# EDGAR Filing Document

**Accession Number:** 0000771856
**File Stem:** 0001628280-25-035727
**Filing Date:** 2025-7
**Character Count:** 25890
**Document Hash:** 5391941ae355ff79ffae93b6839b972e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-035727.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001628280-25-035727

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250723

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHAMPIONS ONCOLOGY, INC.
- **CENTRAL INDEX KEY:** 0000771856
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 521401755
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11504
- **FILM NUMBER:** 251143247

**BUSINESS ADDRESS:**
- **STREET 1:** 855 N. WOLFE STREET
- **STREET 2:** SUITE 619
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21205
- **BUSINESS PHONE:** 410-369-0365

**MAIL ADDRESS:**
- **STREET 1:** 855 N. WOLFE STREET
- **STREET 2:** SUITE 619
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHAMPIONS BIOTECHNOLOGY, INC.
- **DATE OF NAME CHANGE:** 20070220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHAMPIONS SPORTS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTERNATIONAL GROUP INC
- **DATE OF NAME CHANGE:** 19860319

?xml version='1.0' encoding='ASCII'? csbr-20250723

    

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM 8-K**

**CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported): July 23, 2025

**CHAMPIONS ONCOLOGY, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-11504** | **52-1401755** |
| (State or Other Jurisdiction | (Commission File Number) | (IRS Employer |
| of Incorporation) | | Identification No.) |

---

**1 University Plaza, Suite 307, Hackensack, New Jersey 07601**

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: **(201) 808-8400**

**N/A**

(Former Name or Former Address if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 ◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 ◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

    

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**INFORMATION TO BE INCLUDED IN THE REPORT**

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On July 23, 2025, Champions Oncology, Inc. (the "Company") issued a press release regarding the Company's audited financial results for its fiscal year ended April 30, 2025. A copy of the Company's press release is attached hereto as Exhibit 99.1.

The information contained under Item 2.02 in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

*(d)Exhibits*

The following exhibit is filed herewith:

<u>Exhibit No.</u>

99.1 <u>[Press Release dated July](csbr8-k4302025exhibit991.htm) [23](csbr8-k4302025exhibit991.htm) [, 202](csbr8-k4302025exhibit991.htm) [5](csbr8-k4302025exhibit991.htm)</u>

------

**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: | July 23, 2025 | By: | /s/ Ronnie Morris |
|  |  |  | Ronnie Morris |
|  |  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![fy2016pr_image1a29.jpg](fy2016pr_image1a29.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEWS

One University Plaza, Suite 307 Hackensack, NJ 07601

**<u>Champions Oncology Reports Record Annual Revenue of $57 Million</u>**

*Total annual revenue growth of 14%*

Hackensack, NJ – July 23, 2025 – Champions Oncology, Inc. (Nasdaq: CSBR), a leading translational oncology research organization, today announced its financial results for the fiscal year and fourth quarter ended April 30, 2025.

**Fourth Quarter Financial Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue of $12.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA loss of $1.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New data licensing revenue of approximately $200,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow of $6.4 million

**Fiscal Year 2025 Financial Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record annual revenue of $57 million, an increase of 14% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $4.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA income of $7.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data license revenue of $4.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-end cash balance of $9.8 million

Ronnie Morris, CEO of Champions, commented, "This past year was pivotal for the Company, as we returned to growth and profitability, launched a high-margin data business and laid the foundation for long-term value creation". Added Morris, "With a strong pipeline heading into fiscal 2026, we're confident in our ability to drive continued revenue growth and further accelerate the monetization of our data offering."

David Miller, CFO of Champions added, "Our financial turnaround in fiscal 2025 was driven by disciplined execution and operational efficiency. We delivered record adjusted EBITDA, and strengthened our balance sheet, all while investing in scalable growth. We believe we're well positioned to build on this momentum in fiscal 2026."

**Fourth Quarter Financial Results**

Total oncology revenue for the fourth quarter of fiscal 2025 was $12.4 million, compared to $14.0 million for the same period last year, a decrease of 12%, but in line with expectations. Total costs and operating expenses for the fourth quarter of fiscal 2025 were $14.4 million compared to $14.2 million for the fourth quarter of fiscal 2024, a slight increase of $170,000 or 1%.

For the fourth quarter of fiscal 2025, Champions reported a loss from operations of $2.0 million, which includes $131,000 in stock-based compensation, $394,000 in depreciation and amortization, and a $293,000 charge on the disposal of lab equipment, compared to a loss from

------

**Exhibit 99.1**

operations of $190,000, inclusive of $263,000 in stock-based compensation, $457,000 in depreciation and amortization, and a $354,000 charge on the disposal of lab equipment in the fourth quarter of fiscal 2024. Excluding stock-based compensation, depreciation and amortization expenses, and the disposal of equipment charge, Champions reported an adjusted EBITDA loss for the quarter of $1.2 million, compared to adjusted EBITDA income of $884,000 in the prior year period.

