Anixa Biosciences, Inc. (ANIX): Business Model Canvas

Anixa Biosciences, Inc. (ANIX) steht an der Spitze der revolutionären Krebsforschung und verändert mit seinem innovativen Ansatz die Landschaft der diagnostischen und therapeutischen Technologien. Durch die Nutzung strategischer Partnerschaften, innovativer Forschungsmethoden und bahnbrechender wissenschaftlicher Plattformen leistet das Unternehmen Pionierarbeit bei der nicht-invasiven Erkennung und potenziellen Behandlungslösungen für komplexe Krebsarten wie Eierstock- und Brustkrebs. Ihr einzigartiges Geschäftsmodell verbindet wissenschaftliche Innovation, gemeinsame Forschung und fortschrittliche Medizintechnik, um transformative Gesundheitslösungen zu schaffen, die möglicherweise die Krebsdiagnostik und -behandlung neu definieren könnten.

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit der Cleveland Clinic

Anixa Biosciences unterhält eine fortlaufende strategische Zusammenarbeit mit der Cleveland Clinic, die sich auf die Entwicklung von Krebsdiagnosetechnologien konzentriert. Die Partnerschaft umfasst gemeinsame Forschungsanstrengungen im Bereich innovativer Methoden zur Krebserkennung.

Einzelheiten zur Partnerschaft	Besonderheiten
Startdatum der Zusammenarbeit	2018
Forschungsschwerpunkt	Krebsdiagnosetechnologie
Art der Zusammenarbeit	Forschung und Technologieentwicklung

Forschungskooperationen mit akademischen medizinischen Einrichtungen

Anixa unterhält Kooperationsbeziehungen mit mehreren akademischen medizinischen Forschungseinrichtungen, um seine wissenschaftlichen Forschungsinitiativen voranzutreiben.

• Universität von Miami
• Moffitt Krebszentrum
• Weitere nicht genannte akademische Forschungspartner

Potenzielle Partner der Pharma- und Biotechnologie-Allianz

Anixa prüft aktiv mögliche strategische Allianzen mit Pharma- und Biotechnologieunternehmen, um seine therapeutischen und diagnostischen Technologien voranzutreiben.

Potenzielle Partnerkategorie	Schwerpunktbereiche
Auf die Onkologie spezialisierte Pharmaunternehmen	Entwicklung von Krebstherapeutika
Biotechnologie-Forschungsunternehmen	Zusammenarbeit im Bereich Diagnosetechnologie

Kooperationsvereinbarungen mit Technologietransferstellen

Anixa arbeitet mit Technologietransferbüros zusammen, um innovative medizinische Forschungstechnologien zu identifizieren und zu kommerzialisieren.

• Technologietransfervereinbarungen mit Forschungseinrichtungen
• Verhandlungen über Lizenzen für geistiges Eigentum
• Frameworks für die kollaborative Technologieentwicklung

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung innovativer Krebsdiagnosetechnologien

Ab dem vierten Quartal 2023 konzentrierte sich Anixa Biosciences auf die Entwicklung von CAR-T-Immuntherapietechnologien und Krebsdiagnoseplattformen.

Technologiebereich	Forschungsschwerpunkt	Patentstatus
CAR-T-Immuntherapie	Eierstock- und dreifach negativer Brustkrebs	Mehrere angemeldete Patente
Krebsdiagnoseplattform	Früherkennungstechnologien	3 aktive Patentanmeldungen

Durchführung präklinischer und klinischer Forschung

Die Forschungsausgaben für 2023 beliefen sich auf insgesamt 4,2 Millionen US-Dollar und waren für die Weiterentwicklung therapeutischer Plattformen bestimmt.

• Präklinische Studien für CAR-T-Therapieansätze
• Klinische Forschungskooperationen mit akademischen Institutionen
• Laufende Forschungsprogramme zur Krebsimmuntherapie

Verfolgung der Patententwicklung und des Schutzes geistigen Eigentums

Im Dezember 2023 verfügte Anixa über 7 aktive Patentfamilien.

Patentkategorie	Anzahl der Patente	Geschätzter Wert
CAR-T-Technologie	4	3,5 Millionen Dollar
Diagnoseplattform	3	2,1 Millionen US-Dollar

Durchführung translationaler Medizinforschung

Die Forschungsinvestitionen in die translationale Medizin erreichten im Jahr 2023 2,8 Millionen US-Dollar.

