Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jan. 31, 2018 | Mar. 08, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Advaxis, Inc. | |
Entity Central Index Key | 1,100,397 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,313,849 | |
Trading Symbol | ADXS | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2018 | Oct. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 25,932,403 | $ 23,899,809 |
Restricted cash | 977,000 | 587,000 |
Short-term investment securities | 32,441,933 | 46,398,304 |
Income tax receivable | 4,452,682 | |
Deferred expenses | 2,535,883 | 2,986,385 |
Prepaid expenses and other current assets | 2,097,834 | 2,918,644 |
Total current assets | 63,985,053 | 81,242,824 |
Property and equipment (net of accumulated depreciation) | 7,923,612 | 7,111,081 |
Intangible assets (net of accumulated amortization) | 4,974,995 | 4,856,775 |
Other assets | 558,870 | 431,098 |
Total assets | 77,442,530 | 93,641,778 |
Current liabilities: | ||
Accounts payable | 7,088,469 | 5,121,406 |
Accrued expenses | 7,295,575 | 8,700,036 |
Deferred revenue | 7,163,628 | 6,995,336 |
Other current liabilities | 47,520 | 47,520 |
Total current liabilities | 21,595,192 | 20,864,298 |
Deferred revenue | 15,504,839 | 17,478,758 |
Other liabilities | 1,071,694 | 1,038,555 |
Total liabilities | 38,171,725 | 39,381,611 |
Commitments and contingencies - Note 9 | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; 0 shares issued and outstanding at January 31, 2018 and October 31, 2017. Liquidation preference of $0 at January 31, 2018 and October 31, 2017. | ||
Common stock - $0.001 par value; 65,000,000 shares authorized, 42,283,221 shares issued and outstanding at January 31, 2018 and 41,206,538 shares issued and outstanding at October 31, 2017. | 42,283 | 41,207 |
Additional paid-in capital | 360,863,215 | 355,361,187 |
Accumulated deficit | (321,634,693) | (301,142,227) |
Total stockholders' equity | 39,270,805 | 54,260,167 |
Total liabilities and stockholders' equity | $ 77,442,530 | $ 93,641,778 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jan. 31, 2018 | Oct. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Series B Preferred stock, shares issued | 0 | 0 |
Series B Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, liquidation preference value | $ 0 | $ 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, shares issued | 42,283,221 | 41,206,538 |
Common stock, shares outstanding | 42,283,221 | 41,206,538 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 2,055,627 | $ 3,790,842 |
Operating expenses: | ||
Research and development expenses | 17,070,266 | 13,648,554 |
General and administrative expenses | 5,532,832 | 7,327,809 |
Total operating expenses | 22,603,098 | 20,976,363 |
Loss from operations | (20,547,471) | (17,185,521) |
Other income (expense): | ||
Interest income, net | 139,522 | 145,014 |
Net changes in fair value of derivative liabilities | 9,504 | |
Other expense | (34,517) | |
Net loss before income tax benefit | (20,442,466) | (17,031,003) |
Income tax benefit | 50,000 | 50,000 |
Net loss | $ (20,492,466) | $ (17,081,003) |
Net loss per common share, basic and diluted | $ (0.49) | $ (0.43) |
Weighted average number of common shares outstanding, basic and diluted | 41,428,199 | 40,115,178 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
OPERATING ACTIVITIES | ||
Net loss | $ (20,492,466) | $ (17,081,003) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock compensation | 2,809,118 | 5,110,425 |
Gain on change in value of warrants and embedded derivative | (9,504) | |
Loss on disposal of property and equipment | 27,361 | |
Write-off of intangible assets | 143,115 | |
Depreciation expense | 264,989 | 157,580 |
Amortization expense of intangible assets | 92,525 | 74,410 |
Amortization of premium on held to maturity investments | 2,545 | 44,005 |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 1,396,312 | (88,748) |
Income tax receivable | 4,452,682 | 2,549,862 |
Other assets | (127,772) | 24,380 |
Accounts payable and accrued expenses | 550,157 | (1,454,011) |
Deferred revenue | (1,805,627) | (3,540,842) |
Other liabilities | 33,139 | 48,355 |
Net cash used in operating activities | (12,653,922) | (14,165,091) |
INVESTING ACTIVITIES | ||
Restricted cash established with letter of credit agreement | (390,000) | |
Purchases of short-term investment securities | (12,487,174) | (46,525,169) |
Sales of short-term investment securities | 26,441,000 | 6,522,333 |
Purchase of property and equipment | (1,172,436) | (1,127,000) |
Cost of intangible assets | (353,860) | (81,432) |
Net cash provided by (used in) investing activities | 12,037,530 | (41,211,268) |
FINANCING ACTIVITIES | ||
Net proceeds of issuance of common stock | 2,658,749 | |
Proceeds from employee stock purchase plan | 9,482 | 67,923 |
Tax withholdings paid related to net share settlement of equity awards | (7,168) | (9,810) |
Employee tax withholdings paid on equity awards | (208,892) | (204,614) |
Tax shares sold to pay for employee tax withholdings on equity awards | 196,815 | 338,486 |
Net cash provided by financing activities | 2,648,986 | 191,985 |
Net increase (decrease) in cash and cash equivalents | 2,032,594 | (55,184,374) |
Cash and cash equivalents at beginning of period | 23,899,809 | 112,750,980 |
Cash and cash equivalents at end of period | 25,932,403 | 57,566,606 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for taxes | 50,000 | 50,000 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES | ||
