Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Apr. 30, 2019 | Jun. 03, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Advaxis, Inc. | |
Entity Central Index Key | 0001100397 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,020,815 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 33,706 | $ 44,141 |
Restricted cash | 977 | |
Accounts receivable | 1,664 | |
Deferred expenses | 3,090 | 2,072 |
Prepaid expenses and other current assets | 1,587 | 1,611 |
Total current assets | 38,383 | 50,465 |
Property and equipment (net of accumulated depreciation) | 6,157 | 6,684 |
Intangible assets (net of accumulated amortization) | 4,951 | 4,838 |
Other assets | 280 | 280 |
Total assets | 49,771 | 62,267 |
Current liabilities: | ||
Accounts payable | 1,568 | 5,646 |
Accrued expenses | 3,589 | 6,185 |
Deferred revenue | 4,476 | |
Common stock warrant liability | 213 | 6,517 |
Other current liabilities | 48 | 48 |
Total current liabilities | 5,418 | 22,872 |
Deferred revenue-net of current portion | 14,189 | |
Other liabilities | 1,183 | 1,155 |
Total liabilities | 6,601 | 38,216 |
Commitments and contingencies - Note 10 | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; 0 shares issued and outstanding at April 30, 2019 and October 31, 2018 Liquidation preference of $0 at April 30, 2019 and October 31, 2018 | ||
Common stock - $0.001 par value; 170,000,000 shares authorized, 8,020,370 and 4,634,189 shares issued and outstanding at April 30, 2019 and October 31, 2018, respectively | 8 | 5 |
Additional paid-in capital | 407,385 | 391,703 |
Accumulated deficit | (364,223) | (367,657) |
Total stockholders' equity | 43,170 | 24,051 |
Total liabilities and stockholders' equity | $ 49,771 | $ 62,267 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
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 | 170,000,000 | 170,000,000 |
Common stock, shares issued | 8,020,370 | 4,634,189 |
Common stock, shares outstanding | 8,020,370 | 4,634,189 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,188 | $ 1,747 | $ 20,877 | $ 3,803 |
Operating expenses: | ||||
Research and development expenses | 5,969 | 10,368 | 12,675 | 27,119 |
General and administrative expenses | 3,092 | 4,932 | 5,759 | 10,785 |
Total operating expenses | 9,061 | 15,300 | 18,434 | 37,904 |
(Loss) income from operations | (7,873) | (13,553) | 2,443 | (34,101) |
Other income (expense): | ||||
Interest income, net | 113 | 151 | 259 | 291 |
Net changes in fair value of derivative liabilities | (14) | 2,395 | ||
Loss on shares issued in settlement of warrants | (1,607) | (1,607) | ||
Other expense | (2) | (6) | (6) | (40) |
Net (loss) income before benefit for income taxes | (9,383) | (13,408) | 3,484 | (33,850) |
Income tax expense | 50 | 50 | ||
Net (loss) income | $ (9,383) | $ (13,408) | $ 3,434 | $ (33,900) |
Net (loss) income per common share | ||||
Basic | $ (1.59) | $ (4.03) | $ 0.65 | $ (11.16) |
Diluted | $ (1.59) | $ (4.03) | $ 0.20 | $ (11.16) |
Weighted average number of common shares outstanding | ||||
Basic | 5,900,449 | 3,324,320 | 5,259,677 | 3,038,439 |
Diluted | 5,900,449 | 3,324,320 | 5,282,772 | 3,038,439 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
OPERATING ACTIVITIES | ||||
Net income (loss) | $ (9,383) | $ (13,408) | $ 3,434 | $ (33,900) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
Stock compensation | 479 | 1,225 | 1,101 | 4,034 |
Employee stock purchase plan expense | 2 | |||
Gain on change in value of warrants | 14 | (2,395) | ||
Loss on shares issued in settlement of warrants | 1,607 | 1,607 | ||
Loss on disposal of property and equipment | 2 | 27 | ||
Abandonment of intangible assets | 100 | 200 | 357 | 305 |
Depreciation expense | 300 | 300 | 571 | 544 |
Amortization expense of intangible assets | 100 | 100 | 193 | 189 |
Net accretion of premiums | (4) | |||
Change in operating assets and liabilities: | ||||
Accounts receivable | 1,664 | 1,161 | ||
Prepaid expenses and other current assets | (994) | (1,765) | ||
Income tax receivable | 4,453 | |||
Other assets | (162) | |||
Accounts payable and accrued expenses | (6,675) | (2,187) | ||
Deferred revenue | (18,665) | (3,552) | ||
Other liabilities | 28 | 61 | ||
Net cash used in operating activities | (19,770) | (30,796) | ||
INVESTING ACTIVITIES | ||||
Purchases of short-term investment securities | (12,487) | |||
Proceeds from maturities of short-term investment securities | 49,901 | |||
Purchase of property and equipment | (54) | (1,277) | ||
Proceeds from disposal of property and equipment | 8 | |||
Cost of intangible assets | (663) | (990) | ||
Net cash (used in) provided by investing activities | (709) | 35,147 | ||
FINANCING ACTIVITIES | ||||
Net proceeds of issuance of common stock | 8,982 | 21,042 | ||
Warrant exercise | 68 | |||
Proceeds from employee stock purchase plan | 17 | 9 | ||
Tax withholdings paid related to net share settlement of equity awards | (40) | |||
Employee tax withholdings paid on equity awards | (13) | (270) | ||
Tax shares sold to pay for employee tax withholdings on equity awards | 13 | 275 | ||
Net cash provided by financing activities | 9,067 | 21,016 | ||
Net (decrease) increase in cash, cash equivalents and restricted cash | (11,412) | 25,367 | ||
Cash, cash equivalents and restricted cash at beginning of period | 45,118 | 24,487 | ||
Cash, cash equivalents and restricted cash at end of period | 33,706 | 49,854 | 33,706 | 49,854 |
Cash and cash equivalents | 33,706 | 48,877 | 33,706 | 48,877 |
Restricted cash | 977 | 977 | ||
Total cash, cash equivalents and restricted cash shown in condensed statements of cash flows | 33,706 | $ 49,854 | 33,706 | 49,854 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||
Cash paid for taxes | 50 | 50 | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES | ||||
Property and equipment included in accounts payable and accrued expenses | 57 | |||
Shares issued in settlement of warrants | 5,463 | |||
Warrant liability reclassified into equity | $ 53 | $ 53 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Apr. 30, 2019 | |
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 Listeria monocytogenes Lm Lm Lm Lm TM ● Alerting and training the immune system by activating multiple pathways in Antigen-Presenting Cells (“APCs”) with the equivalent of multiple adjuvants; ● Attacking the tumor by generating a strong, cancer-specific T cell response; and ● Breaking down tumor protection through suppression of the protective cells in the tumor microenvironment (“TME”) that shields the tumor from the immune system. This enables the activated T cells to begin working to attack the tumor cells. Advaxis’ proprietary Lm Lm Going Concern and Management’s Plans The Company has not yet commercialized any human products and the products that are being developed have not generated significant revenue. As a result, the Company has suffered recurring losses and requires significant cash resources to execute its business plans. These losses are expected to continue for an extended period of time. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date of filing. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern within one year after the date the financial statements are issued. Historically, the Company’s major sources of cash have been comprised of proceeds from various public and private offerings of its common stock, clinical collaborations, option and warrant exercises, and interest income. From October 2013 through April 2019, the Company raised approximately $275 million in gross proceeds from various public and private offerings of our common stock. As of April 30, 2019, the Company had approximately $33.7 million in cash and cash equivalents. Management’s plans to mitigate an expected shortfall of capital, to support future operations, include obtaining additional funds through partnerships, strategic or financing investors. The actual amount of cash that it will need to operate is subject to many factors. The Company recognizes it will need to raise additional capital in order to continue to execute its business plan in the future. 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 | 6 Months Ended |
Apr. 30, 2019 | |
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 Securities and Exchange Commission (“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 April 30, 2019 has been derived from the Company’s October 31, 2018 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. 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 timelines associated with revenue recognition on upfront payments received, fair value and recoverability of the carrying value of property and equipment and intangible assets, fair value of warrant liability, grant date fair value of options, 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 as of and for the year ended October 31, 2018 and notes thereto contained in the Company’s annual report on Form 10-K, as filed with the SEC on January 11, 2019. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net loss. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents. All of the Company’s cash and cash equivalents are deposited in accounts with financial institutions that management believes are of high credit quality and at times exceed the federally insured limits. The Company had not experienced 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 Marketing Authorization Application (“MAA”) in Europe. The letters of credit were collateralized by cash which was unavailable for withdrawal or for usage for general obligations. During the six months ended April 30, 2019, the two letters of credit were terminated and as of April 30, 2019 the Company has no restricted cash balance. Revenue Recognition Effective November 1, 2018, the Company adopted ASC Topic 606, Revenue form Contracts with Customers (ASC 606), using the modified retrospective transition method. Under this method, results for reporting periods beginning on November 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 605, Revenue Recognition The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use significant judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; and (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Exclusive Licenses. Research and Development Services. Milestone Payments. Royalties. Collaborative Arrangements The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, Collaborative Arrangements Recent Accounting Standards In February 2016, the Financial Accounting Standards Board, (“FASB”), issued Accounting Standards Update, (“ASU”), No. 2016-02, Leases (Topic 842), which establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than 12 months. The new standard is effective for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, including a number of optional practical expedients that entities may elect to apply. