Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2020 | Sep. 08, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | Anixa Biosciences Inc | |
Entity Central Index Key | 0000715446 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 23,789,386 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 31, 2020 | Oct. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,928,007 | $ 3,491,625 |
Short-term investments in certificates of deposit | 3,140,000 | 2,350,000 |
Receivables | 5,950 | 66,527 |
Prepaid expenses and other current assets | 189,842 | 184,972 |
Total current assets | 9,263,799 | 6,093,124 |
Property and equipment, net of accumulated depreciation of $95,015 | 200,569 | |
Operating lease right-of-use asset | 67,982 | |
Other assets | 30,000 | |
Total assets | 9,361,781 | 6,293,693 |
Current liabilities: | ||
Accounts payable | 339,295 | 585,817 |
Accrued expenses | 815,717 | 895,498 |
Operating lease liability | 58,195 | |
Total current liabilities | 1,213,207 | 1,481,315 |
Operating lease liability, non-current | 10,567 | |
Total liabilities | 1,223,774 | 1,481,315 |
Commitments and contingencies (Note 9) | ||
Shareholders' equity: | ||
Preferred stock, value | ||
Common stock, par value $.01 per share; 48,000,000 shares authorized; 23,653,754 and 20,331,754 shares issued and outstanding, respectively | 236,537 | 203,317 |
Additional paid-in capital | 197,993,060 | 186,849,299 |
Accumulated deficit | (189,611,583) | (181,817,263) |
Total shareholders' equity | 8,618,014 | 5,235,353 |
Noncontrolling interest (Note 1) | (480,007) | (422,975) |
Total equity | 8,138,007 | 4,812,378 |
Total liabilities and equity | 9,361,781 | 6,293,693 |
Series A Convertible Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2020 | Oct. 31, 2019 |
Property and equipment, accumulated depreciation | $ 95,015 | |
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 19,860 | 19,860 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ .01 | $ .01 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 23,653,754 | 20,331,754 |
Common stock, shares outstanding | 23,653,754 | 20,331,754 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 140 | 140 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 250,000 | |||
Operating costs and expenses: | ||||
Patent assertion expenses | 166,250 | |||
Amortization of patents | 41,875 | 418,750 | ||
Research and development expenses (including non-cash share-based compensation expenses of $394,842, $338,449, $1,250,497 and $2,567,294, respectively) | 1,254,131 | 1,085,574 | 3,973,509 | 4,602,239 |
General and administrative expenses (including non-cash share-based compensation expenses of $646,957, $492,449, $1,922,722 and $2,335,218, respectively) | 1,181,838 | 1,056,963 | 3,762,466 | 4,405,385 |
Impairment in carrying amount of patent asset | 418,750 | |||
Total operating costs and expenses | 2,435,969 | 2,184,412 | 7,735,975 | 10,011,374 |
Loss from operations | (2,435,969) | (2,184,412) | (7,735,975) | (9,761,374) |
Other Expense | (148,084) | (148,084) | ||
Interest income | 7,266 | 18,364 | 32,707 | 53,783 |
Net loss | (2,576,787) | (2,166,048) | (7,851,352) | (9,707,591) |
Less: Net loss attributable to noncontrolling interest | (15,103) | (26,020) | (57,032) | (148,030) |
Net loss attributable to common shareholders | $ (2,561,684) | $ (2,140,028) | $ (7,794,320) | $ (9,559,561) |
Net loss per common share attributable to common shareholders: Basic and diluted | $ (0.11) | $ (0.11) | $ (0.36) | $ (0.49) |
Weighted average common shares outstanding: Basic and diluted | 23,165,066 | 20,100,915 | 21,678,608 | 19,638,833 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Research and Development Expense [Member] | ||||
Non-cash share-based compensation expenses | $ 394,842 | $ 338,449 | $ 1,250,497 | $ 2,567,294 |
General and Administrative Expense [Member] | ||||
Non-cash share-based compensation expenses | $ 646,957 | $ 492,449 | $ 1,922,722 | $ 2,335,218 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total Shareholders' Equity [Member] | Non-controlling Interest [Member] | Total |
Beginning balance at Oct. 31, 2018 | $ 189,086 | $ 175,415,931 | $ (170,170,209) | $ 5,434,808 | $ (251,377) | $ 5,183,431 |
Beginning balance, shares at Oct. 31, 2018 | 18,908,632 | |||||
Stock option compensation to employees and directors | 2,808,910 | 2,808,910 | 2,808,910 | |||
Stock options issued to consultants | 139,161 | 139,161 | 139,161 | |||
Common stock issued upon exercise of stock options | $ 400 | 102,100 | 102,500 | 102,500 | ||
Common stock issued upon exercise of stock options, shares | 40,000 | |||||
Restricted stock award compensation to employee pursuant to stock incentive plan | 1,954,441 | 1,954,441 | 1,954,441 | |||
Restricted stock award compensation to employee pursuant to stock incentive plan, shares | ||||||
Common stock issued pursuant to employee stock purchase plan | $ 54 | 18,506 | 18,560 | 18,560 | ||
Common stock issued pursuant to employee stock purchase plan, shares | 5,411 | |||||
Common stock issued in at-the-market offering, net of offering expenses | $ 12,088 | 4,887,657 | 4,899,745 | 4,899,745 | ||
Common stock issued in at-the-market offering, net of offering expenses, shares | 1,208,808 | |||||
Net loss | (9,559,561) | (9,559,561) | (148,030) | (9,707,591) | ||
Ending balance at Jul. 31, 2019 | $ 201,628 | 185,326,706 | (179,729,770) | 5,798,564 | (399,407) | 5,399,157 |
Ending balance, shares at Jul. 31, 2019 | 20,162,851 | |||||
Beginning balance at Apr. 30, 2019 | $ 200,050 | 183,932,744 | (177,589,742) | 6,543,052 | (373,387) | 6,169,665 |
Beginning balance, shares at Apr. 30, 2019 | 20,005,075 | |||||
Stock option compensation to employees and directors | 784,246 | 784,246 | 784,246 | |||
Common stock issued upon exercise of stock options | $ 100 | 22,600 | 22,700 | 22,700 | ||
Common stock issued upon exercise of stock options, shares | 10,000 | |||||
Common stock issued in at-the-market offering, net of offering expenses | $ 1,478 | 540,464 | 541,942 | 541,942 | ||
Common stock issued in at-the-market offering, net of offering expenses, shares | 147,776 | |||||
Stock options and warrants issued to consultants | 46,652 | 46,652 | 46,652 | |||
Net loss | (2,140,028) | (2,140,028) | (26,020) | (2,166,048) | ||
Ending balance at Jul. 31, 2019 | $ 201,628 | 185,326,706 | (179,729,770) | 5,798,564 | (399,407) | 5,399,157 |
Ending balance, shares at Jul. 31, 2019 | 20,162,851 | |||||
Beginning balance at Oct. 31, 2019 | $ 203,317 | 186,849,299 | (181,817,263) | 5,235,353 | (422,975) | 4,812,378 |
Beginning balance, shares at Oct. 31, 2019 | 20,331,754 | |||||
Stock option compensation to employees and directors | 3,016,305 | 3,016,305 | 3,016,305 | |||
Stock options issued to consultants | 156,914 | 156,914 | 156,914 | |||
Common stock issued upon exercise of stock options | $ 511 | 121,759 | 122,270 | 122,270 | ||
Common stock issued upon exercise of stock options, shares | 51,100 | |||||
Common stock issued pursuant to employee stock purchase plan | $ 96 | 15,356 | 15,452 | 15,452 | ||
Common stock issued pursuant to employee stock purchase plan, shares | 9,618 | |||||
Common stock issued in at-the-market offering, net of offering expenses | $ 32,613 | 7,833,427 | 7,866,040 | 7,866,040 | ||
Common stock issued in at-the-market offering, net of offering expenses, shares | 3,261,282 | |||||
Net loss | (7,794,320) | (7,794,320) | (57,032) | (7,851,352) | ||
Ending balance at Jul. 31, 2020 | $ 236,537 | 197,993,060 | (189,611,583) | 8,618,014 | (480,007) | 8,138,007 |
Ending balance, shares at Jul. 31, 2020 | 23,653,754 | |||||
Beginning balance at Apr. 30, 2020 | $ 214,793 | 192,122,260 | (187,049,899) | 5,287,154 | (464,904) | 4,822,250 |
Beginning balance, shares at Apr. 30, 2020 | 21,479,335 | |||||
Stock option compensation to employees and directors | 997,094 | 997,094 | 997,094 | |||
Stock options issued to consultants | 44,705 | 44,705 | 44,705 | |||
Common stock issued upon exercise of stock options | $ 72 | 18,468 | 18,540 | 18,540 | ||
Common stock issued upon exercise of stock options, shares | 7,200 | |||||
Common stock issued in at-the-market offering, net of offering expenses | $ 21,672 | 4,810,533 | 4,832,205 | 4,832,205 | ||
Common stock issued in at-the-market offering, net of offering expenses, shares | 2,167,219 | |||||
Net loss | (2,561,684) | (2,561,684) | (15,103) | (2,576,787) | ||
Ending balance at Jul. 31, 2020 | $ 236,537 | $ 197,993,060 | $ (189,611,583) | $ 8,618,014 | $ (480,007) | $ 8,138,007 |
Ending balance, shares at Jul. 31, 2020 | 23,653,754 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, offering expenses | $ 155,776 | $ 111,275 | $ 314,072 | $ 264,186 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Reconciliation of net loss to net cash used in operating activities: | ||
Net loss | $ (7,851,352) | $ (9,707,591) |
Stock option compensation to employees and directors | 3,016,305 | 2,808,910 |
Stock options and warrants issued to consultants | 156,914 | 139,161 |
Restricted stock award compensation to employee pursuant to stock incentive plan | 1,954,441 | |
Depreciation of property and equipment | 38,276 | 32,990 |
Loss on disposal of property and equipment | 148,084 | |
Amortization of operating lease right-of-use asset | 38,317 | |
Amortization of patents | 418,750 | |
Impairment in carrying amount of patent assets | 418,750 | |
Change in operating assets and liabilities: | ||
Receivables | 60,577 | 305,919 |
Prepaid expenses and other current assets | (4,870) | 45,847 |
Accounts payable | (246,522) | (14,234) |
Accrued expenses | (79,781) | 192,672 |
Operating lease liability | (37,537) | |
Net cash used in operating activities | (4,761,589) | (3,404,385) |
Cash flows from investing activities: | ||