Cost of oncology revenue was $7.3 million for both the three months ended April 30, 2025 and April 30, 2024. For the three months ended April 30, 2025, gross margin was 41% compared to 48% for the three months ended April 30, 2024. The decline in revenue against generally unchanged total quarterly costs resulted in the margin contraction.

Research and development expense was $2.0 million for both the three months ended April 30, 2025 and 2024. Sales and marketing expense for the three months ended April 30, 2025 was $2.3 million, an increase of $533,000, or 30%, compared to $1.8 million for the three months ended April 30, 2024. The increase was driven by higher compensation expense, primarily related to the expansion of our data business development team along with an increase in the number of conferences attended and sponsored that were concentrated during the quarter. General and administrative expense was $2.5 million for the three months ended April 30, 2025 compared to $2.8 million for the three months ended April 30, 2024, a decrease of $237,000, or 9%. The reduction for the period was primarily related to overall compensation, including stock-based, and a reduction in recruiting fees.

Net cash provided by operating activities for the quarter was approximately $6.4 million resulting primarily from changes in our working capital accounts in the ordinary course of business including, but not limited to, a decrease in accounts receivable and an increase in deferred revenue. These working capital changes were partially offset by a net loss for the quarter. Net cash provided by investing activities for the quarter was approximately $175,000. This was the result of fourth quarter purchases of lab equipment of $22,000 offset by a non-cash increasing adjustment of $197,000 for the unpaid portion of lab equipment purchases from the third quarter of fiscal 2025. Net cash used in financing activities for the quarter was $31,000 resulting primarily from the payment of financing leases which was partially offset by proceeds from options exercises. The Company ended the quarter with a cash position of $9.8 million and no debt.

**<u>Year-to-Date Financial Results</u>**

Total oncology revenue for fiscal year 2025 was $56.9 million, an increase of 14%, compared to $50.2 million for fiscal year 2024. The increase resulted from a 4% increase in our research services business and $4.7 million from data license revenue. Total operating expenses decreased 9% to $52.4 million for fiscal year 2025, compared to $57.5 million for the prior year.

For the twelve months ended April 30, 2025, Champions reported income from operations of $4.6 million, inclusive of $654,000 in stock-based compensation, $1.6 million in depreciation and amortization, and a $293,000 charge on the disposal of lab equipment, compared to a loss from operations of $7.4 million, inclusive of $1.1 million in stock-based compensation, $1.9 million in depreciation and amortization, and a $435,000 charge on disposal of lab equipment for the prior year. Excluding stock-based compensation, depreciation and amortization, and an equipment disposal charge, Champions reported adjusted EBITDA income of $7.1 million for fiscal year 2025 compared to an adjusted EBITDA loss of $3.9 million in the prior year.

Cost of oncology revenue was $28.4 million for the twelve months ended April 30, 2025, a decrease of $1.0 million or 3.4%, compared to $29.4 million, for the twelve months ended

------

**Exhibit 99.1**

April 30, 2024. The decrease in cost of oncology revenue was primarily from a decrease in compensation and lab supplies due to operational improvements, along with a decrease in outsourced lab services. Gross margin was 50% for the twelve months ended April 30, 2025 compared to 41% for the twelve months ended April 30, 2024. The margin improvement resulted primarily from a combination of increasing revenue while reducing costs due to operational efficiencies implemented, and the contribution of high margin data revenue to our revenue steam.

Research and development expense was $6.8 million for fiscal year 2025, a decline of $2.7 million, or 28%, compared to $9.5 million for the prior year. The decrease was primarily due to reduced investment in research and development in non-essential services, including Corellia, our wholly-owned subsidiary. Sales and marketing expense for fiscal year 2025 was $7.5 million, an increase of $481,000, or 7%, compared to $7.1 million for fiscal year 2024. The increase was primarily due to an increase in compensation, primarily driven by the data business development team, and some additional marketing initiatives, including increased conference attendance. General and administrative expense was $9.3 million for fiscal year 2025, a decrease of $1.7 million, or 16%, compared to $11.1 million for fiscal year 2024. General and administrative expense was primarily comprised of compensation, insurance, professional fees, IT, depreciation and amortization expenses, and estimated bad debt and credit losses. The decrease in general and administrative expense was primarily due to a decrease in compensation, recruiting, and professional fees partially offset by an increase in IT expenses.

Net cash provided by operations was $7.4 million for fiscal year 2025. Cash provided by operations was primarily the result of our net income and an increase in deferred revenue. Net cash used in investing activities was $389,000 from investment in additional lab equipment. Net cash provided by financing activities was $170,000 resulting from proceeds from option exercises partially offset by financing lease payments.

