Anixa Biosciences (ANIX) Q4 2025 earnings summary

Executive summary

• Focused on developing oncology therapies and vaccines, with lead programs in CAR-T for ovarian cancer and vaccines for breast and ovarian cancer.

• No revenue generated from therapeutics or vaccine programs to date; legacy revenue from technology licensing.

• Completed Phase 1 trial for breast cancer vaccine with positive safety and immune response data; preparing for Phase 2.

• Ongoing Phase 1 trial for ovarian cancer CAR-T therapy, with multiple dose cohorts completed and well-tolerated.

Financial highlights

• No revenue in fiscal years 2025 and 2024; operations funded by cash, investments, and equity offerings.

• Research and development expenses decreased to $5.1M in 2025 from $6.4M in 2024.

• General and administrative expenses decreased to $6.6M in 2025 from $7.4M in 2024.

• Net loss for 2025 was $11.0M, compared to $12.7M in 2024.

• Cash, cash equivalents, and short-term investments at year-end 2025 totaled $15.2M, down from $19.9M in 2024.

Outlook and guidance

• Existing liquidity expected to fund activities for at least the next twelve months.

• No expectation of near-term revenue from current therapeutics or vaccine programs; focus remains on advancing clinical trials and seeking licensing opportunities.

• May seek additional funding through equity or debt if needed.