SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
Form
10-Q
(Mark One) |
þ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the quarterly period ended October 31, 2015 |
|
Or |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the transition period from to
|
Commission file number 001-11504
CHAMPIONS ONCOLOGY, INC.
(Exact name of registrant as defined in
its charter)
Delaware |
52-1401755 |
(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) |
|
(201) 808-8400
(Registrant’s telephone
number, including area code)
Not Applicable
(Former name, former
address and former fiscal year, if changed since last report)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes þ
No ¨
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ
No ¨
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨ |
Accelerated filer ¨ |
Non-accelerated filer ¨ |
Smaller reporting company þ |
|
|
(Do not check if a smaller reporting company) |
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨
No þ
The number of Common Shares
of the Registrant outstanding as of December 11, 2015 was 8,702,237.
DOCUMENTS INCORPORATED BY REFERENCE - None
INDEX TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED OCTOBER 31,
2015
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CHAMPIONS ONCOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Amounts)
| |
October 31, | | |
April 30, | |
| |
2015 | | |
2015 | |
| |
| (unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 4,157 | | |
$ | 9,357 | |
Accounts receivable, net | |
| 1,891 | | |
| 1,060 | |
Prepaid expenses and other current assets | |
| 295 | | |
| 346 | |
| |
| | | |
| | |
Total current assets | |
| 6,343 | | |
| 10,763 | |
| |
| | | |
| | |
Restricted cash | |
| 150 | | |
| 163 | |
Property and equipment, net | |
| 420 | | |
| 452 | |
Goodwill | |
| 669 | | |
| 669 | |
| |
| | | |
| | |
Total assets | |
$ | 7,582 | | |
$ | 12,047 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,338 | | |
$ | 1,414 | |
Accrued liabilities | |
| 283 | | |
| 373 | |
Deferred revenue | |
| 1,644 | | |
| 2,009 | |
| |
| | | |
| | |
Total current liabilities | |
| 3,265 | | |
| 3,796 | |
| |
| | | |
| | |
Other non-current liability | |
| 215 | | |
| 192 | |
| |
| | | |
| | |
Total liabilities | |
| 3,480 | | |
| 3,988 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders' equity: | |
| | | |
| | |
Common stock, $.001 par value; 200,000,000 shares
authorized; 8,963,590 shares issued and 8,702,237 shares outstanding as of October 31, 2015 and April 30, 2015, respectively | |
| 9 | | |
| 9 | |
Treasury stock, at cost, 269,686 common shares as
of October 31, 2015 and April 30, 2015 | |
| (1,252 | ) | |
| (1,252 | ) |
Additional paid-in capital | |
| 62,826 | | |
| 61,322 | |
Accumulated deficit | |
| (57,481 | ) | |
| (52,020 | ) |
| |
| | | |
| | |
Total stockholders' equity | |
| 4,102 | | |
| 8,059 | |
| |
| | | |
| | |
Total liabilities and stockholders' equity | |
$ | 7,582 | | |
$ | 12,047 | |
The accompanying notes are an integral part
of these Condensed Consolidated Financial Statements.
CHAMPIONS ONCOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
| |
Three Months Ended | | |
Six Months Ended | |
| |
October 31, | | |
October 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Operating revenue: | |
| | | |
| | | |
| | | |
| | |
Personalized oncology solutions | |
$ | 486 | | |
$ | 452 | | |
$ | 971 | | |
$ | 792 | |
Translational oncology solutions | |
| 2,485 | | |
| 1,430 | | |
| 4,822 | | |
| 3,001 | |
| |
| | | |
| | | |
| | | |
| | |
Total operating revenue | |
| 2,971 | | |
| 1,882 | | |
| 5,793 | | |
| 3,793 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and operating expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of personalized oncology solutions | |
| 568 | | |
| 759 | | |
| 1,228 | | |
| 1,516 | |
Cost of translational oncology solutions | |
| 1,443 | | |
| 960 | | |
| 3,056 | | |
| 1,924 | |
Research and development | |
| 919 | | |
| 1,249 | | |
| 2,019 | | |
| 2,663 | |
Sales and marketing | |
| 834 | | |
| 1,203 | | |
| 1,863 | | |
| 2,246 | |
General and administrative | |
| 1,700 | | |
| 1,377 | | |
| 3,017 | | |
| 2,831 | |
| |
| | | |
| | | |
| | | |
| | |
Total costs and operating expenses | |
| 5,464 | | |
| 5,548 | | |
| 11,183 | | |
| 11,180 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (2,493 | ) | |
| (3,666 | ) | |
| (5,390 | ) | |
| (7,387 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other (expense) income: | |
| | | |
| | | |
| | | |
| | |
Change in fair value of warrant liability | |
| - | | |
| 625 | | |
| - | | |
| 781 | |
Other (expense) | |
| (14 | ) | |
| (27 | ) | |
| (24 | ) | |
| (63 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total other (expense) income | |
| (14 | ) | |
| 598 | | |
| (24 | ) | |
| 718 | |
| |
| | | |
| | | |
| | | |
| | |
Loss before provision for income taxes | |
| (2,507 | ) | |
| (3,068 | ) | |
| (5,414 | ) | |
| (6,669 | ) |
Provision for income taxes | |
| 41 | | |
| 10 | | |
| 47 | | |
| 15 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (2,548 | ) | |
$ | (3,078 | ) | |
$ | (5,461 | ) | |
$ | (6,684 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per common share outstanding | |
| | | |
| | | |
| | | |
| | |
basic | |
$ | (0.29 | ) | |
$ | (0.55 | ) | |
$ | (0.63 | ) | |
$ | (1.20 | ) |
and diluted | |
$ | (0.29 | ) | |
$ | (0.65 | ) | |
$ | (0.63 | ) | |
$ | (1.32 | ) |
Weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
basic | |
| 8,702,237 | | |
| 5,573,944 | | |
| 8,702,237 | | |
| 5,573,853 | |
and diluted | |
| 8,702,237 | | |
| 5,654,610 | | |
| 8,702,237 | | |
| 5,654,519 | |
The accompanying notes are an integral part
of these Condensed Consolidated Financial Statements.
CHAMPIONS ONCOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Dollars in Thousands)
| |
Six Months Ended | |
| |
October 31, | |
| |
2015 | | |
2014 | |
Operating activities: | |
| | | |
| | |
Net loss | |
$ | (5,461 | ) | |
$ | (6,684 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash used
in operating activities: | |
| | | |
| | |
Stock-based compensation expense | |
| 1,523 | | |
| 1,627 | |
Depreciation expense | |
| 76 | | |
| 110 | |
Provision for bad debts | |
| 34 | | |
| - | |
Change in fair value of warrant liability | |
| - | | |
| (781 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (865 | ) | |
| 210 | |
Prepaid expenses and other current assets | |
| 51 | | |
| (10 | ) |
Restricted cash | |
| 13 | | |
| 1 | |
Accounts payable | |
| (76 | ) | |
| 651 | |
Accrued liabilities | |
| (90 | ) | |
| (40 | ) |
Other non-current liability | |
| 35 | | |
| - | |
Deferred revenue | |
| (367 | ) | |
| (331 | ) |
| |
| | | |
| | |
Net cash used in operating activities | |
| (5,127 | ) | |
| (5,247 | ) |
| |
| | | |
| | |
Investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (44 | ) | |
| (71 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (44 | ) | |
| (71 | ) |
| |
| | | |
| | |
Financing activities: | |
| | | |
| | |
Payment of issuance costs related to 2015 Private Placement | |
| (18 | ) | |
| - | |
Capital lease payments | |
| (11 | ) | |
| - | |
Proceeds from exercise of options | |
| - | | |
| 2 | |
| |
| | | |
| | |
Net cash (used in)/provided by financing activities | |
| (29 | ) | |
| 2 | |
| |
| | | |
| | |
Decrease in cash and cash equivalents | |
| (5,200 | ) | |
| (5,316 | ) |
Cash and cash equivalents, beginning of period | |
| 9,357 | | |
| 5,891 | |
| |
| | | |
| | |
Cash and cash equivalents, end of period | |
$ | 4,157 | | |
$ | 575 | |
The accompanying notes are an integral part
of these Condensed Consolidated Financial Statements.
CHAMPIONS ONCOLOGY,
INC.
NOTES TO UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Organization, Use of Estimates and
Basis of Presentation
Champions Oncology, Inc.
(the “Company”), is engaged in the development and sale of advanced technology solutions and products to personalize
the development and use of oncology drugs. The Company’s TumorGraft Technology Platform is a novel approach to personalizing
cancer care based upon the implantation of human tumors in immune-deficient mice. The Company uses this technology, in conjunction
with related services, to offer solutions for two consumer groups: Personalized Oncology Solutions (“POS”) and Translational
Oncology Solutions (“TOS”). POS assists physicians in developing personalized treatment options for their cancer patients
through tumor specific data obtained from drug panels and related personalized oncology services. The Company’s TOS business
offers a technology platform to pharmaceutical and biotechnology companies using proprietary TumorGraft studies, which the Company
believes may be predictive of how drugs may perform in clinical settings.
The Company has three operating
subsidiaries: Champions Oncology (Israel), Limited, Champions Biotechnology U.K., Limited and Champions Oncology Singapore, PTE
LTD. For the three and six months ended October 31, 2015 and 2014, there were no material revenues earned by these subsidiaries.
The Company’s foreign
subsidiaries functional currency is the U.S. dollar. Transaction gains and losses are recognized in earnings. The Company is subject
to foreign exchange rate fluctuations in connection with the Company’s international operations.
These unaudited condensed
consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission
or the SEC. All significant intercompany transactions and accounts have been eliminated. Certain information related to the Company’s
organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance
with accounting principles generally accepted in the United States or GAAP has been condensed or omitted. The accounting policies
followed in the preparation of these unaudited condensed consolidated financial statements are consistent with those followed
in the Company’s annual consolidated financial statements for the year ended April 30, 2015, as filed on Form 10-K. In the
opinion of management, these unaudited condensed consolidated financial statements contain all material adjustments necessary
to fairly state our financial position, results of operations and cash flows for the periods presented and the presentations and
disclosures herein are adequate when read in conjunction with the Company’s Annual Report on Form 10-K for the year ended
April 30, 2015.
The preparation of financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Liquidity
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 sales of products and services, cash and cash
equivalents, working capital management, and proceeds from certain private placements of our securities. As of October 31, 2015,
we had positive working capital of $3.1 million and cash and cash equivalents on hand of $4.2 million. We believe that our cash
and cash equivalents on hand at October 31, 2015 are adequate to fund our operations through at least December 31, 2016. However, in
order for us to continue as a going concern beyond this point, we may need to obtain capital from external sources. If we are unable
to obtain additional financing, we may be required to reduce the scope of, or delay or eliminate, some of our research and development
and other activities, which could harm our financial condition and operating results. Financing may not be available on acceptable
terms or at all, and our failure to raise capital when needed could negatively impact our growth plans and our financial condition
and results of operations. Additional equity financing may be dilutive to the holders of our common stock and debt financing, if
available, may involve significant cash payment obligations and covenants and/or financial ratios that could restrict our ability
to operate our business.
Reverse Stock Split
On October 15, 2013, the
shareholders of the Company authorized our Board of Directors to effect a reverse stock split of all outstanding shares of common
stock, warrants and options. The Board of Directors subsequently approved the implementation of a reverse stock split at a ratio
of one-for-twelve shares, which became effective on August 12, 2015. All share and per share data in these condensed consolidated
financial statements and related notes hereto have been retroactively adjusted to account for the effect of the reverse stock
split.
Earnings Per Share
Basic net loss per share
is computed by dividing the net loss for the period by the weighted-average number of shares of common stock outstanding during
the period. Diluted net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares
of common stock plus dilutive potential common stock considered outstanding during the period. Such dilutive shares consist of
incremental shares that would be issued upon exercise of the Company’s common stock purchase warrants and stock options.
