The company exhibits no operating leverage, as evidenced by the absence of commercial revenue and a consistent quarterly operating loss averaging $3 million over the last ten quarters.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 210K | 0 | 512K | 0 | 250K | 1.11M | 362.5K | 300K | 9.26M | 3.67M | 388.85K | 940.01K | 1M | 730.67K | 1.06M | 2.06M | 486.85K | 508.65K | 439.79K | 494.46K | 244.22K | 5.19M | 1.69M | 1.47M | 100K | 100K | 100K | 100K |
| Revenue Growth % | - | - | -100% | - | -100% | - | -100% | -77.53% | 206.9% | 20.83% | -96.76% | 152.36% | 843.12% | -58.63% | -6.3% | 37.3% | -30.79% | -48.83% | 323.77% | -4.29% | 15.66% | -11.06% | 102.47% | -95.29% | 206.77% | 14.86% | 1372% | 0% | 0% | 0% | 0% |
| Cost of Goods Sold | 9K | 36K | 0 | 161K | 0 | 385K | 90.16K | 166.25K | 1.09M | 104.56K | 217.42K | 3.65M | 1.99M | 316.66K | 0 | 34.08K | 82.31K | 65.69K | 95.59K | 160.36K | 156.45K | 719.63K | 176.11K | 175.94K | 1.87M | 697.64K | 463.63K | -300K | -300K | -300K | -100K |
| COGS % of Revenue | - | - | - | 76.67% | - | 75.2% | - | 66.5% | 98.31% | 28.84% | 72.47% | 39.42% | 54.21% | 81.43% | - | 3.4% | 11.26% | 6.22% | 4.63% | 32.94% | 30.76% | 163.63% | 35.62% | 72.04% | 36.07% | 41.26% | 31.5% | -300% | -300% | -300% | -100% |
| Gross Profit | -9K | -36K | 0 | 49K | 0 | 127K | -90.16K | 83.75K | 18.79K | 257.94K | 82.58K | 5.61M | 1.68M | 72.19K | 940.01K | 969.11K | 648.37K | 990.11K | 1.97M | 326.49K | 352.2K | -279.84K | 318.35K | 68.28K | 3.32M | 993.13K | 1.01M | 400K | 400K | 400K | 200K |
| Gross Margin % | - | - | - | 23.33% | - | 24.8% | - | 33.5% | 1.69% | 71.16% | 27.53% | 60.58% | 45.79% | 18.57% | 100% | 96.6% | 88.74% | 93.78% | 95.37% | 67.06% | 69.24% | -63.63% | 64.38% | 27.96% | 63.93% | 58.74% | 68.5% | 400% | 400% | 400% | 200% |
| Gross Profit Growth % | - | - | -100% | - | -100% | 240.87% | -207.65% | 345.62% | -92.71% | 212.34% | -98.53% | 233.87% | 2226.08% | -92.32% | -3% | 49.47% | -34.52% | -49.68% | 502.63% | -7.3% | 225.86% | -187.9% | 366.26% | -97.94% | 233.86% | -1.51% | 152.09% | 0% | 0% | 100% | 0% |
| Operating Expenses | 10.67M | 11.66M | 13.83M | 11.06M | 13.88M | 13.26M | 9.89M | 11.97M | 13.72M | 6.33M | 4.59M | 6.55M | 6.72M | 7.99M | 5.07M | 6M | 5.9M | 8.31M | 7.96M | 5.53M | 7.98M | 4.19M | 3.68M | 3.19M | 6.62M | 4.6M | 6.09M | 8.6M | 7.5M | 6.7M | 6.2M |
| OpEx % of Revenue | - | - | - | 5266.67% | - | 2590.47% | - | 4789.5% | 1233.7% | 1747.18% | 1530.53% | 70.79% | 183.33% | 2054.74% | 539.84% | 597.83% | 807.01% | 787.12% | 385.68% | 1134.85% | 1568.82% | 951.81% | 744.92% | 1305.11% | 127.72% | 271.91% | 413.96% | 8600% | 7500% | 6700% | 6200% |
| Selling, General & Admin | 6.12M | 6.63M | 7.43M | 6.29M | 7.17M | 7.07M | 5.51M | 5.66M | 6.91M | 4.41M | 2.71M | 5.51M | 6.41M | 7.99M | 2.86M | 2.87M | 2.89M | 4.19M | 3.83M | 2.41M | 3.37M | 1.92M | 1.52M | 1.38M | 2.18M | 4.6M | 5.83M | 8.3M | 7.2M | 6.4M | 2.2M |
| SG&A % of Revenue | - | - | - | 2995.71% | - | 1381.54% | - | 2265.13% | 621.29% | 1216.74% | 903.28% | 59.58% | 174.76% | 2054.74% | 304.58% | 286.35% | 395.41% | 397.26% | 185.62% | 496.03% | 661.66% | 436.35% | 307.18% | 564.9% | 41.98% | 271.91% | 396.18% | 8300% | 7200% | 6400% | 2200% |
| Research & Development | 4.56M | 5.07M | 6.4M | 4.77M | 6.7M | 6.19M | 4.38M | 5.47M | 6.81M | 1.6M | 1.56M | 711.39K | 1.19M | 0 | 2.21M | 3.12M | 3.01M | 4.12M | 4.13M | 3.4M | 4.61M | 2.27M | 2.16M | 1.81M | 1.63M | 0 | 0 | 0 | 0 | 0 | 3.9M |
