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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Champions Oncology Inc | NASDAQ:CSBR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -1.42% | 4.85 | 3.00 | 7.24 | 4.85 | 4.85 | 4.85 | 826 | 01:00:00 |
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þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended July 31, 2019
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from to
|
Delaware
|
52-1401755
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(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
One University Plaza, Suite 307
|
07601
|
Hackensack, New Jersey
|
(Zip Code)
|
(Address of principal executive offices)
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|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $0.001 per share
|
|
CSBR
|
|
Nasdaq Capital Market
|
Large accelerated filer ¨
|
Accelerated filer ¨
|
Non-accelerated filer þ
|
Smaller reporting company þ
|
|
|
Emerging growth company o
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Item 1.
|
|
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||
|
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Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
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Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
|
July 31,
2019 |
|
April 30,
2019 |
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash
|
$
|
2,202
|
|
|
$
|
3,237
|
|
Accounts receivable, net
|
3,891
|
|
|
4,377
|
|
||
Prepaid expenses and other current assets
|
256
|
|
|
308
|
|
||
|
|
|
|
||||
Total current assets
|
6,349
|
|
|
7,922
|
|
||
|
|
|
|
||||
Operating lease right-of-use assets, net
|
3,103
|
|
|
—
|
|
||
Property and equipment, net
|
3,113
|
|
|
2,546
|
|
||
Other long term assets
|
128
|
|
|
128
|
|
||
Goodwill
|
669
|
|
|
669
|
|
||
|
|
|
|
||||
Total assets
|
$
|
13,362
|
|
|
$
|
11,265
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
2,725
|
|
|
$
|
2,807
|
|
Accrued liabilities
|
770
|
|
|
1,180
|
|
||
Current portion of finance lease
|
9
|
|
|
16
|
|
||
Current portion of operating lease liabilities
|
457
|
|
|
—
|
|
||
Deferred revenue
|
3,969
|
|
|
4,022
|
|
||
|
|
|
|
||||
Total current liabilities
|
7,930
|
|
|
8,025
|
|
||
|
|
|
|
||||
Deferred rent
|
—
|
|
|
851
|
|
||
Non-current operating lease liabilities
|
3,553
|
|
|
—
|
|
||
Other non-current liabilities
|
151
|
|
|
151
|
|
||
|
|
|
|
||||
Total liabilities
|
$
|
11,634
|
|
|
$
|
9,027
|
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, $.001 par value; 200,000,000 shares authorized; 11,619,538 and 11,619,538 shares issued and outstanding as of July 31, 2019 and April 30, 2019, respectively
|
12
|
|
|
12
|
|
||
Additional paid-in capital
|
73,055
|
|
|
72,924
|
|
||
Accumulated deficit
|
(71,339
|
)
|
|
(70,698
|
)
|
||
|
|
|
|
||||
Total stockholders’ equity
|
1,728
|
|
|
2,238
|
|
||
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
$
|
13,362
|
|
|
$
|
11,265
|
|
|
Three Months Ended
July 31, |
|
||||||
|
2019
|
|
2018
|
|
||||
|
|
|
|
|
|
|
||
Oncology services revenue
|
$
|
6,737
|
|
|
$
|
6,225
|
|
|
|
|
|
|
|
||||
Costs and operating expenses:
|
|
|
|
|
|
|
||
Cost of oncology services
|
3,752
|
|
|
3,083
|
|
|
||
Research and development
|
1,303
|
|
|
1,088
|
|
|
||
Sales and marketing
|
870
|
|
|
518
|
|
|
||
General and administrative
|
1,426
|
|
|
1,055
|
|
|
||
|
|
|
|
|
||||
Total costs and operating expenses
|
7,351
|
|
|
5,744
|
|
|
||
|
|
|
|
|
||||
(Loss) income from operations
|
(614
|
)
|
|
481
|
|
|
||
|
|
|
|
|
||||
Other expense (income):
|
|
|
|
|
|
|
||
Other expense (income)
|
12
|
|
|
(1
|
)
|
|
||
|
|
|
|
|
||||
Total other expense (income)
|
12
|
|
|
(1
|
)
|
|
||
|
|
|
|
|
||||
(Loss) income before provision for income taxes
|
(626
|
)
|
|
482
|
|
|
||
Provision for income taxes
|
15
|
|
|
—
|
|
|
||
|
|
|
|
|
||||
Net (loss) income
|
$
|
(641
|
)
|
|
$
|
482
|
|
|
|
|
|
|
|
||||
Net (loss) income per common share outstanding
|
|
|
|
|
|
|
||
basic
|
$
|
(0.06
|
)
|
|
$
|
0.04
|
|
|
and diluted
|
$
|
(0.06
|
)
|
|
$
|
0.04
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding
|
|
|
|
|
|
|
||
basic
|
11,619,538
|
|
|
11,012,281
|
|
|
||
and diluted
|
11,619,538
|
|
|
12,618,021
|
|
|
||
|
|
|
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Total