Disbursements to acquire short-term investments in certificates of deposit | (5,510,000) | (2,350,000) |
Proceeds from maturities of short-term investments in certificates of deposit | 4,720,000 | 2,250,000 |
Purchase of property and equipment | (15,791) | (175,457) |
Net cash used in investing activities | (805,791) | (275,457) |
Cash flows from financing activities: | ||
Net proceeds from sale of common stock in at-the-market offering | 7,866,040 | 4,899,745 |
Proceeds from sale of common stock pursuant to employee stock purchase plan | 15,452 | 18,560 |
Proceeds from exercise of stock options | 122,270 | 102,500 |
Net cash provided by financing activities | 8,003,762 | 5,020,805 |
Net increase in cash and cash equivalents | 2,436,382 | 1,340,963 |
Cash and cash equivalents at beginning of period | 3,491,625 | 3,055,890 |
Cash and cash equivalents at end of period | 5,928,007 | 4,396,853 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Operating lease right-of-use asset | (106,221) | |
Operating lease liability | $ 106,299 |
Business and Funding
Business and Funding | 9 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Business and Funding | 1. BUSINESS AND FUNDING Description of Business As used herein, “we,” “us,” “our,” the “Company” or “Anixa” means Anixa Biosciences, Inc. and its consolidated subsidiaries. Our primary operations involve developing therapies and vaccines that are focused on critical unmet needs in oncology and infectious disease. Our therapeutics programs include the development of a chimeric endocrine receptor T-cell technology, a novel form of CAR-T technology, initially focused on treating ovarian cancer, and discovery and ultimately development of anti-viral drug candidates for the treatment of COVID-19 focused on inhibiting certain viral protein functions. Our vaccine program consists of the development of a vaccine against triple negative breast cancer (“TNBC”), the most lethal form of breast cancer. We hold an exclusive worldwide, royalty-bearing license to use certain intellectual property owned or controlled by The Cleveland Clinic Foundation (“Cleveland Clinic”) related to certain breast cancer vaccine technology developed at Cleveland Clinic. We are working in collaboration with Cleveland Clinic to develop a method to vaccinate women against contracting breast cancer, focused specifically on TNBC, the most lethal form of the disease. A specific protein, alpha-lactalbumin, has been identified that is only present during lactation in healthy women, but reappears in many forms of breast cancer, especially TNBC. Studies have shown that vaccinating against this protein prevents breast cancer in mice. We are working with researchers at Cleveland Clinic to advance this vaccine toward human clinical testing, and we are in the process of manufacturing the vaccine and upon completion we will be prepared to file an Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”). While we anticipate filing the IND during the third calendar quarter of 2020, we may experience delays in the vaccine manufacturing and characterization process due to the global coronavirus pandemic. We do not currently anticipate any potential delays to significantly alter our expected timeline. The IND application, after review and if approved by the FDA, will enable us to begin testing our vaccine in human subjects. Our subsidiary, Certainty Therapeutics, Inc. (“Certainty”), is developing immuno-therapy drugs against cancer. Certainty holds an exclusive worldwide, royalty-bearing license to use certain intellectual property owned or controlled by The Wistar Institute (“Wistar”) relating to Wistar’s CAR-T technology. We have initially focused on the development of a treatment for ovarian cancer, but we may also pursue applications of the technology for the development of treatments for additional solid tumors. The license agreement requires Certainty to make certain cash and equity payments to Wistar. With respect to Certainty’s equity obligations to Wistar, Certainty issued to Wistar shares of its common stock equal to five percent (5%) of the common stock of Certainty. Certainty, in collaboration with the H. Lee Moffitt Cancer Center and Research Institute, Inc. (“Moffitt”), is advancing toward human clinical testing its CAR-T technology for treating ovarian cancer. Clinical grade materials are currently being manufactured and upon completion will undergo extensive testing. Once the materials have been successfully tested, we will be prepared to submit an IND application with the FDA. While we anticipate filing the IND by the end of calendar 2020, we may experience delays in completing the manufacturing and testing of clinical materials due to the global coronavirus pandemic. We do not currently anticipate any potential delays to significantly alter our expected timeline. The IND application, after review and approval by the FDA, will enable us to begin testing our therapy in ovarian cancer patients. In April 2020, in collaboration with OntoChem GmbH (“OntoChem”), we commenced a project to discover and ultimately develop anti-viral drug candidates against COVID-19. Through this collaboration, we are utilizing advanced computational methods, machine learning, and molecular modeling techniques to perform in silico While the screening process is ongoing and we anticipate discovering additional drug candidates, we have identified four compounds that could disrupt the function of a viral enzyme called an endoribonuclease, known as Non-Structural Protein-15 (“NSP-15”), and 27 compounds that target the main protease (“M pro pro pro in vitro On July 2, 2020, we implemented a strategic realignment of our business and redirected resources to exclusively focus on the development of therapeutics and vaccines. Accordingly, we suspended operations of our subsidiary, Anixa Diagnostics Corporation, and the development of the Cchek™ artificial intelligence driven platform of non-invasive blood tests for the early detection of cancer. Over the next several quarters, we expect the development of our breast cancer vaccine, our COVID-19 therapeutic discovery program and Certainty’s CAR-T technology to be the primary focus of the Company. As part of our legacy operations, the Company remains engaged in limited patent licensing activities regarding the Cchek™ liquid biopsy platform, as well as in the area of encrypted audio/video conference calling. We do not expect these activities to be a significant part of the Company’s ongoing operations nor do we expect these activities to require material financial resources or attention of senior management. Over the past several years, our revenue was derived from technology licensing and the sale of patented technologies, including revenue from the settlement of litigation. We have not generated any revenue to date from our therapeutics or vaccine programs. In addition, while we pursue our therapeutics and vaccine programs, we may also make investments in and form new companies to develop additional emerging technologies. Funding and Management’s Plans Based on currently available information as of September 8, 2020, we believe that our existing cash, cash equivalents, short-term investments and expected cash flows will be sufficient to fund our activities for the next twelve months. We have implemented a business model that conserves funds by collaborating with third parties to develop our technologies. However, our projections of future cash needs and cash flows may differ from actual results. If current cash on hand, cash equivalents, short-term investments and cash that may be generated from our business operations are insufficient to continue to operate our business, or if we elect to invest in or acquire a company or companies or new technology or technologies that are synergistic with or complementary to our technologies, we may be required to obtain more working capital. During the nine months ended July 31, 2020, we raised an aggregate of approximately $7,866,000, net of expenses, through the sale of 3,261,282 shares of common stock in our at-the-market equity offerings. This included approximately $427,000, net of expenses, through the sale of 112,238 shares of common stock in an at-the market equity offering which expired in November 2019 and approximately $7,439,000, net of expenses, through the sale of 3,149,044 shares of common stock in an at-the-market equity offering under which we may issue up to $50 million of common stock. Under our current at-the-market equity program which is currently effective and may remain available for us to use in the future, we may sell an additional approximately $42,260,000 of common stock. We may seek to obtain working capital during our fiscal year 2020 or thereafter through sales of our equity securities or through bank credit facilities or public or private debt from various financial institutions where possible. We cannot be certain that additional funding will be available on acceptable terms, or at all. If we do identify sources for additional funding, the sale of additional equity securities or convertible debt could result in dilution to our stockholders. We can give no assurance that we will generate sufficient cash flows in the future to satisfy our liquidity requirements or sustain future operations, or that other sources of funding, such as sales of equity or debt, would be available or would be approved by our security holders, if needed, on favorable terms or at all. If we fail to obtain additional working capital as and when needed, such failure could have a material adverse impact on our business, results of operations and financial condition. Furthermore, such lack of funds may inhibit our ability to respond to competitive pressures or unanticipated capital needs, or may force us to reduce operating expenses, which would significantly harm the business and development of operations. