0001493152-18-008309.txt : 20180607 0001493152-18-008309.hdr.sgml : 20180607 20180607091505 ACCESSION NUMBER: 0001493152-18-008309 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20180430 FILED AS OF DATE: 20180607 DATE AS OF CHANGE: 20180607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Advaxis, Inc. CENTRAL INDEX KEY: 0001100397 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 841521955 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36138 FILM NUMBER: 18885341 BUSINESS ADDRESS: STREET 1: 305 COLLEGE ROAD EAST CITY: PRINCETON, STATE: NJ ZIP: 08540 BUSINESS PHONE: 732 545 1590 MAIL ADDRESS: STREET 1: 305 COLLEGE ROAD EAST CITY: PRINCETON, STATE: NJ ZIP: 08540 FORMER COMPANY: FORMER CONFORMED NAME: GREAT EXPECTATIONS & ASSOCIATES INC DATE OF NAME CHANGE: 19991203 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended April 30, 2018

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________

 

Commission file number 001-36138

 

ADVAXIS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   02-0563870
(State or other jurisdiction of   (IRS Employer
incorporation or organization)   Identification No.)

 

305 College Road East, Princeton, NJ 08540

(Address of principal executive offices)

 

(609) 452-9813

(Registrant’s telephone number)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer [  ]   Accelerated Filer [X]
Non-accelerated Filer [  ] (Do not check if smaller reporting company) Smaller Reporting Company [  ]
Emerging growth company [  ]      

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

The number of shares of the registrant’s Common Stock, $0.001 par value, outstanding as of June 4, 2018 was 52,621,490.

 

 

 

 
 

 

TABLE OF CONTENTS

 

    Page No.
     
PART I FINANCIAL INFORMATION 4
     
Item 1. Financial Statements (unaudited) 4
     
  Condensed Balance Sheets 4
     
  Condensed Statements of Operations 5
     
  Condensed Statements of Cash Flows 6
     
  Notes to the Condensed Financial Statements 7
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 20
     
Item 4. Controls and Procedures 20
     
PART II OTHER INFORMATION 21
     
Item 1. Legal Proceedings 21
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
     
Item 6. Exhibits 21
     
SIGNATURES 22

 

2
 

 

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

 

This quarterly report on Form 10-Q (“Form 10-Q”) includes statements that are, or may be deemed, “forward-looking statements.” In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately” or, in each case, their negative or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. They appear in a number of places throughout this Form 10-Q and include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, our ongoing and planned discovery and development of drug candidates, the strength and breadth of our intellectual property, our ongoing and planned preclinical studies and clinical trials, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates, the degree of clinical utility of our product candidates, particularly in specific patient populations, expectations regarding clinical trial data, our results of operations, financial condition, liquidity, prospects, growth and strategies, the length of time that we will be able to continue to fund our operating expenses and capital expenditures, our expected financing needs and sources of financing, the industry in which we operate and the trends that may affect the industry or us.

 

By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and healthcare, regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Form 10-Q, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this Form 10-Q. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this Form 10-Q, they may not be predictive of results or developments in future periods.

 

Some of the factors that we believe could cause actual results to differ from those anticipated or predicted include:

 

  ●  the success and timing of our clinical trials, including patient accrual;
  our ability to release the clinical hold and reduce the impact to our trials;
  our ability to obtain and maintain regulatory approval and/or reimbursement of our product candidates for marketing;
  our ability to obtain the appropriate labeling of our products under any regulatory approval;
  our plans to develop and commercialize our products;
    the successful development and implementation of our sales and marketing campaigns;
  the change of key scientific or management personnel;
  the size and growth of the potential markets for our product candidates and our ability to serve those markets;
  our ability to successfully compete in the potential markets for our product candidates, if commercialized;
  regulatory developments in the United States and other countries;
  the rate and degree of market acceptance of any of our product candidates;
  new products, product candidates or new uses for existing products or technologies introduced or announced by our competitors and the timing of these introductions or announcements;
  market conditions in the pharmaceutical and biotechnology sectors;
  our available cash;
  the accuracy of our estimates regarding expenses, future revenues, capital requirements and needs for additional financing;
  our ability to obtain additional funding;
  our ability to obtain and maintain intellectual property protection for our product candidates;
  the success and timing of our preclinical studies including IND enabling studies;
  the ability of our product candidates to successfully perform in clinical trials;
  our ability to initiate trials, enroll our trials, obtain and maintain approval of our product candidates;
  our ability to manufacture and the performance of third-party manufacturers;
  the performance of our clinical research organizations, clinical trial sponsors and clinical trial investigators; and
  our ability to successfully implement our strategy.

 

Any forward-looking statements that we make in this Form 10-Q speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this Form 10-Q. You should also read carefully the factors described in the “Risk Factors” section of the Company’s annual report on Form 10-K for the year ended October 31, 2017, as filed with the SEC on December 21, 2017, to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Form 10-Q will prove to be accurate.

 

This Form 10-Q includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third-parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe these industry publications and third-party research, surveys and studies are reliable, we have not independently verified such data.

 

We qualify all of our forward-looking statements by these cautionary statements. In addition, with respect to all of our forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

 

3
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

ADVAXIS, INC.

CONDENSED BALANCE SHEETS

(Unaudited)

 

    April 30, 2018     October 31, 2017  
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 48,876,630     $ 23,899,809  
Restricted cash     977,000       587,000  
Short-term investment securities     8,988,858       46,398,304  
Income tax receivable     -       4,452,682  
Deferred expenses     2,867,882       2,986,385  
Prepaid expenses and other current assets     3,765,872       2,918,644  
Total current assets     65,476,242       81,242,824  
                 
Property and equipment (net of accumulated depreciation)     7,748,273       7,111,081  
Intangible assets (net of accumulated amortization)     5,352,487       4,856,775  
Other assets     592,598       431,098  
                 
Total assets   $ 79,169,600     $ 93,641,778  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable   $ 7,408,687     $ 5,121,406  
Accrued expenses     4,236,983       8,700,036  
Deferred revenue     7,163,628       6,995,336  
Other current liabilities     47,520       47,520  
Total current liabilities     18,856,818       20,864,298  
                 
Deferred revenue     13,758,091       17,478,758  
Other liabilities     1,099,373       1,038,555  
Total liabilities     33,714,282       39,381,611  
                 
Commitments and contingencies – Note 9                
                 
Stockholders’ equity:                
Preferred stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; 0 shares issued and outstanding at April 30, 2018 and October 31, 2017. Liquidation preference of $0 at April 30, 2018 and October 31, 2017.     -       -  
Common stock - $0.001 par value; 95,000,000 shares authorized, 52,561,996 and 41,206,538 shares issued and outstanding at April 30, 2018 and October 31, 2017.     52,563       41,207  
Additional paid-in capital     380,444,520       355,361,187  
Accumulated deficit     (335,041,765 )     (301,142,227 )
Total stockholders’ equity     45,455,318       54,260,167  
Total liabilities and stockholders’ equity   $ 79,169,600     $ 93,641,778  

 

The accompanying notes should be read in conjunction with the financial statements.

 

4
 

 

ADVAXIS, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

    Three Months Ended
April 30,
    Six Months Ended
April 30,
 
    2018     2017     2018     2017  
                         
Revenue   $ 1,747,480     $ 3,425,380     $ 3,803,107     $ 7,216,222  
                                 
Operating expenses:                                
Research and development expenses     10,832,692       16,306,860       27,902,958       29,955,414  
General and administrative expenses     4,467,142       7,778,228       9,999,974       15,106,037  
Total operating expenses     15,299,834       24,085,088       36,902,932       45,061,451  
                                 
Loss from operations     (13,552,354 )     (20,659,708 )     (34,099,825 )     (37,845,229 )
                                 
Other income (expense):                                
Interest income, net     150,995       184,747       290,517       329,761  
Net changes in fair value of derivative liabilities     -       10,652       -       20,156  
Other expense     (5,713 )     (3,346 )     (40,230 )     (3,346 )
Net loss before benefit for income taxes     (13,407,072 )     (20,467,655 )     (33,849,538 )     (37,498,658 )
                                 
Income tax expense     -       -       50,000       50,000  
                                 
Net loss   $ (13,407,072 )   $ (20,467,655 )   $ (33,899,538 )   $ (37,548,658 )
                                 
Net loss per common share, basic and diluted   $ (0.27 )   $ (0.51 )   $ (0.74 )   $ (0.93 )
                                 
Weighted average number of common shares outstanding, basic and diluted     49,864,795       40,295,941       45,576,580       40,204,062  

 

The accompanying notes should be read in conjunction with the financial statements.

 

5
 

 

ADVAXIS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Six Months Ended
April 30,
 
   2018   2017 
         
OPERATING ACTIVITIES          
Net loss  $(33,899,538)  $(37,548,658)
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock compensation   4,033,726    10,324,150 
Gain on change in value of warrants and embedded derivative   -    (20,156)
Loss on disposal of property and equipment   27,361    3,187 
Write-off of intangible assets   305,004    89,881 
Depreciation expense   543,806    337,403 
Amortization expense of intangible assets   188,809    152,155 
Net amortization (accretion) of premiums and discounts   (4,380)   99,523 
Change in operating assets and liabilities:          
Prepaid expenses and other current assets   (603,725)   (5,719,085)
Income tax receivable   4,452,682    2,549,862 
Other assets   (161,500)   97,520 
Accounts payable and accrued expenses   (2,187,479)   2,818,357 
Deferred revenue   (3,552,375)   (6,966,222)
Other liabilities   60,818    94,231 
Net cash used in operating activities   (30,796,791)   (33,687,852)
           
INVESTING ACTIVITIES          
           
Restricted cash established with letter of credit agreements   (390,000)   - 
Purchases of short-term investment securities   (12,487,174)   (67,215,523)
Sales of short-term investment securities   49,901,000    21,152,333 
Purchase of property and equipment   (1,276,652)   (2,342,515)
Cost of intangible assets   (989,525)   (607,184)
Net cash provided by (used in) investing activities   34,757,649    (49,012,889)
           
FINANCING ACTIVITIES          
Net proceeds of issuance of common stock   21,041,820    - 
Proceeds from employee stock purchase plan   9,482    135,202 
Tax withholdings paid related to net share settlement of equity awards   (40,438)   (264,986)
Employee tax withholdings paid on equity awards   (269,407)   (523,513)
Tax shares sold to pay for employee tax withholdings on equity awards   274,506    627,121 
Net cash provided by (used in) financing activities   21,015,963    (26,176)
           
Net increase (decrease) in cash and cash equivalents   24,976,821    (82,726,917)
Cash and cash equivalents at beginning of period   23,899,809    112,750,980 
Cash and cash equivalents at end of period  $48,876,630   $30,024,063 
           
SUPPLEMENTAL CASH FLOW INFORMATION          
Cash paid for taxes  $50,000   $50,000 
           
SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES          
Accounts payable and accrued expenses settled with common stock  $-   $75,000 
Property and equipment included in accounts payable and accrued expenses   56,707    175,062 

 

The accompanying notes should be read in conjunction with the financial statements.

 

6
 

 

ADVAXIS, INC.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

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”) based antigen delivery products. The Company is using its Lm platform directed against tumor-specific targets in order to engage the patient’s immune system to destroy tumor cells. Through a license from the University of Pennsylvania, Advaxis has exclusive access to this proprietary formulation of attenuated Lm called Lm Technology. Advaxis’ proprietary approach deploys a unique mechanism of action that awakens the immune system to attack cancer in three distinct ways by:

 

    Awakening 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 eliminate the tumor.

 

Advaxis’ proprietary Lm platform technology has been clinically validated and dosed in over 530 patients across multiple clinical trials and in various tumor types. The Company believes that Lm Technology immunotherapies can complement and address significant unmet needs in the current oncology treatment landscape. Specifically, our product candidates have the potential to work synergistically with other immunotherapies, including checkpoint inhibitors, while having a generally well-tolerated safety profile, and most product candidates are immediately available for treatment with a low cost of goods.

 

Liquidity and Financial Condition

 

The Company’s products that are being developed have not generated significant revenue. As a result, the Company has suffered recurring losses and requires significant cash resources to execute its business plans. These losses are expected to continue for an extended period of time. Our major sources of cash have been proceeds from various public and private offerings of our common stock, option and warrant exercises, and interest income. From October 2013 through May 2018, we raised approximately $245.2 million in gross proceeds from various public and private offerings of our common stock.

 

As of April 30, 2018, the Company had approximately $58.8 million in cash, restricted cash, cash equivalents and short-term investment securities on its balance sheet and working capital of $46.6 million. The Company has completed a thorough analysis of operating expenses, as well as research and development (“R&D”) programs. Accordingly, Management’s plans to mitigate such shortfall of cash flows include the approval of a work force reduction effective June 7, 2018, and also cost reductions regarding select ongoing programs for clinical trials. Based upon these actions, we believe our current working capital position as of April 30, 2018 and cash flows expected to be generated from future operations is sufficient to enable the Company to meet its obligations as they become due in the ordinary course of business for a period of at least one year from the issuance of these financial statements. Had these actions not been taken, the Company’s future cash flows may not have been sufficient for the Company to meet its obligations as they become due. The actual amount of cash that we will need to operate is subject to many factors, and the Company has the ability to further reduce other variable costs if needed. Should further financing be needed, the Company could access additional capital through the equity capital or debt markets although no assurance can be provided that the Company would be successful in any capital raising efforts.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

 

Basis of Presentation/Estimates

 

The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the SEC with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited condensed balance sheet as of October 31, 2017 has been derived from the Company’s October 31, 2017 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.

 

7
 

 

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, the fair value and recoverability of the carrying value of property and equipment and intangible assets, the 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 for the year ended October 31, 2017 and notes thereto contained in the Company’s annual report on Form 10-K for the year ended October 31, 2017, as filed with the SEC on December 21, 2017.

 

Concentration of Credit Risk

 

Financial instruments which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents. All 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 are collateralized by cash which is unavailable for withdrawal or for usage for general obligations. No amount is outstanding under either letter of credit as of April 30, 2018.

 

Net Income (Loss) per Share

 

Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, restricted stock units and other potential common stock outstanding during the period. In the case of a net loss, the impact of the potential common stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential common stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share.

 

   As of April 30, 
   2018   2017 
Warrants   3,092,395    3,110,575 
Stock Options   4,643,012    3,893,558 
Restricted Stock Units   1,089,475    1,146,435 
Total   8,824,882    8,150,568 

 

Recent Accounting Standards

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers.

 

Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standards”). The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating which transition approach we will utilize and the impact of adopting this accounting standard on our unaudited condensed financial statements. This update will be effective for the Company beginning in the first quarter of fiscal 2019.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (“Topic 842”) (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of fiscal 2020. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s financial statements.

 

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed financial statements.

 

8
 

 

3. SHORT-TERM INVESTMENT SECURITIES

 

The following table summarizes the Company’s investment securities at amortized cost as of April 30, 2018 and October 31, 2017:

 

   April 30, 2018 
   Amortized
cost, as adjusted
   Gross unrealized
holding gains
   Gross unrealized
holding losses
   Estimated fair
value
 
Short-term investments:                    
Certificates of Deposit  $490,000   $-   $-   $490,000 
U.S Treasury Notes   8,498,858    -    4,268    8,494,590 
Total short-term investment securities  $8,988,858   $-   $4,268   $8,984,590 

 

   October 31, 2017 
   Amortized
cost, as adjusted
   Gross unrealized
holding gains
   Gross unrealized
holding losses
   Estimated fair
value
 
Short-term investments:                    
Certificates of Deposit  $11,391,147   $-   $-   $11,391,147 
Domestic Governmental Agency Loans   499,957    -    162    499,795 
U.S Treasury Notes   34,507,200    -    25,351    34,481,849 
Total short-term investment securities  $46,398,304   $-   $25,513   $46,372,791 

 

All the Company’s short-term investment securities mature within the next 12 months.

 

4. PROPERTY AND EQUIPMENT

 

Property and equipment, net consists of the following:

 

   April 30, 2018   October 31, 2017 
         
Leasehold improvements  $2,254,727   $2,167,990 
Laboratory equipment   5,411,376    4,143,106 
Furniture and fixtures   745,804    728,725 
Computer equipment   394,523    394,523 
Construction in progress   692,234    883,322 
Total property and equipment   9,498,664    8,317,666 
Accumulated depreciation and amortization   (1,750,391)   (1,206,585)
Net property and equipment  $7,748,273   $7,111,081 

 

Depreciation expense for the three and six months ended April 30, 2018 and 2017 was $278,817, $543,806, $179,823 and $337,403, respectively.

 

5. INTANGIBLE ASSETS

 

Intangible assets, net consist of the following:

 

   April 30, 2018   October 31, 2017 
         
Patents  $6,337,436   $5,727,298 
Licenses   776,992    776,992 
Software   117,196    108,604 
Total intangibles   7,231,624    6,612,894 
Accumulated amortization   (1,879,137)   (1,756,119)
Intangible assets  $5,352,487   $4,856,775 

 

9
 

 

The expirations of the existing patents range from 2018 to 2038 but the expirations can be extended based on market approval if granted and/or based on existing laws and regulations. Capitalized costs associated with patent applications that are abandoned without future value are charged to expense when the determination is made not to pursue the application. Patent applications having a net book value of $161,889, $305,004, $89,881 and $89,881 were abandoned and were charged to research and development expenses in the Statement of Operations for the three and six months ended April 30, 2018 and 2017, respectively. Amortization expense for intangible assets aggregated $96,284, $188,809, $77,745 and $152,155 for the three and six months ended April 30, 2018 and 2017, respectively.

 

At April 30, 2018, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows:

 

Year ended October 31,    
     
2018 (Remaining)  $196,506 
2019   390,610 
2020   373,755 
2021   353,945 
2022   353,945 
Thereafter   3,683,726 
Total  $5,352,487 

 

6. ACCRUED EXPENSES:

 

The following table represents the major components of accrued expenses:

 

   April 30, 2018   October 31, 2017 
         
Salaries and other compensation  $2,382,100   $2,652,583 
Vendors   1,017,033    2,811,956 
Professional fees   837,850    3,235,497 
Total accrued expenses  $4,236,983   $8,700,036 

 

7. WARRANTS

 

At April 30, 2018 and October 31, 2017, the Company had 3,092,395 warrants outstanding at a weighted average exercise price of $5.00 and a weighted average remaining contractual life of 0.42 and 0.92 years, respectively. At April 30, 2018 and October 31, 2017, all of the Company’s outstanding warrants were classified as equity (equity warrants). At issuance, equity warrants are recorded at their relative fair values, using the relative fair value method, in the stockholders’ equity section of the balance sheet. The Company’s equity warrants can only be settled through the issuance of shares and are not subject to anti-dilution provisions.

 

8. SHARE BASED COMPENSATION

 

The following table summarizes share-based compensation expense included in the Statement of Operations:

 

   Three Months Ended April 30,   Six Months Ended April 30, 
   2018   2017   2018   2017 
Research and development  $525,822   $1,531,005   $1,798,818   $2,753,488 
General and administrative   698,787    3,682,720    2,234,908    7,570,662 
Total  $1,224,609   $5,213,725   $4,033,726   $10,324,150 

 

Restricted Stock Units (RSUs)

 

A summary of the Company’s RSU activity and related information for the six months ended April 30, 2018 is as follows:

 

   Number of
RSUs
   Weighted-Average Grant
Date Fair Value
 
         
Balance at October 31, 2017   1,363,119   $8.54 
Granted   335,424    3.22 
Vested   (461,111)   8.27 
Cancelled   (147,957)   9.98 
Balance at April 30, 2018   1,089,475   $6.82 

 

10
 

 

As of April 30, 2018, there was approximately $6,061,000 of unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 1.85 years.

 

As of April 30, 2018, the aggregate intrinsic value of non-vested RSUs was approximately $1,743,160.