For the three and six months ended October 31, 2015, basic and dilutive loss per share were the same, as the potentially dilutive
securities did not have a dilutive effect. Although there were net losses for the three and six months ended October 31, 2014,
the gain from the change in fair value of the warrant liability for these periods had a dilutive effect on earnings per share.
| |
Three Months Ended | | |
Six Months Ended | |
| |
October 31, | | |
October 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Basic loss per share computation | |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stockholders | |
$ | (2,548,000 | ) | |
$ | (3,078,000 | ) | |
$ | (5,461,000 | ) | |
$ | (6,684,000 | ) |
Weighted Average common shares – basic | |
| 8,702,237 | | |
| 5,573,944 | | |
| 8,702,237 | | |
| 5,573,853 | |
Basic net loss per share | |
$ | (0.29 | ) | |
$ | (0.55 | ) | |
$ | (0.63 | ) | |
$ | (1.20 | ) |
| |
| | | |
| | | |
| | | |
| | |
Diluted loss per share computation | |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stockholders | |
$ | (2,548,000 | ) | |
$ | (3,078,000 | ) | |
$ | (5,461,000 | ) | |
$ | (6,684,000 | ) |
Less: Gain on derivative warrant liability | |
| - | | |
| 624,993 | | |
| - | | |
| 780,627 | |
Loss available to common stockholders | |
$ | (2,548,000 | ) | |
$ | (3,702,993 | ) | |
$ | (5,461,000 | ) | |
$ | (7,464,627 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average common shares | |
| 8,702,237 | | |
| 5,573,944 | | |
| 8,702,237 | | |
| 5,573,853 | |
Incremental shares from assumed
exercise of warrants and stock options | |
| - | | |
| 80,666 | | |
| - | | |
| 80,666 | |
Adjusted weighted average share – diluted | |
| 8,702,237 | | |
| 5,654,610 | | |
| 8,702,237 | | |
| 5,654,519 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted net loss per share | |
$ | (0.29 | ) | |
$ | (0.65 | ) | |
$ | (0.63 | ) | |
$ | (1.32 | ) |
The following table reflects
the total potential share-based instruments outstanding at October 31, 2015 and 2014 that could have an effect on the future computation
of dilution per common share:
| |
October 31, | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Stock options | |
| 1,977,761 | | |
| 2,021,393 | |
Warrants | |
| 2,109,840 | | |
| 260,556 | |
Total common stock equivalents | |
| 4,087,601 | | |
| 2,281,949 | |
Income Taxes
Deferred income taxes have
been provided to show the effect of temporary differences between the recognition of expenses for financial and income tax reporting
purposes and between the tax basis of assets and liabilities, and their reported amounts in the consolidated financial statements. In
assessing the realizability of deferred tax assets, the Company assesses the likelihood that deferred tax assets will be recovered
through tax planning strategies or from future taxable income, and to the extent that recovery is not likely or there is insufficient
operating history, a valuation allowance is established. The Company adjusts the valuation allowance in the period
management determines it is more likely than not that net deferred tax assets will or will not be realized. Changes
in valuation allowances from period to period are included in the tax provision in the period of change. As of October 31, 2015
and 2014, the Company provided a valuation allowance for all net deferred tax assets, as recovery is not more likely than not
based on an insufficient history of earnings.
Tax positions are positions
taken in a previously filed tax return or positions expected to be taken in a future tax return that are reflected in measuring
current or deferred income tax assets and liabilities reported in the consolidated financial statements. Tax positions
include, but are not limited to, the following:
| · | 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. |
The Company reflects
tax benefits only if it is more likely than not that we will be able to sustain the tax position, based on its technical merits. If
a tax benefit meets this criterion, it is measured and recognized based on the largest amount of benefit that is cumulatively
greater than 50% likely to be realized. The Company has $135,000 and $100,000 of unrecognized tax liabilities as of
October 31, 2015 and April 30, 2015, respectively.
The Company’s practice
is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for
interest or penalties on the Company’s balance sheets at October 31, 2015 and April 30, 2015, and has not recognized interest
and/or penalties in the statement of operations for either period. We do not anticipate any significant unrecognized tax benefits
will be recorded during the next 12 months.
The income tax provision
for the six months ended October 31, 2015 and 2014 was $47,000 and $15,000, respectively.
Note 2. Property and Equipment
Property and equipment
is recorded at cost and consists of laboratory equipment, leasehold improvements, furniture and fixtures, and computer
equipment and software. Depreciation is calculated on a straight-line basis over the estimated useful lives of the various
assets ranging from three to seven years. Property and equipment consisted of the following (table in thousands):
| |
October 31, | | |
April 30, | |
| |
2015 | | |
2015 | |
| |
(unaudited) | | |
| |
Furniture and fixtures | |
$ | 73 | | |
$ | 70 | |
Computer equipment and software | |
| 707 | | |
| 685 | |
Laboratory equipment | |
| 512 | | |
| 493 | |
Leasehold improvements | |
| 2 | | |
| 2 | |
Total property and equipment | |
| 1,294 | | |
| 1,250 | |
Less: Accumulated depreciation | |
| (874 | ) | |
| (798 | ) |
Property and equipment, net | |
$ | 420 | | |
$ | 452 | |
Depreciation expense was
$31,000 and $54,000 for the three months ended October 31, 2015 and 2014, respectively, and $64,000 and $110,000 for the six months
ended October 31, 2015 and 2014, respectively. As of October 31, 2015 and April 30, 2015, property, plant and equipment included
assets held under capital lease of $124,000. Related depreciation expense was $6,000 and nil, respectively, for the three months
ended October 31, 2015 and 2014, and $12,000 and nil for the six months ended October 31, 2015 and 2014, respectively.
Capital Lease
In November 2014, the Company
entered into a lease for laboratory equipment. The lease is a capital lease that has costs of approximately $149,000 through November
2019. The current monthly capital lease payment is approximately $3,000.
The following is a schedule
by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments
as of October 31, 2015 (table in thousands):
For the Years Ended April 30, |
|
Total | |
2016 (remaining) |
|
$ | 11 | |
2017 |
|
| 24 | |
2018 |
|
| 25 | |
2019 |
|
| 27 | |
2020 |
|
| 16 | |
Total minimum payments |
|
| 103 | |
Less: amount representing interest |
|
| (12 | ) |
Present value of minimum payments |
|
| 91 | |
Less: current portion |
|
| (23 | ) |
|
|
$ | 68 | |
The present value of minimum
future obligations shown above is calculated based on an interest rate of 5%.
Note 3. Share-Based Payments
The Company has in place
a 2010 Equity Incentive Plan and a 2008 Equity Incentive Plan. In general, these plans provide for stock-based compensation in
the form of (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights to the Company’s
employees, directors and non-employees. The plans also provide for limits on the aggregate number of shares that may be granted,
the term of grants and the strike price of option awards.
Stock-based compensation
in the amount of $748,000 and $820,000 was recognized for the three months ended October 31, 2015 and 2014, respectively, and
$1,523,000 and $1,627,000 for the six months ended October 31, 2015 and 2014, respectively. Stock-based compensation expense was
recognized as follows (table in thousands):
| |
Three Months Ended | | |
Six Months Ended | |
| |
October 31, | | |
October 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| |
General and administrative | |
$ | 674 | | |
$ | 513 | | |
$ | 1,112 | | |
$ | 1,055 | |
Sales and marketing | |
| 25 | | |
| 179 | | |
| 145 | | |
| 333 | |
Research and development | |
| 46 | | |
| 98 | | |
| 213 | | |
| 203 | |
TOS cost of sales | |
| 2 | | |
| 16 | | |
| 26 | | |
| 18 | |
POS cost of sales | |
| 1 | | |
| 14 | | |
| 27 | | |
| 18 | |
| |
| | | |
| | | |
| | | |
| | |
Total stock-based compensation expense | |
$ | 748 | | |
$ | 820 | | |
$ | 1,523 | | |
$ | 1,627 | |
Stock Option Grants
Black-Scholes assumptions
used to calculate the fair value of options granted during the three and six months ended October 31, 2015 and 2014 were as follows:
| |
Three Months Ended | |
Six Months Ended |
| |
October 31, | |
October 31, |
| |
2015 | |
2014 | |
2015 | |
2014 |
| |
| |
| |
| |
|
Expected term in years | |
6 | |
5 - 6 | |
5 - 6 | |
3 - 6 |
Risk-free interest rates | |
1.63% - 1.72% | |
1.53% - 1.94% | |
1.57% - 1.72% | |
0.79% - 1.94% |
Volatility | |
87.46% - 87.81% | |
85.8% - 102.1% | |
87.46% - 92.32% | |
85.8% - 102.1% |
Dividend yield | |
0% | |
0% | |
0% | |
0% |
The weighted average fair
value of stock options granted during the three months ended October 31, 2015 and 2014 was $5.47 and $8.28, respectively. The weighted
average fair value of stock options granted during the six months ended October 31, 2015 and 2014 was $4.99 and $11.28, respectively.
The Company’s stock options activity for the six months ended October 31, 2015 was as follows:
| |
| | |
| | |
| | |
| | |
Weighted | | |
| |
| |
| | |
| | |
| | |
Weighted | | |
Average | | |
| |
| |
| | |
Directors | | |
| | |
Average | | |
Remaining | | |
Aggregate | |
| |
Non- | | |
and | | |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Employees | | |
Employees | | |
Total | | |
Price | | |
Life (Years) | | |
Value | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding, May 1, 2015 | |
| 57,917 | | |
| 1,946,085 | | |
| 2,004,002 | | |
$ | 5.74 | | |
| 6.7 | | |
$ | 4,166,000 | |
Granted | |
| - | | |
| 89,169 | | |
| 89,169 | | |
| 6.98 | | |
| 9.5 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Forfeited | |
| - | | |
| (35,641 | ) | |
| (35,641 | ) | |
| 6.53 | | |
| | | |
| | |
Expired | |
| (6,667 | ) | |
| (73,102 | ) | |
| (79,769 | ) | |
| 6.80 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding, October 31, 2015 | |
| 51,250 | | |
| 1,926,511 | | |
| 1,977,761 | | |
| 5.74 | | |
| 6.3 | | |
| 927,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Vested and expected to vest
as of October 31, 2015 | |
| 51,250 | | |
| 1,926,511 | | |
| 1,977,761 | | |
| 5.74 | | |
| 6.3 | | |
| 927,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercisable as of October 31,
2015 | |
| 34,271 | | |
| 1,517,145 | | |
| 1,551,416 | | |
| 5.85 | | |
| 5.8 | | |
| 719,000 | |
Included in the balances
outstanding in the table above are 224,663 options (which vest based on service criteria) granted to each of the Company’s
Chief Executive Officer and its President as of November 5, 2013 as part of their employment agreements. In addition to the
above, there are 224,663 additional options granted to each of the Company’s Chief Executive Officer and President which
vest based on both service and performance criteria. The service-based conditions of these options provide for vesting
to occur monthly over a period of three years. The service-based options, like all of the Company’s service-based
options, are expensed on a straight-line basis. Since the straight-line method is not available for performance or market-based
share-based payments, the 224,663 performance-based options will be expensed on an accelerated basis once the Company determines
it is probable that the performance-based conditions will be met.
Stock Purchase Warrants
As of October 31, 2015 and
April 30, 2015, the Company had warrants outstanding for the purchase of 2,109,840 shares of its common stock, all of which were
exercisable. Of these warrants, 1,849,285 were issued in connection with the March 2015 Private Placement as further discussed
in Note 7 in the Company’s Form 10-K for the fiscal year ended April 30, 2015. Activity related to these warrants, which
expire at various dates through January 2019, is summarized as follows:
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
Weighted | | |
Average | | |
| |
| |
Number | | |
Average | | |
Remaining | | |
Aggregate | |
| |
of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Shares | | |
Price | | |
Life (Years) | | |
Value | |
| |
| | |
| | |
| | |
| |
Outstanding, May 1, 2015 | |
| 2,109,840 | | |
$ | 5.82 | | |
| 4.6 | | |
$ | 3,247,604 | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding, October 31, 2015 | |
| 2,109,840 | | |
$ | 5.82 | | |
| 4.1 | | |
$ | 153,578 | |
Note 4. Related Party Transactions
Related party transactions
include transactions between the Company and its shareholders, management, or affiliates. The following transactions
were in the normal course of operations and were measured and recorded at the exchange amount, which is the amount of consideration
established and agreed to by the parties.
Consulting Services
During the six months ended October 31, 2015 and 2014, the Company paid a member of its Board of Directors
$36,000 and $75,000, respectively, for consulting services unrelated to his duties as a board member. During the six months ended
October 31, 2015 and 2014, the Company paid a board member’s company $8,800 and nil, respectively, for consulting services
unrelated to his duties as a board member. All of the amounts paid to these related parties have been recognized and expensed in
the period the services were performed.
Note 5. Commitments and Contingencies
Operating Leases
As of October 31, 2015,
we lease the following facilities under non-cancelable operating lease agreements:
| · | 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 2016.
The Company recognized $43,000 and $42,000 of rental costs relative to this lease for
the six months ended October 31, 2015 and 2014, respectively. |
| · | 855
North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of laboratories
and office space where the Company conducts operations related to its primary service
offerings. This lease expires June 2016. The Company recognized $43,000
of rental costs relative to this lease for each of the six months ended October 31, 2015
and 2014. |
| · | 57
Mohamed Sultan Road, Singapore, which served as office headquarters for Champions Oncology,
Singapore. The lease expired in January 2015. The Company has not renewed this lease.
