
Redemption | (44) |
Fair value at April 30, 2022 | |
Warrant Liability [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value at October 31, 2021 | 4,929 |
Additions | |
Change in fair value | (4,366) |
Redemption | |
Fair value at April 30, 2022 | $ 563 |