Cover
Cover | 6 Months Ended |
Apr. 30, 2022 | |
Entity Addresses [Line Items] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | AMENDMENT NO. 2 |
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 |
City Area Code | (609) |
Local Phone Number | 452-9813 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
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 |
City Area Code | (609) |
Local Phone Number | 452-9813 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 32,085,000 | $ 41,614,000 | $ 25,178,000 |
Deferred expenses | 1,808,000 | ||
Prepaid expenses and other current assets | 2,092,000 | 1,643,000 | 865,000 |
Total current assets | 34,177,000 | 43,257,000 | 27,851,000 |
Property and equipment (net of accumulated depreciation) | 84,000 | 118,000 | 2,393,000 |
Intangible assets (net of accumulated amortization) | 3,220,000 | 3,354,000 | 3,261,000 |
Operating right-of-use asset (net of accumulated amortization) | 26,000 | 40,000 | 4,839,000 |
Other assets | 11,000 | 11,000 | 182,000 |
Total assets | 37,518,000 | 46,780,000 | 38,526,000 |
Current liabilities: | |||
Accounts payable | 39,000 | 87,000 | 410,000 |
Accrued expenses | 1,738,000 | 2,836,000 | 1,737,000 |
Current portion of operating lease liability | 27,000 | 28,000 | 962,000 |
Deferred revenue | 165,000 | ||
Common stock warrant liability | 563,000 | 4,929,000 | 17,000 |
Total current liabilities | 2,367,000 | 7,880,000 | 3,291,000 |
Operating lease liability, net of current portion | 12,000 | 5,055,000 | |
Total liabilities | 2,367,000 | 7,892,000 | 8,346,000 |
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 | 2,000 |
Additional paid-in capital | 466,554,000 | 467,486,000 | 440,916,000 |
Accumulated deficit | (431,405,000) | (428,600,000) | (410,738,000) |
Total stockholders’ equity | 35,151,000 | 38,888,000 | 30,180,000 |
Total liabilities and stockholders’ equity | $ 37,518,000 | $ 46,780,000 | $ 38,526,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock, Shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Preferred stock, liquidation preference value | $ 0 | $ 0 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 170,000,000 | 170,000,000 | 170,000,000 |
Common stock, shares issued | 1,820,480 | 1,820,480 | 975,925 |
Common stock, shares outstanding | 1,820,480 | 1,820,480 | 975,925 |
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 - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Income Statement [Abstract] | ||||||
Revenue | $ 250,000 | $ 1,375,000 | $ 250,000 | $ 2,990,000 | $ 3,240,000 | $ 253,000 |
Operating expenses: | ||||||
Research and development expenses | 1,484,000 | 4,344,000 | 3,138,000 | 6,914,000 | 10,562,000 | 15,612,000 |
General and administrative expenses | 1,768,000 | 3,352,000 | 4,278,000 | 6,360,000 | 11,464,000 | 11,090,000 |
Total operating expenses | 3,252,000 | 7,696,000 | 7,416,000 | 13,274,000 | 22,026,000 | 26,702,000 |
Loss from operations | (3,002,000) | (6,321,000) | (7,166,000) | (10,284,000) | (18,786,000) | (26,449,000) |
Other income (expense): | ||||||
Interest income, net | 6,000 | 2,000 | 7,000 | 3,000 | 5,000 | 110,000 |
Net changes in fair value of derivative liabilities | 607,000 | 995,000 | 4,409,000 | 968,000 | 970,000 | |
Loss on shares issued in settlement of warrants | (77,000) | |||||
Other expense | (1,000) | (3,000) | ||||
Other income (expense) | (1,000) | 217,000 | (5,000) | 229,000 | ||
Net loss before income taxes | (2,390,000) | (5,107,000) | (2,755,000) | (9,084,000) | (17,812,000) | (26,419,000) |
Income tax expense | 50,000 | 50,000 | 50,000 | 50,000 | ||
Net loss | (2,440,000) | (5,107,000) | (2,805,000) | (9,084,000) | $ (17,862,000) | $ (26,469,000) |
Accretion of discount and redemption feature of convertible preferred stock | (1,025,000) | (1,025,000) | ||||
Income available to common stockholders | $ (3,465,000) | $ (5,107,000) | $ (3,830,000) | $ (9,084,000) | ||
Net loss per common share, basic and diluted | $ (1.90) | $ (3.32) | $ (2.10) | $ (6.49) | $ (11.07) | $ (32.09) |
Weighted average number of common shares outstanding | 1,820,480 | 1,539,313 | 1,820,480 | 1,398,692 | 1,613,633 | 762,547 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Oct. 31, 2019 | $ 1 | $ 423,799 | $ (384,269) | $ 39,531 | |
Beginning balance, shares at Oct. 31, 2019 | 627,525 | ||||
Stock-based compensation | 891 | 891 | |||
Stock-based compensation, shares | 110 | ||||
Tax withholdings paid on equity awards | (1) | (1) | |||
Tax shares sold to pay for tax withholdings on equity awards | 1 | 1 | |||
Issuance of shares to employees under ESPP Plan | 7 | 7 | |||
Issuance of shares to employees under ESPP Plan, shares | 176 | ||||
ESPP Expense | 1 | 1 | |||
Warrant exercises | 2 | 2 | |||
Warrant exercises, shares | 423 | ||||
Shares issued in settlement of warrants | 77 | 77 | |||
Shares issued in settlement of warrants, shares | 37,500 | ||||
Advaxis public offerings, net of offering costs | $ 1 | 11,065 | 11,066 | ||
Advaxis public offerings, net of offering costs, shares | 156,113 | ||||
Commitment fee shares issued for equity line | 644 | 644 | |||
Commitment fee shares issued for equity line, shares | 13,553 | ||||
Shares issued under equity line | 4,430 | 4,430 | |||
Shares issued under equity line, shares | 140,525 | ||||
Net Loss | (26,469) | (26,469) | |||
Ending balance, value at Oct. 31, 2020 | $ 2 | 440,916 | (410,738) | 30,180 | |
Ending balance, shares at Oct. 31, 2020 | 975,925 | ||||
Stock-based compensation | 236 | 236 | |||
Warrant exercises | 2,586 | 2,586 | |||
Warrant exercises, shares | 92,375 | ||||
Advaxis public offerings, net of offering costs | 8,550 | 8,550 | |||
Advaxis public offerings, net of offering costs, shares | 383,333 | ||||
Net Loss | (3,977) | (3,977) | |||
Ending balance, value at Jan. 31, 2021 | $ 2 | 452,288 | (414,715) | 37,575 | |
Ending balance, shares at Jan. 31, 2021 | 1,451,633 | ||||
Beginning balance, value at Oct. 31, 2020 | $ 2 | 440,916 | (410,738) | 30,180 | |
Beginning balance, shares at Oct. 31, 2020 | 975,925 | ||||
Net Loss | (9,084) | ||||
Ending balance, value at Apr. 30, 2021 | $ 2 | 467,371 | (419,822) | 47,551 | |
Ending balance, shares at Apr. 30, 2021 | 1,820,480 | ||||
Beginning balance, value at Oct. 31, 2020 | $ 2 | 440,916 | (410,738) | 30,180 | |
Beginning balance, shares at Oct. 31, 2020 | 975,925 | ||||
Stock-based compensation | 566 | 566 | |||
Stock-based compensation, shares | 69 | ||||
Stock option exercises | |||||
Stock option exercises, shares | 4 | 4 | |||
Issuance of shares to employees under ESPP Plan | |||||
Issuance of shares to employees under ESPP Plan, shares | 12 | ||||
Warrant exercises | 3,771 | 3,771 | |||
Warrant exercises, shares | 230,343 | ||||
Advaxis public offerings, net of offering costs | 22,233 | 22,233 | |||
Advaxis public offerings, net of offering costs, shares | 614,127 | ||||
Net Loss | (17,862) | (17,862) | |||
Ending balance, value at Oct. 31, 2021 | $ 2 | 467,486 | (428,600) | 38,888 | |
Ending balance, shares at Oct. 31, 2021 | 1,820,480 | ||||
Beginning balance, value at Jan. 31, 2021 | $ 2 | 452,288 | (414,715) | 37,575 | |
Beginning balance, shares at Jan. 31, 2021 | 1,451,633 | ||||
Stock-based compensation | 215 | 215 | |||
Stock-based compensation, shares | 69 | ||||
Stock option exercises | |||||
Stock option exercises, shares | 4 | ||||
Warrant exercises | 1,185 | 1,185 | |||
Warrant exercises, shares | 137,968 | ||||
Advaxis public offerings, net of offering costs | 13,683 | 13,683 | |||
Advaxis public offerings, net of offering costs, shares | 230,794 | ||||
Net Loss | (5,107) | (5,107) | |||
Ending balance, value at Apr. 30, 2021 | $ 2 | 467,371 | (419,822) | 47,551 | |
Ending balance, shares at Apr. 30, 2021 | 1,820,480 | ||||
Beginning balance, value at Oct. 31, 2021 | $ 2 | 467,486 | (428,600) | 38,888 | |
Beginning balance, shares at Oct. 31, 2021 | 1,820,480 | ||||
Stock-based compensation | 26 | 26 | |||
Net Loss | (365) | (365) | |||
Ending balance, value at Jan. 31, 2022 | $ 2 | 467,512 | (428,965) | 38,549 | |
Ending balance, shares at Jan. 31, 2022 | 1,820,480 | ||||
Beginning balance, value at Oct. 31, 2021 | $ 2 | 467,486 | (428,600) | 38,888 | |
Beginning balance, shares at Oct. 31, 2021 | 1,820,480 | ||||
Net Loss | (2,805) | ||||
Ending balance, value at Apr. 30, 2022 | $ 2 | 466,554 | (431,405) | 35,151 | |
Ending balance, shares at Apr. 30, 2022 | 1,820,480 | ||||
Beginning balance, value at Jan. 31, 2022 | $ 2 | 467,512 | (428,965) | 38,549 | |
Beginning balance, shares at Jan. 31, 2022 | 1,820,480 | ||||
Stock-based compensation | 23 | 23 | |||
Net Loss | (2,440) | (2,440) | |||
Ending balance, value at Apr. 30, 2022 | $ 2 | $ 466,554 | $ (431,405) | $ 35,151 | |
Ending balance, shares at Apr. 30, 2022 | 1,820,480 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
OPERATING ACTIVITIES | ||||
Net loss | $ (2,805,000) | $ (9,084,000) | $ (17,862,000) | $ (26,469,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Share based compensation | 49,000 | 451,000 | 566,000 | 891,000 |
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 | |||
Employee stock purchase plan expense | 1,000 | |||
(Gain) loss on change in value of warrant liability | (4,409,000) | (968,000) | (970,000) | |
Loss on shares issued in settlement of warrants | 77,000 | |||
Loss on disposal of property and equipment | (1,530,000) | 1,439,000 | ||
Loss on write-down of property and equipment | 1,060,000 | |||
Abandonment of intangible assets | 129,000 | 69,000 | 94,000 | 1,725,000 |
Depreciation expense | 34,000 | 316,000 | 387,000 | 897,000 |
Amortization of deferred offering costs | 644,000 | |||
Amortization expense of intangible assets | 140,000 | 135,000 | 273,000 | 337,000 |
Amortization of right-of-use asset | 14,000 | 327,000 | 330,000 | 744,000 |
Net gain on write-off of right-of-use asset and lease liability | (116,000) | (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 | 1,030,000 | 1,113,000 |
Other assets | 182,000 | 171,000 | 1,000 | |
Accounts payable and accrued expenses | (1,146,000) | 1,142,000 | 776,000 | (2,307,000) |
Deferred revenue | (165,000) | (165,000) | 165,000 | |
Operating lease liabilities | (13,000) | (1,389,000) | (1,392,000) | (819,000) |
Net cash used in operating activities | (8,456,000) | (8,900,000) | (15,439,000) | (21,940,000) |
INVESTING ACTIVITIES | ||||
Proceeds from disposal of property and equipment | 214,000 | 449,000 | ||
Cost of intangible assets | (135,000) | (268,000) | (460,000) | (748,000) |
Net cash used in investing activities | (135,000) | (54,000) | (11,000) | (748,000) |
FINANCING ACTIVITIES | ||||
Net proceeds of issuance of common stock and warrants | 28,115,000 | 28,115,000 | 15,496,000 | |
Warrant exercises | 3,771,000 | 3,771,000 | ||
Proceeds from employee stock purchase plan | 7,000 | |||
Employee tax withholdings paid on equity awards | (1,000) | |||
Net proceeds of issuance of Series D preferred stock | 4,312,000 | |||
Redemption of Series D preferred stock | (5,250,000) | |||
Tax shares sold to pay for employee tax withholdings on equity awards | 1,000 | |||
Net cash (used in) provided by financing activities | (938,000) | 31,886,000 | 31,886,000 | 15,503,000 |
Net increase in cash and cash equivalents | (9,529,000) | 22,932,000 | 16,436,000 | (7,185,000) |
Cash and cash equivalents at beginning of year | 41,614,000 | 25,178,000 | 25,178,000 | 32,363,000 |
Cash and cash equivalents at end of year | 32,085,000 | 48,110,000 | 41,614,000 | 25,178,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||
Cash paid for taxes | 50,000 | 50,000 | 50,000 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES | ||||
Shares issued in settlement of warrants | 77,000 | |||
Commitment fee shares issued for equity line | 644,000 | |||
Cashless exercise of warrants | 2,000 | |||
Reassessment of the lease term | $ 43,000 | |||
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 | 12 Months Ended |
Apr. 30, 2022 | Oct. 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 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. | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION 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 Termination of Merger Agreement; Strategic Considerations On July 4, 2021, the Company entered into a Merger Agreement (the “Merger Agreement”), subject to shareholder approval, with Biosight Ltd. (“Biosight”) and Advaxis Ltd. (“Merger Sub”), a direct, wholly-owned subsidiary of Advaxis. Under the terms of the agreement, Biosight was to merge with and into Merger Sub, with Biosight continuing as the surviving company and a wholly-owned subsidiary of Advaxis (the “Merger”). Immediately after the merger, Advaxis stockholders as of immediately prior to the merger were expected to own approximately 25 75 On December 30, 2021, the Company terminated the Merger Agreement, as the Company was unable to obtain shareholder approval to complete the transaction. As announced in December 2021, the Company plans to continue to explore additional options to maximize stockholder value. 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 October 31, 2021, the Company had approximately $ 41.6 3.8 In April 2021, the Company entered into definitive agreements with two healthcare-focused, institutional investors for the purchase of (i) 219,718 shares of common stock, (ii) 95,899 pre-funded warrants to purchase 95,899 shares of common stock and (iii) registered common share purchase warrants to purchase 140,552 shares of common stock (“Accompanying Warrants”) in a registered direct offering (the “April 2021 Registered Direct Offering”). The Company also issued to the investors, in a concurrent private placement (the “April 2021 Private Placement” and together with the April 2021 Registered Direct Offering, the “April 2021 Offering”), unregistered common share purchase warrants to purchase 175,065 shares of the Company’s common stock (the “Private Placement Warrants”). The Company received gross proceeds of approximately $ 20 million, before deducting the fees and expenses payable by the Company in connection with the April 2021 Offering. On November 27, 2020, the Company completed an underwritten public offering of 333,333 shares of common stock and common stock warrants to purchase up to 166,667 shares of common stock (the “November 2020 Offering”). On November 24, 2020, the underwriters notified the Company that they had exercised their option to purchase an additional 50,000 shares of common stock and 25,000 warrants in full. The Company received gross proceeds of approximately $ 9.2 million, before deducting the fees and expenses payable by the Company in connection with the November 2020 Offering. 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 | 12 Months Ended |