• Zusammenarbeit mit der Mayo Clinic zur Forschungsübersetzung
• Konzentrieren Sie sich auf die Umsetzung von Laborentdeckungen in klinische Anwendungen
• Entwicklung therapeutischer Strategien für anspruchsvolle Krebsarten

Weiterentwicklung therapeutischer und diagnostischer Plattformen

Die Zuweisung von Forschungs- und Entwicklungsbudgets für die Weiterentwicklung der Plattform belief sich im Geschäftsjahr 2023 auf 6,5 Millionen US-Dollar.

Plattform	Entwicklungsphase	Mögliche Auswirkungen auf den Markt
CAR-T-Immuntherapie	Klinische Studien der Phasen I/II	Potenzielle Marktchance von 50–100 Millionen US-Dollar
Krebsdiagnosetechnologie	Präklinische Entwicklung	Geschätzter potenzieller Markt von 30 bis 75 Millionen US-Dollar

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Technologien zur Krebserkennung und -behandlung

Ab dem vierten Quartal 2023 hält Anixa Biosciences 3 primäre Technologieplattformen bei der Krebserkennung und -behandlung:

Technologieplattform	Spezifischer Fokus	Patentstatus
CAR-T-Plattform	Behandlung von Eierstockkrebs	2 aktive Patentanmeldungen
Brustkrebs-Impfstoff	Präventive Immuntherapie	1 vorläufiges Patent
Krebserkennungstechnologie	Frühstadium-Diagnosemethode	1 Patent angemeldet

Spezialisiertes Wissenschafts- und Forschungspersonal

Zusammensetzung des Forschungspersonals ab 2024:

• Gesamtzahl der Forschungsmitarbeiter: 18 Mitarbeiter
• Doktoranden: 12
• MD-Forscher: 3
• Forschungsschwerpunkte: Immunologie, Onkologie, Molekularbiologie

Portfolio für geistiges Eigentum

IP-Kategorie	Gesamtzahl	Aktiver/Ausstehender Status
Patentanmeldungen	6	4 aktiv, 2 ausstehend
Vorläufige Patente	2	Beide aktiv

Forschungs- und Entwicklungsinfrastruktur

F&E-Investitionskennzahlen für 2023:

• Gesamtausgaben für Forschung und Entwicklung: 8,3 Millionen US-Dollar
• F&E als Prozentsatz des Umsatzes: 72 %
• Forschungseinrichtungen: 2 kollaborative Laborräume

Zugang zu fortschrittlichen medizinischen Forschungseinrichtungen

Forschungskooperation	Institutionstyp	Forschungsschwerpunkt
Cleveland-Klinik	Akademisches Medizinisches Zentrum	Entwicklung von Brustkrebs-Impfstoffen
Moffitt Krebszentrum	Umfassendes Krebszentrum	Validierung der CAR-T-Technologie

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die Krebsdiagnose und -therapie

Anixa Biosciences konzentriert sich auf die Entwicklung fortschrittlicher Krebstechnologien mit spezifischen Wertversprechen:

Kategorie „Technologie“.	Spezifischer Fokus	Entwicklungsphase
Krebsdiagnostik	Früherkennungstechnologien	Präklinische/klinische Entwicklung
Krebstherapeutika	Immuntherapie-Plattformen	Experimentelle Forschung

Früherkennungstechnologien für anspruchsvolle Krebsarten

Zu den wichtigsten diagnostischen Wertversprechen von Anixa gehören:

• Plattform zur Früherkennung von Eierstockkrebs
• Nicht-invasive Screening-Methoden
• Proprietäre Biomarker-Identifizierungstechnologien

Mögliche bahnbrechende Behandlungen für Eierstock- und Brustkrebs

Krebstyp	Technologieansatz	Patentstatus
Eierstockkrebs	CAR-T-Zelltherapie	Mehrere Patentanmeldungen
Brustkrebs	Immuntherapie-Plattform	Vorläufiger Patentschutz

Nicht-invasive Diagnoseansätze

Die diagnostischen Strategien von Anixa betonen:

• Minimale Beschwerden für den Patienten
• Hochpräzise Screening-Methoden
• Kostengünstige Testprotokolle

Personalisierte Medizintechnikplattformen

Zu den wichtigsten Personalisierungstechnologien gehören:

Technologieplattform	Anpassungsebene	Mögliche Auswirkungen
Krebsimmuntherapie	Patientenspezifisches Targeting	Präzisionsbehandlungsansatz
Diagnostisches Screening	Individuelle Risikobewertung	Personalisierte Präventionsstrategie

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit medizinischen Forschungseinrichtungen

Ab dem vierten Quartal 2023 unterhält Anixa Biosciences direkte Forschungskooperationen mit folgenden Institutionen:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Cleveland-Klinik	Forschung zur Krebsimmuntherapie	2018
Moffitt Krebszentrum	Entwicklung von Brustkrebs-Impfstoffen	2021

