Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Apr. 30, 2021 | Jun. 10, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Anixa Biosciences Inc | |
Entity Central Index Key | 0000715446 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,949,905 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 30, 2021 | Oct. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 27,703,435 | $ 6,417,061 |
Short-term investments | 10,399,300 | 2,640,000 |
Prepaid expenses and other current assets | 369,213 | 311,563 |
Total current assets | 38,471,948 | 9,368,624 |
Operating lease right-of-use asset | 25,574 | 54,340 |
Other assets | 30,000 | |
Total assets | 38,497,522 | 9,452,964 |
Current liabilities: | ||
Accounts payable | 438,013 | 232,368 |
Accrued expenses | 978,894 | 901,025 |
Operating lease liability | 25,964 | 55,198 |
Total current liabilities | 1,442,871 | 1,188,591 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity: | ||
Preferred stock, value | ||
Common stock, par value $.01 per share; 100,000,000 shares authorized; 31,449,905 and 24,248,695 shares issued and outstanding, respectively | 314,499 | 242,486 |
Additional paid-in capital | 233,742,019 | 200,354,488 |
Accumulated deficit | (196,442,760) | (191,835,618) |
Total shareholders' equity | 37,613,758 | 8,761,356 |
Noncontrolling interest (Note 1) | (559,107) | (496,983) |
Total equity | 37,054,651 | 8,264,373 |
Total liabilities and equity | 38,497,522 | 9,452,964 |
Series A Convertible Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2021 | Oct. 31, 2020 |
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 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 31,449,905 | 24,248,695 |
Common stock, shares outstanding | 31,449,905 | 24,248,695 |
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 | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 512,500 | |||
Operating costs and expenses: | ||||
Inventor royalties, contingent legal fees, litigation and licensing expenses | 385,002 | |||
Research and development expenses (including non-cash share-based compensation expenses of $447,176, $458,132, $737,382 and $855,655, respectively) | 1,022,176 | 1,228,790 | 1,849,827 | 2,719,378 |
General and administrative expenses (including non-cash share-based compensation expenses of $604,096, $651,954, $1,299,989 and $1,275,765, respectively) | 1,415,106 | 1,441,347 | 2,948,084 | 2,580,628 |
Total operating costs and expenses | 2,437,282 | 2,670,137 | 5,182,913 | 5,300,006 |
Loss from operations | (2,437,282) | (2,670,137) | (4,670,413) | (5,300,006) |
Interest income | 393 | 12,147 | 1,147 | 25,441 |
Net loss | (2,436,889) | (2,657,990) | (4,669,266) | (5,274,565) |
Less: Net loss attributable to noncontrolling interest | (38,038) | (17,897) | (62,124) | (41,929) |
Net loss attributable to common shareholders | $ (2,398,851) | $ (2,640,093) | $ (4,607,142) | $ (5,232,636) |
Net loss per common share attributable to common shareholders: Basic and diluted | $ (0.08) | $ (0.12) | $ (0.17) | $ (0.25) |
Weighted average common shares outstanding: Basic and diluted | 28,669,475 | 21,155,505 | 26,887,974 | 20,927,212 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Research and Development Expenses [Member] | ||||
Non-cash share based compensation expenses | $ 447,176 | $ 458,132 | $ 737,382 | $ 855,655 |
General and Administrative Expenses [Member] | ||||
Non-cash share based compensation expenses | $ 604,096 | $ 651,954 | $ 1,299,989 | $ 1,275,765 |
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, 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 | 2,019,211 | 2,019,211 | 2,019,211 | |||
Stock options and warrants issued to consultants | 112,209 | 112,209 | 112,209 | |||
Common stock issued upon exercise of stock options | $ 439 | 103,291 | 103,730 | 103,730 | ||
Common stock issued upon exercise of stock options, shares | 43,900 | |||||
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 | $ 10,941 | 3,022,894 | 3,033,835 | 3,033,835 | ||
Common stock issued in at-the-market offering, net of offering expenses, shares | 1,094,063 | |||||
Net loss | (5,232,636) | (5,232,636) | (41,929) | (5,274,565) | ||
Ending balance at Apr. 30, 2020 | $ 214,793 | 192,122,260 | (187,049,899) | 5,287,154 | (464,904) | 4,822,250 |
Ending balance, shares at Apr. 30, 2020 | 21,479,335 | |||||
Beginning balance at Jan. 31, 2020 | $ 208,413 | 189,646,000 | (184,409,806) | 5,444,607 | (447,007) | 4,997,600 |
Beginning balance, shares at Jan. 31, 2020 | 20,841,309 | |||||
Stock option compensation to employees and directors | 1,055,331 | 1,055,331 | 1,055,331 | |||
Stock options and warrants issued to consultants | 54,755 | 54,755 | 54,755 | |||
Common stock issued upon exercise of stock options | $ 250 | 75,000 | 75,250 | 75,250 | ||
Common stock issued upon exercise of stock options, shares | 25,000 | |||||
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 | $ 6,034 | 1,275,818 | 1,281,852 | 1,281,852 | ||
Common stock issued in at-the-market offering, net of offering expenses, shares | 603,408 | |||||
Net loss | (2,640,093) | (2,640,093) | (17,897) | (2,657,990) | ||
Ending balance at Apr. 30, 2020 | $ 214,793 | 192,122,260 | (187,049,899) | 5,287,154 | (464,904) | 4,822,250 |
Ending balance, shares at Apr. 30, 2020 | 21,479,335 | |||||
Beginning balance at Oct. 31, 2020 | $ 242,486 | 200,354,488 | (191,835,618) | 8,761,356 | (496,983) | 8,264,373 |
Beginning balance, shares at Oct. 31, 2020 | 24,248,695 | |||||
Stock option compensation to employees and directors | 1,755,638 | 1,755,638 | 1,755,638 | |||
Stock options and warrants issued to consultants | 281,733 | 281,733 | 281,733 | |||
Common stock issued upon exercise of stock options | $ 1,075 | 292,529 | 293,604 | $ 293,604 | ||
Common stock issued upon exercise of stock options, shares | 107,451 | 44,000 | ||||
Common stock issued pursuant to employee stock purchase plan | $ 16 | 2,984 | 3,000 | $ 3,000 | ||
Common stock issued pursuant to employee stock purchase plan, shares | 1,634 | |||||
Common stock issued in a public offering, net of offering expenses | $ 42,858 | 20,248,996 | 20,291,854 | 20,291,854 | ||
Common stock issued in a public offering, net of offering expenses, shares | 4,285,715 | |||||
Common stock issued in at-the-market offering, net of offering expenses | $ 28,064 | 10,805,651 | 10,833,715 | 10,833,715 | ||
Common stock issued in at-the-market offering, net of offering expenses, shares | 2,806,410 | |||||
Net loss | (4,607,142) | (4,607,142) | (62,124) | (4,669,266) | ||
Ending balance at Apr. 30, 2021 | $ 314,499 | 233,742,019 | (196,442,760) | 37,613,758 | (559,107) | 37,054,651 |
Ending balance, shares at Apr. 30, 2021 | 31,449,905 | |||||
Beginning balance at Jan. 31, 2021 | $ 261,791 | 207,382,102 | (194,043,909) | 13,599,984 | (521,069) | 13,078,915 |
Beginning balance, shares at Jan. 31, 2021 | 26,179,122 | |||||
Stock option compensation to employees and directors | 880,776 | 880,776 | 880,776 | |||
Stock options and warrants issued to consultants | 170,496 | 170,496 | 170,496 | |||
Common stock issued upon exercise of stock options | $ 776 | 188,604 | 189,380 | 189,380 | ||
Common stock issued upon exercise of stock options, shares | 77,571 | |||||
Common stock issued pursuant to employee stock purchase plan | $ 16 | 2,984 | 3,000 | 3,000 | ||
Common stock issued pursuant to employee stock purchase plan, shares | 1,634 | |||||
Common stock issued in a public offering, net of offering expenses | $ 42,858 | 20,248,996 | 20,291,854 | 20,291,854 | ||
Common stock issued in a public offering, net of offering expenses, shares | 4,285,715 | |||||
