Fri, Jul 19, 8:30 PM (50 days ago)
Champions Oncology, Inc.'s Form 10-K for the fiscal year ended April 30, 2024, details their financial performance and strategic initiatives. The company reported a 6.9% decrease in revenue to $50.1 million, primarily due to increased study cancellations and a slowdown in bookings. Net loss widened to $7.3 million from $5.3 million the previous year. Operating expenses were $57.5 million, including a notable reduction in R&D expenses by 17.3% to $9.5 million. Gross margin fell to 41% from 45% due to unchanging variable costs against declining revenue. Key financial highlights: - Revenue: $50.1 million (-6.9% YoY) - Net Loss: $7.3 million - Operating Expenses: $57.5 million - R&D Expenses: $9.5 million (-17.3% YoY) - Gross Margin: 41% (down from 45%) The company is focused on expanding its TumorBank and developing new experimental technologies. However, substantial doubt about its ability to continue as a going concern was noted due to recurring losses and insufficient liquidity. Champions Oncology has initiated a share repurchase program and is exploring strategic options to enhance its financial position.