Stockholders'
Equity
|
||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|||||||||||||||
Balance April 30, 2019
|
11,619,538
|
|
|
$
|
12
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
72,924
|
|
|
$
|
(70,698
|
)
|
|
$
|
2,238
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131
|
|
|
$
|
—
|
|
|
$
|
131
|
|
|||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(641
|
)
|
|
(641
|
)
|
|||||
Balance July 31, 2019
|
11,619,538
|
|
|
$
|
12
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
73,055
|
|
|
$
|
(71,339
|
)
|
|
$
|
1,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Total
Stockholders'
Equity
|
||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|||||||||||||||
Balance April 30, 2018
|
11,003,228
|
|
|
$
|
11
|
|
|
269,685
|
|
|
$
|
(1,252
|
)
|
|
$
|
72,070
|
|
|
$
|
(70,826
|
)
|
|
$
|
3
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
|||||
Issuance of common stock for services
|
4,762
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Issuance of common stock on exercise of stock options
|
20,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
482
|
|
|
482
|
|
|||||
Balance July 31, 2018
|
11,027,990
|
|
|
$
|
11
|
|
|
269,685
|
|
|
$
|
(1,252
|
)
|
|
$
|
72,187
|
|
|
$
|
(70,344
|
)
|
|
$
|
602
|
|
|
Three Months Ended
July 31, |
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
|
|
||
Net (loss) income
|
$
|
(641
|
)
|
|
$
|
482
|
|
|
|
|
|
||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
|
|
|
|
|
|
||
Stock-based compensation
|
131
|
|
|
75
|
|
||
Issuance of common stock for services
|
—
|
|
|
8
|
|
||
Depreciation and amortization expense
|
182
|
|
|
118
|
|
||
Operating lease right-of use assets
|
98
|
|
|
—
|
|
||
Provision for doubtful accounts
|
6
|
|
|
—
|
|
||
Deferred rent
|
—
|
|
|
151
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
480
|
|
|
148
|
|
||
Prepaid expenses and other current assets
|
52
|
|
|
41
|
|
||
Accounts payable
|
(82
|
)
|
|
(43
|
)
|
||
Accrued liabilities
|
(410
|
)
|
|
(203
|
)
|
||
Operating lease liabilities
|
(42
|
)
|
|
—
|
|
||
Deferred revenue
|
(53
|
)
|
|
(441
|
)
|
||
|
|
|
|
||||
Net cash (used in) provided by operating activities
|
(279
|
)
|
|
336
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
|
|
||
Purchase of property and equipment
|
(749
|
)
|
|
(211
|
)
|
||
|
|
|
|
||||
Net cash used in investing activities
|
(749
|
)
|
|
(211
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
|
|
||
Proceeds from exercise of options and warrants
|
—
|
|
|
42
|
|
||
Finance lease payments
|
(7
|
)
|
|
(7
|
)
|
||
|
|
|
|
||||
Net cash (used in) provided by financing activities
|
(7
|
)
|
|
35
|
|
||
|
|
|
|
||||
Increase/(decrease) in cash
|
(1,035
|
)
|
|
160
|
|
||
Cash at beginning of period
|
3,237
|
|
|
1,006
|
|
||
|
|
|
|
||||
Cash at end of period
|
$
|
2,202
|
|
|
$
|
1,166
|
|
|
|
|
|
||||
Non-cash investing activities:
|
|
|
|
|
|
||
Right-of-use assets obtained in exchange for operating lease liabilities
|
3,205
|
|
|
—
|
|
||
Purchase equipment under finance lease
|
—
|
|
|
249
|
|
|
Three Months Ended
July 31, |
||||||
|
2019
|
|
2018
|
||||
Basic and diluted net (loss) income per share computation (dollars in thousands):
|
|
|
|
|
|
||
Net (loss) income attributable to common stockholders
|
$
|
(641
|
)
|
|
$
|
482
|
|
Weighted Average common shares – basic
|
11,619,538
|
|
|
11,012,281
|
|
||
Basic net (loss) income per share
|
$
|
(0.06
|
)
|
|
$
|
0.04
|
|
|
|
|
|
||||
Diluted (loss) income per share computation:
|
|
|
|
|
|
||
Net (loss) income attributable to common stockholders
|
$
|
(641
|
)
|
|
$
|
482
|
|
(Loss) income available to common stockholders
|
$
|
(641
|
)
|
|
$
|
482
|
|
|
|
|
|
||||
Weighted Average common shares
|
11,619,538
|
|
|
11,012,281
|
|
||
Incremental shares from assumed exercise of warrants and stock options
|
—
|
|
|
1,605,740
|
|
||
Adjusted weighted average share – diluted
|
11,619,538
|
|
|
12,618,021
|
|
||
|
|
|
|
||||
Diluted net (loss) income per share
|
$
|
(0.06
|
)
|
|
$
|
0.04
|
|
•
|
An allocation or shift of income between taxing jurisdictions;
|
•
|
The characterization of income or a decision to exclude reportable taxable income in a tax return; or
|
•
|
A decision to classify a transaction, entity or other position in a tax return as tax exempt.
