CHAMPIONS ONCOLOGY, INC.
For the period ended Apr 30, 2026. Filed Jul 27, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Jul 27, 2026
CSBR$4.79+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-04-30; filed 2025-07-23.
0001628280-25-035765
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-04-30; filed 2026-07-27.
0001628280-26-049834
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 60 previous paragraphs and 59 current paragraphs.
36 unchanged; 12 reworded; 11 added; 11 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
•Pharmacology services revenue increased for the year ended April 30, 2026 compared to the prior year. The increase was primarily driven by improved conversion of previously booked studies into revenue, including studies that had been expected to convert in the prior fiscal year but were delayed into fiscal 2026. The timing and progress of study activity can impact the period in which bookings convert to revenue.
Current report
•TOS data license revenue decreased for the year ended April 30, 2026 compared to the prior year. Fiscal 2025 revenue primarily reflected a significant data license transaction with a single customer, while fiscal 2026 revenue was generated from multiple, smaller customer contracts. Although fiscal 2026 did not include a comparable large transaction, the Company expanded its data licensing customer base during the year.
Current report
Cost of oncology revenue was $30.9 million and $28.4 million for the years ended April 30, 2026 and 2025, respectively, an increase of $2.5 million or 8.8%. The increase was primarily driven by higher outsourced laboratory costs associated with the expansion of our radiopharmacology services. During fiscal 2026, we transitioned these capabilities in-house, which we expect will reduce our reliance on outsourced laboratory services and associated costs for fiscal 2027.
Current report
Research and development expense was $9.1 million and $6.8 million for the years ended April 30, 2026 and 2025, respectively, an increase of $2.3 million or 33.1%.
Current report
Research and development expense increased $2.3 million, or 33.1% for the year ended April 30, 2026 compared to the prior year. The increase was primarily driven by increased investment in the Company's data platform, including higher sequencing and laboratory costs, as well as higher compensation expenses associated with these initiatives.
Current report
Sales and marketing expense increased $1.8 million or 23.5% for the year ended April 30, 2026 compared to the prior year. The increase was primarily driven by higher compensation costs associated with the expansion of the Company's commercial organization, including personnel supporting both its pharmacology services and data licensing businesses.
Current report
General and administrative expense increased $1.8 million, or 19.4% for the year ended April 30, 2026 compared to the prior year. The increase was primarily driven by higher information technology costs, stock-based compensation and compensation-related expenses, including costs associated with changes in executive leadership.
Current report
Other income, net, was $211,000 and $73,000 for the years ended April 30, 2026 and 2025, respectively. The increase was primarily attributable to higher interest income.
Current report
Income Taxes, net
Current report
For the years ended April 30, 2026 and 2025, the Company recognized income tax expense of $246,000 and an income tax benefit of $75,000, respectively. For the year ended April 30, 2026, income tax expense of $246,000 is mainly attributable to U.S. state income taxes due to net operating loss limitations and taxable income earned in Israel and Italy relating to transfer pricing. For the year ended April 30, 2025, the income tax benefit of $75,000 is related to the same items as indicated for the year ending 2026, net of a $181,000 reversal of an uncertain tax liability in Israel.
Current report
Revenue Recognition
Removed paragraphs (11)
Previous report
•The increase for the year ending April 30, 2025 was the result of a stronger bookings to revenue conversion rate. Bookings, which represent the total value of signed statements of work, convert to revenue over time as the Company fulfills its contractual performance obligations. Operational improvements implemented throughout the year have enhanced execution efficiency, contributing to the improvement in the conversion percentage.
Previous report
•Revenue for the year ending April 30, 2025 resulted from the sale of data licenses. No such revenues occurred for the year ending April 30, 2024.
Previous report
•Our flow cytometry services revenue increased approximately $787,000 for the year ending April 30, 2025 due to stronger bookings to revenue conversion rates.
Previous report
•This increase in Other TOS Revenue was offset by a decrease in our SaaS revenues for the year ending April 30, 2025 as compared with 2024 of $205,000. This decrease resulted from both a decline in new and renewal subscriptions.
Previous report
Cost of oncology revenue was $28.4 million and $29.4 million for the years ended April 30, 2025 and 2024, respectively, a decrease of $1.0 million or 3.4%. Cost of oncology revenue is comprised primarily of expenses for mice, laboratory supplies, compensation, and outsourced lab services. The reduction from prior year was primarily driven by lower compensation, such as overtime, and lab supply costs due to operational improvements, along with a decrease in outsourced lab services.
Previous report
Research and development expense was $6.8 million and $9.5 million for the years ended April 30, 2025 and 2024, respectively, a decrease of $2.7 million or 28.5%.
Previous report
The overall decreases in research and development expense from the prior year period were primarily the result of a reduction in investment in our developmental programs including Corellia, our wholly owned subsidiary focused on target discovery.
