KEY TAKE-AWAYS:

Treatment of the first patient in its Ovarian Cancer CAR-T Clinical Trial marks an important milestone for ANIX.

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This trial is a dose escalation trial and patients can be added every 28 days if there are no adverse developments.

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ANIX now has two high value Phase 1 trials underway and is a de-risked investment. The second trial – of its preventive breast cancer vaccine in collaboration with Cleveland Clinic – is progressing well.

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A modest cash burn of ~$5 million pa and a current cash balance of ~$32 million give ANIX time and resources to fund its four active programs.

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With a market cap of $114 million vs. intrinsic value estimate in the  $billions, we believe ANIX is significantly undervalued and is a re-rating candidate.

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Treatment of first patient in Ovarian Cancer CAR-T Clinical Trial marks an important milestone for ANIX. On August 15, ANIX announced that, in conjunction with its partner Moffitt Cancer Center, it has commenced treatment of the first patient in the clinical trial of its novel chimeric antigen receptor T-cell (CAR-T) therapy for ovarian cancer. The CAR-T approach used for ANIX’s therapy is known as chimeric endocrine receptor T-cell (CER-T) since the target of the engineered T-cells is an endocrine receptor.

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ANIX now has two high value Phase 1 trials underway (see product pipeline in note). The second trial – of its preventive breast cancer vaccine in collaboration with Cleveland Clinic – is progressing well. Read our last update on that trial in the attached note.