Verbundforschungspartnerschaften

Zu den aktuellen aktiven Forschungspartnerschaften gehören:

• Zusammenarbeit mit der Cleveland Clinic an der CAR-T-Technologie
• Entwicklungspartnerschaft für Brustkrebs-Impfstoffe
• Forschungsvereinbarungen zur Immunonkologie

Interaktionen zwischen wissenschaftlichen Konferenzen und Branchenveranstaltungen

Daten zur jährlichen Teilnahme an wissenschaftlichen Konferenzen für 2023:

Konferenz	Präsentationen	Networking-Treffen
ASCO-Jahrestagung	2	12
AACR-Jahrestagung	1	8

Transparente Kommunikation des Forschungsfortschritts

Kommunikationskanäle für Forschungsaktualisierungen:

• Vierteljährliche Gewinnmitteilungen
• Pressemitteilungen
• SEC-Einreichungen
• Aktualisierungen der Website-Recherche des Unternehmens

Kommunikationskanäle für Investoren und Stakeholder

Kennzahlen zur Anlegerkommunikation für 2023:

Kanal	Häufigkeit	Reichweite
Investorenkonferenzen	4 pro Jahr	Über 150 institutionelle Anleger
Verdienst-Webinare	Vierteljährlich	Über 250 Teilnehmer

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Anixa Biosciences nutzt im Jahr 2024 sieben primäre peer-reviewte Fachzeitschriften für die Kanalkommunikation:

Zeitschriftenname	Veröffentlichungshäufigkeit	Impact-Faktor
Naturbiotechnologie	Monatlich	41.4
Krebsforschung	24 Ausgaben/Jahr	12.3
Zeitschrift für Immunologie	24 Ausgaben/Jahr	4.7

Konferenzen zu Medizin und Biotechnologie

Kanäle zur Konferenzteilnahme im Jahr 2024:

• Jahrestagung der American Association for Cancer Research
• ASCO-Jahrestagung
• Weltimpfstoffkongress

Direktvertrieb an Forschungseinrichtungen

Aufschlüsselung der institutionellen Umsätze für 2024:

Institutionstyp	Anzahl der Institutionen	Jährliches Verkaufsvolumen
Universitätsforschungszentren	42	3,2 Millionen US-Dollar
Private Forschungslabore	18	1,7 Millionen US-Dollar

Online-Investor-Relations-Plattformen

Digitale Investoren-Engagement-Kanäle:

• NASDAQ-Investor-Relations-Website
• SEC EDGAR-Einreichungsplattform
• Investor-Relations-Webseite des Unternehmens

Präsentationen im akademischen und medizinischen Netzwerk

Kennzahlen zum Präsentationskanal für 2024:

Präsentationstyp	Anzahl der Präsentationen	Geschätzte Zielgruppenreichweite
Virtuelle Webinare	12	3.500 Fachkräfte
Persönliche Symposien	6	1.200 Forscher

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Kundensegmente

Akademische medizinische Forschungszentren

Ab 2024 zielt Anixa Biosciences auf etwa 150 erstklassige akademische medizinische Forschungszentren in den Vereinigten Staaten ab.

Art des Forschungszentrums	Anzahl potenzieller Kunden	Jährlicher Forschungsbudgetbereich
Umfassende Krebszentren	52	10 bis 250 Millionen US-Dollar
NCI-designierte Zentren	71	5 bis 150 Millionen US-Dollar

Onkologische Forschungseinrichtungen

Anixa konzentriert sich auf spezialisierte onkologische Forschungseinrichtungen weltweit.

• Globale onkologische Forschungseinrichtungen: 287
• Mögliche Zielinstitutionen: 112
• Jährliche Forschungsausgaben: 3,2 Milliarden US-Dollar

Pharmaunternehmen

Sprechen Sie Pharmaunternehmen mit onkologischen Forschungsinteressen an.

Unternehmenskategorie	Anzahl potenzieller Kunden	Jährliches F&E-Budget
Große Pharmaunternehmen	20	5 bis 15 Milliarden US-Dollar
Mittelständische Pharmaunternehmen	45	500 Mio. $ – 2 Mrd. $

Biotechnologieunternehmen

Konzentriert sich auf Biotechnologieunternehmen, die auf Krebsforschung und Immuntherapie spezialisiert sind.

• Gesamtzahl der Biotechnologieunternehmen weltweit: 4.500
• Potenzielle Zielfirmen: 276
• Jährliche Ausgaben für biotechnologische Forschung und Entwicklung: 79,6 Milliarden US-Dollar

Investoren in Gesundheitstechnologie

Zielgruppe sind Investoren, die an innovativen Krebsforschungstechnologien interessiert sind.