 

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 256,610 shares (208,094 shares on a net basis after employee taxes) and 159,544 shares (129,728 shares on a net basis after employee taxes) during the three months ended April 30, 2018 and 2017 respectively. Total stock compensation expense associated with employee awards for the three months ended April 30, 2018 and 2017 was $619,740 and $1,712,297, respectively

 

Common Stock issued to executives and employees related to vested incentive retention awards, employment inducements, management purchases and employee excellence awards totaled 453,777 shares (403,140 shares on a net basis after employee taxes) and 253,520 shares (222,459 shares on a net basis after employee taxes) during the six months ended April 30, 2018 and 2017 respectively. Total stock compensation expense associated with employee awards for the six months ended April 30, 2018 and 2017 was $1,973,925 and $3,068,936, respectively.

 

Included in compensation expense for the three and six months ended April 30, 2018 is $210,146 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 30,000 shares for each of the three months ended April 30, 2018 and 2017, respectively. During the three months ended April 30, 2018 and 2017, total stock compensation expense associated with Director awards was $5,616 and $98,315, respectively.

 

Common stock issued to Directors for compensation related to board and committee membership totaled 30,000 shares for each of the six months ended April 30, 2018 and 2017, respectively. During the six months ended April 30, 2018 and 2017, total stock compensation expense associated with Director awards was $107,244 and $199,943, respectively.

 

Included in compensation expense for the three and six months ended April 30, 2018 is $9,850 recognized as a result of the modification of certain RSU’s associated with a Board member that decided not to run for re-election in March 2018. 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, 2018 is as follows:

 

   Number of
Options
   Weighted-Average
Exercise Price
 
Outstanding at October 31, 2017:   3,893,558   $12.51 
Granted   1,764,185    2.26 
Canceled or Expired   (1,014,731)   11.07 
Outstanding at April 30, 2018   4,643,012    8.93 
Vested and Exercisable at April 30, 2018   2,823,762   $12.58 

 

Total compensation cost related to the Company’s outstanding stock options, recognized in the statement of operations for the three months ended April 30, 2018 and 2017 was $599,254 and $3,006,763, respectively. For the six months ended April 30, 2018 and 2017, compensation cost related to the Company’s outstanding stock options was $1,997,558 and $6,190,221, respectively. Included in compensation expense for the three and six months ended April 30, 2018 is $76,784 recognized as a result of the modification of certain option agreements associated with two Board members that decided not to run for re-election in March 2018. 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.

 

During the six months ended April 30, 2018, 1,764,185 options were granted with a total grant date fair value of $3,122,924. During the six months ended April 30, 2017, 556,952 options were granted with a total grant date fair value of $3,542,215.

 

As of April 30, 2018, there was approximately $3,634,000 of unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.07 years.

 

As of April 30, 2018, 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, 2018 and 2017, the Company used the following inputs in its BSM:

 

   Six Months Ended April 30, 
   2018   2017 
         
Expected Term   5.35 – 6.51 years    5.50-6.50 years 
Expected Volatility   95.11 – 100.34%   107.07-110.93%
Expected Dividends   0%   0%
Risk Free Interest Rate   1.81 – 2.66%   1.26-1.58%

 

2018 Employee Stock Purchase Plan

 

During the six months ended April 30, 2018, the Company issued 10,681 shares that were purchased in fiscal 2017 under the 2011 Employee Stock Purchase Plan (“ESPP”).

 

The Advaxis, Inc. 2018 ESPP was approved by the Company’s shareholders on March 21, 2018. The ESPP allows eligible employees to purchase shares of our common stock at a 15% discount to the closing market price on designated exercise dates. 1,000,000 shares of the Company common stock are reserved for issuance under the ESPP.

 

11
 

 

9. COMMITMENTS AND CONTINGENCIES:

 

Legal Proceedings 

 

Bono

 

On August 20, 2015, a derivative complaint was filed by a purported Company stockholder in the United States District Court for the District of New Jersey styled David Bono v. O’Connor, et al., Case No. 3:15-CV-006326-FLW-DEA (D.N.J. Aug. 20, 2015) (the “Bono Action”). The complaint was based on general allegations related to certain stock options granted to the individual defendants and generally alleged counts for breaches of fiduciary duty and unjust enrichment. The complaint also alleged additional claims for violation of Section 14(a) of the Securities Exchange Act of 1934 and for waste of corporate assets. The complaint sought damages and costs of an unspecified amount, disgorgement of compensation obtained by the individual defendants, and injunctive relief.

 

Defendants filed a motion to dismiss the Bono Action. On May 23, 2016, the Court issued an opinion and order granting in part and denying in part defendants’ motion to dismiss. On October 5, 2016, the Court denied plaintiff’s motion for reconsideration of its May 23 order. On April 13, 2017, the parties advised the Court that they had reached a tentative agreement in principle to settle the action, subject to negotiating an award of attorneys’ fees and expenses to plaintiff’s counsel and a stipulation of settlement, and, ultimately, Court approval. The parties subsequently executed the stipulation of settlement on October 2, 2017. The Court entered an order preliminarily approving the settlement on November 7, 2017. The final fairness hearing was held January 29, 2018, and the Order and Final Judgment approving the settlement and dismissing the action with prejudice was entered on January 29, 2018. This matter is now concluded.

 

Corporate Office & Manufacturing Facility Lease

 

The Company leases its corporate office and manufacturing facility under an operating lease expiring in November 2025.

 

Future minimum payments under the Company’s operating leases are as follows:

 

Year ended October 31,    
     
2018 (remaining)  $523,676 
2019   1,107,385 
2020   1,232,907 
2021   1,317,640 
2022   1,368,819 
Thereafter   4,378,521 
Total  $9,928,948 

 

11. INCOME TAXES

 

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises U.S. corporate income taxation by, among other things, lowering the U.S. corporate income tax rate from 35.0 % to 21.0% effective January 1, 2018. The decrease in the U.S. federal corporate tax rate from 35.0% to 21.0% will result in a blended statutory tax rate of 23.2% for the fiscal year ending October 31, 2018. The Company does not anticipate any impact to tax expense due to the full valuation allowance of the Company and believes that the most significant impact on its financial statements will be reduction of approximately $32.7 million for the deferred tax assets related to net operating losses and other assets. Such reduction is offset by changes to the Company’s valuation allowance.

 

In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118, which allows a measurement period, not to exceed one year, to finalize the accounting for the income tax impacts of the Tax Act. Until the accounting for the income tax impacts of the Tax Act is complete, the reported amounts are based on reasonable estimates, are disclosed as provisional and reflect any adjustments in subsequent periods as they refine their estimates or complete their accounting of such tax effects.

 

12. STOCKHOLDERS’ EQUITY

 

During the six months ended January 31, 2018, the Company sold 881,629 shares of its Common Stock at-the-market transactions resulting in net proceeds of approximately $2,659,000.

 

During February 2018, the Company issued 10,000,000 shares of the Company’s common stock in a public offering at $2.00 per share, less underwriting discounts and commissions. The net proceeds to the Company from the transaction was approximately $18,383,000.

 

On March 21, 2018, the Company’s shareholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase our authorized shares of common stock by 30,000,000 to 95,000,000.

 

13. SUBSEQUENT EVENTS

 

Following the close of the second quarter, the Company is announcing a work force reduction effective June 7, 2018. As part of this plan, the Company will reduce employee headcount by approximately 24% as of this date. The Company intends to pay separation payments which will reflect both employee salary and healthcare coverage. Charges related to work force reduction are estimated to be approximately $905,000 which will be reflected in the third quarter results of operations.

 

On June 6, 2018 the Company announced that Molly Henderson joined the Company as Chief Financial Officer effective as of June 6, 2018.

 

12
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis contains forward-looking statements about our plans and expectations of what may happen in the future. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties, and our results could differ materially from the results anticipated by our forward-looking statements as a result of many known or unknown factors, including, but not limited to, those factors discussed in “Risk Factors” and incorporated by reference herein. See also the “Special Cautionary Notice Regarding Forward-Looking Statements” set forth at the beginning of this report.

 

You should read the following discussion and analysis in conjunction with the unaudited financial statements, and the related footnotes thereto, appearing elsewhere in this report, and in conjunction with management’s discussion and analysis and the audited financial statements included in our annual report on Form 10-K for the year ended October 31, 2017. In addition, we intend to use our media and investor relations website (http:// http://ir.advaxis.com/), SEC filings, press releases, public conference calls and webcasts as well as social media to communicate with our subscribers and the public about Advaxis, its services and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, in light of the SEC’s guidance, we encourage investors, the media, and others interested in Advaxis to review the information we post on the U.S. social media channels listed on our website.

 

Overview

 

Advaxis, Inc. is a late-stage biotechnology company focused on the discovery, development and commercialization of proprietary Listeria monocytogenes (“Lm”) based antigen delivery products. The Company is using its Lm platform directed against tumor-specific targets in order to engage the patient’s immune system to destroy tumor cells. Through a license from the University of Pennsylvania, Advaxis has exclusive access to this proprietary formulation of attenuated Lm called Lm Technology. Advaxis’ proprietary approach deploys a unique mechanism of action that awakens the immune system to attack cancer in three distinct ways by:

 

  Awakening 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 eliminate the tumor.

 

During the second fiscal quarter, the Company began assessing the clinical and commercial viability of its R&D programs in order to determine which were best suited for internal development and which were better suited for external development opportunities, as well as determine other ways to reduce operating expenses, all in order to in order to find ways to treat cancer patients and maximize stockholder value. In particular, we have determined to take the following actions:

 

  While the Company’s lead HPV program, axalimogene filolisbac, has shown meaningful clinical efficacy and supports the manageable safety profile of the Lm platform in HPV-related cancers, the Company intends to minimize future investment in cervical cancer and focus on potential partnership opportunities. Our plan is to expand our search for a U.S. and/or European partner, who will need to take on all development and commercialization activities and costs. In the event no partner emerges, the Company intends to wind down the ongoing trial in high risk locally advanced cervical cancer (AIM2CERV) and would not conduct the PD-1 combination trial in metastatic cervical cancer (ADVANCE), which has not yet been initiated.
  The Company intends to continue to evaluate cost effective ways to invest in axalimogene filolisbac in head-and-neck cancer. These may be internal or external investments, or both.
  With respect to the Company’s ongoing trial in metastatic prostate cancer with ADXS-PSA in combination with KEYTRUDA (“pembrolizumab”), early clinical data have proven worthy of continued evaluation. The Company intends to continue to evaluate this program.

 

In addition, on June 7, 2018, the Company announced that it would be implementing a reduction in force to align its staffing needs with its intended strategy. The reduction involves the elimination approximately 24% of the Company’s work force. Overall the cost of separation payments will be slightly higher than the savings of the work force reduction in the third quarter by approximately $140,000 dollars. Beginning with the Company’s fourth quarter, results of operations net quarterly savings will be approximately $1,150,000, or a total annualized workforce payroll savings of approximately $4,600,000. The net savings generated by the elimination of these positions, in conjunction with the reduction in clinical expenditures, will significantly lower the Company’s operating expenses and align its operations to focus on priority programs.

 

As previously reported, the Company’s clinical trial collaboration agreement with MedImmune, the global biologics research and development arm of AstraZeneca, related to the Phase 1/2, open-label, multicenter, two-part study to evaluate the safety and efficacy of axalimogene filolisbac in combination with MedImmune’s investigational anti-PD-L1 immune checkpoint inhibitor, durvalumab, as a combination treatment for patients with metastatic squamous or non-squamous carcinoma of the cervix and metastatic HPV-associated squamous cell Carcinoma of the head and neck was placed on clinical hold by FDA on March 9, 2018 following its review of a safety report regarding a Grade 5 Serious Adverse Event occurring on February 27, 2018 and involving respiratory failure which followed a sixth combination cycle (11th dose of axalimogene filolisbac, 21st dose of durvalumab) in the trial. Over 430 patients have received axalimogene filolisbac, and approximately 1,259 doses have been delivered across multiple trials in HPV-associated cancers, to date, and this is the first time we have seen this type of event. Enrollment and further dosing are on hold for this trial, and we are working closely with the site investigator and FDA to review this event in detail and to determine a path forward from this clinical hold. The Company anticipates submitting a response to the FDA shortly, intended to reach agreement on the appropriate measures to lift the clinical hold. We expect a response from the FDA to this letter within 30 days of submission. At this time, this hold does not affect any other current clinical trials or programs.

 

On June 6, 2018 the Company announced that Molly Henderson joined the Company as Chief Financial Officer effective as of June 6, 2018.

 

13
 

 

ADXS-HOT

 

The Company is currently prioritizing product development in the most prevalent cancers, with the first tumor type to be NSCLC. Advaxis plans to file multiple ADXS-HOT INDs in 2018, with a first-in-human trial in NSCLC to commence in 2018. Going forward, the Company plans to submit additional INDs for the ADXS-HOT program in 2019.

 

ADXS-HOT preclinical data was presented in a poster presentation at the 2018 AACR Annual Meeting. The study, entitled “Targeting Shared Hotspot Cancer Mutations with a Listeria monocytogenes Immunotherapy Induce Potent Anti-Tumor Immunity” demonstrated that the ADXS-HOT platform could effectively target common (public or shared) mutations (hotspots) and control tumor growth with both single and multi-target constructs.

 

ADXS-NEO

 

Preclinical findings in the ADXS-NEO program were discussed in poster presentations at the 2018 American Association for Cancer Research (AACR) Annual Meeting. Additionally, portions of these data were presented by Amgen at a podium presentation during the European Neoantigen Summit 2018.

 

The first study, as discussed in a poster presentation at AACR entitled “Neoantigens that fail to elicit measurable T cell responses following peptide immunization can control tumor growth when delivered using a Listeria-based immunotherapy platform,” showed that ADXS-NEO generates T cell responses against neoantigen peptides that control tumor growth, even when they were identified as “non-immunogenic” using a conventional peptide-adjuvant immunization.

 

In the second study, discussed in a poster presentation at AACR entitled “Targeting frameshift mutations with a Listeria monocytogenes immunotherapy drives neoantigen-specific antitumor immunity in MC38 and CT26 mouse tumor models,” Advaxis’ Lm platform was shown to target frameshift mutations and generate T cells to multiple neoantigens per frameshift in these models. This data highlighted the physical capacity of the Advaxis Lm platform and its ability to target frameshift mutations of greater than 90 amino acids, and to generate T cells to multiple neoantigens per frameshift in tumor mouse models.

 

14
 

 

The initial tumor types for the trial are microsatellite stable colorectal cancer, head and neck cancer, and NSCLC. The first patient, being treated for NSCLC, will be dosed in June 2018.

 

ADXS-PSA

 

Advaxis is conducting a trial in collaboration with Merck & Co. (“Merck”) evaluating the safety and efficacy of ADXS-PSA as monotherapy and in combination with KEYTRUDA ® (“pembrolizumab”), Merck’s anti PD-1 antibody, in a Phase 1/2, open-label, multicenter, dose determination and expansion trial in patients with previously treated metastatic, castration-resistant prostate cancer (Keynote-046). The Company presented data at the 2018 American Society of Clinical Oncology (“ASCO”) annual meeting. ADXS-PSA was tested alone or in combination with KEYTRUDA in an advanced and heavily pretreated patient population who had progressed on androgen deprivation therapy. A total of 13 and 37 patients were evaluated on monotherapy and combination therapy, respectively. Overall, the safety profile was consistent with findings from prior clinical studies using the Lm platform. Treatment-related adverse events (TRAEs) were mostly mild or moderate constitutional symptoms such as fever, chills, rigors, hypotension, nausea and fatigue, consistent with immune activation and manageable with standard care. There were no new toxicities observed with the combination therapy. In all treated patients, those who received the combination therapy experienced the longest overall survival (OS) at data cut-off. Additional efficacy related data include:

 

  Median overall survival had not been reached in the combination arm after 13 months of follow-up (95%CI 7.16-NR), and was 7.79 months (95%CI 3.52-11.9) in the monotherapy arm.
  56.8% of patients on combination therapy and 38.5% of patients on monotherapy did not experience disease progression.
  The percentage of patients with PSA declines from baseline in the combination therapy arm was 40.5%, and 15.4% in the monotherapy arm.
  In all treated patients, an improvement in survival was observed in patients with PSA declines from baseline of 50% or greater vs. those with PSA declines of less than 50%. There were 7 patients in the combination arm with 50% or greater declines in PSA from baseline, and none in the monotherapy arm.

 

HPV Related Cancers

 

We have several programs in HPV-related cancers based on axalimogene filolisbac, an Lm –based antigen delivery product designed to target cells expressing HPV. Axalimogene filolisbac is currently under investigation in three HPV-associated cancers: cervical cancer, head and neck cancer, and anal cancer, either as a monotherapy or in combination with other therapies, and has shown encouraging safety and efficacy in numerous clinical studies to date.

 

Cervical Cancer

 

We completed a randomized Phase 2 clinical study (Lm -LLO-E7-15), conducted exclusively in India, in 110 women with recurrent/refractory cervical cancer. The final results showed that 34.9% (38/109) of patients were alive at 12 months, 24.8% (27/109) of patients were Long-term Survivors (“LTS”) alive greater than 18 months. Of the 15 patients consenting to further follow-up beyond 18 months, 12 (11%) achieved 24-month OS status (range 24 – 34+ months) at the time of study closure. Axalimogene filolisbac was found to be well tolerated with the majority of the AEs were mild to moderate in severity (566 of 704 reported AEs, 80.4%) and were not related to study drug (539 of 704 reported AEs, 76.6%). These data were published in the May 2018 edition of the peer-reviewed International Journal of Gynecological Cancer.

 

Our ongoing Phase 3 trial is evaluating axalimogene filolisbac in patients with high-risk, locally advanced cervical (“AIM2CERV” or “ Advaxis Im munotherapy 2 Prevent Cerv ical Recurrence”). The study is being conducted under a Special Protocol Assessment (“SPA”), and has been determined by the FDA to be adequate, well-designed, and suitable for registration if successful. This study is being conducted in collaboration with the GOG/NRG Oncology, and we have initiated the AIM2CERV study to support a Biologics License Application (“BLA”) submission in the U.S. and regulatory registration in other territories around the world.

 

AIM2CERV is a double-blind, randomized, placebo-controlled, Phase 3 study of adjuvant axalimogene filolisbac, following primary chemoradiation treatment of women with high-risk locally advanced cervical cancer (“HRLACC”). The primary objective of AIM2CERV is to compare the disease free survival of axalimogene filolisbac to placebo administered in the adjuvant setting following standard concurrent chemotherapy and radiotherapy (“CCRT”) administered with curative intent to patients with HRLACC. Secondary endpoints include examining overall survival and safety. Our goal is to develop a treatment to prevent or reduce the risk of cervical cancer recurrence after primary, standard of care treatment in women who are at high risk of recurrence. The study is active in fourteen countries with 129 sites open to date.

 

In February 2018, the Company submitted a conditional MAA to the European Medicines Agency’s (“EMA”) Committee for the Company’s lead Lm Technology product candidate, axalimogene filolisbac, for the treatment of adult women who progress beyond first-line therapy of persistent/recurrent metastatic cervical cancer (“PRmCC”). The MAA submission was primarily based on data from the GOG-0265 study, as well as supportive data from other clinical trials evaluating axalimogene filolisbac and was validated by the EMA in March 2018.

 

15
 

 

The Company is seeking a U.S. and/or European partner to fund the development and commercialization of axalimogene filolisbac in cervical cancer including the completion of the AIM2CERV study. If a partner is not found, the program would be wound down in the near future in a clinically responsible manner. In the short term, patients on trial would continue treatment.