Accounts payable and accrued expenses settled with common stock | 75,000 | |
Property and equipment included in accounts payable and accrued expenses | $ 57,445 | $ 115,637 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Jan. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Advaxis, Inc. (“Advaxis” or the “Company”) is a late-stage biotechnology Company focused on the discovery, development and commercialization of proprietary Lm Listeria monocytogenes Lm Lm Lm Lm Advaxis is focused on four franchises in various stages of clinical and pre-clinical development, which they believe will provide the greatest opportunity to have a significant impact on patients and their families: ● Human Papilloma Virus (“HPV”)-associated cancers ● Individualized neoantigen therapy ● Disease focused hotspot / cancer antigen therapies ● Prostate cancer All four clinical franchises are anchored in the Company’s Lm Lm Lm Liquidity and Financial Condition The Company’s products that are being developed have not generated significant revenue. As a result, the Company has suffered recurring losses. These losses are expected to continue for an extended period of time. Our major sources of cash have been proceeds from various public and private offerings of our common stock, option and warrant exercises, and interest income. From October 2013 through February 2018, we raised approximately $245.2 million in gross proceeds from various public and private offerings of our common stock. As of January 31, 2018, the Company had approximately $59.4 million in cash, restricted cash, cash equivalents and short-term investment securities on its balance sheet. The Company has plans to continue to be disciplined in regard to its utilization of its capital and anticipates its cash burn will decrease from fiscal 2017. This decrease will largely be due to several one-time items in fiscal 2017 related to the preparation of our Marketing Authorization Application (“MAA”) filing in Europe of axalimogene filolisbac and other one-time costs that the Company does not anticipate to recur. Additionally, during February 2018 the Company entered into an underwritten public offering of its Common Stock, raising gross proceeds of $20 million. We believe our current cash position as of January 31, 2018 along with the net proceeds received from the Company’s underwritten public offering that closed on February 26, 2018 is sufficient to fund our business plan approximately into second calendar quarter of 2019. The actual amount of cash that we will need to operate is subject to many factors. The Company recognizes it may need to raise additional capital in order to continue to execute its business plan. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company or whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to scale back its operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Basis of Presentation | 3 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Basis of Presentation | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation/Estimates The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the SEC with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited condensed balance sheet as of October 31, 2017 has been derived from the Company’s October 31, 2017 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Operating results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates include the fair value and recoverability of the carrying value of property and equipment and intangible assets (patents and licenses), the fair value of investments, the fair value of options and warrants, deferred tax assets and any related valuation allowance and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, based on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could materially differ from these estimates. These unaudited interim condensed financial statements should be read in conjunction with the financial statements of the Company for the year ended October 31, 2017 and notes thereto contained in the Company’s annual report on Form 10-K for the year ended October 31, 2017, as filed with the SEC on December 21, 2017. Concentration of Credit Risk The Company maintains its cash in bank deposit accounts (checking) that at times exceed federally insured limits. Approximately $25.6 million is subject to credit risk at January 31, 2018. However, these cash balances are maintained at creditworthy financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. Restricted Cash and Letters of Credit During July 2017 and January 2018, the Company established two letters of credit with a financial institution as security for the purchase of custom equipment and as security for application fees associated with the Company’s MAA in Europe. The letters of credit are collateralized by cash which is unavailable for withdrawal or for usage for general obligations. No amount is outstanding under either letter of credit as of January 31, 2018. Net Income (Loss) per Share Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, convertible debt and other potential Common Stock outstanding during the period. In the case of a net loss the impact of the potential Common Stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential Common Stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table sets forth the number of potential shares of Common Stock that have been excluded from diluted net loss per share. As of January 31, 2018 2017 Warrants 3,092,395 3,110,575 Stock Options 4,442,558 3,897,558 Restricted Stock Units 1,257,526 1,111,059 Total 8,792,479 8,119,192 Recent Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standards”). The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating which transition approach we will utilize and the impact of adopting this accounting standard on our unaudited condensed financial statements. This update will be effective for the Company beginning in the first quarter of 2019. In February 2016, the FASB issued ASU 2016-02, “Leases (“Topic 842”) (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed financial statements. |