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, an update which provides another transition method, in addition to the existing modified retrospective transition method, by allowing entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s financial statements. Recently Adopted Accounting Standards In May 2014, FASB issued ASU No. 2014-09, which amends the guidance for accounting for revenue from contracts with customers. ASU No. 2014-09 superseded the revenue recognition requirements in ASC 605 and created ASC 606 described above. In 2015 and 2016, the FASB issued additional ASUs related to ASC 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identifying performance obligations, and licensing, and they include other improvements and practical expedients. Effective November 1, 2018, the Company adopted ASC 606 using the modified retrospective transition method. As a result of adopting ASC 606, the Company made reclassifications to the balance sheet and income statement. Net income (loss) was not impacted by the adoption of ASC 606. A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below (in thousands): Impact of ASC 606 Adoption on Condensed Balance Sheet as of November 1, 2018 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ 1,664 $ 1,664 $ - Prepaid expenses and other current assets $ 1,611 $ (1,664 ) $ 3,275 A summary of the amount by which each financial statement line item was affected in the current reporting period by ASC 606 as compared with the guidance that was in effect prior to the adoption of ASC 606 is set forth in the tables below. Impact of ASC 606 Adoption on Condensed Balance Sheet as of April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ - $ - $ - Prepaid expenses and other current assets $ 1,587 $ - $ 1,587 Impact of ASC 606 Adoption on Condensed Statement of Operations for the Three Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 1,188 $ 73 $ 1,115 Research and Development Expenses $ 6,327 $ 73 $ 6,254 Impact of ASC 606 Adoption on Condensed Statement of Operations for the Six Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 20,877 $ 1,960 $ 18,917 Research and Development Expenses $ 13,032 $ 1,960 $ 11,072 Impact of ASC 606 Adoption on Condensed Statement of Cash Flows for the Six Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ - $ - $ - Prepaid expenses and other current assets $ 1,587 $ - $ 1,587 The most significant change to the Company’s accounting for revenue as a result of the adoption of ASC 606 relates to its treatment of clinical development payments it receives in its collaboration and licensing agreement with Amgen, Inc. (“Amgen”). Under ASC 605, the Company accounted for the clinical development payments as a reduction of research and development expenses in the statement of operations. Under ASC 606, the Company accounted for the reimbursements for research and development costs as revenue. For further discussion of the adoption of this standard, see Note 9. In November 2018, the FASB issued ASU No. 2018-18, “Collaborative Arrangements (Topic 808)—Clarifying the Interaction between Topic 808 and Topic 606” (“ASU 2018-18”). The amendments in ASU 2018-18 make targeted improvements to generally accepted accounting principles (GAAP) for collaborative arrangements by clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in Topic 606 should be applied, including recognition, measurement, presentation, and disclosure requirements. In addition, unit-of-account guidance in Topic 808 was aligned with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The amendments should be applied retrospectively to the date of initial application of Topic 606. The Company adopted this guidance effective November 1, 2018 using the modified retrospective approach. There was no impact on the Company’s financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718) —Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”). The amendments in ASU 2018-07 expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2018-07 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted this guidance effective as of February 1, 2019. There was no impact on the Company’s financial statements. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash 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. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. PROPERTY AND EQUIPMENT Property and equipment, net consists of the following (in thousands): April 30, 2019 October 31, 2018 Leasehold improvements $ 2,335 $ 2,321 Laboratory equipment 5,530 5,510 Furniture and fixtures 746 746 Computer equipment 409 409 Construction in progress 17 17 Total property and equipment 9,037 9,003 Accumulated depreciation and amortization (2,880 ) (2,319 ) Net property and equipment $ 6,157 $ 6,684 Depreciation expense for each of the three months ended April 30, 2019 and 2018 was $0.3 million. Depreciation expense for the six months ended April 30, 2019 and 2018 was $0.6 million and $0.5 million, respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. INTANGIBLE ASSETS Intangible assets, net consist of the following (in thousands): April 30, 2019 October 31, 2018 Patents $ 6,240 $ 5,970 Licenses 777 777 Software 117 117 Total intangibles 7,134 6,864 Accumulated amortization (2,183 ) (2,026 ) Intangible assets $ 4,951 $ 4,838 The expirations of the existing patents range from 2019 to 2039 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 $0.1 million and 0.2 million were abandoned and were charged to research and development expenses in the statement of operations for the three months ended April 30, 2019 and 2018, respectively. Patent applications having a net book value of 0.4 million and $0.3 million were abandoned and were charged to research and development expenses in the statement of operations for the six months ended April 30, 2019 and 2018, respectively. Amortization expense for intangible assets that was charged to general and administrative expense in the statement of operations aggregated $0.1 million for each of the three months ended April 30, 2019 and 2018, respectively. Amortization expense for intangible assets that was charged to general and administrative expense in the statement of operations aggregated $0.2 million for each of the six months ended April 30, 2019 and 2018, respectively. Management has reviewed its long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. Net assets are recorded on the balance sheet are recorded on the balance sheet for patents and licenses related to axalimogene filolisbac (AXAL), ADXS-NEO, ADXS-HOT, ADXS-PSA and ADXS-HER2 and other products that are in development or out-licensed. However, if a competitor were to gain FDA approval for a treatment before us or if future clinical trials fail to meet the targeted endpoints, the Company would likely record an impairment related to these assets. In addition, if an application is rejected or fails to be issued, the Company would record an impairment of its estimated book value. Lastly, if the Company is unable to raise enough capital to continue funding our studies and developing our intellectual property, the Company would likely record an impairment to certain of these assets. At April 30, 2019, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows (in thousands): Year ended October 31, 2019 (Remaining) $ 193 2020 372 2021 352 2022 352 2023 352 Thereafter 3,330 Total $ 4,951 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. ACCRUED EXPENSES: April 30, 2019 October 31, 2018 Salaries and other compensation $ 1,388 $ 2,035 Vendors 1,293 3,660 Professional fees 908 490 Total accrued expenses $ 3,589 $ 6,185 |
Common Stock Purchase Warrants
Common Stock Purchase Warrants and Warrant Liability | 6 Months Ended |
Apr. 30, 2019 | |
Common Stock Purchase Warrants And Warrant Liability | |
Common Stock Purchase Warrants and Warrant Liability | 6. COMMON STOCK PURCHASE WARRANTS AND WARRANT LIABILITY As of April 30, 2019, there were outstanding warrants to purchase 72,304 shares of our common stock with exercise prices ranging from $3.72 to $281.25 per share. Information on the outstanding warrants is as follows: Exercise Price Amount Expiration Date Type of Financing $ 281.25 25 N/A Other warrants $ 3.72 72,279 September 2024 Advaxis Public Offering Grand Total 72,304 As of October 31, 2018, there were outstanding warrants to purchase 944,635 shares of our common stock with exercise prices ranging from $22.50 to $281.25 per share. Information on the outstanding warrants is as follows: Exercise Price Amount Expiration Date Type of Financing $ 281.25 25 N/A Other warrants $ 56.25 166 March 2019 Placement Agent- Advaxis Public Offering $ 22.50 944,444 September 2024 Advaxis Public Offering Grand Total 944,635 A summary of warrant activity was as follows (in thousands, except share and per share data): Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life In Years Aggregate Intrinsic Value Outstanding and exercisable warrants at October 31, 2018 944,635 $ 22.50 5.87 $ - Exercised (15,300 ) 4.50 Exchanged (856,865 ) 22.50 Expired (166 ) 56.25 Outstanding and exercisable warrants at April 30, 2019 72,304 $ 3.82 5.37 $ - As of April 30, 2019, the Company had 25 of its total 72,304 outstanding warrants classified as equity (equity warrants). As of October 31, 2018, the Company had 191 of its total 944,635 outstanding warrants 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. Shares Issued in Settlement of Warrants On March 14, 2019, the Company entered into private exchange agreements with certain holders of warrants issued in connection with the Company’s September 2018 public offering of common stock and warrants. The warrants being exchanged provided for the purchase of up to an aggregate of 856,865 shares of the Company’s common stock at an exercise price of $22.50, with an expiration date of September 11, 2024. Pursuant to such exchange agreements, the Company issued 856,865 shares of common stock to the investors in exchange for such warrants on a 1:1 basis. The exchange of warrants for common stock caused the down round provision to be triggered and the exercise price of the warrants that were not exchanged were reduced from $22.50 to $4.50. The warrants were valued at approximately $3.9 million on the March 14, 2019 using the Monte Carlo Model. In determining the fair warrant of the warrants issued on March 14, 2019, the Company used the following inputs in its Monte Carlo Model: exercise price $22.50, stock price $6.45, expected term 5.50 years, volatility 96.37% and risk free interest rate 2.44%. In connection with the exchange of warrants for common stock, the Company recorded a loss of approximately $1.6 million as the fair value of the shares issued exceeded the fair value of warrants exchanged. Warrant Liability As of April 30, 2019, the Company had 72,279 of its total 72,304 outstanding warrants classified as liabilities (liability warrants). As of October 31, 2018, the Company had 944,444 of its total 944,635 outstanding warrants classified as liabilities (liability warrants). These warrants contain a down round feature, except for exempt issuances as defined in the warrant agreement, in which the exercise price would immediately be reduced to match a dilutive issuance of common stock, options, convertible securities and changes in option price or rate of conversion. In April 2019, the down round feature was triggered a second time due to sale of 2,500,000 common shares (see Note 11) and the exercise price of the warrants were reduced from $4.50 to $3.72. The warrants require liability classification as the warrant agreement requires the Company to maintain an effective registration statement and does not specify any circumstances under which net cash settlement would be permitted or required. As a result, net cash settlement is assumed and liability classification is warranted. For these liability warrants, the Company utilized the Monte Carlo Simulation Model to calculate the fair value of these warrants at issuance and at each subsequent reporting date. As of April 30, 2019 and October 31, 2018, the fair value of the warrant liability was approximately $0.2 million and $6.5 million, respectively. For the three and six months ended April 30, 2019, the Company reported an expense of approximately $14,000 and income of approximately $2.4 million, respectively. For each of the three and six months ended April 30, 2018, the Company reported income of approximately $0. In measuring the warrant liability at April 30, 2019 and October 31, 2018, the Company used the following inputs in its Monte Carlo simulation model: April 30, 2019 October 31, 2018 Exercise Price $ 3.72 $ 22.50 Stock Price $ 3.54 $ 8.40 Expected Term 5.37 years 5.87 years Volatility % 93.87 % 97.47 % Risk Free Rate 2.28 % 3.03 % |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Apr. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | 7. SHARE BASED COMPENSATION The following table summarizes share-based compensation expense included in the Statement of Operations (in thousands): Three Months Ended April 30, Six Months Ended April 30, 2019 2018 2019 2018 Research and development $ 258 $ 526 $ 581 $ 1,799 General and administrative 221 699 520 2,235 Total $ 479 $ 1,225 $ 1,101 $ 4,034 Restricted Stock Units (RSUs) A summary of the Company’s RSU activity and related information for the six months ended April 30, 2019 is as follows: Number of RSUs Weighted-Average Grant Date Fair Value Balance at October 31, 2018 32,614 $ 70.41 Vested (10,541 ) 70.49 Cancelled (5,010 ) 110.69 Balance at April 30, 2019 17,063 $ 58.54 As of April 30, 2019, there was approximately $0.7 million of unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 1.16 years. As of April 30, 2019, the aggregate intrinsic value of non-vested RSU’s was approximately $60,000. 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 692 shares and 17,107 shares (13,873 shares on a net basis after employee taxes) during the three months ended April 30, 2019 and 2018, respectively. Total stock compensation expense associated with employee awards for the three months ended April 30, 2019 and 2018 was approximately $0.2 million and $0.6 million, respectively Common Stock issued to executives and employees related to vested incentive retention awards, employment inducements, management purchases and employee excellence awards totaled 10,539 shares and 30,252 shares (26,876 shares on a net basis after employee taxes) during the six months ended April 30, 2019 and 2018 respectively. Total stock compensation expense associated with employee awards for the six months ended April 30, 2019 and 2018 was approximately $0.5 million and $2.0 million, respectively. Included in compensation expense for the three and six months ended April 30, 2018 is approximately $0.2 million recognized as a result of the modification of certain RSU’s associated with the resignation of the Company’s Chief Financial Officer in April 2018. Pursuant to the separation agreement, the vesting was accelerated on all the outstanding RSU’s. Director Stock Awards Common stock issued to Directors for compensation related to board and committee membership totaled 0 shares and 2,000 shares for three months ended April 30, 2019 and 2018, respectively. During the three months ended April 30, 2019 and 2018, total stock compensation expense associated with Director awards was approximately $0 and $6,000 respectively. Common stock issued to Directors for compensation related to board and committee membership totaled 0 shares and 2,000 shares for the six months ended April 30, 2019 and 2018, respectively. During the six months ended April 30, 2019 and 2018, total stock compensation expense associated with Director awards was $0 and $0.1 million, respectively. Included in compensation expense for the three and six months ended April 30, 2018 is approximately $10,000 recognized as a result of the modification of certain RSU’s associated with the end of service of a former Board member. The vesting was accelerated on all the outstanding RSU’s. Stock Options A summary of changes in the stock option plan for the six months ended April 30, 2019 is as follows: Number of Options Weighted-Average Exercise Price Outstanding at October 31, 2018: 330,071 $ 122.79 Granted 86,882 6.50 Canceled or Expired (16,693 ) 20.20 Outstanding at April 30, 2019 400,260 101.82 Vested and Exercisable at April 30, 2019 235,097 $ 160.03 Total compensation cost related to the Company’s outstanding stock options, recognized in the statement of operations for the three months ended April 30, 2019 and 2018 was approximately $0.3 million and $0.6 million, respectively. For the six months ended April 30, 2019 and 2018, compensation cost related to the Company’s outstanding stock options was approximately $0.6 million and $2.0 million, respectively. Included in compensation expense for the three and six months ended April 30, 2018 is approximately $0.1 million recognized as a result of the modification of certain option agreements associated with the end of service of two former Board members. For the modified options, the vesting was accelerated and the expiration dates were changed to the earlier of the original expiration date or March 21, 2023. As of April 30, 2019, there was approximately $1.9 million 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 1.92 years. As of April 30, 2019, the aggregate intrinsic value of vested and exercisable options was $0. In determining the fair value of the stock options granted during the six months ended April 30, 2019 and 2018, the Company used the following inputs in its Black Scholes Merton model: Six Months Ended April 30, 2019 2018 Expected Term 5.50 – 6.51 years 5.35 – 6.51 years Expected Volatility 90.29 – 104.20 % 95.11 – 100.34 % Expected Dividends 0 % 0 % Risk Free Interest Rate 2.39 – 3.15 % 1.81 – 2.66 % Employee Stock Purchase Plan During the six months ended April 30, 2019, the Company issued 3,512 shares that were purchased under the 2018 Employee Stock Purchase Plan (“ESPP”). During the six months ended April 30, 2018, the Company issued 712 shares that were purchased under the 2015 Employee Stock Purchase Plan (“ESPP”). |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 8 NET INCOME (LOSS) PER SHARE Basic and diluted earnings per share is calculated as follows (in thousands, except share and per share data): Three Months Ended April 30, 2019 2018 Numerator: Net loss $ (9,383 ) $ (13,408 ) Loss attributable to common stockholders – basic and diluted (9,383 ) (13,408 ) Denominator: Weighted-average number of common shares used in earnings per share – basic and diluted 5,900,449 3,324,320 Loss per share – basic and diluted $ (1.59 ) $ (4.03 ) Six Months Ended April 30, 2019 2018 Numerator: Net income (loss) $ 3,434 $ (33,900 ) Income (loss) attributable to common stockholders – basic 3,434 (33,900 ) Effect of liability classified warrants (2,395 ) - Income (loss) attributable to common stockholders – diluted 1,039 (33,900 ) Denominator: Weighted-average number of common shares used in earnings per share - basic 5,259,677 3,038,439 Effect of dilutive stock options 61 - Effect of dilutive warrants 23,034 - Weighted-average number of common shares used in earnings per share - diluted 5,282,772 3,038,439 Income (loss) per share – basic $ 0.65 $ (11.16 ) Income (loss) per share – diluted $ 0.20 $ (11.16 ) The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive: As of April 30, 2019 2018 Warrants 72,304 206,160 Stock options 235,097 309,534 Restricted stock units 17,063 72,632 Total 324,464 588,326 |
Collaboration and Licensing Agr
Collaboration and Licensing Agreements | 6 Months Ended |
Apr. 30, 2019 | |
Business Combinations [Abstract] | |
Collaboration and Licensing Agreements | 9. COLLABORATION AND LICENSING AGREEMENTS Amgen On August 1, 2016, the Company entered into a global agreement (the “Amgen Agreement”) with Amgen for the development and commercialization of the Company’s ADXS-NEO, a novel, preclinical investigational immunotherapy, using the Company’s proprietary Listeria monocytogenes attenuated bacterial vector which activates a patient’s immune system to respond against unique mutations, or neoepitopes, contained in and identified from an individual patient’s tumor. Under the terms of the Amgen Agreement, Amgen received an exclusive worldwide license to develop and commercialize ADXS-NEO. Amgen made an upfront payment to Advaxis of $40 million and purchased directly from Advaxis 203,163 shares of the Company’s common stock, at approximately $123.00 per share (representing a purchase at market using a 20 day VWAP methodology) for a total of $25 million. Amgen assisted in funding the clinical development and commercialization of ADXS-NEO and Advaxis retained manufacturing responsibilities. Advaxis and Amgen collaborated through a joint steering committee for the development and commercialization of ADXS-NEO. Advaxis received reimbursements for research and development costs and Advaxis was eligible to receive future contingent payments based on development, regulatory and sales milestone payments of up to $475 million and high single digit to double digit royalty payments based on worldwide sales by Amgen. The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Amgen, is a customer. The Company identified the following material promises under the arrangement: (1) licenses, (2) research and development activities, (3) clinical supplies, (4) regulatory responsibilities and (5) participation on a Joint Steering Committee (JSC). The Company determined that the licenses and research and development activities were not distinct from another, as the licenses had limited value without the performance of the research and development activities. Participation on the JSC to oversee the research and development activities was determined to be quantitatively and qualitatively immaterial and therefore was excluded from performance obligations. The clinical supply and regulatory responsibilities did not represent separate performance obligations based on their dependence on the research and development efforts. Based on this assessment, the Company identified one performance obligation at the outset of the Amgen Agreement, which consists of: (1) licenses, (2) research and development activities, (3) clinical supplies and (4) regulatory responsibilities. Under the Amgen Agreement, in order to evaluate the appropriate transaction price, the Company determined that the upfront amount of $40 million