 

We have a clinical trial collaboration agreement with MedImmune, the global biologics research and development arm of AstraZeneca, and are conducting a Phase 1/2, open-label, multicenter, two-part study to evaluate the safety and efficacy of axalimogene filolisbac in combination with MedImmune’s investigational anti-PD-L1 immune checkpoint inhibitor, durvalumab, as a combination treatment for patients with metastatic squamous or non-squamous carcinoma of the cervix and metastatic HPV-associated SCCHN. For the axalimogene filolisbac and durvalumab dose escalation portion of the study, the dose-escalation phase has been completed. We have commenced enrollment in the Part A (20 patients with SCCHN) and B (90 patients with cervical cancer) expansion phases; however, this trial was placed on clinical hold by FDA on March 9, 2018. following its review of a safety report regarding a Grade 5 Serious Adverse Event occurring on February 27, 2018 and involving respiratory failure which followed a sixth combination cycle (11th dose of axalimogene filolisbac, 21st dose of durvalumab) in the trial. Over 430 patients have received axalimogene filolisbac, and approximately 1,259 doses have been delivered across multiple trials in HPV-associated cancers, to date, and this is the first time we have seen this type of event. Enrollment and further dosing are on hold for this trial, and we are working closely with the site investigator and FDA to review this event in detail. The Company anticipates submitting a response to the FDA shortly, intended to reach agreement on the appropriate measures to lift the clinical hold. We expect a response to this letter from the FDA within 30 days of submission. At this time, this hold does not affect any other current clinical trials or programs.

 

We had entered into a clinical development collaboration agreement with BMS to evaluate their PD-1 immune checkpoint inhibitor, OPDIVO® (nivolumab), in combination with axalimogene filolisbac as a potential treatment option for women with metastatic cervical cancer. The ADVANCE trial was planned to evaluate this combination regimen in women with persistent, recurrent or metastatic (squamous or non-squamous cell) carcinoma of the cervix who have failed at least one prior line of systemic chemotherapy. Under the terms of the agreement, each party would bear its own internal costs and provide its immunotherapy agents. This trial has not yet been initiated as the Company is seeking a U.S. and/or European partner to fund the cervical cancer program. If a partner is not found, the study will not be initiated.

 

Head and Neck Cancer

 

We have entered into a clinical trial collaboration agreement with MedImmune to collaborate on a Phase 1/2, open-label, multicenter, two part trial to evaluate safety and efficacy of axalimogene filolisbac, in combination with durvalumab (MEDI4736), for patients with metastatic squamous or non-squamous carcinoma of the cervix and metastatic HPV-associated SCCHN. Part 1 of this trial is complete, and the Company has commenced enrollment in the Part A (20 patients with SCCHN) and B (90 patients with cervical cancer) expansion phases; however, this trial was placed on clinical hold as detailed above.

 

The Company is evaluating opportunities to conduct a capital efficient trial evaluating axalimogene filolisbac in head and neck cancer. We will announce more details on this program soon.

 

Results of Operations for the Three Months Ended April 30, 2018 and 2017

 

Revenue

 

Revenue decreased $1,677,900 to $1,747,480 for the three months ended April 30, 2018 compared to $3,425,380 for the three months ended April 30, 2017. The decrease was due to a change in the estimated performance period associated with upfront fees received from Amgen in conjunction with the collaboration agreement signed in August 2016.

 

Research and Development Expenses

 

We make significant investments in research and development to support our pre-clinical and clinical development programs. Research and development expenses for the three months ended April 30, 2018 and 2017 were categorized as follows:

 

   Three Months Ended April 30, 
   2018   2017 
         
HPV-associated cancers  $4,386,321   $5,001,228 
Prostate cancer   681,001    762,650 
Neoantigen therapy   530,630    646,078 
Other clinical trial expenses   7,597    519,582 
Other external research & development expenses   1,687,400    5,959,010 
All other expenses   5,133,300    6,418,312 
Partner reimbursements   (1,593,557)   (3,000,000)
Total research & development expense  $10,832,692   $16,306,860 

 

16
 

 

Axalimogene Filolisbac

 

HPV-associated expenses decreased $614,907 to $4,386,321 for the three months ended April 30, 2018 compared to $5,001,228 for the three months ended April 30, 2017. The decrease results primarily from slower enrollment activities associated with the Phase 3 AIM2CERV trial.

 

Other Clinical Trial Expenses

 

Other clinical trial expenses decreased $511,985 to $7,597 for the three months ended April 30, 2018 compared to $519,582 for the three months ended April 30, 2017. The decrease relates to the dose findings of a HER2 Phase 1b trial being completed in fiscal 2017 and the Company’s decision not to proceed to the expansion phase of the trial.

 

Other External Research & Development Expenses

 

Other external research & development expenses consist primarily of professional fees and laboratory costs that have not been specifically allocated to one of our franchises. The decrease of $4,271,610 to $1,687,400 for the three months ended April 30, 2018 compared to $5,959,010 for the three months ended April 30, 2017 is primarily attributable to a decrease in laboratory costs and drug manufacturing process validation and drug stability studies supporting the MAA which was filed in February 2018.

 

All Other Expenses

 

All other expenses include salary and benefit costs, stock based compensation expense, equipment costs and other internal costs associated with our research & development activities. The decrease of $1,285,012 to $5,133,300 for the three months ended April 30, 2018 compared to $6,418,312 for the three months ended April 30, 2017 is primarily attributable to a decrease in stock compensation resulting from a reduction in headcount.

 

Partner reimbursements

 

Partner reimbursements decreased $1,406,443 to $1,593,557 for the three months ended April 30, 2018 compared to $3,000,000 for the three months ended April 30, 2017. The decrease relates to $3,000,000 from Stendhal for partner reimbursements supporting AIM2CERV in the prior year compared to $1,593,557 from Amgen for partner reimbursements supporting ADXS-NEO in the current year.

 

General and Administrative Expenses

 

General and administrative expenses primarily include salary and benefit costs and stock based compensation expense for employees included in our finance, legal and administrative organizations, outside legal and professional services, and facilities costs. General and administrative expenses decreased $3,311,086 to $4,467,142 for the three months ended April 30, 2018, compared with $7,778,228 for the three months ended April 30, 2017. The decrease is primarily attributable to a decrease in stock based compensation related to the resignation of the Company’s Chief Financial Officer and Chief Executive Officer in April 2018 and July 2017, respectively, two Board members who did not seek re-election in March 2018 and the elimination of stock based compensation paid to consultants. In addition, litigation settlements declined year over year. These decreases were offset by an increase in severance associated with the resignation of the Interim Chief Executive Officer and Chief Financial Officer.

 

17
 

 

Results of Operations for the Six Months Ended April 30, 2018 and 2017

 

Revenue

 

Revenue decreased $3,413,115 to $3,803,107 for the six months ended April 30, 2018 compared to $7,216,222 for the six months ended April 30, 2017. The decrease was due to a change in the estimated performance period associated with upfront fees received from Amgen in conjunction with the collaboration agreement signed in August 2016.

 

Research and Development Expenses

 

We make significant investments in research and development to support our pre-clinical and clinical development programs. Research and development expenses for the six months ended April 30, 2018 and 2017 were categorized as follows:

 

   Six months Ended April 30, 
   2018   2017 
         
HPV-associated cancers  $9,937,495   $8,965,813 
Prostate cancer   1,383,152    1,649,280 
Neoantigen therapy   902,437    1,043,852 
Other clinical trial expenses   226,517    990,546 
Other external research & development expenses   6,683,799    8,799,470 
All other expenses   11,863,115    11,506,453 
Partner reimbursements   (3,093,557)   (3,000,000)
Total research & development expense  $27,902,958   $29,955,414 

 

Axalimogene Filolisbac

 

HPV-associated expenses increased $971,682 to $9,937,495 for the six months ended April 30, 2018 compared to $8,965,813 for the six months ended April 30, 2017. The increase resulted primarily from startup activities for additional countries in the Phase 3 AIM2CERV trial.

 

Other Clinical Trial Expenses

 

Other clinical trial expenses decreased $764,029 to $226,517 for the six months ended April 30, 2018 compared to $990,546 for the six months ended April 30, 2017. The decrease relates to the dose findings of a HER2 Phase 1b trial being completed in fiscal 2017 and the Company’s decision not to proceed to the expansion phase of the trial.

 

Other External Research & Development Expenses

 

Other external research & development expenses consist primarily of professional fees and laboratory costs that have not been specifically allocated to one of our franchises. The decrease of $2,115,671 to $6,683,799 for the six months ended April 30, 2018 compared to $8,799,470 for the six months ended April 30, 2017 is primarily attributable to a decrease in laboratory costs and drug manufacturing process validation and drug stability studies supporting the MAA which was filed in February 2018.

 

General and Administrative Expenses

 

General and administrative expenses primarily include salary and benefit costs and stock based compensation expense for employees included in our finance, legal and administrative organizations, outside legal and professional services, and facilities costs. General and administrative expenses decreased $5,106,063 to $9,999,974 for the six months ended April 30, 2018, compared with $15,106,037 for the six months ended April 30, 2017. The decrease is primarily attributable to a decrease in stock based compensation related to the resignation of the Company’s Chief Financial Officer and Chief Executive Officer in April 2018 and July 2017, respectively, two Board members who did not seek re-election in March 2018 and the elimination of stock based compensation paid to consultants. In addition, litigation settlements declined year over year. These decreases were offset by an increase in severance associated with the resignation of the Interim Chief Executive Officer and Chief Financial Officer.

 

Liquidity and Capital Resources

 

Our major sources of cash have been proceeds from various public and private offerings of our common stock, option and warrant exercises, and interest income. From October 2013 through May 2018, we raised approximately $245.2 million in gross proceeds from various public and private offerings of our common stock. We have not yet commercialized any drug, and we may not become profitable. Our ability to achieve profitability depends on a number of factors, including our ability to complete our development efforts, obtain regulatory approvals for our drug, successfully complete any post-approval regulatory obligations, successfully compete with other available treatment options in the marketplace, overcome any clinical holds that the FDA may impose and successfully manufacture and commercialize our drug alone or in partnership. We may continue to incur substantial operating losses even after we begin to generate revenues from our drug candidates.

 

18
 

 

As of April 30, 2018, the Company had approximately $58.8 million in cash, restricted cash, cash equivalents and short-term investment securities on its balance sheet and working capital of $46.6 million. The Company has completed a thorough analysis of operating expenses, as well as research and development (“R&D”) programs. Accordingly, Management’s plans to mitigate such shortfall of cashflows include the approval of a work force reduction effective June 7, 2018, and also cost reductions regarding select ongoing programs for clinical trials. Based upon these actions, we believe our current working capital position as of April 30, 2018 and cashflows expected to be generated from future operations is sufficient to enable the Company to meet its obligations as they become due in the ordinary course of business for a period of at least one year from the issuance of these financial statements. Had these actions not been taken, the Company’s future cashflows may not have been sufficient for the Company to meet its obligations as they become due. The actual amount of cash that we will need to operate is subject to many factors, and the Company has the ability to further reduce other variable costs if needed. Should further financing be needed, the Company could access additional capital through the equity capital or debt markets although no assurance can be provided that the Company would be successful in any capital raising efforts.

 

Since our inception through April 30, 2018, we reported accumulated net losses of approximately $335.0 million and recurring negative cash flows from operations. We anticipate that we will continue to generate significant losses from operations for the foreseeable future.

 

Cash Flows

 

Operating Activities

 

Net cash used in operating activities was approximately $30.8 million for the six months ended April 30, 2018 compared to $33.7 million for the six months ended April 30, 2017. Net cash used in operating activities includes spending associated with our clinical trial programs and general and administrative activities as well as an increase in proceeds received from the sale of our state NOLs and R&D tax credits of approximately $1.9 million.

 

Investing Activities

 

Net cash provided by investing activities was approximately $34.8 million for the six months ended April 30, 2018 compared to $49.0 million for the six months ended April 30, 2017. The change was primarily due to higher level of the use of proceeds from matured short-term investment securities to fund operating activities and fewer purchases of held-to-maturity investments. The change was also impacted by restricted cash established with a letter of credit, purchases of property and equipment, legal cost spending in support of our intangible assets (patents) and costs paid to Penn for patents.

 

Financing Activities

 

Net Cash provided by financing activities was approximately $21.0 million for the six months ended April 30, 2018 as compared to net cash used in financing activities of $26,000 for the six months ended April 30, 2017. The increase resulted primarily from net proceeds of approximately $18,383,000 from the sales of 10,000,000 shares of our common stock in a public offering and approximately $2,659,000 million from the sale of 881,629 shares of our Common Stock at-the-market transactions.

 

Our capital resources and operations to date have been funded primarily with the proceeds from both public and private equity and debt financings, NOL tax sales and income earned on investments and grants. We have sustained losses from operations in each fiscal year since our inception, and we expect losses to continue for the indefinite future, due to the substantial investment in research and development. As of April 30, 2018, and October 31, 2017, we had an accumulated deficit of $335,041,765 and $301,142,227, respectively, and stockholders’ equity of $45,455,318 and $54,260,167, respectively.

 

Contractual Commitments and Obligations

 

The disclosure of our contractual obligations and commitments was reported in our Annual Report on Form 10-K for the year ended October 31, 2017 filed on December 21, 2017. There have been no material changes from the contractual commitments and obligations previously disclosed in our Annual Report on Form 10-K other than the changes described in Note 10, “Commitments and Contingencies” in this Quarterly Report on Form 10-Q.

 

19
 

 

Off-Balance Sheet Arrangements

 

As of April 30, 2018, we had no off-balance sheet arrangements.

 

Critical Accounting Estimates

 

The preparation of financial statements in accordance with GAAP accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts and related disclosures in the financial statements. Management considers an accounting estimate to be critical if:

 

  it requires assumptions to be made that were uncertain at the time the estimate was made, and
     
  changes in the estimate of difference estimates that could have been selected could have material impact in our results of operations or financial condition.

 

While we base our estimates and judgments on our experience and on various other factors that we believe to be reasonable under the circumstances, actual results could differ from those estimates and the differences could be material. The most significant estimates impact the following transactions or account balances: stock compensation, warrant liability valuation and impairment of intangibles.

 

See Note 2 to our financial statements that discusses significant accounting policies.

 

New Accounting Standards

 

See Note 2 to our financial statements that discusses new accounting pronouncements.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

At April 30, 2018, the Company had approximately $58.8 million in cash, cash equivalents and short-term investment securities, which consisted primarily of bank deposits, money market funds and short-term investment securities such as certificates of deposit, domestic governmental agency loans and U.S treasury notes. The Company’s investment policy and strategy are focused on preservation of capital and supporting the Company’s liquidity requirements. The Company uses a combination of internal and external management to execute its investment strategy and achieve its investment objectives. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Such interest-earning instruments carry a degree of interest rate risk; however, historical fluctuations of interest income have not been significant.

 

We have not been exposed nor do we anticipate being exposed to material risks due to changes in interest rates. A hypothetical 10% change in interest rates during any of the periods presented would not have had a material impact on our financial statements.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our chief executive officer and principal financial officer of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act). Based upon this evaluation, our chief executive officer and principal financial officer concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (1) accumulated and communicated to our management, including our chief executive officer, as appropriate to allow timely decisions regarding required disclosure; and (2) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

 

Changes in Internal Control over Financial Reporting

 

As previously disclosed, on April 23, 2018, Anthony Lombardo resigned from his position as Interim Chief Executive Officer and Sara Bonstein resigned as Chief Financial Officer, effective as of April 30, 2018. Mr. Lombardo remained with the Company in a non-executive role until his resignation on May 31, 2018. Also, on April 23, 2018, Ken Berlin was named as President and Chief Executive Officer (and was also appointed to the Board of Directors). On June 6, 2018, the Company announced that Molly Henderson was named Chief Financial Officer. During the quarter ended April 30,2018, there were no other changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

 

Limitations on Effectiveness of Controls

 

Our management, including our Principal Executive, Financial and Accounting Officer, does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.

 

20
 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

The Company is from time to time involved in legal proceedings in the ordinary course of our business. The Company does not believe that any of these claims or proceedings against us is likely to have, individually or in the aggregate, a material adverse effect on the financial condition or results of operations. Refer to Footnote 9: Commitments and Contingencies for more information on legal proceedings.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Recent Sales of Unregistered Securities

 

During the period covered by this report, we have issued unregistered securities to the persons as described below. None of these transactions involved any underwriters, underwriting discounts or commissions, except as specified below, or any public offering, and we claim that each transaction was exempt from the registration requirements of the Securities Act of 1933 by virtue of Section 3(a)(9) or Section 4(2) thereof and/or Regulation D promulgated thereunder. All recipients had adequate access to information about us. We have not furnished information under this item to the extent that such information previously has been included under Item 3.02 in a Current Report on Form 8-K.

 

On March 7, 2018, the registrant issued 8,648 shares of Common Stock to an employee.

 

On March 29, 2018, the registrant issued 2,889 shares of common stock to its Executive Officers, pursuant to their Employment Agreements

 

On April 17, 2018, the registrant issued 13,949 shares of Common Stock to an employee.

 

On April 30, 2018, the registrant issued 2,902 shares of common stock to its Executive Officers, pursuant to their Employment Agreements.

 

On May 31, 2018, the registrant issued 2,707 shares of common stock to its Executive Officers, pursuant to their Employment Agreements.

 

On May 31, 2018, the registrant issued 26,112 shares of Common Stock to an employee.

 

Item 6. Exhibits

 

10.1   Employment Agreement by and between Advaxis, Inc. and Kenneth A. Berlin, dated April 23, 2018, filed as Exhibit 10.1 with our Form 8-K filed on April 23, 2018, and incorporated herein by reference.
     
10.2   Separation Agreement by and between Advaxis, Inc. and Anthony Lombardo, dated April 23, 2018, as Exhibit 10.2 with our Form 8-K filed on April 23, 2018, and incorporated herein by reference.
     
10.3   Separation Agreement by and between Advaxis, Inc. and Sara Bonstein, dated April 23, 2018, filed as Exhibit 10.3 with our Form 8-K filed on April 23, 2018, and incorporated herein by reference.
     
31.1*   Certification of Principal Executive, Financial and Accounting Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002
     
32.1*   Certification of Principal Executive, Financial and Accounting Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS   XBRL INSTANCE DOCUMENT
     
101.SCH   XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
     
101.CAL   XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
     
101.DEF   XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT
     
101.LAB   XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
     
101.PRE   XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

 

 

* Filed herewith.