The Company recognized nil and $3,000 of rental expense for the six months ended October
31, 2015 and 2014, respectively. |
| · | 450
East 29th Street, New York, New York, 10016, which is a laboratory at which
we implant tumors. The Company recognized $24,000 and $23,000 of rental expense for the
six months ended October 31, 2015 and 2014, respectively. The lease expires in September
2016 and can be renewed by the Company for subsequent one year terms. |
Legal Matters
The Company is not currently
party to any legal matters to its knowledge. The Company is not aware of any other matters that would have a material impact on
the Company’s financial position or results of operations.
Registration Payment Arrangements
The Company has entered
into an Amended and Restated Registration Rights Agreement in connection with the March 2015 Private Placement and is discussed
more fully in Note 7 in the Company’s Form 10-K for the fiscal year ended April 30, 2015. This Amended and Restated Registration
Rights Agreement contains provisions that may call for the Company to pay penalties in certain circumstances. This registration
payment arrangement primarily relates to the Company’s ability to file a registration statement within a particular time
period, have a registration statement declared effective within a particular time period and to maintain the effectiveness of the
registration statement for a particular time period. The Company does not believe it is probable that such penalty payments will
be made and, accordingly, has not accrued for such potential penalties as of October 31, 2015.
Note 6. Teva Agreement
On July 30, 2013, the
Company entered into an agreement with Teva Pharmaceutical Industries Ltd. (“Teva”), pursuant to which the Company agreed to conduct
TumorGraft studies on multiple proprietary chemical compounds provided by Teva to determine the activity or response of these
compounds in potential clinical indications. Under the agreement, Teva agreed to pay an upfront payment and, under certain
conditions, pay the Company various amounts upon achieving certain milestones, based on the performance of the compounds in
preclinical testing and dependent upon testing the compound in clinical settings and obtaining FDA approval. In addition,
Teva agreed to pay the Company royalties on any commercialized products developed under the agreement. This agreement
terminated a prior collaborative agreement between Cephalon, Inc., a wholly-owned subsidiary of Teva, and the Company. Revenue
recognized related to this agreement for the six months ended October 31, 2015 and 2014, was $40,000 and $554,000,
respectively.
Note 7. Fair Value
The carrying value of cash
and cash equivalents, accounts receivable, deposits and other receivables, accounts payable, and accrued liabilities approximate
their fair value based on the liquidity or the short-term maturities of these instruments. The fair value hierarchy promulgated
by GAAP consists of three levels:
| · | Level
one — Quoted market prices in active markets for identical assets or liabilities; |
| · | Level
two — Inputs other than level one inputs that are either directly or indirectly
observable; and |
| · | Level
three — Unobservable inputs developed using estimates and assumptions, which
are developed by the reporting entity and reflect those assumptions that a market participant
would use. |
Determining which category
an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures
each quarter. The Company currently has no assets or liabilities measured at fair value on a recurring basis.
Note 8. Segment Information
The Company operates in
two reportable segments, POS and TOS. The accounting policies of the Company’s segments are the same as those described
in Note 2 of the Company’s annual financial statements for the year ended April 30, 2015, as filed on Form 10-K. The Company
evaluates performance of its segments based on profit or loss from operations before stock compensation expense, depreciation
and amortization, interest expense, interest income, gain on sale of assets, special charges or benefits, and income taxes (“segment
profit”). Management uses segment profit information for internal reporting and control purposes and considers it in making decisions regarding the allocation of capital and other resources, risk assessment, and employee compensation, among
other matters. The following tables summarize, for the periods indicated, operating results by reportable segment (table in thousands):
Three Months Ended October 31, 2015 | |
Personalized Oncology Solutions (POS) | | |
Translational Oncology Solutions (TOS) | | |
Unallocated Corporate Overhead | | |
Consolidated | |
Net revenue | |
$ | 486 | | |
$ | 2,485 | | |
$ | - | | |
$ | 2,971 | |
Direct cost of services | |
| (567 | ) | |
| (1,441 | ) | |
| - | | |
| (2,008 | ) |
Sales and marketing costs | |
| (189 | ) | |
| (620 | ) | |
| - | | |
| (809 | ) |
Other operating expenses | |
| - | | |
| (873 | ) | |
| (1,026 | ) | |
| (1,899 | ) |
Stock- based compensation expense (1) | |
| - | | |
| - | | |
| (748 | ) | |
| (748 | ) |
| |
| | | |
| | | |
| | | |
| | |
Segment profit (loss) | |
$ | (270 | ) | |
$ | (450 | ) | |
$ | (1,774 | ) | |
$ | (2,493 | ) |
Three Months Ended October 31, 2014 | |
Personalized
Oncology
Solutions
(POS) | | |
Translational
Oncology
Solutions
(TOS) | | |
Unallocated
Corporate
Overhead | | |
Consolidated | |
Net revenue | |
$ | 452 | | |
$ | 1,430 | | |
$ | - | | |
$ | 1,882 | |
Direct cost of services | |
| (745 | ) | |
| (943 | ) | |
| - | | |
| (1,688 | ) |
Sales and marketing costs | |
| (423 | ) | |
| (611 | ) | |
| - | | |
| (1,034 | ) |
Other operating expenses | |
| - | | |
| (1,142 | ) | |
| (864 | ) | |
| (2,006 | ) |
Stock- based compensation expense (1) | |
| - | | |
| - | | |
| (820 | ) | |
| (820 | ) |
| |
| | | |
| | | |
| | | |
| | |
Segment profit (loss) | |
$ | (716 | ) | |
$ | (1,266 | ) | |
$ | (1,684 | ) | |
$ | (3,666 | ) |
Six Months Ended October 31, 2015 | |
Personalized Oncology
Solutions (POS) | | |
Translational Oncology Solutions (TOS) | | |
Unallocated Corporate Overhead | | |
Consolidated | |
Net revenue | |
$ | 971 | | |
$ | 4,822 | | |
$ | - | | |
$ | 5,793 | |
Direct cost of services | |
| (1,202 | ) | |
| (3,030 | ) | |
| - | | |
| (4,232 | ) |
Sales and marketing costs | |
| (521 | ) | |
| (1,197 | ) | |
| - | | |
| (1,718 | ) |
Other operating expenses | |
| - | | |
| (1,806 | ) | |
| (1,904 | ) | |
| (3,710 | ) |
Stock- based compensation expense (1) | |
| - | | |
| - | | |
| (1,523 | ) | |
| (1,523 | ) |
| |
| | | |
| | | |
| | | |
| | |
Segment profit (loss) | |
$ | (752 | ) | |
$ | (1,211 | ) | |
$ | (5,427 | ) | |
$ | (5,390 | ) |
Six Months Ended October 31, 2014 | |
Personalized Oncology
Solutions (POS) | | |
Translational Oncology Solutions (TOS) | | |
Unallocated Corporate Overhead | | |
Consolidated | |
Net revenue | |
$ | 792 | | |
$ | 3,001 | | |
$ | - | | |
$ | 3,793 | |
Direct cost of services | |
| (1,498 | ) | |
| (1,905 | ) | |
| - | | |
| (3,403 | ) |
Sales and marketing costs | |
| (877 | ) | |
| (1,036 | ) | |
| - | | |
| (1,913 | ) |
Other operating expenses | |
| - | | |
| (2,460 | ) | |
| (1,777 | ) | |
| (4,237 | ) |
Stock- based compensation expense (1) | |
| - | | |
| - | | |
| (1,627 | ) | |
| (1,627 | ) |
| |
| | | |
| | | |
| | | |
| | |
Segment profit (loss) | |
$ | (1,583 | ) | |
$ | (2,400 | ) | |
$ | (3,404 | ) | |
$ | (7,387 | ) |
(1) Stock compensation expense
is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as
it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments.
All of the Company’s
revenue is recorded in the United States and substantially all of its long-lived assets are in the United States.
Item 2. Management’s Discussion
and Analysis of Financial Condition and Results of Operations
The following discussion
of our historical results of operations and our liquidity and capital resources should be read in conjunction with the condensed
consolidated financial statements and related notes that appear elsewhere in this report and our most recent annual report for
the year ended April 30, 2015, as filed on Form 10-K.
Forward-Looking
Statements
This Quarterly Report on
Form 10-Q contains
certain “forward-looking statements,” which include information relating to future events, future financial performance,
strategies, expectations, competitive environment, regulation, and availability of resources. These forward-looking statements
include, without limitation, statements regarding: proposed new programs; expectations that regulatory developments or other matters
will not have a material adverse effect on our financial position, results of operations, or liquidity; statements concerning
projections, predictions, expectations, estimates, or forecasts as to our business, financial and operational results, and future
economic performance; and statements of management’s goals and objectives and other similar expressions concerning matters
that are not historical facts. Words such as “may,” “should,” “could,” “would,”
“predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar expressions, as well as
statements in future tense, identify forward-looking statements.
Forward-looking statements
should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times
at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at
the time those statements are made or management’s good faith belief as of that time with respect to future events, and
are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed
in or suggested by the forward-looking statements.
Forward-looking statements
speak only as of the date the statements are made. Factors that could cause actual results to differ from those discussed in the
forward-looking statements include, but are not limited to, those described in “Risk Factors” in Part I, Item 1A of
our Annual Report on Form 10-K for the fiscal year ended April 30, 2015, as updated in our subsequent reports filed with the SEC,
including any updates found in Part II, Item 1A of this or other reports on Form 10-Q. You should not put undue reliance on any
forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in
assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities
laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates
with respect to those or other forward-looking statements.
Overview and Recent Developments
Champions Oncology, Inc.
is engaged in the development and sale of advanced technology solutions and products to personalize the development and use of
oncology drugs. The Company’s TumorGraft Technology Platform is a novel approach to personalizing cancer care,
based upon the implantation of human tumors in immune-deficient mice. The Company uses this technology, in conjunction
with related products, to offer solutions for two customer groups:
| · | Our
Personalized Oncology Solutions, or POS, business, which provides services to physicians
and patients looking for information to help guide the development of personalized treatment
plans. |
| · | Our
Translational Oncology Solutions, or TOS, business, which provides services to pharmaceutical
and biotechnology companies seeking personalized approaches to drug development that
will lower costs and increase the speed of developing new drugs, as well as increase
the adoption of existing drugs. |
We plan to continue our
efforts to expand our TumorGraft Technology Platform in order to expand our POS and TOS programs.
Liquidity and Capital Resources
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 sales of products and services, cash and cash equivalents, working capital management, and proceeds from certain private
placements of our securities. As of October 31, 2015, we had positive working capital of $3.1 million and cash and cash equivalents
on hand of $4.2 million. We believe that our cash and cash equivalents on hand at October 31, 2015 are adequate to fund our operations
through at least December 31, 2016. However, in order for us to continue as a going concern beyond this point, we may need to obtain
capital from external sources. If we are unable to obtain additional financing, we may be required to reduce the scope of, or delay
or eliminate, some of our research and development and other activities, which could harm our financial condition and operating
results. Financing may not be available on acceptable terms or at all, and our failure to raise capital when needed could negatively
impact our growth plans and our financial condition and results of operations. Additional equity financing may be dilutive to the
holders of our common stock and debt financing, if available, may involve significant cash payment obligations and covenants and/or
financial ratios that restrict our ability to operate our business.