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, certain information and disclosures required by generally accepted accounting principles in annual financial statements have been omitted or condensed. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures included in our Annual Report on Form 10-K for the year ended October 31, 2019. The accompanying October 31, 2019 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by US GAAP. The condensed consolidated financial statements include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair statement of our financial position as of July 31, 2020, and results of operations and cash flows for the interim periods represented. The results of operations for the nine months ended July 31, 2020 are not necessarily indicative of the results to be expected for the entire year. Noncontrolling Interest Noncontrolling interest represents Wistar’s equity ownership in Certainty and is presented as a component of equity. The following table sets forth the changes in noncontrolling interest for the nine months ended July 31, 2020: Balance, October 31, 2019 $ (422,975 ) Net loss attributable to noncontrolling interest (57,032 ) Balance, July 31, 2020 $ (480,007 ) Revenue Recognition Since fiscal 2016 our revenue has been derived solely from technology licensing and the sale of patented technologies. Revenue is recognized upon transfer of control of intellectual property rights and satisfaction of other contractual performance obligations to licensees in an amount that reflects the consideration we expect to receive. On November 1, 2018 we adopted Accounting Standards Update 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers using the modified retrospective method. Upon adoption of ASU 2014-09 we were required to make certain judgments and estimates in connection with the accounting for revenue. Such areas may include determining the existence of a contract and identifying each party’s rights and obligations to transfer goods and services, identifying the performance obligations in the contract, determining the transaction price and allocating the transaction price to separate performance obligations, estimating the timing of satisfaction of performance obligations, determining whether a promise to grant a license is distinct from other promised goods or services and evaluating whether a license transfers to a customer at a point in time or over time. Our revenue arrangements provide for the payment of contractually determined, one-time, paid-up license fees in settlement of litigation and in consideration for the grant of certain intellectual property rights for patented technologies owned or controlled by the Company. These arrangements typically include some combination of the following: (i) the grant of a non-exclusive, retroactive and future license to manufacture and/or sell products covered by patented technologies owned or controlled by the Company, (ii) a covenant-not-to-sue, (iii) the release of the licensee from certain claims, and (iv) the dismissal of any pending litigation. In such instances, the intellectual property rights granted have been perpetual in nature, extending until the expiration of the related patents. Pursuant to the terms of these agreements, we have no further obligations with respect to the granted intellectual property rights, including no obligation to maintain or upgrade the technology, or provide future support or services. Licensees obtained control of the intellectual property rights they have acquired upon execution of the agreement. Accordingly, the performance obligations from these agreements were satisfied and 100% of the revenue was recognized upon the execution of the agreements. The adoption of ASU 2014-09 had no impact on revenue recognized. Cost of Revenues Cost of revenues include the costs and expenses incurred in connection with our patent licensing and enforcement activities, including inventor royalties paid to original patent owners, contingent legal fees paid to external counsel, other patent-related legal expenses paid to external counsel, licensing and enforcement related research, consulting and other expenses paid to third-parties and the amortization of patent-related investment costs. These costs are included under the caption “Operating costs and expenses” in the accompanying condensed consolidated statements of operations. Research and Development Expenses Research and development expenses, consisting primarily of employee compensation, payments to third parties for research and development activities and other direct costs associated with developing a platform for non-invasive blood tests for early detection of cancer, developing immuno-therapy drugs against cancer, development of our breast cancer vaccine and development of anti-viral drugs candidates for COVID-19, are expensed in the consolidated financial statements in the period incurred. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Jul. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | 2. STOCK BASED COMPENSATION The Company maintains stock equity incentive plans under which the Company grants incentive stock options, non-qualified stock options, stock appreciation rights, stock awards, performance awards, or stock units to employees, directors and consultants. Stock Option Compensation Expense The compensation cost for service-based stock options granted to employees and directors is measured at the grant date, based on the fair value of the award using the Black-Scholes pricing model, and is expensed on a straight-line basis over the requisite service period (the vesting period of the stock option) which is one to four years. We recorded stock-based compensation expense related to service-based stock options granted to employees and directors of approximately $3,016,000 and $2,433,000 during the nine months ended July 31, 2020 and 2019, respectively, and approximately $997,000 and $784,000 during the three months ended July 31, 2020 and 2019, respectively. For stock options granted to employees and directors that vest based on market conditions, such as the trading price of the Company’s common stock exceeding certain price targets, we use a Monte Carlo Simulation in estimating the fair value at grant date and recognize compensation cost over the implied service period (median time to vest). On May 8, 2018, we issued market condition options to purchase 1,500,000 shares of common stock, to our Chairman, President and Chief Executive Officer, vesting at target trading prices of $5.00 to $8.00 per share before May 31, 2021, with implied service periods of three to seven months. In October 2018, the first tranche of 500,000 shares of market condition options became exercisable upon achieving an average closing price above $5.00 per share for twenty consecutive trading days. We recorded stock-based compensation expense related to market condition stock options granted to employees of approximately $-0- and $376,000 during the nine months ended July 31, 2020 and 2019, respectively. We did not have any market condition stock-based compensation expense during the three months ended July 31, 2020 and 2019. On November 1, 2018 we adopted Accounting Standards Update 2018-07 (“ASU 2018-07”) for stock options granted to consultants. Upon adoption of ASU 2018-07 we estimated the fair value of unvested service-based and performance-based stock options at the date of adoption, using the Black-Scholes pricing model. Subsequent to adoption of ASU 2018-07, future grants to consultants are measured at the grant date, based on the fair value of the award using the Black-Scholes pricing model, consistent with our policy for grants to employees and directors. In prior periods, in accordance with US GAAP, we estimated the fair value of service-based and performance-based stock options granted to consultants at each reporting period using the Black-Scholes pricing model. We recognize the fair value of stock options granted to consultants as consulting expense over the requisite or implied service period of the grant. We recorded stock-based consulting expense related to stock options granted to consultants of approximately $157,000 and $75,000 during the nine months ended July 31, 2020 and 2019, respectively, and approximately $45,000 and $25,000 during the three months ended July 31, 2020 and 2019, respectively. Stock Option Plans During the nine months ended July 31, 2020, we had three stock option plans: the Anixa Biosciences, Inc. 2003 Share Incentive Plan (the “2003 Share Plan”), the Anixa Biosciences, Inc. 2010 Share Incentive Plan (the “2010 Share Plan”) and the Anixa Biosciences, Inc. 2018 Share Incentive Plan (the “2018 Share Plan”), which were adopted by our Board of Directors on April 21, 2003, July 14, 2010 and January 25, 2018, respectively. The 2018 Share Plan was approved by our shareholders on March 29, 2018. Stock Option Activity During the nine months ended July 31, 2020 and 2019, we granted options to purchase 800,000 shares and 10,000 shares of common stock, respectively, to employees and consultants, with exercise prices ranging from $3.64 to $4.04 per share, pursuant to the 2010 Share Plan and the 2018 Share Plan. During the nine months ended July 31, 2020 and 2019, stock options to purchase 51,100 and 40,000 shares of common stock, respectively, were exercised with aggregate proceeds of approximately $122,000 and $103,000, respectively. 