Common stock issued in at-the-market offering, net of offering expenses | $ 9,058 | 4,868,061 | 4,877,119 | 4,877,119 | ||
Common stock issued in at-the-market offering, net of offering expenses, shares | 905,863 | |||||
Net loss | (2,398,851) | (2,398,851) | (38,038) | (2,436,889) | ||
Ending balance at Apr. 30, 2021 | $ 314,499 | $ 233,742,019 | $ (196,442,760) | $ 37,613,758 | $ (559,107) | $ 37,054,651 |
Ending balance, shares at Apr. 30, 2021 | 31,449,905 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Expenses of the public offering | $ 2,208,150 | $ 2,208,150 | ||
Expenses of the at-the-market offering | $ 340,775 | $ 158,296 | $ 156,265 | $ 57,324 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Reconciliation of net loss to net cash used in operating activities: | ||
Net loss | $ (4,669,266) | $ (5,274,565) |
Stock option compensation to employees and directors | 1,755,638 | 2,019,211 |
Stock options and warrants issued to consultants | 281,733 | 112,209 |
Depreciation of property and equipment | 29,418 | |
Gain on sale of equipment | (5,447) | |
Amortization of operating lease right-of-use asset | 28,766 | 25,055 |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (57,650) | 102,909 |
Accounts payable | 205,645 | (415,039) |
Accrued expenses | 77,869 | (45,343) |
Operating lease liability | (29,234) | (24,509) |
Net cash used in operating activities | (2,411,946) | (3,470,654) |
Cash flows from investing activities: | ||
Disbursements to acquire short-term investments | (10,399,300) | (2,620,000) |
Proceeds from maturities of short-term investments | 2,640,000 | 2,350,000 |
Purchase of property and equipment | (15,791) | |
Proceeds from sale of equipment | 35,447 | |
Net cash used in investing activities | (7,723,853) | (285,791) |
Cash flows from financing activities: | ||
Gross proceeds from sale of common stock in a public offering | 22,500,004 | |
Expenses of the public offering | (2,208,150) | |
Gross proceeds from sale of common stock in an at-the-market offering | 11,174,490 | 3,192,131 |
Expenses of the at-the-market offering | (340,775) | (158,296) |
Proceeds from sale of common stock pursuant to employee stock purchase plan | 3,000 | 15,452 |
Proceeds from exercise of stock options | 293,604 | 103,730 |
Net cash provided by financing activities | 31,422,173 | 3,153,017 |
Net increase (decrease)in cash and cash equivalents | 21,286,374 | (603,428) |
Cash and cash equivalents at beginning of period | 6,417,061 | 3,491,625 |
Cash and cash equivalents at end of period | 27,703,435 | 2,888,197 |
Supplemental cash flow information: | ||
Cash proceeds from interest income | 1,398 | 22,920 |
Supplemental disclosure of non-cash financing activity: | ||
Fair value of warrants issued in connection with the public offering | $ 1,040,700 |
Business and Funding
Business and Funding | 6 Months Ended |
Apr. 30, 2021 | |
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 chimeric antigen receptor T-cell (“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 protein functions of the virus. Our vaccine programs include the development of a vaccine against breast cancer, specifically triple negative breast cancer (“TNBC”), the most lethal form of the disease, and a vaccine against ovarian cancer. 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 upon achievement of specific development milestones. 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. We submitted an Investigational New Drug (“IND”) application to the U.S. Food and Drug Administration (“FDA”) in March 2021. In April 2021, the FDA informed us that they needed additional information before allowing us to proceed with the clinical trial. In May 2021, the FDA provided us with the details of their information request, and we are currently working with Moffitt to address the FDA’s request. We anticipate submitting our response to the FDA in June 2021, after which the FDA will have approximately 30 days to respond. Assuming the FDA finds our response acceptable, we anticipate beginning the human clinical trials in the fourth quarter of 2021. In April 2020, we entered into a collaboration with OntoChem GmbH (“OntoChem”), to discover and ultimately develop anti-viral drug candidates against COVID-19. Through this collaboration, we utilized advanced computational methods, machine learning, and molecular modeling techniques to perform in silico The screening process resulted in the identification of multiple compounds that could potentially disrupt critical enzymes of the virus. Several of these compounds were synthesized and tested in in vitro In May 2021, after completion of the aforementioned animal studies, OntoChem assigned its rights and obligations related to this collaboration to MolGenie GmbH (“MolGenie”), a company spun-out from OntoChem focused on drug discovery and development. We hold an exclusive worldwide, royalty-bearing license to use certain intellectual property owned or controlled by The Cleveland Clinic Foundation (“Cleveland Clinic”) relating 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. A specific protein, alpha-lactalbumin, has been identified that is only expressed during lactation in a healthy woman’s mammary tissue. This protein disappears when the woman is no longer lactating, but reappears in many forms of breast cancer, especially TNBC. Studies have shown that vaccinating against this protein prevents breast cancer in mice. In December 2020, we received authorization from the FDA to commence enrollment and treatment of patients in a Phase 1a clinical trial. We are performing the activities necessary to prepare for treatment of patients in the Phase 1a clinical trial, and we anticipate being prepared to treat the first enrolled patient in July 2021. In November 2020, we executed a license agreement with Cleveland Clinic pursuant to which the Company was granted an exclusive worldwide, royalty-bearing license to use certain intellectual property owned or controlled by Cleveland Clinic relating to certain ovarian cancer vaccine technology. This technology pertains to the use of vaccines for the treatment or prevention of ovarian cancers which express the anti-Mullerian hormone receptor II protein containing an extracellular domain (“AMHR2-ED”). In healthy tissue, this protein regulates growth and development of egg-containing follicles in the ovary. While expression of AMHR2-ED naturally and markedly declines after menopause, this protein is expressed at high levels in the ovaries of postmenopausal women with ovarian cancer. Researchers at Cleveland Clinic believe that a vaccine targeting AMHR2-ED could prevent the occurrence of ovarian cancer. We entered into a joint development agreement with Cleveland Clinic, to advance this vaccine technology toward human clinical testing. In May 2021, Cleveland Clinic was granted an award for our ovarian cancer vaccine technology by the National Cancer Institute’s (“NCI”) PREVENT program. The NCI is a part of the National Institutes of Health. The PREVENT program is a peer-reviewed agent development program designed to support preclinical development of innovative interventions and biomarkers for cancer prevention and interception towards clinical trials. The scientific and financial resources of the PREVENT program will be used for our ovarian cancer vaccine technology to perform virtually all pre-clinical research and development, manufacturing and IND-enabling studies. This work will be performed at NCI facilities, by NCI scientific staff and with NCI financial resources. Over the next several quarters, we expect the development of our breast and ovarian cancer vaccines, our COVID-19 