Advaxis Reports Fiscal Year 2021 Financial Results and Provides a Business Update
Advaxis, Inc. (OTCQX: ADXS) reported its fiscal year 2021 results, showcasing a focus on immunotherapy development. Key highlights include updated clinical data from the Phase 1/2 trial of ADXS-503 in NSCLC, revealing a 15% overall response rate and a 67% disease control rate in newly diagnosed subjects. The company initiated a Phase 1 trial for ADXS-504 targeting early prostate cancer. Financially, Advaxis ended the year with $41.6 million in cash, reporting a net loss of $17.9 million, down from $26.5 million in FY 2020.
- Phase 1/2 trial of ADXS-503 shows 15% overall response rate and 67% disease control rate in newly diagnosed subjects.
- Cash balance of $41.6 million provides a solid foundation for ongoing clinical programs.
- 18% reduction in annual operating expenses, totaling approximately $4.7 million.
- Net loss of $17.9 million for FY 2021, despite improvement from $26.5 million in FY 2020.
- General and administrative expenses increased to $11.5 million from $11.1 million in FY 2020.
MONMOUTH JUNCTION, N.J., Feb. 14, 2022 (GLOBE NEWSWIRE) -- Advaxis, Inc. (OTCQX: ADXS), a clinical-stage biotechnology company focused on the development and commercialization of immunotherapy products, today announces its financial results for the fiscal year ended October 31, 2021 and provides a business update.
Fiscal Year 2021 and Recent Key Accomplishments:
- Presented updated clinical data from ongoing Phase 1/2 Trial of ADXS-503 in NSCLC
- In Part B combination arm
- a second partial response was observed
- overall response rate was
15% and disease control rate was46%
- In Part C combination arm in newly diagnosed subjects
- disease control rate of
67% was observed
- disease control rate of
- In Part B combination arm
- Initiated Phase 1 trial of ADXS-504 for the treatment of early prostate cancer
Management Commentary
“Fiscal year 2021 was a busy year for Advaxis, with important clinical and biomarker data from the ongoing Phase 1/2 study of ADXS-503 in NSCLC which now consistently show the potential of ADXS-503 to synergistically enhance and/or restore sensitivity to checkpoint inhibitors,” said Kenneth A. Berlin, President and Chief Executive Officer of Advaxis. “We are executing on the expansion of Part B to further evaluate the promising signals of sustained clinical benefit observed in Part B in NSCLC patients with immediate prior progression on KEYTRUDA®, as well as Part C, which will evaluate ADXS-503 in combination with KEYTRUDA® in the first line setting. Major milestones for the ADXS-503 trial in the second half of 2022 include updated clinical and immunogenicity data for all patients in Stage 1 in Part B and from up to 10 patients in Part C. Also, initial clinical and immunogenicity data from the ADXS-504 trial in early prostate cancer are expected to be reported in the second half of this year.”
Mr. Berlin continued, “We remain confident that our clinical strategy will explore the full potential of ADXS-503 to improve responses to checkpoint inhibitors across diverse clinical settings and patient populations. We are highly enthusiastic about the on-mechanism innate and adaptive immune stimulation seen in our broadly accessible, off-the-shelf neoantigen immunotherapy. In addition to these encouraging data, our strengthened balance sheet ensures our continued momentum with the ADXS-HOT program as we advance our Lm-technology to expand the reach of checkpoint inhibitors.”
Balance Sheet Highlights
As of October 31, 2021, Advaxis had cash and cash equivalents of
Fiscal Year 2021 Financial Information
Research and development expenses for fiscal year 2021 were
General and administrative expenses for fiscal year 2021 were
The net loss for the fiscal year ended October 31, 2021 was
About Advaxis, Inc.
Advaxis, Inc. is a clinical-stage biotechnology company focused on the development and commercialization of proprietary Lm-based antigen delivery products. These immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm) bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based strains are believed to be a significant advancement in immunotherapy as they integrate multiple functions into a single immunotherapy and are designed to access and direct antigen presenting cells to stimulate anti-tumor T cell immunity, activate the immune system with the equivalent of multiple adjuvants, and simultaneously reduce tumor protection in the tumor microenvironment to enable T cells to eliminate tumors.