2003 Plan The 2003 Share Plan provided for the grant of nonqualified stock options, stock appreciation rights, stock awards, performance awards and stock units to employees, directors and consultants. In accordance with the provisions of the 2003 Share Plan, the plan terminated with respect to the ability to grant future awards on April 21, 2013. Information regarding the 2003 Share Plan for the nine months ended July 31, 2020 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2019 400 $ 17.00 Forfeited/Expired (400 ) $ 17.00 Options outstanding and exercisable at July 31, 2020 - $ -0- $ -0- Information regarding the 2003 Share Plan for the nine months ended July 31, 2019 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2018 12,000 $ 2.77 Exercised (4,000 ) $ 3.63 Options outstanding and exercisable at July 31, 2019 8,000 $ 2.34 $ 23,694 The following table summarizes information about stock options outstanding and exercisable under the 2003 Share Plan as of July 31, 2019: Range of Number Weighted Average Remaining Weighted $0.67 - $17.00 8,000 0.19 $ 2.34 2010 Plan The 2010 Share Plan provided for the grant of nonqualified stock options, stock appreciation rights, stock awards, performance awards and stock units to employees, directors and consultants. In accordance with the provisions of the 2010 Share Plan, the plan terminated with respect to the ability to grant future awards on July 14, 2020. Information regarding the 2010 Share Plan for the nine months ended July 31, 2020 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2019 1, 1,998,668 $ 2.80 Exercised (51,100 ) $ 2.39 Forfeited/Expired (20,534 ) $ 1.72 Options outstanding at July 31, 2020 1 1,927,034 $ 2.82 $ 731,670 Options exercisable at July 31, 2020 1, 1,772,034 $ 2.84 $ 630,120 The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of July 31, 2020: Options Outstanding Options Exercisable Range of Number Weighted (in years) Weighted Number Weighted (in years) Weighted $ 0.67 - $2.30 549,000 5.70 $ 1.57 494,000 5.56 $ 1.64 $ 2.58 - $ 3.13 846,000 3.05 $ 2.79 846,000 3.41 $ 2.79 $ 3.46 - $ 5.75 532,034 7.45 $ 4.16 432,034 7.33 $ 4.33 Information regarding the 2010 Share Plan for the nine months ended July 31, 2019 is as follows: Shares Weighted Aggregate Intrinsic Value Options outstanding at October 31, 2018 2,131,868 $ 2.11 Granted 10,000 $ 3.64 Exercised (32,000 ) $ 2.27 Forfeited/Expired (99,200 ) $ 3.78 Options outstanding at July 31, 2019 2,010,668 $ 2.03 $ 5,422,886 Options exercisable at July 31, 2019 1,639,556 $ 1.92 $ 4,609,165 The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of July 31, 2019: Options Outstanding Options Exercisable Range of Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable Weighted Average Remaining Contractual Life Weighted Average Exercise Price $ 0.67 938,000 5.94 $ 0.67 799,388 5.59 $ 0.67 $2.27 -$3.01 600,134 3.81 $ 2.58 600,134 3.81 $ 2.58 $3.46 -$7.00 472,534 8.51 $ 4.05 240,034 8.19 $ 4.43 2018 Plan The 2018 Share Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, performance awards and stock units to employees, directors and consultants. As of July 31, 2020, the 2018 Share Plan had 2,258,376 shares available for future grants. Information regarding the 2018 Share Plan for the nine months ended July 31, 2020 is as follows: Shares Weighted Aggregate Intrinsic Value Options outstanding at October 31, 2019 3,935,000 $ 3.74 Granted 800,000 $ 3.85 Forfeited/Expired (258,376 ) $ 3.86 Options outstanding at July 31, 2020 4,476,624 $ 3.76 $ -0- Options exercisable at July 31, 2020 2,403,014 $ 3.76 $ -0- The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of July 31, 2020: Options Outstanding Options Exercisable Range of Number Weighted Weighted Number Weighted Weighted $ 3.70 3,100,000 7.78 $ 3.70 1,700,000 7.78 $ 3.70 $ 3.84 - $4.61 1,376,624 7.55 $ 3.89 703,014 6.15 $ 3.90 Information regarding the 2018 Share Plan for the nine months ended July 31, 2019 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2018 3,482,000 $ 3.73 Exercised (4,000 ) $ 3.84 Forfeited/Expired (8,000 ) $ 3.84 Options outstanding at July 31, 2019 3,470,000 $ 3.73 $ 3,337,300 Options exercisable at July 31, 2019 1,321,111 $ 3.73 $ 1,273,443 The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of July 31, 2019: Options Outstanding Options Exercisable Range of Number Weighted Weighted Number Weighted Weighted $ 3.70 - $4.61 3,470,000 8.78 $ 3.73 1,321,111 8.77 $ 3.73 Outside of Share Plans In addition to options granted under the 2003 Share Plan, the 2010 Share Plan and the 2018 Share Plan, during the years ended October 31, 2012 and 2013, the Board of Directors approved the grant of stock options to certain employees and directors. Information regarding stock options that were granted outside of Share Plans for the nine months ended July 31, 2020 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2019 1,698,000 $ 2.58 Options outstanding and exercisable at July 31, 2020 1,698,000 $ 2.58 $ 348,090 The following table summarizes information about stock options outstanding and exercisable that were granted outside of Share Plans as of July 31, 2020: Range of Number and Exercisable Weighted Average (in years) Weighted $ 2.58 1,698,000 2.00 $ 2.58 Information regarding stock options that were granted outside of Share Plans for the nine months ended July 31, 2019 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2018 1,780,000 $ 1.58 Options outstanding and exercisable at July 31, 2019 1,780,000 $ 1.58 $ 5,583,900 The following table summarizes information about stock options outstanding and exercisable that were granted outside of Share Plans as of July 31, 2019: Number and Exercisable Weighted Average (in years) Weighted $ 0.67 1,046,000 3.30 $ 0.67 $ 2.58-$ 5.56 734,000 2.85 $ 2.88 Stock Awards For stock awards granted to employees, directors and consultants that vest upon grant we recognize expense at the date of grant based on the grant date market price of the underlying common stock. We did not grant any stock awards that vested upon grant during the nine months ended July 31, 2020 or 2019. On May 8, 2018, a restricted stock award of 1,500,000 shares of common stock was granted under the 2018 Share Plan to our Chairman, President and Chief Executive Officer. The restricted stock award vests in its entirety upon achievement of a target trading price of $11.00 per share of the Company’s common stock before May 31, 2021. For restricted stock awards vesting upon achievement of a price target of our common stock we use a Monte Carlo Simulation in estimating the fair value at grant date and recognize compensation cost over the implied service period (median time to vest). During the nine-month and three-month periods ended July 31, 2019, we recorded compensation expense related to the restricted stock award of approximately $1,954,000 and $-0-, respectively. We did not record any compensation expense related to the restricted stock award during the nine-month period ended July 31, 2020. Employee Stock Purchase Plan The Company maintains the Anixa Biosciences, Inc. Employee Stock Purchase Plan which permits eligible employees to purchase shares at not less than 85% of the market value of the Company’s common stock on the offering date or the purchase date of the applicable offering period, whichever is lower. The plan was adopted by our Board of Directors on August 13, 2018 and approved by our shareholders on September 27, 2018. During the nine months ended July 31, 2020, employees purchased 9,618 shares with aggregate proceeds of approximately $15,000. During the nine months ended July 31, 2019, employees purchased 5,411 shares with aggregate proceeds of approximately $19,000. Warrants During the nine months ended July 31, 2019 we issued a warrant, expiring on November 1, 2023, to purchase 25,000 shares of common stock at $4.04 per share, vesting over 12 months, to a consultant for investor relations services. On November 1, 2019 the warrant was exchanged for a stock option with the same terms as the warrant. During the nine-month and three-month periods ended July 31, 2019, we recorded consulting expense of approximately $64,000 and $21,000, respectively, based on the fair value of the warrant recognized on a straight-line basis over the vesting period. No warrants were issued during the nine months ended July 31, 2020. As of July 31, 2020, we also had warrants outstanding to purchase 500,000 shares of common stock at $5.03 per share expiring on November 30, 2021. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jul. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS US GAAP defines fair value and establishes a framework for measuring fair value. We have categorized our financial assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded in the accompanying condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1 - Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which we have the ability to access at the measurement date. Level 2 - Financial assets and liabilities whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset and liabilities. The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of July 31, 2020: Level 1 Level 2 Level 3 Total Money market funds: Cash and cash equivalents $ 5,154,304 $ - $ - $ 5,154,304 Certificates of deposit: Cash and cash equivalents 500,000 500,000 Short-term investments - 3,140,000 - 3,140,000 Total financial assets $ 5,654,304 $ 3,140,000 $ - $ 8,794,304 The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of October 31, 2019: Level 1 Level 2 Level 3 Total Money market funds: Cash and cash equivalents $ 2,706,944 $ - $ - $ 2,706,944 Certificates of deposit: Cash and cash equivalents 500,000 - - 500,000 Short-term investments - 2,350,000 - 2,350,000 Total financial assets $ 3,206,944 $ 2,350,000 $ - $ 5,556,944 Our non-financial assets that are measured on a non-recurring basis include our property and equipment and which are measured using fair value techniques whenever events or changes in circumstances indicate a condition of impairment exists. The estimated fair value of accounts receivable, prepaid expenses, accounts payable and accrued expenses approximates their individual carrying amounts due to the short-term nature of these measurements. Cash and cash equivalents are stated at carrying value which approximates fair value. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Jul. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 4. ACCRUED EXPENSES Accrued expenses consist of the following as of: July 31, October 31, Payroll and related expenses $ 238,565 $ 72,850 Accrued royalty and contingent legal fees 449,691 449,691 Accrued collaborative research and license expenses 37,114 371,710 Accrued severance costs 83,624 - Accrued other 6,723 1,247 $ 815,717 $ 895,498 |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 9 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | 5. NET LOSS PER SHARE OF COMMON STOCK Basic net loss per common share (“Basic EPS”) is computed by dividing net loss by the weighted average number of common shares outstanding. Diluted net loss per common share (“Diluted EPS”) is computed by dividing net loss by the weighted average number of common shares and dilutive common share equivalents and convertible securities then outstanding. Diluted EPS for all periods presented is the same as Basic EPS, as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. For this reason, excluded from the calculation of Diluted EPS for the nine and three months ended July 31, 2020 and 2019, were stock options to purchase 8,101,658 and 7,268,668 shares, respectively, and warrants to purchase 500,000 and 545,000 shares, respectively. |
Effect of Recently Adopted and
Effect of Recently Adopted and Issued Pronouncements | 9 Months Ended |
Jul. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Effect of Recently Adopted and Issued Pronouncements | 6. EFFECT OF RECENTLY ADOPTED AND ISSUED PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02 (“ASU 2016-02”) Accounting Standards Codification Topic 842, Leases (ASC 842), which supersedes Topic 840, Leases, and which requires lessees to recognize most leases on the balance sheet. The new lease standard does not substantially change lessor accounting. For public companies, the standard was effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption was permitted. Lessees and lessors were required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance. In July 2018, FASB issued ASU 2018-11, Leases, which provides an additional transition option for an entity to apply the provisions of ASC 842 by recognizing a cumulative effect adjustment at the effective date of adoption without adjusting the prior comparative periods presented. The requirements of this standard include a significant increase in required disclosures. The Company adopted ASU 2016-02 on November 1, 2019. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. See Note 8 regarding the accounting and disclosures related to our office lease. |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES We recognize deferred tax assets and liabilities for the estimated future tax effects of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount expected to be realized. We have provided a full valuation allowance against our deferred tax asset due to our historical pre-tax losses and the uncertainty regarding the realizability of these deferred tax assets. We have substantial net operating loss carryforwards for Federal, New York State and California income tax returns. These net operating loss carryforwards could be subject to limitations under Internal Revenue Code section 382. We have no unrecognized income tax benefits as of July 31, 2020 and October 31, 2019 and we account for interest and penalties related to income tax matters, if any, in general and administrative expenses. |
Leases
Leases | 9 Months Ended |
Jul. 31, 2020 | |
Leases [Abstract] | |
Leases | 8. LEASES We lease approximately 2,000 square feet of office space at 3150 Almaden Expressway, San Jose, California (our principal executive offices) from an unrelated party pursuant to an operating lease that expires September 30, 2021. Our base rent is approximately $5,000 per month and the lease provides for annual increases of approximately 3% and an escalation clause for increases in certain operating costs. Under an operating lease that expired on May 31, 2019 we also leased approximately 3,000 square feet of office space at 12100 Wilshire Boulevard, Los Angeles, California (our former executive offices) from an unrelated party. As of August 1, 2018, we had subleased these facilities. Rent expense was approximately $48,000 and $46,000, respectively, for the nine months ended July 31, 2020 and 2019, and approximately $16,000 and $16,000, respectively, for the three months ended July 31, 2020 and 2019. On November 1, 2019, the Company adopted ASC 842, which increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new guidance requires the recognition of the right-of-use (“ROU”) assets and related operating lease liabilities on the balance sheet. The Company adopted the new guidance using the modified retrospective approach on November 1, 2019. As a result, the condensed consolidated balance sheet as of October 31, 2019 was not restated and is not comparative. The adoption of ASC 842 resulted in the recognition of ROU assets of $106,221, and lease liabilities for operating leases of $106,299 on the Company’s condensed consolidated balance sheet as of November 1, 2019. The difference between the ROU assets and the operating lease liability represents the difference between the lease cost and the amount of rent paid in October. The Company elected the package of practical expedients permitted within the standard, which allow an entity to forgo reassessing (i) whether a contract contains a lease, (ii) classification of leases, and (iii) whether capitalized costs associated with a lease meet the definition of initial direct costs. Also, the Company elected the expedient allowing an entity to use hindsight to determine the lease term and impairment of ROU assets and the expedient to allow the Company to not have to separate lease and non-lease components. The Company has also elected the short-term lease accounting policy under which Anixa would not recognize a lease liability or ROU asset for any lease that at the commencement date has a lease term of twelve months or less and does not include a purchase option that Anixa is more than reasonably certain to exercise. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. The remaining 14-month lease term as of July 31, 2020 for the Company’s lease includes the noncancelable period of the lease. The lease does not contain a Company option to extend the lease or an option to extend the lease controlled by the lessor. All ROU assets are reviewed for impairment. Balance sheet information related to the Company’s lease is presented below: Balance Sheet July 31, November 1, October 31, Operating Lease: Right-of-use asset Operating lease right-of-use asset $ 67,982 $ 106,221 $ - Right-of-use liability, current Operating lease liability 58,195 51,101 - Right-of-use liability, non-current Operating lease liability, non-current 10,567 55,198 - As of July 31, 2020, the annual minimum lease payments of our operating lease liabilities were as follows: For Years Ending October 31, Operating Leases 2020 (excluding the nine months ended July 31, 2020) $ 15,816 2021 59,136 Total future minimum payments, undiscounted 74,952 Less: Imputed interest (6,190 ) Present value of future minimum lease payments $ 68,762 |
Commitment and Contingences
Commitment and Contingences | 9 Months Ended |
Jul. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingences | 9. COMMITMENT AND CONTINGENCES Litigation Matters We are not involved in any litigation or other legal proceedings and management is not aware of any pending litigation or legal proceeding against us that would have a material adverse effect upon our results of operations or financial condition. |
Segment Information
Segment Information | 9 Months Ended |
Jul. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 10. SEGMENT INFORMATION We follow the accounting guidance of ASC 280 “Segment Reporting” (“ASC 280”). Reportable operating segments are determined based on the management approach. The management approach, as defined by ASC 280, is based on the way that the chief operating decision-maker organizes the segments within an enterprise for making operating decisions and assessing performance. While our results of operations are primarily reviewed on a consolidated basis, the chief operating decision-maker manages the enterprise in five reportable segments, each with different operating and potential revenue generating characteristics: (i) CAR-T Therapeutics, (ii) Cancer Vaccines, (iii) Anti-Viral Therapeutics, (iv) Cancer Diagnostics and (v) our legacy Patent Licensing activities. The following represents selected financial information for our segments for the three and nine months ended July 31, 2020 and 2019 and as of July 31, 2020 and October 31, 2019: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Net Loss: CAR-T Therapeutics $ (402,223 ) $ (723,128 ) $ (1,527,586 ) $ (4,240,347 ) Cancer Vaccines (172,881 ) (573,005 ) (538,748 ) (573,005 ) Anti-Viral Therapeutics (268,704 ) - (578,208 ) - Cancer Diagnostics (1,727,256 ) (876,667 ) (5,196,929 ) (3,929,021 ) Patent Licensing (5,723 ) 6,752 (9,881 ) (965,218 ) Total $ (2,576,787 ) $ (2,166,048 ) $ (7,851,352 ) $ (9,707,591 ) Total operating costs and expenses $ 2,584,053 $ 2,184,412 $ 7,884,059 $ 10,011,374 Less non-cash share-based compensation (1,041,799 ) (830,898 ) (3,173,219 ) (4,902,512 ) Operating costs and expenses excluding non-cash share-based compensation $ 1,542,254 $ 1,353,514 $ 4,710,840 $ 5,108,862 Operating costs and expenses excluding non-cash share based compensation: CAR-T Therapeutics $ 182,007 $ 442,621 $ 752,170 $ 1,688,301 Cancer Vaccines 70,061 407,010 235,391 407,010 Anti-Viral Therapeutics 149,075 - 370,093 - Cancer Diagnostics 1,136,629 487,169 3,345,441 1,905,137 Patent Licensing 4,482 16,714 7,745 1,108,414 Total $ 1,542,254 $ 1,353,514 4,710,840 $ 5,108,862 July 31, October 31, Total assets: CAR-T Therapeutics $ 4,110,341 $ 2,382,460 Cancer Vaccines 1,575,525 489,881 Anti-Viral Therapeutics 3,349,814 - Cancer Diagnostics 78,723 3,119,246 Patent Licensing 247,378 302,106 Total $ 9,361,781 $ 6,293,693 Operating costs and expenses excluding non-cash share-based compensation expense is the measurement the chief operating decision-maker uses in managing the enterprise. |