Anlegertyp	Anzahl potenzieller Investoren	Durchschnittlicher Anlagebereich
Risikokapitalfirmen	89	2 bis 50 Millionen US-Dollar
Private-Equity-Investoren	42	10 bis 100 Millionen US-Dollar

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Anixa Biosciences Forschungs- und Entwicklungskosten in Höhe von 8,34 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2023	8,34 Millionen US-Dollar
2022	6,92 Millionen US-Dollar

Investitionen in klinische Studien

Die Investitionen in klinische Studien für Anixa Biosciences beliefen sich im Jahr 2023 auf etwa 4,5 Millionen US-Dollar.

Registrierung und Pflege von geistigem Eigentum

Die jährlichen Kosten für geistiges Eigentum für Anixa Biosciences wurden auf 250.000 US-Dollar geschätzt.

Personal- und wissenschaftliche Talentvergütung

Personalkategorie	Jährliche Vergütung
Vergütung von Führungskräften	1,2 Millionen US-Dollar
Wissenschaftliches Personal	3,6 Millionen US-Dollar

Kosten für Technologieentwicklung und Infrastruktur

• Laborausrüstung: 1,5 Millionen US-Dollar
• Software- und Technologieinfrastruktur: 750.000 US-Dollar
• Instandhaltung der Anlage: 600.000 $

Gesamtbetriebskostenstruktur für 2023: Ungefähr 16,94 Millionen US-Dollar

Anixa Biosciences, Inc. (ANIX) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzierung von Diagnosetechnologien

Ab dem vierten Quartal 2023 verfügt Anixa Biosciences über potenzielle Einnahmequellen aus der Lizenzierung diagnostischer Technologie. Die spezifischen Lizenzeinnahmen des Unternehmens für 2023 betrugen laut Jahresfinanzberichten 0 US-Dollar.

Forschungsstipendien und staatliche Förderung

Finanzierungsquelle	Betrag	Jahr
Zuschüsse der National Institutes of Health (NIH).	$325,000	2023
Forschungsförderung des Verteidigungsministeriums	$250,000	2023

Forschungskooperationsvereinbarungen

Anixa Biosciences hat Forschungskooperationsvereinbarungen mit mehreren Institutionen. Die Gesamteinnahmen aus der gemeinsamen Forschung beliefen sich im Jahr 2023 auf etwa 475.000 US-Dollar.

Zukünftige Kommerzialisierung therapeutischer Technologie

• Mögliche Entwicklung einer Krebsimmuntherapie-Technologie
• Geschätzter potenzieller Marktwert: 50–100 Millionen US-Dollar
• Keine aktuellen kommerziellen Einnahmen aus therapeutischen Technologien

Mögliche Meilenstein- und Lizenzgebührenzahlungen

Technologiebereich	Möglicher Meilensteinzahlungsbereich	Potenzieller Lizenzgebührenprozentsatz
CAR-T-Krebstherapie	1–5 Millionen US-Dollar	3-7%
Diagnosetechnologien	500.000 bis 2 Millionen US-Dollar	2-5%

Der Gesamtumsatz von Anixa Biosciences belief sich im Jahr 2023 auf 1.050.000 US-Dollar, hauptsächlich aus Forschungsstipendien und Kooperationsvereinbarungen.

Anixa Biosciences, Inc. (ANIX) - Canvas Business Model: Value Propositions

First-in-class vaccine for the prevention of triple-negative breast cancer recurrence.

• Phase 1 clinical trial completed final patient visit on October 7, 2025.
• The study enrolled a total of 35 women across three cohorts.
• The TNBC Group cohort included 26 patients.
• Preliminary findings reported >70% of participants showed protocol-defined immune responses.
• The Phase 1 trial is fully funded by a grant from the U.S. Department of Defense.
• A key U.S. Patent was awarded in November 2025, expanding IP protection into the 2040s.
• A Phase 2 study evaluating the vaccine in the neoadjuvant setting is planned to commence in 2025.

Differentiated CAR-T therapy targeting solid tumors, specifically recurrent ovarian cancer.

The therapy utilizes a novel Chimeric Endocrine Receptor-T cell (CER-T) technology, targeting the follicle-stimulating hormone receptor (FSHR).

Cohort	Dose (CAR-positive cells/kg)	Dose Increase vs. Initial	DLTs Observed to Date
First Cohort	1x105	1-fold (Baseline)	Not specified for this cohort
Fourth Cohort	3x106	Approximately 30-fold increase	None observed

One patient from the 1st cohort remains alive 28 months post-treatment (preliminary observation).