Apr. 30, 2022 | Oct. 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 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 included elsewhere in this document. 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 | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates are used when accounting for such items as the fair value and recoverability of the carrying value of property and equipment and intangible assets (patents and licenses), determining the Incremental Borrowing Rate (“IBR”) for calculating Right-Of-Use (“ROU”) assets and lease liabilities, deferred expenses, deferred revenue, the fair value of options, warrants and related disclosure of contingent assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates. 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. Revenue Recognition Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use significant judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; and (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Exclusive Licenses. Milestone Payments. Collaborative Arrangements The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, Collaborative Arrangements Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. As of October 31, 2021 and 2020, the Company had cash equivalents of approximately $ 17.2 17.1 Concentration of Credit Risk The Company maintains its cash in bank deposit accounts (checking) that at times exceed federally insured limits. Approximately $ 41.6 million is subject to credit risk at October 31, 2021. The Company has not experienced any losses in such accounts. Deferred Expenses Deferred expenses consist of advanced payments made on research and development projects. Expense is recognized in the consolidated statement of operations as the research and development activity is performed. Property and Equipment Property and equipment are stated at cost. Additions and improvements that extend the lives of the assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Leasehold improvements are amortized on a straight-line basis over the shorter of the asset’s estimated useful life or the remaining lease term. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets ranging from three ten years When depreciable assets are retired or sold the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations. Intangible Assets Intangible assets are recorded at cost and include patents and patent application costs, licenses and software. Intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from three 20 Impairment of Long-Lived Assets The Company periodically assesses the carrying value of intangible and other long-lived assets, and whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. The assets are considered to be impaired if the Company determines that the carrying value may not be recoverable based upon its assessment, which includes consideration of the following events or changes in circumstances: ● the asset’s ability to continue to generate income from operations and positive cash flow in future periods; ● loss of legal ownership or title to the asset(s); ● significant changes in the Company’s strategic business objectives and utilization of the asset(s); and ● the impact of significant negative industry or economic trends. If the assets are considered to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fair value is determined by the application of discounted cash flow models to project cash flows from the assets. In addition, the Company bases estimates of the useful lives and related amortization or depreciation expense on its subjective estimate of the period the assets will generate revenue or otherwise be used by it. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less selling costs. The Company also periodically reviews the lives assigned to long-lived assets to ensure that the initial estimates do not exceed any revised estimated periods from which the Company expects to realize cash flows from its assets. Leases At the inception of an arrangement, the Company determines whether an arrangement is or contains a lease based on the facts and circumstances present in the arrangement. An arrangement is or contains a lease if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Most leases with a term greater than one year are recognized on the consolidated balance sheet as operating lease right-of-use assets and current and long-term operating lease liabilities, as applicable. The Company has elected not to recognize on the consolidated balance sheet leases with terms of 12 months or less. The Company typically only includes the initial lease term in its assessment of a lease arrangement. Options to extend a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued rent. The interest rate implicit in the Company’s leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. 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 sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share (as of October 31, 2020, 327,338 0 SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE As of October 31, 2021 2020 Warrants 377,818 4,978 Stock options 11,174 12,647 Restricted stock units - 69 Total 388,992 17,694 Research and Development Expenses Research and development costs are expensed as incurred and include but are not limited to clinical trial and related manufacturing costs, payroll and personnel expenses, lab expenses, and related overhead costs. Stock Based Compensation The Company has an equity plan which allows for the granting of stock options to its employees, directors and consultants for a fixed number of shares with an exercise price equal to the fair value of the shares at date of grant. The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and is then recognized over the requisite service period, usually the vesting period, in both research and development expenses and general and administrative expenses on the consolidated statement of operations, depending on the nature of the services provided by the employees or consultants. The process of estimating the fair value of stock-based compensation awards and recognizing stock-based compensation cost over their requisite service period involves significant assumptions and judgments. The Company estimates the fair value of stock option awards on the date of grant using the Black Scholes Model for the remaining awards, which requires that the Company makes certain assumptions regarding: (i) the expected volatility in the market price of its common stock; (ii) dividend yield; (iii) risk-free interest rates; and (iv) the period of time employees are expected to hold the award prior to exercise (referred to as the expected holding period). As a result, if the Company revises its assumptions and estimates, stock-based compensation expense could change materially for future grants. The Company accounts for stock-based compensation using fair value recognition and records forfeitures as they occur. As such, the Company recognizes stock-based compensation cost only for those stock-based awards that vest over their requisite service period, based on the vesting provisions of the individual grants. Fair Value of Financial Instruments The carrying value of financial instruments, including cash and cash equivalents and accounts payable, approximated fair value as of the balance sheet date presented, due to their short maturities. 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 stock-based derivative financial instruments, the Company used the Monte Carlo simulation model and the Black Scholes 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 of the balance sheet date. Sequencing Policy The Company adopted a sequencing policy under ASC 815-40-35, if reclassification of contracts from equity to liabilities is necessary pursuant to ASC 815 due to the Company’s inability to demonstrate it has sufficient authorized shares. This was due to the Company committing more shares than authorized. Certain instruments are classified as liabilities, after allocating available authorized shares on the basis of the most recent grant date of potentially dilutive instruments. Pursuant to ASC 815, issuances of securities granted as compensation in a share-based payment arrangement are not subject to the sequencing policy. Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” 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 standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted and 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. We are currently evaluating the impact of this standard on our consolidated financial statements. Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying consolidated financial statements. |
REVERSE STOCK SPLIT
REVERSE STOCK SPLIT | 12 Months Ended |
Oct. 31, 2021 | |
Reverse Stock Split | |
REVERSE STOCK SPLIT | 3. 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 | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 4. PROPERTY AND EQUIPMENT Property and equipment consist of the following (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT 2021 2020 October 31, 2021 2020 Leasehold improvements $ - $ 2,335 Laboratory equipment 179 1,218 Furniture and fixtures - 744 Computer equipment 241 409 Construction in progress - 19 Total property and equipment 420 4,725 Accumulated depreciation and amortization (302 ) (2,332 ) Net property and equipment $ 118 $ 2,393 Depreciation expense for the years ended October 31, 2021 and 2020 was approximately $ 0.4 0.9 1.4 0.9 0.5 Management has reviewed its property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. During the years ended October 31, 2021 and 2020, the Company recorded impairment losses on idle laboratory equipment of $ 0 1.1 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 5. INTANGIBLE ASSETS Intangible assets consist of the following (in thousands): SUMMARY OF INTANGIBLE ASSETS 2021 2020 October 31, 2021 2020 Patents $ 4,836 $ 4,479 License 777 777 Software 98 117 Total intangibles 5,711 5,373 Accumulated amortization (2,357 ) (2,112 ) Net intangible assets $ 3,354 $ 3,261 The expirations of the existing patents range from 2021 to 2039 0.1 1.7 0.3 Management has reviewed its intangible 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 consolidated balance sheet for patents and licenses related to axalimogene filolisbac (AXAL), ADXS-HOT, ADXS-PSA and other products that are in development or out-licensed. However, if a competitor were to gain FDA approval for a treatment before the Company or if future clinical trials fail to meet the targeted endpoints, the Company would 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 our studies and developing its intellectual property, the Company would likely record an impairment to certain of these assets. At October 31, 2021, 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 1 2022 (Remaining) - 2022 $ 277 2023 277 2024 277 2025 277 2026 277 Thereafter 1,969 Total $ 3,354 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 6. ACCRUED EXPENSES : The following table represents the major components of accrued expenses (in thousands): SUMMARY OF ACCRUED EXPENSES 2021 2020 October 31, 2021 2020 Salaries and other compensation $ 55 $ 737 Vendors 2,168 671 Vendors 1,968 Other 200 Professional fees 613 329 Total accrued expenses $ 2,836 $ 1,737 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 7. STOCKHOLDERS’ EQUITY SUMMARY OF STOCKHOLDERS EQUITY Lincoln Park Purchase Agreement On July 30, 2020, the Company entered into a Purchase Agreement (the “Purchase Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”). Over the 36-month term of the Purchase Agreement, the Company has the right, but not the obligation, from time to time, to sell to Lincoln Park up to an aggregate amount of $ 20,000,000 of shares of common stock, in its sole discretion and subject to certain conditions, including that the closing price of its common stock is not below $ 8.00 per share, to direct Lincoln Park to purchase up to 12,500 shares (the “Regular Purchase Share Limit”) of its Common Stock (each such purchase, a “Regular Purchase”). Lincoln Park’s maximum obligation under any single Regular Purchase will not exceed $ 1,000,000 , unless the parties mutually agree to increase the maximum amount of such Regular Purchase. The purchase price for shares of Common Stock to be purchased by Lincoln Park under a Regular Purchase will be the equal to the lower of (in each case, subject to the adjustments described in the Purchase Agreement): (i) the lowest sale price for the Company’s common stock on the applicable purchase date, and (ii) the arithmetic average of the three lowest sale prices for the Company’s common stock during the ten trading days prior to the purchase date . As consideration for entering into the Purchase Agreement, the Company issued 13,553 shares of common stock to Lincoln Park as a commitment fee. The shares were valued at approximately $ 0.6 million and were recorded as deferred offering expenses in the consolidated balance sheet. The deferred charges were charged against paid-in capital upon future proceeds from the sale of common stock under the Lincoln Park Purchase Agreement. From August 2020 to October 2020, Lincoln Park purchased 140,525 shares of common stock for gross proceeds of approximately $ 5.1 million. Approximately $ 50,000 of legal fees were netted against the gross proceeds. Public Offerings In April 2021, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors. The Purchase Agreement provided for the sale and issuance by the Company of an aggregate of 219,718 shares (the “Shares”) of the Company’s common stock, $ 0.001 par value (the “Common Stock”), at an offering price of $ 63.37 per Share and 95,899 pre-funded warrants to certain purchasers whose purchase of additional Shares would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 9.99% of the Company’s outstanding Common Stock immediately following the consummation of the offering (the “Pre-Funded Warrants”). The Shares and Pre-Funded Warrants were sold together with warrants to purchase up to 140,552 shares of Common Stock (the “Accompanying Warrants” and together with the Shares and the Pre-Funded Warrants, the “Securities”). The Pre-Funded Warrants were sold for a purchase price of $ 63.29 per share and have an exercise price of $ 0.001 per share. The Pre-Funded Warrants were immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. Each Accompanying Warrant has an exercise price per share of $ 56.00 , became exercisable immediately and will expire on the fifth anniversary of the original issuance date. The Purchase Agreement also provided for a concurrent private placement (the “Private Placement”) of 175,065 warrants to purchase the Company’s Common Stock (the “Private Placement Warrants”) with the purchasers in the Registered Offering. The Private Placement Warrants will be exercisable for an aggregate of 175,065 shares of Common Stock at any time on or after such date, if ever, that is 14 days after the Company files an amendment (the “Authorized Shares Amendment”) to the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock, $0.001 par value per share from 170,000,000 shares to 300,000,000 shares with the Delaware Secretary of State and on or prior to the date that is five years after such date. The Private Placement Warrants have an exercise price of $ 56.00 per share. In November 2020, the Company closed on a public offering of 383,333 shares of its common stock at a public offering price of $ 24.00 per share, for gross proceeds of approximately $ 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 191,667 shares of common stock. The warrants have an exercise price per share of $ 28.00 , 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. In May 2020, the Company entered into a sales agreement related to an ATM equity offering program pursuant to which the Company may sell, from time to time, common stock with an aggregate offering price of up to $ 40 million through A.G.P./Alliance Global Partners, as sales agent. From May 2020 to October 2020, the Company sold 31,113 shares of its common stock under the ATM program for $ 1.583 million, or an average of $ 51.20 per share, and received net proceeds of $ 1.531 million, net of commissions of $ 52,000 . In March 2021, the Company sold 10,825 shares of its common stock under the ATM program for $ 762,000 , or an average of $ 68.80 per share, and received net proceeds of $ 737,000 , net of commissions of $ 25,000 . In January 2020, the Company closed on a public offering of 125,000 shares of its common stock at a public offering price of $ 84.00 , for gross proceeds of $ 10.5 million. In addition, the Company also undertook a concurrent private placement of warrants to purchase up to 62,500 shares of common stock. The warrants have an exercise price per share of $ 100.00 , are exercisable during the period beginning on the six-month anniversary of the date of its issuance (the “Initial Exercise Date”) and will expire on the fifth anniversary of the Initial Exercise Date. The warrants contain a change of control provision whereby if the change of control is within the Company’s control, the warrants could be settled in cash based on the Black-Scholes value of the warrants at the option of the warrant holder. 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 $ 9.6 million. |
COMMON STOCK PURCHASE WARRANTS