| R&D % of Revenue | - | - | - | 2270.95% | - | 1208.92% | - | 2189.37% | 612.41% | 440.7% | 518.82% | 7.69% | 32.38% | - | 235.26% | 311.48% | 411.6% | 389.87% | 200.06% | 699.17% | 907.16% | 515.46% | 437.73% | 740.21% | 31.35% | - | - | - | - | - | 3900% |
| Other Operating Expenses | -9K | -36K | 0 | 0 | 0 | 0 | 0 | 837.5K | 0 | -13.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -10.68M | -11.7M | -13.83M | -11.01M | -13.88M | -13.14M | -9.98M | -11.89M | -13.71M | -6.08M | -4.51M | -944.76K | -5.04M | -7.92M | -4.13M | -5.03M | -5.25M | -7.32M | -5.99M | -5.49M | -7.63M | -4.47M | -3.36M | -3.12M | -3.31M | -3.6M | -5.09M | -8.2M | -7.1M | -6.3M | -6M |
| Operating Margin % | - | - | - | -5243.33% | - | -2565.56% | - | -4756% | -1232.01% | -1676.02% | -1503% | -10.21% | -137.54% | -2036.17% | -439.84% | -501.23% | -718.27% | -693.35% | -290.31% | -1128.14% | -1499.58% | -1015.44% | -680.54% | -1277.15% | -63.79% | -213.17% | -345.46% | -8200% | -7100% | -6300% | -6000% |
| Operating Income Growth % | - | 15.4% | -25.61% | 20.64% | -5.63% | -31.64% | 16.08% | 13.25% | -125.59% | -34.74% | -377.27% | 81.27% | 36.29% | -91.5% | 17.77% | 4.19% | 28.31% | -22.22% | -9.05% | 27.99% | -70.8% | -32.71% | -7.88% | 5.73% | 8.2% | 29.12% | 37.99% | -15.49% | -12.7% | -5% | -81.82% |
| EBITDA | -10.54M | -11.66M | -13.79M | -10.96M | -13.83M | -13.08M | -9.89M | -11.42M | -13.36M | -5.71M | -4.15M | -606.95K | -4.73M | -7.92M | -4.13M | -5.02M | -5.24M | -7.31M | -5.98M | -5.48M | -7.61M | -4.45M | -3.35M | -3.09M | -3.22M | -3.44M | -4.82M | -7.9M | -6.8M | -6M | -5.9M |
| EBITDA Margin % | - | - | - | -5221.43% | - | -2553.87% | - | -4569.48% | -1201.11% | -1574.36% | -1383.46% | -6.56% | -128.97% | -2036.14% | -439.07% | -500.43% | -717.13% | -692.34% | -289.8% | -1126.11% | -1496.61% | -1012.1% | -677.1% | -1263.61% | -62.13% | -203.32% | -327.67% | -7900% | -6800% | -6000% | -5900% |
| EBITDA Growth % | 19.66% | 15.43% | -25.8% | 20.73% | -5.79% | -32.24% | 13.44% | 14.51% | -134.14% | -37.51% | -583.81% | 87.17% | 40.26% | -91.83% | 17.79% | 4.19% | 28.32% | -22.26% | -9.05% | 27.98% | -71.03% | -32.95% | -8.49% | 4.23% | 6.27% | 28.73% | 38.95% | -16.18% | -13.33% | -1.69% | -84.38% |
| D&A (Non-Cash Add-back) | 28K | 36K | 37K | 46K | 42K | 59.86K | 90.16K | 466.31K | 343.73K | 368.51K | 358.63K | 337.81K | 314.45K | 125 | 7.23K | 7.98K | 8.36K | 10.61K | 10.67K | 9.89K | 15.07K | 14.71K | 17K | 33.08K | 86.47K | 166.5K | 261.8K | 300K | 300K | 300K | 100K |
| EBIT | -10.12M | -11.03M | -12.7M | -9.93M | -13.77M | -13.14M | -10.09M | -11.47M | -14.24M | -4.51M | -4.5M | -927.14K | -8.34M | -8.97M | -4.25M | -6.78M | -5.25M | -7.32M | -5.99M | -5.2M | -7.63M | -4.47M | -3.36M | -3.12M | -3.31M | -3.6M | -5.09M | -8.2M | -7.1M | -6.3M | -6M |
| Net Interest Income | 552K | 673K | 1.13M | 1.08M | 0 | 2K | 33.92K | 71.35K | 45.97K | -481.01K | -507.42K | -434.28K | -1.26M | -1.11M | -4.21K | 2.52K | 4.88K | 20.81K | 37.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 552K | 673K | 1.13M | 1.08M | 104K | 2.32K | 33.92K | 71.35K | 45.97K | 19.44K | 12.53K | 17.62K | 8.6K | 125 | 3.46K | 2.52K | 4.88K | 20.81K | 37.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 104K | 322 | 0 | 0 | 0 | 500.45K | 519.95K | 451.91K | 1.26M | 1.11M | 7.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 552K | 673K | 1.13M | 1.08M | 104K | 7.77K | -114.16K | 71.35K | -537K | 1.07M | -507.42K | -434.28K | -4.56M | -2.16M | -118.24K | -1.75M | 73.09K | -9.17M | 167.91K | 34.15K | 26.71K | 14.51K | 4.33K | 0 | -2.82M | 0 | 0 | -300K | 100K | 600K | 600K |