constituted the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which is allocated to the single performance obligation. The Company concluded that a time-based method was most appropriate to measuring progress toward completion given that the research and development services are satisfied reasonably evenly over the agreement and the Company has a stand-ready obligation to perform over such time. Accordingly, progress toward completion and related revenue recognition is measured using the input method of time elapsed relative to the estimated timeline for Advaxis to submit the Phase 2 package to Amgen, or perform the contractual research and development services, which was the predominant promise in the Company’s combined performance obligation to Amgen. The reimbursement for the research and development costs was variable consideration that was included in the transaction price at the outset, subject to the constraint. The Company estimated the consideration from the reimbursement of the research and development costs using the most-likely amount. When the research and development costs are no longer constrained, they are added to the transaction price for the single, combined performance obligation and recognized over the same recognition period as the rest of the performance obligation’s allocated revenue. The potential milestone and sales-based royalty payments that the Company was eligible to receive were excluded from the transaction price, as all milestone and sales royalty amounts were fully constrained based on the probability of achievement. The Company reevaluated the transaction price at the end of each reporting period and as uncertain events were resolved or other changes in circumstances occurred, and, as necessary, adjusted its estimate of the transaction price. On December 10, 2018, the Company received a written notice of termination from Amgen with respect to the Amgen Agreement. The termination became effective as of February 8, 2019. The Company is currently enrolling patients in its ADXS-NEO program and evaluating its options for partnering the program. Pursuant to the terms of the Amgen Agreement, upon Amgen’s termination, the license to Amgen terminated and the Company regained worldwide rights for the development and commercialization of its ADXS-NEO program. The remaining deferred revenue of approximately $18.2 million on December 10, 2018 related to the $40 million non-refundable, up-front payment received from Amgen was accounted for as of the modification date. As of that notification date, the Company adjusted revenue on a cumulative catch-up basis considering the revised measure of progress for the combined performance obligation based on the modified service period up to and through the contract termination date of February 8, 2019. The Company recognized cumulative catch-up revenue of approximately $15.6 million on December 10, 2018. The remaining $2.6 million was recognized over the subsequent 60 days until the performance obligation was satisfied on February 8, 2019. During the three months ended April 30, 2019 and 2018, the Company recognized revenue from the Amgen Agreement of approximately $1.2 million and $1.7 million, respectively. During the six months ended April 30, 2019 and 2018, the Company recognized revenue from the Amgen Agreement of approximately $20.6 million and $3.6 million, respectively. During the three and six months ended April 30, 2018, Company recorded reductions in research and development expenses of approximately $1.6 million and $3.1 million, respectively, pertaining to the reimbursement of research and development costs. During the three and six months ended January 31, 2019, the reimbursement of research and development costs of approximately $0.8 million and $2.0 million, respectively, was included in revenue. Aratana Therapeutics On March 19, 2014, the Company and Aratana entered into a definitive Exclusive License Agreement (the “Aratana Agreement”). Pursuant to the Agreement, Advaxis granted Aratana an exclusive, worldwide, royalty-bearing, license, with the right to sublicense, certain Advaxis proprietary technology that enables Aratana to develop and commercialize animal health products that will be targeted for treatment of osteosarcoma and other cancer indications in animals. Under the terms of the Aratana Agreement, Aratana paid an upfront payment to the Company, of $1 million. As this license has stand-alone value to Aratana (who has the ability to sublicense) and was delivered to Aratana, upon execution of the Aratana Agreement, the Company recorded the $1 million payment as licensing revenue during the year ended October 31, 2014. Aratana will also pay the Company up to an additional $36.5 million based on the achievement of certain milestones with respect to the advancement of products pursuant to the terms of the Aratana Agreement. In addition, Aratana may pay the Company an additional $15 million in cumulative sales milestones pursuant to the terms of the Aratana Agreement. Advaxis (i) issued and sold 20,408 shares of Advaxis’ common stock to Aratana at a price of $73.50 per share, which was equal to the closing price of the common stock on the NASDAQ Capital Market on March 19, 2014, and (ii) issued a ten-year warrant to Aratana giving Aratana the right to purchase up to 10,204 additional shares of Advaxis’ common stock at an exercise price of $73.50 per share. In connection with the sale of the common stock and warrants, Advaxis received aggregate net proceeds of $1.5 million. Aratana exercised all of its 10,204 warrants. As a result, no warrants remain outstanding under this agreement. During the year ended October 31, 2018, the USDA’s Center for Veterinary Biologics granted Aratana conditional approval for its canine osteosarcoma vaccine using Advaxis’ technology. During the three months ended April 30, 2019 and 2018, Advaxis recognized royalty revenue totaling approximately $0 and $3,000, respectively, from Aratana’s sales of the canine osteosarcoma vaccine. During the six months ended April 30, 2019 and 2018, Advaxis recognized royalty revenue totaling approximately $2,000 and $3,000, respectively, from Aratana’s sales of the canine osteosarcoma vaccine. Global BioPharma Inc. On December 9, 2013, the Company entered into an exclusive licensing agreement for the development and commercialization of axalimogene filolisbac with Global BioPharma, Inc. (“GBP”), a Taiwanese based biotech company funded by a group of investors led by Taiwan Biotech Co., Ltd (TBC). GBP is planning to conduct a randomized Phase 2, open-label, controlled trial in HPV-associated NSCLC in patients following first-line induction chemotherapy. GBP has obtained Taiwanese regulatory approval for this trial and plans to initiate this trial in 2019. This trial will be fully funded exclusively by GBP and GBP will be responsible for all clinical development and commercialization costs in the GBP territory and GBP is committed to establishing manufacturing capabilities for its own. Under the terms of the agreement, the Company will exclusively license the rights of axalimogene filolisbac to GBP for the Asia, Africa, and former USSR territory, exclusive of India and certain other countries, for all HPV-associated indications. Advaxis will retain exclusive rights to axalimogene filolisbac for the rest of the world. During each of the six months ended April 30, 2019 and 2018, the Company recorded $0.25 million in revenue for the annual license fee renewal. Since Advaxis has no significant obligation to perform after the license transfer and has provided GBP with the right to use its intellectual property, performance is satisfied when the license renews. In addition, GBP has paid $2.25 million to the contract research organization that manages the Company’s AIM2CERV clinical trial. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES Legal Proceedings Stendhal On September 19, 2018, Stendhal filed a Demand for Arbitration before the International Centre for Dispute Resolution (Case No. 01-18-0003-5013) relating to the Co-development and Commercialization Agreement with Especificos Stendhal SA de CV (the “Stendhal Agreement”). In the demand, Stendhal alleged that (i) the Company breached the Stendhal Agreement when it made certain statements regarding its AIM2CERV program, (ii) that Stendhal was subsequently entitled to terminate the Agreement for cause, which it did so at the time and (iii) that the Company owes Stendhal damages pursuant to the terms of the Stendhal Agreement. Stendhal is seeking to recover $3 million paid to the Company in 2017 as support payments for the AIM2CERV clinical trial along with approximately $0.3 million in expenses incurred. Stendhal is also seeking fees associated with the arbitration and interest. The Company has answered Stendhal’s Demand for Arbitration and denied that it breached the Stendhal Agreement. The Company also alleges that Stendhal breached its obligations to the Company by, among other things, failing to make support payments that became due in 2018 and that Stendhal therefore owes the Company $3 million. On April 2, 2019, the Arbitrator denied the Company’s early application for summary disposition of Stendhal’s claims. As a result, the arbitration will proceed to a hearing, scheduled to begin on October 21, 2019. On April 26, 2019, Stendhal served its Statement of Claim, and on May 23, 2019, the Company served its Statement of Defense and Counterclaim. At this time, the Company is unable to predict the likelihood of an unfavorable outcome. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY A summary of the changes in stockholders’ equity for the three and six months ended April 30, 2019 and 2018 is presented below (in thousands, except share data): Preferred Stock Common Stock Additional Paid-In Accumulated Total Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2017 - $ - 2,744,196 $ 3 $ 355,400 $ (301,142 ) $ 54,261 Stock based compensation 13,003 - 2,854 - 2,854 Tax withholdings paid related to net share settlement of equity awards - - (7 ) - (7 ) Tax withholdings paid on equity awards - - (209 ) - (209 ) Tax shares sold to pay for tax withholdings on equity awards - - 197 - 197 Issuance of shares to employees under ESPP Plan - - - - - Advaxis at-the-market sales 58,776 - 2,659 - 2,659 Net Loss - - - (20,492 ) (20,492 ) Balance at January 31, 2018 - $ - 2,815,975 $ 3 $ 360,894 $ (321,634 ) $ 39,263 Stock based compensation 17,873 - 1,225 - 1,225 Tax withholdings paid related to net share settlement of equity awards - - (33 ) - (33 ) Tax withholdings paid on equity awards - - (61 ) - (61 ) Tax shares sold to pay for tax withholdings on equity awards - - 78 - 78 Issuance of shares to employees under ESPP Plan 712 - 9 - 9 Advaxis public offerings 666,667 1 18,382 - 18,383 Net Loss - - - (13,407 ) (13,407 ) Balance at April 30, 2018 - $ - 3,501,227 $ 4 $ 380,494 $ (335,041 ) $ 45,457 Preferred Stock Common Stock Additional Paid-In Accumulated Total Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2018 - $ - 4,634,189 $ 5 $ 391,703 $ (367,657 ) $ 24,051 Stock based compensation 9,811 - 622 - 622 Tax withholdings paid on equity awards - - (11 ) - (11 ) Tax shares sold to pay for tax withholdings on equity awards - - 11 - 11 Issuance of shares to employees under ESPP Plan 2,007 - 9 - 9 ESPP Expense - - 1 1 Net Income - - 12,817 12,817 Balance at January 31, 2019 - $ - 4,646,007 $ 5 $ 392,335 $ (354,840 ) $ 37,500 Stock based compensation 693 - 479 - 479 Tax withholdings paid on equity awards - - (3 ) - (3 ) Tax shares sold to pay for tax withholdings on equity awards - - 3 - 3 Issuance of shares to employees under ESPP Plan 1,505 - 7 - 7 Warrant exercises 15,300 - 68 - 68 Warrant liability reclassified into equity - - 53 - 53 ESPP Expense - - 1 1 Shares issued in settlement of warrants 856,865 1 5,462 - 5,463 Advaxis public offerings 2,500,000 2 8,980 - 8,982 Net Loss - - - (9,383 ) (9,383 ) Balance at April 30, 2019 - $ - 8,020,370 $ 8 $ 407,385 $ (364,223 ) $ 43,170 During the six months ended April 30, 2018, the Company sold 58,775 shares of its Common Stock at-the-market transactions resulting in net proceeds of approximately $2.7 million. During February 2018, the Company issued 666,667 shares of the Company’s common stock in a public offering at $30.00 per share, less underwriting discounts and commissions. The net proceeds to the Company from the transaction was approximately $18.4 million. During April 2019, the Company issued 2,500,000 shares of the Company’s common stock in a public offering at $4.00 per share, less underwriting discounts and commissions. The net proceeds to the Company from the transaction was approximately $9 million. On February 21, 2019, the Company’s stockholders voted to approve an amendment to increase the number of authorized shares of common stock from 95,000,000 to 170,000,000 and also voted to approve an amendment to allow the Company to execute a reverse stock split of common stock at the discretion of the Board of Directors. The amendment to increase the number of authorized shares of common stock became effective upon filing of the amendment with the Secretary of State of the State of Delaware on February 28, 2019. Additionally, on March 29, 2019, the Company executed a 1 for 15 reverse stock split. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES The Company did not record any income tax expense associated with its net income for the six months ended April 30, 2019, as the Company expects to incur a net loss for the 2019 fiscal year. |
Fair Value
Fair Value | 6 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 13. FAIR VALUE The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance describes a fair value hierarchy based on the levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2— Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or corroborated by observable market data or substantially the full term of the assets or liabilities. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the value of the assets or liabilities. The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of January 31, 2019 and October 31, 2018 (in thousands): April 30, 2019 Level 1 Level 2 Level 3 Total Common stock warrant liability, warrants exercisable at $3.72 through September 2024 - - $ 213 $ 213 October 31, 2018 Level 1 Level 2 Level 3 Total Common stock warrant liability, warrants exercisable at $22.50 through September 2024 - - $ 6,517 $ 6,517 The following table sets forth a summary of the changes in the fair value of the Company’s warrant liabilities: April 30, 2019 Beginning balance $ 6,517 Shares issued in settlement of warrants (3,856 ) Warrant exercises (53 ) Change in fair value 2,395 Ending Balance $ 213 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 6 Months Ended |
Apr. 30, 2019 | |
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 Securities and Exchange Commission (“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 April 30, 2019 has been derived from the Company’s October 31, 2018 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. 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 timelines associated with revenue recognition on upfront payments received, fair value and recoverability of the carrying value of property and equipment and intangible assets, fair value of warrant liability, grant date fair value of options, 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 as of and for the year ended October 31, 2018 and notes thereto contained in the Company’s annual report on Form 10-K, as filed with the SEC on January 11, 2019. |
Reclassification | Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net loss. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents. All of the Company’s cash and cash equivalents are deposited in accounts with financial institutions that management believes are of high credit quality and at times exceed the federally insured limits. The Company had not experienced 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 Marketing Authorization Application (“MAA”) in Europe. The letters of credit were collateralized by cash which was unavailable for withdrawal or for usage for general obligations. During the six months ended April 30, 2019, the two letters of credit were terminated and as of April 30, 2019 the Company has no restricted cash balance. |
Revenue Recognition | Revenue Recognition Effective November 1, 2018, the Company adopted ASC Topic 606, Revenue form Contracts with Customers (ASC 606), using the modified retrospective transition method. Under this method, results for reporting periods beginning on November 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 605, Revenue Recognition The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use significant judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; and (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Exclusive Licenses. Research and Development Services. Milestone Payments. Royalties. |
Collaborative Arrangements | Collaborative Arrangements The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, Collaborative Arrangements |
Recent Accounting Standards | Recent Accounting Standards In February 2016, the Financial Accounting Standards Board, (“FASB”), issued Accounting Standards Update, (“ASU”), No. 2016-02, Leases (Topic 842), which establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than 12 months. The new standard is effective for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, including a number of optional practical expedients that entities may elect to apply. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, an update which provides another transition method, in addition to the existing modified retrospective transition method, by allowing entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s financial statements. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In May 2014, FASB issued ASU No. 2014-09, which amends the guidance for accounting for revenue from contracts with customers. ASU No. 2014-09 superseded the revenue recognition requirements in ASC 605 and created ASC 606 described above. In 2015 and 2016, the FASB issued additional ASUs related to ASC 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identifying performance obligations, and licensing, and they include other improvements and practical expedients. Effective November 1, 2018, the Company adopted ASC 606 using the modified retrospective transition method. As a result of adopting ASC 606, the Company made reclassifications to the balance sheet and income statement. Net income (loss) was not impacted by the adoption of ASC 606. A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below (in thousands): Impact of ASC 606 Adoption on Condensed Balance Sheet as of November 1, 2018 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ 1,664 $ 1,664 $ - Prepaid expenses and other current assets $ 1,611 $ (1,664 ) $ 3,275 A summary of the amount by which each financial statement line item was affected in the current reporting period by ASC 606 as compared with the guidance that was in effect prior to the adoption of ASC 606 is set forth in the tables below. Impact of ASC 606 Adoption on Condensed Balance Sheet as of April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ - $ - $ - Prepaid expenses and other current assets $ 1,587 $ - $ 1,587 Impact of ASC 606 Adoption on Condensed Statement of Operations for the Three Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 1,188 $ 73 $ 1,115 Research and Development Expenses $ 6,327 $ 73 $ 6,254 Impact of ASC 606 Adoption on Condensed Statement of Operations for the Six Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 20,877 $ 1,960 $ 18,917 Research and Development Expenses $ 13,032 $ 1,960 $ 11,072 Impact of ASC 606 Adoption on Condensed Statement of Cash Flows for the Six Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ - $ - $ - Prepaid expenses and other current assets $ 1,587 $ - $ 1,587 The most significant change to the Company’s accounting for revenue as a result of the adoption of ASC 606 relates to its treatment of clinical development payments it receives in its collaboration and licensing agreement with Amgen, Inc. (“Amgen”). Under ASC 605, the Company accounted for the clinical development payments as a reduction of research and development expenses in the statement of operations. Under ASC 606, the Company accounted for the reimbursements for research and development costs as revenue. For further discussion of the adoption of this standard, see Note 9. In November 2018, the FASB issued ASU No. 2018-18, “Collaborative Arrangements (Topic 808)—Clarifying the Interaction between Topic 808 and Topic 606” (“ASU 2018-18”). The amendments in ASU 2018-18 make targeted improvements to generally accepted accounting principles (GAAP) for collaborative arrangements by clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in Topic 606 should be applied, including recognition, measurement, presentation, and disclosure requirements. In addition, unit-of-account guidance in Topic 808 was aligned with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The amendments should be applied retrospectively to the date of initial application of Topic 606. The Company adopted this guidance effective November 1, 2018 using the modified retrospective approach. There was no impact on the Company’s financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718) —Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”). The amendments in ASU 2018-07 expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2018-07 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted this guidance effective as of February 1, 2019. There was no impact on the Company’s financial statements. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash 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 Accoun_3