 

21
 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  ADVAXIS, INC.
  Registrant
     
Date: June 7, 2018 By: /s/ Kenneth A. Berlin
    Kenneth A. Berlin
    Principal Executive, Financial and Accounting Officer

 

22
 

EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

 

I, Kenneth A. Berlin, certify that:

 

1. I have reviewed this report on Form 10-Q for the quarter ended April 30, 2018 of Advaxis, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

June 7, 2018

 

By: /s/ Kenneth A. Berlin  
Name: Kenneth A. Berlin  
Title: Principal Executive, Financial and Accounting Officer  

 

 
 

 

EX-32.1 3 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION-PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

 

The undersigned as Interim Chief Executive Officer of Advaxis, Inc. (the “Company”), does hereby certify that the foregoing Quarterly Report on Form 10-Q of the Company for the quarter ended April 30, 2018:

 

  (1) Fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
     
  (2) Fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

June 7, 2018  
   
/s/ Kenneth A. Berlin  
Kenneth A. Berlin  
Principal Executive, Financial and Accounting Officer  

 

 
 

 

EX-101.INS 4 adxs-20180430.xml XBRL INSTANCE FILE 0001100397 2016-11-01 2017-10-31 0001100397 2016-10-31 0001100397 2017-10-31 0001100397 us-gaap:CertificatesOfDepositMember 2017-10-31 0001100397 us-gaap:CertificatesOfDepositMember 2016-11-01 2017-10-31 0001100397 us-gaap:UsGovernmentAgencyInsuredLoansMember 2016-11-01 2017-10-31 0001100397 us-gaap:UsGovernmentAgencyInsuredLoansMember 2017-10-31 0001100397 us-gaap:USTreasuryNotesSecuritiesMember 2017-10-31 0001100397 us-gaap:USTreasuryNotesSecuritiesMember 2016-11-01 2017-10-31 0001100397 2017-04-30 0001100397 us-gaap:WarrantMember 2016-11-01 2017-10-31 0001100397 us-gaap:RestrictedStockUnitsRSUMember 2017-10-31 0001100397 2017-11-01 2018-04-30 0001100397 2018-04-30 0001100397 2016-11-01 2017-04-30 0001100397 us-gaap:WarrantMember 2017-11-01 2018-04-30 0001100397 us-gaap:EmployeeStockOptionMember 2017-11-01 2018-04-30 0001100397 us-gaap:WarrantMember 2016-11-01 2017-04-30 0001100397 us-gaap:EmployeeStockOptionMember 2016-11-01 2017-04-30 0001100397 us-gaap:CertificatesOfDepositMember 2018-04-30 0001100397 us-gaap:USTreasuryNotesSecuritiesMember 2018-04-30 0001100397 us-gaap:CertificatesOfDepositMember 2017-11-01 2018-04-30 0001100397 us-gaap:USTreasuryNotesSecuritiesMember 2017-11-01 2018-04-30 0001100397 us-gaap:RestrictedStockUnitsRSUMember 2018-04-30 0001100397 us-gaap:RestrictedStockUnitsRSUMember 2017-11-01 2018-04-30 0001100397 ADXS:EmployeeStockAwardsMember 2017-11-01 2018-04-30 0001100397 us-gaap:ResearchAndDevelopmentExpenseMember 2017-11-01 2018-04-30 0001100397 us-gaap:GeneralAndAdministrativeExpenseMember 2017-11-01 2018-04-30 0001100397 us-gaap:ResearchAndDevelopmentExpenseMember 2016-11-01 2017-04-30 0001100397 us-gaap:GeneralAndAdministrativeExpenseMember 2016-11-01 2017-04-30 0001100397 srt:MinimumMember 2017-11-01 2018-04-30 0001100397 srt:MaximumMember 2017-11-01 2018-04-30 0001100397 srt:MinimumMember 2016-11-01 2017-04-30 0001100397 srt:MaximumMember 2016-11-01 2017-04-30 0001100397 ADXS:CorporateOfficeandManufacturingFacilityLeaseMember 2017-11-01 2018-04-30 0001100397 2018-06-04 0001100397 2017-12-21 2017-12-22 0001100397 ADXS:OctoberThirtyOneTwoThousandAndEighteenMember 2017-12-21 2017-12-22 0001100397 2018-02-01 2018-04-30 0001100397 2017-02-01 2017-04-30 0001100397 ADXS:EmployeeStockAwardsMember ADXS:ExecutivesAndEmployeesMember 2017-11-01 2018-04-30 0001100397 ADXS:EmployeeStockAwardsMember ADXS:ExecutivesAndEmployeesMember 2016-11-01 2017-04-30 0001100397 ADXS:EmployeeStockAwardsMember ADXS:ExecutivesAndEmployeesMember 2018-02-01 2018-04-30 0001100397 ADXS:EmployeeStockAwardsMember ADXS:ExecutivesAndEmployeesMember 2017-02-01 2017-04-30 0001100397 ADXS:EmployeeStockAwardsMember 2018-02-01 2018-04-30 0001100397 ADXS:DirectorStockAwardsMember ADXS:DirectorsMember 2017-11-01 2018-04-30 0001100397 ADXS:DirectorStockAwardsMember ADXS:DirectorsMember 2016-11-01 2017-04-30 0001100397 ADXS:DirectorStockAwardsMember ADXS:DirectorsMember 2018-02-01 2018-04-30 0001100397 ADXS:DirectorStockAwardsMember ADXS:DirectorsMember 2017-02-01 2017-04-30 0001100397 ADXS:DirectorStockAwardsMember 2017-11-01 2018-04-30 0001100397 ADXS:DirectorStockAwardsMember 2018-02-01 2018-04-30 0001100397 ADXS:TwoThousandAndElevenEmployeeStockPurchasePlanMember 2017-11-01 2018-04-30 0001100397 ADXS:TwoThousandAndElevenEmployeeStockPurchasePlanMember 2018-04-30 0001100397 us-gaap:ResearchAndDevelopmentExpenseMember 2018-02-01 2018-04-30 0001100397 us-gaap:GeneralAndAdministrativeExpenseMember 2018-02-01 2018-04-30 0001100397 us-gaap:ResearchAndDevelopmentExpenseMember 2017-02-01 2017-04-30 0001100397 us-gaap:GeneralAndAdministrativeExpenseMember 2017-02-01 2017-04-30 0001100397 ADXS:OctoberTwoThousandThirteenThoughMayTwoThousandEighteenMember 2017-11-01 2018-04-30 0001100397 ADXS:RestrictedStockUnitsMember 2017-11-01 2018-04-30 0001100397 ADXS:RestrictedStockUnitsMember 2016-11-01 2017-04-30 0001100397 2017-08-01 2018-01-31 0001100397 ADXS:UnderwritingAgreementMember 2018-02-01 2018-02-28 0001100397 ADXS:UnderwritingAgreementMember 2018-02-28 0001100397 2018-03-21 0001100397 ADXS:TwoBoardMembersMember 2018-02-01 2018-04-30 0001100397 ADXS:TwoBoardMembersMember 2017-11-01 2018-04-30 0001100397 ADXS:JuneSevenTwoThousandEighteenMember 2017-11-01 2018-04-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure 0.001 0.001 5000000 5000000 0 0 0 0 0 0 0.001 0.001 41206538 52561996 41206538 52561996 21041820 95000000 95000000 30000000 188809 152155 96284 77745 543806 337403 278817 179823 54260167 45455318 -33899538 -37548658 -13407072 -20467655 75000 50000 50000 112750980 23899809 30024063 48876630 24976821 -82726917 269407 523513 40438 264986 989525 607184 1276652 2342515 49901000 21152333 -2187479 2818357 -4452682 -2549862 -27361 -3187 161500 -97520 93641778 79169600 -301142227 -335041765 355361187 380444520 41207 52563 39381611 33714282 20864298 18856818 6995336 7163628 5121406 7408687 93641778 79169600 431098 592598 4856775 5352487 7111081 7748273 81242824 65476242 2986385 2867882 4452682 45576580 40204062 49864795 40295941 -0.74 -0.93 -0.27 -0.51 50000 50000 -33849538 -37498658 -13407072 -20467655 -40230 -3346 -5713 -3346 20156 10652 290517 329761 150995 184747 -34099825 -37845229 -13552354 -20659708 36902932 45061451 15299834 24085088 9999974 15106037 4467142 7778228 27902958 29955414 10832692 16306860 -3552375 -6966222 274506 627121 56707 175062 8700036 4236983 4033726 10324150 1798818 2234908 2753488 7570662 1224609 5213725 525822 698787 1531005 3682720 47520 47520 1038555 1099373 305004 89881 161889 89881 60818 94231 603725 5719085 12487174 67215523 2918644 3765872 9482 135202 -390000 Advaxis, Inc. 0001100397 10-Q 2018-04-30 false --10-31 Accelerated Filer ADXS Q2 2018 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>1. NATURE OF OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Advaxis, Inc. (&#8220;Advaxis&#8221; or the &#8220;Company&#8221;) is a late-stage biotechnology company focused on the discovery, development and commercialization of proprietary <i>Listeria monocytogenes</i> (&#8220;<i>Lm</i>&#8221;) based antigen delivery products. The Company is using its <i>Lm</i> platform directed against tumor-specific targets in order to engage the patient&#8217;s immune system to destroy tumor cells. Through a license from the University of Pennsylvania, Advaxis has exclusive access to this proprietary formulation of attenuated <i>Lm </i>called <i>Lm</i> Technology. Advaxis&#8217; proprietary approach deploys a unique mechanism of action that awakens the immune system to attack cancer in three distinct ways by:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify">&#160;</td> <td style="width: 48px; text-align: justify"><font style="font-size: 10pt">&#9679;&#160;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Awakening the immune system by activating multiple pathways in Antigen-presenting cells (&#8220;APCs&#8221;) with the equivalent of multiple adjuvants;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Attacking the tumor by generating a strong, cancer-specific T cell response; and</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">&#9679;&#160;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Breaking down tumor protection through suppression of the protective cells in the Tumor Microenvironment (&#8220;TME&#8221;) that shields the tumor from the immune system. This enables the activated T cells to begin working to eliminate the tumor.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Advaxis&#8217; proprietary <i>Lm</i> platform technology has been clinically validated and dosed in over 530 patients across multiple clinical trials and in various tumor types. The Company believes that <i>Lm</i> Technology immunotherapies can complement and address significant unmet needs in the current oncology treatment landscape. Specifically, our product candidates have the potential to work synergistically with other immunotherapies, including checkpoint inhibitors, while having a generally well-tolerated safety profile, and most product candidates are immediately available for treatment with a low cost of goods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidity and Financial Condition</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company&#8217;s 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. Our major sources of cash have been proceeds from various public and private offerings of our common stock, option and warrant exercises, and interest income. From October 2013 through May 2018, we raised approximately $245.2 million in gross proceeds from various public and private offerings of our common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 30, 2018, the Company had approximately $58.8 million in cash, restricted cash, cash equivalents and short-term investment securities on its balance sheet and working capital of $46.6 million. The Company has completed a thorough analysis of operating expenses, as well as research and development (&#8220;R&#38;D&#8221;) programs. Accordingly, Management&#8217;s plans to mitigate such shortfall of cash flows include the approval of a work force reduction effective June 7, 2018, and also cost reductions regarding select ongoing programs for clinical trials. Based upon these actions, we believe our current working capital position as of April 30, 2018 and cash flows expected to be generated from future operations is sufficient to enable the Company to meet its obligations as they become due in the ordinary course of business for a period of at least one year from the issuance of these financial statements. Had these actions not been taken, the Company&#8217;s future cash flows may not have been sufficient for the Company to meet its obligations as they become due. The actual amount of cash that we will need to operate is subject to many factors, and the Company has the ability to further reduce other variable costs if needed. Should further financing be needed, the Company could access additional capital through the equity capital or debt markets although no assurance can be provided that the Company would be successful in any capital raising efforts.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation/Estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;U.S. GAAP&#8221;) for interim financial information, and in accordance with the rules and regulations of the SEC with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited condensed balance sheet as of October 31, 2017 has been derived from the Company&#8217;s October 31, 2017 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, the fair value and recoverability of the carrying value of property and equipment and intangible assets, the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These unaudited interim condensed financial statements should be read in conjunction with the financial statements of the Company for the year ended October 31, 2017 and notes thereto contained in the Company&#8217;s annual report on Form 10-K for the year ended October 31, 2017, as filed with the SEC on December 21, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Concentration of Credit Risk</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents. All the Company&#8217;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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Restricted Cash and Letters of Credit</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s Marketing Authorization Application (&#8220;MAA&#8221;) in Europe. The letters of credit are collateralized by cash which is unavailable for withdrawal or for usage for general obligations. No amount is outstanding under either letter of credit as of April 30, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Net Income (Loss) per Share</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, restricted stock units and other potential common stock outstanding during the period. In the case of a net loss, the impact of the potential common stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential common stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of April 30,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">Warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,092,395</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,110,575</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Stock Options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,643,012</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,893,558</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Restricted Stock Units</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,089,475</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,146,435</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,824,882</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,150,568</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recent Accounting Standards</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (&#8220;ASU 2014-09&#8221;), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (&#8220;ASU 2016-08&#8221;); ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (&#8220;ASU 2016-10&#8221;); ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (&#8220;ASU 2016-12&#8221;); and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (&#8220;ASU 2016-20&#8221;). The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 with ASU 2014-09 (collectively, the &#8220;new revenue standards&#8221;). The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating which transition approach we will utilize and the impact of adopting this accounting standard on our unaudited condensed financial statements. This update will be effective for the Company beginning in the first quarter of fiscal 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases (&#8220;Topic 842&#8221;) (&#8220;ASU 2016-02&#8221;). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of fiscal 2020. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company&#8217;s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. SHORT-TERM INVESTMENT SECURITIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s investment securities at amortized cost as of April 30, 2018 and October 31, 2017:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Amortized</font><br /> <font style="font-size: 10pt">cost, as adjusted</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Gross unrealized</font><br /> <font style="font-size: 10pt">holding gains</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Gross unrealized</font><br /> <font style="font-size: 10pt">holding losses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Estimated fair</font><br /> <font style="font-size: 10pt">value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Short-term investments:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 38%"><font style="font-size: 10pt">Certificates of Deposit</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">490,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">490,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">U.S Treasury Notes</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">8,498,858</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,268</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">8,494,590</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total short-term investment securities</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,988,858</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,268</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,984,590</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">October 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Amortized</font><br /> <font style="font-size: 10pt">cost, as adjusted</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Gross unrealized</font><br /> <font style="font-size: 10pt">holding gains</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Gross unrealized</font><br /> <font style="font-size: 10pt">holding losses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Estimated fair</font><br /> <font style="font-size: 10pt">value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Short-term investments:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 38%"><font style="font-size: 10pt">Certificates of Deposit</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">11,391,147</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">11,391,147</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Domestic Governmental Agency Loans</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">499,957</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">162</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">499,795</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">U.S Treasury Notes</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">34,507,200</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">25,351</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">34,481,849</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total short-term investment securities</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46,398,304</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,513</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46,372,791</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All the Company&#8217;s short-term investment securities mature within the next 12 months.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. PROPERTY AND EQUIPMENT</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment, net consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">October 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Leasehold improvements</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">2,254,727</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">2,167,990</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Laboratory equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,411,376</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,143,106</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Furniture and fixtures</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">745,804</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">728,725</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Computer equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">394,523</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">394,523</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Construction in progress</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">692,234</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">883,322</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Total property and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,498,664</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,317,666</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Accumulated depreciation and amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,750,391</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,206,585</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net property and equipment</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,748,273</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,111,081</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the three and six months ended April 30, 2018 and 2017 was $278,817, $543,806, $179,823 and $337,403, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5. INTANGIBLE ASSETS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">October 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Patents</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">6,337,436</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">5,727,298</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Licenses</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">776,992</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">776,992</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Software</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">117,196</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">108,604</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Total intangibles</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,231,624</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,612,894</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Accumulated amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,879,137</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,756,119</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Intangible assets</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,352,487</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,856,775</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The expirations of the existing patents range from 2018 to 2038 but the expirations can be extended based on market approval if granted and/or based on existing laws and regulations. Capitalized costs associated with patent applications that are abandoned without future value are charged to expense when the determination is made not to pursue the application. Patent applications having a net book value of $161,889, $305,004, $89,881 and $89,881 were abandoned and were charged to research and development expenses in the Statement of Operations for the three and six months ended April 30, 2018 and 2017, respectively. Amortization expense for intangible assets aggregated $96,284, $188,809, $77,745 and $152,155 for the three and six months ended April 30, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At April 30, 2018, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Year ended October 31,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%"><font style="font-size: 10pt">2018 (Remaining)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">196,506</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">390,610</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">373,755</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">353,945</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">353,945</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,683,726</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,352,487</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>6. ACCRUED EXPENSES:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table represents the major components of accrued expenses:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">October 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Salaries and other compensation</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">2,382,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">2,652,583</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Vendors</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,017,033</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,811,956</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Professional fees</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">837,850</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,235,497</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total accrued expenses</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,236,983</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,700,036</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>7. WARRANTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At April 30, 2018 and October 31, 2017, the Company had 3,092,395 warrants outstanding at a weighted average exercise price of $5.00 and a weighted average remaining contractual life of 0.42 and 0.92 years, respectively. At April 30, 2018 and October 31, 2017, all of the Company&#8217;s outstanding warrants were classified as equity (equity warrants). At issuance, equity warrants are recorded at their relative fair values, using the relative fair value method, in the stockholders&#8217; equity section of the balance sheet. The Company&#8217;s equity warrants can only be settled through the issuance of shares and are not subject to anti-dilution provisions.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. SHARE BASED COMPENSATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes share-based compensation expense included in the Statement of Operations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Three Months Ended April 30,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Six Months Ended April 30,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%"><font style="font-size: 10pt">Research and development</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">525,822</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">1,531,005</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">1,798,818</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">2,753,488</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">General and administrative</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">698,787</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,682,720</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,234,908</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">7,570,662</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,224,609</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,213,725</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,033,726</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,324,150</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Restricted Stock Units (RSUs)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the Company&#8217;s RSU activity and related information for the six months ended April 30, 2018 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Number of </font><br /> <font style="font-size: 10pt">RSUs</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Weighted-Average Grant</font><br /> <font style="font-size: 10pt">Date Fair Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 59%"><font style="font-size: 10pt">Balance at October 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,363,119</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 19%; text-align: right"><font style="font-size: 10pt">8.54</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">335,424</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.22</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Vested</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(461,111</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.27</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Cancelled</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(147,957</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">9.98</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Balance at April 30, 2018</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,089,475</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.82</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 30, 2018, there was approximately $6,061,000 of unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 1.85 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 30, 2018, the aggregate intrinsic value of non-vested RSUs was approximately $1,743,160.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Employee Stock Awards</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Common Stock issued to executives and employees related to vested incentive retention awards, employment inducements, management purchases and employee excellence awards totaled 256,610 shares (208,094 shares on a net basis after employee taxes) and 159,544 shares (129,728 shares on a net basis after employee taxes) during the three months ended April 30, 2018 and 2017 respectively. Total stock compensation expense associated with employee awards for the three months ended April 30, 2018 and 2017 was $619,740 and $1,712,297, respectively</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Common Stock issued to executives and employees related to vested incentive retention awards, employment inducements, management purchases and employee excellence awards totaled 453,777 shares (403,140 shares on a net basis after employee taxes) and 253,520 shares (222,459 shares on a net basis after employee taxes) during the six months ended April 30, 2018 and 2017 respectively. Total stock compensation expense associated with employee awards for the six months ended April 30, 2018 and 2017 was $1,973,925 and $3,068,936, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Included in compensation expense for the three and six months ended April 30, 2018 is $210,146 recognized as a result of the modification of certain RSU&#8217;s associated with the resignation of the Company&#8217;s Chief Financial Officer in April 2018. Pursuant to the separation agreement, the vesting was accelerated on all the outstanding RSU&#8217;s.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Director Stock Awards</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Common stock issued to Directors for compensation related to board and committee membership totaled 30,000 shares for each of the three months ended April 30, 2018 and 2017, respectively. During the three months ended April 30, 2018 and 2017, total stock compensation expense associated with Director awards was $5,616 and $98,315, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Common stock issued to Directors for compensation related to board and committee membership totaled 30,000 shares for each of the six months ended April 30, 2018 and 2017, respectively. During the six months ended April 30, 2018 and 2017, total stock compensation expense associated with Director awards was $107,244 and $199,943, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Included in compensation expense for the three and six months ended April 30, 2018 is $9,850 recognized as a result of the modification of certain RSU&#8217;s associated with a Board member that decided not to run for re-election in March 2018. The vesting was accelerated on all the outstanding RSU&#8217;s.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock Options</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of changes in the stock option plan for the six months ended April 30, 2018 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Number of </font><br /> <font style="font-size: 10pt">Options</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Weighted-Average</font><br /> <font style="font-size: 10pt">Exercise Price</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Outstanding at October 31, 2017:</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">3,893,558</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">12.51</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,764,185</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.26</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Canceled or Expired</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,014,731</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">11.07</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Outstanding at April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,643,012</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">8.93</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Vested and Exercisable at April 30, 2018</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,823,762</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12.58</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total compensation cost related to the Company&#8217;s outstanding stock options, recognized in the statement of operations for the three months ended April 30, 2018 and 2017 was $599,254 and $3,006,763, respectively. For the six months ended April 30, 2018 and 2017, compensation cost related to the Company&#8217;s outstanding stock options was $1,997,558 and $6,190,221, respectively. Included in compensation expense for the three and six months ended April 30, 2018 is $76,784 recognized as a result of the modification of certain option agreements associated with two Board members that decided not to run for re-election in March 2018. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended April 30, 2018, 1,764,185 options were granted with a total grant date fair value of $3,122,924. During the six months ended April 30, 2017, 556,952 options were granted with a total grant date fair value of $3,542,215.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 30, 2018, there was approximately $3,634,000 of unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.07 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 30, 2018, the aggregate intrinsic value of vested and exercisable options was $0.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining the fair value of the stock options granted during the six months ended April 30, 2018 and 2017, the Company used the following inputs in its BSM:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Six Months Ended April 30,</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected Term</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5.35 &#8211; 6.51 years</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5.50-6.50 years</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected Volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">95.11 &#8211; 100.34</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">107.07-110.93</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><font style="font-size: 10pt">Expected Dividends</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk Free Interest Rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.81 &#8211; 2.66</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.26-1.58</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>2018 Employee Stock Purchase Plan</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended April 30, 2018, the Company issued 10,681 shares that were purchased in fiscal 2017 under the 2011 Employee Stock Purchase Plan (&#8220;ESPP&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Advaxis, Inc. 2018 ESPP was approved by the Company&#8217;s shareholders on March 21, 2018. The ESPP allows eligible employees to purchase shares of our common stock at a 15% discount to the closing market price on designated exercise dates. 1,000,000 shares of the Company common stock are reserved for issuance under the ESPP.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. COMMITMENTS AND CONTINGENCIES</b>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Legal Proceedings</i>&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Bono</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 20, 2015, a derivative complaint was filed by a purported Company stockholder in the United States District Court for the District of New Jersey styled David Bono v. O&#8217;Connor, et al., Case No. 3:15-CV-006326-FLW-DEA (D.N.J. Aug. 20, 2015) (the &#8220;Bono Action&#8221;). The complaint was based on general allegations related to certain stock options granted to the individual defendants and generally alleged counts for breaches of fiduciary duty and unjust enrichment. The complaint also alleged additional claims for violation of Section 14(a) of the Securities Exchange Act of 1934 and for waste of corporate assets. The complaint sought damages and costs of an unspecified amount, disgorgement of compensation obtained by the individual defendants, and injunctive relief.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Defendants filed a motion to dismiss the Bono Action. On May 23, 2016, the Court issued an opinion and order granting in part and denying in part defendants&#8217; motion to dismiss. On October 5, 2016, the Court denied plaintiff&#8217;s motion for reconsideration of its May 23 order. On April 13, 2017, the parties advised the Court that they had reached a tentative agreement in principle to settle the action, subject to negotiating an award of attorneys&#8217; fees and expenses to plaintiff&#8217;s counsel and a stipulation of settlement, and, ultimately, Court approval. The parties subsequently executed the stipulation of settlement on October 2, 2017. The Court entered an order preliminarily approving the settlement on November 7, 2017. The final fairness hearing was held January 29, 2018, and the Order and Final Judgment approving the settlement and dismissing the action with prejudice was entered on January 29, 2018. This matter is now concluded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Corporate Office &#38; Manufacturing Facility Lease</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company leases its corporate office and manufacturing facility under an operating lease expiring in November 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future minimum payments under the Company&#8217;s operating leases are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Year ended October 31,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%"><font style="font-size: 10pt">2018 (remaining)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">523,676</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,107,385</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,232,907</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,317,640</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,368,819</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,378,521</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,928,948</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>11. STOCKHOLDERS&#8217; EQUITY</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended January 31, 2018, the Company sold 881,629 shares of its Common Stock at-the-market transactions resulting in net proceeds of approximately $2,659,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During February 2018, the Company issued 10,000,000 shares of the Company&#8217;s common stock in a public offering at $2.00 per share, less underwriting discounts and commissions. The net proceeds to the Company from the transaction was approximately $18,383,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 21, 2018, the Company&#8217;s shareholders approved an amendment to the Company&#8217;s Amended and Restated Certificate of Incorporation to increase our authorized shares of common stock by 30,000,000 to 95,000,000.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>12. SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following the close of the second quarter, the Company is announcing a work force reduction effective June 7, 2018. As part of this plan, the Company will reduce employee headcount by approximately 24% as of this date. The Company intends to pay separation payments which will reflect both employee salary and healthcare coverage. Charges related to work force reduction are estimated to be approximately $905,000 which will be reflected in the third quarter results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 6, 2018 the Company announced that Molly Henderson joined the Company as Chief Financial Officer effective as of June 6, 2018.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation/Estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;U.S. GAAP&#8221;) for interim financial information, and in accordance with the rules and regulations of the SEC with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited condensed balance sheet as of October 31, 2017 has been derived from the Company&#8217;s October 31, 2017 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, the fair value and recoverability of the carrying value of property and equipment and intangible assets, the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These unaudited interim condensed financial statements should be read in conjunction with the financial statements of the Company for the year ended October 31, 2017 and notes thereto contained in the Company&#8217;s annual report on Form 10-K for the year ended October 31, 2017, as filed with the SEC on December 21, 2017.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Concentration of Credit Risk</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents. All the Company&#8217;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.