On September 12, 2022 Advaxis, Inc. (OTCQX: ADXS), a clinical-stage biotechnology company focused on the development and commercialization of immunotherapy products, reported its financial results for the third quarter ended July 31, 2022 and provides a business update (Press release, Advaxis, SEP 12, 2022, View Source [SID1234619481]).

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Third Quarter Ended July 31, 2022 Financial Results and Recent Key Accomplishments:

Announced completion of first dose level in investigator-sponsored study in biochemically recurrent prostate cancer.
The preliminary clinical assessment showed that at the first dose level ADXS-504 monotherapy is safe and well tolerated.
The company plans to present clinical data and PSA values, for patients in both cohorts at a future medical conference.
Announced enrollment initiation for second dose level cohort of investigator-sponsored clinical trial of ADXS-504 (HOT Prostate) in biochemically recurrent prostate cancer at Columbia University.
Management Commentary

Kenneth A. Berlin, President and Chief Executive Officer of Advaxis said, "We continue to make progress in our development of ADXS-504. We announced that we have completed the first dose level in our investigator-sponsored trial of ADXS-504 in biochemically recurrent prostate cancer and the data suggest that this novel therapeutic is safe and well-tolerated. In addition, we have initiated enrollment for the second dose cohort and look forward to reporting safety and initial clinical data in the first half of 2023." Mr. Berlin added, "Given the measures we have undertaken to control expenses, we continue to expect that our cash runway will reach into the third fiscal quarter of 2024."

Third Quarter Ended July 31, 2022 Financial Results

Research and development expenses for the third quarter of fiscal year 2022 were $2.2 million compared with $1.7 million for the third quarter of fiscal year 2021. The increase of $0.5 million was primarily attributable to patient recruitment and manufacturing costs associated with our ADXS-503 clinical trial program. General and administrative expenses for the three months ended July 31, 2022 were approximately $2.1 million, compared to $2.7 million in the same three-month period in 2021. The decrease of $0.6 million primarily relates to legal and consulting fees with a previously proposed merger transaction and proxy solicitation fees in the prior period, partially offset by settlements from stockholder demand letters in the current period.

As of July 31, 2022, the Company had approximately $28.2 million in cash and cash equivalents.