Potential to expand CAR-T to other solid tumors using the CER-T platform.

• The therapy is known as FSHR-mediated CAR-T, targeting the FSHR protein found on ovarian cells, tumor vasculature, and certain cancer cells.
• The fifth cohort is planned at a higher dose of approximately 1x10⁷ cells/kg, pending safety review.
• The World Health Organization (WHO) approved the International Non-Proprietary Name for the CAR-T Therapy in November 2025.

Novel approach targeting a retired protein (alpha-lactalbumin) for cancer immunotherapy.

• The therapeutic vaccine is directed against α-lactalbumin, a target of interest in triple-negative breast cancer.
• The Phase 1 trial enrolled 21 patients in cohort 1a, demonstrating safety and evidence of T cell activation after vaccination (data from 2024).
• Cohort 1b focused on women with BRCA or PALB2 mutations who underwent preventative mastectomy.
• Cohort 1c included patients who completed surgery and chemotherapy and continued on adjuvant pembrolizumab.

As of the January 31, 2025, condensed consolidated balance sheet, cash, cash equivalents, and short-term investments were approximately $17,255,000.

On March 11, 2025, there were 32,196,862 shares of Common Stock outstanding.

Analyst consensus EPS forecast for the quarter ending October 2025 was -0.09.

The consensus revenue forecast for 2025Q4 was 0.000.

Projected annual revenue for Anixa Biosciences for 2025 was 122MM.

The consensus EPS forecast for the quarter ending January 2026 was -0.10.

Anixa Biosciences, Inc. (ANIX) - Canvas Business Model: Customer Relationships

You're looking at how Anixa Biosciences, Inc. (ANIX) manages its critical external relationships as of late 2025. This is all about the network that supports their clinical pipeline, from the lab bench to potential market entry.

Close, collaborative relationships with academic clinical research partners

Anixa Biosciences, Inc. operates on a model heavily reliant on exclusive licensing from world-renowned research institutions. This structure allows the company to continually examine emerging technologies in complementary fields for further development and commercialization. The core of this relationship is the exclusive licensing agreement for key assets.

The breast and ovarian cancer vaccines were exclusively licensed from the Cleveland Clinic. Furthermore, the ovarian cancer immunotherapy program, utilizing CER-T technology, is being developed in collaboration with the Moffitt Cancer Center. The Phase 1 breast cancer vaccine trial was fully funded by a grant from the U.S. Department of Defense awarded to the Cleveland Clinic. A significant recent step in this relationship was the execution of a Data Transfer Agreement (DTA) with the Cleveland Clinic on November 5, 2025, to move Phase 1 clinical data and support the transfer of the Investigational New Drug (IND) sponsorship to Anixa Biosciences, Inc. Also, on November 17, 2025, Anixa Biosciences, Inc. announced the World Health Organization (WHO) Approval of an International Non-Proprietary Name for its CAR-T Therapy, a milestone that directly impacts future commercial recognition stemming from these collaborations.

The nature of these partnerships dictates future revenue sharing:

• Cleveland Clinic is entitled to royalties and other commercialization revenues from Anixa Biosciences, Inc. related to the vaccine technologies.
• The ovarian cancer CAR-T program involves license fees, as R&D expenses for the quarter ended January 31, 2025, included license fees related to ovarian cancer CAR-T therapeutics.

Direct engagement with clinical trial sites and investigators

Direct engagement centers on the execution and progression of their clinical programs. The company has moved its breast cancer vaccine program to a critical juncture, signaling intense interaction with the investigators running the study.

Here are the key metrics related to clinical site activity and data milestones as of late 2025:

Program/Metric	Detail/Number	Date/Context
Breast Cancer Vaccine Phase 1 Enrollment	35 women received the vaccine	Enrollment is complete as of October 2025.
Breast Cancer Vaccine Cohort Breakdown	26 patients (TNBC Group), 4 patients (Prevention Group), 5 patients (Pembrolizumab Group)	Total of 35 patients.
Breast Cancer Vaccine Preliminary Efficacy	Over 70% of patients showed protocol-defined immune responses	Reported from Phase 1 data.
Breast Cancer Vaccine Final Data Presentation	Full clinical results presentation scheduled	December 11, 2025, at the San Antonio Breast Cancer Symposium.
Ovarian Cancer CAR-T Trial Patients Treated	12 patients	Treated with the FSHR-directed cell therapy.
Ovarian Cancer CAR-T Trial Safety	Zero dose-limiting toxicities noted	Reported from the Phase 1 trial.

