Anixa Biosciences reported a Q2 2025 period characterized by continued operating losses as the company advances a pipeline focused on oncology immunotherapies and antiviral candidates. Revenue remained nil in the quarter, with R&D expenses of $1.322 million and G&A of $1.681 million, driving total operating expenses of $3.003 million and a negative EBITDA of $2.994 million. Net income totaled $(2.79) million, or $(0.09) per share on 32.202 million weighted-average shares, underscoring the pre-revenue nature of the business and the ongoing investment in its pipelines.
From a liquidity perspective, Anixa ends QQ2 2025 with a robust cash and short-term investment position of approximately $15.6 million, plus a net cash change of $0.86 million for the quarter. Cash burn from operating activities was $(1.503) million, with investing activities reflecting maturities and investment activity that collectively produced a net cash outflow of $(2.342) million, while financing contributed a small inflow of $0.018 million. The balance sheet shows substantial accumulated deficits (retained earnings of $(246.724) million on a long-standing cumulative loss basis) but a relatively modest leverage profile: total liabilities around $2.071 million against assets of approximately $16.977 million and a reported equity around $16.068 million (noting potential data alignment inconsistencies in the source).
Looking ahead, the company does not appear to provide formal forward-looking guidance in this filing. The investment thesis rests on successful execution and data readouts from its immuno-oncology programs and antiviral candidates, potential strategic collaborations, and the ability to sustain operations during a continued phase of pre-revenue development. Investors should watch for forthcoming trial readouts, partnership updates (e.g., antiviral programs via MolGenie), and any steps toward revenue generation or licensing milestones that could meaningfully alter the risk-reward profile.