therapeutic 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 (operations for which were suspended in July 2020), 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. We do not expect to begin generating revenue with respect to any of our current therapy or vaccine programs in the near term. We hope to achieve a profitable outcome by eventually licensing our technologies to large pharmaceutical companies that have the resources and infrastructure in place to manufacture, market and sell our technologies as therapeutics or vaccines. The eventual licensing of any of our technologies may take several years, if it is to occur at all, and may depend on positive results from human clinical trials. Funding and Management’s Plans Based on currently available information as of June 10, 2021, we believe that our existing cash, cash equivalents, short-term investments and expected cash flows will be sufficient to fund our activities for at least 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 six months ended April 30, 2021, we raised approximately $20,292,000, net of expenses, through a public offering in which we sold an aggregate of 4,285,715 shares of common stock and approximately $10,834,000, net of expenses, through our at-the-market equity program in which we sold an aggregate of 2,806,410 shares of common stock. Under our at-the-market equity program which is currently effective and may remain available for us to use in the future, as of April 30, 2021, we may sell an additional approximately $29.6 million of common stock. We may seek to obtain working capital during our fiscal year 2021 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 will 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, 2020. The accompanying October 31, 2020 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 April 30, 2021, and results of operations and cash flows for the interim periods represented. The results of operations for the six months ended April 30, 2021 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 six months ended April 30, 2021: Balance, October 31, 2020 $ (496,983 ) Net loss attributable to noncontrolling interest (62,124 ) Balance, April 30, 2021 $ (559,107 ) Revenue Recognition 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. We follow the accounting guidance of Accounting Standards Codification 606 (“ASC 606”), Revenue from Contracts with Customers. In accordance with ASC 606 we are required to make certain judgments and estimates in connection with the accounting for revenue. Such judgments and estimates 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, within 30 days of execution of the agreement, 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. 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 and licensing and enforcement related research, consulting and other expenses paid to third-parties. 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 immuno-therapy drugs against cancer, preventative cancer vaccines and anti-viral drug candidates for COVID-19, are expensed in the accompanying condensed consolidated financial statements in the period incurred. |
Public Offering
Public Offering | 6 Months Ended |
Apr. 30, 2021 | |
Public Offering | |
Public Offering | 2. PUBLIC OFFERING On March 25, 2021, the Company completed a public offering in which we sold an aggregate of 4,285,715 shares of its common stock, which represented 15.8% of the Company’s outstanding shares at the time of the offering, at a public offering price of $5.25 per share. The Company realized net proceeds of approximately $20,292,000 from the public offering, after deducting underwriting discounts and deal expenses. In connection with the public offering, the Company issued to certain designees of the underwriter, as compensation, warrants expiring on March 22, 2026, to purchase 300,000 shares of common stock at $6.5625 per share. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Apr. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | 3. 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 $881,000 and $1,055,000 during the three months ended April 30, 2021 and 2020, respectively, and approximately $1,756,000 and $2,019,000 during the six months ended April 30, 2021 and 2020, 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. The second and third tranches did not vest as of May 31, 2021. We did not record any market condition stock-based compensation expense during the six months ended April 30, 2021 and 2020. The compensation cost for service-based stock options granted to consultants 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 three years. We recorded stock-based consulting expense related to stock options granted to consultants of approximately $132,000 and $55,000 during the three months ended April 30, 2021 and 2020, respectively, and approximately $186,000 and $112,000 during the six months ended April 30, 2021 and 2020, respectively. Stock Option Plans During the six months ended April 30, 2021, we had two stock option plans: 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 July 14, 2010 and January 25, 2018, respectively. The 2018 Share Plan was approved by our shareholders on March 29, 2018. Further, we had an additional stock option plan: the Anixa Biosciences, Inc. 2003 Share Incentive Plan (the “2003 Share Plan”), under which all outstanding options expired during the six months ended April 30, 2020. Stock Option Activity During the three months ended April 30, 2021 and 2020, we granted options to purchase 250,000 shares and -0- shares of common stock, respectively, and during the six months ended April 30, 2021 and 2020, we granted options to purchase 1,380,000 shares and 800,000 shares of common stock, respectively, to employees and consultants, with exercise prices ranging from $2.83 to $5.30 per share, pursuant to the 2018 Share Plan. During the three months ended April 30, 2021 and 2020, stock options to purchase 77,571 shares, net of 7,937 shares withheld on a cashless exercise, and 25,000 shares of common stock, respectively, were exercised with aggregate proceeds of approximately $189,000 and $75,000, respectively. During the six months ended April 30, 2021 and 2020, stock options to purchase 107,451 shares, net of 7,937 shares withheld on a cashless exercise, and 43,900 shares of common stock, respectively, were exercised with aggregate proceeds of approximately $294,000 and $104,000, respectively. 2003 Share 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 Plan for the six months ended April 30, 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 - $ -0- $ -0- 2010 Share 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 six months ended April 30, 2021 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2020 1, 1,907,534 $ 2.82 Exercised (37,500 ) $ 2.40 Forfeited/Expired (10,400 ) $ 4.57 Options outstanding at April 30, 2021 1 1,859,634 $ 2.82 $ 3,899,138 Options exercisable at April 30, 2021 1, 1,820,884 $ 2.82 $ 3,809,375 The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of April 30, 2021: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 0.67 - $ 2.30 527,500 5.06 $ 1.54 513,750 5.03 $ 1.56 $ 2.58 - $ 3.13 818,000 2.90 $ 2.80 818,000 3.27 $ 2.80 $ 3.46 - $ 5.30 514,134 7.00 $ 4.16 489,134 6.99 $ 4.20 Information regarding the 2010 Share Plan for the six months ended April 30, 2020 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2019 1,998,668 $ 2.80 Exercised (43,900 ) $ 2.36 Forfeited/Expired (5,534 ) $ 2.58 Options outstanding at April 30, 2020 1,949,234 $ 2.81 $ 291,195 Options exercisable at April 30, 2020 1,740,484 $ 2.85 $ 213,820 