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Net Income (Loss) per Share</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, restricted stock units and other potential common stock outstanding during the period. In the case of a net loss, the impact of the potential common stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential common stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of April 30,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">Warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,092,395</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,110,575</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Stock Options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,643,012</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,893,558</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Restricted Stock Units</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,089,475</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,146,435</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,824,882</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,150,568</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recent Accounting Standards</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (&#8220;ASU 2014-09&#8221;), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (&#8220;ASU 2016-08&#8221;); ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (&#8220;ASU 2016-10&#8221;); ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (&#8220;ASU 2016-12&#8221;); and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (&#8220;ASU 2016-20&#8221;). The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 with ASU 2014-09 (collectively, the &#8220;new revenue standards&#8221;). The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating which transition approach we will utilize and the impact of adopting this accounting standard on our unaudited condensed financial statements. This update will be effective for the Company beginning in the first quarter of fiscal 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases (&#8220;Topic 842&#8221;) (&#8220;ASU 2016-02&#8221;). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of fiscal 2020. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company&#8217;s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of April 30,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">Warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,092,395</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,110,575</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Stock Options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,643,012</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,893,558</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Restricted Stock Units</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,089,475</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,146,435</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,824,882</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,150,568</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s investment securities at amortized cost as of April 30, 2018 and October 31, 2017:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Amortized</font><br /> <font style="font-size: 10pt">cost, as adjusted</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Gross unrealized</font><br /> <font style="font-size: 10pt">holding gains</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Gross unrealized</font><br /> <font style="font-size: 10pt">holding losses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Estimated fair</font><br /> <font style="font-size: 10pt">value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Short-term investments:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 38%"><font style="font-size: 10pt">Certificates of Deposit</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">490,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">490,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">U.S Treasury Notes</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">8,498,858</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,268</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">8,494,590</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total short-term investment securities</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,988,858</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,268</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,984,590</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">October 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Amortized</font><br /> <font style="font-size: 10pt">cost, as adjusted</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Gross unrealized</font><br /> <font style="font-size: 10pt">holding gains</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Gross unrealized</font><br /> <font style="font-size: 10pt">holding losses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Estimated fair</font><br /> <font style="font-size: 10pt">value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Short-term investments:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 38%"><font style="font-size: 10pt">Certificates of Deposit</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">11,391,147</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">11,391,147</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Domestic Governmental Agency Loans</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">499,957</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">162</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">499,795</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">U.S Treasury Notes</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">34,507,200</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">25,351</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">34,481,849</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total short-term investment securities</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46,398,304</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,513</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46,372,791</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment, net consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">October 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Leasehold improvements</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">2,254,727</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">2,167,990</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Laboratory equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,411,376</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,143,106</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Furniture and fixtures</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">745,804</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">728,725</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Computer equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">394,523</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">394,523</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Construction in progress</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">692,234</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">883,322</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Total property and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,498,664</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,317,666</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Accumulated depreciation and amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,750,391</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,206,585</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net property and equipment</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,748,273</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,111,081</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">October 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Patents</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">6,337,436</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">5,727,298</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Licenses</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">776,992</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">776,992</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Software</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">117,196</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">108,604</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Total intangibles</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,231,624</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,612,894</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Accumulated amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,879,137</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,756,119</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Intangible assets</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,352,487</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,856,775</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At April 30, 2018, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Year ended October 31,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%"><font style="font-size: 10pt">2018 (Remaining)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">196,506</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">390,610</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">373,755</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">353,945</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">353,945</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,683,726</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,352,487</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table represents the major components of accrued expenses:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">October 31, 2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Salaries and other compensation</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">2,382,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">2,652,583</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Vendors</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,017,033</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,811,956</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Professional fees</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">837,850</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,235,497</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total accrued expenses</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,236,983</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,700,036</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes share-based compensation expense included in the Statement of Operations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Three Months Ended April 30,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Six Months Ended April 30,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%"><font style="font-size: 10pt">Research and development</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">525,822</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">1,531,005</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">1,798,818</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">2,753,488</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">General and administrative</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">698,787</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,682,720</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,234,908</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">7,570,662</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,224,609</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,213,725</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,033,726</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,324,150</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the Company&#8217;s RSU activity and related information for the six months ended April 30, 2018 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Number of </font><br /> <font style="font-size: 10pt">RSUs</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Weighted-Average Grant</font><br /> <font style="font-size: 10pt">Date Fair Value</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 59%"><font style="font-size: 10pt">Balance at October 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,363,119</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 19%; text-align: right"><font style="font-size: 10pt">8.54</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">335,424</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.22</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Vested</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(461,111</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8.27</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Cancelled</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(147,957</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">9.98</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Balance at April 30, 2018</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,089,475</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.82</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of changes in the stock option plan for the six months ended April 30, 2018 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Number of </font><br /> <font style="font-size: 10pt">Options</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Weighted-Average</font><br /> <font style="font-size: 10pt">Exercise Price</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">Outstanding at October 31, 2017:</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">3,893,558</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">12.51</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,764,185</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.26</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Canceled or Expired</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,014,731</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">11.07</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Outstanding at April 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,643,012</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">8.93</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Vested and Exercisable at April 30, 2018</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,823,762</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12.58</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining the fair value of the stock options granted during the six months ended April 30, 2018 and 2017, the Company used the following inputs in its BSM:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Six Months Ended April 30,</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected Term</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5.35 &#8211; 6.51 years</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5.50-6.50 years</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected Volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">95.11 &#8211; 100.34</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">107.07-110.93</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><font style="font-size: 10pt">Expected Dividends</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk Free Interest Rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.81 &#8211; 2.66</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.26-1.58</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future minimum payments under the Company&#8217;s operating leases are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Year ended October 31,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 81%"><font style="font-size: 10pt">2018 (remaining)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">523,676</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,107,385</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,232,907</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,317,640</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,368,819</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,378,521</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,928,948</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 3634000 6061000 P1Y10M6D 1743160 453777 253520 256610 159544 30000 30000 30000 30000 403140 222459 208094 129728 1997558 6190221 210146 599254 3006763 1973925 3068936 619740 1712297 210146 107244 199943 5616 98315 9850 9850 76784 76784 1764185 556952 335424 3122924 3542215 P2Y0M26D 0 3893558 4643012 461111 1014731 147957 12.51 8.93 2.26 11.07 2823762 12.58 P5Y4M6D P6Y6M3D P5Y6M P6Y6M 0.9511 1.0707 1.0034 1.1093 0.00 0.00 0.0181 0.0126 0.0266 0.0158 17478758 13758091 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Restricted Cash and Letters of Credit</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s Marketing Authorization Application (&#8220;MAA&#8221;) in Europe. The letters of credit are collateralized by cash which is unavailable for withdrawal or for usage for general obligations. No amount is outstanding under either letter of credit as of April 30, 2018.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>10. INCOME TAXES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;). The Tax Act significantly revises U.S. corporate income taxation by, among other things, lowering the U.S. corporate income tax rate from 35.0 % to 21.0% effective January 1, 2018. The decrease in the U.S. federal corporate tax rate from 35.0% to 21.0% will result in a blended statutory tax rate of 23.2% for the fiscal year ending October 31, 2018. The Company does not anticipate any impact to tax expense due to the full valuation allowance of the Company and believes that the most significant impact on its financial statements will be reduction of approximately $32.7 million for the deferred tax assets related to net operating losses and other assets. Such reduction is offset by changes to the Company&#8217;s valuation allowance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118, which allows a measurement period, not to exceed one year, to finalize the accounting for the income tax impacts of the Tax Act. Until the accounting for the income tax impacts of the Tax Act is complete, the reported amounts are based on reasonable estimates, are disclosed as provisional and reflect any adjustments in subsequent periods as they refine their estimates or complete their accounting of such tax effects.</p> 46398304 8988858 52621490 587000 977000 3803107 7216222 1747480 3425380 4380 -99523 10681 1000000 0.15 21015963 -26176 34757649 -49012889 -30796791 -33687852 245200000 58800000 8824882 8150568 3092395 4643012 3110575 3893558 1089475 1146435 All the Company’s short-term investment securities mature within the next 12 months. 46398304 11391147 499957 34507200 8988858 490000 8498858 25513 162 25351 4268 4268 46372791 11391147 499795 34481849 8984590 490000 8494590 2167990 2254727 4143106 5411376 728725 745804 394523 394523 883322 692234 8317666 9498664 1206585 1750391 The expirations of the existing patents range from 2018 to 2038 5727298 6337436 776992 776992 108604 117196 6612894 7231624 1756119 1879137 196506 390610 373755 353945 353945 3683726 5352487 2652583 2382100 2811956 1017033 3235497 837850 3092395 3092395 5.00 5.00 P11M1D P5M1D 2025-11-30 523676 1107385 1232907 1317640 1368819 4378521 9928948 U.S. corporate income taxation by, among other things, lowering the U.S. corporate income tax rate from 35.0 % to 21.0% effective January 1, 2018. The decrease in the U.S. federal corporate tax rate from 35.0% to 21.0% will result in a blended statutory tax rate of 23.2% for the fiscal year ending October 31, 2018. 0.210 0.210 0.232 32700000 881629 10000000 2.00 18383000 3.22 8.54 6.82 8.27 9.98 1363119 1089475 2659000 0.24 905000 46600000 EX-101.SCH 5 adxs-20180430.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - Nature of Operations link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Summary of Significant Accounting Policies and Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Short-Term Investment Securities link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Accrued Expenses link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Warrants link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Share Based Compensation link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Summary of Significant Accounting Policies and Basis of Presentation (Policies) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Summary of Significant Accounting Policies and Basis of Presentation (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Short-Term Investment Securities (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Accrued Expenses (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Share Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Nature of Operations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Common Stock Excluded from Diluted Net Loss Per Share (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Short-Term Investment Securities (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Short-Term Investment Securities - Schedule of Investment Securities at Amortized (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Property and Equipment - Schedule of Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Intangible Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Intangible Assets - Summary of Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Intangible Assets - Schedule of Amortization Expense (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Accrued Expenses - Schedule of Accrued Expenses (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Warrants (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Share Based Compensation (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Share Based Compensation - Summary of Share-based Compensation Expense (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Share Based Compensation - Summary of RSU Activity and Related Information (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Share Based Compensation - Summary of Changes in Stock Option Plan (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Share Based Compensation - Summary of Fair Value of Stock Options Granted of BSM (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Commitments and Contingencies - Summary of Future Minimum Payments of Operating Leases (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Income Taxes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Stockholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 adxs-20180430_cal.xml XBRL CALCULATION FILE EX-101.DEF 7 adxs-20180430_def.xml XBRL DEFINITION FILE EX-101.LAB 8 adxs-20180430_lab.xml XBRL LABEL FILE Investment [Axis] Certificates of Deposit [Member] Domestic Governmental Agency Loans [Member] U.S Treasury Notes [Member] Antidilutive Securities [Axis] Warrants [Member] Award Type [Axis] Restricted Stock Units (RSUs) [Member] Stock Options [Member] Employee Stock Awards [Member] Income Statement Location [Axis] Research and Development [Member] General and Administrative [Member] Range [Axis] Minimum [Member] Maximum [Member] Lease Arrangement, Type [Axis] Corporate Office & Manufacturing Facility Lease [Member] Creation Date [Axis] October 31, 2018 [Member] Title of Individual [Axis] Executives and Employees [Member] Director Stock Awards [Member] Directors [Member] Plan Name [Axis] 2011 Employee Stock Purchase Plan [Member] October 2013 Through May 2018 [Member] Restricted Stock Units [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Underwriting Agreement [Member] Two Board Members [Member] June 7, 2018 [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current Assets: Cash and cash equivalents Restricted cash Short-term investment securities Income tax receivable Deferred expenses Prepaid expenses and other current assets Total current assets Property and equipment (net of accumulated depreciation) Intangible assets (net of accumulated amortization) Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses Deferred revenue Other current liabilities Total current liabilities Deferred revenue Other liabilities Total liabilities Commitments and contingencies - Note 9 Stockholders' equity: Preferred stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; 0 shares issued and outstanding at April 30, 2018 and October 31, 2017. Liquidation preference of $0 at April 30, 2018 and October 31, 2017. Common stock - $0.001 par value; 95,000,000 shares authorized, 52,561,996 and 41,206,538 shares issued and outstanding at April 30, 2018 and October 31, 2017. Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Preferred stock, par value Preferred stock, shares authorized Series B Preferred stock, shares issued Series B Preferred stock, shares outstanding Preferred stock, liquidation preference value Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenue Operating expenses: Research and development expenses General and administrative expenses Total operating expenses Loss from operations Other income (expense): Interest income, net Net changes in fair value of derivative liabilities Other expense Net loss before benefit for income taxes Income tax expense Net loss Net loss per common share, basic and diluted Weighted average number of common shares outstanding, basic and diluted Statement of Cash Flows [Abstract] OPERATING ACTIVITIES Net loss Adjustments to reconcile net loss to net cash used in operating activities: Stock compensation Gain on change in value of warrants and embedded derivative Loss on disposal of property and equipment Write-off of intangible assets Depreciation expense Amortization expense of intangible assets Net amortization (accretion) of premiums and discounts Change in operating assets and liabilities: Prepaid expenses and other current assets Income tax receivable Other assets Accounts payable and accrued expenses Deferred revenue Other liabilities Net cash used in operating activities INVESTING ACTIVITIES Restricted cash established with letter of credit agreements Purchases of short-term investment securities Sales of short-term investment securities Purchase of property and equipment Cost of intangible assets Net cash provided by (used in) investing activities FINANCING ACTIVITIES Net proceeds of issuance of common stock Proceeds from employee stock purchase plan Tax withholdings paid related to net share settlement of equity awards Employee tax withholdings paid on equity awards Tax shares sold to pay for employee tax withholdings on equity awards Net cash provided by (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for taxes SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES Accounts payable and accrued expenses settled with common stock Property and equipment included in accounts payable and accrued expenses Organization, Consolidation and Presentation of Financial Statements [Abstract] Nature of Operations Accounting Policies [Abstract] Summary of Significant Accounting Policies and Basis of Presentation Schedule of Investments [Abstract] Short-Term Investment Securities Property, Plant and Equipment [Abstract] Property and Equipment Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Payables and Accruals [Abstract] Accrued Expenses Warrants Warrants Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Share Based Compensation Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Income Tax Disclosure [Abstract] Income Taxes Equity [Abstract] Stockholders' Equity Subsequent Events [Abstract] Subsequent Events Basis of Presentation/Estimates Concentration of Credit Risk Restricted Cash and Letters of Credit Net Income (Loss) Per Share Recent Accounting Standards Schedule of Common Stock Excluded from Diluted Net Loss Per Share Schedule of Investment Securities at Amortized Schedule of Property and Equipment Summary of Intangible Assets Schedule of Amortization Expense Schedule of Accrued Expenses Summary of Share-based Compensation Expense Summary of RSU Activity and Related Information Summary of Changes in Stock Option Plan Summary of Fair Value of Stock Options Granted of BSM Summary of Future Minimum Payments of Operating Leases Statement [Table] Statement [Line Items] Report Date [Axis] Proceeds from public offering Cash, restricted cash, cash equivalents and investments Working capital Number of common stock excluded from diluted net loss per share Investments maturity description Amortized cost, as adjusted Gross unrealized holding gains Gross unrealized holding losses Estimated fair value Leasehold improvements Laboratory equipment Furniture and fixtures Computer equipment Construction in progress Total property and equipment Accumulated depreciation and amortization Net property and equipment Finite lived patents expirations year Book value patent applications, net Patents Licenses Software Total intangibles Accumulated amortization Intangible assets 2018 (Remaining) 2019 2020 2021 2022 Thereafter Total Salaries and other compensation Vendors Professional fees Total accrued expenses Warrants outstanding Exercise price of warrants Weighted average remaining contractual life Unrecognized compensation cost related to non-vested stock option awards Unrecognized compensation cost related to non-vested remaining weighted average vesting period Options outstanding, intrinsic value Share-based compensation, common stock, shares Share-based compensation, shares on net basis after employee payroll taxes Stock compensation expense Number of options, granted Fair value of option granted Weighted average vesting period Aggregate intrinsic value of vested and exercisable Number of shares issued under employee stock purchase plan' Common stock discount rate Number of stock reserved for issuance Share-based compensation expense Number of RSUs Granted, Beginning Balance Number of RSUs Granted Number of RSUs Vested Number of RSUs Cancelled Number of RSUs Granted, Ending Balance Weighted-Average Grant Date Fair Value, Outstanding, Beginning Weighted-Average Grant Date Fair Value, Granted Weighted-Average Grant Date Fair Value, Vested Weighted-Average Grant Date Fair Value, Cancelled Weighted-Average Grant Date Fair Value, Outstanding, Ending Number of Options, Beginning Balance Number of Options, Granted Number of Options, Canceled or Expired Number of Options, Ending Balance Number of Options, Vested and Exercisable Weighted-Average Exercise Price, Outstanding, Beginning Weighted-Average Exercise Price, Granted Weighted-Average Exercise Price, Canceled or Expired Weighted-Average Exercise Price, Outstanding, Ending Weighted-Average Exercise Price, Vested and Exercisable Expected Term Expected Volatility, Minimum Expected Volatility, Maximum Expected Dividends Risk Free Interest Rate, Minimum Risk Free Interest Rate, Maximum Agreement expiration date 2018 (remaining) 2019 2020 2021 2022 Thereafter Total Income tax reconciliation description Income tax effective tax rate Statutory tax rate, percentage Net operating loss carry-forward Number of common stock shares sold Proceeds from sale of common shares Sale of stock price per share Sale of stock transaction during period, value Subsequent Event Type [Axis] Employee headcount reduction, percent Work force reduction charges estimated Accounts Payable and Accrued Expenses settled with Common Stock. Accredited Investor [Member]. Additional Shares [Member] Advaxis public offering [Member] Amgen Agreement [Member] Amgen Inc [Member] Aratana Agreement [Member] Aratana Therapeutics [Member] August September Convertible Promissory Notes [Member] August - September 2012 Convertible Promissory Notes [Member] Bridge notes [Member] Co-Development and Commercialization Agreement [Member] Collaboration Agreement [Member] Common stock purchase warrant [Member] Common Stock Warrant Liability [Member]. Consultant [Member] Consultants [Member] Consultants [Member] Corporate Office &amp; Manufacturing Facility Lease [Member] Daniel J Oconnor [Member]. David J Mauro [Member] December 22, 2017 [Member] December two thousand fifteen [Member]. Director Stock Awards [Member] Directors [Member] Dr. Petit [Member] Employee Stock Awards [Member] Equity Warrants [Member]. Especificos Stendhal SA de CV [Member] Executives [Member] Exercise Price Range [Member] Exercise Price Range [Member] Exercise Price Range Six [Member]. Exercise Price Range Six Point Zero [Member]. Exercise Price Range [Member] Exercise Price Range [Member] February 2018 [Member] Finance [Axis]. First Amendment [Member] Former Chairman [Member] Former officer [Member] 401(k) Plan [Member] Global BioPharma, Inc [Member] Gregory T. Mayes [Member] Health Care Specialist Investors [Member] Interim Financial Report [Member] January 1, 2018 [Member] January 2018 [Member] Junior Subordinated Convertible Promissory Note [Member] Knight Therapeutics Inc [Member] Knoll Capital Management LP [Member] Liability warrants [Member] Liability warrants one [Member] Licensing Agreement [Member] May 5, 2015 [Member] May 2012 convertible debt financing [Member] MedImmune Agreement [Member] Merck Agreement [Member] Mr. Moore [Member] Non Executive Officer [Member] November two thousand sixteen [Member]. Numoda Corporation [Member] October 31, 2018 [Member] October 2013 Through February 2018 [Member] Treasury stock purchased to pay employee withholdings on equity awards. Promissory Note Agreement [Member] Promissory note and interest receivable [Member] Promissory Note One [Member]. Reduced Federal Tax Rate[Member] Registered Direct Offering [Member] Restricted Cash and Letters of Credit [Policy Text Block] Restricted cash established with letter of credit agreement. Restricted Stock Units RSU One [Member] Robert GPetit [Member] Sara M. Bonstein [Member] Schedule of stock options line items. Schedule of stock options table. Second Amendment [Member] Knight TherapeuticsInc [Member] Sellas Life Science Group [Member] Share-based compensation shares on net basis after employee payroll taxes. Shares Earned But Not Issued [Member]. Stendhal Agreement [Member] Stock Bonus Award [Member]. Stock Purchase Agreement [Member]. Stock Purchase Agreements [Member] Stock Split [Member] Sublease Agreement [Member] 2011 Employee Stock Purchase Plan [Member] 2011 Omnibus Incentive Plan [Member] 2011 Employee Stock Purchase Plan [Member] 2015 Plan [Member]. 2015 Voluntary Request To Purchase Of Equity [Member] Two Thousand Fourteen Cash Bonus Equity [Member]. Two Thousand Fourteen Voluntary Request To Purchase Stock [Member]. Two Thousand Thirteen Base Salary Stock [Member]. Vendor and other [Member] Warrants [Text Block] Warrants With Anti Dilution Provisions [Member]. Year One [Member] Year Three [Member] Year Two [Member] Yenson [Member] Executives and Employees [Member] 2011 Employee Stock Purchase Plan [Member] October 2013 Through May 2018 [Member] Restricted Stock Units [Member] Investments maturity description. Finite lived patents expirations year. Software Patents Gross. Agreement expiration date. Underwriting Agreement [Member] Two Board Members [Member] The weighted average grant-date fair value of options outstanding during the reporting period as calculated by applying the disclosed option pricing methodology. Number of options outstanding, including both vested and non-vested options. Employee headcount reduction, percentage. Work force reduction charges. June 7, 2018 [Member] Working capital. Assets, Current Assets Liabilities, Current Deferred Revenue, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Gain (Loss) on Disposition of Property Plant Equipment Accretion (Amortization) of Discounts and Premiums, Investments Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Income Taxes Receivable Increase (Decrease) in Other Operating Assets Increase (Decrease) in Deferred Revenue Increase (Decrease) in Other Current Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Investments Payments to Acquire Property, Plant, and Equipment Payments to Acquire Intangible Assets Net Cash Provided by (Used in) Investing Activities Payments Related to Tax Withholding for Share-based Compensation Stock Bonus Award [Member] Net Cash Provided by (Used in) Financing Activities Cash, Period Increase (Decrease) WarrantsTextBlock Property, Plant and Equipment, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Finite-Lived Intangible Assets, Gross Finite-Lived Intangible Assets, Accumulated Amortization Finite-Lived Intangible Assets, Net ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumberOne Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingInPeriodWeightedAverageGrantDateFairValue Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Operating Leases, Future Minimum Payments Due, Next Twelve Months Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Operating Leases, Future Minimum Payments, Due in Four Years Operating Leases, Future Minimum Payments, Due Thereafter Operating Leases, Future Minimum Payments Due EX-101.PRE 9 adxs-20180430_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
6 Months Ended
Apr. 30, 2018
Jun. 04, 2018
Document And Entity Information    
Entity Registrant Name Advaxis, Inc.  
Entity Central Index Key 0001100397  
Document Type 10-Q  
Document Period End Date Apr. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --10-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   52,621,490
Trading Symbol ADXS  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2018  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Apr. 30, 2018
Oct. 31, 2017
Current Assets:    
Cash and cash equivalents $ 48,876,630 $ 23,899,809
Restricted cash 977,000 587,000
Short-term investment securities 8,988,858 46,398,304
Income tax receivable 4,452,682
Deferred expenses 2,867,882 2,986,385
Prepaid expenses and other current assets 3,765,872 2,918,644
Total current assets 65,476,242 81,242,824
Property and equipment (net of accumulated depreciation) 7,748,273 7,111,081
Intangible assets (net of accumulated amortization) 5,352,487 4,856,775
Other assets 592,598 431,098
Total assets 79,169,600 93,641,778
Current liabilities:    
Accounts payable 7,408,687 5,121,406
Accrued expenses 4,236,983 8,700,036
Deferred revenue 7,163,628 6,995,336
Other current liabilities 47,520 47,520
Total current liabilities 18,856,818 20,864,298
Deferred revenue 13,758,091 17,478,758
Other liabilities 1,099,373 1,038,555
Total liabilities 33,714,282 39,381,611
Commitments and contingencies - Note 9
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; 0 shares issued and outstanding at April 30, 2018 and October 31, 2017. Liquidation preference of $0 at April 30, 2018 and October 31, 2017.
Common stock - $0.001 par value; 95,000,000 shares authorized, 52,561,996 and 41,206,538 shares issued and outstanding at April 30, 2018 and October 31, 2017. 52,563 41,207
Additional paid-in capital 380,444,520 355,361,187
Accumulated deficit (335,041,765) (301,142,227)
Total stockholders' equity 45,455,318 54,260,167
Total liabilities and stockholders' equity $ 79,169,600 $ 93,641,778
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($)
Apr. 30, 2018
Oct. 31, 2017
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Series B Preferred stock, shares issued 0 0
Series B Preferred stock, shares outstanding 0 0
Preferred stock, liquidation preference value $ 0 $ 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 95,000,000 95,000,000
Common stock, shares issued 52,561,996 41,206,538
Common stock, shares outstanding 52,561,996 41,206,538
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Income Statement [Abstract]        
Revenue $ 1,747,480 $ 3,425,380 $ 3,803,107 $ 7,216,222
Operating expenses:        
Research and development expenses 10,832,692 16,306,860 27,902,958 29,955,414
General and administrative expenses 4,467,142 7,778,228 9,999,974 15,106,037
Total operating expenses 15,299,834 24,085,088 36,902,932 45,061,451
Loss from operations (13,552,354) (20,659,708) (34,099,825) (37,845,229)
Other income (expense):        
Interest income, net 150,995 184,747 290,517 329,761
Net changes in fair value of derivative liabilities 10,652 20,156
Other expense (5,713) (3,346) (40,230) (3,346)
Net loss before benefit for income taxes (13,407,072) (20,467,655) (33,849,538) (37,498,658)
Income tax expense 50,000 50,000
Net loss $ (13,407,072) $ (20,467,655) $ (33,899,538) $ (37,548,658)
Net loss per common share, basic and diluted $ (0.27) $ (0.51) $ (0.74) $ (0.93)
Weighted average number of common shares outstanding, basic and diluted 49,864,795 40,295,941 45,576,580 40,204,062
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
OPERATING ACTIVITIES    
Net loss $ (33,899,538) $ (37,548,658)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock compensation 4,033,726 10,324,150
Gain on change in value of warrants and embedded derivative (20,156)
Loss on disposal of property and equipment 27,361 3,187
Write-off of intangible assets 305,004 89,881
Depreciation expense 543,806 337,403
Amortization expense of intangible assets 188,809 152,155
Net amortization (accretion) of premiums and discounts (4,380) 99,523
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (603,725) (5,719,085)
Income tax receivable 4,452,682 2,549,862
Other assets (161,500) 97,520
Accounts payable and accrued expenses (2,187,479) 2,818,357
Deferred revenue (3,552,375) (6,966,222)
Other liabilities 60,818 94,231
Net cash used in operating activities (30,796,791) (33,687,852)
INVESTING ACTIVITIES    
Restricted cash established with letter of credit agreements (390,000)
Purchases of short-term investment securities (12,487,174) (67,215,523)
Sales of short-term investment securities 49,901,000 21,152,333
Purchase of property and equipment (1,276,652) (2,342,515)
Cost of intangible assets (989,525) (607,184)
Net cash provided by (used in) investing activities 34,757,649 (49,012,889)
FINANCING ACTIVITIES    
Net proceeds of issuance of common stock 21,041,820
Proceeds from employee stock purchase plan 9,482 135,202
Tax withholdings paid related to net share settlement of equity awards (40,438) (264,986)
Employee tax withholdings paid on equity awards (269,407) (523,513)
Tax shares sold to pay for employee tax withholdings on equity awards 274,506 627,121
Net cash provided by (used in) financing activities 21,015,963 (26,176)
Net increase (decrease) in cash and cash equivalents 24,976,821 (82,726,917)
Cash and cash equivalents at beginning of period 23,899,809 112,750,980
Cash and cash equivalents at end of period 48,876,630 30,024,063
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for taxes 50,000 50,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES    
Accounts payable and accrued expenses settled with common stock 75,000
Property and equipment included in accounts payable and accrued expenses $ 56,707 $ 175,062
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Nature of Operations
6 Months Ended
Apr. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