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 8. COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY Warrants As of October 31, 2021, there were outstanding and exercisable warrants to purchase 377,818 shares of our common stock with exercise prices ranging from $ 24.00 to $ 224.00 per share. Information on the outstanding warrants is as follows: COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY Exercise Number of Shares Underlying Warrants Expiration Date Summary of Warrants $ 24.00 879 July 2024 July 2019 Public Offering $ 224.00 * 4,092 September 2024 September 2018 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 * During the year ended October 31, 2021, the cashless exercise provision of these warrants expired and the exercise price adjusted to $ 224.00 . As of October 31, 2020, there were outstanding warrants to purchase 4,978 shares of our common stock with exercise prices ranging from $ 0 to $ 29.76 per share. Information on the outstanding warrants is as follows: Exercise Number of Shares Underlying Warrants Expiration Date Summary of Warrants $ 29.76 886 July 2024 July 2019 Public Offering $ - 4,092 September 2024 September 2018 Public Offering Grand Total 4,978 A summary of warrant activity was as follows (In thousands, except share and per share data): SCHEDULE OF WARRANTS ACTIVITY Shares Weighted Weighted Aggregate Outstanding and exercisable warrants at October 31, 2019 5,401 $ 6.40 4.76 $ 114,069 Issued 62,500 100.00 - Exercised * (423 ) 1.60 Exchanged (62,500 ) 100.00 Outstanding and exercisable warrants at October 31, 2020 4,978 $ 6.40 3.76 $ 110,640 Issued 603,183 38.40 - Exercised (230,343 ) 16.00 Outstanding and exercisable warrants at October 31, 2021 377,818 $ 53.60 4.63 $ 631,089 * Includes the cashless exercise of 406 406 As of October 31, 2021, the Company had 201,874 of its total 377,818 outstanding warrants classified as equity (equity warrants). At October 31, 2020, the Company had 4,092 of its total 4,978 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 shareholders equity section of the consolidated balance sheets. Shares Issued for Warrants Exercises During the year ended October 31 134,437 warrants in exchange for 134,437 shares of the Company’s common stock and warrant holders from the Company’s April 2021 Offering exercised 95,899 pre-funded warrants in exchange for 95,899 shares of the Company’s common stock. Pursuant to these warrant exercises, the Company received aggregate proceeds of approximately $ 3.8 million which were payable upon exercise. Shares Issued in Settlement of Equity Warrants On October 16, 2020, the Company entered into private exchange agreements with certain holders of warrants issued in connection with the Company’s January 2020 public offering of common stock and warrants. The warrants being exchanged provide for the purchase of up to an aggregate of 62,500 shares of our common stock at an exercise price of $ 100.00 per share. The warrants became exercisable on July 21, 2020 and have an expiration date of July 21, 2025 . Pursuant to such exchange agreements, the Company agreed to issue 37,500 shares of common stock to the investors in exchange for the warrants. The fair value of these warrants approximated the fair value of shares issued in the exchange for these warrants. The Company used the closing stock price to value the shares and Black Scholes model to value these warrants on the date of the exchange. In determining the fair warrant of the warrants issued on October 16, 2020, the Company used the following inputs in its Black-Sholes model: exercise price $ 100.00 , stock price $ 32.48 , expected term 4.76 years, volatility 101.18% and risk-free interest rate 0.32% . In connection with the exchange of warrants for common stock, the Company recorded a loss of approximately $ 77,000 as the fair value of the shares issued exceeded the fair value of warrants exchanged. Warrant Liability As of October 31, 2021, the Company had 175,944 of its total 377,818 outstanding warrants from April 2021 Private Placement Offering and September 2018 Public Offering classified as liabilities (liability warrants). At October 31, 2020, the Company had 886 of its total 4,978 outstanding warrants from the September 2018 Public Offering classified as liabilities (liability warrants). 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 par value per share from 170,000,000 shares to 300,000,000 shares. These warrants expire five years after the date they become exercisable. As of October 31, 2021, the Company does not have sufficient authorized common stock to allow for the issuance of common stock underlying these warrants. The Company did not receive stockholder authorization to increase the authorized shares from 170,000,000 300,000,000 In measuring the warrant liability for the warrants issued in the April 2021 Private Placement at October 31, 2021 and April 14, 2021 (issuance date), the Company used the following inputs in its Black Scholes model: SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY October 31, 2021 April 14, 2021 Exercise Price $ 56.00 $ 56.00 Stock Price $ 38.80 $ 45.60 Expected Term 5 5 Volatility % 106 % 106 % Risk Free Rate 1.18 % 0.85 % 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 October 31, 2021, the down round feature was triggered three times and the exercise price of the warrants were reduced from $ 1,800.00 to $ 24.00 . 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 for the September 2018 Public Offering warrants at October 31, 2021 and October 31, 2020, the Company used the following inputs in its Monte Carlo simulation model: SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY October 31, 2021 October 31, 2020 Exercise Price $ 24.00 $ 29.60 Stock Price $ 38.80 $ 27.20 Expected Term 2.87 3.87 Volatility % 123 % 106 % Risk Free Rate 0.77 % 0.29 % At October 31, 2021 and October 31, 2020, the fair value of the warrant liability was approximately $ 4.9 17,000 1.0 0 |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 9. SHARE BASED COMPENSATION The following table summarizes share-based compensation expense included in the consolidated statement of operations by expense category for the years ended October 31, 2021 and 2020 (in thousands): SUMMARY OF SHARE BASED COMPENSATION EXPENSE Year Ended October 31, 2021 2020 Research and development $ 164 $ 308 General and administrative 402 583 Total $ 566 $ 891 Amendments The Advaxis, Inc. 2015 Incentive Plan (the “2015 Plan”) was originally ratified and approved by the Company’s stockholders on May 27, 2015. Subject to proportionate adjustment in the event of stock splits and similar events, the aggregate number of shares of common stock that may be issued under the 2015 Plan is 3,000 shares, plus a number of additional shares (not to exceed 542 ) underlying awards outstanding as of the effective date of the 2015 Plan under the prior plan that thereafter terminate or expire unexercised, or are cancelled, forfeited or lapse for any reason. On January 1, 2020, 2,083 shares were added to the 2015 Plan. At the Annual Meeting of Stockholders of the Company held on May 4, 2020, the Company’s stockholders voted to approve an amendment to increase the number of shares authorized for issuance under the 2015 Plan from 10,972 shares to 75,000 shares. On January 1, 2021, 2,083 shares were added to the 2015 Plan. As of October 31, 2021, there were 64,100 shares available for issuance under the 2015 Plan. Restricted Stock Units (RSUs) A summary of the Company’s RSU activity and related information for the fiscal year ended October 31, 2021 and 2020 is as follows: SUMMARY OF RSU ACTIVITY AND RELATED INFORMATION Number of Weighted-Average Balance at October 31, 2019 184 $ 3,809.60 Vested (111 ) 4,847.20 Cancelled (4 ) 7,904.00 Balance at October 31, 2020 69 $ 1,945.60 Vested (69 ) 1,945.60 Balance at October 31, 2021 - $ - The fair value of the RSUs as of the respective vesting dates was approximately $ 3,000 5,000 Employee Stock Awards Common stock issued to executives and employees related to vested incentive retention awards and employment inducements totaled 69 shares and 110 shares during the years ended October 31, 2021 and 2020, respectively. Total stock compensation expense associated with these awards for the years ended October 31, 2021 and 2020 was approximately $ 67,000 and $ 0.2 million, respectively. Stock Options A summary of changes in the stock option plan for the years ended October 31, 2021 and 2020 is as follows (in thousands, except share and per share data): SUMMARY OF CHANGES IN STOCK OPTION PLAN Shares Weighted Weighted Aggregate Outstanding as of October 31, 2019 7,006 $ 5,724.80 7.34 $ 1 Granted 8,063 48.80 Cancelled or expired (2,422 ) 2,757.60 Outstanding as of October 31, 2020 12,647 $ 2,674.40 8.04 $ 4 Granted 625 31.20 Exercised (4 ) 24.00 Cancelled or expired (2,094 ) 7,914.40 Outstanding as of October 31, 2021 11,174 $ 1,545.60 7.8 $ 27 Vested and exercisable at October 31, 2021 5,706 $ 2,962.40 6.98 $ 15 During the year ended October 31, 2021, the Company granted stock options to purchase 625 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 $ 31.20 . During the year ended October 31, 2020, the Company granted stock options to purchase 7,250 and 813 shares of its common stock to employees and directors, respectively. The stock options issued to employees have a ten -year term, vest over three years , and have an exercise price of $ 39.20 to $ 52.80 . The stock options issued to directors have a ten -year term, vest over three years , and have an exercise price of $ 52.80 . The weighted average grant date fair value of options granted during the fiscal years ended October 31, 2021 and 2020 was $ 25.60 and $ 38.40 , respectively. The total intrinsic value of options exercised during the fiscal years ended October 31, 2021 and 2020 was $ 162 0 Total compensation cost related to the Company’s outstanding stock options, recognized in the consolidated statement of operations for the years ended October 31, 2021 and 2020 was approximately $ 0.5 million and $ 0.7 million, respectively. As of October 31, 2021, there was approximately $ 0.2 1.61 The following table summarizes information about the outstanding and exercisable stock options at October 31, 2021: SUMMARY OF OUTSTANDING AND EXERCISABLE OPTIONS Options Outstanding Options Exercisable Weighted Weighted Weighted Weighted Average Average Average Average Exercise Number Remaining Exercise Intrinsic Number Remaining Exercise Intrinsic Price Range Outstanding Contractual Price Value Exercisable Contractual Price Value $ 24.00 -$ 800.00 9,098 8.43 $ 84.80 $ 27 3,630 8.23 $ 112.00 $ 15 $ 800.01 -$ 8,000.00 1,130 6.22 $ 2,321.60 $ - 1,130 6.22 $ 2,321.60 $ - $ 8,000.01 -$ 16,000 637 3.47 $ 12,973.60 $ - 637 3.47 $ 12,973.60 $ - $ 16,000.01 -$ 22,200.00 309 2.22 $ 18,188.00 $ - 309 2.22 $ 18,188.00 $ - The fair value of each option granted from the Company’s stock option plans during the years ended October 31, 2021 and 2020 was estimated on the date of grant using the Black-Scholes option-pricing model. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company’s common stock price, (ii) the periods of time over which employees and Board Directors are expected to hold their options prior to exercise (expected lives), (iii) expected dividend yield on the Company’s common stock, and (iv) risk-free interest rates, which are based on quoted U.S. Treasury rates for securities with maturities approximating expected lives of the options. The Company used their own historical volatility in determining the volatility to be used. The expected term of the stock option grants was calculated using the “simplified” method in accordance with the SEC Staff Accounting Bulletin 107. The “simplified” method was used since the Company believes its historical data does not provide a reasonable basis upon which to estimate expected term and the Company does not have enough option exercise data from its grants issued to support its own estimate as a result of vesting terms and changes in the stock price. The expected dividend yield is zero as the Company has never paid dividends to common shareholders and does not currently anticipate paying any in the foreseeable future. The following table provides the weighted average fair value of stock options granted to directors and employees and the related assumptions used in the Black-Scholes model: SUMMARY OF FAIR VALUE OF STOCK OPTIONS GRANTED OF BSM Year Ended October 31, 2021 October 31, 2020 Expected term 6 5.50 6.50 Expected volatility 103.27 % 100.27 105.21 % Expected dividends 0 % 0 % Risk free interest rate 0.53 % 0.36 0.62 % Employee Stock Purchase Plan The Advaxis, Inc. 2018 Employee Stock Purchase Plan (ESPP) was approved by the Company’s shareholders on March 21, 2018. The 2018 ESPP allows employees to purchase common stock of the Company at a 15% discount to the market price on designated exercise dates. Employees were eligible to participate in the 2018 ESPP beginning May 1, 2018. 12,500 shares of the Company’s Common stock were reserved for issuance under the 2018 ESPP. During the fiscal years ended October 31, 2021 and 2020, the Company issued 12 and 176 shares, respectively, under the 2018 ESPP. In July 2021, the ESPP was terminated. |
LICENSING AGREEMENTS
LICENSING AGREEMENTS | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 10. 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 Provided that OST meets its ongoing obligation to make its Monthly Payments to Advaxis for six consecutive months, Advaxis agrees to transfer, and OST agrees to take full ownership of, the IND application for ADXS31-164 in its entirety to OST, along with agreements and promises contained therein, as well as all obligations associated with this IND or any HER2 product/program development. Until OST makes its Monthly Payments to Advaxis for six consecutive months, Advaxis will continue to bear the costs of the regulatory filing services related to the IND application for ADXS31-164. Within five business days of achieving the funding milestone of $ 2,337,500 1,550,000 The promises to (1) Maintain the HER2 product until transfer to OST, (2) Provide the IND application ownership for ADX321-164 to OST, (3) Participate in the Joint Steering Committee, (4) Transfer of IP & licensing rights of ADXS31-164 and related Patents, and (5) Provide Clinical Drug Supply represent one combined performance obligation for revenue recognition purposes. The Company concluded that the transfer of the IP and licensing rights provides OST with a functional, or “right to use,” license, and thus the Company will recognize the upfront fees of $ 1,550,000 Since OST is making $ 25,000 monthly payments that will be creditable against the $ 1,550,000 , as well as additional upfront payments not specified in the contract, the Company will receive payments prior to the performance of the single distinct performance obligation. Due to this, the Company will defer any of the monthly payments until the IP and licensing rights are transferred to OST. However, if OST terminates the contract, which they are able to do with 60-day notice, the Company would recognize any of the payments received when the contract terminates. As of October 31, 2020, OST had made payments totaling $ 164,653 and this has been recorded as other liabilities in the consolidated balance sheet. From May 2020 to January 2021, the Company received an aggregate of $ 1,615,000 1,615,000 On April 26, 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 in revenue. The Company received the amount due from OS Therapies of $ 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 each of the years ended October 31, 2021 and 2020, the Company recorded $ 0.25 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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. | 11. CONTINGENCIES COMMITMENTS AND CONTINGENCIES Legal Proceedings 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 the Registration Statement. On December 15, 2021, pursuant to an understanding reached with the plaintiff, the Company filed a Form 8-K with the SEC in which it 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 reached a settlement agreement, which is recorded in general and administrative expenses in the consolidated income statement. 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 filed a Form 8-K with the SEC in which it made certain other additional disclosures that mooted the demands asserted in the above-referenced letters. The six plaintiffs have made a settlement demand. The Company believes it has adequately accrued for a settlement, which is recorded in general and administrative expenses in the consolidated income statement. In addition, the Company received certain additional demands from stockholders asserting that the proxy materials filed by the Company in connection with the Merger contained alleged material misstatements and/or omissions in violation of federal law. In response to these demands, the Company agreed to make, and did make, certain supplemental disclosures to the proxy materials. At this time, the Company is unable to predict the likelihood of an unfavorable outcome. Stendhal On September 19, 2018, Stendhal filed a Demand for Arbitration before the International Centre for Dispute Resolution (Case No. 01-18-0003-5013) relating to the Co-development and Commercialization Agreement with Especificos Stendhal SA de CV (the “Stendhal Agreement”). In the demand, Stendhal alleged that (i) the Company breached the Stendhal Agreement when it made certain statements regarding its AIM2CERV program, (ii) that Stendhal was subsequently entitled to terminate the Agreement for cause, which it did so at the time and (iii) that the Company owes Stendhal damages pursuant to the terms of the Stendhal Agreement. Stendhal is seeking to recover $ 3 0.3 3 From October 21-23, 2019, an evidentiary hearing for the arbitration was conducted. On April 1, 2020, the Arbitrator issued a final award denying Stendhal’s claim in full. The Arbitrator found that the Company had not repudiated the Agreement and did not owe Stendhal damages, fees, or interest associated with the arbitration. The Arbitrator also denied the Company’s claim that Stendhal breached its obligations to the Company. The parties were ordered to bear their own attorneys’ fees and evenly split administrative fees and expenses for the arbitration. |