The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of April 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 0.67 - $2.30 561,500 6.03 $ 1.56 480,250 5.84 $ 1.66 $ 2.58 - $ 3.13 853,200 3.28 $ 2.79 853,200 3.72 $ 2.79 $ 3.46 - $ 5.75 534,534 7.69 $ 4.16 407,034 7.54 $ 4.38 2018 Share 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 April 30, 2021, the 2018 Share Plan had 1,757,937 shares available for future grants. Information regarding the 2018 Share Plan for the six months ended April 30, 2021 is as follows: Shares Weighted Aggregate Intrinsic Value Options outstanding at October 31, 2020 4,346,661 $ 3.69 Granted 1,380,000 $ 3.28 Exercised (33,888 ) $ 3.81 Forfeited/Expired (392,781 ) $ 3.70 Options outstanding at April 30, 2021 5,299,992 $ 3.58 $ 7,000,292 Options exercisable at April 30, 2021 2,626,391 $ 3.66 $ 3,215,984 The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of April 30, 2021: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Number Exercisable Weighted Average Remaining Contractual Life (in years) Weighted Price $ 2.09 - $3.70 3,975,000 7.87 $ 3.38 1,901,945 7.37 $ 3.55 $ 3.84 - $5.30 1,324,992 7.19 $ 4.16 724,446 7.43 $ 3.96 Information regarding the 2018 Share Plan for the six months ended April 30, 2020 is as follows: Shares Weighted Aggregate Intrinsic Value Options outstanding at October 31, 2019 3,935,500 $ 3.74 Granted 800,000 $ 3.85 Options outstanding at April 30, 2020 4,735,000 $ 3.76 $ -0- Options exercisable at April 30, 2020 2,107,779 $ 3.75 $ -0- The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of April 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 3.70 3,100,000 8.03 $ 3.70 1,566,666 8.03 $ 3.70 $ 3.84 - $4.61 1,635,000 8.92 $ 3.88 541,113 8.37 $ 3.75 Non-Plan Options In addition to options granted under stock option plans, during the years ended October 31, 2012 and 2013, the Board of Directors approved the grant of stock options to certain employees and directors (the “Non-Plan Options”). Information regarding Non-Plan Options for the six months ended April; 30, 2021 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2020 1,698,000 $ 2.58 Exercised (44,000 ) $ 2.58 Options outstanding and exercisable at 1,654,000 $ 2.58 $ 3,812,470 The following table summarizes information about Non-Plan Options outstanding and exercisable as of April 30, 2021: Range of Number Weighted Average Remaining Contractual Life Weighted $ 2.58 1,654,000 1.31 $ 2.58 Information regarding Non-Plan Options for the six months ended April 30, 2020 is as follows: Shares Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Options outstanding at October 31, 2019 1,698,000 $ 2.58 Options outstanding and exercisable at 1,698,000 $ 2.58 $ -0- The following table summarizes information about Non-Plan Options outstanding and exercisable as of April 30, 2020: Number and Exercisable Weighted Average (in years) Weighted $ 2.58 1,698,000 2.25 $ 2.58 On June 1, 2021, stock options to purchase 2,990,000 shares were granted under the 2018 Share Plan. Each of our non-employee directors was awarded options for 30,000 shares that vest over one year. Our Lead Independent Director, our Chairman, President and Chief Executive Officer and our Chief Operating Officer and Chief Financial Officer were awarded options for 200,000 shares, 500,000 shares and 100,000 shares, respectively, that vest over three years. Further, our Chairman, President and Chief Executive Officer and our Chief Operating Officer and Chief Financial Officer were awarded options for 2,000,000 shares and 100,000 shares, respectively, that vest in four equal installments upon the Company’s share price achieving targets ranging from $5.00 to $8.00 per share. Stock Awards 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 was to vest 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. The restricted stock award did not vest as of 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). We did not record any compensation expense related to the restricted stock award during the six months ended April 30, 2021 and 2020. Employee Stock Purchase Plan The Company maintains the Anixa Biosciences, Inc. Employee Stock Purchase Plan (the “ESPP”) 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 six months ended April 30, 2021 and 2020, employees purchased 1,634 and 9,618 shares, respectively, with aggregate proceeds of approximately $3,000 and $15,000, respectively. Warrants On October 30, 2020 we issued a warrant, expiring on October 30, 2025, to purchase 60,000 shares of common stock at $2.06 per share, vesting over five months, to a consultant for investor relations services. We recorded consulting expense of approximately $38,000 and $96,000, respectively, during the three and six months ended April 30, 2021, based on the fair value of the warrant on the date of grant recognized on a straight-line basis over the vesting period. We did not record any consulting expense related to warrants during the three and six months ended April 30, 2020. As discussed in Note 2, in connection with the March 25, 2021 public offering we issued to certain designees of the underwriter, as compensation, warrants to purchase 300,000 shares of common stock at $6.5625 per share, expiring on March 22, 2026. No warrants were issued during the six-month period ended April 30, 2020. As of April 30, 2021, we also had warrants outstanding to purchase 500,000 shares of common stock at $5.03 per share, issued during fiscal year 2017 and expiring on November 30, 2021. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Apr. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. 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 April 30, 2021: Level 1 Level 2 Level 3 Total Money market funds: Cash and cash equivalents $ 27,038,700 $ - $ - $ 27,038,700 Certificates of deposit: Cash and cash equivalents 500,000 - - 500,000 Short-term investments - 2,000,000 - 2,000,000 Treasury bills and bonds: Short-term investments - 8,399,300 - 8,399,300 Total financial assets $ 27,538,700 $ 10,399,300 $ - $ 37,938,000 The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of October 31, 2020: Level 1 Level 2 Level 3 Total Money market funds: Cash and cash equivalents $ 3,902,292 $ - $ - $ 3,902,292 Certificates of deposit: Cash and cash equivalents 2,250,000 - - 2,250,000 Short-term investments - 2,640,000 - 2,640,000 Total financial assets $ 6,152,292 $ 2,640,000 $ - $ 8,792,292 Our non-financial assets that are measured on a non-recurring basis include our other assets which are measured using fair value techniques whenever events or changes in circumstances indicate a condition of impairment exists. The estimated fair value of prepaid expenses and other current assets, 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 | 6 Months Ended |
Apr. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. ACCRUED EXPENSES Accrued expenses consist of the following as of: April 30, October 31, 2021 2020 Payroll and related expenses $ 310,641 $ 415,331 Accrued royalty and contingent legal fees 577,190 449,691 Accrued collaborative research and license expense 61,853 30,000 Accrued other 29,210 6,003 $ 978,894 $ 901,025 |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 6 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | 6. 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 six months ended April 30, 2021 and 2020, were stock options to purchase 8,813,626 and 8,382,234 shares, respectively, and warrants to purchase 860,000 and 500,000 shares, respectively. |
Effect of Recently Adopted and
Effect of Recently Adopted and Issued Pronouncements | 6 Months Ended |