1. NATURE OF OPERATIONS

 

Advaxis, Inc. (“Advaxis” or the “Company”) is a late-stage biotechnology company focused on the discovery, development and commercialization of proprietary Listeria monocytogenes (“Lm”) based antigen delivery products. The Company is using its Lm platform directed against tumor-specific targets in order to engage the patient’s immune system to destroy tumor cells. Through a license from the University of Pennsylvania, Advaxis has exclusive access to this proprietary formulation of attenuated Lm called Lm Technology. Advaxis’ proprietary approach deploys a unique mechanism of action that awakens the immune system to attack cancer in three distinct ways by:

 

  ●  Awakening 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 eliminate the tumor.

 

Advaxis’ proprietary Lm platform technology has been clinically validated and dosed in over 530 patients across multiple clinical trials and in various tumor types. The Company believes that Lm Technology immunotherapies can complement and address significant unmet needs in the current oncology treatment landscape. Specifically, our product candidates have the potential to work synergistically with other immunotherapies, including checkpoint inhibitors, while having a generally well-tolerated safety profile, and most product candidates are immediately available for treatment with a low cost of goods.

 

Liquidity and Financial Condition

 

The Company’s products that are being developed have not generated significant revenue. As a result, the Company has suffered recurring losses and requires significant cash resources to execute its business plans. These losses are expected to continue for an extended period of time. Our major sources of cash have been proceeds from various public and private offerings of our common stock, option and warrant exercises, and interest income. From October 2013 through May 2018, we raised approximately $245.2 million in gross proceeds from various public and private offerings of our common stock.

 

As of April 30, 2018, the Company had approximately $58.8 million in cash, restricted cash, cash equivalents and short-term investment securities on its balance sheet and working capital of $46.6 million. The Company has completed a thorough analysis of operating expenses, as well as research and development (“R&D”) programs. Accordingly, Management’s plans to mitigate such shortfall of cash flows include the approval of a work force reduction effective June 7, 2018, and also cost reductions regarding select ongoing programs for clinical trials. Based upon these actions, we believe our current working capital position as of April 30, 2018 and cash flows expected to be generated from future operations is sufficient to enable the Company to meet its obligations as they become due in the ordinary course of business for a period of at least one year from the issuance of these financial statements. Had these actions not been taken, the Company’s future cash flows may not have been sufficient for the Company to meet its obligations as they become due. The actual amount of cash that we will need to operate is subject to many factors, and the Company has the ability to further reduce other variable costs if needed. Should further financing be needed, the Company could access additional capital through the equity capital or debt markets although no assurance can be provided that the Company would be successful in any capital raising efforts.

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies and Basis of Presentation
6 Months Ended
Apr. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies and Basis of Presentation

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

 

Basis of Presentation/Estimates

 

The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the SEC with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited condensed balance sheet as of October 31, 2017 has been derived from the Company’s October 31, 2017 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.

 

Operating results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates include the timelines associated with revenue recognition on upfront payments received, the fair value and recoverability of the carrying value of property and equipment and intangible assets, the 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 for the year ended October 31, 2017 and notes thereto contained in the Company’s annual report on Form 10-K for the year ended October 31, 2017, as filed with the SEC on December 21, 2017.

 

Concentration of Credit Risk

 

Financial instruments which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents. All 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 are collateralized by cash which is unavailable for withdrawal or for usage for general obligations. No amount is outstanding under either letter of credit as of April 30, 2018.

 

Net Income (Loss) per Share

 

Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, restricted stock units and other potential common stock outstanding during the period. In the case of a net loss, the impact of the potential common stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential common stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share.

 

    As of April 30,  
    2018     2017  
Warrants     3,092,395       3,110,575  
Stock Options     4,643,012       3,893,558  
Restricted Stock Units     1,089,475       1,146,435  
Total     8,824,882       8,150,568  

 

Recent Accounting Standards

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers.

 

Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standards”). The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating which transition approach we will utilize and the impact of adopting this accounting standard on our unaudited condensed financial statements. This update will be effective for the Company beginning in the first quarter of fiscal 2019.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (“Topic 842”) (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of fiscal 2020. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s financial statements.

 

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed financial statements.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Short-Term Investment Securities
6 Months Ended
Apr. 30, 2018
Schedule of Investments [Abstract]  
Short-Term Investment Securities

3. SHORT-TERM INVESTMENT SECURITIES

 

The following table summarizes the Company’s investment securities at amortized cost as of April 30, 2018 and October 31, 2017:

 

    April 30, 2018  
    Amortized
cost, as adjusted
    Gross unrealized
holding gains
    Gross unrealized
holding losses
    Estimated fair
value
 
Short-term investments:                                
Certificates of Deposit   $ 490,000     $ -     $ -     $ 490,000  
U.S Treasury Notes     8,498,858       -       4,268       8,494,590  
Total short-term investment securities   $ 8,988,858     $ -     $ 4,268     $ 8,984,590  

 

    October 31, 2017  
    Amortized
cost, as adjusted
    Gross unrealized
holding gains
    Gross unrealized
holding losses
    Estimated fair
value
 
Short-term investments:                                
Certificates of Deposit   $ 11,391,147     $ -     $ -     $ 11,391,147  
Domestic Governmental Agency Loans     499,957       -       162       499,795  
U.S Treasury Notes     34,507,200       -       25,351       34,481,849  
Total short-term investment securities   $ 46,398,304     $ -     $ 25,513     $ 46,372,791  

 

All the Company’s short-term investment securities mature within the next 12 months.

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment
6 Months Ended
Apr. 30, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. PROPERTY AND EQUIPMENT

 

Property and equipment, net consists of the following:

 

    April 30, 2018     October 31, 2017  
             
Leasehold improvements   $ 2,254,727     $ 2,167,990  
Laboratory equipment     5,411,376       4,143,106  
Furniture and fixtures     745,804       728,725  
Computer equipment     394,523       394,523  
Construction in progress     692,234       883,322  
Total property and equipment     9,498,664       8,317,666  
Accumulated depreciation and amortization     (1,750,391 )     (1,206,585 )
Net property and equipment   $ 7,748,273     $ 7,111,081  

 

Depreciation expense for the three and six months ended April 30, 2018 and 2017 was $278,817, $543,806, $179,823 and $337,403, respectively.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets
6 Months Ended
Apr. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

5. INTANGIBLE ASSETS

 

Intangible assets, net consist of the following:

 

    April 30, 2018     October 31, 2017  
             
Patents   $ 6,337,436     $ 5,727,298  
Licenses     776,992       776,992  
Software     117,196       108,604  
Total intangibles     7,231,624       6,612,894  
Accumulated amortization     (1,879,137 )     (1,756,119 )
Intangible assets   $ 5,352,487     $ 4,856,775  

 

The expirations of the existing patents range from 2018 to 2038 but the expirations can be extended based on market approval if granted and/or based on existing laws and regulations. Capitalized costs associated with patent applications that are abandoned without future value are charged to expense when the determination is made not to pursue the application. Patent applications having a net book value of $161,889, $305,004, $89,881 and $89,881 were abandoned and were charged to research and development expenses in the Statement of Operations for the three and six months ended April 30, 2018 and 2017, respectively. Amortization expense for intangible assets aggregated $96,284, $188,809, $77,745 and $152,155 for the three and six months ended April 30, 2018 and 2017, respectively.