Previous report
Sales and marketing expense was $7.5 million and $7.1 million for the years ended April 30, 2025 and 2024, respectively, an increase of $481,000 or 6.8%. The increase was mainly due to an increase in compensation costs including the expansion of the Data License deals team.
Previous report
General and administrative expense was $9.3 million and $11.1 million for the years ended April 30, 2025 and 2024, respectively, a decrease of $1.7 million, or 15.6%. General and administrative expense was primarily comprised of compensation, insurance, professional fees, IT, and depreciation and amortization expenses. The general and administrative expense decrease was primarily due to a reduction in compensation expenses and professional fees. Additional non-cash declines resulted from stock compensation and allowances for estimated credit losses and bad debt reserves. The overall reduction was partially offset by an increase in IT expenses.
Previous report
Other income, net, was $73,000 and $48,000 for the years ended April 30, 2025 and April 30, 2024, respectively. For the year ended April 30, 2025, other income resulted primarily from interest income of $87,000 and foreign currency transaction net gains of approximately $11,000 partially offset by interest expense of $27,000. For the year ended April 30, 2024, other income resulted primarily from interest income of $92,000 partially offset by foreign currency transaction net losses of approximately $16,000 and interest expense of $28,000.
Previous report
In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, “Segment Reporting” (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments require entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit and loss, as well as the title and position of the CODM. The Company has adopted this standard effective May 1, 2024, noting that it did not have a material impact on its consolidated financial statements or related disclosures.
Reworded paragraphs (12)
Previous wording
We regularly evaluate strategic options to create additional value from our drug discovery business, which may include, but are not limited to, potential spin-out transactions or capital raises.
Current wording
We regularly evaluate strategic options to create additional value from our drug discovery business, which may include, but are not limited to, potential spin-out transactions, licensing opportunities, or capital raises.
Previous wording
Oncology revenue, which is primarily derived from research services, was $56.9 million and $50.2 million, for the years ended April 30, 2025 and 2024, respectively, an increase of $6.8 million, or 13.5%.
Current wording
Oncology revenue, which is primarily derived from research services, was $59.4 million and $56.9 million, for the years ended April 30, 2026 and 2025, respectively, an increase of $2.5 million, or 4.4%.
Previous wording
•Other TOS Revenue includes additional clinical services provided to the Company's pharmaceutical and biotechnology customers, specifically flow cytometry and SaaS provided via Lumin.
Current wording
•Other TOS revenue includes additional clinical services provided to the Company's pharmaceutical and biotechnology customers specifically for flow cytometry and SaaS provided via Lumin. Other TOS revenue decreased for the year ended April 30, 2026 compared to the prior year, primarily due to lower flow cytometry revenue as the Company strategically shifted its focus and investment away from this area of the business.
Previous wording
Loss on disposal of equipment was $293,000 and $435,000 for the years ended April 30, 2025 and 2024, respectively, a decrease of $142,000 or 33%. For both years ended April 30, 2025 and 2024, the losses resulted from the disposal of equipment which could no longer be utilized and had a net book value, or carrying value on the balance sheet, as of the disposal date.
Current wording
Loss on disposal of equipment was $111,000 and $293,000 for the years ended April 30, 2026 and 2025, respectively, a decrease of $182,000 or 62%. For both years ended April 30, 2026 and 2025, the losses resulted from the disposal of equipment which could no longer be utilized and had a net book value, or carrying value on the balance sheet, as of the disposal date.
Previous wording
Our liquidity needs have typically arisen from the funding of our research and development programs and the launch of new products, working capital requirements, and other strategic initiatives. In the past, we have met these cash requirements through our cash on hand, working capital management, proceeds from certain private placements and public offerings of our securities and sales of products and services. For the years ended April 30, 2025 and 2024, the Company had net income of approximately $4.7 million and a net loss of approximately $7.3 million, respectively. As of April 30, 2025, the Company had an accumulated deficit of approximately $79.9 million, negative working capital of $1.5 million and cash of $9.8 million. For the twelve months ended April 30, 2025, the Company realized cash flow from operations of approximately $7.4 million. Despite our negative working capital at this date, we believe that our cash on hand, together with expected cash flows from operations, are adequate to fund operations through at least August 2026. Should the Company be required to raise additional capital, there can be no assurance that management would be successful in raising such capital on terms acceptable to us, if at all.
Current wording
Our liquidity needs have typically arisen from the funding of our research and development programs and the launch of new products, working capital requirements, and other strategic initiatives. In the past, we have met these cash requirements through our cash on hand, working capital management, proceeds from certain private placements and public offerings of our securities and sales of products and services. For the years ended April 30, 2026 and 2025, the Company had a net loss of approximately $1.2 million and net income of approximately $4.7 million, respectively. As of April 30, 2026, the Company had an accumulated deficit of approximately $81.1 million, negative working capital of $703,000 and cash of $4.9 million. For the twelve months ended April 30, 2026, the Company used cash flow from operations of approximately $4.5 million. Despite our negative working capital at this date and use of cash from operations, we believe that our cash on hand, together with expected cash flows from operations, are adequate to fund operations through at least August 2027. Should the Company be required to raise additional capital, there can be no assurance that management would be successful in raising such capital on terms acceptable to us, if at all.