Apr. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Effect of Recently Adopted and Issued Pronouncements | 7. 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 9 regarding the accounting and disclosures related to our office lease. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. 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 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 April 30, 2021 and October 31, 2020 and we account for interest and penalties related to income tax matters, if any, in general and administrative expenses. |
Leases
Leases | 6 Months Ended |
Apr. 30, 2021 | |
Leases [Abstract] | |
Leases | 9. 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. Rent expense was approximately $16,000 and $16,000, respectively, for the three months ended April 30, 2021 and 2020, and approximately $32,000 and $32,000, respectively, for the six months ended April 30, 2021 and 2020. 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. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. The remaining 5-month lease term as of April 30, 2021 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 April 30, October 31, Operating Lease: Right-of-use asset Operating lease right-of-use asset $ 25,574 $ 54,340 Right-of-use liability, current Operating lease liability 25,964 55,198 As of April 30, 2021, the annual minimum lease payments of our operating lease liabilities were as follows: Operating Leases 2021 future minimum payments, undiscounted $ 26,880 Less: Imputed interest (916 ) Present value of future minimum lease payments $ 25,964 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES 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. 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, while the outlook is improving, and there has been a loosening of restrictions in many of the areas in which we and our partners operate and conduct our business, 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 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 temporary shutdowns of the laboratories and other service providers that we rely on to develop our 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 advancement of our programs. 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. |
Segment Information
Segment Information | 6 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 11. 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) Patent Licensing activities. The following represents selected financial information for our segments for the three and six months ended April 30, 2021 and 2020 and as of April 30, 2021 and October 31, 2020: For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Net Income/(Loss): CAR-T Therapeutics $ (1,445,758 ) $ (495,030 ) $ (2,406,494 ) $ (1,125,363 ) Cancer Vaccines (662,367 ) (170,271 ) (1,568,703 ) (365,867 ) Anti-Viral Therapeutics (309,755 ) (309,504 ) (790,561 ) (309,504 ) Cancer Diagnostics (13,409 ) (1,679,027 ) (22,371 ) (3,469,673 ) Patent Licensing (5,600 ) (4,158 ) 118,863 (4,158 )) Total $ (2,436,889) $ (2,657,990 ) $ (4,669,266 ) $ (5,274,565 ) Total operating costs and expenses $ 2,437,282 $ 2,670,137 $ 5,182,913 $ 5,300,006 Less non-cash share-based compensation (1,051,272 ) (1,110,086 )) (2,037,371 ) (2,131,420 ) Operating costs and expenses $ 1,386,010 $ 1,560,051 $ 3,145,542 $ 3,168,586 Operating costs and expenses excluding CAR-T Therapeutics $ 934,714 $ 223,822 $ 1,492,394 $ 570,163 Cancer Vaccines 298,537 67,059 836,525 165,329 Anti-Viral Therapeutics 138,175 221,018 408,431 221,018 Cancer Diagnostics 10,291 1,044,889 16,723 2,208,813 Patent Licensing 4,293 3,263 391,469 3,263 Total $ 1,386,010 $ 1,560,051 3,145,542 $ 3,168,586 April 30, October 31, Total assets: CAR-T Therapeutics $ 25,906,018 $ 2,988,124 Cancer Vaccines 8,265,734 946,923 Anti-Viral Therapeutics 3,825,876 2,464,361 Cancer Diagnostics 332,450 2,869,529 Patent Licensing 167,444 184,027 Total $ 38,497,522 $ 9,452,964 Operating costs and expenses excluding non-cash share-based compensation expense is the measurement the chief operating decision-maker uses in managing the enterprise. |
Business and Funding (Tables)
Business and Funding (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Changes in 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 six months ended April 30, 2021: Balance, October 31, 2020 $ (496,983 ) Net loss attributable to noncontrolling interest (62,124 ) Balance, April 30, 2021 $ (559,107 ) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Schedule of Option Activity | Information regarding Non-Plan Options for the six months ended April; 30, 2021 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2020 1,698,000 $ 2.58 Exercised (44,000 ) $ 2.58 Options outstanding and exercisable at 1,654,000 $ 2.58 $ 3,812,470 Information regarding Non-Plan Options for the six months ended April 30, 2020 is as follows: Shares Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Options outstanding at October 31, 2019 1,698,000 $ 2.58 Options outstanding and exercisable at 1,698,000 $ 2.58 $ -0- |
Schedule of Outstanding and Exercisable | The following table summarizes information about Non-Plan Options outstanding and exercisable as of April 30, 2021: Range of Number Weighted Average Remaining Contractual Life Weighted $ 2.58 1,654,000 1.31 $ 2.58 The following table summarizes information about Non-Plan Options outstanding and exercisable as of April 30, 2020: Number and Exercisable Weighted Average (in years) Weighted $ 2.58 1,698,000 2.25 $ 2.58 |
2003 Plan [Member] | |
Schedule of Option Activity | Information regarding the 2003 Plan for the six months ended April 30, 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 - $ -0- $ -0- |
2010 Plan [Member] | |
Schedule of Option Activity | Information regarding the 2010 Share Plan for the six months ended April 30, 2021 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2020 1, 1,907,534 $ 2.82 Exercised (37,500 ) $ 2.40 Forfeited/Expired (10,400 ) $ 4.57 Options outstanding at April 30, 2021 1 1,859,634 $ 2.82 $ 3,899,138 Options exercisable at April 30, 2021 1, 1,820,884 $ 2.82 $ 3,809,375 Information regarding the 2010 Share Plan for the six months ended April 30, 2020 is as follows: Shares Weighted Aggregate Options outstanding at October 31, 2019 1,998,668 $ 2.80 Exercised (43,900 ) $ 2.36 Forfeited/Expired (5,534 ) $ 2.58 Options outstanding at April 30, 2020 1,949,234 $ 2.81 $ 291,195 Options exercisable at April 30, 2020 1,740,484 $ 2.85 $ 213,820 |
Schedule of Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of April 30, 2021: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 0.67 - $ 2.30 527,500 5.06 $ 1.54 513,750 5.03 $ 1.56 $ 2.58 - $ 3.13 818,000 2.90 $ 2.80 818,000 3.27 $ 2.80 $ 3.46 - $ 5.30 514,134 7.00 $ 4.16 489,134 6.99 $ 4.20 The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of April 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 0.67 - $2.30 561,500 6.03 $ 1.56 480,250 5.84 $ 1.66 $ 2.58 - $ 3.13 853,200 3.28 $ 2.79 853,200 3.72 $ 2.79 $ 3.46 - $ 5.75 534,534 7.69 $ 4.16 407,034 7.54 $ 4.38 |
2018 Plan [Member] | |
Schedule of Option Activity | Information regarding the 2018 Share Plan for the six months ended April 30, 2021 is as follows: Shares Weighted Aggregate Intrinsic Value Options outstanding at October 31, 2020 4,346,661 $ 3.69 Granted 1,380,000 $ 3.28 Exercised (33,888 ) $ 3.81 Forfeited/Expired (392,781 ) $ 3.70 Options outstanding at April 30, 2021 5,299,992 $ 3.58 $ 7,000,292 Options exercisable at April 30, 2021 2,626,391 $ 3.66 $ 3,215,984 Information regarding the 2018 Share Plan for the six months ended April 30, 2020 is as follows: Shares Weighted Aggregate Intrinsic Value Options outstanding at October 31, 2019 3,935,500 $ 3.74 Granted 800,000 $ 3.85 Options outstanding at April 30, 2020 4,735,000 $ 3.76 $ -0- Options exercisable at April 30, 2020 2,107,779 $ 3.75 $ -0- |