| Pretax Income | -10.12M | -11.03M | -12.7M | -9.93M | -13.77M | -13.13M | -10.09M | -11.82M | -14.24M | -5.01M | -5.02M | -1.38M | -9.61M | -10.08M | -4.25M | -6.78M | -5.18M | -16.49M | -5.82M | 0 | 0 | 0 | 0 | 0 | -6.13M | 0 | 0 | -8.5M | -7M | -5.7M | -5.4M |
| Pretax Margin % | - | - | - | -4728.57% | - | -2564.05% | - | -4727.46% | -1280.28% | -1381.79% | -1672.14% | -14.9% | -261.94% | -2592.28% | -452.42% | -675.65% | -708.27% | -1561.76% | -282.17% | - | - | - | - | - | -118.18% | - | - | -8500% | -7000% | -5700% | -5400% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.53K | 0 | 0 | 0 | 430 | 600K | 0 | 0 | 0 | 259.65K | -26.71K | -14.51K | -4.33K | -4.67K | -23.51K | -32.28K | -120.98K | 0 | 0 | -500K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.25% | 0% | 0% | 0% | -0.01% | -8.85% | 0% | 0% | 0% | - | - | - | - | - | 0.38% | - | - | 0% | 0% | 8.77% | 0% |
| Net Income | -10.07M | -10.93M | -12.55M | -9.81M | -13.6M | -12.95M | -10.13M | -11.65M | -14M | -5.01M | -5.02M | -1.38M | -9.61M | -10.08M | -4.25M | -7.38M | -5.18M | -16.49M | -5.82M | -5.46M | -7.6M | -4.45M | -3.36M | -3.11M | -3.29M | -3.57M | -4.96M | -8.5M | -7.1M | -5.8M | -5.4M |
| Net Margin % | - | - | - | -4671.9% | - | -2528.64% | - | -4658.82% | -1258.07% | -1381.79% | -1672.14% | -14.9% | -261.94% | -2592.28% | -452.42% | -735.46% | -708.27% | -1561.76% | -282.17% | -1121.12% | -1494.33% | -1012.14% | -679.66% | -1275.24% | -63.34% | -211.26% | -337.24% | -8500% | -7100% | -5800% | -5400% |
| Net Income Growth % | 16.98% | 12.96% | -27.96% | 27.83% | -5.01% | -27.77% | 13% | 16.78% | -179.42% | 0.15% | -263.76% | 85.64% | 4.7% | -137.02% | 42.36% | -42.57% | 68.61% | -183.24% | -6.66% | 28.19% | -70.76% | -32.45% | -7.91% | 5.2% | 8.03% | 28.05% | 41.6% | -19.72% | -22.41% | -7.41% | -80% |
| Net Income (Continuing) | -10.12M | -11.03M | -12.7M | -9.93M | -13.77M | -13.13M | -10.09M | -11.82M | -14.24M | -5.01M | -5.02M | -1.38M | -9.61M | -10.08M | -4.25M | -7.38M | -5.18M | -16.49M | -5.82M | -5.46M | -7.6M | -4.45M | -3.36M | -3.11M | -3.29M | -3.57M | -4.96M | -8.5M | -7.1M | -5.8M | -5.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.25M | -1.21M | -1.11M | -966K | -847K | -670.51K | -496.98K | -422.98K | -251.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.30 | -0.34 | -0.39 | -0.32 | -0.45 | -0.45 | -0.46 | -0.61 | -0.79 | -0.41 | -0.57 | -0.14 | -1.00 | -1.17 | -0.53 | -1.01 | -0.79 | -2.70 | -1.02 | -1.20 | -1.81 | -1.14 | -0.92 | -0.94 | -1.10 | -1.26 | -1.81 | -3.16 | -2.69 | -2.29 | -2.17 |
| EPS Growth % | -2157.24% | 12.82% | -21.88% | 28.89% | 0% | 2.17% | 24.59% | 22.78% | -92.68% | 28.07% | -307.14% | 86% | 14.53% | -120.75% | 47.52% | -27.85% | 70.74% | -164.71% | 15% | 33.7% | -58.77% | -23.91% | 2.13% | 14.55% | 12.7% | 30.39% | 42.72% | -17.47% | -17.47% | -5.53% | -66.92% |
| EPS (Basic) | - | -0.34 | -0.39 | -0.32 | -0.45 | -0.45 | -0.46 | -0.61 | -0.79 | -0.41 | -0.57 | -0.14 | -1.00 | -1.17 | -0.53 | -1.01 | -0.79 | -2.70 | -1.02 | -1.20 | -1.81 | -1.14 | -0.92 | -0.94 | -1.10 | -1.26 | -1.81 | -3.29 | -2.79 | -2.29 | -2.24 |
| Diluted Shares Outstanding | 33.59M | 32.45M | 31.9M | 30.98M | 30.37M | 28.58M | 22.23M | 19.79M | 17.62M | 12.2M | 8.74M | 9.63M | 9.57M | 8.64M | 7.98M | 7.33M | 6.53M | 6.1M | 5.69M | 4.55M | 4.19M | 3.89M | 3.65M | 3.3M | 2.99M | 2.84M | 2.74M | 2.69M | 2.64M | 2.53M | 2.49M |