Operating Results
The following table summarizes
our operating results for the periods presented below (dollars in thousands):
| |
For the Three Months
Ended October 31, | |
| |
| | |
% of | | |
| | |
% of | | |
% | |
| |
2015 | | |
Revenue | | |
2014 | | |
Revenue | | |
Change | |
Operating revenue: | |
| | | |
| | | |
| | | |
| | | |
| | |
Personalized oncology solutions | |
$ | 486 | | |
| 16.4 | % | |
$ | 452 | | |
| 24.0 | % | |
| 7.5 | % |
Translational oncology solutions | |
| 2,485 | | |
| 83.6 | | |
| 1,430 | | |
| 76.0 | | |
| 73.8 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total operating revenue | |
| 2,971 | | |
| 100.0 | | |
| 1,882 | | |
| 100.0 | | |
| 57.9 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Costs and operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of personalized oncology solutions | |
| 568 | | |
| 19.1 | | |
| 759 | | |
| 40.3 | | |
| (25.2 | ) |
Cost of translational oncology solutions | |
| 1,443 | | |
| 48.6 | | |
| 960 | | |
| 51.0 | | |
| 50.4 | |
Research and development | |
| 919 | | |
| 30.9 | | |
| 1,249 | | |
| 66.4 | | |
| (26.4 | ) |
Sales and marketing | |
| 834 | | |
| 28.1 | | |
| 1,203 | | |
| 63.9 | | |
| (30.7 | ) |
General and administrative | |
| 1,700 | | |
| 57.2 | | |
| 1,377 | | |
| 73.2 | | |
| 23.5 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total costs and operating expenses | |
| 5,464 | | |
| 183.9 | | |
| 5,548 | | |
| 294.8 | | |
| (1.5 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating loss | |
$ | (2,493 | ) | |
| (83.9 | )% | |
$ | (3,666 | ) | |
| (194.8 | )% | |
| (32.0 | ) |
| |
For the Six Months Ended
October 31, | |
| |
| | |
% of | | |
| | |
% of | | |
% | |
| |
2015 | | |
Revenue | | |
2014 | | |
Revenue | | |
Change | |
Operating revenue: | |
| | | |
| | | |
| | | |
| | | |
| | |
Personalized oncology solutions | |
$ | 971 | | |
| 16.8 | % | |
$ | 792 | | |
| 20.9 | % | |
| 22.6 | % |
Translational oncology solutions | |
| 4,822 | | |
| 83.2 | | |
| 3,001 | | |
| 79.1 | | |
| 60.7 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total operating revenue | |
| 5,793 | | |
| 100.0 | | |
| 3,793 | | |
| 100.0 | | |
| 52.7 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Costs and operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of personalized oncology solutions | |
| 1,228 | | |
| 21.2 | | |
| 1,516 | | |
| 40.0 | | |
| (19.0 | ) |
Cost of translational oncology solutions | |
| 3,056 | | |
| 52.8 | | |
| 1,924 | | |
| 50.7 | | |
| 58.8 | |
Research and development | |
| 2,019 | | |
| 34.9 | | |
| 2,663 | | |
| 70.2 | | |
| (24.2 | ) |
Sales and marketing | |
| 1,863 | | |
| 32.2 | | |
| 2,246 | | |
| 59.2 | | |
| (17.1 | ) |
General and administrative | |
| 3,017 | | |
| 52.1 | | |
| 2,831 | | |
| 74.6 | | |
| 6.5 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total costs and operating expenses | |
| 11,183 | | |
| 193.0 | | |
| 11,180 | | |
| 294.8 | | |
| 0.0 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating loss | |
$ | (5,390 | ) | |
| (93.0 | )% | |
| (7,387 | ) | |
| (194.8 | )% | |
| (27.0 | ) |
Operating Revenues
Operating revenues were
$3 million and $1.9 million for the three months ended October 31, 2015 and 2014, respectively, an increase of $1.1 million or
57.9%. Operating revenues were $5.8 million and $3.8 million for the six months ended October 31, 2015 and 2014, respectively,
an increase of $2 million or 52.7%.
POS revenues were $486,000
and $452,000 for the three months ended October 31, 2015 and 2014, respectively, an increase of $34,000, or 7.5%. POS revenues
were $971,000 and $792,000 for the six months ended October 31, 2015 and 2014, respectively, an increase of $179,000, or 22.6%.
The increase is the result of growth in our sequencing revenue offset by a decline in implant and
panel revenue.
TOS revenues were
$2.5 million and $1.4 million for the three months ended October 31, 2015 and 2014, respectively, an increase of $1.1 million,
or 73.8%. TOS revenues were $4.8 million and $3 million for the six months ended October
31, 2015 and 2014, respectively, an increase of $1.8 million, or 60.7%. The increase is due to increased
bookings, both in the number and size of the studies, in prior quarters due to the expansion of the TOS sales team and growth of
the platform.
Cost of Personalized Oncology Solutions
Cost of POS for the three
months ended October 31, 2015 and 2014 was $568,000 and $759,000, respectively, a decrease of $191,000, or (25.2%). Cost
of POS for the six months ended October 31, 2015 and 2014 was $1.2 million and $1.5 million, respectively, a decrease of $300,000
or (19%). For the three months ended October 31, 2015 and 2014, gross margins for POS were (16.9%) and (67.9%), respectively.
For the six months ended October 31, 2015 and 2014, gross margins for POS were (26.5)% and (91.4)%, respectively. The
improvement in gross margin is attributed to the increase in higher margin, non-core revenue, and aggressively managing our lab
costs.
Cost of Translational Oncology Solutions
Cost of TOS for the three months ended
October 31, 2015 and 2014 was $1.4 million and $960,000, respectively, an increase of $440,000, or 50.4%. Cost of TOS for
the six months ended October 31, 2015 and 2014 was $3 million and $1.9 million, respectively, an increase of $1.1 million, or
58.8%. For the three months ended October 31, 2015 and 2014, gross margins for TOS were 41.9% and 32.9%, respectively. The
improvement in gross margin was due to higher TOS revenue, effective management of the variable lab costs and continuing leverage
of the fixed cost component of our lab. For the six months ended October 31, 2015 and 2014, gross margins for TOS were
36.6% and 35.9%, respectively.
Research and Development
Research and development
expenses for the three months ended October 31, 2015 and 2014 was $919,000 and $1.2 million, respectively, a decrease of $281,000,
or (26.4%). Research and development expenses for the six months ended October 31, 2015 and 2014 was $2 million and $2.7 million,
respectively, a decrease of $700,000, or (24.2%). The decrease is due to a lower expenses in genomic characterization of our TumorBank
for the current quarter.
Sales and Marketing
Sales and marketing expenses
for the three months ended October 31, 2015 and 2014 was $834,000 and $1.2 million, respectively, a decrease of $366,000, or (30.7%). Sales
and marketing expenses for the six months ended October 31, 2015 and 2014 was $1.9 million and $2.2 million, respectively, a decrease
of $300,000, or (17.1%). The decrease is due to lower public relations spend for POS and cost savings
achieved by merging the sales and marketing resources of the POS and TOS division, including combining both under one commercial
business leader.
General and Administrative
General and administrative
expenses for the three months ended October 31, 2015 and 2014 were $1.7 million and $1.4 million, respectively, an increase of
$300,000, or 23.5%. General and administrative expenses for the six months ended October 31, 2015 and 2014 were $3 million
and $2.8 million, respectively, an increase of $200,000, or 6.6%. The increase is due to an increase
in stock based compensation for the President and CEO in lieu of cash and due to the one-time costs associated with the uplisting
to the Nasdaq exchange and related legal and filing fees.
Other Income (Expense)
Other income (expense)
for the three months ended October 31, 2015 and 2014 was ($14,000) and $598,000, a decrease in income of $612,000. Other
income (expense) for the six months ended October 31, 2015 and 2014 was ($24,000) and $718,000, a decrease in income of $742,000.
The change is mainly due to the gain on fair value of warrants that were accounted for as liabilities in Q1 2015 and Q2 2015 which
were reclassified into equity. See the Company’s annual report on Form 10-K, footnote 7, filed on July 29, 2015 for further
discussion.
Inflation
Inflation does not have
a meaningful impact on the results of our operations.
Cash Flows
The following discussion
relates to the major components of our cash flows:
Cash Flows from Operating Activities
Net cash used in operating
activities was $5.1 million and $5.2 million for the six months ended October 31, 2015 and 2014, respectively, a decrease
of $100,000.
Cash Flows from Investing Activities
Net cash used in investing
activities was $44,000 and $71,000 for the six months ended October 31, 2015 and 2014, respectively. These cash outflows
primarily relate to the purchase of property and equipment.
Cash Flows from Financing Activities
Net cash (used in)/provided
by financing activities was ($29,000) and $2,000 for the six months ended October 31, 2015 and 2014, respectively. These
cash outflows relate to issuance costs related to a 2015 private placement and capital lease payments.
Critical Accounting Estimates and Policies
The preparation of financial
statements in conformity with accounting principles generally accepted in the United States requires management to apply methodologies
and make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting
period. Significant estimates of the Company include, among other things, accounts receivable realization, revenue recognition
(replacement of licensed tumors), valuation allowance for deferred tax assets, valuation of goodwill, and stock compensation and
warrant assumptions. Actual results could differ from those estimates. The Company’s critical accounting policies are summarized
in the Company’s Annual Report on Form 10-K, filed with the SEC on July 29, 2015.
Off-Balance Sheet Financing
We have no off-balance sheet
debt or similar obligations. We have no transactions or obligations with related parties that are not disclosed, consolidated
into or reflected in our reported results of operations or financial position. We do not guarantee any third-party
debt.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk
Not applicable to smaller
reporting companies.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
It is management’s
responsibility to establish and maintain “disclosure controls and procedures” as such term is defined in Rule 13a-15(e)
under the Securities Exchange Act of 1934. Our management, with the participation of our Chief Executive Officer and our Vice President,
Finance, have reviewed and evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered
by this quarterly report. Based on that evaluation, our management, including our Chief Executive Officer and our Vice President,
Finance, have concluded that our disclosure controls and procedures were effective as of October 31, 2015 at the reasonable assurance
level in ensuring that information required to be disclosed in the reports that we file or submit under the Securities Act of 1934
is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s
rules and forms and is accumulated and communicated to management, including our Chief Executive Officer and our Vice President,
Finance, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial
Reporting
There were no changes
in our internal control over financial reporting in connection with the evaluation required by Rule 13a-15(d) of the Exchange Act
that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors
We may not be able to meet
our cash requirements beyond May 31, 2016 without obtaining additional capital from external sources, and if we are unable to
do so, we may not be able to continue as a going concern.
As of October 31, 2015, we
had working capital of $3.1 million and cash and cash equivalents of $4.2 million. We believe that our cash and cash equivalents
on hand at October 31, 2015 are adequate to fund our operations through at least December 31, 2016. However, in order for us to continue
as a going concern beyond this point, we may need to obtain capital from external sources.
We have generated net
losses for our past recent history. For the years ended April 30, 2015 and 2014, the Company had a net loss of approximately
$13.1 million and $7.4 million, respectively, and for the six months ended October 31, 2015, we had a net loss of $5.4
million. We will not be able to continue as a going concern without additional financing. Even if we do raise
sufficient capital to support our operating expenses beyond May 31, 2016, there can be no assurances that the proceeds raised
will be sufficient to enable our business to reach a level where it will generate profits from operations. Currently, the
Company derives revenue from POS products and TOS products, while pursuing efforts to further develop bioinformatics from its
TumorBank and its TumorGraft Technology Platform. In addition, we are building our sales and marketing operations
to grow our TOS and POS products. Accordingly, we expect to generate operating losses in the future until such
time as we are able to generate significantly more revenue.
If we are unable to obtain
additional financing, we may be required to reduce the scope of, or delay or eliminate, some of our research and development and
other activities, which could harm our financial condition and operating results. Financing may not be available on acceptable
terms or at all, and our failure to raise capital when needed could negatively impact our growth plans and our financial condition
and results of operations. Additional equity financing may be dilutive to the holders of our common stock and debt financing,
if available, may involve significant cash payment obligations and covenants and/or financial ratios that restrict our ability
to operate our business.
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits
No. |
|
Exhibit |
31.1* |
|
8650 Section 302 Certification of Principal Executive Officer |
31.2* |
|
8650 Section 302 Certification of Principal Financial Officer |
32.1** |
|
Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 |
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. |
________________________
(* = filed herewith) |
(** = furnished herewith) |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
CHAMPIONS ONCOLOGY, INC.