 

At April 30, 2018, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows:

 

Year ended October 31,      
       
2018 (Remaining)   $ 196,506  
2019     390,610  
2020     373,755  
2021     353,945  
2022     353,945  
Thereafter     3,683,726  
Total   $ 5,352,487  

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses
6 Months Ended
Apr. 30, 2018
Payables and Accruals [Abstract]  
Accrued Expenses

6. ACCRUED EXPENSES:

 

The following table represents the major components of accrued expenses:

 

    April 30, 2018     October 31, 2017  
             
Salaries and other compensation   $ 2,382,100     $ 2,652,583  
Vendors     1,017,033       2,811,956  
Professional fees     837,850       3,235,497  
Total accrued expenses   $ 4,236,983     $ 8,700,036  

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Warrants
6 Months Ended
Apr. 30, 2018
Warrants  
Warrants

7. WARRANTS

 

At April 30, 2018 and October 31, 2017, the Company had 3,092,395 warrants outstanding at a weighted average exercise price of $5.00 and a weighted average remaining contractual life of 0.42 and 0.92 years, respectively. At April 30, 2018 and October 31, 2017, all of the Company’s outstanding warrants were classified as equity (equity warrants). At issuance, equity warrants are recorded at their relative fair values, using the relative fair value method, in the stockholders’ equity section of the balance sheet. The Company’s equity warrants can only be settled through the issuance of shares and are not subject to anti-dilution provisions.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share Based Compensation
6 Months Ended
Apr. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share Based Compensation

8. SHARE BASED COMPENSATION

 

The following table summarizes share-based compensation expense included in the Statement of Operations:

 

    Three Months Ended April 30,     Six Months Ended April 30,  
    2018     2017     2018     2017  
Research and development   $ 525,822     $ 1,531,005     $ 1,798,818     $ 2,753,488  
General and administrative     698,787       3,682,720       2,234,908       7,570,662  
Total   $ 1,224,609     $ 5,213,725     $ 4,033,726     $ 10,324,150  

 

Restricted Stock Units (RSUs)

 

A summary of the Company’s RSU activity and related information for the six months ended April 30, 2018 is as follows:

 

    Number of
RSUs
    Weighted-Average Grant
Date Fair Value
 
             
Balance at October 31, 2017     1,363,119     $ 8.54  
Granted     335,424       3.22  
Vested     (461,111 )     8.27  
Cancelled     (147,957 )     9.98  
Balance at April 30, 2018     1,089,475     $ 6.82  

 

As of April 30, 2018, there was approximately $6,061,000 of unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 1.85 years.

 

As of April 30, 2018, the aggregate intrinsic value of non-vested RSUs was approximately $1,743,160.

 

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 256,610 shares (208,094 shares on a net basis after employee taxes) and 159,544 shares (129,728 shares on a net basis after employee taxes) during the three months ended April 30, 2018 and 2017 respectively. Total stock compensation expense associated with employee awards for the three months ended April 30, 2018 and 2017 was $619,740 and $1,712,297, respectively

 

Common Stock issued to executives and employees related to vested incentive retention awards, employment inducements, management purchases and employee excellence awards totaled 453,777 shares (403,140 shares on a net basis after employee taxes) and 253,520 shares (222,459 shares on a net basis after employee taxes) during the six months ended April 30, 2018 and 2017 respectively. Total stock compensation expense associated with employee awards for the six months ended April 30, 2018 and 2017 was $1,973,925 and $3,068,936, respectively.

 

Included in compensation expense for the three and six months ended April 30, 2018 is $210,146 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 30,000 shares for each of the three months ended April 30, 2018 and 2017, respectively. During the three months ended April 30, 2018 and 2017, total stock compensation expense associated with Director awards was $5,616 and $98,315, respectively.

 

Common stock issued to Directors for compensation related to board and committee membership totaled 30,000 shares for each of the six months ended April 30, 2018 and 2017, respectively. During the six months ended April 30, 2018 and 2017, total stock compensation expense associated with Director awards was $107,244 and $199,943, respectively.

 

Included in compensation expense for the three and six months ended April 30, 2018 is $9,850 recognized as a result of the modification of certain RSU’s associated with a Board member that decided not to run for re-election in March 2018. 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, 2018 is as follows:

 

    Number of
Options
    Weighted-Average
Exercise Price
 
Outstanding at October 31, 2017:     3,893,558     $ 12.51  
Granted     1,764,185       2.26  
Canceled or Expired     (1,014,731 )     11.07  
Outstanding at April 30, 2018     4,643,012       8.93  
Vested and Exercisable at April 30, 2018     2,823,762     $ 12.58  

 

Total compensation cost related to the Company’s outstanding stock options, recognized in the statement of operations for the three months ended April 30, 2018 and 2017 was $599,254 and $3,006,763, respectively. For the six months ended April 30, 2018 and 2017, compensation cost related to the Company’s outstanding stock options was $1,997,558 and $6,190,221, respectively. Included in compensation expense for the three and six months ended April 30, 2018 is $76,784 recognized as a result of the modification of certain option agreements associated with two Board members that decided not to run for re-election in March 2018. 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.

 

During the six months ended April 30, 2018, 1,764,185 options were granted with a total grant date fair value of $3,122,924. During the six months ended April 30, 2017, 556,952 options were granted with a total grant date fair value of $3,542,215.

 

As of April 30, 2018, there was approximately $3,634,000 of unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.07 years.

 

As of April 30, 2018, 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, 2018 and 2017, the Company used the following inputs in its BSM:

 

    Six Months Ended April 30,  
    2018     2017  
             
Expected Term     5.35 – 6.51 years       5.50-6.50 years  
Expected Volatility     95.11 – 100.34 %     107.07-110.93 %
Expected Dividends     0 %     0 %
Risk Free Interest Rate     1.81 – 2.66 %     1.26-1.58 %

 

2018 Employee Stock Purchase Plan

 

During the six months ended April 30, 2018, the Company issued 10,681 shares that were purchased in fiscal 2017 under the 2011 Employee Stock Purchase Plan (“ESPP”).

 

The Advaxis, Inc. 2018 ESPP was approved by the Company’s shareholders on March 21, 2018. The ESPP allows eligible employees to purchase shares of our common stock at a 15% discount to the closing market price on designated exercise dates. 1,000,000 shares of the Company common stock are reserved for issuance under the ESPP.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
6 Months Ended
Apr. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES:

 

Legal Proceedings 

 

Bono

 

On August 20, 2015, a derivative complaint was filed by a purported Company stockholder in the United States District Court for the District of New Jersey styled David Bono v. O’Connor, et al., Case No. 3:15-CV-006326-FLW-DEA (D.N.J. Aug. 20, 2015) (the “Bono Action”). The complaint was based on general allegations related to certain stock options granted to the individual defendants and generally alleged counts for breaches of fiduciary duty and unjust enrichment. The complaint also alleged additional claims for violation of Section 14(a) of the Securities Exchange Act of 1934 and for waste of corporate assets. The complaint sought damages and costs of an unspecified amount, disgorgement of compensation obtained by the individual defendants, and injunctive relief.

 

Defendants filed a motion to dismiss the Bono Action. On May 23, 2016, the Court issued an opinion and order granting in part and denying in part defendants’ motion to dismiss. On October 5, 2016, the Court denied plaintiff’s motion for reconsideration of its May 23 order. On April 13, 2017, the parties advised the Court that they had reached a tentative agreement in principle to settle the action, subject to negotiating an award of attorneys’ fees and expenses to plaintiff’s counsel and a stipulation of settlement, and, ultimately, Court approval. The parties subsequently executed the stipulation of settlement on October 2, 2017. The Court entered an order preliminarily approving the settlement on November 7, 2017. The final fairness hearing was held January 29, 2018, and the Order and Final Judgment approving the settlement and dismissing the action with prejudice was entered on January 29, 2018. This matter is now concluded.

 

Corporate Office & Manufacturing Facility Lease

 

The Company leases its corporate office and manufacturing facility under an operating lease expiring in November 2025.

 

Future minimum payments under the Company’s operating leases are as follows:

 

Year ended October 31,      
       
2018 (remaining)   $ 523,676  
2019     1,107,385  
2020     1,232,907  
2021     1,317,640  
2022     1,368,819  
Thereafter     4,378,521  
Total   $ 9,928,948  

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes
6 Months Ended
Apr. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

10. INCOME TAXES

 

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises U.S. corporate income taxation by, among other things, lowering the U.S. corporate income tax rate from 35.0 % to 21.0% effective January 1, 2018. The decrease in the U.S. federal corporate tax rate from 35.0% to 21.0% will result in a blended statutory tax rate of 23.2% for the fiscal year ending October 31, 2018. The Company does not anticipate any impact to tax expense due to the full valuation allowance of the Company and believes that the most significant impact on its financial statements will be reduction of approximately $32.7 million for the deferred tax assets related to net operating losses and other assets. Such reduction is offset by changes to the Company’s valuation allowance.

 

In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118, which allows a measurement period, not to exceed one year, to finalize the accounting for the income tax impacts of the Tax Act. Until the accounting for the income tax impacts of the Tax Act is complete, the reported amounts are based on reasonable estimates, are disclosed as provisional and reflect any adjustments in subsequent periods as they refine their estimates or complete their accounting of such tax effects.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity
6 Months Ended
Apr. 30, 2018
Equity [Abstract]  
Stockholders' Equity

11. STOCKHOLDERS’ EQUITY

 

During the six months ended January 31, 2018, the Company sold 881,629 shares of its Common Stock at-the-market transactions resulting in net proceeds of approximately $2,659,000.

 

During February 2018, the Company issued 10,000,000 shares of the Company’s common stock in a public offering at $2.00 per share, less underwriting discounts and commissions. The net proceeds to the Company from the transaction was approximately $18,383,000.

 

On March 21, 2018, the Company’s shareholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase our authorized shares of common stock by 30,000,000 to 95,000,000.

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
6 Months Ended
Apr. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

12. SUBSEQUENT EVENTS

 

Following the close of the second quarter, the Company is announcing a work force reduction effective June 7, 2018. As part of this plan, the Company will reduce employee headcount by approximately 24% as of this date. The Company intends to pay separation payments which will reflect both employee salary and healthcare coverage. Charges related to work force reduction are estimated to be approximately $905,000 which will be reflected in the third quarter results of operations.

 

On June 6, 2018 the Company announced that Molly Henderson joined the Company as Chief Financial Officer effective as of June 6, 2018.

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies and Basis of Presentation (Policies)
6 Months Ended
Apr. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation/Estimates

Basis of Presentation/Estimates

 

The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the SEC with respect to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and the accompanying unaudited condensed balance sheet as of October 31, 2017 has been derived from the Company’s October 31, 2017 audited financial statements. In the opinion of management, the unaudited interim condensed financial statements furnished include all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.

 

Operating results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates include the timelines associated with revenue recognition on upfront payments received, the fair value and recoverability of the carrying value of property and equipment and intangible assets, the 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 for the year ended October 31, 2017 and notes thereto contained in the Company’s annual report on Form 10-K for the year ended October 31, 2017, as filed with the SEC on December 21, 2017.

Concentration of Credit Risk

Concentration of Credit Risk

 

Financial instruments which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents. All 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 are collateralized by cash which is unavailable for withdrawal or for usage for general obligations. No amount is outstanding under either letter of credit as of April 30, 2018.

Net Income (Loss) Per Share

Net Income (Loss) per Share

 

Basic net income or loss per common share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share give effect to dilutive options, warrants, restricted stock units and other potential common stock outstanding during the period. In the case of a net loss, the impact of the potential common stock resulting from warrants, outstanding stock options and convertible debt are not included in the computation of diluted loss per share, as the effect would be anti-dilutive. In the case of net income, the impact of the potential common stock resulting from these instruments that have intrinsic value are included in the diluted earnings per share. The table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share.

 

    As of April 30,  
    2018     2017  
Warrants     3,092,395       3,110,575  
Stock Options     4,643,012       3,893,558  
Restricted Stock Units     1,089,475       1,146,435  
Total     8,824,882       8,150,568  

Recent Accounting Standards

Recent Accounting Standards

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers.

 

Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standards”). The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating which transition approach we will utilize and the impact of adopting this accounting standard on our unaudited condensed financial statements. This update will be effective for the Company beginning in the first quarter of fiscal 2019.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (“Topic 842”) (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of fiscal 2020. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s financial statements.

 

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed financial statements.

XML 28 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies and Basis of Presentation (Tables)
6 Months Ended
Apr. 30, 2018
Accounting Policies [Abstract]  
Schedule of Common Stock Excluded from Diluted Net Loss Per Share

The table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share.

 

    As of April 30,  
    2018     2017  
Warrants     3,092,395       3,110,575  
Stock Options     4,643,012       3,893,558  
Restricted Stock Units     1,089,475       1,146,435  
Total     8,824,882       8,150,568  

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Short-Term Investment Securities (Tables)
6 Months Ended
Apr. 30, 2018
Schedule of Investments [Abstract]  
Schedule of Investment Securities at Amortized

The following table summarizes the Company’s investment securities at amortized cost as of April 30, 2018 and October 31, 2017:

 

    April 30, 2018  
    Amortized
cost, as adjusted
    Gross unrealized
holding gains
    Gross unrealized
holding losses
    Estimated fair
value
 
Short-term investments:                                
Certificates of Deposit   $ 490,000     $ -     $ -     $ 490,000  
U.S Treasury Notes     8,498,858       -       4,268       8,494,590  
Total short-term investment securities   $ 8,988,858     $ -     $ 4,268     $ 8,984,590  

 

    October 31, 2017  
    Amortized
cost, as adjusted
    Gross unrealized
holding gains
    Gross unrealized
holding losses
    Estimated fair
value
 
Short-term investments:                                
Certificates of Deposit   $ 11,391,147     $ -     $ -     $ 11,391,147  
Domestic Governmental Agency Loans     499,957       -       162       499,795  
U.S Treasury Notes     34,507,200       -       25,351       34,481,849  
Total short-term investment securities   $ 46,398,304     $ -     $ 25,513     $ 46,372,791  

XML 30 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Tables)
6 Months Ended
Apr. 30, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment, net consists of the following:

 

    April 30, 2018     October 31, 2017  
             
Leasehold improvements   $ 2,254,727     $ 2,167,990  
Laboratory equipment     5,411,376       4,143,106  
Furniture and fixtures     745,804       728,725  
Computer equipment     394,523       394,523  
Construction in progress     692,234       883,322  
Total property and equipment     9,498,664       8,317,666  
Accumulated depreciation and amortization     (1,750,391 )     (1,206,585 )
Net property and equipment   $ 7,748,273     $ 7,111,081  

XML 31 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets (Tables)
6 Months Ended
Apr. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets

Intangible assets, net consist of the following:

 

    April 30, 2018     October 31, 2017  
             
Patents   $ 6,337,436     $ 5,727,298  
Licenses     776,992       776,992  
Software     117,196       108,604  
Total intangibles     7,231,624       6,612,894  
Accumulated amortization     (1,879,137 )     (1,756,119 )
Intangible assets   $ 5,352,487     $ 4,856,775  

Schedule of Amortization Expense

At April 30, 2018, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows:

 

Year ended October 31,      
       
2018 (Remaining)   $ 196,506  
2019     390,610  
2020     373,755  
2021     353,945  
2022     353,945  
Thereafter     3,683,726  
Total   $ 5,352,487  

XML 32 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses (Tables)
6 Months Ended
Apr. 30, 2018
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses

The following table represents the major components of accrued expenses:

 

    April 30, 2018     October 31, 2017  
             
Salaries and other compensation   $ 2,382,100     $ 2,652,583  
Vendors     1,017,033       2,811,956  
Professional fees     837,850       3,235,497  
Total accrued expenses   $ 4,236,983     $ 8,700,036  

XML 33 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share Based Compensation (Tables)
6 Months Ended
Apr. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Share-based Compensation Expense

The following table summarizes share-based compensation expense included in the Statement of Operations:

 

    Three Months Ended April 30,     Six Months Ended April 30,  
    2018     2017     2018     2017  
Research and development   $ 525,822     $ 1,531,005     $ 1,798,818     $ 2,753,488  
General and administrative     698,787       3,682,720       2,234,908       7,570,662  
Total   $ 1,224,609     $ 5,213,725     $ 4,033,726     $ 10,324,150

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, 2018 is as follows:

 

    Number of
RSUs
    Weighted-Average Grant
Date Fair Value
 
             
Balance at October 31, 2017     1,363,119     $ 8.54  
Granted     335,424       3.22  
Vested     (461,111 )     8.27  
Cancelled     (147,957 )     9.98  
Balance at April 30, 2018     1,089,475     $ 6.82

Summary of Changes in Stock Option Plan

A summary of changes in the stock option plan for the six months ended April 30, 2018 is as follows:

 

    Number of
Options
    Weighted-Average
Exercise Price
 
Outstanding at October 31, 2017:     3,893,558     $ 12.51  
Granted     1,764,185       2.26  
Canceled or Expired     (1,014,731 )     11.07  
Outstanding at April 30, 2018     4,643,012       8.93  
Vested and Exercisable at April 30, 2018     2,823,762     $ 12.58

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, 2018 and 2017, the Company used the following inputs in its BSM:

 

    Six Months Ended April 30,  
    2018     2017  
             
Expected Term     5.35 – 6.51 years       5.50-6.50 years  
Expected Volatility     95.11 – 100.34 %     107.07-110.93 %
Expected Dividends     0 %     0 %
Risk Free Interest Rate     1.81 – 2.66 %     1.26-1.58 %

XML 34 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Tables)
6 Months Ended
Apr. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Summary of Future Minimum Payments of Operating Leases

Future minimum payments under the Company’s operating leases are as follows:

 

Year ended October 31,      
       
2018 (remaining)   $ 523,676  
2019     1,107,385  
2020     1,232,907  
2021     1,317,640  
2022     1,368,819  
Thereafter     4,378,521  
Total   $ 9,928,948  