Short-Term Investment Securitie
Short-Term Investment Securities | 3 Months Ended |
Jan. 31, 2018 | |
Schedule of Investments [Abstract] | |
Short-Term Investment Securities | 3. SHORT-TERM INVESTMENT SECURITIES The following table summarizes the Company’s investment securities at amortized cost as of January 31, 2018 and October 31, 2017: January 31, 2018 Amortized cost, as adjusted Gross unrealized holding gains Gross unrealized holding losses Estimated fair value Short-term investments: Certificates of Deposit $ 2,449,989 $ - $ - $ 2,449,989 U.S Treasury Notes 29,991,944 - 17,809 29,974,135 Total short-term investment securities $ 32,441,933 $ - $ 17,809 $ 32,424,124 October 31, 2017 Amortized cost, as adjusted Gross unrealized holding gains Gross unrealized holding losses Estimated fair value Short-term investments: Certificates of Deposit $ 11,391,147 $ - $ - $ 11,391,147 Domestic Governmental Agency Loans 499,957 - 162 499,795 U.S Treasury Notes 34,507,200 - 25,351 34,481,849 Total short-term investment securities $ 46,398,304 $ - $ 25,513 $ 46,372,791 All the Company’s short-term investment securities mature within the next 12 months. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Jan. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. PROPERTY AND EQUIPMENT Property and equipment, net consists of the following: January 31, 2018 October 31, 2017 Leasehold improvements $ 2,248,751 $ 2,167,990 Laboratory equipment 5,218,172 4,143,106 Furniture and fixtures 728,725 728,725 Computer equipment 394,523 394,523 Construction in progress 805,014 883,322 Total property and equipment 9,395,185 8,317,666 Accumulated depreciation and amortization (1,471,573 ) (1,206,585 ) Net property and equipment $ 7,923,612 $ 7,111,081 Depreciation expense for the three months ended January 31, 2018 and 2017 was $264,989 and $157,580 respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. INTANGIBLE ASSETS Intangible assets, net consist of the following: January 31, 2018 October 31, 2017 Patents $ 5,879,973 $ 5,727,298 Licenses 776,992 776,992 Software 117,196 108,604 Total intangibles 6,774,161 6,612,894 Accumulated amortization (1,799,166 ) (1,756,119 ) Intangible assets $ 4,974,995 $ 4,856,775 The expirations of the existing patents range from 2018 to 2038 but the expirations can be extended based on market approval if granted and/or based on existing laws and regulations. Capitalized costs associated with patent applications that are abandoned without future value are charged to expense when the determination is made not to pursue the application. Patent applications having a net book value of $143,115 and $0 were abandoned and were charged to research and development expenses in the Statement of Operations for the three months ended January 31, 2018 and 2017, respectively. Amortization expense for intangible assets aggregated $92,525 and $74,410 for the three months ended January 31, 2018 and 2017, respectively. At January 31, 2018, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows: Year ended October 31, 2018 (Remaining) $ 286,733 2019 379,911 2020 363,056 2021 343,246 2022 343,246 Thereafter 3,258,803 Total $ 4,974,995 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Jan. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6. ACCRUED EXPENSES: The following table represents the major components of accrued expenses: January 31, 2018 October 31, 2017 Salaries and other compensation $ 3,576,946 $ 2,652,583 Vendors 972,018 2,811,956 Professional fees 2,746,611 3,235,497 Total accrued expenses $ 7,295,575 $ 8,700,036 |
Warrants
Warrants | 3 Months Ended |
Jan. 31, 2018 | |
Warrants | |
Warrants | 7. WARRANTS At January 31, 2018 and October 31, 2017, the Company had 3,092,395 warrants outstanding at a weighted average exercise price of $5.00 and a weighted average remaining contractual life of .92 and .67 years, respectively. At January 31, 2018 and October 31, 2017, all of the Company’s outstanding warrants were classified as equity (equity warrants). At issuance, equity warrants are recorded at their relative fair values, using the Relative Fair Value Method, in the stockholders’ equity section of the balance sheet. The Company’s equity warrants can only be settled through the issuance of shares and are not subject to anti-dilution provisions. |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Jan. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | 8. SHARE BASED COMPENSATION The following table summarizes share-based compensation expense included in the Statement of Operations: Three Months Ended January 31, 2018 2017 Research and development $ 1,272,997 $ 1,222,483 General and administrative 1,536,121 3,887,942 Total $ 2,809,118 $ 5,110,425 Restricted Stock Units (RSUs) A summary of the Company’s RSU activity and related information for the three months ended January 31, 2018 is as follows: Number of RSUs Weighted-Average Grant Date Fair Value Balance at October 31, 2017: 1,363,119 $ 8.54 Granted 84,000 3.19 Vested (186,970 ) 8.29 Cancelled (2,623 ) 7.94 Balance at January 31, 2018 1,257,526 $ 8.22 As of January 31, 2018, there was approximately $7,988,000 of unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 1.80 years. As of January 31, 2018, the aggregate intrinsic value of non-vested RSUs was approximately $3,722,000. Employee Stock Awards Common Stock issued to executives and employees related to vested incentive retention awards, employment inducements, management purchases and employee excellence awards totaled 197,167 shares (195,046 shares on a net basis after employee taxes) and 93,976 shares (92,731 shares on a net basis after employee taxes) during the three months ended January 31, 2018 and 2017 respectively. Total stock compensation expense associated with these awards for the three months ended January 31, 2018 and 2017 was $1,354,185 and $1,356,639, respectively. Director Stock Awards During the three months ended January 31, 2018 and 2017, total stock compensation expense to the Directors for amortization of unvested awards was $101,628 and $101,628, respectively. Stock Options A summary of changes in the stock option plan for the three months ended January 31, 2018 is as follows: Number of Weighted-Average Options Exercise Price Outstanding at October 31, 2017: 3,893,558 $ 12.51 Granted 761,685 3.11 Canceled or Expired (212,685 ) 12.11 Outstanding at January 31, 2018 4,442,558 10.91 Vested and Exercisable at January 31, 2018 3,150,667 $ 12.80 Total compensation cost related to the Company’s outstanding stock options, recognized in the statement of operations for the three months ended January 31, 2018 and 2017 was $1,398,304 and $3,183,458, respectively. During the three months ended January 31, 2018, 761,685 options were granted with a total grant date fair value of $1,856,699. During the three months ended January 31, 2017, 556,952 options were granted with a total grant date fair value of $3,542,215. As of January 31, 2018, there was approximately $4,877,000 of unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of approximately 1.53 years. As of January 31, 2018, the aggregate intrinsic value of vested and exercisable options was $0. In determining the fair value of the stock options granted during the three months ended January 31, 2018 and 2017, the Company used the following inputs in its BSM: Three Months Ended January 31, 2018 2017 Expected Term 5.50-6.50 years 5.50-6.50 years Expected Volatility 95.11-100.34 % 107.07-110.93 % Expected Dividends 0 % 0 % Risk Free Interest Rate 2.00-2.66 % 1.26-1.58 % Shares Issued to Consultants During the three months ended January 31, 2017, 32,500 shares of Common Stock valued at $313,600 were issued to consultants for services, of which $75,000 represented shares issued for amounts previously accrued. The Company recorded a liability on its balance sheet for $230,100 for shares earned pursuant to consulting agreements but not delivered. The common stock share values were based on the dates the shares vested. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES Legal Proceedings Bono On August 20, 2015, a derivative complaint was filed by a purported Company stockholder in the United States District Court for the District of New Jersey styled David Bono v. O’Connor, et al., Case No. 3:15-CV-006326-FLW-DEA (D.N.J. Aug. 20, 2015) (the “Bono Action”). The complaint is based on general allegations related to certain stock options granted to the individual defendants and generally alleges counts for breaches of fiduciary duty and unjust enrichment. The complaint also alleges additional claims for violation of Section 14(a) of the Securities Exchange Act of 1934 and for waste of corporate assets. The complaint seeks damages and costs of an unspecified amount, disgorgement of compensation obtained by the individual defendants, and injunctive relief. Defendants filed a motion to dismiss the Bono Action. On May 23, 2016, the Court issued an opinion and order granting in part and denying in part defendants’ motion to dismiss. On October 5, 2016, the Court denied plaintiff’s motion for reconsideration of its May 23 order. On April 13, 2017, the parties advised the Court that they had reached a tentative agreement in principle to settle the action, subject to negotiating an award of attorneys’ fees and expenses to plaintiff’s counsel and a stipulation of settlement, and, ultimately, Court approval. The parties subsequently executed the stipulation of settlement on October 2, 2017. The Court entered an order preliminarily approving the settlement on November 7, 2017. The final fairness hearing was held January 29, 2018, and the Order and Final Judgment approving the settlement and dismissing the action with prejudice was entered on January 29, 2018. Corporate Office & Manufacturing Facility Lease The Company leases its corporate office and manufacturing facility under an operating lease expiring in November 2025. Future minimum payments under the Company’s operating leases are as follows: Year ended October 31, 2018 (remaining) $ 785,514 2019 1,107,385 2020 1,232,907 2021 1,317,640 2022 1,368,819 Thereafter 4,378,521 Total $ 10,190,786 |