Impact of Coronavirus Pandemic
Impact of Coronavirus Pandemic | 9 Months Ended |
Jul. 31, 2020 | |
Impact Of Coronavirus Pandemic | |
Impact of Coronavirus Pandemic | 11. IMPACT OF CORONAVIRUS PANDEMIC On March 10, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The virus and actions taken to mitigate its spread have had and are expected to continue to have a broad adverse impact on the economies and financial markets of many countries, including the geographical areas in which the Company operates and conducts its business and which the Company’s partners operate and conduct their business. We are currently following the recommendations of local health authorities to minimize exposure risk for our team members and visitors. However, the scale and scope of this pandemic is unknown and the duration of the business disruption and related financial impact cannot be reasonably estimated at this time. While we have implemented specific business continuity plans to reduce the potential impact of COVID-19, there is no guarantee that our continuity plans will be successful. We have already experienced certain disruptions to our business such as temporary closure of our offices and similar disruptions have occurred for our partners. Specifically, the outbreak has caused shutdowns of the laboratories and other service providers that we rely on to develop our CAR-T and breast cancer vaccine programs, and those laboratories and service providers that have been operating or that have begun operating recently have been doing so with more limited capacity due to social distancing requirements. As a result, our progress has been slowed and there is no assurance that we will be able to meet our previously announced timelines regarding the IND filings for our CAR-T therapy for ovarian cancer and for our breast cancer vaccine. The extent to which COVID-19 or any other health epidemic may impact our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. Accordingly, COVID-19 could have a material adverse effect on our business, results of operations, financial condition and prospects. |
Business and Funding (Tables)
Business and Funding (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Noncontrollling Interest | The following table sets forth the changes in noncontrolling interest for the nine months ended July 31, 2020: Balance, October 31, 2019 $ (422,975 ) Net loss attributable to noncontrolling interest (57,032 ) Balance, July 31, 2020 $ (480,007 ) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Schedule of Option Activity | Information regarding stock options that were granted outside of Share Plans for the nine months ended July 31, 2020 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2019 1,698,000 $ 2.58 Options outstanding and exercisable at July 31, 2020 1,698,000 $ 2.58 $ 348,090 Information regarding stock options that were granted outside of Share Plans for the nine months ended July 31, 2019 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2018 1,780,000 $ 1.58 Options outstanding and exercisable at July 31, 2019 1,780,000 $ 1.58 $ 5,583,900 |
Schedule of Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable that were granted outside of Share Plans as of July 31, 2020: Range of Number and Exercisable Weighted Average (in years) Weighted $ 2.58 1,698,000 2.00 $ 2.58 The following table summarizes information about stock options outstanding and exercisable that were granted outside of Share Plans as of July 31, 2019: Number and Exercisable Weighted Average (in years) Weighted $ 0.67 1,046,000 3.30 $ 0.67 $ 2.58-$ 5.56 734,000 2.85 $ 2.88 |
2003 Plan [Member] | |
Schedule of Option Activity | Information regarding the 2003 Share Plan for the nine months ended July 31, 2020 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2019 400 $ 17.00 Forfeited/Expired (400 ) $ 17.00 Options outstanding and exercisable at July 31, 2020 - $ -0- $ -0- Information regarding the 2003 Share Plan for the nine months ended July 31, 2019 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2018 12,000 $ 2.77 Exercised (4,000 ) $ 3.63 Options outstanding and exercisable at July 31, 2019 8,000 $ 2.34 $ 23,694 |
Schedule of Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable under the 2003 Share Plan as of July 31, 2019: Range of Number Weighted Average Remaining Weighted $0.67 - $17.00 8,000 0.19 $ 2.34 |
2010 Plan [Member] | |
Schedule of Option Activity | Information regarding the 2010 Share Plan for the nine months ended July 31, 2020 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2019 1, 1,998,668 $ 2.80 Exercised (51,100 ) $ 2.39 Forfeited/Expired (20,534 ) $ 1.72 Options outstanding at July 31, 2020 1 1,927,034 $ 2.82 $ 731,670 Options exercisable at July 31, 2020 1, 1,772,034 $ 2.84 $ 630,120 Information regarding the 2010 Share Plan for the nine months ended July 31, 2019 is as follows: Shares Weighted Aggregate Intrinsic Value Options outstanding at October 31, 2018 2,131,868 $ 2.11 Granted 10,000 $ 3.64 Exercised (32,000 ) $ 2.27 Forfeited/Expired (99,200 ) $ 3.78 Options outstanding at July 31, 2019 2,010,668 $ 2.03 $ 5,422,886 Options exercisable at July 31, 2019 1,639,556 $ 1.92 $ 4,609,165 |
Schedule of Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of July 31, 2020: Options Outstanding Options Exercisable Range of Number Weighted (in years) Weighted Number Weighted (in years) Weighted $ 0.67 - $2.30 549,000 5.70 $ 1.57 494,000 5.56 $ 1.64 $ 2.58 - $ 3.13 846,000 3.05 $ 2.79 846,000 3.41 $ 2.79 $ 3.46 - $ 5.75 532,034 7.45 $ 4.16 432,034 7.33 $ 4.33 The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of July 31, 2019: Options Outstanding Options Exercisable Range of Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable Weighted Average Remaining Contractual Life Weighted Average Exercise Price $ 0.67 938,000 5.94 $ 0.67 799,388 5.59 $ 0.67 $2.27 -$3.01 600,134 3.81 $ 2.58 600,134 3.81 $ 2.58 $3.46 -$7.00 472,534 8.51 $ 4.05 240,034 8.19 $ 4.43 |
2018 Plan [Member] | |
Schedule of Option Activity | Information regarding the 2018 Share Plan for the nine months ended July 31, 2020 is as follows: Shares Weighted Aggregate Intrinsic Value Options outstanding at October 31, 2019 3,935,000 $ 3.74 Granted 800,000 $ 3.85 Forfeited/Expired (258,376 ) $ 3.86 Options outstanding at July 31, 2020 4,476,624 $ 3.76 $ -0- Options exercisable at July 31, 2020 2,403,014 $ 3.76 $ -0- Information regarding the 2018 Share Plan for the nine months ended July 31, 2019 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2018 3,482,000 $ 3.73 Exercised (4,000 ) $ 3.84 Forfeited/Expired (8,000 ) $ 3.84 Options outstanding at July 31, 2019 3,470,000 $ 3.73 $ 3,337,300 Options exercisable at July 31, 2019 1,321,111 $ 3.73 $ 1,273,443 |
Schedule of Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of July 31, 2020: Options Outstanding Options Exercisable Range of Number Weighted Weighted Number Weighted Weighted $ 3.70 3,100,000 7.78 $ 3.70 1,700,000 7.78 $ 3.70 $ 3.84 - $4.61 1,376,624 7.55 $ 3.89 703,014 6.15 $ 3.90 The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of July 31, 2019: Options Outstanding Options Exercisable Range of Number Weighted Weighted Number Weighted Weighted $ 3.70 - $4.61 3,470,000 8.78 $ 3.73 1,321,111 8.77 $ 3.73 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements | The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of July 31, 2020: Level 1 Level 2 Level 3 Total Money market funds: Cash and cash equivalents $ 5,154,304 $ - $ - $ 5,154,304 Certificates of deposit: Cash and cash equivalents 500,000 500,000 Short-term investments - 3,140,000 - 3,140,000 Total financial assets $ 5,654,304 $ 3,140,000 $ - $ 8,794,304 The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of October 31, 2019: Level 1 Level 2 Level 3 Total Money market funds: Cash and cash equivalents $ 2,706,944 $ - $ - $ 2,706,944 Certificates of deposit: Cash and cash equivalents 500,000 - - 500,000 Short-term investments - 2,350,000 - 2,350,000 Total financial assets $ 3,206,944 $ 2,350,000 $ - $ 5,556,944 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following as of: July 31, October 31, Payroll and related expenses $ 238,565 $ 72,850 Accrued royalty and contingent legal fees 449,691 449,691 Accrued collaborative research and license expenses 37,114 371,710 Accrued severance costs 83,624 - Accrued other 6,723 1,247 $ 815,717 $ 895,498 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Leases [Abstract] | |
Schedule of Operating Lease | Balance sheet information related to the Company’s lease is presented below: Balance Sheet July 31, November 1, October 31, Operating Lease: Right-of-use asset Operating lease right-of-use asset $ 67,982 $ 106,221 $ - Right-of-use liability, current Operating lease liability 58,195 51,101 - Right-of-use liability, non-current Operating lease liability, non-current 10,567 55,198 - |