(Registrant) |
|
|
Date: December 15, 2015 |
By: |
/s/ Joel Ackerman |
|
|
Joel Ackerman |
|
|
Chief Executive Officer
(principal executive officer) |
|
|
|
Date: December 15, 2015 |
By: |
/s/ David Miller |
|
|
David Miller |
|
|
Vice President, Finance
(principal financial officer) |
EXHIBIT 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Section 302 Certification
I, Joel Ackerman,
certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Champions Oncology, Inc., a Delaware corporation; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting |
Date: December 15, 2015 |
/s/ Joel Ackerman |
|
Joel Ackerman |
|
Chief Executive Officer (Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL
OFFICER
Section 302 Certification
I, David Miller,
certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Champions Oncology, Inc., a Delaware corporation; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting |
Date: December 15, 2015 |
/s/ David Miller |
|
David Miller |
|
Vice President, Finance (Principal Financial Officer) |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350 AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly
Report of Champions Oncology, Inc. (the “Company”) on Form 10-Q for the period ended October 31, 2015 as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities
and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to their knowledge:
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operation of the Company. |
Date: December 15, 2015 |
/s/ Joel Ackerman |
|
Joel Ackerman |
|
Chief Executive Officer (Principal Executive Officer) |
|
|
Date: December 15, 2015 |
/s/ David Miller |
|
David Miller |
|
Vice President, Finance (Principal Financial Officer) |
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Oct. 31, 2015 |
Apr. 30, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 4,157
|
$ 9,357
|
Accounts receivable, net |
1,891
|
1,060
|
Prepaid expenses and other current assets |
295
|
346
|
Total current assets |
6,343
|
10,763
|
Restricted cash |
150
|
163
|
Property and equipment, net |
420
|
452
|
Goodwill |
669
|
669
|
Total assets |
7,582
|
12,047
|
Current liabilities: |
|
|
Accounts payable |
1,338
|
1,414
|
Accrued liabilities |
283
|
373
|
Deferred revenue |
1,644
|
2,009
|
Total current liabilities |
3,265
|
3,796
|
Other non-current liability |
215
|
192
|
Total liabilities |
3,480
|
3,988
|
Stockholders' equity: |
|
|
Common stock, $.001 par value; 200,000,000 shares authorized; 8,963,590 shares issued and 8,702,237 shares outstanding as of October 31, 2015 and April 30, 2015, respectively |
9
|
9
|
Treasury stock, at cost, 269,686 common shares as of October 31, 2015 and April 30, 2015 |
(1,252)
|
(1,252)
|
Additional paid-in capital |
62,826
|
61,322
|
Accumulated deficit |
(57,481)
|
(52,020)
|
Total stockholders' equity |
4,102
|
8,059
|
Total liabilities and stockholders' equity |
$ 7,582
|
$ 12,047
|
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Oct. 31, 2015 |
Apr. 30, 2015 |
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
8,963,590
|
8,963,590
|
Common stock, shares outstanding |
8,702,237
|
8,702,237
|
Treasury stock, common shares |
269,686
|
269,686
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Operating revenue: |
|
|
|
|
Personalized oncology solutions |
$ 486
|
$ 452
|
$ 971
|
$ 792
|
Translational oncology solutions |
2,485
|
1,430
|
4,822
|
3,001
|
Total operating revenue |
2,971
|
1,882
|
5,793
|
3,793
|
Costs and operating expenses: |
|
|
|
|
Cost of personalized oncology solutions |
568
|
759
|
1,228
|
1,516
|
Cost of translational oncology solutions |
1,443
|
960
|
3,056
|
1,924
|
Research and development |
919
|
1,249
|
2,019
|
2,663
|
Sales and marketing |
834
|
1,203
|
1,863
|
2,246
|
General and administrative |
1,700
|
1,377
|
3,017
|
2,831
|
Total costs and operating expenses |
5,464
|
5,548
|
11,183
|
11,180
|
Loss from operations |
(2,493)
|
(3,666)
|
(5,390)
|
(7,387)
|
Other (expense) income: |
|
|
|
|
Change in fair value of warrant liability |
0
|
625
|
0
|
781
|
Other (expense) |
(14)
|
(27)
|
(24)
|
(63)
|
Total other (expense) income |
(14)
|
598
|
(24)
|
718
|
Loss before provision for income taxes |
(2,507)
|
(3,068)
|
(5,414)
|
(6,669)
|
Provision for income taxes |
41
|
10
|
47
|
15
|
Net loss |
$ (2,548)
|
$ (3,078)
|
$ (5,461)
|
$ (6,684)
|
Net loss per common share outstanding |
|
|
|
|
basic (in dollars per share) |
$ (0.29)
|
$ (0.55)
|
$ (0.63)
|
$ (1.20)
|
diluted (in dollars per share) |
$ (0.29)
|
$ (0.65)
|
$ (0.63)
|
$ (1.32)
|
Weighted average common shares outstanding |
|
|
|
|
basic (in shares) |
8,702,237
|
5,573,944
|
8,702,237
|
5,573,853
|
diluted (in shares) |
8,702,237
|
5,654,610
|
8,702,237
|
5,654,519
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v3.3.1.900
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Operating activities: |
|
|
Net loss |
$ (5,461)
|
$ (6,684)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Stock-based compensation expense |
1,523
|
1,627
|
Depreciation expense |
76
|
110
|
Provision for bad debts |
34
|
0
|
Change in fair value of warrant liability |
0
|
(781)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(865)
|
210
|
Prepaid expenses and other current assets |
51
|
(10)
|
Restricted cash |
13
|
1
|
Accounts payable |
(76)
|
651
|
Accrued liabilities |
(90)
|
(40)
|
Other non-current liability |
35
|
0
|
Deferred revenue |
(367)
|
(331)
|
Net cash used in operating activities |
(5,127)
|
(5,247)
|
Investing activities: |
|
|
Purchase of property and equipment |
(44)
|
(71)
|
Net cash used in investing activities |
(44)
|
(71)
|
Financing activities: |
|
|
Payment of issuance costs related to 2015 Private Placement |
(18)
|
0
|
Capital lease payments |
(11)
|
0
|
Proceeds from exercise of options |
0
|
2
|
Net cash (used in)/provided by financing activities |
(29)
|
2
|
Decrease in cash and cash equivalents |
(5,200)
|
(5,316)
|
Cash and cash equivalents, beginning of period |
9,357
|
5,891
|
Cash and cash equivalents, end of period |
$ 4,157
|
$ 575
|
X |
- DefinitionThe cash inflow associated with the amount received from holders exercising their stock options.
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v3.3.1.900
Organization, Use of Estimates and Basis of Presentation
|
6 Months Ended |
Oct. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Note 1. Organization, Use of Estimates and Basis of Presentation Champions Oncology, Inc. (the “Company”), is engaged in the development and sale of advanced technology solutions and products to personalize the development and use of oncology drugs. The Company’s TumorGraft Technology Platform is a novel approach to personalizing cancer care based upon the implantation of human tumors in immune-deficient mice. The Company uses this technology, in conjunction with related services, to offer solutions for two consumer groups: Personalized Oncology Solutions (“POS”) and Translational Oncology Solutions (“TOS”). POS assists physicians in developing personalized treatment options for their cancer patients through tumor specific data obtained from drug panels and related personalized oncology services. The Company’s TOS business offers a technology platform to pharmaceutical and biotechnology companies using proprietary TumorGraft studies, which the Company believes may be predictive of how drugs may perform in clinical settings. The Company has three operating subsidiaries: Champions Oncology (Israel), Limited, Champions Biotechnology U.K., Limited and Champions Oncology Singapore, PTE LTD. For the three and six months ended October 31, 2015 and 2014, there were no material revenues earned by these subsidiaries. The Company’s foreign subsidiaries functional currency is the U.S. dollar. Transaction gains and losses are recognized in earnings. The Company is subject to foreign exchange rate fluctuations in connection with the Company’s international operations. These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission or the SEC. All significant intercompany transactions and accounts have been eliminated. Certain information related to the Company’s organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States or GAAP has been condensed or omitted. The accounting policies followed in the preparation of these unaudited condensed consolidated financial statements are consistent with those followed in the Company’s annual consolidated financial statements for the year ended April 30, 2015, as filed on Form 10-K. In the opinion of management, these unaudited condensed consolidated financial statements contain all material adjustments necessary to fairly state our financial position, results of operations and cash flows for the periods presented and the presentations and disclosures herein are adequate when read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2015. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Liquidity 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 sales of products and services, cash and cash equivalents, working capital management, and proceeds from certain private placements of our securities. As of October 31, 2015, we had positive working capital of $3.1 million and cash and cash equivalents on hand of $4.2 million. We believe that our cash and cash equivalents on hand at October 31, 2015 are adequate to fund our operations through at least December 31, 2016. However, in order for us to continue as a going concern beyond this point, we may need to obtain capital from external sources. If we are unable to obtain additional financing, we may be required to reduce the scope of, or delay or eliminate, some of our research and development and other activities, which could harm our financial condition and operating results. Financing may not be available on acceptable terms or at all, and our failure to raise capital when needed could negatively impact our growth plans and our financial condition and results of operations. Additional equity financing may be dilutive to the holders of our common stock and debt financing, if available, may involve significant cash payment obligations and covenants and/or financial ratios that could restrict our ability to operate our business. Reverse Stock Split On October 15, 2013, the shareholders of the Company authorized our Board of Directors to effect a reverse stock split of all outstanding shares of common stock, warrants and options. The Board of Directors subsequently approved the implementation of a reverse stock split at a ratio of one-for-twelve shares, which became effective on August 12, 2015. All share and per share data in these condensed consolidated financial statements and related notes hereto have been retroactively adjusted to account for the effect of the reverse stock split. Earnings Per Share Basic net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares of common stock plus dilutive potential common stock considered outstanding during the period. Such dilutive shares consist of incremental shares that would be issued upon exercise of the Company’s common stock purchase warrants and stock options. For the three and six months ended October 31, 2015, basic and dilutive loss per share were the same, as the potentially dilutive securities did not have a dilutive effect. Although there were net losses for the three and six months ended October 31, 2014, the gain from the change in fair value of the warrant liability for these periods had a dilutive effect on earnings per share. | | Three Months Ended | | Six Months Ended | | | | October 31, | | October 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | Basic loss per share computation | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,548,000) | | $ | (3,078,000) | | $ | (5,461,000) | | $ | (6,684,000) | | Weighted Average common shares basic | | | 8,702,237 | | | 5,573,944 | | | 8,702,237 | | | 5,573,853 | | Basic net loss per share | | $ | (0.29) | | $ | (0.55) | | $ | (0.63) | | $ | (1.20) | | | | | | | | | | | | | | | | Diluted loss per share computation | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,548,000) | | $ | (3,078,000) | | $ | (5,461,000) | | $ | (6,684,000) | | Less: Gain on derivative warrant liability | | | - | | | 624,993 | | | - | | | 780,627 | | Loss available to common stockholders | | $ | (2,548,000) | | $ | (3,702,993) | | $ | (5,461,000) | | $ | (7,464,627) | | | | | | | | | | | | | | | | Weighted Average common shares | | | 8,702,237 | | | 5,573,944 | | | 8,702,237 | | | 5,573,853 | | Incremental shares from assumed exercise of warrants and stock options | | | - | | | 80,666 | | | - | | | 80,666 | | Adjusted weighted average share diluted | | | 8,702,237 | | | 5,654,610 | | | 8,702,237 | | | 5,654,519 | | | | | | | | | | | | | | | | Diluted net loss per share | | $ | (0.29) | | $ | (0.65) | | $ | (0.63) | | $ | (1.32) | | The following table reflects the total potential share-based instruments outstanding at October 31, 2015 and 2014 that could have an effect on the future computation of dilution per common share: | | October 31, | | | | 2015 | | 2014 | | | | | | | | | | Stock options | | | 1,977,761 | | | 2,021,393 | | Warrants | | | 2,109,840 | | | 260,556 | | Total common stock equivalents | | | 4,087,601 | | | 2,281,949 | | Income Taxes Deferred income taxes have been provided to show the effect of temporary differences between the recognition of expenses for financial and income tax reporting purposes and between the tax basis of assets and liabilities, and their reported amounts in the consolidated financial statements. In assessing the realizability of deferred tax assets, the Company assesses the likelihood that deferred tax assets will be recovered through tax planning strategies or from future taxable income, and to the extent that recovery is not likely or there is insufficient operating history, a valuation allowance is established. The Company adjusts the valuation allowance in the period management determines it is more likely than not that net deferred tax assets will or will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. As of October 31, 2015 and 2014, the Company provided a valuation allowance for all net deferred tax assets, as recovery is not more likely than not based on an insufficient history of earnings. Tax positions are positions taken in a previously filed tax return or positions expected to be taken in a future tax return that are reflected in measuring current or deferred income tax assets and liabilities reported in the consolidated financial statements. Tax positions include, but are not limited to, the following: | ⋅ | 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. | The Company reflects tax benefits only if it is more likely than not that we will be able to sustain the tax position, based on its technical merits. If a tax benefit meets this criterion, it is measured and recognized based on the largest amount of benefit that is cumulatively greater than 50% likely to be realized. The Company has $135,000 and $100,000 of unrecognized tax liabilities as of October 31, 2015 and April 30, 2015, respectively. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s balance sheets at October 31, 2015 and April 30, 2015, and has not recognized interest and/or penalties in the statement of operations for either period. We do not anticipate any significant unrecognized tax benefits will be recorded during the next 12 months. The income tax provision for the six months ended October 31, 2015 and 2014 was $47,000 and $15,000, respectively.