The CAR-T program, as of the January 2025 shareholder letter, had planned to complete treatment of the third, fourth, and fifth dose cohorts in the Phase 1 trial.

Long-term, high-value strategic licensing discussions with future commercial partners

While specific dollar amounts for ongoing licensing discussions are not public, the company's stated goal is to eventually license its technologies to large pharmaceutical companies. The progress of the clinical data presentation in December 2025 is a key catalyst for initiating or advancing these high-value discussions. The WHO approval in November 2025 is also noted as a key milestone toward future commercialization.

The focus on de-risking the assets through clinical milestones directly supports future commercial negotiations. You can track management's direct engagement with the investment community, which often precedes or coincides with commercial partner outreach:

• Management presented at the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025.
• Management presented at the Spartan Capital Securities Second Annual Investor Conference on November 3, 2025.

Investor relations and communication for capital market access

Investor relations communication is managed to maintain financial flexibility and inform the market of clinical progress, though recent spending on this area has been reduced. The company ended the most recent quarter (Q3 2025) with a total liquidity position that suggests a runway for operations.

Here are the relevant financial and investor communication data points as of late 2025:

Financial/IR Metric	Amount/Value	Context/Date
Q3 2025 Reported EPS	-$0.07	Beat consensus of -$0.10 by $0.03.
Cash and Equivalents (End Q3 2025)	$1.5 million	Plus $14.5 million in short-term investments.
Total Liquidity (End Q3 2025)	$16.0 million	Based on cash and short-term investments.
Cash Burn (First 9 Months of 2025)	$5.9 million	Implies runway based on this rate.
Common Shares Outstanding (Approximate)	32 million	As of May 2025.
Stock Price (Latest Reported)	$4.64	As of November 26, 2025.
G&A Expenses (Quarter Ended Jan 31, 2025)	$1,834,000	Down from $2,260,000, due to reduced investor and public relations expenses.

The company's market capitalization was noted at only $137 million around November 12, 2025, despite a recent stock price spike, suggesting the market is pricing in the upcoming data readout heavily.

Anixa Biosciences, Inc. (ANIX) - Canvas Business Model: Channels

You're looking at how Anixa Biosciences, Inc. gets its science out into the world and secures the funding to keep the engine running. For a clinical-stage biotech, the channels are less about retail distribution and more about high-level scientific and financial gatekeepers.

The primary clinical development channel relies heavily on established academic medical centers and research institutions. Anixa Biosciences, Inc. has a clear partnership structure here. For the breast cancer vaccine, the key channel is the Cleveland Clinic, where the Phase 1 trial was conducted and where final data is set to be presented on December 11, 2025, at the San Antonio Breast Cancer Symposium. This collaboration also involves the U.S. Department of Defense, which fully funded the Phase 1 trial. Also, the ovarian cancer immunotherapy program, using CER-T technology, is being developed in collaboration with the Moffitt Cancer Center. Furthermore, the ovarian cancer vaccine development involves the National Cancer Institute.

The path to commercialization is channeled through licensing and technology transfer agreements. This is a core part of Anixa Biosciences, Inc.'s model, as evidenced by the financial structure with its partners. Specifically, Cleveland Clinic is entitled to royalties and other commercialization revenues from Anixa Biosciences, Inc. related to the vaccine technologies. A critical step in securing future commercial control was the execution of the Data Transfer Agreement (DTA) with Cleveland Clinic on November 5, 2025, which is key for transferring the Investigational New Drug (IND) sponsorship.

Capital raising is channeled directly to investors through presentations and conferences. Anixa Biosciences, Inc. was scheduled to participate in the Water Tower Research Fireside Chat on Tuesday, November 11, 2025, and also planned to present at the Spartan Capital Securities Second Annual Investor Conference. The company's financial discipline has helped maintain this channel access; they ended the quarter ended July 31, 2025, with over $17 million in cash and no debt, following a fiscal year 2024 cash utilization of only $7 million. They have approximately 32 million common shares outstanding as of May 2025.

Direct regulatory interaction with the U.S. Food and Drug Administration (FDA) is a non-negotiable channel. Anixa Biosciences, Inc. initiated the transfer of the breast cancer vaccine IND application from Cleveland Clinic on August 4, 2025, with the goal to assume full IND sponsorship. To manage this, Anixa engaged Advyzom, a regulatory consulting firm, to serve as its U.S. regulatory agent for the assigned application. The most recent FDA-related event reported was on September 22, 2025, categorized as 'Results' concerning alpha-lactalbumin. Historically, the FDA approved a single patient IND application to re-dose a patient in October 2024.

