New Ayala (ticker: ADXS) is a clinical-stage oncology company with no commercial revenue, focused on two drug candidates. The first, BST-236 (aspacytarabine), is a prodrug of cytarabine designed to deliver high-dose chemotherapy to AML patients who are too frail to tolerate standard intensive chemotherapy regimens — the premise being that BST-236's prodrug design reduces systemic toxicity. The second, ADXS-504, is a Listeria-based immunotherapy targeting early-stage prostate cancer, inherited from the company's prior identity as Advaxis. New Ayala outsources all clinical development to CROs and all manufacturing to CMOs, with no internal capabilities in either area. The company sold its AL102 and AL101 assets to Immunome in March 2024 for $13M in cash plus Immunome stock. New Ayala is entirely dependent on external financing to fund operations, has raised going concern doubts, and has reduced its workforce to a single employee — the CEO. Any path to revenue requires completing clinical trials and obtaining FDA approval, a process that remains years away and highly uncertain. If a product ever reaches commercialization, New Ayala would sell prescription drugs to hospitals and oncology practices, with revenue dependent on pricing, reimbursement, and patient volumes. New Ayala also owes royalties to the University of Pennsylvania on future net sales tied to its Lm-platform technology.