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sorry, but still does not explain the numbers they put in the PR. Creative financial engineering? That's a slap in the engineer's face.
Waiting for a 10-Q.
I'm trying hard to make sense of the report, so help me here:
They show a net income of $12.817M in the last quarter, but the total cash and cash equivalents dropped from $44.141M to $32.710M (a drop of $11.431M) in Q1? How that's possible? The numbers don't add up!
AACR presentations:
https://ir.advaxis.com/press-release/advaxis-announces-presentations-adxs-neo-and-adxs-psa-data-upcoming-american
Advaxis Announces Presentations Of ADXS-NEO And ADXS-PSA Data At Upcoming American Association For Cancer Research Annual Meeting
March 11, 2019
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PRINCETON, N.J.--(BUSINESS WIRE)--Advaxis, Inc. (NASDAQ:ADXS), a late-stage biotechnology company focused on the discovery, development and commercialization of immunotherapy products, announced today two poster presentations at the upcoming American Association for Cancer Research (AACR) Annual Meeting being held March 29 – April 3, 2019 in Atlanta, Georgia.
Poster Presentation 1
Title: Safety and immunogenicity of a personalized neoantigen-Listeria vaccine in cancer patients
Presenter: J. Randolph Hecht M.D., UCLA
Session: Phase I Clinical Trials: Part 1
Abstract Number: CT007
Location: Georgia World Congress Center, Exhibit Hall B, Poster Section 16
Date and Time: Sunday, March 31, 2019 1:00 p.m. - 5:00 p.m. ET
Poster Presentation 2
Title: KEYNOTE-046: Effects of ADXS-PSA with or without pembrolizumab on survival and antigen spreading in metastatic, castration-resistant prostate cancer patients
Presenter: Mark N. Stein M.D., FACS, Columbia University, NYC
Session: Phase I Clinical Trials: Part 3
Abstract Number: CT098
Location: Georgia World Congress Center, Exhibit Hall B, Poster Section 16
Date and Time: Monday, April 1, 2019 1:00 p.m. - 5:00 p.m. ET
All accepted abstracts will be published in the 2019 Proceedings of the AACR. Session information is available online via the Annual Meeting Itinerary Planner through the AACR website at www.aacr.org.
About Advaxis, Inc.
Advaxis, Inc. is a late-stage biotechnology company focused on the discovery, 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. Advaxis has four programs in various stages of clinical development: ADXS-HPV for cervical cancer; ADXS-NEO, a personalized neoantigen-directed therapy for multiple cancers; ADXS-503 for non-small cell lung cancer, from its ADXS-HOT off-the-shelf neoantigen-directed program; and ADXS-PSA for prostate cancer.
To learn more about Advaxis, visit www.advaxis.com and connect on Twitter, LinkedIn, Facebook and YouTube.
CONTACT:
Investors:
LHA Investor Relations
Miriam Weber Miller, (212) 838-3777
mmiller@lhai.com
Clearly, shorts there fell asleep at the wheel and were not hedged properly. Pros -- and I think pro shorts are controlling the SP here -- are hedged with OTM calls which are extremely cheap. If the bomb is dropped, they are covered. The share price rise in that equity is likely attributed to the enormous volume fueled by opportunistic day traders and other speculators.
Do you believe he should forfeit his 20 fully paid vacation days? You can argue that he should not be taking trips to Bermuda and/or Sandals, but he has the right to do so.
Look, nobody objected his (pro-rated) bonus of 55% of his 2018 annual salary that was due at the end of fiscal 2018 year. That's in addition to his $150K bonus he got for diluting us in September.
Ces't la vie.
Why would anyone want to buy a stock that has DOC name printed on it?
"Fool me once, shame on you; fool me twice, shame on me".
Huge volume -- some large funds are selling this morning. Some news leaked? Ken's back from vacation this Saturday.
Quiet before the storm. Do you know that Category 5 hurricane is rapidly approaching? A total destruction of capital and long time shareholders will be wiped out completely. Those hiding in biobunkers have a chance to survive. Are you hedged, B.Liu?
I don't own any shares of Oncosec, but I'm aware that few here do. I do not follow the company, just browse their web site to see if any familiar faces pop up there.
DOC or AOC, both are not trustworthy persons, their minds are shrouded by their enormous egos and their ultimate goals are not aligned with common folks. IMHO, O'Connor is a disgrace to Marines. I hope Oncosec succeeds in saving human lives, and if that were to happen it would be despite DOC.
Just to cheer you up this bone chilling Tuesday morning:
In the past 4 months, ONCS down by 72%, while ADXS price cut by just 40%.
DOC is clearly losing the battle...
One shoe dropped last Friday after the bell -- we have extra 75M shares authorized. Now, the next shoe is about to drop. Plain old-style secondary will not happen, but the cash raise will be different than the "conventional" raise. If no cash deal within two weeks, they'll issue an authorization for a R/S and then the following scenario:
i) a 10:1 or 15:1 R/S resulting in 7M or 4.5M float;
ii) issue another 10-15M shares after the R/S.
