Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<div><ul><li>Lean operating model with strong clinical partnerships. </li><li>With only four employees, Anixa runs two clinical programs by leveraging dozens of researchers at Cleveland Clinic and Moffitt Cancer Center, keeping cash burn extremely low and minimizing dilution to shareholders.</li><li>CAR-T program showing early promise in a notoriously difficult space. </li></ul></div>

Lean operating model with strong clinical partnerships. With only four employees, Anixa runs two clinical programs by leveraging dozens of researchers at Cleveland Clinic and Moffitt Cancer Center, keeping cash burn extremely low and minimizing dilution to shareholders.CAR-T program showing early promise in a notoriously difficult space. 

ANIX: From Under-The-Radar to Emerging Breakthrough Developer as Clinical Momentum Builds

<ul><li>Major achievements of 2025 that could drive momentum in 2026. Among Anixa’s numerous accomplishments in 2025, Dr. Kumar highlighted two as particularly significant: (1) the completion of the Phase 1 breast cancer vaccine trial conducted with the Cleveland Clinic and the Department of Defense, with encouraging safety and immune-response data presented in December 2025; </li><li>(2) the recently press released strong patient outcomes from the ongoing Phase 1 ovarian cancer CAR-T trial being run in collaboration with the Moffitt Cancer Center.</li><li>Encouraging early safety and survival signals in the ovarian novel CAR-T trial. In a Phase 1 safety study enrolling terminal ovarian cancer patients (median life expectancy ~12 weeks), several patients have significantly exceeded expectations, including one surviving 28 months.</li></ul>

Major achievements of 2025 that could drive momentum in 2026. Among Anixa’s numerous accomplishments in 2025, Dr. Kumar highlighted two as particularly significant: (1) the completion of the Phase 1 breast cancer vaccine trial conducted with the Cleveland Clinic and the Department of Defense, with encouraging safety and immune-response data presented in December 2025; (2) the recently press released strong patient outcomes from the ongoing Phase 1 ovarian cancer CAR-T trial being run in collaboration with the Moffitt Cancer Center.Encouraging early safety and survival signals in the ovarian novel CAR-T trial. In a Phase 1 safety study enrolling terminal ovarian cancer patients (median life expectancy ~12 weeks), several patients have significantly exceeded expectations, including one surviving 28 months.

ANIX: Robust 2025 Milestones Set the Stage for a Pivotal 2026

<ul><li>More than just a name. Anixa has announced that the United States Adopted Names (USAN) Council (comprising the AMA, USP, APhA, and FDA) approved liraltagene autoleucel for the non-proprietary name of the company’s novel FSHR-targeted CAR-T therapy for recurrent ovarian cancer. </li><li>This follows the earlier approval in November 2025 for international use of the name by the International Nonproprietary Names (INN) Expert Committee of the World Health Organization (WHO). </li><li>USAN/INN approvals are under-the-radar but meaningful development milestones that formalize the program’s status as a globally recognized clinical asset. </li></ul>

More than just a name. Anixa has announced that the United States Adopted Names (USAN) Council (comprising the AMA, USP, APhA, and FDA) approved liraltagene autoleucel for the non-proprietary name of the company’s novel FSHR-targeted CAR-T therapy for recurrent ovarian cancer. This follows the earlier approval in November 2025 for international use of the name by the International Nonproprietary Names (INN) Expert Committee of the World Health Organization (WHO). USAN/INN approvals are under-the-radar but meaningful development milestones that formalize the program’s status as a globally recognized clinical asset. 

ANIX: How Liraltagene Autoleucel Translates CER-T Science into a Marketable Asset - 2 February 2026

<ul><li>Dual clinical focus with breakthrough potential. Anixa Biosciences, Inc. (NASDAQ: ANIX) is advancing two programs with the potential to transform cancer care.</li><li>Chimeric endocrine receptor T cell (CER-T) is a next generation chimeric antigen receptor T cell (CAR-T) therapy for solid tumors, starting with late-stage ovarian cancer.</li><li>It targets the follicle-stimulating hormone receptor (FSHR), highly expressed on ovarian cancer cells and tumor blood vessels, enabling precise targeting and reduced toxicity. </li></ul>

Dual clinical focus with breakthrough potential. Anixa Biosciences, Inc. (NASDAQ: ANIX) is advancing two programs with the potential to transform cancer care.Chimeric endocrine receptor T cell (CER-T) is a next generation chimeric antigen receptor T cell (CAR-T) therapy for solid tumors, starting with late-stage ovarian cancer.It targets the follicle-stimulating hormone receptor (FSHR), highly expressed on ovarian cancer cells and tumor blood vessels, enabling precise targeting and reduced toxicity. 

ANIX: Initiating Coverage; Anixa's T-Cell Innovations Show Breakthrough Potential in Solid Tumors

<ul><li>Exceptional Phase 1 results. The Phase 1 clinical trial for Anixa’s breast cancer vaccine exceeded expectations, demonstrating a “rock solid” safety profile with no systemic side effects and a robust immune response in ~75% of participants.</li><li>The data, which showed the vaccine successfully trained T cells and B cells to target the alpha-lactalbumin protein, was described by Dr. Kumar as superior to previous Phase 1 data from other cancer vaccines.</li><li>Novel “retired protein” strategy. The vaccine utilizes a unique hypothesis targeting “retired” proteins, specifically alpha-lactalbumin, which is only naturally expressed during lactation but reappears in many breast cancer cells. </li></ul>

Exceptional Phase 1 results. The Phase 1 clinical trial for Anixa’s breast cancer vaccine exceeded expectations, demonstrating a “rock solid” safety profile with no systemic side effects and a robust immune response in ~75% of participants.The data, which showed the vaccine successfully trained T cells and B cells to target the alpha-lactalbumin protein, was described by Dr. Kumar as superior to previous Phase 1 data from other cancer vaccines.Novel “retired protein” strategy. The vaccine utilizes a unique hypothesis targeting “retired” proteins, specifically alpha-lactalbumin, which is only naturally expressed during lactation but reappears in many breast cancer cells. 

ANIX: Phase 1 Breast Cancer Vaccine Success Paves Way for Program Advancement

United States

Anixa Biosciences, Inc. operates as a bio-technology company. The Company develops diagnostics and therapeutics to detect cancer. Anixa Biosciences serves clients in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Anixa Biosciences Inc (ANIX US)

ANIX: From Under-The-Radar to Emerging Breakthrough Developer as Clinical Momentum Builds

With only four employees, Anixa runs two clinical programs by leveraging dozens of researchers at Cleveland Clinic and Moffitt Cancer Center,...

Water Tower Research

ANIX: Robust 2025 Milestones Set the Stage for a Pivotal 2026

Encouraging early safety and survival signals in the ovarian novel CAR-T trial. In a Phase 1 safety study enrolling terminal ovarian cancer...

Water Tower Research

ANIX: How Liraltagene Autoleucel Translates CER-T Science into a Marketable Asset - 2 February 2026

USAN/INN approvals are under-the-radar but meaningful development milestones that formalize the program’s status as a globally recognized clinical...

Water Tower Research

ANIX: Initiating Coverage; Anixa's T-Cell Innovations Show Breakthrough Potential in Solid Tumors

Dual clinical focus with breakthrough potential. Anixa Biosciences, Inc. (NASDAQ: ANIX) is advancing two programs with the potential to transform...

Water Tower Research

ANIX: Phase 1 Breast Cancer Vaccine Success Paves Way for Program Advancement

The Phase 1 clinical trial for Anixa’s breast cancer vaccine exceeded expectations, demonstrating a “rock solid” safety profile with no systemic...

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)