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v3.3.1.900
Property and Equipment
|
6 Months Ended |
Oct. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment Disclosure [Text Block] |
Note 2. Property and Equipment Property and equipment is recorded at cost and consists of laboratory equipment, leasehold improvements, furniture and fixtures, and computer equipment and software. Depreciation is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to seven years. Property and equipment consisted of the following (table in thousands): | | October 31, | | April 30, | | | | 2015 | | 2015 | | | | (unaudited) | | | | Furniture and fixtures | | $ | 73 | | $ | 70 | | Computer equipment and software | | | 707 | | | 685 | | Laboratory equipment | | | 512 | | | 493 | | Leasehold improvements | | | 2 | | | 2 | | Total property and equipment | | | 1,294 | | | 1,250 | | Less: Accumulated depreciation | | | (874) | | | (798) | | Property and equipment, net | | $ | 420 | | $ | 452 | | Depreciation expense was $31,000 and $54,000 for the three months ended October 31, 2015 and 2014, respectively, and $64,000 and $110,000 for the six months ended October 31, 2015 and 2014, respectively. As of October 31, 2015 and April 30, 2015, property, plant and equipment included assets held under capital lease of $124,000. Related depreciation expense was $6,000 and nil, respectively, for the three months ended October 31, 2015 and 2014, and $12,000 and nil for the six months ended October 31, 2015 and 2014, respectively. Capital Lease In November 2014, the Company entered into a lease for laboratory equipment. The lease is a capital lease that has costs of approximately $149,000 through November 2019. The current monthly capital lease payment is approximately $3,000. The following is a schedule by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments as of October 31, 2015 (table in thousands): For the Years Ended April 30, | | Total | | 2016 (remaining) | | $ | 11 | | 2017 | | | 24 | | 2018 | | | 25 | | 2019 | | | 27 | | 2020 | | | 16 | | Total minimum payments | | | 103 | | Less: amount representing interest | | | (12) | | Present value of minimum payments | | | 91 | | Less: current portion | | | (23) | | | | $ | 68 | | The present value of minimum future obligations shown above is calculated based on an interest rate of 5%.
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- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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v3.3.1.900
Share-Based Payments
|
6 Months Ended |
Oct. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Note 3. Share-Based Payments The Company has in place a 2010 Equity Incentive Plan and a 2008 Equity Incentive Plan. In general, these plans provide for stock-based compensation in the form of (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights to the Company’s employees, directors and non-employees. The plans also provide for limits on the aggregate number of shares that may be granted, the term of grants and the strike price of option awards. Stock-based compensation in the amount of $748,000 and $820,000 was recognized for the three months ended October 31, 2015 and 2014, respectively, and $1,523,000 and $1,627,000 for the six months ended October 31, 2015 and 2014, respectively. Stock-based compensation expense was recognized as follows (table in thousands): | | Three Months Ended | | Six Months Ended | | | | October 31, | | October 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | | | | | | | | General and administrative | | $ | 674 | | $ | 513 | | $ | 1,112 | | $ | 1,055 | | Sales and marketing | | | 25 | | | 179 | | | 145 | | | 333 | | Research and development | | | 46 | | | 98 | | | 213 | | | 203 | | TOS cost of sales | | | 2 | | | 16 | | | 26 | | | 18 | | POS cost of sales | | | 1 | | | 14 | | | 27 | | | 18 | | | | | | | | | | | | | | | | Total stock-based compensation expense | | $ | 748 | | $ | 820 | | $ | 1,523 | | $ | 1,627 | | Stock Option Grants Black-Scholes assumptions used to calculate the fair value of options granted during the three and six months ended October 31, 2015 and 2014 were as follows: | | Three Months Ended | | Six Months Ended | | | | October 31, | | October 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | | | | Expected term in years | | 6 | | 5 - 6 | | 5 - 6 | | 3 - 6 | | Risk-free interest rates | | 1.63% - 1.72% | | 1.53% - 1.94% | | 1.57% - 1.72% | | 0.79% - 1.94% | | Volatility | | 87.46% - 87.81% | | 85.8% - 102.1% | | 87.46% - 92.32% | | 85.8% - 102.1% | | Dividend yield | | 0% | | 0% | | 0% | | 0% | | The weighted average fair value of stock options granted during the three months ended October 31, 2015 and 2014 was $5.47 and $8.28, respectively. The weighted average fair value of stock options granted during the six months ended October 31, 2015 and 2014 was $4.99 and $11.28, respectively. The Company’s stock options activity for the six months ended October 31, 2015 was as follows: | | | | | | | | | | Weighted | | | | | | | | | | | | Weighted | | Average | | | | | | | | Directors | | | | Average | | Remaining | | Aggregate | | | | Non- | | and | | | | Exercise | | Contractual | | Intrinsic | | | | Employees | | Employees | | Total | | Price | | Life (Years) | | Value | | | | | | | | | | | | | | | | | | | | | | Outstanding, May 1, 2015 | | | 57,917 | | | 1,946,085 | | | 2,004,002 | | $ | 5.74 | | | 6.7 | | $ | 4,166,000 | | Granted | | | - | | | 89,169 | | | 89,169 | | | 6.98 | | | 9.5 | | | - | | Exercised | | | - | | | - | | | - | | | - | | | | | | | | Forfeited | | | - | | | (35,641) | | | (35,641) | | | 6.53 | | | | | | | | Expired | | | (6,667) | | | (73,102) | | | (79,769) | | | 6.80 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding, October 31, 2015 | | | 51,250 | | | 1,926,511 | | | 1,977,761 | | | 5.74 | | | 6.3 | | | 927,000 | | | | | | | | | | | | | | | | | | | | | | Vested and expected to vest as of October 31, 2015 | | | 51,250 | | | 1,926,511 | | | 1,977,761 | | | 5.74 | | | 6.3 | | | 927,000 | | | | | | | | | | | | | | | | | | | | | | Exercisable as of October 31, 2015 | | | 34,271 | | | 1,517,145 | | | 1,551,416 | | | 5.85 | | | 5.8 | | | 719,000 | | Included in the balances outstanding in the table above are 224,663 options (which vest based on service criteria) granted to each of the Company’s Chief Executive Officer and its President as of November 5, 2013 as part of their employment agreements. In addition to the above, there are 224,663 additional options granted to each of the Company’s Chief Executive Officer and President which vest based on both service and performance criteria. The service-based conditions of these options provide for vesting to occur monthly over a period of three years. The service-based options, like all of the Company’s service-based options, are expensed on a straight-line basis. Since the straight-line method is not available for performance or market-based share-based payments, the 224,663 performance-based options will be expensed on an accelerated basis once the Company determines it is probable that the performance-based conditions will be met. Stock Purchase Warrants As of October 31, 2015 and April 30, 2015, the Company had warrants outstanding for the purchase of 2,109,840 shares of its common stock, all of which were exercisable. Of these warrants, 1,849,285 were issued in connection with the March 2015 Private Placement as further discussed in Note 7 in the Company’s Form 10-K for the fiscal year ended April 30, 2015. Activity related to these warrants, which expire at various dates through January 2019, is summarized as follows: | | | | | Weighted | | | | | | | Weighted | | Average | | | | | | Number | | Average | | Remaining | | Aggregate | | | | of | | Exercise | | Contractual | | Intrinsic | | | | Shares | | Price | | Life (Years) | | Value | | | | | | | | | | | | | | | | Outstanding, May 1, 2015 | | | 2,109,840 | | $ | 5.82 | | | 4.6 | | $ | 3,247,604 | | Granted | | | - | | | - | | | - | | | - | | Exercised | | | - | | | - | | | - | | | - | | Expired | | | - | | | - | | | - | | | - | | | | | | | | | | | | | | | | Outstanding, October 31, 2015 | | | 2,109,840 | | $ | 5.82 | | | 4.1 | | $ | 153,578 | |
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
Related Party Transactions
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6 Months Ended |
Oct. 31, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Transactions Disclosure [Text Block] |
Note 4. Related Party Transactions Related party transactions include transactions between the Company and its shareholders, management, or affiliates. The following transactions were in the normal course of operations and were measured and recorded at the exchange amount, which is the amount of consideration established and agreed to by the parties. Consulting Services During the six months ended October 31, 2015 and 2014, the Company paid a member of its Board of Directors $36,000 and $75,000, respectively, for consulting services unrelated to his duties as a board member. During the six months ended October 31, 2015 and 2014, the Company paid a board member’s company $8,800 and nil, respectively, for consulting services unrelated to his duties as a board member. All of the amounts paid to these related parties have been recognized and expensed in the period the services were performed.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Commitments and Contingencies
|
6 Months Ended |
Oct. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies Disclosure [Text Block] |
Note 5. Commitments and Contingencies Operating Leases As of October 31, 2015, we lease the following facilities under non-cancelable operating lease agreements: | · | 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 2016. The Company recognized $43,000 and $42,000 of rental costs relative to this lease for the six months ended October 31, 2015 and 2014, respectively. | | · | 855 North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of laboratories and office space where the Company conducts operations related to its primary service offerings. This lease expires June 2016. The Company recognized $43,000 of rental costs relative to this lease for each of the six months ended October 31, 2015 and 2014. | | · | 57 Mohamed Sultan Road, Singapore, which served as office headquarters for Champions Oncology, Singapore. The lease expired in January 2015. The Company has not renewed this lease. The Company recognized nil and $3,000 of rental expense for the six months ended October 31, 2015 and 2014, respectively. | | · | 450 East 29th Street, New York, New York, 10016, which is a laboratory at which we implant tumors. The Company recognized $24,000 and $23,000 of rental expense for the six months ended October 31, 2015 and 2014, respectively. The lease expires in September 2016 and can be renewed by the Company for subsequent one year terms. | Legal Matters The Company is not currently party to any legal matters to its knowledge. The Company is not aware of any other matters that would have a material impact on the Company’s financial position or results of operations. Registration Payment Arrangements The Company has entered into an Amended and Restated Registration Rights Agreement in connection with the March 2015 Private Placement and is discussed more fully in Note 7 in the Company’s Form 10-K for the fiscal year ended April 30, 2015. This Amended and Restated Registration Rights Agreement contains provisions that may call for the Company to pay penalties in certain circumstances. This registration payment arrangement primarily relates to the Company’s ability to file a registration statement within a particular time period, have a registration statement declared effective within a particular time period and to maintain the effectiveness of the registration statement for a particular time period. The Company does not believe it is probable that such penalty payments will be made and, accordingly, has not accrued for such potential penalties as of October 31, 2015.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Teva Agreement
|
6 Months Ended |
Oct. 31, 2015 |
Teva Agreement [Abstract] |
|
Teva Agreement [Text Block] |
Note 6. Teva Agreement On July 30, 2013, the Company entered into an agreement with Teva Pharmaceutical Industries Ltd. (“Teva”), pursuant to which the Company agreed to conduct TumorGraft studies on multiple proprietary chemical compounds provided by Teva to determine the activity or response of these compounds in potential clinical indications. Under the agreement, Teva agreed to pay an upfront payment and, under certain conditions, pay the Company various amounts upon achieving certain milestones, based on the performance of the compounds in preclinical testing and dependent upon testing the compound in clinical settings and obtaining FDA approval. In addition, Teva agreed to pay the Company royalties on any commercialized products developed under the agreement. This agreement terminated a prior collaborative agreement between Cephalon, Inc., a wholly-owned subsidiary of Teva, and the Company. Revenue recognized related to this agreement for the six months ended October 31, 2015 and 2014, was $40,000 and $554,000, respectively.