Income Taxes
Income Taxes | 3 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act significantly revises U.S. corporate income taxation by, among other things, lowering the U.S. corporate income tax rate from 35.0 % to 21.0% effective January 1, 2018. The decrease in the U.S. federal corporate tax rate from 35.0% to 21.0% will result in a blended statutory tax rate of 23.2% for the fiscal year ending October 31, 2018. The Company does not anticipate any impact to tax expense due to the full valuation allowance of the Company and believes that the most significant impact on its financial statements will be reduction of approximately $32.7 million for the deferred tax assets related to net operating losses and other assets. Such reduction is offset by changes to the Company’s valuation allowance. In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118, which allows a measurement period, not to exceed one year, to finalize the accounting for the income tax impacts of the Tax Act. Until the accounting for the income tax impacts of the Tax Act is complete, the reported amounts are based on reasonable estimates, are disclosed as provisional and reflect any adjustments in subsequent periods as they refine their estimates or complete their accounting of such tax effects. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jan. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY During the three months ended January 31, 2018, the Company sold 881,629 shares of its Common Stock at-the-market transactions resulting in net proceeds of approximately $2,659,000. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jan. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS During February 2018, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Jefferies LLC and Guggenheim Securities, LLC (the “Underwriters”). Pursuant to the Underwriting Agreement, the Company sold to the Underwriters, and the Underwriters purchased for resale to the public, in a firm commitment underwritten public offering, 10,000,000 shares (the “Shares”) of the Company’s common stock, $0.001 par value per share (the “Common Stock”), at a price to the public of $2.00 per share, less underwriting discounts and commissions. The net proceeds to the Company from the transaction was $18.8 million before expenses. In addition, pursuant to the Underwriting Agreement, the Company has granted the Underwriters an option, exercisable for 30 days, to purchase up to an additional 807,697 shares of Common Stock (the “Optional Shares” and, together with the Shares, the “Offered Shares”). The sale of the Offered Shares was registered pursuant to a Registration Statement (No. 333-216008) on Form S-3, as amended, which was filed by the Company with the Securities and Exchange Commission on March 17, 2017, and declared effective on March 20, 2017. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 3 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation/Estimates | Basis of Presentation/Estimates The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the SEC with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited condensed balance sheet as of October 31, 2017 has been derived from the Company’s October 31, 2017 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Operating results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates include the fair value and recoverability of the carrying value of property and equipment and intangible assets (patents and licenses), the fair value of investments, the fair value of options and warrants, deferred tax assets and any related valuation allowance and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, based on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could materially differ from these estimates. These unaudited interim condensed financial statements should be read in conjunction with the financial statements of the Company for the year ended October 31, 2017 and notes thereto contained in the Company’s annual report on Form 10-K for the year ended October 31, 2017, as filed with the SEC on December 21, 2017. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains its cash in bank deposit accounts (checking) that at times exceed federally insured limits. Approximately $25.6 million is subject to credit risk at January 31, 2018. However, these cash balances are maintained at creditworthy financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. |
Restricted Cash and Letters of Credit | Restricted Cash and Letters of Credit During July 2017 and January 2018, the Company established two letters of credit with a financial institution as security for the purchase of custom equipment and as security for application fees associated with the Company’s MAA in Europe. The letters of credit are collateralized by cash which is unavailable for withdrawal or for usage for general obligations. No amount is outstanding under either letter of credit as of January 31, 2018. |
Net Income (Loss) Per Share | Net Income (Loss) per Share Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, convertible debt and other potential Common Stock outstanding during the period. In the case of a net loss the impact of the potential Common Stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential Common Stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table sets forth the number of potential shares of Common Stock that have been excluded from diluted net loss per share. As of January 31, 2018 2017 Warrants 3,092,395 3,110,575 Stock Options 4,442,558 3,897,558 Restricted Stock Units 1,257,526 1,111,059 Total 8,792,479 8,119,192 |