LEASES
LEASES | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 12. LEASES Operating Leases The Company leased its corporate office and manufacturing facility in Princeton, New Jersey under an operating lease that was set to expire in November 2025 . The Company had 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 provided a security deposit of approximately $ 182,000 , which was recorded as other assets in the consolidated balance sheet as of October 31, 2020. 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. On March 26, 2021, the Company entered into a Lease Termination and Surrender Agreement with respect to this lease agreement. The Lease Termination and Surrender Agreement provides for the early termination of the lease, which became effective on March 31, 2021. In connection with the early termination of the lease, the Company was required to pay a $ 1,000,000 182,000 818,000 4.5 5.6 0.1 On March 25, 2021, the Company entered into a new lease agreement for its corporate office/lab with base rent of approximately $ 29,000 March 25, 2022 March 25, 2023 43,000 Supplemental balance sheet information related to leases as of October 31 was as follows (in thousands): SCHEDULE OF SUPPLEMENTAL BALANCE SHEET RELATED TO LEASES October 31, 2021 October 31, 2020 Operating leases: Operating lease right-of-use assets $ 40 $ 4,839 Operating lease liability $ 28 $ 962 Operating lease liability, net of current portion 12 5,055 Total operating lease liabilities $ 40 $ 6,017 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 Fiscal For the Fiscal Operating lease cost General and administrative $ 1,302 $ 1,158 Short-term lease cost General and administrative 14 320 Variable lease cost General and administrative 180 547 Total lease expense $ 1,496 $ 2,025 Other information related to leases where the Company is the lessee is as follows: SCHEDULE OF OTHER INFORMATION RELATED TO LEASES October 31, 2021 October 31, 2020 Weighted-average remaining lease term 1.4 5.1 Weighted-average discount rate 3.79 % 6.5 % Supplemental cash flow information related to operating leases was as follows: SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES For the Fiscal For the Fiscal Cash paid for operating lease liabilities $ 547 $ 1,233 Future minimum lease payments under non-cancellable leases as of October 31, 2021 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Fiscal Year ending October 31, 2022 (Remaining) $ - 2022 $ 29 2023 12 Total minimum lease payments 41 Less: Imputed interest (1 ) Total $ 40 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES The income tax provision (benefit) consists of the following (in thousands): SCHEDULE OF INCOME TAX PROVISION (BENEFIT) October 31, 2021 October 31, 2020 Federal Current $ - $ - Deferred 141 (4,578 ) State and Local Current - - Deferred 131 (1,445 ) Foreign Current 50 50 Deferred - - Change in valuation allowance (272 ) (6,023 ) Income tax provision (benefit) $ 50 $ 50 The Company has U.S. federal net operating loss carryovers (“NOLs”) of approximately $ 314.8 299.2 56.0 2038 153.7 137.6 In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon future generation for taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the net benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carry forward or amount of tax refundable is reduced) for unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740. If applicable, interest costs related to the unrecognized tax benefits are required to be calculated and would be classified as other expense in the consolidated statement of operations. Penalties would be recognized as a component of general and administrative expenses in the consolidated statement of operations. No The Company files tax returns in the U.S. federal and state jurisdictions and is subject to examination by tax authorities beginning with the fiscal year ended October 31, 2018. The Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following (in thousands): SCHEDULE OF DEFERRED TAX ASSETS (LIABILITIES) Years Ended October 31, 2021 October 31, 2020 Deferred Tax Assets Net operating loss carryovers $ 32,971 $ 28,553 Stock-based compensation 4,566 10,132 Research and development credits 11,371 10,742 Capitalized R&D costs 14,536 13,822 Adoption of ASC 842 – Lease Liability 11 1,691 Other deferred tax assets 92 224 Total deferred tax assets $ 63,547 $ 65,164 Valuation allowance (62,573 ) (62,845 ) Deferred tax asset, net of valuation allowance $ 974 $ 2,319 Deferred Tax Liabilities Adoption of ASC 842 – ROU Asset (11 ) (1,360 ) Patent cost (943 ) (917 ) Other deferred tax liabilities (20 ) (42 ) Total deferred tax liabilities $ (974 ) $ (2,319 ) Net deferred tax asset (liability) $ - $ - The expected tax (expense) benefit based on the statutory rate is reconciled with actual tax expense benefit as follows: SCHEDULE OF EXPECTED TAX (EXPENSE) BENEFIT BASED ON STATUTORY RATE WITH ACTUAL TAX EXPENSE BENEFIT 2021 Years Ended October 31, 2021 October 31, 2020 US Federal statutory rate 21.00 % 21.00 % State income tax, net of federal benefit (0.73 ) 5.48 Merger costs (1.68 ) 0.00 Other permanent differences (0.02 ) (0.05 ) Research and development credits 3.09 1.73 Warrant Liability 1.14 0.00 Foreign taxes (0.28 ) (0.19 ) Change in valuation allowance 1.52 (22.82 ) Stock option expirations (24.32 ) (5.33 ) Income tax (provision) benefit (0.28 )% (0.19 )% The “Foreign taxes” income tax expense in the consolidated statement of operations for both the years ended October 31, 2021 and 2020 pertain to a Taiwan Excise tax of $50,000 levied in connection with the GBP Revenue. |
FAIR VALUE
FAIR VALUE | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | 14. 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 October 31, 2021 and October 31, 2020: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS October 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents (money market funds) $ 17,153 $ - $ - $ 17,153 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 $ 17,153 $ - $ 4,929 $ 22,082 October 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents (money market funds) $ 17,149 $ - $ - $ 17,149 Common stock warrant liability, warrants exercisable at $ 29.76 - - 17 17 Total $ 17,149 $ $ 17 $ 17,166 The following table sets forth a summary of the changes in the fair value of the Company’s warrant liabilities: SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANT LIABILITIES Year Ended October 31, 2021 2020 Beginning balance $ 17 $ 19 Warrants issued 5,882 - Warrant exercises - (2 ) Change in fair value (970 ) - Ending balance $ 4,929 $ 17 |
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN | 12 Months Ended |
Oct. 31, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLAN | 15. EMPLOYEE BENEFIT PLAN The Company sponsors a 401(k) Plan. Employees become eligible for participation upon the start of employment. Participants may elect to have a portion of their salary deferred and contributed to the 401(k) Plan up to the limit allowed under the Internal Revenue Code. The Company makes a matching contribution to the plan for each participant who has elected to make tax-deferred contributions for the plan year. The Company made matching contributions which amounted to approximately $ 0.1 million for each of the years ended October 31, 2021 and 2020, respectively. These amounts were charged to the consolidated statement of operations. The employer contributions vest immediately. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16 . SUBSEQUENT EVENTS On January 31, 2022, the Company closed on an offering with certain institutional investors for the private placement of 1,000,000 shares of Series D convertible redeemable preferred stock. The shares to be sold have an aggregate stated value of $ 5,000,000 . Each share of the Series D preferred stock has a purchase price of $ 4.75 , representing an original issue discount of 5% of the stated value. The shares of Series D preferred stock are convertible into shares of the Company’s common stock, upon the occurrence of certain events, at a conversion price of $ 20.00 per share. The conversion, at the option of the stockholder, may occur at any time following the receipt of the stockholders’ approval for a reverse stock split. The Company will be permitted to compel conversion of the Series D preferred stock after the fulfillment of certain conditions and subject to certain limitations. The Series D preferred stock will also have a liquidation preference over the common stock, and may be redeemed by the investors, in accordance with certain terms, for a redemption price equal to 105% of the stated value, or in certain circumstances, 110% of the stated value . The Company and the holders of the Series D preferred stock will also enter into a registration rights agreement to register the resale of the shares of common stock issuable upon conversion of the Series D preferred stock. Total gross proceeds from the offering, before deducting the financial advisor’s fees and other estimated offering expenses, are $ 4.75 million. |
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 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
Accounting Policies [Abstract] | ||
Estimates | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates are used when accounting for such items as the fair value and recoverability of the carrying value of property and equipment and intangible assets (patents and licenses), determining the Incremental Borrowing Rate (“IBR”) for calculating Right-Of-Use (“ROU”) assets and lease liabilities, deferred expenses, deferred revenue, the fair value of options, warrants and related disclosure of contingent assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates. | |
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. | 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. |
Revenue Recognition | Revenue Recognition Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use significant judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; and (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Exclusive Licenses. Milestone Payments. | |
Collaborative Arrangements | Collaborative Arrangements The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, Collaborative Arrangements | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. As of October 31, 2021 and 2020, the Company had cash equivalents of approximately $ 17.2 17.1 | |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains its cash in bank deposit accounts (checking) that at times exceed federally insured limits. Approximately $ 41.6 million is subject to credit risk at October 31, 2021. The Company has not experienced any losses in such accounts. | |
Deferred Expenses | Deferred Expenses Deferred expenses consist of advanced payments made on research and development projects. Expense is recognized in the consolidated statement of operations as the research and development activity is performed. | |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Additions and improvements that extend the lives of the assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Leasehold improvements are amortized on a straight-line basis over the shorter of the asset’s estimated useful life or the remaining lease term. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets ranging from three ten years When depreciable assets are retired or sold the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations. | |
Intangible Assets | Intangible Assets Intangible assets are recorded at cost and include patents and patent application costs, licenses and software. Intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from three 20 | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company periodically assesses the carrying value of intangible and other long-lived assets, and whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. The assets are considered to be impaired if the Company determines that the carrying value may not be recoverable based upon its assessment, which includes consideration of the following events or changes in circumstances: ● the asset’s ability to continue to generate income from operations and positive cash flow in future periods; ● loss of legal ownership or title to the asset(s); ● significant changes in the Company’s strategic business objectives and utilization of the asset(s); and ● the impact of significant negative industry or economic trends. If the assets are considered to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fair value is determined by the application of discounted cash flow models to project cash flows from the assets. In addition, the Company bases estimates of the useful lives and related amortization or depreciation expense on its subjective estimate of the period the assets will generate revenue or otherwise be used by it. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less selling costs. The Company also periodically reviews the lives assigned to long-lived assets to ensure that the initial estimates do not exceed any revised estimated periods from which the Company expects to realize cash flows from its assets. | |
Leases | Leases At the inception of an arrangement, the Company determines whether an arrangement is or contains a lease based on the facts and circumstances present in the arrangement. An arrangement is or contains a lease if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Most leases with a term greater than one year are recognized on the consolidated balance sheet as operating lease right-of-use assets and current and long-term operating lease liabilities, as applicable. The Company has elected not to recognize on the consolidated balance sheet leases with terms of 12 months or less. The Company typically only includes the initial lease term in its assessment of a lease arrangement. Options to extend a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued rent. The interest rate implicit in the Company’s leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. | |
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 | 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 sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share (as of October 31, 2020, 327,338 0 SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE As of October 31, 2021 2020 Warrants 377,818 4,978 Stock options 11,174 12,647 Restricted stock units - 69 Total 388,992 17,694 |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred and include but are not limited to clinical trial and related manufacturing costs, payroll and personnel expenses, lab expenses, and related overhead costs. | |
Stock Based Compensation | Stock Based Compensation The Company has an equity plan which allows for the granting of stock options to its employees, directors and consultants for a fixed number of shares with an exercise price equal to the fair value of the shares at date of grant. The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and is then recognized over the requisite service period, usually the vesting period, in both research and development expenses and general and administrative expenses on the consolidated statement of operations, depending on the nature of the services provided by the employees or consultants. The process of estimating the fair value of stock-based compensation awards and recognizing stock-based compensation cost over their requisite service period involves significant assumptions and judgments. The Company estimates the fair value of stock option awards on the date of grant using the Black Scholes Model for the remaining awards, which requires that the Company makes certain assumptions regarding: (i) the expected volatility in the market price of its common stock; (ii) dividend yield; (iii) risk-free interest rates; and (iv) the period of time employees are expected to hold the award prior to exercise (referred to as the expected holding period). As a result, if the Company revises its assumptions and estimates, stock-based compensation expense could change materially for future grants. The Company accounts for stock-based compensation using fair value recognition and records forfeitures as they occur. As such, the Company recognizes stock-based compensation cost only for those stock-based awards that vest over their requisite service period, based on the vesting provisions of the individual grants. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of financial instruments, including cash and cash equivalents and accounts payable, approximated fair value as of the balance sheet date presented, due to their short maturities. | |