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v3.3.1.900
Fair Value
|
6 Months Ended |
Oct. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Disclosures [Text Block] |
Note 7. Fair Value The carrying value of cash and cash equivalents, accounts receivable, deposits and other receivables, accounts payable, and accrued liabilities approximate their fair value based on the liquidity or the short-term maturities of these instruments. The fair value hierarchy promulgated by GAAP consists of three levels: | · | Level one Quoted market prices in active markets for identical assets or liabilities; | | · | Level two Inputs other than level one inputs that are either directly or indirectly observable; and | | · | Level three Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company currently has no assets or liabilities measured at fair value on a recurring basis.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Segment Information
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6 Months Ended |
Oct. 31, 2015 |
Segment Reporting [Abstract] |
|
Segment Reporting Disclosure [Text Block] |
Note 8. Segment Information The Company operates in two reportable segments, POS and TOS. The accounting policies of the Company’s segments are the same as those described in Note 2 of the Company’s annual financial statements for the year ended April 30, 2015, as filed on Form 10-K. The Company evaluates performance of its segments based on profit or loss from operations before stock compensation expense, depreciation and amortization, interest expense, interest income, gain on sale of assets, special charges or benefits, and income taxes (“segment profit”). Management uses segment profit information for internal reporting and control purposes and considers it in making decisions regarding the allocation of capital and other resources, risk assessment, and employee compensation, among other matters. The following tables summarize, for the periods indicated, operating results by reportable segment (table in thousands): | | Personalized | | Translational | | | | | | | | Oncology | | Oncology | | Unallocated | | | | | | Solutions | | Solutions | | Corporate | | | | Three Months Ended October 31, 2015 | | (POS) | | (TOS) | | Overhead | | Consolidated | | Net revenue | | $ | 486 | | $ | 2,485 | | $ | - | | $ | 2,971 | | Direct cost of services | | | (567) | | | (1,441) | | | - | | | (2,008) | | Sales and marketing costs | | | (189) | | | (620) | | | - | | | (809) | | Other operating expenses | | | - | | | (873) | | | (1,026) | | | (1,899) | | Stock- based compensation expense (1) | | | - | | | - | | | (748) | | | (748) | | | | | | | | | | | | | | | | Segment profit (loss) | | $ | (270) | | $ | (450) | | $ | (1,774) | | $ | (2,493) | | | | Personalized | | Translational | | | | | | | | Oncology | | Oncology | | Unallocated | | | | | | Solutions | | Solutions | | Corporate | | | | Three Months Ended October 31, 2014 | | (POS) | | (TOS) | | Overhead | | Consolidated | | Net revenue | | $ | 452 | | $ | 1,430 | | $ | - | | $ | 1,882 | | Direct cost of services | | | (745) | | | (943) | | | - | | | (1,688) | | Sales and marketing costs | | | (423) | | | (611) | | | - | | | (1,034) | | Other operating expenses | | | - | | | (1,142) | | | (864) | | | (2,006) | | Stock- based compensation expense (1) | | | - | | | - | | | (820) | | | (820) | | | | | | | | | | | | | | | | Segment profit (loss) | | $ | (716) | | $ | (1,266) | | $ | (1,684) | | $ | (3,666) | | | | Personalized | | Translational | | | | | | | | | Oncology | | Oncology | | Unallocated | | | | | | | Solutions | | Solutions | | Corporate | | | | | Six Months Ended October 31, 2015 | | (POS) | | (TOS) | | Overhead | | Consolidated | | Net revenue | | $ | 971 | | $ | 4,822 | | $ | - | | $ | 5,793 | | Direct cost of services | | | (1,202) | | | (3,030) | | | - | | | (4,232) | | Sales and marketing costs | | | (521) | | | (1,197) | | | - | | | (1,718) | | Other operating expenses | | | - | | | (1,806) | | | (1,904) | | | (3,710) | | Stock- based compensation expense (1) | | | - | | | - | | | (1,523) | | | (1,523) | | | | | | | | | | | | | | | | Segment profit (loss) | | $ | (752) | | $ | (1,211) | | $ | (5,427) | | $ | (5,390) | | | | Personalized | | Translational | | | | | | | | Oncology | | Oncology | | Unallocated | | | | | | Solutions | | Solutions | | Corporate | | | | Six Months Ended October 31, 2014 | | (POS) | | (TOS) | | Overhead | | Consolidated | | Net revenue | | $ | 792 | | $ | 3,001 | | $ | - | | $ | 3,793 | | Direct cost of services | | | (1,498) | | | (1,905) | | | - | | | (3,403) | | Sales and marketing costs | | | (877) | | | (1,036) | | | - | | | (1,913) | | Other operating expenses | | | - | | | (2,460) | | | (1,777) | | | (4,237) | | Stock- based compensation expense (1) | | | - | | | - | | | (1,627) | | | (1,627) | | | | | | | | | | | | | | | | Segment profit (loss) | | $ | (1,583) | | $ | (2,400) | | $ | (3,404) | | $ | (7,387) | | (1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. All of the Company’s revenue is recorded in the United States and substantially all of its long-lived assets are in the United States.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
Organization, Use of Estimates and Basis of Presentation (Tables)
|
6 Months Ended |
Oct. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
| | Three Months Ended | | Six Months Ended | | | | October 31, | | October 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | Basic loss per share computation | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,548,000) | | $ | (3,078,000) | | $ | (5,461,000) | | $ | (6,684,000) | | Weighted Average common shares basic | | | 8,702,237 | | | 5,573,944 | | | 8,702,237 | | | 5,573,853 | | Basic net loss per share | | $ | (0.29) | | $ | (0.55) | | $ | (0.63) | | $ | (1.20) | | | | | | | | | | | | | | | | Diluted loss per share computation | | | | | | | | | | | | | | Net loss attributable to common stockholders | | $ | (2,548,000) | | $ | (3,078,000) | | $ | (5,461,000) | | $ | (6,684,000) | | Less: Gain on derivative warrant liability | | | - | | | 624,993 | | | - | | | 780,627 | | Loss available to common stockholders | | $ | (2,548,000) | | $ | (3,702,993) | | $ | (5,461,000) | | $ | (7,464,627) | | | | | | | | | | | | | | | | Weighted Average common shares | | | 8,702,237 | | | 5,573,944 | | | 8,702,237 | | | 5,573,853 | | Incremental shares from assumed exercise of warrants and stock options | | | - | | | 80,666 | | | - | | | 80,666 | | Adjusted weighted average share diluted | | | 8,702,237 | | | 5,654,610 | | | 8,702,237 | | | 5,654,519 | | | | | | | | | | | | | | | | Diluted net loss per share | | $ | (0.29) | | $ | (0.65) | | $ | (0.63) | | $ | (1.32) | |
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
The following table reflects the total potential share-based instruments outstanding at October 31, 2015 and 2014 that could have an effect on the future computation of dilution per common share: | | October 31, | | | | 2015 | | 2014 | | | | | | | | | | Stock options | | | 1,977,761 | | | 2,021,393 | | Warrants | | | 2,109,840 | | | 260,556 | | Total common stock equivalents | | | 4,087,601 | | | 2,281,949 | |
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- DefinitionTabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.
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v3.3.1.900
Property and Equipment (Tables)
|
6 Months Ended |
Oct. 31, 2015 |
Property, Plant and Equipment [Abstract] |
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Property, Plant and Equipment [Table Text Block] |
Property and equipment consisted of the following (table in thousands): | | October 31, | | April 30, | | | | 2015 | | 2015 | | | | (unaudited) | | | | Furniture and fixtures | | $ | 73 | | $ | 70 | | Computer equipment and software | | | 707 | | | 685 | | Laboratory equipment | | | 512 | | | 493 | | Leasehold improvements | | | 2 | | | 2 | | Total property and equipment | | | 1,294 | | | 1,250 | | Less: Accumulated depreciation | | | (874) | | | (798) | | Property and equipment, net | | $ | 420 | | $ | 452 | |
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Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] |
The following is a schedule by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments as of October 31, 2015 (table in thousands): For the Years Ended April 30, | | Total | | 2016 (remaining) | | $ | 11 | | 2017 | | | 24 | | 2018 | | | 25 | | 2019 | | | 27 | | 2020 | | | 16 | | Total minimum payments | | | 103 | | Less: amount representing interest | | | (12) | | Present value of minimum payments | | | 91 | | Less: current portion | | | (23) | | | | $ | 68 | |
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- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
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v3.3.1.900
Share-Based Payments (Tables)
|
6 Months Ended |
Oct. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] |
Stock-based compensation expense was recognized as follows (table in thousands): | | Three Months Ended | | Six Months Ended | | | | October 31, | | October 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | | | | | | | | General and administrative | | $ | 674 | | $ | 513 | | $ | 1,112 | | $ | 1,055 | | Sales and marketing | | | 25 | | | 179 | | | 145 | | | 333 | | Research and development | | | 46 | | | 98 | | | 213 | | | 203 | | TOS cost of sales | | | 2 | | | 16 | | | 26 | | | 18 | | POS cost of sales | | | 1 | | | 14 | | | 27 | | | 18 | | | | | | | | | | | | | | | | Total stock-based compensation expense | | $ | 748 | | $ | 820 | | $ | 1,523 | | $ | 1,627 | |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
Black-Scholes assumptions used to calculate the fair value of options granted during the three and six months ended October 31, 2015 and 2014 were as follows: | | Three Months Ended | | Six Months Ended | | | | October 31, | | October 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | | | | Expected term in years | | 6 | | 5 - 6 | | 5 - 6 | | 3 - 6 | | Risk-free interest rates | | 1.63% - 1.72% | | 1.53% - 1.94% | | 1.57% - 1.72% | | 0.79% - 1.94% | | Volatility | | 87.46% - 87.81% | | 85.8% - 102.1% | | 87.46% - 92.32% | | 85.8% - 102.1% | | Dividend yield | | 0% | | 0% | | 0% | | 0% | |
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
The Company’s stock options activity for the six months ended October 31, 2015 was as follows: | | | | | | | | | | Weighted | | | | | | | | | | | | Weighted | | Average | | | | | | | | Directors | | | | Average | | Remaining | | Aggregate | | | | Non- | | and | | | | Exercise | | Contractual | | Intrinsic | | | | Employees | | Employees | | Total | | Price | | Life (Years) | | Value | | | | | | | | | | | | | | | | | | | | | | Outstanding, May 1, 2015 | | | 57,917 | | | 1,946,085 | | | 2,004,002 | | $ | 5.74 | | | 6.7 | | $ | 4,166,000 | | Granted | | | - | | | 89,169 | | | 89,169 | | | 6.98 | | | 9.5 | | | - | | Exercised | | | - | | | - | | | - | | | - | | | | | | | | Forfeited | | | - | | | (35,641) | | | (35,641) | | | 6.53 | | | | | | | | Expired | | | (6,667) | | | (73,102) | | | (79,769) | | | 6.80 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding, October 31, 2015 | | | 51,250 | | | 1,926,511 | | | 1,977,761 | | | 5.74 | | | 6.3 | | | 927,000 | | | | | | | | | | | | | | | | | | | | | | Vested and expected to vest as of October 31, 2015 | | | 51,250 | | | 1,926,511 | | | 1,977,761 | | | 5.74 | | | 6.3 | | | 927,000 | | | | | | | | | | | | | | | | | | | | | | Exercisable as of October 31, 2015 | | | 34,271 | | | 1,517,145 | | | 1,551,416 | | | 5.85 | | | 5.8 | | | 719,000 | |
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Schedule Of Share Based Compensation Warrants Activity [Table Text Block] |
Activity related to these warrants, which expire at various dates through January 2019, is summarized as follows: | | | | | Weighted | | | | | | | Weighted | | Average | | | | | | Number | | Average | | Remaining | | Aggregate | | | | of | | Exercise | | Contractual | | Intrinsic | | | | Shares | | Price | | Life (Years) | | Value | | | | | | | | | | | | | | | | Outstanding, May 1, 2015 | | | 2,109,840 | | $ | 5.82 | | | 4.6 | | $ | 3,247,604 | | Granted | | | - | | | - | | | - | | | - | | Exercised | | | - | | | - | | | - | | | - | | Expired | | | - | | | - | | | - | | | - | | | | | | | | | | | | | | | | Outstanding, October 31, 2015 | | | 2,109,840 | | $ | 5.82 | | | 4.1 | | $ | 153,578 | |
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- DefinitionTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for warrants that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
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v3.3.1.900
Segment Information (Tables)
|
6 Months Ended |
Oct. 31, 2015 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
The following tables summarize, for the periods indicated, operating results by reportable segment (table in thousands): | | Personalized | | Translational | | | | | | | | Oncology | | Oncology | | Unallocated | | | | | | Solutions | | Solutions | | Corporate | | | | Three Months Ended October 31, 2015 | | (POS) | | (TOS) | | Overhead | | Consolidated | | Net revenue | | $ | 486 | | $ | 2,485 | | $ | - | | $ | 2,971 | | Direct cost of services | | | (567) | | | (1,441) | | | - | | | (2,008) | | Sales and marketing costs | | | (189) | | | (620) | | | - | | | (809) | | Other operating expenses | | | - | | | (873) | | | (1,026) | | | (1,899) | | Stock- based compensation expense (1) | | | - | | | - | | | (748) | | | (748) | | | | | | | | | | | | | | | | Segment profit (loss) | | $ | (270) | | $ | (450) | | $ | (1,774) | | $ | (2,493) | | | | Personalized | | Translational | | | | | | | | Oncology | | Oncology | | Unallocated | | | | | | Solutions | | Solutions | | Corporate | | | | Three Months Ended October 31, 2014 | | (POS) | | (TOS) | | Overhead | | Consolidated | | Net revenue | | $ | 452 | | $ | 1,430 | | $ | - | | $ | 1,882 | | Direct cost of services | | | (745) | | | (943) | | | - | | | (1,688) | | Sales and marketing costs | | | (423) | | | (611) | | | - | | | (1,034) | | Other operating expenses | | | - | | | (1,142) | | | (864) | | | (2,006) | | Stock- based compensation expense (1) | | | - | | | - | | | (820) | | | (820) | | | | | | | | | | | | | | | | Segment profit (loss) | | $ | (716) | | $ | (1,266) | | $ | (1,684) | | $ | (3,666) | | | | Personalized | | Translational | | | | | | | | | Oncology | | Oncology | | Unallocated | | | | | | | Solutions | | Solutions | | Corporate | | | | | Six Months Ended October 31, 2015 | | (POS) | | (TOS) | | Overhead | | Consolidated | | Net revenue | | $ | 971 | | $ | 4,822 | | $ | - | | $ | 5,793 | | Direct cost of services | | | (1,202) | | | (3,030) | | | - | | | (4,232) | | Sales and marketing costs | | | (521) | | | (1,197) | | | - | | | (1,718) | | Other operating expenses | | | - | | | (1,806) | | | (1,904) | | | (3,710) | | Stock- based compensation expense (1) | | | - | | | - | | | (1,523) | | | (1,523) | | | | | | | | | | | | | | | | Segment profit (loss) | | $ | (752) | | $ | (1,211) | | $ | (5,427) | | $ | (5,390) | | | | Personalized | | Translational | | | | | | | | Oncology | | Oncology | | Unallocated | | | | | | Solutions | | Solutions | | Corporate | | | | Six Months Ended October 31, 2014 | | (POS) | | (TOS) | | Overhead | | Consolidated | | Net revenue | | $ | 792 | | $ | 3,001 | | $ | - | | $ | 3,793 | | Direct cost of services | | | (1,498) | | | (1,905) | | | - | | | (3,403) | | Sales and marketing costs | | | (877) | | | (1,036) | | | - | | | (1,913) | | Other operating expenses | | | - | | | (2,460) | | | (1,777) | | | (4,237) | | Stock- based compensation expense (1) | | | - | | | - | | | (1,627) | | | (1,627) | | | | | | | | | | | | | | | | Segment profit (loss) | | $ | (1,583) | | $ | (2,400) | | $ | (3,404) | | $ | (7,387) | | (1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments.