Summary of Significant Accounting Policies and Basis of Presentation (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Reclassifications to Balance Sheet and Income Statement | A summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment is set forth in the table below (in thousands): Impact of ASC 606 Adoption on Condensed Balance Sheet as of November 1, 2018 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ 1,664 $ 1,664 $ - Prepaid expenses and other current assets $ 1,611 $ (1,664 ) $ 3,275 A summary of the amount by which each financial statement line item was affected in the current reporting period by ASC 606 as compared with the guidance that was in effect prior to the adoption of ASC 606 is set forth in the tables below. Impact of ASC 606 Adoption on Condensed Balance Sheet as of April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ - $ - $ - Prepaid expenses and other current assets $ 1,587 $ - $ 1,587 Impact of ASC 606 Adoption on Condensed Statement of Operations for the Three Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 1,188 $ 73 $ 1,115 Research and Development Expenses $ 6,327 $ 73 $ 6,254 Impact of ASC 606 Adoption on Condensed Statement of Operations for the Six Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Revenue $ 20,877 $ 1,960 $ 18,917 Research and Development Expenses $ 13,032 $ 1,960 $ 11,072 Impact of ASC 606 Adoption on Condensed Statement of Cash Flows for the Six Months Ended April 30, 2019 (in thousands) As reported under ASC 606 Adjustments Balances without adoption of ASC 606 Accounts receivable $ - $ - $ - Prepaid expenses and other current assets $ 1,587 $ - $ 1,587 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consists of the following (in thousands): April 30, 2019 October 31, 2018 Leasehold improvements $ 2,335 $ 2,321 Laboratory equipment 5,530 5,510 Furniture and fixtures 746 746 Computer equipment 409 409 Construction in progress 17 17 Total property and equipment 9,037 9,003 Accumulated depreciation and amortization (2,880 ) (2,319 ) Net property and equipment $ 6,157 $ 6,684 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets, net consist of the following (in thousands): April 30, 2019 October 31, 2018 Patents $ 6,240 $ 5,970 Licenses 777 777 Software 117 117 Total intangibles 7,134 6,864 Accumulated amortization (2,183 ) (2,026 ) Intangible assets $ 4,951 $ 4,838 |
Schedule of Carrying Value of Intangible Assets | At April 30, 2019, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows (in thousands): Year ended October 31, 2019 (Remaining) $ 193 2020 372 2021 352 2022 352 2023 352 Thereafter 3,330 Total $ 4,951 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | April 30, 2019 October 31, 2018 Salaries and other compensation $ 1,388 $ 2,035 Vendors 1,293 3,660 Professional fees 908 490 Total accrued expenses $ 3,589 $ 6,185 |
Common Stock Purchase Warrant_2
Common Stock Purchase Warrants and Warrant Liability (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Common Stock Purchase Warrants And Warrant Liability | |
Schedule of Outstanding Warrants | Exercise Price Amount Expiration Date Type of Financing $ 281.25 25 N/A Other warrants $ 3.72 72,279 September 2024 Advaxis Public Offering Grand Total 72,304 Exercise Price Amount Expiration Date Type of Financing $ 281.25 25 N/A Other warrants $ 56.25 166 March 2019 Placement Agent- Advaxis Public Offering $ 22.50 944,444 September 2024 Advaxis Public Offering Grand Total 944,635 |
Schedule of Warrants Activity | A summary of warrant activity was as follows (in thousands, except share and per share data): Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life In Years Aggregate Intrinsic Value Outstanding and exercisable warrants at October 31, 2018 944,635 $ 22.50 5.87 $ - Exercised (15,300 ) 4.50 Exchanged (856,865 ) 22.50 Expired (166 ) 56.25 Outstanding and exercisable warrants at April 30, 2019 72,304 $ 3.82 5.37 $ - |
Schedule of Assumptions Used in Warrant Liability | In measuring the warrant liability at April 30, 2019 and October 31, 2018, the Company used the following inputs in its Monte Carlo simulation model: April 30, 2019 October 31, 2018 Exercise Price $ 3.72 $ 22.50 Stock Price $ 3.54 $ 8.40 Expected Term 5.37 years 5.87 years Volatility % 93.87 % 97.47 % Risk Free Rate 2.28 % 3.03 % |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share Based Compensation Expense | The following table summarizes share-based compensation expense included in the Statement of Operations (in thousands): Three Months Ended April 30, Six Months Ended April 30, 2019 2018 2019 2018 Research and development $ 258 $ 526 $ 581 $ 1,799 General and administrative 221 699 520 2,235 Total $ 479 $ 1,225 $ 1,101 $ 4,034 |
Summary of RSU Activity and Related Information | A summary of the Company’s RSU activity and related information for the six months ended April 30, 2019 is as follows: Number of RSUs Weighted-Average Grant Date Fair Value Balance at October 31, 2018 32,614 $ 70.41 Vested (10,541 ) 70.49 Cancelled (5,010 ) 110.69 Balance at April 30, 2019 17,063 $ 58.54 |
Summary of Changes in Stock Option Plan | A summary of changes in the stock option plan for the six months ended April 30, 2019 is as follows: Number of Options Weighted-Average Exercise Price Outstanding at October 31, 2018: 330,071 $ 122.79 Granted 86,882 6.50 Canceled or Expired (16,693 ) 20.20 Outstanding at April 30, 2019 400,260 101.82 Vested and Exercisable at April 30, 2019 235,097 $ 160.03 |
Summary of Fair Value of Stock Options Granted of BSM | In determining the fair value of the stock options granted during the six months ended April 30, 2019 and 2018, the Company used the following inputs in its Black Scholes Merton model: Six Months Ended April 30, 2019 2018 Expected Term 5.50 – 6.51 years 5.35 – 6.51 years Expected Volatility 90.29 – 104.20 % 95.11 – 100.34 % Expected Dividends 0 % 0 % Risk Free Interest Rate 2.39 – 3.15 % 1.81 – 2.66 % |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share is calculated as follows (in thousands, except share and per share data): Three Months Ended April 30, 2019 2018 Numerator: Net loss $ (9,383 ) $ (13,408 ) Loss attributable to common stockholders – basic and diluted (9,383 ) (13,408 ) Denominator: Weighted-average number of common shares used in earnings per share – basic and diluted 5,900,449 3,324,320 Loss per share – basic and diluted $ (1.59 ) $ (4.03 ) Six Months Ended April 30, 2019 2018 Numerator: Net income (loss) $ 3,434 $ (33,900 ) Income (loss) attributable to common stockholders – basic 3,434 (33,900 ) Effect of liability classified warrants (2,395 ) - Income (loss) attributable to common stockholders – diluted 1,039 (33,900 ) Denominator: Weighted-average number of common shares used in earnings per share - basic 5,259,677 3,038,439 Effect of dilutive stock options 61 - Effect of dilutive warrants 23,034 - Weighted-average number of common shares used in earnings per share - diluted 5,282,772 3,038,439 Income (loss) per share – basic $ 0.65 $ (11.16 ) Income (loss) per share – diluted $ 0.20 $ (11.16 ) |
Schedule of Diluted Weighted-Average Shares Outstanding | The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive: As of April 30, 2019 2018 Warrants 72,304 206,160 Stock options 235,097 309,534 Restricted stock units 17,063 72,632 Total 324,464 588,326 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Summary of Changes in Stockholders' Equity | A summary of the changes in stockholders’ equity for the three and six months ended April 30, 2019 and 2018 is presented below (in thousands, except share data): Preferred Stock Common Stock Additional Paid-In Accumulated Total Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2017 - $ - 2,744,196 $ 3 $ 355,400 $ (301,142 ) $ 54,261 Stock based compensation 13,003 - 2,854 - 2,854 Tax withholdings paid related to net share settlement of equity awards - - (7 ) - (7 ) Tax withholdings paid on equity awards - - (209 ) - (209 ) Tax shares sold to pay for tax withholdings on equity awards - - 197 - 197 Issuance of shares to employees under ESPP Plan - - - - - Advaxis at-the-market sales 58,776 - 2,659 - 2,659 Net Loss - - - (20,492 ) (20,492 ) Balance at January 31, 2018 - $ - 2,815,975 $ 3 $ 360,894 $ (321,634 ) $ 39,263 Stock based compensation 17,873 - 1,225 - 1,225 Tax withholdings paid related to net share settlement of equity awards - - (33 ) - (33 ) Tax withholdings paid on equity awards - - (61 ) - (61 ) Tax shares sold to pay for tax withholdings on equity awards - - 78 - 78 Issuance of shares to employees under ESPP Plan 712 - 9 - 9 Advaxis public offerings 666,667 1 18,382 - 18,383 Net Loss - - - (13,407 ) (13,407 ) Balance at April 30, 2018 - $ - 3,501,227 $ 4 $ 380,494 $ (335,041 ) $ 45,457 Preferred Stock Common Stock Additional Paid-In Accumulated Total Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2018 - $ - 4,634,189 $ 5 $ 391,703 $ (367,657 ) $ 24,051 Stock based compensation 9,811 - 622 - 622 Tax withholdings paid on equity awards - - (11 ) - (11 ) Tax shares sold to pay for tax withholdings on equity awards - - 11 - 11 Issuance of shares to employees under ESPP Plan 2,007 - 9 - 9 ESPP Expense - - 1 1 Net Income - - 12,817 12,817 Balance at January 31, 2019 - $ - 4,646,007 $ 5 $ 392,335 $ (354,840 ) $ 37,500 Stock based compensation 693 - 479 - 479 Tax withholdings paid on equity awards - - (3 ) - (3 ) Tax shares sold to pay for tax withholdings on equity awards - - 3 - 3 Issuance of shares to employees under ESPP Plan 1,505 - 7 - 7 Warrant exercises 15,300 - 68 - 68 Warrant liability reclassified into equity - - 53 - 53 ESPP Expense - - 1 1 Shares issued in settlement of warrants 856,865 1 5,462 - 5,463 Advaxis public offerings 2,500,000 2 8,980 - 8,982 Net Loss - - - (9,383 ) (9,383 ) Balance at April 30, 2019 - $ - 8,020,370 $ 8 $ 407,385 $ (364,223 ) $ 43,170 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of January 31, 2019 and October 31, 2018 (in thousands): April 30, 2019 Level 1 Level 2 Level 3 Total Common stock warrant liability, warrants exercisable at $3.72 through September 2024 - - $ 213 $ 213 October 31, 2018 Level 1 Level 2 Level 3 Total Common stock warrant liability, warrants exercisable at $22.50 through September 2024 - - $ 6,517 $ 6,517 |
Schedule of Changes in the Fair Value of Warrant Liabilities | The following table sets forth a summary of the changes in the fair value of the Company’s warrant liabilities: April 30, 2019 Beginning balance $ 6,517 Shares issued in settlement of warrants (3,856 ) Warrant exercises (53 ) Change in fair value 2,395 Ending Balance $ 213 |
Nature of Operations (Details N
Nature of Operations (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Apr. 30, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | |
Cash and cash equivalents | $ 33,706 | $ 44,141 | $ 48,877 |
October 2013 Through April 2019 [Member] | |||
Proceeds from public offering | $ 275,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Reclassifications to Balance Sheet and Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Nov. 02, 2018 | Oct. 31, 2018 | |
Accounts receivable | $ 1,664 | $ 1,664 | ||||
Prepaid expenses and other current assets | 1,587 | 1,587 | 1,611 | $ 1,611 | ||
Revenue | 1,188 | $ 1,747 | 20,877 | $ 3,803 | ||
Research and Development Expenses | 5,969 | $ 10,368 | 12,675 | 27,119 | ||
Accounts receivable | 1,664 | 1,161 | ||||
Prepaid expenses and other current assets | (994) | $ (1,765) | ||||
