Anixa Biosciences, Inc.
ANIXHealthcare|Biotechnology|US
$3.17
+0.14 (+4.79%)
DCF Value
$0.03
Tangible Book / Share
$0.39
Cash / Share
$0.41
Financials
Financial Snapshot
Market Cap
$110.4M
Enterprise Value
$109.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$10.4M
Cash & Investments
$13.9M
Net Cash
$13.7M
Free Cash Flow (TTM)
-$7.4M
Operating CF (TTM)
-$7.4M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$13.9M
Quarterly Burn
$1.8M
Monthly Burn
$614.7K
Est. Runway
~7.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $3.2M | $6.8M | $5.1M | $5.8M | $9.1M | $35.7M | $29.7M | $23.8M | $19.9M | $15.2M | $13.9M | |
| Operating Cash Flow | -$3.4M | -$3.8M | -$4.3M | -$4.7M | -$6.2M | -$4.9M | -$6.5M | -$6.2M | -$7.3M | -$7.2M | -$7.4M | |
| Free Cash Flow | -$3.5M | -$3.8M | -$4.3M | -$4.9M | -$6.2M | -$4.9M | -$6.5M | -$6.2M | -$7.3M | -$7.2M | -$7.4M | |
| Capital Expenditure | -$146.5K | -$30.2K | -$38.4K | -$175.5K | -$15.8K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | -$2.7K | $7.4M | $2.5M | $5.7M | $9.4M | $31.6M | $452.0K | $366.0K | $3.4M | $2.3M | $5.2M |
R&D Spending
R&D (TTM)
$4.8M
R&D Intensity
—
R&D Growth vs Prior
-4.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $300.0K | $362.5K | $1.1M | $250.0K | $0.00 | $512.0K | $0.00 | $210.0K | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $1.6M | $1.6M | $6.8M | $5.5M | $4.4M | $6.2M | $6.7M | $4.8M | $6.4M | $5.1M | $4.8M | |
| R&D % of Revenue | 518.8% | 440.7% | 612.4% | 2189.4% | — | 1208.9% | — | 2271.0% | — | — | — | |
| SG&A | $2.7M | $4.4M | $6.9M | $5.7M | $5.5M | $7.1M | $7.2M | $6.3M | $7.4M | $6.6M | $6.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $300.0K | $362.5K | $1.1M | $250.0K | $0.00 | $512.0K | $0.00 | $210.0K | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $217.4K | $104.6K | $1.1M | $166.3K | $90.2K | $385.0K | $0.00 | $161.0K | $0.00 | $36.0K | $19.0K | |
| Gross Profit | $82.6K | $257.9K | $18.8K | $83.8K | -$90.2K | $127.0K | $0.00 | $49.0K | $0.00 | -$36.0K | -$19.0K | |
| R&D | $1.6M | $1.6M | $6.8M | $5.5M | $4.4M | $6.2M | $6.7M | $4.8M | $6.4M | $5.1M | $4.8M | |
| SG&A | $2.7M | $4.4M | $6.9M | $5.7M | $5.5M | $7.1M | $7.2M | $6.3M | $7.4M | $6.6M | $6.1M | |
| Operating Income | -$4.5M | -$6.1M | -$13.7M | -$11.9M | -$10.0M | -$13.1M | -$13.9M | -$11.0M | -$13.8M | -$11.7M | -$11.0M | |
| Interest Expense | $519.9K | $500.5K | $0.00 | $0.00 | $0.00 | $322.00 | $104.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$5.0M | -$5.0M | -$14.2M | -$11.8M | -$10.1M | -$13.1M | -$13.8M | -$9.9M | -$12.7M | -$11.0M | -$10.5M | |
| Net Income | -$5.0M | -$5.0M | -$14.0M | -$11.6M | -$10.1M | -$12.9M | -$13.6M | -$9.8M | -$12.6M | -$10.9M | -$10.4M | |
| EPS (Diluted) | -0.57 | -0.41 | -0.79 | -0.61 | -0.46 | -0.45 | -0.45 | -0.32 | -0.39 | -0.34 | -0.30 | |
| EBITDA | -$4.1M | -$4.1M | -$13.9M | -$11.0M | -$10.0M | -$13.1M | -$13.7M | -$9.9M | -$12.7M | -$11.0M | -$10.6M | |
| Shares Out. (M) | 8.74 | 12.20 | 17.62 | 19.79 | 22.23 | 28.58 | 30.37 | 30.98 | 31.90 | 32.45 | 34.18 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.5M | $3.3M | $3.1M | $3.5M | $6.4M | $29.1M | $12.4M | $915.0K | $1.3M | $1.2M | $1.4M | |