Recent Accounting Standards | Recent Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standards”). The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating which transition approach we will utilize and the impact of adopting this accounting standard on our unaudited condensed financial statements. This update will be effective for the Company beginning in the first quarter of 2019. In February 2016, the FASB issued ASU 2016-02, “Leases (“Topic 842”) (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed financial statements. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies and Basis of Presentation (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Common Stock Excluded from Diluted Net Loss Per Share | The table sets forth the number of potential shares of Common Stock that have been excluded from diluted net loss per share. As of January 31, 2018 2017 Warrants 3,092,395 3,110,575 Stock Options 4,442,558 3,897,558 Restricted Stock Units 1,257,526 1,111,059 Total 8,792,479 8,119,192 |
Short-Term Investment Securit20
Short-Term Investment Securities (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Schedule of Investments [Abstract] | |
Schedule of Investment Securities at Amortized | The following table summarizes the Company’s investment securities at amortized cost as of January 31, 2018 and October 31, 2017: January 31, 2018 Amortized cost, as adjusted Gross unrealized holding gains Gross unrealized holding losses Estimated fair value Short-term investments: Certificates of Deposit $ 2,449,989 $ - $ - $ 2,449,989 U.S Treasury Notes 29,991,944 - 17,809 29,974,135 Total short-term investment securities $ 32,441,933 $ - $ 17,809 $ 32,424,124 October 31, 2017 Amortized cost, as adjusted Gross unrealized holding gains Gross unrealized holding losses Estimated fair value Short-term investments: Certificates of Deposit $ 11,391,147 $ - $ - $ 11,391,147 Domestic Governmental Agency Loans 499,957 - 162 499,795 U.S Treasury Notes 34,507,200 - 25,351 34,481,849 Total short-term investment securities $ 46,398,304 $ - $ 25,513 $ 46,372,791 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consists of the following: January 31, 2018 October 31, 2017 Leasehold improvements $ 2,248,751 $ 2,167,990 Laboratory equipment 5,218,172 4,143,106 Furniture and fixtures 728,725 728,725 Computer equipment 394,523 394,523 Construction in progress 805,014 883,322 Total property and equipment 9,395,185 8,317,666 Accumulated depreciation and amortization (1,471,573 ) (1,206,585 ) Net property and equipment $ 7,923,612 $ 7,111,081 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets, net consist of the following: January 31, 2018 October 31, 2017 Patents $ 5,879,973 $ 5,727,298 Licenses 776,992 776,992 Software 117,196 108,604 Total intangibles 6,774,161 6,612,894 Accumulated amortization (1,799,166 ) (1,756,119 ) Intangible assets $ 4,974,995 $ 4,856,775 |
Schedule of Amortization Expense | At January 31, 2018, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows: Year ended October 31, 2018 (Remaining) $ 286,733 2019 379,911 2020 363,056 2021 343,246 2022 343,246 Thereafter 3,258,803 Total $ 4,974,995 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | The following table represents the major components of accrued expenses: January 31, 2018 October 31, 2017 Salaries and other compensation $ 3,576,946 $ 2,652,583 Vendors 972,018 2,811,956 Professional fees 2,746,611 3,235,497 Total accrued expenses $ 7,295,575 $ 8,700,036 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share-based Compensation Expense | The following table summarizes share-based compensation expense included in the Statement of Operations: Three Months Ended January 31, 2018 2017 Research and development $ 1,272,997 $ 1,222,483 General and administrative 1,536,121 3,887,942 Total $ 2,809,118 $ 5,110,425 |
Summary of RSU Activity and Related Information | A summary of the Company’s RSU activity and related information for the three months ended January 31, 2018 is as follows: Number of RSUs Weighted-Average Grant Date Fair Value Balance at October 31, 2017: 1,363,119 $ 8.54 Granted 84,000 3.19 Vested (186,970 ) 8.29 Cancelled (2,623 ) 7.94 Balance at January 31, 2018 1,257,526 $ 8.22 |
Summary of Changes in Stock Option Plan | A summary of changes in the stock option plan for the three months ended January 31, 2018 is as follows: Number of Weighted-Average Options Exercise Price Outstanding at October 31, 2017: 3,893,558 $ 12.51 Granted 761,685 3.11 Canceled or Expired (212,685 ) 12.11 Outstanding at January 31, 2018 4,442,558 10.91 Vested and Exercisable at January 31, 2018 3,150,667 $ 12.80 |
Summary of Fair Value of Stock Options Granted of BSM | In determining the fair value of the stock options granted during the three months ended January 31, 2018 and 2017, the Company used the following inputs in its BSM: Three Months Ended January 31, 2018 2017 Expected Term 5.50-6.50 years 5.50-6.50 years Expected Volatility 95.11-100.34 % 107.07-110.93 % Expected Dividends 0 % 0 % Risk Free Interest Rate 2.00-2.66 % 1.26-1.58 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Payments of Operating Leases | Future minimum payments under the Company’s operating leases are as follows: Year ended October 31, 2018 (remaining) $ 785,514 2019 1,107,385 2020 1,232,907 2021 1,317,640 2022 1,368,819 Thereafter 4,378,521 Total $ 10,190,786 |