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. | 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 stock-based derivative financial instruments, the Company used the Monte Carlo simulation model and the Black Scholes 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 of the balance sheet date. |
Sequencing Policy | Sequencing Policy The Company adopted a sequencing policy under ASC 815-40-35, if reclassification of contracts from equity to liabilities is necessary pursuant to ASC 815 due to the Company’s inability to demonstrate it has sufficient authorized shares. This was due to the Company committing more shares than authorized. Certain instruments are classified as liabilities, after allocating available authorized shares on the basis of the most recent grant date of potentially dilutive instruments. Pursuant to ASC 815, issuances of securities granted as compensation in a share-based payment arrangement are not subject to the sequencing policy. | |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” | |
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. | 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 standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted and 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. We are currently evaluating the impact of this standard on our consolidated financial statements. Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying consolidated financial statements. |
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 included elsewhere in this document. | |
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. | |
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 | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE As of October 31, 2021 2020 Warrants 377,818 4,978 Stock options 11,174 12,647 Restricted stock units - 69 Total 388,992 17,694 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | Property and equipment consist of the following (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT 2021 2020 October 31, 2021 2020 Leasehold improvements $ - $ 2,335 Laboratory equipment 179 1,218 Furniture and fixtures - 744 Computer equipment 241 409 Construction in progress - 19 Total property and equipment 420 4,725 Accumulated depreciation and amortization (302 ) (2,332 ) Net property and equipment $ 118 $ 2,393 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | Intangible assets consist of the following (in thousands): SUMMARY OF INTANGIBLE ASSETS 2021 2020 October 31, 2021 2020 Patents $ 4,836 $ 4,479 License 777 777 Software 98 117 Total intangibles 5,711 5,373 Accumulated amortization (2,357 ) (2,112 ) Net intangible assets $ 3,354 $ 3,261 |
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 | At October 31, 2021, 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 1 2022 (Remaining) - 2022 $ 277 2023 277 2024 277 2025 277 2026 277 Thereafter 1,969 Total $ 3,354 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | The following table represents the major components of accrued expenses (in thousands): SUMMARY OF ACCRUED EXPENSES 2021 2020 October 31, 2021 2020 Salaries and other compensation $ 55 $ 737 Vendors 2,168 671 Vendors 1,968 Other 200 Professional fees 613 329 Total accrued expenses $ 2,836 $ 1,737 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | SUMMARY OF STOCKHOLDERS EQUITY |
COMMON STOCK PURCHASE WARRANT_2
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
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 | COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY Exercise Number of Shares Underlying Warrants Expiration Date Summary of Warrants $ 24.00 879 July 2024 July 2019 Public Offering $ 224.00 * 4,092 September 2024 September 2018 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 * During the year ended October 31, 2021, the cashless exercise provision of these warrants expired and the exercise price adjusted to $ 224.00 . As of October 31, 2020, there were outstanding warrants to purchase 4,978 shares of our common stock with exercise prices ranging from $ 0 to $ 29.76 per share. Information on the outstanding warrants is as follows: Exercise Number of Shares Underlying Warrants Expiration Date Summary of Warrants $ 29.76 886 July 2024 July 2019 Public Offering $ - 4,092 September 2024 September 2018 Public Offering Grand Total 4,978 |
SCHEDULE OF WARRANTS ACTIVITY | A summary of warrant activity was as follows (In thousands, except share and per share data): SCHEDULE OF WARRANTS ACTIVITY Shares Weighted Weighted Aggregate Outstanding and exercisable warrants at October 31, 2019 5,401 $ 6.40 4.76 $ 114,069 Issued 62,500 100.00 - Exercised * (423 ) 1.60 Exchanged (62,500 ) 100.00 Outstanding and exercisable warrants at October 31, 2020 4,978 $ 6.40 3.76 $ 110,640 Issued 603,183 38.40 - Exercised (230,343 ) 16.00 Outstanding and exercisable warrants at October 31, 2021 377,818 $ 53.60 4.63 $ 631,089 * Includes the cashless exercise of 406 406 | |
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 % | In measuring the warrant liability for the September 2018 Public Offering warrants at October 31, 2021 and October 31, 2020, the Company used the following inputs in its Monte Carlo simulation model: SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY October 31, 2021 October 31, 2020 Exercise Price $ 24.00 $ 29.60 Stock Price $ 38.80 $ 27.20 Expected Term 2.87 3.87 Volatility % 123 % 106 % Risk Free Rate 0.77 % 0.29 % |
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 % | In measuring the warrant liability for the warrants issued in the April 2021 Private Placement at October 31, 2021 and April 14, 2021 (issuance date), the Company used the following inputs in its Black Scholes model: SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY October 31, 2021 April 14, 2021 Exercise Price $ 56.00 $ 56.00 Stock Price $ 38.80 $ 45.60 Expected Term 5 5 Volatility % 106 % 106 % Risk Free Rate 1.18 % 0.85 % |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 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 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 | The following table summarizes share-based compensation expense included in the consolidated statement of operations by expense category for the years ended October 31, 2021 and 2020 (in thousands): SUMMARY OF SHARE BASED COMPENSATION EXPENSE Year Ended October 31, 2021 2020 Research and development $ 164 $ 308 General and administrative 402 583 Total $ 566 $ 891 |
SUMMARY OF RSU ACTIVITY AND RELATED INFORMATION | A summary of the Company’s RSU activity and related information for the fiscal year ended October 31, 2021 and 2020 is as follows: SUMMARY OF RSU ACTIVITY AND RELATED INFORMATION Number of Weighted-Average Balance at October 31, 2019 184 $ 3,809.60 Vested (111 ) 4,847.20 Cancelled (4 ) 7,904.00 Balance at October 31, 2020 69 $ 1,945.60 Vested (69 ) 1,945.60 Balance at October 31, 2021 - $ - | |
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 $ - | A summary of changes in the stock option plan for the years ended October 31, 2021 and 2020 is as follows (in thousands, except share and per share data): SUMMARY OF CHANGES IN STOCK OPTION PLAN Shares Weighted Weighted Aggregate Outstanding as of October 31, 2019 7,006 $ 5,724.80 7.34 $ 1 Granted 8,063 48.80 Cancelled or expired (2,422 ) 2,757.60 Outstanding as of October 31, 2020 12,647 $ 2,674.40 8.04 $ 4 Granted 625 31.20 Exercised (4 ) 24.00 Cancelled or expired (2,094 ) 7,914.40 Outstanding as of October 31, 2021 11,174 $ 1,545.60 7.8 $ 27 Vested and exercisable at October 31, 2021 5,706 $ 2,962.40 6.98 $ 15 |
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 | The following table summarizes information about the outstanding and exercisable stock options at October 31, 2021: SUMMARY OF OUTSTANDING AND EXERCISABLE OPTIONS Options Outstanding Options Exercisable Weighted Weighted Weighted Weighted Average Average Average Average Exercise Number Remaining Exercise Intrinsic Number Remaining Exercise Intrinsic Price Range Outstanding Contractual Price Value Exercisable Contractual Price Value $ 24.00 -$ 800.00 9,098 8.43 $ 84.80 $ 27 3,630 8.23 $ 112.00 $ 15 $ 800.01 -$ 8,000.00 1,130 6.22 $ 2,321.60 $ - 1,130 6.22 $ 2,321.60 $ - $ 8,000.01 -$ 16,000 637 3.47 $ 12,973.60 $ - 637 3.47 $ 12,973.60 $ - $ 16,000.01 -$ 22,200.00 309 2.22 $ 18,188.00 $ - 309 2.22 $ 18,188.00 $ - |
SUMMARY OF FAIR VALUE OF STOCK OPTIONS GRANTED OF BSM | The following table provides the weighted average fair value of stock options granted to directors and employees and the related assumptions used in the Black-Scholes model: SUMMARY OF FAIR VALUE OF STOCK OPTIONS GRANTED OF BSM Year Ended October 31, 2021 October 31, 2020 Expected term 6 5.50 6.50 Expected volatility 103.27 % 100.27 105.21 % Expected dividends 0 % 0 % Risk free interest rate 0.53 % 0.36 0.62 % |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
Leases | ||
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET RELATED TO LEASES | Supplemental balance sheet information related to leases as of October 31 was as follows (in thousands): SCHEDULE OF SUPPLEMENTAL BALANCE SHEET RELATED TO LEASES October 31, 2021 October 31, 2020 Operating leases: Operating lease right-of-use assets $ 40 $ 4,839 Operating lease liability $ 28 $ 962 Operating lease liability, net of current portion 12 5,055 Total operating lease liabilities $ 40 $ 6,017 | |
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 | 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 Fiscal For the Fiscal Operating lease cost General and administrative $ 1,302 $ 1,158 Short-term lease cost General and administrative 14 320 Variable lease cost General and administrative 180 547 Total lease expense $ 1,496 $ 2,025 |
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 % | Other information related to leases where the Company is the lessee is as follows: SCHEDULE OF OTHER INFORMATION RELATED TO LEASES October 31, 2021 October 31, 2020 Weighted-average remaining lease term 1.4 5.1 Weighted-average discount rate 3.79 % 6.5 % |
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 | Supplemental cash flow information related to operating leases was as follows: SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES For the Fiscal For the Fiscal Cash paid for operating lease liabilities $ 547 $ 1,233 |
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 | Future minimum lease payments under non-cancellable leases as of October 31, 2021 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Fiscal Year ending October 31, 2022 (Remaining) $ - 2022 $ 29 2023 12 Total minimum lease payments 41 Less: Imputed interest (1 ) Total $ 40 |
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 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX PROVISION (BENEFIT) | The income tax provision (benefit) consists of the following (in thousands): SCHEDULE OF INCOME TAX PROVISION (BENEFIT) October 31, 2021 October 31, 2020 Federal Current $ - $ - Deferred 141 (4,578 ) State and Local Current - - Deferred 131 (1,445 ) Foreign Current 50 50 Deferred - - Change in valuation allowance (272 ) (6,023 ) Income tax provision (benefit) $ 50 $ 50 |
SCHEDULE OF DEFERRED TAX ASSETS (LIABILITIES) | The Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following (in thousands): SCHEDULE OF DEFERRED TAX ASSETS (LIABILITIES) Years Ended October 31, 2021 October 31, 2020 Deferred Tax Assets Net operating loss carryovers $ 32,971 $ 28,553 Stock-based compensation 4,566 10,132 Research and development credits 11,371 10,742 Capitalized R&D costs 14,536 13,822 Adoption of ASC 842 – Lease Liability 11 1,691 Other deferred tax assets 92 224 Total deferred tax assets $ 63,547 $ 65,164 Valuation allowance (62,573 ) (62,845 ) Deferred tax asset, net of valuation allowance $ 974 $ 2,319 Deferred Tax Liabilities Adoption of ASC 842 – ROU Asset (11 ) (1,360 ) Patent cost (943 ) (917 ) Other deferred tax liabilities (20 ) (42 ) Total deferred tax liabilities $ (974 ) $ (2,319 ) Net deferred tax asset (liability) $ - $ - |
SCHEDULE OF EXPECTED TAX (EXPENSE) BENEFIT BASED ON STATUTORY RATE WITH ACTUAL TAX EXPENSE BENEFIT | The expected tax (expense) benefit based on the statutory rate is reconciled with actual tax expense benefit as follows: SCHEDULE OF EXPECTED TAX (EXPENSE) BENEFIT BASED ON STATUTORY RATE WITH ACTUAL TAX EXPENSE BENEFIT 2021 Years Ended October 31, 2021 October 31, 2020 US Federal statutory rate 21.00 % 21.00 % State income tax, net of federal benefit (0.73 ) 5.48 Merger costs (1.68 ) 0.00 Other permanent differences (0.02 ) (0.05 ) Research and development credits 3.09 1.73 Warrant Liability 1.14 0.00 Foreign taxes (0.28 ) (0.19 ) Change in valuation allowance 1.52 (22.82 ) Stock option expirations (24.32 ) (5.33 ) Income tax (provision) benefit (0.28 )% (0.19 )% |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 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 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 provides the assets and liabilities carried at fair value measured on a recurring basis as of October 31, 2021 and October 31, 2020: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS October 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents (money market funds) $ 17,153 $ - $ - $ 17,153 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 $ 17,153 $ - $ 4,929 $ 22,082 October 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents (money market funds) $ 17,149 $ - $ - $ 17,149 Common stock warrant liability, warrants exercisable at $ 29.76 - - 17 17 Total $ 17,149 $ $ 17 $ 17,166 |
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: SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANT LIABILITIES Year Ended October 31, 2021 2020 Beginning balance $ 17 $ 19 Warrants issued 5,882 - Warrant exercises - (2 ) Change in fair value (970 ) - Ending balance $ 4,929 $ 17 | |
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 |
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 % |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) - USD ($) $ in Thousands | Apr. 30, 2021 | Nov. 27, 2020 | Nov. 24, 2020 | Mar. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | Jul. 04, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Cash and cash equivalents, at carrying value | $ 32,085 | $ 25,178 | $ 41,614 | $ 25,178 | |||||||
Proceeds from warrant exercises | $ 3,771 | $ 3,771 | |||||||||
Number of warrants to purchase common stock | 377,818 | 4,978 | 377,818 | 4,978 | |||||||
Proceeds from sale of common shares | $ 10,825 | $ 31,113 | |||||||||
Stock options exercised | 4 | ||||||||||
IPO [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of shares issued | 333,333 | ||||||||||
Proceeds from sale of common shares | $ 10,500 | ||||||||||
November 2020 Offering [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of warrants to purchase common stock | 166,667 | ||||||||||
Proceeds from sale of common shares | $ 9,200 | ||||||||||
Underwriters [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Stock options exercised | 50,000 | ||||||||||
Warrant exercises shares | 25,000 | ||||||||||
Merger Agreement [Member] | Biosight Ltd and Advaxis Ltd [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Percentage of outstanding shares | 25.00% | ||||||||||
Merger Agreement [Member] | Biosight Ltd [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Percentage of outstanding shares | 75.00% | ||||||||||
Definitive Agreements [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of warrants to purchase common stock | 140,552 | 140,552 | |||||||||
Definitive Agreements [Member] | April 2021 Offering [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of warrants to purchase common stock | 175,065 | 175,065 | |||||||||
Proceeds from sale of common shares | $ 20,000 | ||||||||||
Definitive Agreements [Member] | Investor [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Number of shares issued | 219,718 | ||||||||||
Pre-funded warrants to purchase common shares | 95,899 | 95,899 | |||||||||
Number of warrants to purchase common stock | 95,899 | 95,899 |
SCHEDULE OF ANTI-DILUTIVE SECUR
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 388,919 | 390,710 | 388,992 | 17,694 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 377,818 | 377,818 | 377,818 | 4,978 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 11,101 | 12,892 | 11,174 | 12,647 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 69 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | Jun. 06, 2022 | Mar. 31, 2022 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2022 |
Property, Plant and Equipment [Line Items] | |||||||
Cash equivalent | $ 17,200,000 | $ 17,100,000 | |||||
Concentration of credit risk amount | $ 41,600,000 | ||||||
Number of securities included in computation of basic earnings per share | 388,919 | 390,710 | 388,992 | 17,694 | |||
