Anixa Biosciences Inc Segments Disclosure
8. SEGMENT INFORMATION
In November 2023, the FASB issued Accounting Standard Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which was intended to improve reportable segment disclosures by public companies. The update amended and significantly expanded what is required to be disclosed under FASB Accounting Standard Codification Topic 280 by requiring companies to disclose segment expense information based on what the chief operating decision maker deems to be material and introduces a disclosure principle based on the significant segment expense categories regularly provided to the CODM and included in the reported measure or measures of segment profit or loss.
We manage our operations in three reportable segments: (i) Cancer Vaccines, (ii) CAR-T Therapies, and (iii) Other. The Cancer Vaccines segment consists of the development of vaccines to treat and prevent breast cancer and ovarian cancer, as well as additional cancer vaccines to address many intractable cancers, including high-incidence malignancies in lung, colon, and prostate. The CAR-T Therapies segment consists of the development of an ovarian cancer immunotherapy using a novel type of CAR-T, known as chimeric endocrine receptor-T cell technology. The Other segment consists of our legacy operations, including limited patent licensing activities of our various patent portfolios.
The Company’s chief operating decision-maker (“CODM”) is our Chief Executive Officer. The CODM reviews our operating results and operating plans and makes resource allocation decisions on a Company-wide, as well as reportable segment, basis. The CODM uses segment information to evaluate cash flow, identify risks and opportunities, allocate resources, and set strategic priorities. As stock-based compensation expense does not impact cash, segment operating expenses excluding non-cash stock-based compensation is the measurement the CODM uses in managing the enterprise. Segment operating expenses excluding non-cash stock-based compensation is a non-GAAP measure.
The following represents selected financial information for our segments for the years ended October 31, 2025 and 2024, and as of October 31, 2025 and 2024 (in thousands):
| For the Years Ended October 31, | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||||||
| Cancer Vaccines | CAR-T Therapies | Other | Total | Cancer Vaccines | CAR-T Therapies | Other | Total | |||||||||||||||||||||||||
| Revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Research & development expenses | 3,121 | 1,950 | 5,071 | 3,748 | 2,648 | 6,396 | ||||||||||||||||||||||||||
| General & administrative expenses | 4,137 | 2,439 | 54 | 6,630 | 4,291 | 3,084 | 60 | 7,435 | ||||||||||||||||||||||||
| Total operating expenses | 7,258 | 4,389 | 54 | 11,701 | 8,039 | 5,732 | 60 | 13,831 | ||||||||||||||||||||||||
| Loss from operations | (7,394 | ) | (4,453 | ) | (54 | ) | (11,701 | ) | (8,039 | ) | (5,732 | ) | (60 | ) | (13,831 | ) | ||||||||||||||||
| Interest income | 417 | 252 | 4 | 673 | 651 | 476 | 6 | 1,133 | ||||||||||||||||||||||||
| Net loss | $ | (6,841 | ) | $ | (4,137 | ) | $ | (50 | ) | $ | (11,028 | ) | $ | (7,388 | ) | $ | (5,256 | ) | $ | (54 | ) | $ | (12,698 | ) | ||||||||
| Total operating expenses | $ | 7,258 | $ | 4,389 | $ | 54 | $ | 11,701 | $ | 8,039 | $ | 5,732 | $ | 60 | $ | 13,831 | ||||||||||||||||
| Less non-cash stock-based compensation | (2,365 | ) | (1,435 | ) | (10 | ) | (3,810 | ) | (2,804 | ) | (1,966 | ) | (12 | ) | (4,782 | ) | ||||||||||||||||
| Operating expenses excluding non-cash stock-based compensation (a non-GAAP measure) | $ | 4,893 | $ | 2,954 | $ | 44 | $ | 7,891 | $ | 5,235 | $ | 3,766 | $ | 48 | $ | 9,049 | ||||||||||||||||
| October 31, | ||||||||
| 2025 | 2024 | |||||||
| Total assets: | ||||||||
| Cancer Vaccines | $ | 9,604 | $ | 12,917 | ||||
| CAR-T Therapeutics | 6,347 | 8,535 | ||||||
| Other | 129 | 139 | ||||||
| Total | $ | 16,080 | $ | 21,591 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 12, 2026 | Showing above |
| 2024 | Jan 10, 2025 | |
| 2023 | Jan 16, 2024 | |
| 2022 | Jan 4, 2023 | |
| 2021 | Jan 4, 2022 | |
| 2020 | Jan 7, 2021 | |
| 2019 | Jan 9, 2020 | |
| 2018 | Jan 11, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.