Previous wording
Net cash provided by operating activities was $7.4 million for the year ended April 30, 2025. Net cash used in operating activities was $6.1 million for the year ended April 30, 2024. The increase in cash from operations was primarily due to the net income realized in fiscal 2025 and an increase in deferred revenue partially offset by changes in our working capital accounts in the ordinary course of business.
Current wording
Net cash used in operating activities was $4.5 million for the year ended April 30, 2026 compared to net cash provided by operating activities of $7.4 million for the year ended April 30, 2025. The decrease was primarily driven by a $6.6 million decrease in deferred revenue, compared to a $3.3 million increase in the prior year. The decrease in deferred revenue was primarily attributable to lower bookings and the timing of customer billings and study activity. Cash flow from operations was also impacted by the net loss in fiscal 2026 and an increase in accounts receivable, partially offset by an increase in accounts payable.
Previous wording
Net cash used in investing activities was $389,000 and $836,000 for the years ended April 30, 2025 and 2024, respectively. The cash used was for the investment in lab and computer equipment.
Current wording
Net cash used in investing activities was $540,000 and $389,000 for the years ended April 30, 2026 and 2025, respectively. The cash used was for the investment in lab and computer equipment which, in fiscal 2026, was partially offset by proceeds from the sale of certain equipment.
Previous wording
Net cash provided by financing activities was $170,000 for the year ended April 30, 2025. Net cash used in financing activities was $527,000 for the year ended April 30, 2024. Cash flows provided by financing activities in 2025 was primarily from proceeds from stock option exercises offset by financing lease payments. Net cash used in financing activities for 2024 was for the repurchase of common stock per our stock buyback program and financing lease payments and was partially offset by stock option exercise proceeds.
Current wording
Net cash provided by financing activities was $99,000 for the year ended April 30, 2026. Net cash provided by financing activities was $170,000 for the year ended April 30, 2025. Cash flows provided by financing activities in both 2026 and 2025 was generated from the proceeds of stock option exercises offset by financing lease payments.
Previous wording
We prepare our Consolidated Financial Statements in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Our significant accounting policies are described in Note 2 - Summary of Significant Accounting Policies to our
Current wording
We prepare our Consolidated Financial Statements in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Our significant accounting policies are described in Note 2 - Summary of Significant Accounting Policies to our Consolidated Financial Statements attached hereto. We believe the following critical accounting policies involve the most significant judgments and estimates used in the preparation of our Consolidated Financial Statements.
Previous wording
The Company accounts for revenue under the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. In accordance with ("ASC 606"), revenue is now recognized when, or as, a customer obtains control of promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services.
Current wording
The Company accounts for revenue under the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. In accordance with ("ASC 606"), revenue is recognized when, or as, a customer obtains control of promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services.
Previous wording
We typically recognize expense for stock-based payments based on the fair value of awards on the date of grant. We use the Black-Scholes option pricing model to estimate fair value. The option pricing model requires us to estimate certain key assumptions such as expected life, volatility, risk free interest rates, and dividend yield to determine the fair value of stock-based awards. These assumptions are based on historical information and management judgment. We expense stock-based payments over the period that the awards are expected to vest. In the event of forfeitures, compensation expense is adjusted. We report cash flows resulting from tax deductions in excess of the compensation cost recognized from those options (excess tax benefits) as financing cash flows when the cash tax benefit is received.
Current wording
We typically recognize expense for stock-based payments based on the fair value of awards on the date of grant. We use the Black-Scholes option pricing model to estimate fair value. The option pricing model requires us to estimate certain key assumptions such as expected life, volatility, risk free interest rates, and dividend yield to determine the fair value of stock-based awards. These assumptions are based on historical information and management judgment. We expense stock-based payments over the period that the awards are expected to vest. In the event of forfeitures, compensation expense is adjusted.
Previous wording
In December 2023, the FASB issued ASU 2023-09, “Improvements to Tax Disclosures” (Topic 740). The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and the income taxes paid information disclosed. The ASU is effective retrospectively for fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is in the process of completing the assessment of the impact that the adoption of this ASU will have on its financial statements, which is not expected to be material.
Current wording
In December 2023, the FASB issued ASU 2023-09, “Improvements to Tax Disclosures” (Topic 740). The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and the income taxes paid information disclosed. The ASU is effective retrospectively for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU as of May 1, 2025, and it has been included in the required disclosures in our financial statements since.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Consolidated Financial Statements attached hereto. We believe the following critical accounting policies involve the most significant judgments and estimates used in the preparation of our Consolidated Financial Statements.