Quarterly report [Sections 13 or 15(d)]

SEGMENT INFORMATION

v3.26.1
SEGMENT INFORMATION
 9 Months Ended
Jul. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION

11. SEGMENT INFORMATION

 

We manage our operations in three reportable segments: (i) Cancer Vaccines, (ii) CAR-T Therapeutics, 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 Therapeutics 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 nine months ended July 31, 2026 and 2025, and as of July 31, 2026 and October 31, 2025 (in thousands):

 

                                 
    For the three months ended July 31,  
    2026     2025  
    Cancer Vaccines     CAR-T Therapeutics     Other     Total     Cancer Vaccines     CAR-T Therapeutics     Other     Total  
                                                 
Revenues   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
                                                                 
Research and development expenses     921       405       -       1,326       615       440       -       1,055  
General and administrative expenses     960       438       13       1,411       770       601       10       1,381  
Total operating expenses     1,881       843       13       2,737       1,385       1,041       10       2,436  
                                                                 
Loss from operations     (1,881 )     (843 )     (13 )     (2,737 )     (1,385 )     (1,041 )     (10 )     (2,436 )
                                                                 
Interest income     78       33       1       112       87       68       1       156  
                                                                 
Net loss   $ (1,803 )   $ (810 )   $ (12 )   $ (2,625 )   $ (1,298 )   $ (973 )   $ (9 )   $ (2,280 )
                                                                 
Total operating expenses   $ 1,881     $ 843     $ 13     $ 2,737     $ 1,385     $ 1,041     $ 10     $ 2,436  
Less non-cash stock-based compensation     (436 )     (228 )     (2 )     (666 )     (501 )     (352 )     (2 )     (855 )
Operating expenses excluding non-cash stock-based compensation (a non-GAAP measure)   $ 1,445     $ 615     $ 11     $ 2,071     $ 884     $ 689     $ 8     $ 1,581  

 

                                 
    For the nine months ended July 31,  
    2026     2025  
    Cancer Vaccines     CAR-T Therapeutics     Other     Total     Cancer Vaccines     CAR-T Therapeutics     Other     Total  
                                                 
Revenues   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
                                                                 
Research and development expenses     2,406       1,280       -       3,686       2,489       1,440       -       3,929  
General and administrative expenses     2,847       1,539       28       4,414       3,031       1,825       40       4,896  
Total operating expenses     5,253       2,819       28       8,100       5,520       3,265       40       8,825  
                                                                 
Loss from operations     (5,253 )     (2,819 )     (28 )     (8,100 )     (5,520 )     (3,265 )     (40 )     (8,825 )
                                                                 
Interest income     231       122       1       354       325       191       3       519  
                                                                 
Net loss   $ (5,022 )   $ (2,697 )   $ (27 )   $ (7,746 )   $ (5,195 )   $ (3,074 )   $ (37 )   $ (8,306 )
                                                                 
Total operating expenses   $ 5,253     $ 2,819     $ 28     $ 8,100     $ 5,520     $ 3,265     $ 40     $ 8,825  
Less non-cash stock-based compensation     (1,344 )     (779 )     (4 )     (2,127 )     (1,806 )     (1,086 )     (7 )     (2,899 )
Operating expenses excluding non-cash stock-based compensation (a non-GAAP measure)   $ 3,909     $ 2,040     $ 24     $ 5,973     $ 3,714     $ 2,179     $ 33     $ 5,926  

 

    July 31,
2026		     October 31,
2025		  
Total assets:                
Cancer Vaccines   $ 10,473     $ 9,604  
CAR-T Therapeutics     4,486       6,347  
Other     115       129  
Total   $ 15,074     $ 16,080  

 

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