Quarterly report [Sections 13 or 15(d)]

SEGMENT INFORMATION

v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION

11. SEGMENT INFORMATION

 

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 three and six months ended April 30, 2026 and 2025, and as of April 30, 2026 and October 31, 2025 (in thousands):

 

    Cancer Vaccines     CAR-T Therapies     Other     Total     Cancer Vaccines     CAR-T Therapies     Other     Total  
    For the three months ended April 30,  
    2026     2025  
    Cancer Vaccines     CAR-T Therapies     Other     Total     Cancer Vaccines     CAR-T Therapies     Other     Total  
                                                 
Revenues   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
                                                                 
Research and development expenses     812       446       -       1,258       898       424       -       1,322  
General and administrative expenses     898       480       11       1,389       1,109       562       10       1,681  
Total operating expenses     1,710       926       11       2,647       2,007       986       10       3,003  
                                                                 
Loss from operations     (1,710 )     (926 )     (11 )     (2,647 )     (2,007 )     (986 )     (10 )     (3,003 )
                                                                 
Interest income     72       38       1       111       128       61       1       190  
                                                                 
Net loss   $ (1,638 )   $ (888 )   $ (10 )   $ (2,536 )   $ (1,879 )   $ (925 )   $ (9 )   $ (2,813 )
                                                                 
Total operating expenses   $ 1,710     $ 926     $ 11     $ 2,647     $ 2,007     $ 986     $ 10     $ 3,003  
Less non-cash stock-based compensation     (421 )     (243 )     (1 )     (665 )     (643 )     (343 )     (2 )     (988 )
Operating expenses excluding non-cash stock-based compensation (a non-GAAP measure)   $ 1,289     $ 683     $ 10     $ 1,982     $ 1,364     $ 643     $ 8     $ 2,015  

 

 

 

    Cancer Vaccines     CAR-T Therapies     Other     Total     Cancer Vaccines     CAR-T Therapies     Other     Total  
    For the six months ended April 30,  
    2026     2025  
    Cancer Vaccines     CAR-T Therapies     Other     Total     Cancer Vaccines     CAR-T Therapies     Other     Total  
                                                 
Revenues   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
                                                                 
Research and development expenses     1,485       875       -       2,360       1,873       1,001       -       2,874  
General and administrative expenses     1,888       1,101       14       3,003       2,262       1,224       29       3,515  
Total operating expenses     3,373       1,976       14       5,363       4,135       2,225       29       6,389  
                                                                 
Loss from operations     (3,373 )     (1,976 )     (14 )     (5,363 )     (4,135 )     (2,225 )     (29 )     (6,389 )
                                                                 
Interest income     152       89       1       242       237       124       2       363  
                                                                 
Net loss   $ (3,221 )   $ (1,887 )   $ (13 )   $ (5,121 )   $ (3,898 )   $ (2,101 )   $ (27 )   $ (6,026 )
                                                                 
Total operating expenses   $ 3,373     $ 1,976     $ 14     $ 5,363     $ 4,135     $ 2,225     $ 29     $ 6,389  
Less non-cash stock-based compensation     (908 )     (551 )     (2 )     (1,461 )     (1,304 )     (734 )     (5 )     (2,043 )
Operating expenses excluding non-cash stock-based compensation (a non-GAAP measure)   $ 2,465     $ 1,425     $ 12     $ 3,902     $ 2,831     $ 1,491     $ 24     $ 4,346  

 

    April 30,
2026		     October 31,
2025		  
Total assets:                
Cancer Vaccines   $ 9,626     $ 9,604  
CAR-T Therapeutics     5,139       6,347  
Other     100       129  
Total   $ 14,865     $ 16,080  

 

Operating costs and expenses excluding non-cash stock-based compensation is the measurement the chief operating decision-maker uses in managing the enterprise.