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.3.1.900
Organization, Use of Estimates and Basis of Presentation (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Basic loss per share computation |
|
|
|
|
Net loss attributable to common stockholders |
$ (2,548,000)
|
$ (3,078,000)
|
$ (5,461,000)
|
$ (6,684,000)
|
Weighted Average common shares - basic (in shares) |
8,702,237
|
5,573,944
|
8,702,237
|
5,573,853
|
Basic net loss per share (in dollars per share) |
$ (0.29)
|
$ (0.55)
|
$ (0.63)
|
$ (1.20)
|
Diluted loss per share computation |
|
|
|
|
Net loss attributable to common stockholders |
$ (2,548,000)
|
$ (3,078,000)
|
$ (5,461,000)
|
$ (6,684,000)
|
Less: Gain on derivative warrant liability |
0
|
624,993
|
0
|
780,627
|
Loss available to common stockholders |
$ (2,548,000)
|
$ (3,702,993)
|
$ (5,461,000)
|
$ (7,464,627)
|
Weighted Average common shares (in shares) |
8,702,237
|
5,573,944
|
8,702,237
|
5,573,853
|
Incremental shares from assumed exercise of warrants and stock options |
0
|
80,666
|
0
|
80,666
|
Adjusted weighted average share - diluted (in shares) |
8,702,237
|
5,654,610
|
8,702,237
|
5,654,519
|
Diluted net loss per share (in dollars per shares) |
$ (0.29)
|
$ (0.65)
|
$ (0.63)
|
$ (1.32)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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Organization, Use of Estimates and Basis of Presentation (Details 1) - shares
|
6 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Total common stock equivalents |
4,087,601
|
2,281,949
|
Employee Stock Option [Member] |
|
|
Total common stock equivalents |
1,977,761
|
2,021,393
|
Warrant [Member] |
|
|
Total common stock equivalents |
2,109,840
|
260,556
|
X |
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|
3 Months Ended |
6 Months Ended |
|
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Apr. 30, 2015 |
Working Capital Deficit |
$ 3,100,000
|
|
$ 3,100,000
|
|
|
Cash Equivalents, at Carrying Value |
4,200,000
|
|
4,200,000
|
|
|
Unrecognized Tax Benefits |
135,000
|
|
135,000
|
|
$ 100,000
|
Income Tax Expense (Benefit) |
$ 41,000
|
$ 10,000
|
$ 47,000
|
$ 15,000
|
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Property and Equipment (Details Textual) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Apr. 30, 2015 |
Depreciation |
|
$ 31,000
|
$ 54,000
|
$ 64,000
|
$ 110,000
|
|
Capital Leased Assets, Gross |
|
124,000
|
|
$ 124,000
|
|
$ 124,000
|
Monthly Capital Lease Payment |
$ 3,000
|
|
|
|
|
|
Capital Lease Minimum Lease Payment Percentage |
|
|
|
5.00%
|
|
|
Equipment Leased to Other Party [Member] |
|
|
|
|
|
|
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total |
$ 149,000
|
|
|
|
|
|
Assets Held under Capital Leases [Member] |
|
|
|
|
|
|
Depreciation |
|
$ 6,000
|
$ 0
|
$ 12,000
|
$ 0
|
|
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Share-Based Payments (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 748
|
$ 820
|
$ 1,523
|
$ 1,627
|
General and Administrative Expense [Member] |
|
|
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
Stock-based compensation expense |
674
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513
|
1,112
|
1,055
|
Selling and Marketing Expense [Member] |
|
|
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
Stock-based compensation expense |
25
|
179
|
145
|
333
|
Research and Development Expense [Member] |
|
|
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
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46
|
98
|
213
|
203
|
Translational Oncology Solutions Cost of Sales [Member] |
|
|
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
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|
|
|
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2
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16
|
26
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18
|
Personalized Oncology Solutions Cost of Sales [Member] |
|
|
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
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$ 1
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$ 14
|
$ 27
|
$ 18
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v3.3.1.900
Share-Based Payments (Details 2)
|
6 Months Ended |
Oct. 31, 2015
USD ($)
$ / shares
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Shares, Outstanding, Beginning Balance |
2,004,002
|
Shares, Granted |
89,169
|
Shares, Exercised |
0
|
Shares, Forfeited |
(35,641)
|
Shares, Expired |
(79,769)
|
Shares, Outstanding, Ending Balance |
1,977,761
|
Shares, Vested and expected to vest |
1,977,761
|
Shares, Exercisable |
1,551,416
|
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares |
$ 5.74
|
Weighted Average Exercise Price, Granted | $ / shares |
6.98
|
Weighted Average Exercise Price, Exercised | $ / shares |
0
|
Weighted Average Exercise Price, Forfeited | $ / shares |
6.53
|
Weighted Average Exercise Price, Expired | $ / shares |
6.8
|
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares |
5.74
|
Weighted Average Exercise Price, Vested and expected to vest | $ / shares |
5.74
|
Weighted Average Exercise Price, Exercisable | $ / shares |
$ 5.85
|
Weighted Average Remaining Contractual Term, Outstanding, Beggining Balance (in years) |
6 years 8 months 12 days
|
Weighted Average Remaining Contractual Life (Years), Granted |
9 years 6 months
|
Weighted Average Remaining Contractual Term, Outstanding, Ending Balance (in years) |
6 years 3 months 18 days
|
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest |
6 years 3 months 18 days
|
Weighted Average Remaining Contractual Life (Years), Exercisable |
5 years 9 months 18 days
|
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ |
$ 4,166,000
|
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ |
927,000
|
Aggregate Intrinsic Value, Vested and expected to vest | $ |
927,000
|
Aggregate Intrinsic Value, Exercisable | $ |
$ 719,000
|
Non-Employees [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Shares, Outstanding, Beginning Balance |
57,917
|
Shares, Granted |
0
|
Shares, Exercised |
0
|
Shares, Forfeited |
0
|
Shares, Expired |
(6,667)
|
Shares, Outstanding, Ending Balance |
51,250
|
Shares, Vested and expected to vest |
51,250
|
Shares, Exercisable |
34,271
|
Directors and Employees [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Shares, Outstanding, Beginning Balance |
1,946,085
|
Shares, Granted |
89,169
|
Shares, Exercised |
0
|
Shares, Forfeited |
(35,641)
|
Shares, Expired |
(73,102)
|
Shares, Outstanding, Ending Balance |
1,926,511
|
Shares, Vested and expected to vest |
1,926,511
|
Shares, Exercisable |
1,517,145
|
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v3.3.1.900
Share-Based Payments (Details 3) - Warrant [Member] - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
12 Months Ended |
Oct. 31, 2015 |
Apr. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Shares, Beginning Balance |
2,109,840
|
|
Number of Shares, Granted |
0
|
|
Number of Shares, Exercised |
0
|
|
Number of Shares, Expired |
0
|
|
Number of Shares, Ending Balance |
2,109,840
|
2,109,840
|
Weighted Average Exercise Price, Beginning Balance |
$ 5.82
|
|
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0
|
|
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0
|
|
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0
|
|
Weighted Average Exercise Price, Ending Balance |
$ 5.82
|
$ 5.82
|
Weighted Average Remaining Contractual Life (Years), Balance |
4 years 1 month 6 days
|
4 years 7 months 6 days
|
Aggregate Intrinsic Value, Beginning Balance |
$ 3,247,604
|
|
Aggregate Intrinsic Value, Ending Balance |
$ 153,578
|
$ 3,247,604
|
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3 Months Ended |
6 Months Ended |
|
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Apr. 30, 2015 |
Stock-based compensation expense |
$ 748
|
$ 820
|
$ 1,523
|
$ 1,627
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value |
$ 5.47
|
$ 8.28
|
$ 4.99
|
$ 11.28
|
|
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|
|
89,169
|
|
|
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|
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|
|
2,109,840
|
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|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross |
|
|
224,663
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total |
|
|
224,663
|
|
|
March 2015 Private Placement [Member] |
|
|
|
|
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|
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|
6 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Corporate Headquarters [Member] |
|
|
Commitments and Contingencies [Line Items] |
|
|
Lease Expiration Date |
Nov. 30, 2016
|
|
Operating Leases, Rent Expense |
$ 43,000
|
$ 42,000
|
Laboratories and Office Space [Member] |
|
|
Commitments and Contingencies [Line Items] |
|
|
Lease Expiration Date |
Jun. 30, 2016
|
|
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$ 43,000
|
43,000
|
Singapore Office Headquarters in Singapore [Member] |
|
|
Commitments and Contingencies [Line Items] |
|
|
Lease Expiration Date |
Jan. 31, 2015
|
|
Operating Leases, Rent Expense |
$ 0
|
3,000
|
New York Laboratory [Member] |
|
|
Commitments and Contingencies [Line Items] |
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|
Lease Expiration Date |
Sep. 30, 2016
|
|
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|
$ 23,000
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Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Oct. 31, 2015 |
Oct. 31, 2014 |
Net revenue |
|
$ 2,971
|
$ 1,882
|
$ 5,793
|
$ 3,793
|
Sales and marketing costs |
|
(834)
|
(1,203)
|
(1,863)
|
(2,246)
|
Stock- based compensation expense |
|
(748)
|
(820)
|
(1,523)
|
(1,627)
|
Personalized Oncology Solutions [Member] |
|
|
|
|
|
Net revenue |
|
486
|
452
|
971
|
792
|
Direct cost of services |
|
(567)
|
(745)
|
(1,202)
|
(1,498)
|
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|
(189)
|
(423)
|
(521)
|
(877)
|
Other operating expenses |
|
0
|
0
|
0
|
0
|
Stock- based compensation expense |
[1] |
0
|
0
|
0
|
0
|
Segment profit (loss) |
|
(270)
|
(716)
|
(752)
|
(1,583)
|
Translational Oncology Solutions [Member] |
|
|
|
|
|
Net revenue |
|
2,485
|
1,430
|
4,822
|
3,001
|
Direct cost of services |
|
(1,441)
|
(943)
|
(3,030)
|
(1,905)
|
Sales and marketing costs |
|
(620)
|
(611)
|
(1,197)
|
(1,036)
|
Other operating expenses |
|
(873)
|
(1,142)
|
(1,806)
|
(2,460)
|
Stock- based compensation expense |
[1] |
0
|
0
|
0
|
0
|
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|
(450)
|
(1,266)
|
(1,211)
|
(2,400)
|
Unallocated Corporate Overhead [Member] |
|
|
|
|
|
Net revenue |
|
0
|
0
|
0
|
0
|
Direct cost of services |
|
0
|
0
|
0
|
0
|
Sales and marketing costs |
|
0
|
0
|
0
|
0
|
Other operating expenses |
|
(1,026)
|
(864)
|
(1,904)
|
(1,777)
|
Stock- based compensation expense |
[1] |
(748)
|
(820)
|
(1,523)
|
(1,627)
|
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|
(1,774)
|
(1,684)
|
(5,427)
|
(3,404)
|
Consolidated [Member] |
|
|
|
|
|
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|
2,971
|
1,882
|
5,793
|
3,793
|
Direct cost of services |
|
(2,008)
|
(1,688)
|
(4,232)
|
(3,403)
|
Sales and marketing costs |
|
(809)
|
(1,034)
|
(1,718)
|
(1,913)
|
Other operating expenses |
|
(1,899)
|
(2,006)
|
(3,710)
|
(4,237)
|
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|
(820)
|
(1,523)
|
(1,627)
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|
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|
$ (3,666)
|
$ (5,390)
|
$ (7,387)
|
|
|
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