Water Tower Research Publishes Initiation of Coverage Report on Anixa Biosciences, Inc., “Anixa’s T-Cell Innovations Show Breakthrough Potential in Solid Tumors”

January 21, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Anixa Biosciences, Inc. (NASDAQ: ANIX) titled, “Anixa’s T-Cell Innovations Show Breakthrough Potential in Solid Tumors”. The report can be accessed here.

California-headquartered Anixa Biosciences, Inc. is a clinical-stage biotechnology company with two early-stage clinical development programs: (1) a novel type of CAR-T cell therapy, known as CER-T cell technology for the treatment of terminally ill ovarian cancer patients; and (2) a breast cancer vaccine designed as both a treatment and prophylactic. Additionally, the company runs several pre-clinical vaccine studies to address many intractable cancers, including high incidence malignancies in ovarian, lung, colon, and prostate cancers.

The ongoing CER-T Phase 1 trial has demonstrated positive early data, with an excellent safety profile with no dose-limiting toxicities across four cohorts, and positive anecdotal efficacy outcomes including one patient who survived 28 months post-treatment. The breast cancer vaccine successfully met all primary endpoints in its completed Phase 1 trial, showing strong immune responses in 74% of participants, strongly supporting advancement to a Phase 2 study.

Anixa follows a lean, partnership-driven model focused on capital efficiency. The company minimizes overhead by leveraging collaborations with world-renowned institutions like the Cleveland Clinic and Moffitt Cancer Center for trials and lab work. Anixa has also been successful in accessing non-dilutive funding sources such as government grants. These factors have kept annual cash burn at an exceptionally low level of $5-7 million, enabling it to advance its clinical and pre-clinical programs with little financial pressure. The company maintains a conservative, debt-free balance sheet, with $15.2 million in cash as of October 31, 2025, providing a two-year funding runway, which is significantly more stable than many biotech peers.

When measured against its peer group’s average cash burn-to-enterprise value ratio, Anixa’s 8% burn-to-value ratio and better than average cash runway underscores its financially conservative posture, reflecting disciplined spending relative to its size and stage. Additionally, Anixa has avoided issuing warrants or other instruments to lure investors that could create shareholder dilution. The company also benefits from strong insider ownership of 5%, further aligning management interests with shareholders.

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