ADXS did not make that list only because they burned less than $500M.
#Biotech zombies that been around >20yrs and burned >$500M w/o anything to show for existence$CTIC -$2.3B$NVAX -$1.3B$XOMA -$1.2B$AGEN -$1.1B$GERN -$1B$CLDX -$953M$NWBO -$818M$SNSS -$653M$AVEO -$617M$GTXI -$594M$INO -$549M$NVAX another Ph3 failure but it never dies
— Andy Biotech (@AndyBiotech) February 28, 2019
I get a feeling the head count would be below 40 in the next 10-Q. Recall the HC was at 59 on 10/31/18. Does it mean the cash burn rate will drop by the same percentage? Unlikely. I expect it would go up slightly despite the HC reduction as the HOT and NEO costs are solely on the ADXS shoulders.
Looks like Ranya Dajani, our glorified VP of PR releases, is no longer with Advavis.
Experience
Advaxis, Inc.
Vice President Business Development
Company NameAdvaxis, Inc.
Dates EmployedJul 2016 – Dec 2018
Employment Duration2 yrs 6 mos
LocationPrinceton, New Jersey
Short interest is down by ~150,000 shares:
Settlement Date Short Interest Avg Daily Share Volume Days To Cover
2/15/2019 2,268,031 688,900 3.292250
1/31/2019 2,420,400 672,735 3.597851
It's ironic that ADXS and SLS signed a partnership deal 2 years ago exactly!
https://www.sellaslifesciences.com/investors/news/News-Details/2017/Advaxis-and-SELLAS-Announce-Licensing-Agreement-for-Development-of-WT1-Antigen-Targeting-Immunotherapy/default.aspx
The deal was supposed to pay us up to $358M, while we were to fund all pre-clinical work. It died quietly as most of the initiatives run by ADXS, and here we go -- Sellas is crying for help. Notice that their MC is actually higher than ours, while we had a MC 10x higher when the deal was signed. The whole deal looked unreal, and now we know.
I am sorry if you did not read the article as it was not about CAR-T for blood cancer, but solid tumors. The science advances at a rapid speed and it waits for no one. That includes Advaxis. You may want to continue to ignore the competition at your peril.
This is why I think BMY will not acquire nor make any cash deals with ADXS, at least, within a year or two. They just spent $74B to acquire CELG, and will be busy digesting that beast. Also, CAR-T that was almost certainly considered a no-go for solid tumors now is back in the game. Advaxis keeps falling back and the tech get more and more obsolete as the company moves at a snail's speed.
Bristol-Myers drives into CAR-T therapies
https://www.eiu.com/industry/article/817665265/bristol-myers-drives-into-car-t-therapies/2019-02-18
snips:
Yet despite these challenges, competition in the CAR-T field is increasing. As well as Bristol-Myers, Kite, Gilead and Novartis, other new entrants include AbbVie. In mid-2018 it announced collaboration with the California Institute for Biomedical Research (Calibr) for next-generation CAR-T therapies, this time focused directly on solid tumours. The immuno-oncology push will be even more important for AbbVie after the failure of Rova-T, a major cancer drug candidate, in late-stage clinical trials.
Despite these potential rivals, it is Bristol-Myers that is now forging ahead into the CAR-T field. With the help of Cellgene, it already claims to be among the top five companies in terms of immunology and inflammation. And if CAR-T ever lives up to its promise, the US company is primed.
Wednesday morning tidbit:
Tomorrow is the last day at work for Ken before leaving for vacation. Thus, I anticipate a R/S news either today after the bell or tomorrow morning.
Welcome to the club?
You'll know what it means to live from paycheck to paycheck making $7.89/hr. Section 8, food stamps, no car, no vacation. That's my miserable life. Even after getting my GED, I'm struggling to meet the ends. Plus, all my hopes are now gone that ADXS is about to go belly up. That's a life and it sucks!
@wmtgreeter
You understand that AMGN took a flyer on NEO 30 months ago, right? It was a very cheap long term option for a program that could be valued in billions if works out. Something happened, and AMGN moved on.
Is this program worth more now? Most likely, it depends on what has become clearer now compared to August '17. The clinical data albeit a limited one should provide an answer for the BP looking at this program now. They have more clarity now thus the experts would be in a better position to put a price tag on it. We do not know the data, but the BP does. We shall see if they decide to take another swing at it. The problem is ADXS is not in a strong position to negotiate. We have so many self-inflicted wounds -- we are almost on a life support. Lowball offers could be accepted at this point that should not be even considered before. Time is money, and ADXS is running out of both.
I estimate that as of today, they have about $28.5M of cash left. That's just a little over 2 quarters of cash runway given their $50M/year cash burn rate. How long it's going to take before they will replenish the coffers? How much can they raise cash now? Those are two important questions now, at least for me.