Exercise price | $ 0 | ||||||
Stockholders' Equity Note, Stock Split | 1 for 20 to 1 for 80 | ||||||
Board Of Directors [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Stockholders' Equity Note, Stock Split | 1 for 80 | 1 for 80 | |||||
Series D Preferred Stock Redemption [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Restricted cash | $ 5,250,000 | ||||||
Warrant [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of securities included in computation of basic earnings per share | 327,338 | ||||||
Minimum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated useful lives of property and equipment | 3 years | ||||||
Estimated useful life of intangible assets | 3 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated useful lives of property and equipment | 10 years | ||||||
Estimated useful life of intangible assets | 20 years |
REVERSE STOCK SPLIT (Details Na
REVERSE STOCK SPLIT (Details Narrative) | Jun. 06, 2022 | Mar. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Stockholders' Equity Note, Stock Split | 1 for 20 to 1 for 80 | |
Board Of Directors [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Stockholders' Equity Note, Stock Split | 1 for 80 | 1 for 80 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Property, Plant and Equipment [Abstract] | |||
Leasehold improvements | $ 2,335 | ||
Laboratory equipment | $ 179 | 179 | 1,218 |
Furniture and fixtures | 744 | ||
Computer equipment | 241 | 241 | 409 |
Construction in progress | 19 | ||
Total property and equipment | 420 | 420 | 4,725 |
Accumulated depreciation and amortization | (336) | (302) | (2,332) |
Net property and equipment | $ 84 | $ 118 | $ 2,393 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||||
Depreciation expense | $ 16,000 | $ 124,000 | $ 34,000 | $ 316,000 | $ 387,000 | $ 897,000 |
Loss on disposal of equipment | (1,530,000) | 1,439,000 | ||||
Gain loss on sale of property plant equipment | 1,530,000 | (1,439,000) | ||||
Laboratory Equipment [Member] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||||
Impairment loss on idle laboratory equipment | 0 | $ 1,100,000 | ||||
Research and Development Expense [Member] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||||
Loss on disposal of equipment | 900,000 | |||||
Gain loss on sale of property plant equipment | (900,000) | |||||
General and Administrative Expense [Member] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||||
Loss on disposal of equipment | (562,000) | 500,000 | ||||
Gain loss on sale of property plant equipment | 562,000 | $ (500,000) | ||||
Research And Development [Member] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||||
Loss on disposal of equipment | (968,000) | |||||
Gain loss on sale of property plant equipment | $ 968,000 |
SUMMARY OF INTANGIBLE ASSETS (D
SUMMARY OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Patents | $ 4,812 | $ 4,836 | $ 4,479 |
Licenses | 777 | 777 | 777 |
Software | 98 | 98 | 117 |
Total intangibles | 5,687 | 5,711 | 5,373 |
Accumulated amortization | (2,467) | (2,357) | (2,112) |
Intangible assets | $ 3,220 | $ 3,354 | $ 3,261 |
SCHEDULE OF CARRYING VALUE OF I
SCHEDULE OF CARRYING VALUE OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2022 (Remaining) | $ 139 | ||
2023 | 278 | 277 | |
2024 | 278 | 277 | |
2025 | 278 | 277 | |
2026 | 278 | 277 | |
2026 | 277 | ||
Thereafter | 1,969 | 1,969 | |
Intangible assets | $ 3,220 | $ 3,354 | $ 3,261 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Goodwill [Line Items] | ||||||
Expiration of patents description | The expirations of the existing patents range from 2021 to 2039 | |||||
Book value patent applications, net | $ 129,000 | $ 69,000 | $ 94,000 | $ 1,725,000 | ||
Intangible asset amortization expense | 140,000 | 135,000 | 273,000 | 337,000 | ||
General and Administrative Expense [Member] | ||||||
Goodwill [Line Items] | ||||||
Book value patent applications, net | $ 26,000 | $ 69,000 | 129,000 | 69,000 | 100,000 | 1,700,000 |
Intangible asset amortization expense | $ 70,000 | $ 68,000 | $ 140,000 | $ 135,000 | $ 300,000 | $ 300,000 |
SUMMARY OF ACCRUED EXPENSES (De
SUMMARY OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Payables and Accruals [Abstract] | |||
Salaries and other compensation | $ 74 | $ 55 | $ 737 |
Vendors | 2,168 | 671 | |
Vendors | 1,028 | 1,968 | |
Other | 200 | 200 | |
Professional fees | 436 | 613 | 329 |
Total accrued expenses | $ 1,738 | $ 2,836 | $ 1,737 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Jul. 30, 2021 | Apr. 30, 2021 | Nov. 27, 2020 | Nov. 24, 2020 | May 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Nov. 30, 2020 | May 31, 2020 | Jan. 31, 2020 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | Jun. 03, 2021 | Jun. 01, 2021 | Apr. 14, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Common stock, authorized | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | 300,000,000 | 170,000,000 | ||||||||||||||
Number of warrants to purchase common stock | 4,978 | 377,818 | 4,978 | 377,818 | 4,978 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 13,683,000 | $ 8,550,000 | $ 22,233,000 | $ 11,066,000 | |||||||||||||||||
Gross proceeds from common stock | $ 28,115,000 | $ 28,115,000 | $ 15,496,000 | ||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||
Warrants exercise price | 29.76 | $ 20 | $ 29.76 | $ 24 | 29.76 | ||||||||||||||||
Proceeds from sale of common shares | $ 10,825,000 | $ 31,113,000 | |||||||||||||||||||
Warrants exercise price | $ 68.80 | $ 51.20 | |||||||||||||||||||
Net proceeds from offering | $ 762,000 | $ 8,500,000 | $ 40,000,000 | $ 9,600,000 | $ 1,583,000 | ||||||||||||||||
ATM Program [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Net proceeds from offering | $ 1,531,000 | 737,000 | |||||||||||||||||||
Proceeds from commissions received | $ 25,000 | $ 52,000 | |||||||||||||||||||
Pre Funded Warrant [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Warrants exercise price | $ 56 | $ 56 | $ 56 | $ 56 | |||||||||||||||||
IPO [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Common stock, authorized | 300,000,000 | 300,000,000 | |||||||||||||||||||
Share price per share | $ 24 | $ 84 | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 333,333 | ||||||||||||||||||||
Number of common stock shares sold | 383,333 | 125,000 | |||||||||||||||||||
Proceeds from sale of common shares | $ 10,500,000 | ||||||||||||||||||||
Net proceeds from offering | $ 3,800,000 | ||||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 191,667 | ||||||||||||||||||||
Warrants exercise price | $ 56 | $ 56 | |||||||||||||||||||
Warrants exercise price | $ 28 | $ 100 | |||||||||||||||||||
Warrants and rights outstanding term | 5 years | 5 years | |||||||||||||||||||
November 2020 Offering [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 166,667 | ||||||||||||||||||||
Proceeds from sale of common shares | $ 9,200,000 | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Common stock, authorized | 170,000,000 | ||||||||||||||||||||
Warrants exercise price | 0 | $ 0 | 0 | ||||||||||||||||||
Minimum [Member] | Amended and Restated Certificate of Incorporation [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Common stock, authorized | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | |||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Common stock, authorized | 300,000,000 | ||||||||||||||||||||
Warrants exercise price | $ 29.76 | $ 29.76 | $ 29.76 | ||||||||||||||||||
Maximum [Member] | Amended and Restated Certificate of Incorporation [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Common stock, authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | |||||||||||||||||
Maximum [Member] | Private Placement [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 62,500 | ||||||||||||||||||||
Lincoln Park Capital Fund, LLC [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of common stock purchased | 140,525 | ||||||||||||||||||||
Gross proceeds from common stock | $ 5,100,000 | ||||||||||||||||||||
Proceeds from netted legal fees | $ 50,000 | ||||||||||||||||||||
Purchase Agreement [Member] | Private Placement [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 175,065 | 175,065 | 175,065 | 175,065 | |||||||||||||||||
Warrants exercise price | $ 56 | $ 56 | $ 56 | $ 56 | |||||||||||||||||
Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Agreement description | Over the 36-month term of the Purchase Agreement, the Company has the right, but not the obligation, from time to time, to sell to Lincoln Park up to an aggregate amount of $ | ||||||||||||||||||||
Common stock, authorized | 20,000,000 | ||||||||||||||||||||
Share price per share | $ 8 | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 13,553 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 600,000 | ||||||||||||||||||||
Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | Minimum [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 12,500 | ||||||||||||||||||||
Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | Maximum [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 1,000,000 | ||||||||||||||||||||
Securities Purchase Agreements [Member] | Pre Funded Warrant [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Share price per share | 63.29 | 63.29 | 63.29 | 63.29 | |||||||||||||||||
Common stock, par value | 0.001 | 0.001 | 0.001 | 0.001 | |||||||||||||||||
Securities Purchase Agreements [Member] | IPO [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Share price per share | 63.37 | $ 63.37 | 63.37 | 63.37 | |||||||||||||||||
Number of common stock shares sold | 219,718 | ||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||
Pre-funded warrants to purchase common shares | 95,899 | 95,899 | 95,899 | 95,899 | |||||||||||||||||
Ownership percentage | 9.99% | 9.99% | 9.99% | 9.99% | |||||||||||||||||
Securities Purchase Agreements [Member] | Maximum [Member] | IPO [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 140,552 | 140,552 | 140,552 | 140,552 | |||||||||||||||||
Definitive Agreements [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 140,552 | 140,552 | 140,552 | 140,552 | |||||||||||||||||
Definitive Agreements [Member] | April 2021 Offering [Member] | |||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||
Number of warrants to purchase common stock | 175,065 | 175,065 | 175,065 | 175,065 | |||||||||||||||||
Proceeds from sale of common shares | $ 20,000,000 |
COMMON STOCK PURCHASE WARRANT_3
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | ||
Offsetting Assets [Line Items] | ||||
Exercise Price | $ 20 | $ 24 | $ 29.76 | |
Number of Shares Underlying Warrants | 377,818 | 377,818 | 4,978 | |
Exercise Price Range Secound [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price | [1] | $ 24 | ||
Number of Shares Underlying Warrants | 879 | |||
Expiration date description | July 2024 | |||
Type of Financing | July 2019 Public Offering | |||
Exercise Price Range Thrid [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price | [1] | $ 224 | ||
Number of Shares Underlying Warrants | 4,092 | |||
Expiration date description | September 2024 | |||
Type of Financing | September 2018 Public Offering | |||
Exercise Price Range Fouth [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price | $ 28 | |||
Number of Shares Underlying Warrants | 57,230,000 | |||
Expiration date description | November 2025 | |||
Type of Financing | November 2020 Public Offering | |||
Exercise Price Range Fifth [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price | $ 56 | |||
Number of Shares Underlying Warrants | 140,552,000 | |||
Expiration date description | April 2026 | |||
Type of Financing | April 2021 Registered Direct Offering (Accompanying Warrants) | |||
Exercise Price Range Sixth [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price | $ 56 | |||
Number of Shares Underlying Warrants | 175,065,000 | |||
Expiration date description | 5 years after the date such warrants become exercisable, if ever | |||
Type of Financing | April 2021 Private Placement (Private Placement Warrants | |||
Exercise Price Range First to Sixth [Member] | ||||
Offsetting Assets [Line Items] | ||||
Number of Shares Underlying Warrants | 377,818 | |||
Exercise Price Range Two [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price | $ 224 | $ 224 | $ 29.76 | |
Number of Shares Underlying Warrants | 4,092 | 4,092 | 886 | |
Expiration date description | September 2024 | September 2024 | July 2024 | |
Type of Financing | July 2019 Public Offering | July 2019 Public Offering | July 2019 Public Offering | |
Exercise Price Range Three [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price | $ 28 | $ 28 | ||
Number of Shares Underlying Warrants | 57,230 | 57,230 | 4,092 | |
Expiration date description | November 2025 | November 2025 | September 2024 | |
Type of Financing | November 2020 Public Offering | November 2020 Public Offering | September 2018 Public Offering | |
[1] | During the year ended October 31, 2021, the cashless exercise provision of these warrants expired and the exercise price adjusted to $ |
COMMON STOCK PURCHASE WARRANT_4
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY (Details) (Parenthetical) - $ / shares | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 20 | $ 24 | $ 29.76 |
Warrant [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 20 | $ 224 |
SCHEDULE OF WARRANTS ACTIVITY (
SCHEDULE OF WARRANTS ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Common Stock Purchase Warrants And Warrant Liability | ||
Warrants, Outstanding and exercisable warrants, Beginning balance | 4,978 | 5,401 |
Weighted Average Exercise Price, Outstanding and exercisable warrants, Beginning | $ 6.40 | $ 6.40 |
Weighted Average Remaining Contractual Life In Years, Outstanding and exercisable warrants, Beginning balance | 3 years 9 months 3 days | 4 years 9 months 3 days |
Aggregate Intrinsic Value, Beginning | $ 110,640 | $ 114,069 |
Warrants, Issued | 603,183 | 62,500 |
Weighted Average Exercise Price, Issued | $ 38.40 | $ 100 |
Warrants, Exercised | (230,343) | (423) |
Weighted Average Exercise Price, Exercised | $ 16 | $ 1.60 |
Warrants, Exchanged | (62,500) | |
Weighted Average Exercise Price, Exchanged | $ 100 | |
Warrants, Outstanding and exercisable warrants, Ending balance | 377,818 | 4,978 |
Weighted Average Exercise Price, Outstanding and exercisable warrants, Ending | $ 53.60 | $ 6.40 |
Weighted Average Remaining Contractual Life In Years, Outstanding and exercisable warrants, Ending balance | 4 years 7 months 17 days | |
Aggregate Intrinsic Value, Ending | $ 631,089 | $ 110,640 |
SCHEDULE OF WARRANTS ACTIVITY_2
SCHEDULE OF WARRANTS ACTIVITY (Details) (Parenthetical) | 12 Months Ended |
Oct. 31, 2021shares | |
Cashless warrant exercise | 406 |
Warrant [Member] | |
Advaxis public offerings, net of offering costs, shares | 406 |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN WARRANT LIABILITY (Details) | Apr. 30, 2022$ / shares | Oct. 31, 2021$ / shares | Oct. 16, 2021 | Apr. 14, 2021$ / shares | Nov. 30, 2020 | Oct. 31, 2020$ / shares |
Exercise Price | $ 20 | $ 24 | $ 29.76 | |||
Stock Price | 0 | |||||
Measurement Input, Expected Term [Member] | ||||||
Expected Term | 4 years 9 months 3 days | |||||
Private Placement [Member] | ||||||
Exercise Price | 56 | 56 | ||||
Expected Term | 5 years | 5 years | ||||
Warrant Liability [Member] | ||||||
Exercise Price | 20 | 24 | 29.60 | |||
Stock Price | $ 6.56 | $ 38.80 | $ 27.20 | |||
Warrant Liability [Member] | Measurement Input, Expected Term [Member] | ||||||
Expected Term | 2 years 4 months 13 days | 2 years 10 months 13 days | 3 years 10 months 13 days | |||
Warrant Liability [Member] | Measurement Input, Price Volatility [Member] | ||||||
Measurement input percentage | 109 | 123 | 106 | |||
Warrant Liability [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||
Measurement input percentage | 2.79 | 0.77 | 0.29 | |||
Warrant Liability [Member] | Private Placement [Member] | ||||||
Exercise Price | $ 56 | $ 56 | $ 56 | |||
Stock Price | $ 6.56 | $ 38.80 | $ 45.60 | |||
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 | 106 | |||
Warrant Liability [Member] | Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||
Measurement input percentage | 2.92 | 1.18 | 0.85 |
COMMON STOCK PURCHASE WARRANT_5
COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY (Details Narrative) | Oct. 16, 2021USD ($)$ / sharesshares | Nov. 27, 2020shares | Mar. 31, 2021USD ($) | Nov. 30, 2020USD ($)shares | May 31, 2020USD ($) | Jan. 31, 2020USD ($)shares | Apr. 30, 2022USD ($)$ / sharesshares | Apr. 30, 2021USD ($)$ / sharesshares | Jan. 31, 2021shares | Apr. 30, 2022USD ($)$ / sharesshares | Apr. 30, 2021USD ($)$ / shares | Oct. 31, 2020USD ($)$ / sharesshares | Oct. 31, 2021USD ($)$ / sharesshares | Oct. 31, 2020USD ($)$ / sharesshares | Jun. 03, 2021shares | Jun. 01, 2021shares | Apr. 14, 2021$ / shares |