Schedule of Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of April 30, 2021: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Number Exercisable Weighted Average Remaining Contractual Life (in years) Weighted Price $ 2.09 - $3.70 3,975,000 7.87 $ 3.38 1,901,945 7.37 $ 3.55 $ 3.84 - $5.30 1,324,992 7.19 $ 4.16 724,446 7.43 $ 3.96 The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of April 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 3.70 3,100,000 8.03 $ 3.70 1,566,666 8.03 $ 3.70 $ 3.84 - $4.61 1,635,000 8.92 $ 3.88 541,113 8.37 $ 3.75 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
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 April 30, 2021: Level 1 Level 2 Level 3 Total Money market funds: Cash and cash equivalents $ 27,038,700 $ - $ - $ 27,038,700 Certificates of deposit: Cash and cash equivalents 500,000 - - 500,000 Short-term investments - 2,000,000 - 2,000,000 Treasury bills and bonds: Short-term investments - 8,399,300 - 8,399,300 Total financial assets $ 27,538,700 $ 10,399,300 $ - $ 37,938,000 The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of October 31, 2020: Level 1 Level 2 Level 3 Total Money market funds: Cash and cash equivalents $ 3,902,292 $ - $ - $ 3,902,292 Certificates of deposit: Cash and cash equivalents 2,250,000 - - 2,250,000 Short-term investments - 2,640,000 - 2,640,000 Total financial assets $ 6,152,292 $ 2,640,000 $ - $ 8,792,292 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following as of: April 30, October 31, 2021 2020 Payroll and related expenses $ 310,641 $ 415,331 Accrued royalty and contingent legal fees 577,190 449,691 Accrued collaborative research and license expense 61,853 30,000 Accrued other 29,210 6,003 $ 978,894 $ 901,025 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease | Balance sheet information related to the Company’s lease is presented below: Balance Sheet April 30, October 31, Operating Lease: Right-of-use asset Operating lease right-of-use asset $ 25,574 $ 54,340 Right-of-use liability, current Operating lease liability 25,964 55,198 |
Schedule of Minimum Lease Payments | As of April 30, 2021, the annual minimum lease payments of our operating lease liabilities were as follows: Operating Leases 2021 future minimum payments, undiscounted $ 26,880 Less: Imputed interest (916 ) Present value of future minimum lease payments $ 25,964 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following represents selected financial information for our segments for the three and six months ended April 30, 2021 and 2020 and as of April 30, 2021 and October 31, 2020: For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Net Income/(Loss): CAR-T Therapeutics $ (1,445,758 ) $ (495,030 ) $ (2,406,494 ) $ (1,125,363 ) Cancer Vaccines (662,367 ) (170,271 ) (1,568,703 ) (365,867 ) Anti-Viral Therapeutics (309,755 ) (309,504 ) (790,561 ) (309,504 ) Cancer Diagnostics (13,409 ) (1,679,027 ) (22,371 ) (3,469,673 ) Patent Licensing (5,600 ) (4,158 ) 118,863 (4,158 )) Total $ (2,436,889) $ (2,657,990 ) $ (4,669,266 ) $ (5,274,565 ) Total operating costs and expenses $ 2,437,282 $ 2,670,137 $ 5,182,913 $ 5,300,006 Less non-cash share-based compensation (1,051,272 ) (1,110,086 )) (2,037,371 ) (2,131,420 ) Operating costs and expenses $ 1,386,010 $ 1,560,051 $ 3,145,542 $ 3,168,586 Operating costs and expenses excluding CAR-T Therapeutics $ 934,714 $ 223,822 $ 1,492,394 $ 570,163 Cancer Vaccines 298,537 67,059 836,525 165,329 Anti-Viral Therapeutics 138,175 221,018 408,431 221,018 Cancer Diagnostics 10,291 1,044,889 16,723 2,208,813 Patent Licensing 4,293 3,263 391,469 3,263 Total $ 1,386,010 $ 1,560,051 3,145,542 $ 3,168,586 April 30, October 31, Total assets: CAR-T Therapeutics $ 25,906,018 $ 2,988,124 Cancer Vaccines 8,265,734 946,923 Anti-Viral Therapeutics 3,825,876 2,464,361 Cancer Diagnostics 332,450 2,869,529 Patent Licensing 167,444 184,027 Total $ 38,497,522 $ 9,452,964 |
Business and Funding (Details N
Business and Funding (Details Narrative) - USD ($) | Mar. 25, 2021 | Apr. 30, 2021 | Apr. 30, 2020 |
Proceeds from issuance common stock | $ 11,174,490 | $ 3,192,131 | |
At-the-Market Equity Program [Member] | |||
Proceeds from issuance common stock | $ 10,834,000 | ||
Sale of shares of common stock | 2,806,410 | ||
Sale of shares of common stock, value | $ 29,600,000 | ||
Public Offering [Member] | |||
Ownership percentage | 15.80% | ||
Proceeds from issuance common stock | $ 20,292,000 | $ 20,292,000 | |
Sale of shares of common stock | 4,285,715 | 4,285,715 | |
Wistar Institute [Member] | |||
Ownership percentage | 5.00% |
Business and Funding - Schedule
Business and Funding - Schedule of Changes in Noncontrolling Interest (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Balance | $ (496,983) | |||
Net loss attributable to noncontrolling interest | $ (38,038) | $ (17,897) | (62,124) | $ (41,929) |
Balance | $ (559,107) | $ (559,107) |
Public Offering (Details Narrat
Public Offering (Details Narrative) - USD ($) | Mar. 25, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | Oct. 30, 2020 |
Proceeds from issuance common stock | $ 11,174,490 | $ 3,192,131 | ||
Warrants [Member] | ||||
Warrants maturity date | Nov. 30, 2021 | |||
Warrants to purchase common stock | 500,000 | |||
Warrants to purchase common stock per share | $ 5.03 | $ 2.06 | ||
Public Offering [Member] | ||||
Sale of shares of common stock | 4,285,715 | 4,285,715 | ||
Ownership percentage | 15.80% | |||
Sale of stock price per share | $ 5.25 | |||
Proceeds from issuance common stock | $ 20,292,000 | $ 20,292,000 | ||
Public Offering [Member] | Warrants [Member] | ||||
Warrants maturity date | Mar. 22, 2026 | |||
Warrants to purchase common stock | 300,000 | |||
Warrants to purchase common stock per share | $ 6.5625 |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) | Jun. 01, 2021$ / sharesshares | Oct. 30, 2020$ / sharesshares | May 08, 2018$ / sharesshares | Oct. 31, 2018Days$ / sharesshares | Apr. 30, 2021USD ($)$ / sharesshares | Apr. 30, 2020USD ($)shares | Apr. 30, 2021USD ($)$ / sharesshares | Apr. 30, 2020USD ($)shares | Mar. 25, 2021$ / sharesshares |
Stock option compensation to employees and directors | $ | $ 1,755,638 | $ 2,019,211 | |||||||
Weighted average exercise per share | $ / shares | $ 2.58 | ||||||||
Shares options, granted | |||||||||
Stock options exercised, shares | 44,000 | ||||||||
Stock options exercised | $ | $ 189,380 | $ 75,250 | $ 293,604 | $ 103,730 | |||||
Proceeds from stock plans | $ | $ 3,000 | 15,452 | |||||||
Warrants [Member] | |||||||||
Vesting period | 5 months | ||||||||
Warrant expiration date | Oct. 30, 2025 | ||||||||
Warrants purchase of common stock shares | 60,000 | ||||||||
Warrant exercise price | $ / shares | $ 2.06 | $ 5.03 | $ 5.03 | ||||||
Consulting expense | $ | $ 38,000 | $ 96,000 | |||||||
Warrants to purchase common stock | 500,000 | 500,000 | |||||||
Warrants maturity date | Nov. 30, 2021 | Nov. 30, 2021 | |||||||
Warrants issued | |||||||||
Warrants [Member] | Public Offering [Member] | |||||||||
Warrant exercise price | $ / shares | $ 6.5625 | ||||||||
Warrants to purchase common stock | 300,000 | ||||||||
Warrants maturity date | Mar. 22, 2026 | ||||||||
Stock Option [Member] | |||||||||
Option to purchase common stock | 77,571 | 77,571 | 107,451 | 107,451 | |||||
Shares withheld on a cashless exercise | 7,937 | 7,937 | 7,937 | 7,937 | |||||