|
|
July 31, 2019
|
|
April 30, 2019
|
||||
|
(unaudited)
|
|
|
||||
Accounts receivable
|
$
|
1,972
|
|
|
$
|
1,982
|
|
Unbilled services
|
1,947
|
|
|
2,417
|
|
||
Total accounts receivable and unbilled services
|
3,919
|
|
|
4,399
|
|
||
Less allowance for doubtful accounts
|
(28
|
)
|
|
(22
|
)
|
||
Total accounts receivable, net
|
$
|
3,891
|
|
|
$
|
4,377
|
|
|
July 31, 2019
|
|
April 30, 2019
|
||||
|
(unaudited)
|
|
|
||||
Deferred revenue
|
$
|
3,969
|
|
|
$
|
4,022
|
|
|
Three Months Ended
July 31, |
||||||
|
2019
|
|
2018
|
||||
Pharmacology services
|
$
|
6,530
|
|
|
$
|
5,777
|
|
Personalized oncology services
|
180
|
|
|
359
|
|
||
Other
|
27
|
|
|
89
|
|
||
Total oncology services revenue
|
$
|
6,737
|
|
|
$
|
6,225
|
|
|
July 31,
2019 |
|
April 30,
2019 |
||||
|
(unaudited)
|
|
|
||||
Furniture and fixtures
|
$
|
178
|
|
|
$
|
142
|
|
Computer equipment and software
|
1,117
|
|
|
1,104
|
|
||
Laboratory equipment
|
3,455
|
|
|
3,358
|
|
||
Assets in progress
|
619
|
|
|
16
|
|
||
|
|
|
|
||||
Total property and equipment
|
5,369
|
|
|
4,620
|
|
||
Less: Accumulated depreciation
|
(2,256
|
)
|
|
(2,074
|
)
|
||
|
|
|
|
||||
Property and equipment, net
|
$
|
3,113
|
|
|
$
|
2,546
|
|
|
Three Months Ended
July 31, |
||||||
|
2019
|
|
2018
|
||||
General and administrative
|
$
|
132
|
|
|
$
|
60
|
|
Sales and marketing
|
22
|
|
|
7
|
|
||
Research and development
|
3
|
|
|
4
|
|
||
Cost of oncology services
|
(26
|
)
|
|
12
|
|
||
Total stock-based compensation expense
|
$
|
131
|
|
|
$
|
83
|
|
|
Three Months Ended
July 31, |
|
||
|
2019
|
|
2018
|
|
Expected term in years
|
—
|
|
6
|
|
Risk-free interest rates
|
—%
|
|
2.82%
|
|
Volatility
|
—%
|
|
84.40%
|
|
Dividend yield
|
—%
|
|
—%
|
|
|
Non-
Employees
|
|
Directors
and
Employees
|
|
Total
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
Aggregate
Intrinsic
Value
|
||||||||
Outstanding, May 1, 2019
|
50,000
|
|
|
2,373,626
|
|
|
2,423,626
|
|
|
$
|
3.19
|
|
|
5.3
|
|
|
$
|
14,557,000
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
—
|
|
|
(40,000
|
)
|
|
(40,000
|
)
|
|
8.20
|
|
|
|
|
|
|
|
||
Canceled
|
—
|
|
|
(2,083
|
)
|
|
(2,083
|
)
|
|
11.50
|
|
|
|
|
—
|
|
|||
Expired
|
(6,668
|
)
|
|
—
|
|
|
(6,668
|
)
|
|
12.24
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Outstanding, July 31, 2019
|
43,332
|
|
|
2,331,543
|
|
|
2,374,875
|
|
|
3.08
|
|
|
4.9
|
|
|
$
|
8,836,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Vested and expected to vest as of July 31, 2019
|
43,332
|
|
|
2,331,543
|
|
|
2,374,875
|
|
|
3.08
|
|
|
4.9
|
|
|
$
|
8,836,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Exercisable as of July 31, 2019
|
17,501
|
|
|
2,125,730
|
|
|
2,143,231
|
|
|
2.74
|
|
|
4.5
|
|
|
$
|
8,469,000
|
|
|
Number
of
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
Aggregate
Intrinsic
Value
|
||||||
Outstanding, May 1, 2019
|
1,671,440
|
|
|
$
|
6.20
|
|
|
0.9
|
|
|
$
|
5,730,000
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Canceled
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Expired
|
(1,667
|
)
|
|
4.80
|
|
|
—
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
||||||
Outstanding, July 31, 2019
|
1,669,773
|
|
|
$
|
5.66
|
|
|
0.6
|
|
|
$
|
1,355,000
|
|
•
|
