1. Kite Pharma for ovarian cancer and preventative oncology vaccines.

2. Moderna, but focused on cancer vaccines and novel COVID-19 antivirals.

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• Chimeric Endocrine Receptor T-cell (CER-T) therapy: A novel CAR-T technology in development for the treatment of ovarian cancer.
• Anti-viral drug candidates for COVID-19: Drug candidates being discovered and developed to inhibit specific protein functions of the COVID-19 virus.
• Triple Negative Breast Cancer Vaccine: A vaccine currently under development targeting triple negative breast cancer.
• Ovarian Cancer Preventative Vaccine: A preventative vaccine being developed to protect against ovarian cancer.

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Anixa Biosciences (ANIX) is a development-stage biotechnology company focused on the research, discovery, and development of therapies and vaccines for oncology and infectious diseases. Based on the provided description, the company is primarily engaged in preclinical and clinical development programs. It has not yet commercialized any products, and therefore, it does not have major customers in the traditional sense of selling products or services to individuals or other companies. Its current activities revolve around scientific research, clinical trials, and potential future collaborations or licensing agreements with larger pharmaceutical partners if its drug candidates prove successful.

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Amit Kumar, Ph.D. Chairman & Chief Executive Officer

Dr. Kumar is an experienced investor, founder, director, and CEO of numerous public and private technology enterprises. He successfully took CombiMatrix Corporation public and led it for a decade while it was listed on the NASDAQ Global Market. He has also worked in venture capital with OAK Investment Partners and served as an advisor to various investment funds, venture capital firms, and Fortune 500 companies. From 2002 to 2008, he was on the Board of Directors of Acacia Research Corporation. Currently, Dr. Kumar also serves on the Boards of other public and private companies and has been a Board member of the American Cancer Society since 2016. He holds an AB in Chemistry from Occidental College, a Ph.D. from Caltech, and completed a post-doctoral fellowship at Harvard after graduate studies at Stanford University and Caltech.

Michael Catelani President, COO & CFO

Mr. Catelani brings over 30 years of extensive experience in finance and operations management. He cofounded Tacere Therapeutics, Inc., a privately held biotech company, where he served as Chairman, President & Chief Financial Officer until its successful sale. Before Tacere, he was on the Board of Directors and held the Chief Financial Officer role at Benitec Biopharma Limited, a biotech company listed on the Australian Stock Exchange. His career also includes serving as Vice President and Chief Financial Officer at Axon Instruments, a U.S. corporation publicly traded on the Australian Stock Exchange, and as Vice President of Finance for Media Arts Group, Inc., an NYSE-listed company. Mr. Catelani has advised and managed several early-stage start-ups across various sectors, including biotechnology, and has acted as a contract CFO for established biotech firms. He began his career at Ernst & Young and is a CPA (Inactive). He earned his BS in business administration with a concentration in accountancy from Sacramento State University and an MBA from the University of California, Davis.

Pamela D. Garzone, Ph.D. Chief Development Officer

Dr. Garzone is a highly accomplished senior pharmaceutical executive with more than 25 years of diverse industry experience. She is recognized for her strategic, scientific, clinical, and regulatory leadership in drug development. Before joining Anixa, Dr. Garzone held executive positions in clinical development at several companies, including Calibr, a division of the Scripps Research Institute, and Pfizer. She also held roles of increasing responsibility at Elan Pharmaceuticals and Genetics Institute, having started her industry career at Genentech. Prior to her industry tenure, she was an Assistant Professor of Pharmacy and Therapeutics at the University of Pittsburgh School of Pharmacy. She holds a B.S. degree in Pharmacy from Purdue University, an M.S. in Pharmacy Practice, and a Ph.D. in Clinical Science from the University of Pittsburgh.

The key risks to Anixa Biosciences (ANIX) are primarily associated with the inherent uncertainties of biotechnology development, its pre-revenue stage, and the competitive landscape. Here are the key risks: 1. Clinical Trial and Regulatory Approval Failure: As a biotechnology company focused on developing novel therapies and vaccines for oncology and infectious diseases, Anixa Biosciences' success is contingent upon the successful outcome of extensive and costly clinical trials and subsequent regulatory approval. The development process is highly speculative, with a significant risk that product candidates may fail to demonstrate efficacy or safety, experience delays in patient enrollment, or encounter other setbacks during clinical trials, thereby preventing or delaying regulatory approval and potential commercialization. The company has not yet generated revenue from product sales, making the progress and results of these trials critical to its future viability. 2. Need for Additional Funding and Shareholder Dilution: Anixa Biosciences is a pre-revenue company with substantial ongoing research and development expenses. The development of therapies and vaccines requires significant capital, and the company will likely need to raise additional funding in the future. This continued need for capital, often through equity offerings, carries a significant risk of diluting existing shareholders' ownership interests and could adversely impact the stock price. Anixa has an accumulated deficit highlighting the capital intensity of its operations. 3. Competition and Reliance on Collaborations and Intellectual Property: The fields of oncology and infectious diseases are highly competitive, with numerous pharmaceutical and biotechnology companies developing and commercializing new treatments and vaccines. Anixa's ability to compete depends on the efficacy, safety, and market acceptance of its product candidates, as well as its ability to protect its intellectual property. The company's business model also relies on strategic collaborations for aspects like manufacturing and commercialization, and the termination or disputes regarding these agreements or intellectual property licenses could severely hinder its development and sales efforts.