Stock options exercised, shares | 25,000 | 25,000 | 43,900 | 43,900 | |||||
Stock options exercised | $ | $ 189,000 | $ 75,000 | $ 294,000 | $ 104,000 | |||||
2018 Plan [Member] | |||||||||
Weighted average exercise per share | $ / shares | $ 3.81 | ||||||||
Shares options, granted | 1,380,000 | 800,000 | |||||||
Stock options exercised, shares | 33,888 | ||||||||
Shares available for future grants | 1,757,937 | 1,757,937 | |||||||
2018 Plan [Member] | Stock Option [Member] | Subsequent Event [Member] | |||||||||
Vesting period | 1 year | ||||||||
Option to purchase common stock | 2,990,000 | ||||||||
Shares options, granted | 100,000 | ||||||||
Stock options, vested, number of shares | 30,000 | ||||||||
Stock options award, description | Our Lead Independent Director, our Chairman, President and Chief Executive Officer and our Chief Operating Officer and Chief Financial Officer were awarded options for 200,000 shares, 500,000 shares and 100,000 shares, respectively, that vest over three years. | ||||||||
First Tranche [Member] | |||||||||
Option to purchase common stock | 500,000 | ||||||||
Weighted average exercise per share | $ / shares | $ 5 | ||||||||
Consecutive trading days | Days | 20 | ||||||||
Minimum [Member] | 2018 Plan [Member] | Stock Option [Member] | Subsequent Event [Member] | |||||||||
Weighted average exercise per share | $ / shares | $ 5 | ||||||||
Maximum [Member] | 2018 Plan [Member] | Stock Option [Member] | Subsequent Event [Member] | |||||||||
Weighted average exercise per share | $ / shares | $ 8 | ||||||||
Shares options, granted | 2,000,000 | ||||||||
Employees and Directors [Member] | |||||||||
Stock option compensation to employees and directors | $ | $ 881,000 | 1,055,000 | $ 1,756,000 | $ 2,019,000 | |||||
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] | |||||||||
Option to purchase common stock | 1,500,000 | ||||||||
Weighted average exercise per share | $ / shares | $ 11 | ||||||||
Expiration date | May 31, 2021 | ||||||||
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 | ||||||||
Consultants [Member] | |||||||||
Stock option compensation to employees and directors | $ | $ 132,000 | $ 55,000 | $ 186,000 | $ 112,000 | |||||
Employees and Consultants [Member] | 2018 Plan [Member] | |||||||||
Shares options, granted | 250,000 | 0 | 1,380,000 | 800,000 | |||||
Employees and Consultants [Member] | Minimum [Member] | 2018 Plan [Member] | |||||||||
Exercise price | $ / shares | $ 2.83 | $ 2.83 | |||||||
Employees and Consultants [Member] | Maximum [Member] | 2018 Plan [Member] | |||||||||
Exercise price | $ / shares | $ 5.30 | $ 5.30 | |||||||
Employees [Member] | Employee Stock Purchase Plan [Member] | |||||||||
Option to purchase common stock | 1,634 | 9,618 | |||||||
Purchase price of common stock percentage | 85.00% | ||||||||
Proceeds from stock plans | $ | $ 3,000 | $ 15,000 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Option Activity (Details) - USD ($) | 6 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Shares, Options outstanding, Beginning balance | 1,698,000 | 1,698,000 |
Shares, Options, Granted | ||
Shares, Options, Exercised | (44,000) | |
Shares, Options outstanding and Exercisable | 1,654,000 | 1,698,000 |
Weighted Average Exercise Price Per Share, Outstanding Beginning balance | $ 2.58 | $ 2.58 |
Weighted Average Exercise Price Per Share, Granted | ||
Weighted Average Exercise Price Per Share, Exercised | 2.58 | |
Weighted Average Exercise Price Per Share, Outstanding and Exercisable | $ 2.58 | $ 2.58 |
Aggregate Intrinsic Value, Outstanding and Exercisable | $ 3,812,470 | $ 0 |
2003 Plan [Member] | ||
Shares, Options outstanding, Beginning balance | 400 | |
Shares, Options, Forfeited/Expired | (400) | |
Shares, Options outstanding and Exercisable | ||
Weighted Average Exercise Price Per Share, Outstanding Beginning balance | $ 17 | |
Weighted Average Exercise Price Per Share, Forfeited/Expired | 17 | |
Weighted Average Exercise Price Per Share, Outstanding and Exercisable | $ 0 | |
Aggregate Intrinsic Value, Outstanding and Exercisable | $ 0 | |
2010 Plan [Member] | ||
Shares, Options outstanding, Beginning balance | 11,907,534 | 1,998,668 |
Shares, Options, Exercised | (37,500) | (43,900) |
Shares, Options, Forfeited/Expired | (10,400) | (5,534) |
Shares, Options outstanding, Ending balance | 11,859,634 | 1,949,234 |
Shares, Options outstanding, Exercisable | 11,820,884 | 1,740,484 |
Weighted Average Exercise Price Per Share, Outstanding Beginning balance | $ 2.82 | $ 2.80 |
Weighted Average Exercise Price Per Share, Exercised | 2.40 | 2.36 |
Weighted Average Exercise Price Per Share, Forfeited/Expired | 4.57 | 2.58 |
Weighted Average Exercise Price Per Share, Outstanding Ending balance | 2.82 | 2.81 |
Weighted Average Exercise Price Per Share, Exercisable | $ 2.82 | $ 2.85 |
Aggregate Intrinsic Value, Outstanding Ending balance | $ 3,899,138 | $ 291,195 |
Aggregate Intrinsic Value, Exercisable | $ 3,809,375 | $ 213,820 |
2018 Plan [Member] | ||
Shares, Options outstanding, Beginning balance | 4,346,661 | 3,935,500 |
Shares, Options, Granted | 1,380,000 | 800,000 |
Shares, Options, Exercised | (33,888) | |
Shares, Options, Forfeited/Expired | (392,781) | |
Shares, Options outstanding, Ending balance | 5,299,992 | 4,735,000 |
Shares, Options outstanding, Exercisable | 2,626,391 | 2,107,779 |
Weighted Average Exercise Price Per Share, Outstanding Beginning balance | $ 3.69 | $ 3.74 |
Weighted Average Exercise Price Per Share, Granted | 3.28 | 3.85 |
Weighted Average Exercise Price Per Share, Exercised | 3.81 | |
Weighted Average Exercise Price Per Share, Forfeited/Expired | 3.70 | |
Weighted Average Exercise Price Per Share, Outstanding Ending balance | 3.58 | 3.76 |
Weighted Average Exercise Price Per Share, Exercisable | $ 3.66 | $ 3.75 |
Aggregate Intrinsic Value, Outstanding Ending balance | $ 7,000,292 | $ 0 |
Aggregate Intrinsic Value, Exercisable | $ 3,215,984 | $ 0 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Outstanding and Exercisable (Details) - $ / shares | 6 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | |
Number of Outstanding | 1,698,000 | 1,698,000 | ||
Weighted Average Exercise Price | $ 2.58 | $ 2.58 | ||
2010 Plan [Member] | ||||
Number of Outstanding | 11,859,634 | 1,949,234 | 11,907,534 | 1,998,668 |
Weighted Average Exercise Price | $ 2.82 | $ 2.81 | $ 2.82 | $ 2.80 |
Number Exercisable, Options Exercisable | 11,820,884 | 1,740,484 | ||
Weighted Average Exercise Price, Options Exercisable | $ 2.82 | $ 2.85 | ||
2010 Plan [Member] | Range 1 [Member] | ||||
Range of Exercise Prices, Lower limit | 0.67 | 0.67 | ||
Range of Exercise Prices, Upper limit | $ 2.30 | $ 2.30 | ||
Number of Outstanding | 527,500 | 561,500 | ||
Weighted Average Remaining Contractual Life (in years) | 5 years 22 days | 6 years 11 days | ||
Weighted Average Exercise Price | $ 1.54 | $ 1.56 | ||
Number Exercisable, Options Exercisable | 513,750 | 480,250 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 5 years 11 days | 5 years 10 months 3 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 1.56 | $ 1.66 | ||
2010 Plan [Member] | Range 2 [Member] | ||||
Range of Exercise Prices, Lower limit | 2.58 | 2.58 | ||
Range of Exercise Prices, Upper limit | $ 3.13 | $ 3.13 | ||
Number of Outstanding | 818,000 | 853,200 | ||
Weighted Average Remaining Contractual Life (in years) | 2 years 10 months 25 days | 3 years 3 months 11 days | ||
Weighted Average Exercise Price | $ 2.80 | $ 2.79 | ||
Number Exercisable, Options Exercisable | 818,000 | 853,200 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 3 years 3 months 8 days | 3 years 8 months 19 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 2.80 | $ 2.79 | ||