Number of warrants to purchase common stock | 377,818 | 377,818 | 4,978 | 377,818 | 4,978 | ||||||||||||
Warrants exercise price | $ / shares | $ 20 | $ 20 | $ 29.76 | $ 24 | $ 29.76 | ||||||||||||
Warrants outstanding | 377,818 | 377,818 | |||||||||||||||
Proceeds from issuance of IPO | $ | $ 762,000 | $ 8,500,000 | $ 40,000,000 | $ 9,600,000 | $ 1,583,000 | ||||||||||||
Loss on shares issued in settlement of warrants | $ | $ 77,000 | $ (77,000) | |||||||||||||||
Common stock par or stated value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Common stock shares authorized | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | 300,000,000 | 170,000,000 | ||||||||||
Fair value of the warrant liability | $ | $ 563,000 | $ 563,000 | $ 17,000 | $ 4,929,000 | $ 17,000 | ||||||||||||
Income on fair value of warrants | $ | 1,000,000 | ||||||||||||||||
Income on fair value of warrants | $ | $ 564,000 | $ 995,000 | $ 4,366,000 | $ 968,000 | (970,000) | ||||||||||||
Measurement Input, Exercise Price [Member] | |||||||||||||||||
Warrants, measurement input | 100 | ||||||||||||||||
Measurement Input, Share Price [Member] | |||||||||||||||||
Warrants, measurement input | 32.48 | ||||||||||||||||
Measurement Input, Expected Term [Member] | |||||||||||||||||
Warrants and rights outstanding term | 4 years 9 months 3 days | ||||||||||||||||
Measurement Input, Price Volatility [Member] | |||||||||||||||||
Warrants, measurement input fair value, percentage | 101.18% | ||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||
Warrants, measurement input fair value, percentage | 0.32% | ||||||||||||||||
Private Exchange Agreement [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 62,500 | ||||||||||||||||
Warrants exercise price | $ / shares | $ 100 | ||||||||||||||||
Warrants maturity date | Jul. 21, 2025 | ||||||||||||||||
Private Exchange Agreement [Member] | Investor [Member] | |||||||||||||||||
Advaxis public offerings, net of offering costs, shares | 37,500 | ||||||||||||||||
IPO [Member] | |||||||||||||||||
Proceeds from issuance of IPO | $ | $ 3,800,000 | ||||||||||||||||
Advaxis public offerings, net of offering costs, shares | 333,333 | ||||||||||||||||
Common stock shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | ||||||||||||||
Private Placement [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 191,667 | ||||||||||||||||
Warrants exercise price | $ / shares | $ 56 | $ 56 | $ 56 | ||||||||||||||
Warrants and rights outstanding term | 5 years | 5 years | |||||||||||||||
Minimum [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 0 | $ 0 | |||||||||||||||
Common stock shares authorized | 170,000,000 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 29.76 | $ 29.76 | |||||||||||||||
Common stock shares authorized | 300,000,000 | ||||||||||||||||
Maximum [Member] | Private Placement [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 62,500 | ||||||||||||||||
Warrant [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 377,818 | 377,818 | 377,818 | ||||||||||||||
Warrants exercise price | $ / shares | $ 20 | $ 20 | $ 224 | ||||||||||||||
Warrants outstanding | 377,818 | ||||||||||||||||
Advaxis public offerings, net of offering costs, shares | 406 | ||||||||||||||||
Warrant [Member] | IPO [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 134,437 | ||||||||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 24 | ||||||||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 224 | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 4,978 | 4,978 | |||||||||||||||
Advaxis public offerings, net of offering costs, shares | 230,794 | 383,333 | 614,127 | 156,113 | |||||||||||||
Common Stock [Member] | IPO [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 134,437 | ||||||||||||||||
Equity Warrants [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 201,874 | 201,874 | 4,092 | 201,874 | 4,092 | ||||||||||||
Number of warrants to purchase common stock | 201,874 | ||||||||||||||||
Warrants outstanding | 377,818 | 377,818 | 4,978 | 377,818 | 4,978 | ||||||||||||
Pre Funded Warrant [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 56 | $ 56 | |||||||||||||||
Pre Funded Warrant [Member] | IPO [Member] | |||||||||||||||||
Prefunded warrants to purchase common shares exercised | 95,899 | ||||||||||||||||
Prefunded warrants to purchase common exchange shares | 95,899 | ||||||||||||||||
Warrant Liability [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 886 | 886 | |||||||||||||||
Warrants exercise price | $ / shares | $ 20 | $ 20 | $ 29.60 | $ 24 | $ 29.60 | ||||||||||||
Warrants outstanding | 4,978 | 4,978 | |||||||||||||||
Warrant Liability [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||||
Warrants and rights outstanding term | 2 years 4 months 13 days | 2 years 4 months 13 days | 3 years 10 months 13 days | 2 years 10 months 13 days | 3 years 10 months 13 days | ||||||||||||
Warrant Liability [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||
Warrants, measurement input | 109 | 109 | 106 | 123 | 106 | ||||||||||||
Warrant Liability [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||
Warrants, measurement input | 2.79 | 2.79 | 0.29 | 0.77 | 0.29 | ||||||||||||
Warrant Liability [Member] | April 2022 Private Placement Offering And September 2018 Public Offering [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 175,944 | ||||||||||||||||
Warrants outstanding | 377,818 | ||||||||||||||||
Warrant Liability [Member] | Private Placement [Member] | |||||||||||||||||
Number of warrants to purchase common stock | 175,944 | 175,944 | 175,944 | ||||||||||||||
Warrants exercise price | $ / shares | $ 56 | $ 56 | $ 56 | $ 56 | |||||||||||||
Warrants outstanding | 377,818 | 377,818 | 377,818 | ||||||||||||||
Warrant Liability [Member] | Private Placement [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||||
Warrants and rights outstanding term | 5 years | 5 years | 5 years | ||||||||||||||
Warrant Liability [Member] | Private Placement [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||
Warrants, measurement input | 110 | 110 | 106 | 106 | |||||||||||||
Warrant Liability [Member] | Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||
Warrants, measurement input | 2.92 | 2.92 | 1.18 | 0.85 | |||||||||||||
Warrant Liability [Member] | Minimum [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 20 | $ 20 | $ 24 | ||||||||||||||
Warrant Liability [Member] | Maximum [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 1,800 | $ 1,800 | $ 1,800 |
SUMMARY OF SHARE BASED COMPENSA
SUMMARY OF SHARE BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Total | $ 23 | $ 215 | $ 49 | $ 451 | $ 566 | $ 891 |
Research and Development Expense [Member] | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Total | 11 | 56 | 24 | 113 | 164 | 308 |
General and Administrative Expense [Member] | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Total | $ 12 | $ 159 | $ 25 | $ 338 | $ 402 | $ 583 |
SUMMARY OF RSU ACTIVITY AND REL
SUMMARY OF RSU ACTIVITY AND RELATED INFORMATION (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of RSUs, Unvested Beginning Balance | 69 | 184 |
Weighted-Average Grant Date Fair Value, Unvested Beginning Balance | $ 1,945.60 | $ 3,809.60 |
Number of RSUs, Vested | (111) | |
Weighted-Average Grant Date Fair Value, Vested | $ 4,847.20 | |
Number of RSUs, Cancelled | (69) | (4) |
Weighted-Average Grant Date Fair Value, Cancelled | $ 1,945.60 | $ 7,904 |
Number of RSUs, Unvested Ending Balance | 69 | |
Weighted-Average Grant Date Fair Value, Unvested Ending Balance | $ 1,945.60 |
SUMMARY OF CHANGES IN STOCK OPT
SUMMARY OF CHANGES IN STOCK OPTION PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Shares Outstanding, Beginning Balance | 11,174 | 12,647 | 7,006 |
Weighted Average Exercise Price, Outstanding, Beginning | $ 1,545.60 | $ 2,674.40 | $ 5,724.80 |
Weighted Average Remaining Contractual Life In Years, Beginning | 7 years 9 months 18 days | 8 years 14 days | 7 years 4 months 2 days |
Aggregate Intrinsic Value, Beginning | $ 27 | $ 4 | $ 1 |
Shares, Granted | 625 | 8,063 | |
Weighted Average Exercise Price, Granted | $ 31.20 | $ 48.80 | |
Shares, Cancelled or Expired | (73) | (2,094) | (2,422) |
Weighted Average Exercise Price, Cancelled or Expired | $ 22,200 | $ 7,914.40 | $ 2,757.60 |
Shares, Exercised | (4) | ||
Weighted average exercise price, Exercised | $ 24 | ||
Shares, Outstanding, Ending Balance | 11,101 | 11,174 | 12,647 |
Weighted Average Exercise Price, Outstanding, Ending | $ 1,408.80 | $ 1,545.60 | $ 2,674.40 |
Weighted Average Remaining Contractual Life In Years, Ending Balance | 7 years 3 months 21 days | 7 years 9 months 18 days | |
Aggregate Intrinsic Value, Ending | $ 27 | $ 4 | |
Shares, Vested and Exercisable | 6,058 | 5,706 | |
Weighted Average Exercise Price, Vested and Exercisable | $ 2,544 | $ 2,962.40 | |
Weighted Average Remaining Contractual Life In Years, Vested and Exercisable | 6 years 7 months 20 days | 6 years 11 months 23 days | |
Aggregate Intrinsic Value, Vested and Exercisable | $ 15 |
SUMMARY OF OUTSTANDING AND EXER
SUMMARY OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Offsetting Assets [Line Items] | ||||
Options Outstanding, Intrinsic Value | $ 27 | $ 4 | $ 1 | |
Options Exercisable, Intrinsic Value | $ 15 | |||
Exercise Price Range One [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price Range, lower limit | $ 24 | $ 24 | ||
Exercise Price Range, upper limit | $ 80 | $ 800 | ||
Number Outstanding, Options Outstanding | 8,407 | 9,098 | ||
Weighted Average Remaining Contractual, Options Outstanding | 8 years 18 days | 8 years 5 months 4 days | ||
Weighted Average Exercise Price, Options Outstanding | $ 43.20 | $ 84.80 | ||
Options Outstanding, Intrinsic Value | $ 27 | |||
Number Outstanding, Options Exercisable | 3,375 | 3,630 | ||
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 7 years 11 months 12 days | 8 years 2 months 23 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 40 | $ 112 | ||
Options Exercisable, Intrinsic Value | $ 15 | |||
Exercise Price Range Two [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price Range, lower limit | 80.01 | $ 800.01 | ||
Exercise Price Range, upper limit | $ 800 | $ 8,000 | ||
Number Outstanding, Options Outstanding | 692 | 1,130 | ||
Weighted Average Remaining Contractual, Options Outstanding | 6 years 6 months 21 days | 6 years 2 months 19 days | ||
Weighted Average Exercise Price, Options Outstanding | $ 597.60 | $ 2,321.60 | ||
Number Outstanding, Options Exercisable | 681 | 1,130 | ||
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 6 years 6 months 18 days | 6 years 2 months 19 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 604.80 | $ 2,321.60 | ||
Exercise Price Range Three [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price Range, lower limit | 800.01 | 8,000.01 | ||
Exercise Price Range, upper limit | $ 8,000 | $ 16,000 | ||
Number Outstanding, Options Outstanding | 1,130 | 637 | ||
Weighted Average Remaining Contractual, Options Outstanding | 5 years 8 months 23 days | 3 years 5 months 19 days | ||
Weighted Average Exercise Price, Options Outstanding | $ 2,321.60 | $ 12,973.60 | ||
Number Outstanding, Options Exercisable | 1,130 | 637 | ||
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 5 years 8 months 23 days | 3 years 5 months 19 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 2,321.60 | $ 12,973.60 | ||
Exercise Price Range Four [Member] | ||||
Offsetting Assets [Line Items] | ||||
Exercise Price Range, lower limit | 8,000.01 | 16,000.01 | ||
Exercise Price Range, upper limit | $ 20,664 | $ 22,200,000 | ||
Number Outstanding, Options Outstanding | 872 | 309 | ||
Weighted Average Remaining Contractual, Options Outstanding | 2 years 9 months 29 days | 2 years 2 months 19 days | ||
Weighted Average Exercise Price, Options Outstanding | $ 14,040.80 | $ 18,188 | ||
Number Outstanding, Options Exercisable | 872 | 309 | ||
Weighted Average Remaining Contractual Term Exercisable, Options Exercisable | 2 years 9 months 29 days | 2 years 2 months 19 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 14,040.80 | $ 18,188 |
SUMMARY OF FAIR VALUE OF STOCK
SUMMARY OF FAIR VALUE OF STOCK OPTIONS GRANTED OF BSM (Details) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term | 6 years | |
Expected volatility | 103.27% | |
Expected dividends | 0.00% | 0.00% |
Risk free interest rate | 0.53% | |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term | 5 years 6 months | |
Expected volatility | 100.27% | |
Risk free interest rate | 0.36% | |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term | 6 years 6 months | |
Expected volatility | 105.21% | |
Risk free interest rate | 0.62% |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details Narrative) - USD ($) | Mar. 21, 2018 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | Jun. 03, 2021 | Jun. 01, 2021 | May 04, 2021 | Jan. 02, 2021 | Jan. 02, 2020 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Common stock, shares authorized | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | 300,000,000 | 170,000,000 | ||||||
Stock compensation expense | $ 23,000 | $ 215,000 | $ 49,000 | $ 451,000 | $ 566,000 | $ 891,000 | ||||||
Stock options grants | 625 | 8,063 | ||||||||||
Fair value, grant | $ 25.60 | $ 38.40 | ||||||||||
Intrinsic value of options exercised | $ 162 | $ 0 | ||||||||||
Allocated share based compensation expense | 500,000 | $ 700,000 | ||||||||||
Unrecognized compensation cost related to outstanding stock options | $ 101,000,000,000 | $ 101,000,000,000 | $ 200,000 | |||||||||
Unrecognized compensation cost related to non-vested remaining weighted average vesting period | 1 year 1 month 28 days | 1 year 7 months 9 days | ||||||||||
Director [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Stock options grants | 813 | |||||||||||
Weighted average remaining contractual term | 10 years | |||||||||||
Share based payment award vesting period | 3 years | |||||||||||
Exercise price | $ 52.80 | |||||||||||
Chief Executive Officer [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, nonvested, number of shares | 625 | 625 | ||||||||||
Employee Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Stock options grants | 625 | 7,250 | ||||||||||
Weighted average remaining contractual term | 10 years | 10 years | ||||||||||
Share based payment award vesting period | 3 years | 3 years | ||||||||||
Exercise price | $ 31.20 | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Fair value of equity purchases value | $ 3,000 | $ 5,000 | ||||||||||
Employee Stock Awards [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Share-based compensation, common stock, shares | 69 | 110 | ||||||||||
Stock compensation expense | $ 67,000 | $ 200,000 | ||||||||||
Maximum [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Common stock, shares authorized | 300,000,000 | |||||||||||
Maximum [Member] | Employee Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Exercise price | $ 52.80 | |||||||||||
Minimum [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Common stock, shares authorized | 170,000,000 | |||||||||||
Minimum [Member] | Employee Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Exercise price | $ 39.20 | |||||||||||
2015 Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Common stock reserved for issuance under plan | 64,100 | 2,083 | 2,083 | |||||||||
2015 Plan [Member] | Maximum [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Common stock, shares authorized | 75,000 | |||||||||||
2015 Plan [Member] | Minimum [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Common stock, shares authorized | 10,972 | |||||||||||
2018 Employee Stock Purchase Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Employee Stock Ownership Plan (ESOP), Plan Description | the Company’s shareholders on March 21, 2018. The 2018 ESPP allows employees to purchase common stock of the Company at a 15% discount to the market price on designated exercise dates. Employees were eligible to participate in the 2018 ESPP beginning May 1, 2018. 12,500 shares of the Company’s Common stock were reserved for issuance under the 2018 ESPP. | |||||||||||
Advaxis public offerings, net of offering costs, shares | 12 | 176 | ||||||||||
Stock Split [Member] | 2015 Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Issuance of common stock | 3,000 | |||||||||||
Stock Split [Member] | 2015 Plan [Member] | Maximum [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Issuance of common stock | 542 |
LICENSING AGREEMENTS (Details N
LICENSING AGREEMENTS (Details Narrative) - USD ($) | Apr. 30, 2021 | Apr. 26, 2021 | Apr. 30, 2020 | Sep. 04, 2019 | Sep. 04, 2018 | May 31, 2021 | Apr. 30, 2021 | Apr. 30, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | Oct. 31, 2020 |
