Annual report [Section 13 and 15(d), not S-K Item 405]

SEGMENT INFORMATION

v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Oct. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION

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