One University Plaza, Suite 307, Hackensack, New Jersey 07601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 2021. The Company recognized $24,000 and $23,000 of rental costs relative to this lease for the three months ended July 31, 2019 and 2018, respectively.
|
•
|
1330 Piccard Drive, Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company conducts operations related to its primary service offerings. The Company executed this lease on January 11, 2017. The operating commencement date was August 11, 2017. This lease expires in August 2028. The Company recognized $151,000 and $151,000 of rental expense for the three months ended July 31, 2019 and 2018, respectively.
|
•
|
910 Clopper Road, Suites 260S and 280S, Gaithersburg, Maryland 20878, which consists of laboratory and office space where the Company conducted operations related to its primary service offerings. The Company executed this lease on April 1, 2018. The operating commencement date was May 1, 2018. The Company transitioned its activities from this location to the New Location, as defined below, and terminated this lease seven days after the commencement date of the New Location. The Company recognized nil and $14,000 of rental expense for three months ended July 31, 2019 and 2018, respectively.
|
•
|
1405 Research Boulevard, Suites 125, Rockville, Maryland 20850 (“New Location”), which consists of laboratory and office space where the Company conducts operations related to its primary service offerings. The Company executed this lease on November 1, 2018. The operating commencement date was January 17, 2019. This lease expires in January 2024. The Company recognized $64,000 and nil of rental expense for the three months ended July 31, 2019 and 2018, respectively.
|
|
For the Three Months Ended July 31,
|
|||||||||||||||
|
2019
|
|
% of
Revenue
|
|
2018
|
|
% of
Revenue
|
|
%
Change
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Oncology services revenue
|
$
|
6,737
|
|
|
100.0
|
%
|
|
$
|
6,225
|
|
|
100.0
|
%
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cost of oncology services
|
3,752
|
|
|
55.7
|
|
|
3,083
|
|
|
49.5
|
|
|
21.7
|
|
||
Research and development
|
1,303
|
|
|
19.3
|
|
|
1,088
|
|
|
17.5
|
|
|
19.8
|
|
||
Sales and marketing
|
870
|
|
|
12.9
|
|
|
518
|
|
|
8.3
|
|
|
68.0
|
|
||
General and administrative
|
1,426
|
|
|
21.2
|
|
|
1,055
|
|
|
16.9
|
|
|
35.2
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||
Total costs and operating expenses
|
7,351
|
|
|
109.1
|
|
|
5,744
|
|
|
92.2
|
|
|
28.0
|
|
||
Loss from operations
|
$
|
(614
|
)
|
|
(9.1
|
)%
|
|
$
|
481
|
|
|
7.7
|
%
|
|
227.7
|
%
|
|
|
101.INS*
|
|
XBRL Instance Document.
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document.
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
CHAMPIONS ONCOLOGY, INC.
|
|
|
(Registrant)
|
|
|
|
|
Date: September 16, 2019
|
By:
|
/s/ Ronnie Morris
|
|
|
Ronnie Morris
|
|
|
Chief Executive Officer
|
|
|
(principal executive officer)
|
|
|
|
Date: September 16, 2019
|
By:
|
/s/ David Miller
|
|
|
David Miller
|
|
|
Chief Financial Officer
|
|
|
(principal financial and accounting officer)
|
1 Year Champions Oncology Chart |
1 Month Champions Oncology Chart |
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