Adjustments [Member] | ||||||
Accounts receivable | 1,664 | |||||
Prepaid expenses and other current assets | (1,664) | |||||
Revenue | 73 | 1,960 | ||||
Research and Development Expenses | 73 | 1,960 | ||||
Accounts receivable | ||||||
Prepaid expenses and other current assets | ||||||
Balances Without Adoption of ASC 606 [Member] | ||||||
Accounts receivable | ||||||
Prepaid expenses and other current assets | 1,587 | 1,587 | $ 3,275 | |||
Revenue | 1,115 | 18,917 | ||||
Research and Development Expenses | $ 6,254 | 11,072 | ||||
Accounts receivable | ||||||
Prepaid expenses and other current assets | $ 1,587 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 300 | $ 300 | $ 571 | $ 544 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Leasehold improvements | $ 2,335 | $ 2,321 |
Laboratory equipment | 5,530 | 5,510 |
Furniture and fixtures | 746 | 746 |
Computer equipment | 409 | 409 |
Construction in progress | 17 | 17 |
Total property and equipment | 9,037 | 9,003 |
Accumulated depreciation and amortization | (2,880) | (2,319) |
Net property and equipment | $ 6,157 | $ 6,684 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Finite lived patents expirations year | The expirations of the existing patents range from 2019 to 2039 | |||
Book value patent applications, net | $ 100 | $ 200 | $ 357 | $ 305 |
Intangible asset amortization expense | $ 100 | $ 100 | $ 193 | $ 189 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 6,240 | $ 5,970 |
Licenses | 777 | 777 |
Software | 117 | 117 |
Total intangibles | 7,134 | 6,864 |
Accumulated amortization | (2,183) | (2,026) |
Intangible assets | $ 4,951 | $ 4,838 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Carrying Value of Intangible Assets (Details) $ in Thousands | Oct. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 (Remaining) | $ 193 |
2020 | 372 |
2021 | 352 |
2022 | 352 |
2023 | 352 |
Thereafter | 3,330 |
Total | $ 4,951 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Payables and Accruals [Abstract] | ||
Salaries and other compensation | $ 1,388 | $ 2,035 |
Vendors | 1,293 | 3,660 |
Professional fees | 908 | 490 |
Total accrued expenses | $ 3,589 | $ 6,185 |
Common Stock Purchase Warrant_3
Common Stock Purchase Warrants and Warrant Liability (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Mar. 14, 2019 | Apr. 30, 2019 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2018 |
Number of warrants to purchase common stock | 72,304 | 72,304 | 72,304 | 944,635 | |||
Exercise price | $ 3.72 | $ 3.72 | $ 3.72 | $ 22.50 | |||
Warrants outstanding | 72,304 | 72,304 | 72,304 | 944,635 | |||
Warrants issued | 25 | 25 | 25 | 191 | |||
Fair value of warrant liability | $ 200 | $ 6,500 | |||||
Loss on shares issued in settlement of warrants | $ 1,607 | 1,607 | |||||
Number of common stock shares sold | 58,775 | ||||||
Change in fair value of warrant liability | $ 14,000 | $ 0 | $ 2,400 | $ 0 | |||
Warrant Liability [Member] | |||||||
Warrants outstanding | 72,304 | 72,304 | 72,304 | 944,635 | |||
Warrants issued | 72,279 | 72,279 | 72,279 | 944,444 | |||
Fair value of warrant liability | $ 2,395 | ||||||
Exercise Price | $ 3.72 | $ 3.72 | $ 3.72 | $ 22.50 | |||
Stock Price | $ 3.54 | 3.54 | $ 3.54 | $ 8.40 | |||
Expected Term | 5 years 4 months 13 days | 5 years 10 months 14 days | |||||
Volatility | 93.87% | 97.47% | |||||
Risk Free Rate | 2.28% | 3.03% | |||||
Number of common stock shares sold | 2,500,000 | ||||||
Monte Carlo Model [Member] | |||||||
Exercise Price | $ 22.50 | ||||||
Stock Price | $ 6.45 | ||||||
Expected Term | 5 years 6 months | ||||||
Volatility | 96.37% | ||||||
Risk Free Rate | 2.44% | ||||||
Private Exchange Agreement [Member] | |||||||
Number of warrants to purchase common stock | 856,865 | ||||||
Exercise price | $ 22.50 | ||||||
Warrant expiration | Sep. 11, 2024 | ||||||
Private Exchange Agreement [Member] | Investor [Member] | |||||||
Number of common stock shares issued | 856,865 | ||||||
Fair value of warrant liability | $ 3,900 | ||||||
Minimum [Member] | |||||||
Exercise price | $ 3.72 | 3.72 | $ 3.72 | $ 22.50 | |||
Expected Term | 5 years 6 months | 5 years 4 months 6 days | |||||
Minimum [Member] | Warrant Liability [Member] | |||||||
Exercise price | 3.72 | 3.72 | $ 3.72 | ||||
Minimum [Member] | Private Exchange Agreement [Member] | |||||||
Exercise price | $ 4.50 | ||||||
Maximum [Member] | |||||||
Exercise price | 281.25 | 281.25 | $ 281.25 | $ 281.25 | |||
Expected Term | 6 years 6 months 3 days | 6 years 6 months 3 days | |||||
Maximum [Member] | Warrant Liability [Member] | |||||||
Exercise price | $ 4.50 | $ 4.50 | $ 4.50 | ||||
Maximum [Member] | Private Exchange Agreement [Member] | |||||||
Exercise price | $ 22.50 |
Common Stock Purchase Warrant_4
Common Stock Purchase Warrants and Warrant Liability - Schedule of Outstanding Warrants (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Oct. 31, 2018 | |
Exercise Price | $ 3.72 | $ 22.50 |
Amount | 72,304 | 944,635 |
Exercise Price Range One [Member] | ||
Exercise Price | $ 281.25 | $ 281.25 |
Amount | 25 | 25 |
Type of Financing | Other warrants | Other warrants |
Exercise Price Range Two [Member] | ||
Exercise Price | $ 3.72 | $ 56.25 |
Amount | 72,279 | 166 |
Expiration Date | Sep. 30, 2024 | Sep. 30, 2024 |
Type of Financing | Advaxis Public Offering | Advaxis Public Offering |
Exercise Price Range Three [Member] | ||
Exercise Price | $ 22.50 | |
Amount | 944,444 | |
Expiration Date | Mar. 30, 2019 | |
Type of Financing | Placement Agent- Advaxis Public Offering |
Common Stock Purchase Warrant_5
Common Stock Purchase Warrants and Warrant Liability - Schedule of Warrants Activity (Details) | 6 Months Ended |
Apr. 30, 2019USD ($)$ / sharesshares | |
Common Stock Purchase Warrants And Warrant Liability | |
Number of Warrants, Outstanding, Beginning balance | shares | 944,635 |
Number of Warrants, Exercised | shares | (15,300) |
Number of Warrants, Exchanged | shares | (856,865) |
Number of Warrants, Expired | shares | (166) |
Number of Warrants, Outstanding, Ending balance | shares | 72,304 |
Weighted-Average Exercise Price, Outstanding, Beginning | $ / shares | $ 22.50 |
Weighted-Average Exercise Price, Exercised | $ / shares | 4.50 |
Weighted-Average Exercise Price, Exchanged | $ / shares | 22.50 |
Weighted-Average Exercise Price, Expired | $ / shares | 56.25 |
Weighted-Average Exercise Price, Outstanding, Ending | $ / shares | $ 3.82 |
Weighted Average Remaining Contractual Life In Years, Beginning | 5 years 10 months 14 days |
Weighted Average Remaining Contractual Life In Years, Ending | 5 years 4 months 13 days |
Aggregate Intrinsic Value, Beginning | $ | |
Aggregate Intrinsic Value, Ending | $ |
Common Stock Purchase Warrant_6
Common Stock Purchase Warrants and Warrant Liability - Schedule of Assumptions Used in Warrant Liability (Details) - Warrant Liability [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Oct. 31, 2018 | |
Exercise Price | $ 3.72 | $ 22.50 |
Stock Price | $ 3.54 | $ 8.40 |
Expected Term | 5 years 4 months 13 days | 5 years 10 months 14 days |
Volatility % | 93.87% | 97.47% |
Risk Free Rate | 2.28% | 3.03% |
Share Based Compensation (Detai
Share Based Compensation (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Unrecognized compensation cost related to non-vested stock option awards | $ 1,900 | $ 1,900 | ||
Unrecognized compensation cost related to non-vested remaining weighted average vesting period | 1 year 11 months 1 day | |||
Options outstanding, intrinsic value | 0 | $ 0 | ||
Stock compensation expense | 479 | $ 1,225 | 1,101 | $ 4,034 |
Compensation cost related to outstanding stock options | 300 | 600 | $ 600 | $ 200 |
Share-based compensation options expiration date | Mar. 21, 2023 | |||
2018 Employee Stock Purchase Plan [Member] | ||||
Number of shares issued under employee stock purchase plan' | 3,512 | |||
2015 Employee Stock Purchase Plan [Member] | ||||
Number of shares issued under employee stock purchase plan' | 712 | |||
Two Former Board Members [Member] | ||||
Stock compensation expense | 100 | $ 100 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Unrecognized compensation cost related to non-vested stock option awards | 700 | $ 700 | ||
Unrecognized compensation cost related to non-vested remaining weighted average vesting period | 1 year 1 month 27 days | |||
Options outstanding, intrinsic value | $ 60 | $ 60 | ||
Stock compensation expense | 10 | $ 10 | ||
Restricted Stock Units (RSUs) [Member] | Chief Financial Officer [Member] | ||||
Stock compensation expense | $ 200 | $ 200 | ||
Employee Stock Awards [Member] | ||||
Share-based compensation, common stock, shares | 692 | 17,107 | 10,539 | 30,252 |
Share-based compensation, shares on net basis after employee payroll taxes | 13,873 | 13,873 | 26,876 | 26,876 |
Stock compensation expense | $ 200 | $ 600 | $ 500 | $ 2,000 |
Director Stock Awards [Member] | ||||
Stock compensation expense | $ 0 | $ 6 | $ 0 | $ 100 |
Issuance of common stock issued for share based compensation | 0 | 2,000 | 0 | 2,000 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based compensation expense | $ 479 | $ 1,225 | $ 1,101 | $ 4,034 |
Research and Development [Member] | ||||
Share-based compensation expense | 258 | 526 | 581 | 1,799 |
General and Administrative [Member] | ||||
Share-based compensation expense | $ 221 | $ 699 | $ 520 | $ 2,235 |
Share Based Compensation - Su_2
Share Based Compensation - Summary of RSU Activity and Related Information (Details) | 6 Months Ended |
Apr. 30, 2019$ / sharesshares | |
Number of RSUs Cancelled | (16,693) |
Restricted Stock Units (RSUs) [Member] | |
Number of RSUs, Beginning Balance | 32,614 |
Number of RSUs Vested | (10,541) |
Number of RSUs Cancelled | (5,010) |
Number of RSUs, Ending Balance | 17,063 |
Weighted-Average Grant Date Fair Value, Outstanding, Beginning | $ / shares | $ 70.41 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 70.49 |
Weighted-Average Grant Date Fair Value, Cancelled | $ / shares | 110.69 |
Weighted-Average Grant Date Fair Value, Outstanding, Ending | $ / shares | $ 58.54 |
Share Based Compensation - Su_3
Share Based Compensation - Summary of Changes in Stock Option Plan (Details) | 6 Months Ended |
Apr. 30, 2019$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Number of Options, Beginning Balance | shares | 330,071 |
Number of Options, Granted | shares | 86,882 |
Number of Options, Canceled or Expired | shares | (16,693) |
Number of Options, Ending Balance | shares | 400,260 |
Number of Options, Vested and Exercisable | shares | 235,097 |
Weighted-Average Exercise Price, Outstanding, Beginning | $ / shares | $ 122.79 |
Weighted-Average Exercise Price, Granted | $ / shares | 6.50 |
Weighted-Average Exercise Price, Canceled or Expired | $ / shares | 20.20 |
Weighted-Average Exercise Price, Outstanding, Ending | $ / shares | 101.82 |
Weighted-Average Exercise Price, Vested and Exercisable | $ / shares | $ 160.03 |
Share Based Compensation - Su_4
Share Based Compensation - Summary of Fair Value of Stock Options Granted of BSM (Details) | 6 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Expected Volatility, Minimum | 90.29% | 95.11% |