Nature of Operations (Details N
Nature of Operations (Details Narrative) | 3 Months Ended |
Jan. 31, 2018USD ($) | |
Cash, restricted cash, cash equivalents and investments | $ 59,400,000 |
October 2013 Through February 2018 [Member] | |
Proceeds from public offering | 245,200,000 |
February 2018 [Member] | |
Proceeds from public offering | $ 20,000,000 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies and Basis of Presentation (Details Narrative) | 3 Months Ended |
Jan. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |
Concentration of credit risk | $ 25,600,000 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Common Stock Excluded from Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Number of common stock excluded from diluted net loss per share | 8,792,479 | 8,119,192 |
Warrants [Member] | ||
Number of common stock excluded from diluted net loss per share | 3,092,395 | 3,110,575 |
Stock Options [Member] | ||
Number of common stock excluded from diluted net loss per share | 4,442,558 | 3,897,558 |
Restricted Stock Units (RSUs) [Member] | ||
Number of common stock excluded from diluted net loss per share | 1,257,526 | 1,111,059 |
Short-Term Investment Securit29
Short-Term Investment Securities (Details Narrative) | 3 Months Ended |
Jan. 31, 2018 | |
Schedule of Investments [Abstract] | |
Investments maturity description | All the Companys investments mature within the next 12 months. |
Short-Term Investment Securit30
Short-Term Investment Securities - Schedule of Investment Securities at Amortized (Details) - USD ($) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Amortized cost, as adjusted | $ 32,441,933 | $ 46,398,304 |
Gross unrealized holding gains | ||
Gross unrealized holding losses | 17,809 | 25,513 |
Estimated fair value | 32,424,124 | 46,372,791 |
Certificates of Deposit [Member] | ||
Amortized cost, as adjusted | 2,449,989 | 11,391,147 |
Gross unrealized holding gains | ||
Gross unrealized holding losses | ||
Estimated fair value | 2,449,989 | 11,391,147 |
U.S Treasury Notes [Member] | ||
Amortized cost, as adjusted | 29,991,944 | 34,507,200 |
Gross unrealized holding gains | ||
Gross unrealized holding losses | 17,809 | 25,351 |
Estimated fair value | $ 29,974,135 | 34,481,849 |
Domestic Governmental Agency Loans [Member] | ||
Amortized cost, as adjusted | 499,957 | |
Gross unrealized holding gains | ||
Gross unrealized holding losses | 162 | |
Estimated fair value | $ 499,795 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 264,989 | $ 157,580 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Jan. 31, 2018 | Oct. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Leasehold improvements | $ 2,248,751 | $ 2,167,990 |
Laboratory equipment | 5,218,172 | 4,143,106 |
Furniture and fixtures | 728,725 | 728,725 |
Computer equipment | 394,523 | 394,523 |
Construction in progress | 805,014 | 883,322 |
Total property and equipment | 9,395,185 | 8,317,666 |
Accumulated depreciation and amortization | (1,471,573) | (1,206,585) |
Net property and equipment | $ 7,923,612 | $ 7,111,081 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Finite lived patents expirations year | The expirations of the existing patents range from 2018 to 2038 | |
Book value patent applications, net | $ 143,115 | $ 0 |
Amortization expense of intangible assets | $ 92,525 | $ 74,410 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | Jan. 31, 2018 | Oct. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 5,879,973 | $ 5,727,298 |
License | 776,992 | 776,992 |
Software | 117,196 | 108,604 |
Total intangibles | 6,774,161 | 6,612,894 |
Accumulated amortization | (1,799,166) | (1,756,119) |
Net intangible assets | $ 4,974,995 | $ 4,856,775 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Amortization Expense (Details) | Jan. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2018 (Remaining) | $ 286,733 |
2,019 | 379,911 |
2,020 | 363,056 |
2,021 | 343,246 |
2,022 | 343,246 |
Thereafter | 3,258,803 |
Total | $ 4,974,995 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Jan. 31, 2018 | Oct. 31, 2017 |
Payables and Accruals [Abstract] | ||
Salaries and other compensation | $ 3,576,946 | $ 2,652,583 |
Vendors | 972,018 | 2,811,956 |
Professional fees | 2,746,611 | 3,235,497 |
Total accrued expenses | $ 7,295,575 | $ 8,700,036 |
Warrants (Details Narrative)
Warrants (Details Narrative) - $ / shares | 3 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Oct. 31, 2017 | |
Warrants outstanding | 3,092,395 | 3,092,395 |
Exercise price of warrants | $ 5 | $ 5 |
Warrants [Member] | ||
Weighted average remaining contractual life | 11 months 1 day | 8 months 2 days |
Share Based Compensation (Detai
Share Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Unrecognized compensation cost related to non-vested stock option awards | $ 4,877,000 | |
Compensation cost related to outstanding stock options | $ 1,398,904 | $ 3,183,458 |
Number of options, granted | 761,685 | 556,952 |
Fair value of option granted | $ 1,856,699 | $ 3,542,215 |
Weighted average vesting period | 1 year 6 months 10 days | |
Aggregate intrinsic value of vested and exercisable | $ 0 | |
Accounts payable and accrued expenses settled with common stock | 75,000 | |