2010 Plan [Member] | Range 3 [Member] | ||||
Range of Exercise Prices, Lower limit | 3.46 | 3.46 | ||
Range of Exercise Prices, Upper limit | $ 5.30 | $ 5.75 | ||
Number of Outstanding | 514,134 | 534,534 | ||
Weighted Average Remaining Contractual Life (in years) | 7 years | 7 years 8 months 9 days | ||
Weighted Average Exercise Price | $ 4.16 | $ 4.16 | ||
Number Exercisable, Options Exercisable | 489,134 | 407,034 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 6 years 11 months 26 days | 7 years 6 months 14 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 4.20 | $ 4.38 | ||
2018 Plan [Member] | ||||
Number of Outstanding | 5,299,992 | 4,735,000 | 4,346,661 | 3,935,500 |
Weighted Average Exercise Price | $ 3.58 | $ 3.76 | $ 3.69 | $ 3.74 |
Number Exercisable, Options Exercisable | 2,626,391 | 2,107,779 | ||
Weighted Average Exercise Price, Options Exercisable | $ 3.66 | $ 3.75 | ||
2018 Plan [Member] | Range 1 [Member] | ||||
Range of Exercise Prices, Lower limit | 2.09 | |||
Range of Exercise Prices, Upper limit | $ 3.70 | |||
Exercise Prices | 3.70 | |||
Number of Outstanding | 3,975,000 | 3,100,000 | ||
Weighted Average Remaining Contractual Life (in years) | 7 years 10 months 14 days | 8 years 11 days | ||
Weighted Average Exercise Price | $ 3.38 | $ 3.70 | ||
Number Exercisable, Options Exercisable | 1,901,945 | 1,566,666 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 7 years 4 months 13 days | 8 years 11 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 3.55 | $ 3.70 | ||
2018 Plan [Member] | Range 2 [Member] | ||||
Range of Exercise Prices, Lower limit | 3.84 | 3.84 | ||
Range of Exercise Prices, Upper limit | $ 5.30 | $ 4.61 | ||
Number of Outstanding | 1,324,992 | 1,635,000 | ||
Weighted Average Remaining Contractual Life (in years) | 7 years 2 months 8 days | 8 years 11 months 1 day | ||
Weighted Average Exercise Price | $ 4.16 | $ 3.88 | ||
Number Exercisable, Options Exercisable | 724,446 | 541,113 | ||
Weighted Average Remaining Contractual Life (in years), Options Exercisable | 7 years 5 months 5 days | 8 years 4 months 13 days | ||
Weighted Average Exercise Price, Options Exercisable | $ 3.96 | $ 3.75 | ||
Outside of Share Plans [Member] | Range 1 [Member] | ||||
Exercise Prices | 2.58 | 2.58 | ||
Options Outstanding and Exercisable | 1,654,000 | 1,698,000 | ||
Weighted Average Remaining Contractual Life (in years) | 1 year 3 months 22 days | 2 years 2 months 30 days | ||
Weighted Average Exercise Price | $ 2.58 | $ 2.58 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($) | Apr. 30, 2021 | Oct. 31, 2020 |
Money market funds: Cash and cash equivalents | $ 27,038,700 | $ 3,902,292 |
Certificates of deposit: Cash and cash equivalents | 500,000 | 2,250,000 |
Certificates of deposit: Short-term investments | 2,000,000 | 2,640,000 |
Treasury bills and bonds: Short-term investments | 8,399,300 | |
Total financial assets | 37,938,000 | 8,792,292 |
Level 1 [Member] | ||
Money market funds: Cash and cash equivalents | 27,038,700 | 3,902,292 |
Certificates of deposit: Cash and cash equivalents | 500,000 | 2,250,000 |
Certificates of deposit: Short-term investments | ||
Treasury bills and bonds: Short-term investments | ||
Total financial assets | 27,538,700 | 6,152,292 |
Level 2 [Member] | ||
Money market funds: Cash and cash equivalents | ||
Certificates of deposit: Cash and cash equivalents | ||
Certificates of deposit: Short-term investments | 2,000,000 | 2,640,000 |
Treasury bills and bonds: Short-term investments | 8,399,300 | |
Total financial assets | 10,399,300 | 2,640,000 |
Level 3 [Member] | ||
Money market funds: Cash and cash equivalents | ||
Certificates of deposit: Cash and cash equivalents | ||
Certificates of deposit: Short-term investments | ||
Treasury bills and bonds: Short-term investments | ||
Total financial assets |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Apr. 30, 2021 | Oct. 31, 2020 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 310,641 | $ 415,331 |
Accrued royalty and contingent legal fees | 577,190 | 449,691 |
Accrued collaborative research and license expense | 61,853 | 30,000 |
Accrued other | 29,210 | 6,003 |
Accrued expenses | $ 978,894 | $ 901,025 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Details Narrative) - shares | 6 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Stock Options [Member] | ||
Antidilutive shares | 8,813,626 | 8,382,234 |
Warrants [Member] | ||
Antidilutive shares | 860,000 | 500,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Apr. 30, 2021 | Oct. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Unrecognized income tax benefits, penalties |
Leases (Details Narrative)
Leases (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021USD ($)ft² | Apr. 30, 2020USD ($) | Apr. 30, 2021USD ($)ft² | Apr. 30, 2020USD ($) | |
Rent expenses | $ 16,000 | $ 16,000 | $ 32,000 | $ 32,000 |
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% | |||
Operating lease remaining term | 5 months | 5 months |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease (Details) - USD ($) | Apr. 30, 2021 | Oct. 31, 2020 |
Leases [Abstract] | ||
Right-of-use asset | $ 25,574 | $ 54,340 |
Right-of-use liability, current | $ 25,964 | $ 55,198 |
Leases - Schedule of Minimum Le
Leases - Schedule of Minimum Lease Payments (Details) | Apr. 30, 2021USD ($) |
Leases [Abstract] | |
2021 future minimum payments, undiscounted | $ 26,880 |
Less: Imputed interest | (916) |
Present value of future minimum lease payments | $ 25,964 |
Segment Information (Details Na
Segment Information (Details Narrative) | 6 Months Ended |
Apr. 30, 2021Numbers | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 5 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | |
Net Income/(Loss) | $ (2,436,889) | $ (2,657,990) | $ (4,669,266) | $ (5,274,565) | |
Total operating costs and expenses | 2,437,282 | 2,670,137 | 5,182,913 | 5,300,006 | |
Less non-cash share-based compensation | (1,051,272) | (1,110,086) | (2,037,371) | (2,131,420) | |
Operating costs and expenses excluding non-cash share-based compensation | 1,386,010 | 1,560,051 | 3,145,542 | 3,168,586 | |
Total assets | 38,497,522 | 38,497,522 | $ 9,452,964 | ||
CAR-T Therapeutics [Member] | |||||
Net Income/(Loss) | (1,445,758) | (495,030) | (2,406,494) | (1,125,363) | |
Operating costs and expenses excluding non-cash share-based compensation | 934,714 | 223,822 | 1,492,394 | 570,163 | |
Total assets | 25,906,018 | 25,906,018 | 2,988,124 | ||
Cancer Vaccines [Member] | |||||
Net Income/(Loss) | (662,367) | (170,271) | (1,568,703) | (365,867) | |
Operating costs and expenses excluding non-cash share-based compensation | 298,537 | 67,059 | 836,525 | 165,329 | |
Total assets | 8,265,734 | 8,265,734 | 946,923 | ||
Anti-Viral Therapeutics [Member] | |||||
Net Income/(Loss) | (309,755) | (309,504) | (790,561) | (309,504) | |
Operating costs and expenses excluding non-cash share-based compensation | 138,175 | 221,018 | 408,431 | 221,018 | |
Total assets | 3,825,876 | 3,825,876 | 2,464,361 | ||
Cancer Diagnostics [Member] | |||||
Net Income/(Loss) | (13,409) | (1,679,027) | (22,371) | (3,469,673) | |
Operating costs and expenses excluding non-cash share-based compensation | 10,291 | 1,044,889 | 16,723 | 2,208,813 | |
Total assets | 332,450 | 332,450 | 2,869,529 | ||
Patent Licensing [Member] | |||||
Net Income/(Loss) | (5,600) | (4,158) | 118,863 | (4,158) | |
Operating costs and expenses excluding non-cash share-based compensation | 4,293 | $ 3,263 | 391,469 | $ 3,263 | |
Total assets | $ 167,444 | $ 167,444 | $ 184,027 |