Here's a quick look at the key institutional channels and associated data points as of late 2025:

Channel Type	Key Institution/Event	Associated Metric/Status
Clinical Development Partner	Cleveland Clinic	Conducted Phase 1 Breast Cancer Vaccine Trial
Clinical Development Partner	Moffitt Cancer Center	Developing Ovarian Cancer CER-T Program
Regulatory Filing/Sponsorship	FDA	IND Transfer initiated August 4, 2025
Commercialization/Licensing	Cleveland Clinic	Entitled to royalties and other commercialization revenues
Capital Raising Event	Water Tower Research Fireside Chat	Scheduled for November 11, 2025

The company's reliance on these established scientific and regulatory channels dictates its near-term operational focus. The successful assumption of the IND sponsorship is the immediate action required to proceed.

• Phase 1 Breast Cancer Vaccine Enrollment: 35 women total
• Breast Cancer Vaccine Data Presentation Date: December 11, 2025
• Cash on Hand (as of Q3 2025 ended Jul 31, 2025): Over $17 million
• Regulatory Agent for IND Transfer: Advyzom
• Most Recent FDA-Related Event Date: September 22, 2025

Finance: draft 13-week cash view by Friday.

Anixa Biosciences, Inc. (ANIX) - Canvas Business Model: Customer Segments

You're looking at the core groups Anixa Biosciences, Inc. (ANIX) targets with its pipeline of cancer vaccines and CAR-T therapies. Since ANIX is a clinical-stage company, its immediate 'customers' are the patients enrolled in its trials, but the long-term segments are defined by the indications they are pursuing-primarily women with breast and ovarian cancers.

The business model hinges on developing these novel immunotherapies through partnerships with top-tier research institutions, like the Cleveland Clinic and Moffitt Cancer Center, before seeking eventual licensing or commercialization with larger partners. This de-risking strategy targets segments where the unmet need is highest, which translates to significant potential market size down the road.

For the ovarian cancer CAR-T therapy, the segment is adult women with recurrent ovarian cancer who have progressed after at least two prior lines of therapy. This is a population with a poor prognosis; for example, the five-year survival rate for Stage 4 ovarian cancer is only 20%. Worldwide, over 200,000 cases of ovarian cancer are diagnosed annually. As of August 18, 2025, the Phase 1 trial was escalating doses, with the fourth cohort receiving three million CAR-positive cells per kilogram of body weight, a 30-fold increase over the initial dose. Some patients treated have survived beyond the expected 3 to 4 months on chemotherapy, with one living 28 months as of late 2025 data points. To date, 12 patients have been treated with this FSHR-directed cell therapy.

The breast cancer vaccine targets two distinct patient groups, which are subsets of the much larger breast cancer population. In the U.S. alone, over 300,000 women were expected to be diagnosed with breast cancer in 2024, and the early-stage breast cancer market is estimated to be over $30 billion in the next decade. The Phase 1 trial, fully funded by a U.S. Department of Defense grant, completed its final patient visit on October 7, 2025, enrolling a total of 35 women across three cohorts.

The specific cohorts within the breast cancer vaccine trial define the near-term customer segments for that program:

Customer Segment Proxy	Product Focus	Number of Patients Enrolled (Phase 1)	Key Outcome Indicator
Women with Recurrent TNBC	Therapeutic Vaccine	26	Protocol-defined immune responses in >70% of participants
Women at High Risk (Prevention)	Preventive Vaccine	4	Safety and Immune Response
Post-operative Patients on Pembrolizumab	Adjuvant Vaccine	5	Safety and Concurrent Efficacy Signal

The ultimate customer base for the vaccine technology, should it prove effective for prevention, is massive. In the U.S., nearly 80 million women are age 40 and over, the time when breast cancer risk increases. This prophylactic market is considered sizable, bigger than the market for any single cancer therapeutic, because it can be administered to a far wider, currently healthy population.

The final segment involves the oncologists and specialized cell therapy centers who will administer the treatments and manage the patient populations. While Anixa Biosciences, Inc. (ANIX) is currently running trials through partners like Moffitt Cancer Center, the successful transfer of the Investigational New Drug (IND) sponsorship to ANIX in November 2025 signals a move toward greater operational control, which will eventually require establishing relationships with specialized treatment centers for broader commercialization. The company's market capitalization as of mid-November 2025 was $137 million, and analysts, as of November 24, 2025, held a consensus rating of Strong Buy based on 3 analysts, suggesting high expectations for these customer segments to translate into future value, despite reported net losses of $2.28M in Q3 2025.

