Anixa Biosciences is a clinical-stage biotech company developing two types of cancer treatments: a CAR-T cell therapy for solid tumors and a series of preventive cancer vaccines. Anixa has no product revenue and operates with just four full-time employees, relying heavily on research partnerships with Moffitt Cancer Center, Cleveland Clinic, and the NCI to conduct its R&D. Anixa's business model is to advance its programs through early-stage clinical trials, then license the technologies to larger pharma companies for commercialization, with economics structured around upfront payments and royalties. The company funds operations primarily through equity issuances and has a small legacy patent licensing business. Anixa's CAR-T program, lira-cel, targets ovarian cancer by engineering T cells with Follicle Stimulating Hormone to seek out cancer cells expressing the FSH receptor — a different approach from conventional CAR-T therapies that have struggled in solid tumors. Lira-cel is currently in a Phase 1 dose-escalation trial at Moffitt. On the vaccine side, Anixa's lead program targets α-lactalbumin, a protein that reappears in many breast cancers but is absent in healthy non-lactating tissue, potentially enabling the immune system to destroy cancer cells without harming healthy tissue. A Phase 1 trial in breast cancer completed in October 2025, meeting all primary endpoints, with a Phase 2 study being planned. Anixa also has an NCI-funded ovarian cancer vaccine program and an early-stage discovery effort targeting lung, colon, and prostate cancers using the same "retired protein" mechanism.