XML 35 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Nature of Operations (Details Narrative)
6 Months Ended
Apr. 30, 2018
USD ($)
Cash, restricted cash, cash equivalents and investments $ 58,800,000
Working capital 46,600,000
October 2013 Through May 2018 [Member]  
Proceeds from public offering $ 245,200,000
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Common Stock Excluded from Diluted Net Loss Per Share (Details) - shares
6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Number of common stock excluded from diluted net loss per share 8,824,882 8,150,568
Warrants [Member]    
Number of common stock excluded from diluted net loss per share 3,092,395 3,110,575
Stock Options [Member]    
Number of common stock excluded from diluted net loss per share 4,643,012 3,893,558
Restricted Stock Units [Member]    
Number of common stock excluded from diluted net loss per share 1,089,475 1,146,435
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Short-Term Investment Securities (Details Narrative)
6 Months Ended
Apr. 30, 2018
Schedule of Investments [Abstract]  
Investments maturity description All the Company’s short-term investment securities mature within the next 12 months.
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Short-Term Investment Securities - Schedule of Investment Securities at Amortized (Details) - USD ($)
6 Months Ended 12 Months Ended
Apr. 30, 2018
Oct. 31, 2017
Amortized cost, as adjusted $ 8,988,858 $ 46,398,304
Gross unrealized holding gains
Gross unrealized holding losses 4,268 25,513
Estimated fair value 8,984,590 46,372,791
Certificates of Deposit [Member]    
Amortized cost, as adjusted 490,000 11,391,147
Gross unrealized holding gains
Gross unrealized holding losses
Estimated fair value 490,000 11,391,147
U.S Treasury Notes [Member]    
Amortized cost, as adjusted 8,498,858 34,507,200
Gross unrealized holding gains
Gross unrealized holding losses 4,268 25,351
Estimated fair value $ 8,494,590 34,481,849
Domestic Governmental Agency Loans [Member]    
Amortized cost, as adjusted   499,957
Gross unrealized holding gains  
Gross unrealized holding losses   162
Estimated fair value   $ 499,795
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 278,817 $ 179,823 $ 543,806 $ 337,403
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
Apr. 30, 2018
Oct. 31, 2017
Property, Plant and Equipment [Abstract]    
Leasehold improvements $ 2,254,727 $ 2,167,990
Laboratory equipment 5,411,376 4,143,106
Furniture and fixtures 745,804 728,725
Computer equipment 394,523 394,523
Construction in progress 692,234 883,322
Total property and equipment 9,498,664 8,317,666
Accumulated depreciation and amortization (1,750,391) (1,206,585)
Net property and equipment $ 7,748,273 $ 7,111,081
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]        
Finite lived patents expirations year     The expirations of the existing patents range from 2018 to 2038  
Book value patent applications, net $ 161,889 $ 89,881 $ 305,004 $ 89,881
Amortization expense of intangible assets $ 96,284 $ 77,745 $ 188,809 $ 152,155
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets - Summary of Intangible Assets (Details) - USD ($)
Apr. 30, 2018
Oct. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]    
Patents $ 6,337,436 $ 5,727,298
Licenses 776,992 776,992
Software 117,196 108,604
Total intangibles 7,231,624 6,612,894
Accumulated amortization (1,879,137) (1,756,119)
Intangible assets $ 5,352,487 $ 4,856,775
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets - Schedule of Amortization Expense (Details)
Apr. 30, 2018
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2018 (Remaining) $ 196,506
2019 390,610
2020 373,755
2021 353,945
2022 353,945
Thereafter 3,683,726
Total $ 5,352,487
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)
Apr. 30, 2018
Oct. 31, 2017
Payables and Accruals [Abstract]    
Salaries and other compensation $ 2,382,100 $ 2,652,583
Vendors 1,017,033 2,811,956
Professional fees 837,850 3,235,497
Total accrued expenses $ 4,236,983 $ 8,700,036
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Warrants (Details Narrative) - $ / shares
6 Months Ended 12 Months Ended
Apr. 30, 2018
Oct. 31, 2017
Warrants outstanding 3,092,395 3,092,395
Exercise price of warrants $ 5.00 $ 5.00
Warrants [Member]    
Weighted average remaining contractual life 5 months 1 day 11 months 1 day
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share Based Compensation (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Unrecognized compensation cost related to non-vested stock option awards $ 3,634,000   $ 3,634,000  
Stock compensation expense 599,254 $ 3,006,763 $ 1,997,558 $ 6,190,221
Number of options, granted     1,764,185 556,952
Fair value of option granted     $ 3,122,924 $ 3,542,215
Weighted average vesting period     2 years 26 days  
Aggregate intrinsic value of vested and exercisable $ 0   $ 0  
2011 Employee Stock Purchase Plan [Member]        
Number of shares issued under employee stock purchase plan'     10,681  
Common stock discount rate     15.00%  
Number of stock reserved for issuance 1,000,000   1,000,000  
Two Board Members [Member]        
Stock compensation expense $ 76,784   $ 76,784  
Restricted Stock Units (RSUs) [Member]        
Unrecognized compensation cost related to non-vested stock option awards 6,061,000   $ 6,061,000  
Unrecognized compensation cost related to non-vested remaining weighted average vesting period     1 year 10 months 6 days  
Options outstanding, intrinsic value 1,743,160   $ 1,743,160  
Number of options, granted     335,424  
Employee Stock Awards [Member]        
Stock compensation expense $ 210,146   $ 210,146  
Employee Stock Awards [Member] | Executives and Employees [Member]        
Share-based compensation, common stock, shares 256,610 159,544 453,777 253,520
Share-based compensation, shares on net basis after employee payroll taxes 208,094 129,728 403,140 222,459
Stock compensation expense $ 619,740 $ 1,712,297 $ 1,973,925 $ 3,068,936
Director Stock Awards [Member]        
Stock compensation expense $ 9,850   $ 9,850  
Director Stock Awards [Member] | Directors [Member]        
Share-based compensation, common stock, shares 30,000 30,000 30,000 30,000
Stock compensation expense $ 5,616 $ 98,315 $ 107,244 $ 199,943
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Share-based compensation expense $ 1,224,609 $ 5,213,725 $ 4,033,726 $ 10,324,150
Research and Development [Member]        
Share-based compensation expense 525,822 1,531,005 1,798,818 2,753,488
General and Administrative [Member]        
Share-based compensation expense $ 698,787 $ 3,682,720 $ 2,234,908 $ 7,570,662
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share Based Compensation - Summary of RSU Activity and Related Information (Details) - $ / shares
6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Number of RSUs Granted 1,764,185 556,952
Number of RSUs Cancelled (1,014,731)  
Restricted Stock Units (RSUs) [Member]    
Number of RSUs Granted, Beginning Balance 1,363,119  
Number of RSUs Granted 335,424  
Number of RSUs Vested (461,111)  
Number of RSUs Cancelled (147,957)  
Number of RSUs Granted, Ending Balance 1,089,475  
Weighted-Average Grant Date Fair Value, Outstanding, Beginning $ 8.54  
Weighted-Average Grant Date Fair Value, Granted 3.22  
Weighted-Average Grant Date Fair Value, Vested 8.27  
Weighted-Average Grant Date Fair Value, Cancelled 9.98  
Weighted-Average Grant Date Fair Value, Outstanding, Ending $ 6.82  
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share Based Compensation - Summary of Changes in Stock Option Plan (Details) - $ / shares
6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Number of Options, Beginning Balance 3,893,558  
Number of Options, Granted 1,764,185 556,952
Number of Options, Canceled or Expired (1,014,731)  
Number of Options, Ending Balance 4,643,012  
Number of Options, Vested and Exercisable 2,823,762  
Weighted-Average Exercise Price, Outstanding, Beginning $ 12.51  
Weighted-Average Exercise Price, Granted 2.26  
Weighted-Average Exercise Price, Canceled or Expired 11.07  
Weighted-Average Exercise Price, Outstanding, Ending 8.93  
Weighted-Average Exercise Price, Vested and Exercisable $ 12.58  
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share Based Compensation - Summary of Fair Value of Stock Options Granted of BSM (Details)
6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Expected Volatility, Minimum 95.11% 107.07%
Expected Volatility, Maximum 100.34% 110.93%
Expected Dividends 0.00% 0.00%
Risk Free Interest Rate, Minimum 1.81% 1.26%
Risk Free Interest Rate, Maximum 2.66% 1.58%
Minimum [Member]    
Expected Term 5 years 4 months 6 days 5 years 6 months
Maximum [Member]    
Expected Term 6 years 6 months 3 days 6 years 6 months
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details Narrative)
6 Months Ended
Apr. 30, 2018
Corporate Office & Manufacturing Facility Lease [Member]  
Agreement expiration date Nov. 30, 2025
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies - Summary of Future Minimum Payments of Operating Leases (Details)
Oct. 31, 2017
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2018 (remaining) $ 523,676
2019 1,107,385
2020 1,232,907
2021 1,317,640
2022 1,368,819
Thereafter 4,378,521
Total $ 9,928,948
XML 53 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details Narrative) - USD ($)
Dec. 22, 2017
Apr. 30, 2018
Income tax reconciliation description U.S. corporate income taxation by, among other things, lowering the U.S. corporate income tax rate from 35.0 % to 21.0% effective January 1, 2018. The decrease in the U.S. federal corporate tax rate from 35.0% to 21.0% will result in a blended statutory tax rate of 23.2% for the fiscal year ending October 31, 2018.  
Income tax effective tax rate 21.00%  
Net operating loss carry-forward   $ 32,700,000
October 31, 2018 [Member]    
Income tax effective tax rate 21.00%  
Statutory tax rate, percentage 23.20%  
XML 54 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Details Narrative) - USD ($)
1 Months Ended 6 Months Ended
Feb. 28, 2018
Jan. 31, 2018
Apr. 30, 2018
Mar. 21, 2018
Oct. 31, 2017
Number of common stock shares sold   881,629      
Proceeds from sale of common shares   $ 2,659,000      
Common stock, shares authorized     95,000,000 30,000,000 95,000,000
Underwriting Agreement [Member]          
Number of common stock shares sold 10,000,000        
Sale of stock price per share $ 2.00        
Sale of stock transaction during period, value $ 18,383,000        
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details Narrative) - June 7, 2018 [Member]
6 Months Ended
Apr. 30, 2018
USD ($)
Employee headcount reduction, percent 24.00%
Work force reduction charges estimated $ 905,000
EXCEL 56 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 57 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 58 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 60 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 67 201 1 false 22 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://advaxis.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Balance Sheets (Unaudited) Sheet http://advaxis.com/role/BalanceSheets Condensed Balance Sheets (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - Condensed Balance Sheets (Unaudited) (Parenthetical) Sheet http://advaxis.com/role/BalanceSheetsParenthetical Condensed Balance Sheets (Unaudited) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Statements of Operations (Unaudited) Sheet http://advaxis.com/role/StatementsOfOperations Condensed Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Statements of Cash Flows (Unaudited) Sheet http://advaxis.com/role/StatementsOfCashFlows Condensed Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - Nature of Operations Sheet http://advaxis.com/role/NatureOfOperations Nature of Operations Notes 6 false false R7.htm 00000007 - Disclosure - Summary of Significant Accounting Policies and Basis of Presentation Sheet http://advaxis.com/role/SummaryOfSignificantAccountingPoliciesAndBasisOfPresentation Summary of Significant Accounting Policies and Basis of Presentation Notes 7 false false R8.htm 00000008 - Disclosure - Short-Term Investment Securities Sheet http://advaxis.com/role/Short-termInvestmentSecurities Short-Term Investment Securities Notes 8 false false R9.htm 00000009 - Disclosure - Property and Equipment Sheet http://advaxis.com/role/PropertyAndEquipment Property and Equipment Notes 9 false false R10.htm 00000010 - Disclosure - Intangible Assets Sheet http://advaxis.com/role/IntangibleAssets Intangible Assets Notes 10 false false R11.htm 00000011 - Disclosure - Accrued Expenses Sheet http://advaxis.com/role/AccruedExpenses Accrued Expenses Notes 11 false false R12.htm 00000012 - Disclosure - Warrants Sheet http://advaxis.com/role/Warrants Warrants Notes 12 false false R13.htm 00000013 - Disclosure - Share Based Compensation Sheet http://advaxis.com/role/ShareBasedCompensation Share Based Compensation Notes 13 false false R14.htm 00000014 - Disclosure - Commitments and Contingencies Sheet http://advaxis.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 14 false false R15.htm 00000015 - Disclosure - Income Taxes Sheet http://advaxis.com/role/IncomeTaxes Income Taxes Notes 15 false false R16.htm 00000016 - Disclosure - Stockholders' Equity Sheet http://advaxis.com/role/StockholdersEquity Stockholders' Equity Notes 16 false false R17.htm 00000017 - Disclosure - Subsequent Events Sheet http://advaxis.com/role/SubsequentEvents Subsequent Events Notes 17 false false R18.htm 00000018 - Disclosure - Summary of Significant Accounting Policies and Basis of Presentation (Policies) Sheet http://advaxis.com/role/SummaryOfSignificantAccountingPoliciesAndBasisOfPresentationPolicies Summary of Significant Accounting Policies and Basis of Presentation (Policies) Policies http://advaxis.com/role/SummaryOfSignificantAccountingPoliciesAndBasisOfPresentation 18 false false R19.htm 00000019 - Disclosure - Summary of Significant Accounting Policies and Basis of Presentation (Tables) Sheet http://advaxis.com/role/SummaryOfSignificantAccountingPoliciesAndBasisOfPresentationTables Summary of Significant Accounting Policies and Basis of Presentation (Tables) Tables http://advaxis.com/role/SummaryOfSignificantAccountingPoliciesAndBasisOfPresentation 19 false false R20.htm 00000020 - Disclosure - Short-Term Investment Securities (Tables) Sheet http://advaxis.com/role/Short-termInvestmentSecuritiesTables Short-Term Investment Securities (Tables) Tables http://advaxis.com/role/Short-termInvestmentSecurities 20 false false R21.htm 00000021 - Disclosure - Property and Equipment (Tables) Sheet http://advaxis.com/role/PropertyAndEquipmentTables Property and Equipment (Tables) Tables http://advaxis.com/role/PropertyAndEquipment 21 false false R22.htm 00000022 - Disclosure - Intangible Assets (Tables) Sheet http://advaxis.com/role/IntangibleAssetsTables Intangible Assets (Tables) Tables http://advaxis.com/role/IntangibleAssets 22 false false R23.htm 00000023 - Disclosure - Accrued Expenses (Tables) Sheet http://advaxis.com/role/AccruedExpensesTables Accrued Expenses (Tables) Tables http://advaxis.com/role/AccruedExpenses 23 false false R24.htm 00000024 - Disclosure - Share Based Compensation (Tables) Sheet http://advaxis.com/role/ShareBasedCompensationTables Share Based Compensation (Tables) Tables http://advaxis.com/role/ShareBasedCompensation 24 false false R25.htm 00000025 - Disclosure - Commitments and Contingencies (Tables) Sheet http://advaxis.com/role/CommitmentsAndContingenciesTables Commitments and Contingencies (Tables) Tables http://advaxis.com/role/CommitmentsAndContingencies 25 false false R26.htm 00000026 - Disclosure - Nature of Operations (Details Narrative) Sheet http://advaxis.com/role/NatureOfOperationsDetailsNarrative Nature of Operations (Details Narrative) Details http://advaxis.com/role/NatureOfOperations 26 false false R27.htm 00000027 - Disclosure - Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Common Stock Excluded from Diluted Net Loss Per Share (Details) Sheet http://advaxis.com/role/SummaryOfSignificantAccountingPoliciesAndBasisOfPresentation-ScheduleOfCommonStockExcludedFromDilutedNetLossPerShareDetails Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Common Stock Excluded from Diluted Net Loss Per Share (Details) Details 27 false false R28.htm 00000028 - Disclosure - Short-Term Investment Securities (Details Narrative) Sheet http://advaxis.com/role/Short-termInvestmentSecuritiesDetailsNarrative Short-Term Investment Securities (Details Narrative) Details http://advaxis.com/role/Short-termInvestmentSecuritiesTables 28 false false R29.htm 00000029 - Disclosure - Short-Term Investment Securities - Schedule of Investment Securities at Amortized (Details) Sheet http://advaxis.com/role/Short-termInvestmentSecurities-ScheduleOfInvestmentSecuritiesAtAmortizedDetails Short-Term Investment Securities - Schedule of Investment Securities at Amortized (Details) Details 29 false false R30.htm 00000030 - Disclosure - Property and Equipment (Details Narrative) Sheet http://advaxis.com/role/PropertyAndEquipmentDetailsNarrative Property and Equipment (Details Narrative) Details http://advaxis.com/role/PropertyAndEquipmentTables 30 false false R31.htm 00000031 - Disclosure - Property and Equipment - Schedule of Property and Equipment (Details) Sheet http://advaxis.com/role/PropertyAndEquipment-ScheduleOfPropertyAndEquipmentDetails Property and Equipment - Schedule of Property and Equipment (Details) Details 31 false false R32.htm 00000032 - Disclosure - Intangible Assets (Details Narrative) Sheet http://advaxis.com/role/IntangibleAssetsDetailsNarrative Intangible Assets (Details Narrative) Details http://advaxis.com/role/IntangibleAssetsTables 32 false false R33.htm 00000033 - Disclosure - Intangible Assets - Summary of Intangible Assets (Details) Sheet http://advaxis.com/role/IntangibleAssets-SummaryOfIntangibleAssetsDetails Intangible Assets - Summary of Intangible Assets (Details) Details 33 false false R34.htm 00000034 - Disclosure - Intangible Assets - Schedule of Amortization Expense (Details) Sheet http://advaxis.com/role/IntangibleAssets-ScheduleOfAmortizationExpenseDetails Intangible Assets - Schedule of Amortization Expense (Details) Details 34 false false R35.htm 00000035 - Disclosure - Accrued Expenses - Schedule of Accrued Expenses (Details) Sheet http://advaxis.com/role/AccruedExpenses-ScheduleOfAccruedExpensesDetails Accrued Expenses - Schedule of Accrued Expenses (Details) Details 35 false false R36.htm 00000036 - Disclosure - Warrants (Details Narrative) Sheet http://advaxis.com/role/WarrantsDetailsNarrative Warrants (Details Narrative) Details http://advaxis.com/role/Warrants 36 false false R37.htm 00000037 - Disclosure - Share Based Compensation (Details Narrative) Sheet http://advaxis.com/role/ShareBasedCompensationDetailsNarrative Share Based Compensation (Details Narrative) Details http://advaxis.com/role/ShareBasedCompensationTables 37 false false R38.htm 00000038 - Disclosure - Share Based Compensation - Summary of Share-based Compensation Expense (Details) Sheet http://advaxis.com/role/ShareBasedCompensation-SummaryOfShare-basedCompensationExpenseDetails Share Based Compensation - Summary of Share-based Compensation Expense (Details) Details 38 false false R39.htm 00000039 - Disclosure - Share Based Compensation - Summary of RSU Activity and Related Information (Details) Sheet http://advaxis.com/role/ShareBasedCompensation-SummaryOfRsuActivityAndRelatedInformationDetails Share Based Compensation - Summary of RSU Activity and Related Information (Details) Details 39 false false R40.htm 00000040 - Disclosure - Share Based Compensation - Summary of Changes in Stock Option Plan (Details) Sheet http://advaxis.com/role/ShareBasedCompensation-SummaryOfChangesInStockOptionPlanDetails Share Based Compensation - Summary of Changes in Stock Option Plan (Details) Details 40 false false R41.htm 00000041 - Disclosure - Share Based Compensation - Summary of Fair Value of Stock Options Granted of BSM (Details) Sheet http://advaxis.com/role/ShareBasedCompensation-SummaryOfFairValueOfStockOptionsGrantedOfBsmDetails Share Based Compensation - Summary of Fair Value of Stock Options Granted of BSM (Details) Details 41 false false R42.htm 00000042 - Disclosure - Commitments and Contingencies (Details Narrative) Sheet http://advaxis.com/role/CommitmentsAndContingenciesDetailsNarrative Commitments and Contingencies (Details Narrative) Details http://advaxis.com/role/CommitmentsAndContingenciesTables 42 false false R43.htm 00000043 - Disclosure - Commitments and Contingencies - Summary of Future Minimum Payments of Operating Leases (Details) Sheet http://advaxis.com/role/CommitmentsAndContingencies-SummaryOfFutureMinimumPaymentsOfOperatingLeasesDetails Commitments and Contingencies - Summary of Future Minimum Payments of Operating Leases (Details) Details 43 false false R44.htm 00000044 - Disclosure - Income Taxes (Details Narrative) Sheet http://advaxis.com/role/IncomeTaxesDetailsNarrative Income Taxes (Details Narrative) Details http://advaxis.com/role/IncomeTaxes 44 false false R45.htm 00000045 - Disclosure - Stockholders' Equity (Details Narrative) Sheet http://advaxis.com/role/StockholdersEquityDetailsNarrative Stockholders' Equity (Details Narrative) Details http://advaxis.com/role/StockholdersEquity 45 false false R46.htm 00000046 - Disclosure - Subsequent Events (Details Narrative) Sheet http://advaxis.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://advaxis.com/role/SubsequentEvents 46 false false All Reports Book All Reports adxs-20180430.xml adxs-20180430.xsd adxs-20180430_cal.xml adxs-20180430_def.xml adxs-20180430_lab.xml adxs-20180430_pre.xml http://xbrl.sec.gov/dei/2018-01-31 http://xbrl.sec.gov/invest/2013-01-31 http://fasb.org/us-gaap/2018-01-31 http://fasb.org/srt/2018-01-31 true true ZIP 62 0001493152-18-008309-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-18-008309-xbrl.zip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end