To learn more about Advaxis, visit www.advaxis.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements that express the current beliefs and expectations of management, including but not limited to statements related to the risks associated with being listed on the OTCQX; the outcome of any legal proceedings that may be instituted against the Company; the Company’s history of net operating losses and uncertainty regarding its ability to achieve profitability; expected clinical development of the Company’s drug product candidates, statements about the Company’s balance sheet position, including the sufficiency of the Company’s cash and cash equivalents to fund its obligations into the future, and statements related to the goals, plans and expectations for the Company’s ongoing clinical studies. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K, filed on January 22, 2021, and its periodic reports on Form 10-Q and Form 8-K. Any statements contained herein that do not describe historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results, performance and achievements to differ materially from those discussed in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to update or revise forward-looking statements, except as otherwise required by law, whether as a result of new information, future events or otherwise.
Contact:
Tim McCarthy, LifeSci Advisors, LLC
917.679.9282
tim@lifesciadvisors.com
ADVAXIS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
| October 31, | ||||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 41,614 | $ | 25,178 | ||||
| Deferred expenses | - | 1,808 | ||||||
| Prepaid expenses and other current assets | 1,643 | 865 | ||||||
| Total current assets | 43,257 | 27,851 | ||||||
| Property and equipment (net of accumulated depreciation) | 118 | 2,393 | ||||||
| Intangible assets (net of accumulated amortization) | 3,354 | 3,261 | ||||||
| Operating right-of-use asset (net of accumulated amortization) | 40 | 4,839 | ||||||
| Other assets | 11 | 182 | ||||||
| Total assets | $ | 46,780 | $ | 38,526 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 87 | $ | 410 | ||||
| Accrued expenses | 2,836 | 1,737 | ||||||
| Current portion of operating lease liability | 28 | 962 | ||||||
| Deferred revenue | - | 165 | ||||||
| Common stock warrant liability | 4,929 | 17 | ||||||
| Total current liabilities | 7,880 | 3,291 | ||||||
| Operating lease liability, net of current portion | 12 | 5,055 | ||||||
| Total liabilities | 7,892 | 8,346 | ||||||
| Contingencies – Note 10 | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock - | 146 | 78 | ||||||
| Additional paid-in capital | 467,342 | 440,840 | ||||||
| Accumulated deficit | (428,600 | ) | (410,738 | ) | ||||
| Total stockholders’ equity | 38,888 | 30,180 | ||||||
| Total liabilities and stockholders’ equity | $ | 46,780 | $ | 38,526 | ||||
ADVAXIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
| Year Ended October 31, | ||||||||
| 2021 | 2020 | |||||||
| Revenue | $ | 3,240 | $ | 253 | ||||
| Operating expenses: | ||||||||
| Research and development expenses | 10,562 | 15,612 | ||||||
| General and administrative expenses | 11,464 | 11,090 | ||||||
| Total operating expenses | 22,026 | 26,702 | ||||||
| Loss from operations | (18,786 | ) | (26,449 | ) | ||||
| Other income (expense): | ||||||||
| Interest income | 5 | 110 | ||||||
| Net changes in fair value of derivative liabilities | 970 | - | ||||||
| Loss on shares issued in settlement of warrants | - | (77 | ) | |||||
| Other expense | (1 | ) | (3 | ) | ||||
| Net loss before income tax benefit | (17,812 | ) | (26,419 | ) | ||||
| Income tax expense | 50 | 50 | ||||||
| Net loss | $ | (17,862 | ) | $ | (26,469 | ) | ||
| Net loss per common share, basic and diluted | $ | (0.14 | ) | $ | (0.43 | ) | ||
| Weighted average number of common shares outstanding, basic and diluted | 129,090,709 | 61,003,839 | ||||||
FAQ
What were Advaxis' clinical trial results for ADXS-503 in FY 2021?
What is the financial status of Advaxis as of October 31, 2021?
How did Advaxis manage its operating expenses in FY 2021?
What is the significance of the ADXS-504 trial initiated by Advaxis?