Contract with Customer, Liability | $ 165,000 | ||||||||||
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 | 250,000 | $ 250,000 | ||||||||
OS Therapies [Member] | |||||||||||
Contract with Customer, Liability | $ 164,653 | ||||||||||
OS Therapies [Member] | Within Five Business Days [Member] | |||||||||||
Funding milestone payment | $ 2,337,500 | ||||||||||
Non-refundable and non-creditable payment | 1,550,000 | ||||||||||
OS Therapies [Member] | Creditable [Member] | |||||||||||
Non-refundable and non-creditable payment | $ 1,550,000 | ||||||||||
Development, License and Supply Agreement [Member] | OS Therapies [Member] | |||||||||||
Revenue | $ 1,375,000 | $ 1,375,000 | $ 25,000 | $ 25,000 | |||||||
Funding milestone payment | $ 2,337,500 | $ 1,550,000 | $ 1,615,000 | ||||||||
Upfront payment | $ 1,615,000 | ||||||||||
Funding for milestone payment | $ 1,375,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - Especificos Stendhal SA de CV [Member] $ in Millions | Sep. 19, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Damages sought value by plaintiff | $ 3 |
Litigation expense | 0.3 |
Due from related party | $ 3 |
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 | Oct. 31, 2020 |
Leases | |||||
Operating lease right-of-use assets | $ 26,000 | $ 40,000 | $ 4,512,000 | $ 43,000 | $ 4,839,000 |
Operating lease liability | 27,000 | 28,000 | 962,000 | ||
Operating lease liability, net of current portion | 12,000 | 5,055,000 | |||
Total operating lease liabilities | $ 27,000 | $ 40,000 | $ 5,628,000 | $ 43,000 | $ 6,017,000 |
SCHEDULE OF LEASE EXPENSES (Det
SCHEDULE OF LEASE EXPENSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Operating lease cost | $ 1,302 | $ 1,158 | ||||
Short-term lease cost | 14 | 320 | ||||
Variable lease cost | 180 | 547 | ||||
Total lease expense | $ 17 | $ 1,088 | $ 34 | $ 1,476 | 1,496 | 2,025 |
Short-term lease cost | 27 | 27 | $ 28 | $ 962 | ||
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 | Oct. 31, 2020 |
Leases | |||
Weighted-average remaining lease term | 10 months 24 days | 1 year 4 months 24 days | 5 years 1 month 6 days |
Weighted-average discount rate | 3.79% | 3.79% | 6.50% |
SCHEDULE OF CASH FLOW INFORMATI
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Leases | ||||
Cash paid for operating lease liabilities | $ 14 | $ 1,363 | $ 547 | $ 1,233 |
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 | Oct. 31, 2020 |
Leases | |||||
2022 (Remaining) | $ 15,000 | ||||
2023 | 13,000 | 29,000 | |||
2023 | 12,000 | ||||
Total minimum lease payments | 28,000 | 41,000 | |||
Less: Imputed interest | (1,000) | (1,000) | |||
Total | $ 27,000 | $ 40,000 | $ 5,628,000 | $ 43,000 | $ 6,017,000 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 26, 2021 | Mar. 25, 2021 | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Leases | |||||
Lease expiration date | Nov. 30, 2025 | Nov. 30, 2025 | |||
Security deposit | $ 182,000 | $ 182,000 | |||
Lease termination | $ 1,000,000 | ||||
Net payment for termination fee | 818,000 | ||||
Operating lease, right of use asset | 4,512,000 | $ 43,000 | 26,000 | 40,000 | $ 4,839,000 |
Operating lease liability | 5,628,000 | $ 43,000 | $ 27,000 | $ 40,000 | $ 6,017,000 |
Net gain on leases | 116,000 | ||||
Payment of rent | $ 29,000 | ||||
Lease Term | Mar. 25, 2022 | ||||
Lessee finance lease renewal term date | Mar. 25, 2023 |
SCHEDULE OF INCOME TAX PROVISIO
SCHEDULE OF INCOME TAX PROVISION (BENEFIT) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current | ||
Deferred | 141 | (4,578) |
Current | ||
Deferred | 131 | (1,445) |
Current | 50 | 50 |
Deferred | ||
Change in valuation allowance | (272) | (6,023) |
Income tax provision (benefit) | $ 50 | $ 50 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (LIABILITIES) (Details) - USD ($) $ in Thousands | Oct. 31, 2021 | Oct. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryovers | $ 32,971 | $ 28,553 |
Stock-based compensation | 4,566 | 10,132 |
Research and development credits | 11,371 | 10,742 |
Capitalized R&D costs | 14,536 | 13,822 |
Adoption of ASC 842 – Lease Liability | 11 | 1,691 |
Other deferred tax assets | 92 | 224 |
Total deferred tax assets | 63,547 | 65,164 |
Valuation allowance | (62,573) | (62,845) |
Deferred tax asset, net of valuation allowance | 974 | 2,319 |
Adoption of ASC 842 – ROU Asset | (11) | (1,360) |
Patent cost | (943) | (917) |
Other deferred tax liabilities | (20) | (42) |
Total deferred tax liabilities | (974) | (2,319) |
Net deferred tax asset (liability) |
SCHEDULE OF EXPECTED TAX (EXPEN
SCHEDULE OF EXPECTED TAX (EXPENSE) BENEFIT BASED ON STATUTORY RATE WITH ACTUAL TAX EXPENSE BENEFIT (Details) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
US Federal statutory rate | 21.00% | 21.00% |
State income tax, net of federal benefit | (0.73%) | 5.48% |
Merger costs | (1.68%) | 0.00% |
Other permanent differences | (0.02%) | (0.05%) |
Research and development credits | 3.09% | 1.73% |
Warrant Liability | 1.14% | 0.00% |
Foreign taxes | (0.28%) | (0.19%) |
Change in valuation allowance | 1.52% | (22.82%) |
Stock option expirations | (24.32%) | (5.33%) |
Income tax (provision) benefit | (0.28%) | (0.19%) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forward | $ 314,800,000 | $ 299,200,000 |
Net operating loss and deferred tax asset does not include nol's | $ 56,000,000 | |
Operating loss expiration year | 2038 | |
New jersey state net operating loss carryovers | $ 153,700,000 | 137,600,000 |
Interest or penalties on unpaid tax | $ 0 | $ 0 |
GPP Revenue [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Description | a Taiwan Excise tax of $50,000 levied in connection with the GBP Revenue. |
SCHEDULE OF FAIR VALUE, ASSETS
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
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 | $ 563 | $ 4,929 | $ 17 | $ 19 |
Total | 22,082 | 17,166 | ||
Total Financial Assets at Fair Value | 17,156 | 17,153 | ||
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 $24.00 through September 2024 | 4,902 | |||
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 2024 [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 | 17 | |
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 | 17,149 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 17,153 | 17,149 | ||
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 $24.00 through September 2024 | ||||
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 2024 [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 | 17,149 | |
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | ||||
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 $24.00 through September 2024 | ||||
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 2024 [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 | 4,929 | 17 | ||
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 $24.00 through September 2024 | 4,902 | |||
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 2024 [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 | 17 | |
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 | Oct. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||
Warrants exercise price | $ 20 | $ 24 | $ 29.76 |
Private Placement [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Warrants exercise price | $ 56 | $ 56 |
SCHEDULE OF CHANGES IN FAIR VAL
SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANT LIABILITIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||||||
Beginning balance | $ 4,929,000 | $ 17,000 | $ 17,000 | $ 19,000 | ||
Warrants issued | 5,882,000 | |||||
Warrant exercises | (2,000) | |||||
Change in fair value | $ 564,000 | $ 995,000 | 4,366,000 | $ 968,000 | (970,000) | |
Ending balance | $ 563,000 | $ 563,000 | $ 4,929,000 | $ 17,000 |
EMPLOYEE BENEFIT PLAN (Details
EMPLOYEE BENEFIT PLAN (Details Narrative) $ in Millions | 12 Months Ended |
Oct. 31, 2020USD ($) | |
401(k) Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 0.1 |
SCHEDULE OF ANTI -DILUTED SECUR
SCHEDULE OF ANTI -DILUTED SECURITIES EXCLUDED FROM DILUTED NET LOSS PER SHARE (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 388,919 | 390,710 | 388,992 | 17,694 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 377,818 | 377,818 | 377,818 | 4,978 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 11,101 | 12,892 | 11,174 | 12,647 |
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 | Oct. 31, 2020 | |
Offsetting Assets [Line Items] | |||
Exercise Price | $ 20 | $ 24 | $ 29.76 |
Grand Total Number of Shares Underlying Warrants | 377,818 | 377,818 | 4,978 |
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 | $ 29.76 |
Grand Total Number of Shares Underlying Warrants | 4,092 | 4,092 | 886 |
Expiration date | September 2024 | September 2024 | July 2024 |
Type of financing | July 2019 Public Offering | 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 | 4,092 |
Expiration date | November 2025 | November 2025 | September 2024 |
Type of financing | November 2020 Public Offering | November 2020 Public Offering | September 2018 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 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2022USD ($)$ / shares | Jan. 31, 2022$ / sharesshares | Apr. 30, 2021USD ($) | Jan. 31, 2021USD ($) | Apr. 30, 2022USD ($)$ / shares | Oct. 31, 2021USD ($) | Oct. 31, 2020USD ($) | Mar. 31, 2021$ / shares | Nov. 30, 2020$ / shares | May 31, 2020$ / shares | Jan. 31, 2020$ / shares | |
Subsequent Event [Line Items] | |||||||||||
Stated value | $ | $ 13,683,000 | $ 8,550,000 | $ 22,233,000 | $ 11,066,000 | |||||||
Share purchase price | $ 68.80 | $ 51.20 | |||||||||
Issue discount | 0.05 | ||||||||||
Series D Preferred Stock [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Preferred stock conversion price | $ 20 | ||||||||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Preferred stock conversion price | $ 20 | $ 20 | |||||||||
Liquidation preference | The Series D preferred stock will also have a liquidation preference over the common stock, and may be redeemed by the investors, in accordance with certain terms, for a redemption price equal to 105% of the stated value, or in certain circumstances, 110% of the stated value | ||||||||||
Private Placement [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Share purchase price | $ 28 | $ 100 | |||||||||
Private Placement [Member] | Series D Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Gross proceeds from offering | $ | $ 4,750,000 | ||||||||||
Private Placement [Member] | Institutional Investors [Member] | Series D Preferred Stock [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Advaxis public offerings, net of offering costs, shares | shares | 1,000,000 | ||||||||||
Stated value | $ | $ 5,000,000 | ||||||||||
Share purchase price | $ 4.75 | ||||||||||
Private Placement [Member] | Institutional Investors [Member] | Series D Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Advaxis public offerings, net of offering costs, shares | shares | 1,000,000 | ||||||||||
Stated value | $ | $ 5,000,000 | ||||||||||
Share purchase price | $ 4.75 | $ 4.75 | |||||||||
Issue discount | 0.05 |
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 |
SUMMARY OF STOCKHOLDERS EQUITY
SUMMARY OF STOCKHOLDERS EQUITY (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Beginning balance, value | $ 38,549 | $ 38,888 | $ 37,575 | $ 30,180 | $ 38,888 | $ 30,180 | $ 30,180 | $ 39,531 |
Stock-based compensation | 23 | 26 | 215 | 236 | 566 | 891 | ||
Advaxis public offerings, net of offering costs | 13,683 | 8,550 | 22,233 | 11,066 | ||||
Warrant exercises | 1,185 | 2,586 | 3,771 | 2 | ||||
Net loss | (2,440) | (365) | (5,107) | (3,977) | (2,805) | (9,084) | (17,862) | (26,469) |
Stock option exercises | ||||||||
Stock option exercises, shares | 4 | |||||||
Issuance of shares to employees under ESPP Plan | ||||||||
Ending balance, value | 35,151 | 38,549 | 47,551 | 37,575 | 35,151 | 47,551 | $ 38,888 | 30,180 |
Accretion of discount and redemption feature of convertible preferred stock | (1,025) | |||||||
Convertible preferred stock redemption | 44 | |||||||
Preferred Stock [Member] | ||||||||
Beginning balance, value | ||||||||
Beginning balance, shares | ||||||||
Stock-based compensation | ||||||||
Advaxis public offerings, net of offering costs | ||||||||
Advaxis public offerings, net of offering costs, shares | ||||||||
Warrant exercises | ||||||||
Warrant exercises, shares | ||||||||
Net loss | ||||||||
Stock-based compensation, shares | ||||||||
Stock option exercises | ||||||||
Stock option exercises, shares | ||||||||
Issuance of shares to employees under ESPP Plan | ||||||||
Ending balance, value | ||||||||
Ending balance, shares | ||||||||
Accretion of discount and redemption feature of convertible preferred stock | ||||||||
Convertible preferred stock redemption | ||||||||
Common Stock [Member] | ||||||||
Beginning balance, value | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 1 |
Beginning balance, shares | 1,820,480 | 1,820,480 | 1,451,633 | 975,925 | 1,820,480 | 975,925 | 975,925 | 627,525 |
Stock-based compensation | ||||||||
Advaxis public offerings, net of offering costs | $ 1 | |||||||
Advaxis public offerings, net of offering costs, shares | 230,794 | 383,333 | 614,127 | 156,113 | ||||
Warrant exercises | ||||||||
Warrant exercises, shares | 137,968 | 92,375 | 230,343 | 423 | ||||
Net loss | ||||||||
Stock-based compensation, shares | 69 | 69 | 110 | |||||
Stock option exercises | ||||||||
Stock option exercises, shares | 4 | 4 | ||||||
Issuance of shares to employees under ESPP Plan | ||||||||
Issuance of shares to employees under ESPP Plan, shares | 12 | |||||||
Ending balance, value | $ 2 | $ 2 | $ 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 | 1,820,480 | 975,925 |
Accretion of discount and redemption feature of convertible preferred stock | ||||||||
Convertible preferred stock redemption | ||||||||
Additional Paid-in Capital [Member] | ||||||||
Beginning balance, value | 467,512 | $ 467,486 | $ 452,288 | $ 440,916 | $ 467,486 | $ 440,916 | $ 440,916 | $ 423,799 |
Stock-based compensation | 23 | 26 | 215 | 236 | 566 | 891 | ||
Advaxis public offerings, net of offering costs | 13,683 | 8,550 | 22,233 | 11,065 | ||||
Warrant exercises | 1,185 | 2,586 | 3,771 | 2 | ||||
Net loss | ||||||||
Stock option exercises | ||||||||
Issuance of shares to employees under ESPP Plan | ||||||||
Ending balance, value | 466,554 | 467,512 | 467,371 | 452,288 | 466,554 | 467,371 | 467,486 | 440,916 |
Accretion of discount and redemption feature of convertible preferred stock | (1,025) | |||||||
Convertible preferred stock redemption | 44 | |||||||
Retained Earnings [Member] | ||||||||
Beginning balance, value | (428,965) | (428,600) | (414,715) | (410,738) | (428,600) | (410,738) | (410,738) | (384,269) |
Stock-based compensation | ||||||||
Advaxis public offerings, net of offering costs | ||||||||
Warrant exercises | ||||||||
Net loss | (2,440) | (365) | (5,107) | (3,977) | (17,862) | (26,469) | ||
Stock option exercises | ||||||||
Issuance of shares to employees under ESPP Plan | ||||||||
Ending balance, value | (431,405) | $ (428,965) | $ (419,822) | $ (414,715) | $ (431,405) | $ (419,822) | $ (428,600) | $ (410,738) |
Accretion of discount and redemption feature of convertible preferred stock | ||||||||
Convertible preferred stock redemption |
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 |
TEMPORARY EQUITY (Details Narra
TEMPORARY EQUITY (Details Narrative) | Apr. 06, 2022USD ($)$ / sharesshares | Jan. 31, 2022USD ($)shares | Apr. 30, 2021USD ($) | Jan. 31, 2021USD ($) | Apr. 30, 2022USD ($)$ / shares | Oct. 31, 2021USD ($) | Oct. 31, 2020USD ($) | Mar. 31, 2021$ / shares | Nov. 30, 2020$ / shares | May 31, 2020$ / shares | Jan. 31, 2020$ / shares |
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Stated value | $ 13,683,000 | $ 8,550,000 | $ 22,233,000 | $ 11,066,000 | |||||||
Share purchase price | $ / shares | $ 68.80 | $ 51.20 | |||||||||
Issue discount | 0.05 | ||||||||||
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 | $ / shares | $ 20 | ||||||||||
Temporary equity stock stated value accumulated dividends | 105.00% | ||||||||||
Temporary Equity, Shares Outstanding | shares | 1,000,000 | ||||||||||
Temporary Equity, Par or Stated Value Per Share | $ / shares | $ 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] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Share purchase price | $ / shares | $ 28 | $ 100 | |||||||||
Private Placement [Member] | Institutional Investors [Member] | Series D Preferred Stock [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Advaxis public offerings, net of offering costs, shares | shares | 1,000,000 | ||||||||||
Stated value | $ 5,000,000 | ||||||||||
Share purchase price | $ / shares | $ 4.75 |