Schedule of Minimum Lease Payments | As of July 31, 2020, the annual minimum lease payments of our operating lease liabilities were as follows: For Years Ending October 31, Operating Leases 2020 (excluding the nine months ended July 31, 2020) $ 15,816 2021 59,136 Total future minimum payments, undiscounted 74,952 Less: Imputed interest (6,190 ) Present value of future minimum lease payments $ 68,762 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following represents selected financial information for our segments for the three and nine months ended July 31, 2020 and 2019 and as of July 31, 2020 and October 31, 2019: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Net Loss: CAR-T Therapeutics $ (402,223 ) $ (723,128 ) $ (1,527,586 ) $ (4,240,347 ) Cancer Vaccines (172,881 ) (573,005 ) (538,748 ) (573,005 ) Anti-Viral Therapeutics (268,704 ) - (578,208 ) - Cancer Diagnostics (1,727,256 ) (876,667 ) (5,196,929 ) (3,929,021 ) Patent Licensing (5,723 ) 6,752 (9,881 ) (965,218 ) Total $ (2,576,787 ) $ (2,166,048 ) $ (7,851,352 ) $ (9,707,591 ) Total operating costs and expenses $ 2,584,053 $ 2,184,412 $ 7,884,059 $ 10,011,374 Less non-cash share-based compensation (1,041,799 ) (830,898 ) (3,173,219 ) (4,902,512 ) Operating costs and expenses excluding non-cash share-based compensation $ 1,542,254 $ 1,353,514 $ 4,710,840 $ 5,108,862 Operating costs and expenses excluding non-cash share based compensation: CAR-T Therapeutics $ 182,007 $ 442,621 $ 752,170 $ 1,688,301 Cancer Vaccines 70,061 407,010 235,391 407,010 Anti-Viral Therapeutics 149,075 - 370,093 - Cancer Diagnostics 1,136,629 487,169 3,345,441 1,905,137 Patent Licensing 4,482 16,714 7,745 1,108,414 Total $ 1,542,254 $ 1,353,514 4,710,840 $ 5,108,862 July 31, October 31, Total assets: CAR-T Therapeutics $ 4,110,341 $ 2,382,460 Cancer Vaccines 1,575,525 489,881 Anti-Viral Therapeutics 3,349,814 - Cancer Diagnostics 78,723 3,119,246 Patent Licensing 247,378 302,106 Total $ 9,361,781 $ 6,293,693 |
Business and Funding (Details N
Business and Funding (Details Narrative) | 9 Months Ended |
Jul. 31, 2020USD ($)shares | |
Sale of shares of common stock, value | $ 42,260,000 |
Our at-the-Market Equity Offerings [Member] | |
Net of expenses | $ 7,866,000 |
Sale of shares of common stock | shares | 3,261,282 |
An at-the-Market Equity Offerings [Member] | |
Net of expenses | $ 7,439,000 |
Sale of shares of common stock | shares | 3,149,044 |
Shares of common stock, value | $ 50,000,000 |
An at-the-Market Equity Offerings [Member] | November 2019 [Member] | |
Net of expenses | $ 427,000 |
Sale of shares of common stock | shares | 112,238 |
Wistar Institute [Member] | |
Ownership Percentage | 5.00% |
Business and Funding - Schedule
Business and Funding - Schedule of Noncontrollling Interest (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Accounting Policies [Abstract] | ||||
Balance, October 31, 2019 | $ (422,975) | |||
Net loss attributable to noncontrolling interest | $ (15,103) | $ (26,020) | (57,032) | $ (148,030) |
Balance, July 31, 2020 | $ (480,007) | $ (480,007) |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) | May 08, 2018$ / sharesshares | Oct. 31, 2018Days$ / sharesshares | Jul. 31, 2020USD ($)$ / sharesshares | Jul. 31, 2019USD ($)$ / sharesshares | Jul. 31, 2020USD ($)$ / sharesshares | Jul. 31, 2019USD ($)$ / sharesshares |
Stock option compensation to employees and directors | $ | $ 997,000 | $ 784,000 | $ 3,016,305 | $ 2,808,910 | ||
Stock-based compensation expense on market condition | $ | 0 | 376,000 | ||||
Stock-based consulting expense related to stock options granted to consultants | $ | 45,000 | 25,000 | 157,000 | 75,000 | ||
Stock options exercised | $ | $ 18,540 | $ 22,700 | 122,270 | 102,500 | ||
Common stock issued pursuant to employee stock purchase plan | $ | $ 15,452 | $ 18,560 | ||||
Warrants [Member] | ||||||
Vesting period | 12 months | |||||
Warrant expiration date | Nov. 30, 2021 | Nov. 1, 2023 | ||||
Warrants purchase of common stock shares | 25,000 | 25,000 | ||||
Warrant exercise price | $ / shares | $ 5.03 | $ 4.04 | $ 5.03 | $ 4.04 | ||
Consulting expense | $ | $ 21,000 | $ 64,000 | ||||
Warrants issued | ||||||
Warrants outstanding | 500,000 | 500,000 | ||||
Stock Option [Member] | ||||||
Stock options exercised, shares | 51,100 | 40,000 | ||||
2018 Plan [Member] | ||||||
Weighted average exercise per share | $ / shares | $ 3.84 | |||||
Shares options, granted | 800,000 | |||||
Stock options exercised, shares | 4,000 | |||||
Shares available for future grants | 2,258,376 | 2,258,376 | ||||
Employee Stock Purchase Plan [Member] | ||||||
Common stock issued pursuant to employee stock purchase plan, shares | 9,618 | 5,411 | ||||
Common stock issued pursuant to employee stock purchase plan | $ | $ 15,000 | $ 19,000 | ||||
First Tranche [Member] | ||||||
Option to purchase common stock | 500,000 | |||||
Weighted average exercise per share | $ / shares | $ 5 | |||||
Consecutive trading days | Days | 20 | |||||
Employees and Directors [Member] | Minimum [Member] | ||||||
Vesting period | 1 year | |||||
Employees and Directors [Member] | Maximum [Member] | ||||||
Vesting period | 4 years | |||||
Chairman, President and Chief Executive Officer [Member] | ||||||
Option to purchase common stock | 1,500,000 | |||||
Expiration date | May 31, 2021 | |||||
Chairman, President and Chief Executive Officer [Member] | 2018 Plan [Member] | Restricted Stock [Member] | ||||||
Weighted average exercise per share | $ / shares | $ 11 | |||||
Expiration date | May 31, 2021 | |||||
Shares options, granted | 1,500,000 | |||||
Chairman, President and Chief Executive Officer [Member] | Minimum [Member] | ||||||
Weighted average exercise per share | $ / shares | $ 5 | |||||
Service period | 3 months | |||||
Chairman, President and Chief Executive Officer [Member] | Maximum [Member] | ||||||
Weighted average exercise per share | $ / shares | $ 8 | |||||
Service period | 7 months | |||||
Employees and Consultants [Member] | ||||||
Shares options, granted | 800,000 | 10,000 | ||||
Employees and Consultants [Member] | Minimum [Member] | ||||||
Exercise price | $ / shares | $ 3.64 | $ 3.64 | ||||
Employees and Consultants [Member] | Maximum [Member] | ||||||
Exercise price | $ / shares | $ 4.04 | $ 4.04 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Option Activity (Details) - USD ($) | 9 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Shares, Options outstanding, Beginning balance | 1,698,000 | 1,780,000 |
Shares, Options, Forfeited/Expired | ||
Shares, Options outstanding and Exercisable | 1,698,000 | 1,780,000 |
Shares, Options outstanding, Ending balance | ||
Weighted Average Exercise Price Per Share, Outstanding Beginning balance | $ 2.58 | $ 1.58 |
Weighted Average Exercise Price Per Share, Outstanding and Exercisable | $ 2.58 | $ 1.58 |
Weighted Average Exercise Price Per Share, Outstanding Ending balance | ||
Aggregate Intrinsic Value, Outstanding and Exercisable | $ 348,090 | $ 5,583,900 |
2003 Plan [Member] | ||
Shares, Options outstanding, Beginning balance | 400 | 12,000 |
Shares, Options, Exercised | (4,000) | |
Shares, Options, Forfeited/Expired | (400) | |
Shares, Options outstanding and Exercisable | 8,000 | |
Shares, Options outstanding, Ending balance | 8,000 | |
Weighted Average Exercise Price Per Share, Outstanding Beginning balance | $ 17 | $ 2.77 |
Weighted Average Exercise Price Per Share, Exercised | 3.63 | |
Weighted Average Exercise Price Per Share, Forfeited/Expired | 17 | |
Weighted Average Exercise Price Per Share, Outstanding and Exercisable | $ 0 | 2.34 |
Weighted Average Exercise Price Per Share, Outstanding Ending balance | $ 2.34 | |
Aggregate Intrinsic Value, Outstanding and Exercisable | $ 0 | $ 23,694 |
2010 Plan [Member] | ||
Shares, Options outstanding, Beginning balance | 11,998,668 | 2,131,868 |
Shares, Options, Granted | 10,000 | |
Shares, Options, Exercised | (51,100) | (32,000) |
Shares, Options, Forfeited/Expired | (20,534) | (99,200) |
Shares, Options outstanding, Ending balance | 11,927,034 | 2,010,668 |
Shares, Options outstanding, Exercisable | 11,772,034 | 1,639,556 |
Weighted Average Exercise Price Per Share, Outstanding Beginning balance | $ 2.80 | $ 2.11 |
Weighted Average Exercise Price Per Share, Granted | 3.64 | |
Weighted Average Exercise Price Per Share, Exercised | 2.39 | 2.27 |
Weighted Average Exercise Price Per Share, Forfeited/Expired | 1.72 | 3.78 |
Weighted Average Exercise Price Per Share, Outstanding Ending balance | 2.82 | 2.03 |
Weighted Average Exercise Price Per Share, Exercisable | $ 2.84 | $ 1.92 |
Aggregate Intrinsic Value, Outstanding Ending balance | $ 731,670 | $ 5,422,886 |
Aggregate Intrinsic Value, Exercisable | $ 630,120 | $ 4,609,165 |
2018 Plan [Member] | ||
Shares, Options outstanding, Beginning balance | 3,935,000 | 3,482,000 |
Shares, Options, Granted | 800,000 | |
Shares, Options, Exercised | (4,000) | |
Shares, Options, Forfeited/Expired | (258,376) | (8,000) |
Shares, Options outstanding, Ending balance | 4,476,624 | 3,470,000 |
Shares, Options outstanding, Exercisable | 2,403,014 | 1,321,111 |
Weighted Average Exercise Price Per Share, Outstanding Beginning balance | $ 3.74 | $ 3.73 |
Weighted Average Exercise Price Per Share, Granted | 3.85 | |
Weighted Average Exercise Price Per Share, Exercised | 3.84 | |
Weighted Average Exercise Price Per Share, Forfeited/Expired | 3.86 | 3.84 |
Weighted Average Exercise Price Per Share, Outstanding Ending balance | 3.76 | 3.73 |
Weighted Average Exercise Price Per Share, Exercisable | $ 3.76 | $ 3.73 |
Aggregate Intrinsic Value, Outstanding Ending balance | $ 0 | $ 3,337,300 |
Aggregate Intrinsic Value, Exercisable | $ 0 | $ 1,273,443 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Outstanding and Exercisable (Details) - $ / shares | 9 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | |
Number Outstanding and Exercisable | 1,698,000 | 1,780,000 | ||
Weighted Average Exercise Price | $ 2.58 | $ 1.58 | ||
2003 Plan [Member] | ||||