| Basic Shares Outstanding | 33.59M | 32.45M | 31.9M | 30.98M | 30.37M | 28.58M | 22.23M | 19.79M | 17.62M | 12.2M | 8.74M | 9.63M | 9.57M | 8.64M | 7.98M | 7.33M | 6.53M | 6.1M | 5.69M | 4.55M | 4.19M | 3.89M | 3.65M | 3.3M | 2.99M | 2.84M | 2.74M | 2.58M | 2.54M | 2.53M | 2.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in recent financial filings, Anixa's operating expenses remain dominated by research and development, which totaled $1.3 million in 2026Q2, reflecting the company's persistent commitment to advancing its CER-T and vaccine pipeline despite the absence of any meaningful commercial revenue streams to offset these costs.
The company's cost structure is entirely defined by its clinical development phase, with R&D and SG&A consistently exceeding $2.5 million in quarterly outflows. This high fixed-cost burden suggests that management lacks the operational flexibility to scale back spending without jeopardizing the clinical milestones that underpin the firm's long-term valuation.
According to the provided income statement data, Anixa consistently records significant stock-based compensation, including $665,000 in 2026Q2, which effectively serves as a non-cash expense that obscures the underlying cash-burn reality of the business while simultaneously diluting existing shareholders to fund ongoing operational activities.
Investors should note that while stock-based compensation reduces the immediate cash impact of talent retention, it represents a recurring dilution event that complicates the assessment of true economic loss. The reliance on equity-based incentives appears to be a necessary mechanism for preserving limited cash reserves for critical clinical trial expenditures.
Based on the company's historical income statements, Anixa exhibits no operating leverage, as the firm has failed to generate any revenue to scale against its fixed R&D and administrative overhead, resulting in a consistent quarterly operating loss that has averaged approximately $3 million over the last ten quarters.
The lack of revenue growth relative to stable operating expenses indicates that the company is currently in a pure-play investment phase where operational efficiency is secondary to clinical progress. Until the company achieves a licensing milestone or commercial partnership, the operating margin will remain structurally negative and highly sensitive to trial-related cost fluctuations.
With reported cash and equivalents of only $1.24 million as of the most recent period, Anixa faces a precarious financial position that suggests an imminent need for capital, potentially forcing management to execute dilutive equity raises at unfavorable valuations to sustain its ongoing clinical trial programs.
The discrepancy between the current cash balance and the quarterly burn rate of roughly $2.5 million implies that the company's runway is extremely limited. This financial vulnerability warrants significant caution, as any delay in clinical data readouts could severely impair the company's ability to secure necessary funding on favorable terms.
Quick answers to the most common questions about buying ANIX stock.
For fiscal year 2025, Anixa Biosciences, Inc. (ANIX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 1996.
Anixa Biosciences, Inc. (ANIX) reported a net loss of $10.9M for the fiscal year ending 2025.