Advaxis is a development stage biotech with no revenues. As per their management (take a look at latest company presentation on their site), the company is in talks to finalize definitive agreements.
One is to license ADXS-HPV for commercialization in Asia (except India) with Yenson. The other is licensing deal with animal health division of major pharmaceutical company for ADXS-cHER2. These have the potential to bring in some funding.
Upside and downside really depend on the outcomes of several upcoming catalysts. Comparing them to others in the field like INO ($400M cap) and IMUC ($150M), you see how undervalued Advaxis is with a sub $50M cap