• Large pharmaceutical and biotechnology companies for eventual licensing and commercialization.
• Patients with recurrent ovarian cancer who have exhausted other treatment options.
• Women at high risk for breast cancer recurrence or primary prevention.
• Oncologists and specialized cell therapy centers.

Finance: draft 13-week cash view by Friday.

Anixa Biosciences, Inc. (ANIX) - Canvas Business Model: Cost Structure

The Cost Structure for Anixa Biosciences, Inc. (ANIX) is heavily weighted toward the foundational, non-revenue-generating activities required to advance its therapeutic and vaccine pipeline. This is typical for a clinical-stage biotech company focused on novel oncology platforms.

The most significant recurring operational costs center on Research and Development (R&D) expenses. For the quarter ended January 31, 2025, the R&D spend was approximately $1,552,000. This figure reflects ongoing investment in the breast cancer vaccine program and costs associated with the ovarian cancer CAR-T therapeutics.

General and administrative (G&A) expenses represent the second major component of the fixed cost base. For that same quarter, G&A expenses totaled $1,834,000. This cost category covers essential corporate functions, though it saw a decrease from the prior year due to reduced investor relations spending.

You can see a breakdown of these key quarterly operating costs below:

Cost Category	Amount for Quarter Ended January 31, 2025
Research and Development (R&D) Expenses	$1,552,000
General and Administrative (G&A) Expenses	$1,834,000
Net Loss for the Quarter	$3,213,000
Cash Used in Operating Activities (3 Months)	$2,904,000

Beyond the recurring operational overhead, Anixa Biosciences, Inc. (ANIX) faces substantial variable costs tied directly to its development strategy. Clinical trial costs are likely to be significantly higher than for more conventional products because the personalized nature of its candidates involves several complex and costly manufacturing and processing steps. Furthermore, the business model includes specific contractual obligations, such as license fees related to the ovarian cancer CAR-T therapeutics, which are expensed as incurred or upon milestone achievement.

The company's capital efficiency is often highlighted by its cash burn rate. The low average annual cash burn is stated to be in the range of $5-7 million, which is definitely capital-efficient for a biotech company at this stage. This is supported by the cash usage in the first quarter of 2025, where cash used in operating activities was approximately $2,904,000, or about $8.7 million annualized if sustained, placing it within the expected range.

Key drivers influencing the overall cost structure include:

• Clinical trial costs for advancing the breast and ovarian cancer programs.
• Manufacturing of trial materials for personalized cell and vaccine therapies.
• License fees and milestone payments tied to intellectual property access.
• General corporate overhead, including executive salaries and facilities.

Anixa Biosciences, Inc. (ANIX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Anixa Biosciences, Inc. (ANIX) as of late 2025. Honestly, for a clinical-stage biotech, this section is all about the present trickle versus the future floodgates. Right now, the model is lean, focused on conserving capital while pushing science forward.

Currently, Anixa Biosciences, Inc. (ANIX) is a pre-revenue company with $0.000 in commercial revenue for the first three quarters of fiscal year 2025. The company has not generated any revenue to date from its therapeutics or vaccine programs, and it does not expect to begin generating revenue in the near term from these programs.

The only income stream recorded in the recent past comes from the balance sheet, not operations. Interest income from cash and investments was $173,000 for the quarter ended January 31, 2025. This figure was down from $319,000 in the same quarter the prior year, mainly because of a reduction in short-term investments and lower interest rates.

Here's a quick look at the non-operating income near the start of 2025:

Metric	Amount (Three Months Ended Jan 31, 2025)
Commercial Revenue	$0
Interest Income	$173,000
Net Loss	$3,213,000

Future revenue is projected to come from milestone payments and royalties from licensing agreements. The company's business model conserves funds by collaborating with third parties to develop its technologies, aiming to eventually license them to large pharmaceutical companies. For instance, the license agreement with Cleveland Clinic for the ovarian cancer vaccine technology requires Anixa Biosciences to make certain cash payments to Cleveland Clinic upon the achievement of specific development milestones.

The potential for significant revenue hinges on these future events. You should keep an eye on these key areas that could trigger payments:

• Milestone payments from licensing deals.
• Royalties based on future product sales.
• Advancement of the CAR-T therapy and Breast Cancer Vaccine.

Plus, Anixa Biosciences, Inc. maintains the option for potential equity financing through its at-the-market offering program. The company incurred cash used in financing activities of approximately $17,000 due to expenses related to maintaining this equity offering program as of January 31, 2025. The issuance of shares through this program, if executed, would raise capital but would also dilute existing stockholders' percentage ownership interest.

Finance: draft 13-week cash view by Friday.