Range of Exercise Prices, Lower limit | $ 0.67 | |||
Range of Exercise Prices, Upper limit | $ 17 | |||
Number Outstanding and Exercisable | 8,000 | 400 | 12,000 | |
Weighted Average Remaining Contractual Life (in years) | 2 months 8 days | |||
Weighted Average Exercise Price | $ 2.34 | $ 17 | $ 2.77 | |
2010 Plan [Member] | ||||
Number Outstanding and Exercisable | 11,927,034 | 2,010,668 | 11,998,668 | 2,131,868 |
Weighted Average Exercise Price | $ 2.82 | $ 2.03 | $ 2.80 | $ 2.11 |
Number Exercisable, Options Exercisable | 11,772,034 | 1,639,556 | ||
Weighted Average Exercise Price, Options Exercisable | $ 2.84 | $ 1.92 | ||
2010 Plan [Member] | Range 1 [Member] | ||||
Range of Exercise Prices, Lower limit | 0.67 | $ 0.67 | ||
Range of Exercise Prices, Upper limit | $ 2.30 | |||
Number Outstanding and Exercisable | 549,000 | 938,000 | ||
Weighted Average Remaining Contractual Life (in years) | 5 years 8 months 12 days | 5 years 11 months 8 days | ||
Weighted Average Exercise Price | $ 1.57 | $ 0.67 | ||
Number Exercisable, Options Exercisable | 494,000 | 799,388 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 5 years 6 months 21 days | 5 years 7 months 2 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 1.64 | $ 0.67 | ||
2010 Plan [Member] | Range 2 [Member] | ||||
Range of Exercise Prices, Lower limit | 2.58 | 2.27 | ||
Range of Exercise Prices, Upper limit | $ 3.13 | $ 3.01 | ||
Number Outstanding and Exercisable | 846,000 | 600,134 | ||
Weighted Average Remaining Contractual Life (in years) | 3 years 18 days | 3 years 9 months 22 days | ||
Weighted Average Exercise Price | $ 2.79 | $ 2.58 | ||
Number Exercisable, Options Exercisable | 846,000 | 600,134 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 3 years 4 months 28 days | 3 years 9 months 22 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 2.79 | $ 2.58 | ||
2010 Plan [Member] | Range 3 [Member] | ||||
Range of Exercise Prices, Lower limit | 3.46 | 3.46 | ||
Range of Exercise Prices, Upper limit | $ 5.75 | $ 7 | ||
Number Outstanding and Exercisable | 532,034 | 472,534 | ||
Weighted Average Remaining Contractual Life (in years) | 7 years 5 months 12 days | 8 years 6 months 3 days | ||
Weighted Average Exercise Price | $ 4.16 | $ 4.05 | ||
Number Exercisable, Options Exercisable | 432,034 | 240,034 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 7 years 3 months 29 days | 8 years 2 months 8 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 4.33 | $ 4.43 | ||
2018 Plan [Member] | ||||
Number Outstanding and Exercisable | 4,476,624 | 3,470,000 | 3,935,000 | 3,482,000 |
Weighted Average Exercise Price | $ 3.76 | $ 3.73 | $ 3.74 | $ 3.73 |
Number Exercisable, Options Exercisable | 2,403,014 | 1,321,111 | ||
Weighted Average Exercise Price, Options Exercisable | $ 3.76 | $ 3.73 | ||
2018 Plan [Member] | Range 1 [Member] | ||||
Range of Exercise Prices, Lower limit | $ 3.70 | 3.70 | ||
Range of Exercise Prices, Upper limit | $ 4.61 | |||
Number Outstanding and Exercisable | 3,100,000 | 3,470,000 | ||
Weighted Average Remaining Contractual Life (in years) | 7 years 9 months 11 days | 8 years 9 months 11 days | ||
Weighted Average Exercise Price | $ 3.70 | $ 3.73 | ||
Number Exercisable, Options Exercisable | 1,700,000 | 1,321,111 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 7 years 9 months 11 days | 8 years 9 months 7 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 3.70 | $ 3.73 | ||
2018 Plan [Member] | Range 2 [Member] | ||||
Range of Exercise Prices, Lower limit | 3.84 | |||
Range of Exercise Prices, Upper limit | $ 4.61 | |||
Number Outstanding and Exercisable | 1,376,624 | |||
Weighted Average Remaining Contractual Life (in years) | 7 years 6 months 18 days | |||
Weighted Average Exercise Price | $ 3.89 | |||
Number Exercisable, Options Exercisable | 703,014 | |||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 6 years 1 month 24 days | |||
Weighted Average Exercise Price, Options Exercisable | $ 3.90 | |||
Outside of Plans [Member] | Range 1 [Member] | ||||
Range of Exercise Prices, Lower limit | $ 2.58 | $ 0.67 | ||
Number Outstanding and Exercisable | 1,698,000 | 1,046,000 | ||
Weighted Average Remaining Contractual Life (in years) | 2 years | 3 years 3 months 19 days | ||
Weighted Average Exercise Price | $ 2.58 | $ 0.67 | ||
Outside of Plans [Member] | Range 2 [Member] | ||||
Range of Exercise Prices, Lower limit | 2.58 | |||
Range of Exercise Prices, Upper limit | $ 5.56 | |||
Number Outstanding and Exercisable | 734,000 | |||
Weighted Average Remaining Contractual Life (in years) | 2 years 10 months 6 days | |||
Weighted Average Exercise Price | $ 2.88 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($) | Jul. 31, 2020 | Oct. 31, 2019 |
Money market funds: Cash and cash equivalents | $ 5,154,304 | $ 2,706,944 |
Certificates of deposit: Cash and cash equivalents | 500,000 | 500,000 |
Short-term investments | 3,140,000 | 2,350,000 |
Total financial assets | 8,794,304 | 5,556,944 |
Level 1 [Member] | ||
Money market funds: Cash and cash equivalents | 5,154,304 | 2,706,944 |
Certificates of deposit: Cash and cash equivalents | 500,000 | 500,000 |
Short-term investments | ||
Total financial assets | 5,654,304 | 3,206,944 |
Level 2 [Member] | ||
Money market funds: Cash and cash equivalents | ||
Certificates of deposit: Cash and cash equivalents | ||
Short-term investments | 3,140,000 | 2,350,000 |
Total financial assets | 3,140,000 | 2,350,000 |
Level 3 [Member] | ||
Money market funds: Cash and cash equivalents | ||
Certificates of deposit: Cash and cash equivalents | ||
Short-term investments | ||
Total financial assets |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Jul. 31, 2020 | Oct. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 238,565 | $ 72,850 |
Accrued royalty and contingent legal fees | 449,691 | 449,691 |
Accrued collaborative research and license expenses | 37,114 | 371,710 |
Accrued severance costs | 83,624 | |
Accrued other | 6,723 | 1,247 |
Accrued expenses | $ 815,717 | $ 895,498 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Antidilutive shares | 7,268,668 | 545,000 | 8,101,658 | 500,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Jul. 31, 2020 | Oct. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Unrecognized income tax benefits, penalties |
Leases (Details Narrative)
Leases (Details Narrative) | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2020USD ($)ft² | Jul. 31, 2019USD ($) | Jul. 31, 2020USD ($)ft² | Jul. 31, 2019USD ($) | Nov. 02, 2019USD ($) | Oct. 31, 2019USD ($) | |
Rent expenses | $ 16,000 | $ 16,000 | $ 48,000 | $ 46,000 | ||
Right of use assets | 67,982 | 67,982 | $ 106,221 | |||
Operating lease liabilities | $ 68,762 | $ 68,762 | ||||
ASC 842 [Member] | ||||||
Right of use assets | 106,221 | |||||
Operating lease liabilities | $ 106,299 | |||||
Almaden Expressway, San Jose [Member] | ||||||
Area of land | ft² | 2,000 | 2,000 | ||||
Operating lease, expiration date | Sep. 30, 2021 | |||||
Rent expenses | $ 5,000 | |||||
Rent percentage | 3.00% | |||||
Wilshire Boulevard, Los Angeles [Member] | ||||||
Area of land | ft² | 3,000 | 3,000 | ||||
Operating lease, expiration date | May 31, 2019 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease (Details) - USD ($) | Jul. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2019 |
Leases [Abstract] | |||
Right-of-use asset | $ 67,982 | $ 106,221 | |
Right-of-use liability, current | 58,195 | 51,101 | |
Right-of-use liability, non-current | $ 10,567 | $ 55,198 |
Leases - Schedule of Minimum Le
Leases - Schedule of Minimum Lease Payments (Details) | Jul. 31, 2020USD ($) |
Leases [Abstract] | |
2020 (excluding the nine months ended July 31, 2020) | $ 15,816 |
2021 | 59,136 |
Total future minimum payments, undiscounted | 74,952 |
Less: Imputed interest | (6,190) |
Present value of future minimum lease payments | $ 68,762 |
Segment Information (Details Na
Segment Information (Details Narrative) | 9 Months Ended |
Jul. 31, 2020Numbers | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 5 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Oct. 31, 2019 | |
Net Loss | $ (2,576,787) | $ (2,166,048) | $ (7,851,352) | $ (9,707,591) | |
Total operating costs and expenses | 2,435,969 | 2,184,412 | 7,735,975 | 10,011,374 | |
Less non-cash share-based compensation | (1,041,799) | (830,898) | (3,173,219) | (4,902,512) | |
Operating costs and expenses excluding non-cash share-based compensation | 1,542,254 | 1,353,514 | 4,710,840 | 5,108,862 | |
Total assets | 9,361,781 | 9,361,781 | $ 6,293,693 | ||
CAR-T Therapeutics [Member] | |||||
Net Loss | (402,223) | (723,128) | (1,527,586) | (4,240,347) | |
Operating costs and expenses excluding non-cash share-based compensation | 182,007 | 442,621 | 752,170 | 1,688,301 | |
Total assets | 4,110,341 | 4,110,341 | 2,382,460 | ||
Cancer Vaccines [Member] | |||||
Net Loss | (172,881) | (573,005) | (538,748) | (573,005) | |
Operating costs and expenses excluding non-cash share-based compensation | 70,061 | 407,010 | 235,391 | 407,010 | |
Total assets | 1,575,525 | 1,575,525 | 489,881 | ||
Anti-Viral Therapeutics [Member] | |||||
Net Loss | (268,704) | (578,208) | |||
Operating costs and expenses excluding non-cash share-based compensation | 149,075 | 370,093 | |||
Total assets | 3,349,814 | 3,349,814 | |||
Cancer Diagnostics [Member] | |||||
Net Loss | (1,727,256) | (876,667) | (5,196,929) | (3,929,021) | |
Operating costs and expenses excluding non-cash share-based compensation | 1,136,629 | 487,169 | 3,345,441 | 1,905,137 | |
Total assets | 78,723 | 78,723 | 3,119,246 | ||
Patent Licensing [Member] | |||||
Net Loss | (5,723) | 6,752 | (9,881) | (965,218) | |
Operating costs and expenses excluding non-cash share-based compensation | 4,482 | $ 16,714 | 7,745 | $ 1,108,414 | |
Total assets | $ 247,378 | $ 247,378 | $ 302,106 |