The answer to the 1st question is that they need to do it now. Some here suggested that they'd be okay until around ASCO time, but it's going to be too late. The rule of thumb is you never let your cash-meter to go below two quarters. Otherwise, you'll be putting yourself between a rock and a hard place.
The second question is more difficult to address. I'd say they would be able to raise less than 1/2 of the current cap. That's about $13M provided to positive news to push the SP higher. They can extend their cash runway by another quarter. A total of 3 quarters, maximum.
I think their plan is the following. They do raise about $10M-$13M within few days, and sit tight and wait for the NEO and HOT results to mature. ASCO would be a great place to publicize the data. If clinical data is strong, then we will get support either from BP or large funds. If the data is so-so, or good but not great, we will be done by November this year. The wild card is the PSA data, but I'm really nervous they have not released any data yet. What are they waiting for? For a medical conference? They do not have to. If data is great, Merck knows it and could have make a move. But they are still on the sidelines. Why?
Raja, just a small correction:
that was correct two years ago, but it's no longer the case. According to the last report (per 10/31/18), they had 59 employees. Would be really hard to run multiple trials at a time for a company of that size. They really need to partner, and require a help from someone with the wherewithals.
Why have we not seen any PR yet?
The management did not issue any PR about ASM and proxy vote results. Does that mean the next PR will be about a R/S and a secondary? I'd say very likely. If that were to happen, all long term shareholders would be toasted. As if we are not done yet here...
https://www.foxnews.com/opinion/newt-gingrich-incredible-medical-breakthroughs-coming-to-cure-diseases-and-save-lives
Advaxis should be a part of the solution to bring the costs down. Vaccines could prevent many types of cancer from reoccurring. Will Advaxis be around so that we could see the fruits of our patience?
A lot of noise about could have and should have, but the nagging question is what transpires next. I have to say it’s a R/S and an offering by the end of February, just before Ken’s vacation. Anyone to say about a different scenario? Any miracles next week? I didn’t think so.
We are royally screwed.
Thanks, Ken and BOD.
Did they halt the trading? No trades for over 10 minutes?
Now what?
If you were not prepared to be wiped out by the management, it's time that reality sets in.
All legacy shareholders will be obliterated within few weeks or months.
Somehow they masterfully played with 32,545,294 non-broker votes for Proposals 2,3, and 6. Zero non-broker votes for these items, all voted "For".
Wow...
Looks like it's all passed:
https://www.sec.gov/Archives/edgar/data/1100397/000149315219002409/form8-k.htm
Proposal 1
The vote with respect to each director nominee is set forth below:
Nominee Total Votes For Total Votes Withheld Broker Non-Votes
Dr. David Sidransky
19,278,804
5,930,201 32,545,294
Dr. James P. Patton
21,042,896
4,166,109 32,545,294
Roni A. Appel
20,958,791
4,250,214 32,545,294
Richard J. Berman
21,106,194
4,102,811 32,545,294
Dr. Samir Khleif
19,850,241
5,358,764 32,545,294
Kenneth A. Berlin
21,667,347
3,541,658 32,545,294
Proposal 2
The vote with respect to the approval of an amendment to Advaxis’ Amended and Restated Certificate of Incorporation to increase authorized shares of common stock is set forth below:
Total Votes For Total Votes Against Abstentions Broker Non-Votes
35,184,236 21,737,385 832,678 0
Proposal 3
The vote with respect to the approval of an amendment to Advaxis’ Amended and Restated Certificate of Incorporation to effect a reverse stock split is set forth below:
Total Votes For Total Votes Against Abstentions Broker Non-Votes
37,972,052 17,317,036 2,465,211 0
Proposal 4
The vote with respect to non-binding advisory vote on executive compensation is set forth below:
Total Votes For Total Votes Against Abstentions Broker Non-Votes
12,355,587 10,698,852 2,154,566 32,545,294
Proposal 5
The vote with respect to the non-binding advisory vote on frequency at which the Company should include an advisory vote regarding the compensation of named executive officers is set forth below:
1 Year 2 Years 3 Years Abstentions
12,031,067 506,511 11,599,947 1,071,480
Proposal 6
The vote with respect to the ratification of the appointment of Marcum LLP as Advaxis’ independent registered public accounting firm for the fiscal year ending October 31, 2019, is set forth below:
Total Votes For Total Votes Against Abstentions Broker Non-Votes
49,565,691 6,366,877 1,821,731 0
Proposal 7
The vote with respect to the shareholder proposal with regards to the election of the Board of Directors by a majority vote standard is set forth below:
Total Votes For Total Votes Against Abstentions Broker Non-Votes
21,413,335 1,561,085 1,824,361 32,545,294
They are probably scrambling to do something -- like counting and re-counting votes. Maybe, there was a major screw up with the voting process?
Something amiss here...
“not so good news” for management would be a failure to pass the proxy in its entirety.
For me, I personally voted "NO" for all expect for Item 7.
The proxy results will likely be released today after the close. What would a better time to release a not-so-good news than Friday after 4pm?