Anixa Biosciences (ANIX) is developing therapies and vaccines for oncology and infectious diseases. The addressable markets for their main products or services are as follows: * Chimeric Endocrine Receptor T-cell Technology for Ovarian Cancer: While a specific market size for CAR-T technology exclusively for ovarian cancer is not readily available, the broader ovarian cancer treatment market is substantial. The global ovarian cancer drugs market was valued at approximately USD 3.84 billion in 2024 and is projected to reach around USD 7.34 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 6.7% from 2025 to 2034. North America held the largest revenue share in the global ovarian cancer market in 2024, with the U.S. ovarian cancer drugs market size estimated at USD 1.3 billion in 2024, projected to reach approximately USD 2.4 billion by 2034. The global CAR T-cell therapy market, covering various indications including some solid tumors, was estimated at USD 5.21 billion in 2025 and is predicted to grow to approximately USD 23.25 billion by 2034. * Anti-viral Drug Candidates for COVID-19: The global COVID-19 therapeutics market was valued at US$ 30.7 billion in 2021 and is projected to reach more than US$ 16.2 billion by the end of 2031. The specific antiviral drugs for COVID-19 market was valued at $15.23 billion in 2025 and is projected to grow to $33.17 billion in 2030. North America held the largest market share in the COVID-19 therapeutics market, with a market size of USD 13.02 billion in 2025. * Vaccine Against Triple-Negative Breast Cancer: A dedicated market size for a triple-negative breast cancer vaccine is not individually reported. However, the global triple-negative breast cancer treatment market was valued at USD 1.06 billion in 2024 and is expected to reach USD 1.63 billion by 2032. Another report estimated the global triple-negative breast cancer treatment market at USD 4.62 billion in 2025, projected to reach USD 7.3 billion by 2035. North America leads the global triple-negative breast cancer market. The broader global cancer vaccine market, which includes both preventative and therapeutic vaccines, was estimated at USD 11.21 billion in 2024 and is projected to reach USD 36.32 billion by 2035. * Preventative Vaccine Against Ovarian Cancer: A specific market size for a preventative ovarian cancer vaccine is not yet established, as this is an emerging area of development. However, research for a preventative ovarian cancer vaccine is underway. The overall global cancer vaccine market, encompassing preventative and therapeutic approaches, was estimated at USD 11.21 billion in 2024 and is projected to reach USD 36.32 billion by 2035.

Anixa Biosciences (ANIX), a biotechnology company focused on oncology and infectious diseases, is currently a clinical-stage company with no revenue from its therapeutic or vaccine programs. Future revenue growth over the next 2-3 years is expected to be driven by the successful advancement and potential commercialization or out-licensing of its pipeline assets. The key drivers include:

1. Advancement and Potential Commercialization of Ovarian Cancer CAR-T Therapy: The company's chimeric endocrine receptor T-cell technology for ovarian cancer is currently in a Phase 1 clinical trial, with encouraging patient survival observations and regulatory approval enabling dose escalation. The successful progression of this therapy through later-stage clinical trials (Phase 2, Phase 3), subsequent regulatory approval, and eventual market launch would be a significant driver of future revenue. The approval of "liraltagene autoleucel" as the non-proprietary name for their CAR-T therapy also signifies progress towards future commercialization.
2. Advancement and Potential Commercialization of the Preventative Breast Cancer Vaccine: Anixa's preventative vaccine against triple-negative breast cancer has successfully completed Phase 1 clinical trials, demonstrating that all primary endpoints were met and showing protocol-defined immune responses in 74% of subjects. The company is preparing for a Phase 2 trial and intends to engage regulators regarding a potential combination treatment. Successful development, regulatory approval, and market introduction of this vaccine would be a major revenue catalyst, especially given the breast cancer market is projected to grow substantially.
3. Establishment of Licensing Agreements and Strategic Partnerships: Anixa Biosciences aims to generate non-dilutive revenue through strategic licensing agreements and early-stage partnerships with larger biotechnology and pharmaceutical firms. These collaborations could provide upfront license fees, milestone payments triggered by the achievement of specific developmental or regulatory targets, and ultimately, royalties or revenue shares upon product commercialization. This collaborative business model is integral to funding ongoing development and positioning its programs for market entry.
4. Progression of Other Early-Stage Cancer Vaccine Candidates: Beyond its lead programs, Anixa has initiated development programs for vaccines targeting other high-incidence cancers, including lung, prostate, and colon. Although these are in earlier stages of development, significant progress, such as entering clinical trials, or securing specific development funding or partnerships for these candidates, could contribute to future revenue growth within the specified timeframe.

Share Repurchases

• Anixa Biosciences announced a share repurchase program of up to $5 million on July 15, 2024.
• As of the announcement date, no shares had been repurchased under this program.
• The authorized repurchase program was set to expire in twelve months from its announcement date.

Share Issuance

• Anixa Biosciences had 33,376,690 shares of common stock outstanding as of January 12, 2026, and 33,527,858 shares as of March 9, 2026.
• The company raised $1.625 million through an at-the-market stock offering as of March 9, 2026.
• An existing at-the-market equity program permits up to $100 million of future common stock sales.

Inbound Investments

• Anixa Biosciences collaborates with Moffitt Cancer Center for its ovarian cancer chimeric endocrine receptor T-cell (CAR-T) technology program.
• The company also partners with Cleveland Clinic for the development of its breast and ovarian cancer vaccine technologies.
• Cleveland Clinic is entitled to royalties and other commercialization revenues from Anixa related to these vaccine technologies.

Capital Expenditures

• Anixa Biosciences's latest trailing twelve months (TTM) Capital Expenditure (CapEx) CAGR 1YRS stands at 0%. Over the past five years, the average CapEx CAGR 1YRS has also been 0%.
• Research and development expenses for the first quarter ended January 31, 2026, were $1.1 million, primarily for breast cancer vaccine development and CAR-T costs.
• For Q1 2025, research and development expenses increased by approximately 15% to $1.552 million, mainly due to ongoing clinical programs.