ANIXMEDIUM SIGNALFINANCIAL10-K

ANIX reduced operating losses and expenses across the board while maintaining focus on its CAR-T therapy development program, though cash position declined substantially.

The company appears to be managing cash burn more effectively, with R&D and SG&A expenses both declining around 20% while operating losses improved modestly. However, the 25% decline in total assets primarily reflects cash consumption, which remains a key monitoring point for this clinical-stage biotech company.

Comparing 2026-01-12 vs 2025-01-10View on EDGAR →
FINANCIAL ANALYSIS

ANIX demonstrated improved cost discipline with R&D expenses declining 21% to $5.1M and SG&A expenses falling 18% to $5.7M, resulting in reduced operating losses of $11.7M versus $13.8M previously. However, the company's cash position weakened meaningfully, with current assets declining 26% to $15.9M and total assets falling 25% to $16.1M, reflecting ongoing cash burn from operations. Capital expenditures dropped substantially to just $16K, suggesting minimal infrastructure investment during the period.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-91%
$175K→$16K

Capex reduced 91% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
-25.6%
$21.4M→$15.9M

Current assets declined 25.6% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-25.5%
$21.6M→$16.1M

Total assets contracted 25.5% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-24.2%
$20.0M→$15.2M

Equity decreased 24.2% — buybacks or losses reducing book value, monitor solvency ratios.

Current Liabilities
Balance Sheet
-21.3%
$2.5M→$2.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-21.2%
$2.7M→$2.1M

Liabilities reduced 21.2% — deleveraging improves balance sheet strength and financial flexibility.

R&D Expense
P&L
-20.7%
$6.4M→$5.1M

R&D spending cut 20.7% — could signal cost discipline or concerning reduction in innovation investment.

SG&A Expense
P&L
-18.1%
$6.9M→$5.7M

SG&A reduced 18.1% — improved cost efficiency or headcount reduction improving operating margins.

Operating Income
P&L
+15.4%
-$13.8M→-$11.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+13%
-$12.6M→-$10.9M

Net income grew 13% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-01-12
PRIOR — 2025-01-10
ADDED
On January 12, 2026, the registrant had outstanding 33,376,690 shares of common stock, par value $ 0.01 per share, which is the registrant s only class of common stock.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 34 Item 13.
Our therapeutics program consists of the development of liraltagene autoleucel ( lira-cel ), a chimeric endocrine receptor-T cell therapy, which is a novel form of chimeric antigen receptor-T cell ( CAR-T ) technology, initially focused on treating ovarian cancer, that is being developed at our subsidiary, Certainty Therapeutics, Inc.
Our vaccine programs include (i) the development of a vaccine against breast cancer, (ii) the development of a vaccine against ovarian cancer, and (iii) a vaccine discovery program utilizing the same mechanism as our breast and ovarian cancer vaccines to develop additional cancer vaccines to address many intractable cancers, including high incidence malignancies in lung, colon and prostate.
Due to such Company funding, Wistar s equity stake in Certainty was 4.1% as of October 31, 2025.
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REMOVED
On January 10, 2025, the registrant had outstanding 32,196,862 shares of common stock, par value $ 0.01 per share, which is the registrant s only class of common stock.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Our therapeutics programs include (i) the development of a chimeric endocrine receptor-T cell therapy, a novel form of chimeric antigen receptor-T cell ( CAR-T ) technology, initially focused on treating ovarian cancer, which is being developed at our subsidiary, Certainty Therapeutics, Inc.
( Certainty ), and (ii) until March 2023, the development of anti-viral drug candidates for the treatment of COVID-19.
Our vaccine programs include (i) the development of a vaccine against breast cancer, initially focused on triple negative breast cancer ( TNBC ), the most lethal form of breast cancer, (ii) the development of a vaccine against ovarian cancer, and (iii) a vaccine discovery program utilizing the same mechanism as our breast and ovarian cancer vaccines, to develop additional cancer vaccines to address many intractable cancers, including high incidence malignancies in lung, colon and prostate.
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