| Short-Term Investments | $750.0K | $3.5M | $2.0M | $2.4M | $2.6M | $6.6M | $17.3M | $22.9M | $18.7M | $13.9M | $12.5M | |
| Total Current Assets | $3.4M | $7.0M | $5.5M | $6.1M | $9.4M | $36.0M | $30.2M | $25.4M | $21.4M | $15.9M | $14.9M | |
| Total Assets | $5.6M | $8.8M | $6.4M | $6.3M | $9.5M | $36.3M | $30.4M | $25.5M | $21.6M | $16.1M | $15.1M | |
| Total Current Liabilities | $468.8K | $889.5K | $1.3M | $1.5M | $1.2M | $1.3M | $2.0M | $2.0M | $2.5M | $2.0M | $1.7M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $4.6M | $889.5K | $1.3M | $1.5M | $1.2M | $1.5M | $2.2M | $2.2M | $2.7M | $2.1M | $1.9M | |
| Stockholders' Equity | $987.5K | $7.9M | $5.4M | $5.2M | $8.8M | $35.4M | $29.0M | $24.3M | $20.0M | $15.2M | $14.5M | |
| Retained Earnings | -$151.2M | -$156.2M | -$170.2M | -$181.8M | -$191.8M | -$204.8M | -$218.4M | -$228.2M | -$240.8M | -$251.7M | -$259.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.4M | -$3.8M | -$4.3M | -$4.7M | -$6.2M | -$4.9M | -$6.5M | -$6.2M | -$7.3M | -$7.2M | -$7.4M | |
| Capital Expenditure | -$146.5K | -$30.2K | -$38.4K | -$175.5K | -$15.8K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$3.5M | -$3.8M | -$4.3M | -$4.9M | -$6.2M | -$4.9M | -$6.5M | -$6.2M | -$7.3M | -$7.2M | -$7.4M | |
| Investing Cash Flow | $1.5M | -$2.7M | $1.5M | -$525.5K | -$305.8K | -$3.9M | -$10.7M | -$5.6M | $4.3M | $4.9M | $2.1M | |
| Financing Cash Flow | -$2.7K | $7.4M | $2.5M | $5.7M | $9.4M | $31.6M | $452.0K | $366.0K | $3.4M | $2.3M | $5.2M | |
| Issuance of Stock | $0.00 | $10.9M | $2.5M | $5.5M | $9.3M | $31.1M | $0.00 | $0.00 | $3.0M | $2.3M | $2.4M | |
| Repurchase of Stock | $11.8K | -$500.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$6.0K | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | -$3.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $873.6K | $1.7M | $8.6M | $5.5M | $3.9M | $7.5M | $6.0M | $4.4M | $4.4M | $3.7M | $2.0M | |
| Net Change in Cash | -$1.9M | $851.1K | -$283.5K | $435.7K | $2.9M | $22.7M | -$16.8M | -$11.4M | $356.0K | -$27.0K | -$97.0K |
Dilution Tracker
Shares outstanding grew 46.0% over 5 years — significant dilution
Shares Outstanding
35M
5-Year Share Growth
+46.0%
Stock Issuance (TTM)
$2.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.74 | 12.20 | 17.62 | 19.79 | 22.23 | 28.58 | 30.37 | 30.98 | 31.90 | 32.45 | 34.18 | |
| Change vs Prior % | — | 39.6% | 44.5% | 12.3% | 12.3% | 28.6% | 6.3% | 2.0% | 3.0% | 1.7% | 5.3% | |
| Stock Issuance | $0.00 | $10.9M | $2.5M | $5.5M | $9.3M | $31.1M | $0.00 | $0.00 | $3.0M | $2.3M | $2.4M | |
| Stock Repurchase | $11.8K | -$500.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$6.0K | $0.00 | $0.00 | |
| Stock Based Comp. | $873.6K | $1.7M | $8.6M | $5.5M | $3.9M | $7.5M | $6.0M | $4.4M | $4.4M | $3.7M | $2.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 27.5% | 71.2% | 1.7% | 33.5% | — | 24.8% | — | 23.3% | — | — | — | |
| Operating Margin % | -1503.0% | -1676.0% | -1232.0% | -4756.0% | — | -2565.6% | — | -5243.3% | — | — | — | |
| Net Margin % | -1672.1% | -1381.8% | -1258.1% | -4658.8% | — | -2528.6% | — | -4671.9% | — | — | — | |
| EBITDA Margin % | -1379.3% | -1142.1% | -1249.4% | -4402.0% | — | -2553.9% | — | -4706.7% | — | — | — | |