Expected Volatility, Maximum | 104.20% | 100.34% |
Expected Dividends | 0.00% | 0.00% |
Risk Free Interest Rate, Minimum | 2.39% | 1.81% |
Risk Free Interest Rate, Maximum | 3.15% | 2.66% |
Minimum [Member] | ||
Expected Term | 5 years 6 months | 5 years 4 months 6 days |
Maximum [Member] | ||
Expected Term | 6 years 6 months 3 days | 6 years 6 months 3 days |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Jan. 31, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||
Numerator: Net Income (loss) | $ (9,383) | $ 12,817 | $ (13,408) | $ (20,492) | $ 3,434 | $ (33,900) |
Numerator: Loss attributable to common stockholders – basic and diluted | (9,383) | (13,408) | ||||
Numerator: Income (loss) attributable to common stockholders - basic | $ 3,434 | $ (33,900) | ||||
Numerator: Effect of liability classified warrants | (2,395) | |||||
Numerator: Income (loss) attributable to common stockholders - diluted | $ 1,039 | $ (33,900) | ||||
Denominator: Weighted-average number of common shares used in earnings per share - basic and diluted | 5,900,449 | 3,324,320 | ||||
Denominator: Weighted-average number of common shares used in earnings per share - basic | 5,900,449 | 3,324,320 | 5,259,677 | 3,038,439 | ||
Denominator: Effect of dilutive stock options | $ 61 | |||||
Denominator: Effect of dilutive warrants | 23,034 | |||||
Denominator: Weighted-average number of common shares used in earnings per share - diluted | 5,900,449 | 3,324,320 | 5,282,772 | 3,038,439 | ||
Loss per share - basic and diluted | $ (1.59) | $ (4.03) | ||||
Income (loss) per share - basic | (1.59) | (4.03) | $ 0.65 | $ (11.16) | ||
Income (loss) per share - diluted | $ (1.59) | $ (4.03) | $ 0.20 | $ (11.16) |
Net Income (Loss) Per Share -_2
Net Income (Loss) Per Share - Schedule of Diluted Weighted-Average Shares Outstanding (Details) - shares | 6 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Anti Dilutive Securities Total | 324,464 | 588,326 |
Warrants [Member] | ||
Anti Dilutive Securities Total | 72,304 | 206,160 |
Stock Options [Member] | ||
Anti Dilutive Securities Total | 235,097 | 309,534 |
Restricted Stock Units [Member] | ||
Anti Dilutive Securities Total | 17,063 | 72,632 |
Collaboration and Licensing A_2
Collaboration and Licensing Agreements (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 08, 2019 | Dec. 10, 2018 | Aug. 02, 2016 | Mar. 19, 2014 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2014 | Oct. 31, 2018 |
Number of common stock shares | 8,020,370 | 8,020,370 | 4,634,189 | |||||||
Cumulative catch-up revenue | $ 1,188 | $ 1,747 | $ 20,877 | $ 3,803 | ||||||
Warrant to purchase shares of common stock | 72,304 | 72,304 | 944,635 | |||||||
Warrant exercise price per share | $ 3.72 | $ 3.72 | $ 22.50 | |||||||
Proceeds from issuance of stock | $ 8,982 | 21,042 | ||||||||
Warrants Exercised | (15,300) | |||||||||
Global BioPharma, Inc [Member] | ||||||||||
Licensing revenue | $ 250 | 250 | ||||||||
Reimbursement value | 2,250 | |||||||||
Amgen Agreement [Member] | Amgen [Member] | ||||||||||
Upfront payment | $ 40,000 | |||||||||
Number of common stock shares | 203,163 | |||||||||
Common stock purchase price per share | $ 123 | |||||||||
Value of stock purchased | $ 25,000 | |||||||||
Development, regulatory and sales milestone payments | 475,000 | |||||||||
Upfront payment recorded as deferred revenue | $ 40,000 | $ 40,000 | ||||||||
Deferred revenue | 18,200 | |||||||||
Cumulative catch-up revenue | $ 2,600 | $ 15,600 | $ 1,200 | 1,700 | 20,600 | 3,600 | ||||
Reduction in research and development expenses | 800 | 1,600 | 2,000 | 3,100 | ||||||
Aratana Agreement [Member] | Aratana Therapeutics [Member] | ||||||||||
Upfront payment | $ 1,000 | |||||||||
Common stock purchase price per share | $ 73.50 | |||||||||
Development, regulatory and sales milestone payments | $ 36,500 | |||||||||
Licensing revenue | $ 1,000 | |||||||||
Additional, cumulative sales milestone payments | $ 15,000 | |||||||||
Number of common stock shares issued | 20,408 | |||||||||
Proceeds from royalty received | $ 0 | $ 3 | $ 2 | $ 3 | ||||||
Aratana Agreement [Member] | Aratana Therapeutics [Member] | Warrants [Member] | ||||||||||
Warrant term | 10 years | |||||||||
Warrant to purchase shares of common stock | 10,204 | |||||||||
Warrant exercise price per share | $ 73.50 | |||||||||
Proceeds from issuance of stock | $ 1,500 | |||||||||
Warrants Exercised | 10,204 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - Especificos Stendhal SA de CV [Member] $ in Thousands | Sep. 19, 2018USD ($) |
Damages sought value by plaintiff | $ 3,000 |
Litigation expense | 300 |
Due from related party | $ 3,000 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Mar. 29, 2019 | Apr. 30, 2019 | Feb. 28, 2018 | Apr. 30, 2018 | Feb. 21, 2019 | Oct. 31, 2018 |
Number of common stock shares sold | 58,775 | |||||
Proceeds from sale of common shares | $ 2,700 | |||||
Common stock, shares authorized | 170,000,000 | 95,000,000 | 170,000,000 | |||
Reverse stock split, description | 1 for 15 reverse stock split | |||||
Public Offering [Member] | ||||||
Number of common stock shares sold | 2,500,000 | 666,667 | ||||
Proceeds from sale of common shares | $ 9,000 | $ 18,400 | ||||
Sale of stock price per share | $ 4 | $ 30 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Jan. 31, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Balance | $ 37,500 | $ 24,051 | $ 39,263 | $ 54,261 | $ 24,051 | $ 54,261 |
Stock based compensation | 479 | 622 | 1,225 | 2,854 | ||
Tax withholdings paid related to net share settlement of equity awards | (33) | (7) | ||||
Tax withholdings paid on equity awards | (3) | (11) | (61) | (209) | ||
Tax shares sold to pay for tax withholdings on equity awards | 3 | 11 | 78 | 197 | ||
Issuance of shares to employees under ESPP Plan | 7 | 9 | 9 | |||
Advaxis at-the-market sales | 2,659 | |||||
Warrant exercises | 68 | |||||
Warrant liability reclassified into equity | 53 | 53 | ||||
ESPP Expense | 1 | 1 | ||||
Shares issued in settlement of warrants | 5,463 | |||||
Advaxis public offerings | 8,982 | 18,383 | ||||
Net Loss | (9,383) | 12,817 | (13,408) | (20,492) | 3,434 | (33,900) |
Balance | 43,170 | 37,500 | 45,457 | 39,263 | 43,170 | 45,457 |
Preferred Stock [Member] | ||||||
Balance | ||||||
Balance, shares | ||||||
Stock based compensation | ||||||
Stock based compensation, shares | ||||||
Tax withholdings paid related to net share settlement of equity awards | ||||||
Tax withholdings paid on equity awards | ||||||
Tax shares sold to pay for tax withholdings on equity awards | ||||||
Issuance of shares to employees under ESPP Plan | ||||||
Issuance of shares to employees under ESPP Plan, shares | ||||||
Advaxis at-the-market sales | ||||||
Advaxis at-the-market sales, shares | ||||||
Warrant exercises | ||||||
Warrant exercises, shares | ||||||
ESPP Expense | ||||||
Shares issued in settlement of warrants | ||||||
Shares issued in settlement of warrants, shares | ||||||
Advaxis public offerings | ||||||
Advaxis public offerings, shares | ||||||
Net Loss | ||||||
Balance | ||||||
Balance, shares | ||||||
Common Stock [Member] | ||||||
Balance | $ 5 | $ 5 | $ 3 | $ 3 | $ 5 | $ 3 |
Balance, shares | 4,646,007 | 4,634,189 | 2,815,975 | 2,744,196 | 4,634,189 | 2,744,196 |
Stock based compensation | ||||||
Stock based compensation, shares | 693 | 9,811 | 17,873 | 13,003 | ||
Tax withholdings paid related to net share settlement of equity awards | ||||||
Tax withholdings paid on equity awards | ||||||
Tax shares sold to pay for tax withholdings on equity awards | ||||||
Issuance of shares to employees under ESPP Plan | ||||||
Issuance of shares to employees under ESPP Plan, shares | 1,505 | 2,007 | 712 | |||
Advaxis at-the-market sales | ||||||
Advaxis at-the-market sales, shares | 58,776 | |||||
Warrant exercises | ||||||
Warrant exercises, shares | 15,300 | |||||
ESPP Expense | ||||||
Shares issued in settlement of warrants | $ 1 | |||||
Shares issued in settlement of warrants, shares | 856,865 | |||||
Advaxis public offerings | $ 2 | $ 1 | ||||
Advaxis public offerings, shares | 2,500,000 | 666,667 | ||||
Net Loss | ||||||
Balance | $ 8 | $ 5 | $ 4 | $ 3 | $ 8 | $ 4 |
Balance, shares | 8,020,370 | 4,646,007 | 3,501,227 | 2,815,975 | 8,020,370 | 3,501,227 |
Additional Paid-In Capital [Member] | ||||||
Balance | $ 392,335 | $ 391,703 | $ 360,894 | $ 355,400 | $ 391,703 | $ 355,400 |
Stock based compensation | 479 | 622 | 1,225 | 2,854 | ||
Tax withholdings paid related to net share settlement of equity awards | (33) | (7) | ||||
Tax withholdings paid on equity awards | (3) | (11) | (61) | (209) | ||
Tax shares sold to pay for tax withholdings on equity awards | 3 | 11 | 78 | 197 | ||
Issuance of shares to employees under ESPP Plan | 7 | 9 | 9 | |||
Advaxis at-the-market sales | 2,659 | |||||
Warrant exercises | 68 | |||||
Warrant liability reclassified into equity | 53 | |||||
ESPP Expense | 1 | 1 | ||||
Shares issued in settlement of warrants | 5,462 | |||||
Advaxis public offerings | 8,980 | 18,382 | ||||
Net Loss | ||||||
Balance | 407,385 | 392,335 | 380,494 | 360,894 | 407,385 | 380,494 |
Accumulated Deficit [Member] | ||||||
Balance | (354,840) | (367,657) | (321,634) | (301,142) | (367,657) | (301,142) |
Stock based compensation | ||||||
Tax withholdings paid related to net share settlement of equity awards | ||||||
Tax withholdings paid on equity awards | ||||||
Tax shares sold to pay for tax withholdings on equity awards | ||||||
Issuance of shares to employees under ESPP Plan | ||||||
Advaxis at-the-market sales | ||||||
Warrant exercises | ||||||
Warrant liability reclassified into equity | ||||||
ESPP Expense | ||||||
Shares issued in settlement of warrants | ||||||
Advaxis public offerings | ||||||
Net Loss | (9,383) | 12,817 | (13,407) | (20,492) | ||
Balance | $ (364,223) | $ (354,840) | $ (335,041) | $ (321,634) | $ (364,223) | $ (335,041) |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Common stock warrant liability, warrants exercisable through September 2024 | $ 213 | $ 6,517 |
Fair Value, Inputs, Level 1 [Member] | ||
Common stock warrant liability, warrants exercisable through September 2024 | ||
Fair Value, Inputs, Level 2 [Member] | ||
Common stock warrant liability, warrants exercisable through September 2024 | ||
Fair Value, Inputs, Level 3 [Member] | ||
Common stock warrant liability, warrants exercisable through September 2024 | $ 213 | $ 6,517 |
Fair Value - Schedule of Fair_2
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (Parenthetical) - $ / shares | Apr. 30, 2019 | Oct. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Warrant exercise price per share | $ 3.72 | $ 22.50 |
Fair Value - Schedule of Change
Fair Value - Schedule of Changes in the Fair Value of Warrant Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Oct. 31, 2018 | |
Beginning balance | $ 6,517 | |
Change in fair value | 200 | $ 6,500 |
Ending Balance | 213 | 6,517 |
Warrant Liability [Member] | ||
Beginning balance | 6,517 | |
Shares issued in settlement of warrants | (3,856) | |
Warrant exercises | (53) | |
Change in fair value | 2,395 | |
Ending Balance | $ 213 | $ 6,517 |