Directors [Member] | ||
Stock compensation expense | 101,628 | $ 101,628 |
Consultants [Member] | ||
Stock issued during period for services | 32,500 | |
Stock issued during period value for services | $ 313,600 | |
Accounts payable and accrued expenses settled with common stock | 75,000 | |
Consultants [Member] | ||
Recorded a liability | $ 230,100 | |
Restricted Stock Units (RSUs) [Member] | ||
Unrecognized compensation cost related to non-vested stock option awards | $ 7,988,000 | |
Unrecognized compensation cost related to non-vested remaining weighted average vesting period | 1 year 9 months 18 days | |
Options outstanding, intrinsic value | $ 3,722,000 | |
Number of options, granted | 84,000 | |
Employee Stock Awards [Member] | ||
Share-based compensation, common stock, shares | 197,167 | 93,976 |
Share-based compensation, shares on net basis after employee payroll taxes | 195,046 | 92,731 |
Stock compensation expense | $ 1,354,185 | $ 1,356,639 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Share-based compensation expense | $ 2,809,118 | $ 5,110,425 |
Research and Development [Member] | ||
Share-based compensation expense | 1,272,997 | 1,222,483 |
General and Administrative [Member] | ||
Share-based compensation expense | $ 1,536,121 | $ 3,887,942 |
Share Based Compensation - Su40
Share Based Compensation - Summary of RSU Activity and Related Information (Details) - $ / shares | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Beginning Balance | 3,893,558 | |
Number of RSUs Granted | 761,685 | 556,952 |
Number of RSUs Cancelled | (212,685) | |
Ending Balance | 4,442,558 | |
Weighted-Average Exercise Price, Outstanding, Beginning | $ 12.51 | |
Weighted-Average Exercise Price, Granted | 3.11 | |
Weighted-Average Exercise Price, Cancelled | 12.11 | |
Weighted-Average Exercise Price, Outstanding, Ending | $ 10.91 | |
Restricted Stock Units (RSUs) [Member] | ||
Beginning Balance | 1,363,119 | |
Number of RSUs Granted | 84,000 | |
Number of RSUs Vested | (186,970) | |
Number of RSUs Cancelled | (2,623) | |
Ending Balance | 1,257,526 | |
Weighted-Average Exercise Price, Outstanding, Beginning | $ 8.54 | |
Weighted-Average Exercise Price, Granted | 3.19 | |
Weighted-Average Exercise Price, Vested | 8.29 | |
Weighted-Average Exercise Price, Cancelled | 7.94 | |
Weighted-Average Exercise Price, Outstanding, Ending | $ 8.22 |
Share Based Compensation - Su41
Share Based Compensation - Summary of Changes in Stock Option Plan (Details) - $ / shares | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Beginning Balance | 3,893,558 | |
Number of Options, Granted | 761,685 | 556,952 |
Number of Options, Expired | (212,685) | |
Ending Balance | 4,442,558 | |
Number of Options, Vested and Exercisable | 3,150,667 | |
Weighted-Average Exercise Price, Outstanding, Beginning | $ 12.51 | |
Weighted-Average Exercise Price, Granted | 3.11 | |
Weighted-Average Exercise Price, Expired | 12.11 | |
Weighted-Average Exercise Price, Outstanding, Ending | 10.91 | |
Weighted-Average Exercise Price, Vested and Exercisable | $ 12.80 |
Share Based Compensation - Su42
Share Based Compensation - Summary of Fair Value of Stock Options Granted of BSM (Details) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Expected Volatility, Minimum | 95.11% | 107.07% |
Expected Volatility, Maximum | 100.34% | 110.93% |
Expected Dividends | 0.00% | 0.00% |
Risk Free Interest Rate, Minimum | 2.00% | 1.26% |
Risk Free Interest Rate, Maximum | 2.66% | 1.58% |
Minimum [Member] | ||
Expected Term | 5 years 6 months | 5 years 6 months |
Maximum [Member] | ||
Expected Term | 6 years 6 months | 6 years 6 months |
Commitments and Contingencies43
Commitments and Contingencies (Details Narrative) | 3 Months Ended |
Jan. 31, 2018 | |
Corporate Office & Manufacturing Facility Lease [Member] | |
Agreement expiration date | Nov. 30, 2025 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Minimum Payments of Operating Leases (Details) | Jan. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2018 (remaining) | $ 785,514 |
2,019 | 1,107,385 |
2,020 | 1,232,907 |
2,021 | 1,317,640 |
2,022 | 1,368,819 |
Thereafter | 4,378,521 |
Total | $ 10,190,786 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Dec. 22, 2017 | Jan. 31, 2018 |
Federal tax rate, percentage | 35.00% | |
Percentage of lower tax rate | 21.00% | |
Net operating loss carry-forward | $ 32,700,000 | |
October 31, 2018 [Member] | ||
Federal tax rate, percentage | 35.00% | |
Income tax effective tax rate | 23.20% | |
October 31, 2018 [Member] | Reduced Federal Tax Rate[Member] | ||
Federal tax rate, percentage | 21.00% |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | 3 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Equity [Abstract] | ||
Number of common stock shares sold | 881,629 | |
Proceeds from sale of common stock | $ 2,658,749 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2018 | Jan. 31, 2018 | Jan. 31, 2017 | Oct. 31, 2017 | |
Sale of stock transaction during period | 881,629 | |||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Number of options, granted | 761,685 | 556,952 | ||
Subsequent Event [Member] | Underwriting Agreement [Member] | ||||
Sale of stock transaction during period | 10,000,000 | |||
Common stock, par value | $ 0.001 | |||
Sale of stock transaction during period, value | $ 18,800,000 | |||
Sale of stock price per share | $ 2 | |||
Number of options, granted | 807,697 |