| FCF Margin % | -1176.1% | -1055.7% | -387.6% | -1966.8% | — | -964.5% | — | -2956.7% | — | — | — | |
| ROE % | -508.0% | -63.2% | -257.5% | -222.5% | -115.7% | -36.5% | -46.8% | -40.3% | -62.8% | -72.1% | -70.4% | |
| ROA % | -89.1% | -56.8% | -217.0% | -185.1% | -107.2% | -35.7% | -44.7% | -38.4% | -58.1% | -68.0% | -69.1% | |
| ROIC % | -87.4% | -76.7% | -264.4% | -247.1% | -119.9% | -37.5% | -48.8% | -46.8% | -72.3% | -82.7% | -82.1% | |
| R&D / Revenue % | 518.8% | 440.7% | 612.4% | 2189.4% | — | 1208.9% | — | 2271.0% | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -96.8% | 20.8% | 206.9% | -77.5% | -100.0% | 0.0% | -100.0% | 0.0% | -100.0% | 0.0% | |
| Gross Profit | -98.5% | 212.3% | -92.7% | 345.6% | -207.7% | 240.9% | -100.0% | 0.0% | -100.0% | 0.0% | |
| Operating Income | -377.3% | -34.7% | -125.6% | 13.3% | 16.1% | -31.6% | -5.6% | 20.6% | -25.6% | 15.4% | |
| Net Income | -263.8% | 0.1% | -179.4% | 16.8% | 13.0% | -27.8% | -5.0% | 27.8% | -28.0% | 13.0% | |
| EPS (Diluted) | -307.1% | 28.1% | -92.7% | 22.8% | 24.6% | 2.2% | 0.0% | 28.9% | -21.9% | 12.8% | |
| Operating Cash Flow | -348.0% | -12.3% | -12.6% | -11.0% | -30.2% | 20.0% | -31.5% | 4.4% | -18.1% | 2.2% | |
| Free Cash Flow | -369.6% | -8.5% | -12.7% | -14.0% | -25.9% | 20.2% | -31.5% | 4.4% | -18.1% | 2.2% | |
| R&D Expense | 118.8% | 2.6% | 326.5% | -19.7% | -20.0% | 41.3% | 8.3% | -28.9% | 34.1% | -20.7% | |
| SG&A Expense | -50.9% | 62.8% | 56.7% | -18.1% | -2.8% | 28.4% | 1.4% | -12.3% | 18.2% | -10.8% | |
| Total Assets | -39.7% | 56.6% | -26.8% | -2.4% | 50.2% | 283.6% | -16.1% | -16.1% | -15.4% | -25.5% | |
| Book Value / Share | -78.5% | 474.9% | -54.7% | -17.3% | 52.9% | 227.2% | -23.7% | -18.7% | -21.5% | -27.4% | |
| Debt | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 369.2% | -14.7% | -20.8% | 32.6% | -12.1% | |
| Diluted Shares | -9.2% | 39.6% | 44.5% | 12.3% | 12.3% | 28.6% | 6.3% | 2.0% | 3.0% | 1.7% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High64.16 / 284.11 / 466.18
P/B7.50
10Y Low / Med / High3.16 / 5.86 / 56.20
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High59.77 / 227.73 / 462.65
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.03
Tangible Book / Share
$0.39
Net Current Assets / Share
$0.38
Graham Net-Net
$0.35
Cash / Share
$0.41
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -11.14 | -5.00 | -5.13 | -6.34 | -4.48 | -11.31 | -12.44 | -9.88 | -8.97 | -12.15 | -10.41 | |
| P/S Ratio | 184.99 | 68.98 | 64.16 | 306.35 | 0.00 | 284.11 | 0.00 | 466.18 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 56.20 | 3.16 | 13.13 | 14.63 | 5.23 | 4.10 | 5.86 | 4.02 | 5.58 | 8.84 | 7.50 | |
| EV/EBITDA | -13.82 | -5.23 | -4.92 | -6.64 | -3.94 | -8.92 | -11.51 | -9.83 | -8.74 | -12.10 | -10.35 | |
| EV/Revenue | 190.60 | 59.77 | 61.41 | 292.38 | 0.00 | 227.73 | 0.00 | 462.65 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
10.00
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $34.0M | $0.00 | $22.6M |
| Net Income | -$10.3M | -$10.7M | -$12.3M |
| EPS | $-0.32 | $-0.33 | $-0.38 |
| # Analysts (EPS) | 1 | 2 | 1 |
Revenue Segments
By Product
| Segment | 2019 |
|---|---|
| Patent Licensing | $250.0K |
By Geography
| Segment | 2012 |
|---|---|
| Taiwan | $940.0K |
| United States | $4.3K |