**<u>Conference Call Information:</u>**

The Company will host a conference call today at 4:30 p.m. EST (1:30 p.m. PST) to discuss its fourth quarter financial results. To participate in the call, please call 888-506-0062 (domestic) or 973-528-0011 (international) ten minutes ahead of the call and enter the access code 792442. A replay of the call will be available by dialing 877-481-4010 (Domestic) or 919-882-2331 (International) and entering passcode: 52754, or by accessing the investors section of the company's website within 72 hours.

Full details of the Company's financial results will be available on, or before, July 23, 2025 and no later than Tuesday July 29, 2025 in the Company's Form 10-K at https://www.championsoncology.com.

**\* Non-GAAP Financial Information**

This press release contains "Non-GAAP financial measures," which are measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").

A further explanation and reconciliation of these Non-GAAP financial measures is included below and in the financial tables in this release.

The Company believes that the Non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results

------

**Exhibit 99.1**

between periods. The Company's management uses Non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results and for internal planning and forecasting purposes. Adjusted EBITDA and Adjusted EPS represent measures that we believe are customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that these measures are useful in evaluating our core operating results. However, Adjusted EBITDA and Adjusted EPS are not measures of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income, operating income, or EPS as indicators of our operating performance or to net cash provided by operating activities as a measure of our liquidity. We believe the Company's Adjusted EBITDA and Adjusted EPS measures provide information that is directly comparable to that provided by other peer companies in our industry, but other companies may calculate Non-GAAP financial results differently, particularly related to nonrecurring, unusual items.

<u>Adjusted EBITDA</u>

Adjusted EBITDA represents net income (loss), or net income (loss) from operations, excluding the effect of stock-based compensation and depreciation and amortization and may also exclude other items not indicative of our ongoing operating performance, when defined.

<u>Adjusted Net Income (Loss) and Adjusted Earnings Per Share (EPS)</u>

Adjusted net income (loss) (if denoted) and adjusted EPS exclude the effect of stock-based compensation and depreciation and amortization and may also exclude other items not indicative of our ongoing operating performance, when defined.

**About Champions Oncology, Inc.**

*Champions Oncology is a global preclinical and clinical research services provider that offers end-to-end oncology R&D solutions to biopharma organizations. With the largest and most annotated bank of clinically relevant patient-derived xenograft (PDX) and primary hematological malignancy models, Champions delivers innovative highest-quality data through proprietary in vivo and ex vivo platforms. Through its large portfolio of cutting-edge bioanalytical platforms, groundbreaking data platform and analytics, and scientific excellence, Champions enables the advancement of preclinical and clinical oncology drug discovery and development programs worldwide. For more information, please visit www.ChampionsOncology.com.*

*This press release may contain "forward-looking statements" (within the meaning of the Private Securities Litigation Act of 1995) that inherently involve risk and uncertainties. Champions Oncology generally uses words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. One should not place undue reliance on these forward-looking statements. The Company's actual results could differ materially from those anticipated in the forward-looking statements for many unforeseen factors. See Champions Oncology's Form 10-K for the fiscal year ended April 30, 2025 for a discussion of such risks, uncertainties and other factors. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and Champions Oncology's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of* 

------

**Exhibit 99.1**

*this press release to conform these statements to actual results or to changes in Champions Oncology's expectations, except as required by law.*

------

**Champions Oncology, Inc.**

*(Dollars in thousands)*

**Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP) (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) - GAAP | $(1834) | $(109) | $4701 | $(7276) |
| Less: |  |  |  |  |
| Stock-based compensation | $131 | $263 | $654 | $1118 |
| Depreciation and amortization | $394 | $457 | $1640 | $1867 |
| Loss on equipment disposal | $293 | $354 | $293 | $435 |
| Adjusted EBITDA - Non-GAAP | $(1016) | $965 | $7288 | $(3856) |

---

**Reconciliation of GAAP EPS to Non-GAAP EPS (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| EPS – GAAP, basic | $(0.13) | $(0.01) | $0.34 | $(0.54) |
| Less: |  |  |  |  |
| Effect of stock-based compensation on EPS | $0.01 | $0.02 | $0.05 | $0.08 |
| Effect of depreciation and amortization on EPS | $0.03 | $0.03 | $0.12 | $0.14 |
| Effect of loss on equipment disposal on EPS | $0.02 | $0.03 | $0.02 | $0.03 |
| Adjusted EPS - basic, Non-GAAP | $(0.07) | $0.07 | $0.53 | $(0.29) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| EPS – GAAP, diluted | $(0.13) | $(0.01) | $0.33 | $(0.54) |
| Less: |  |  |  |  |
| Effect of stock-based compensation on EPS | $0.01 | $0.02 | $0.05 | $0.08 |
| Effect of depreciation and amortization on EPS | $0.03 | $0.03 | $0.11 | $0.14 |
| Effect of loss on equipment disposal on EPS | $0.02 | $0.03 | $0.02 | $0.03 |
| Adjusted EPS - diluted, Non-GAAP | $(0.07) | $0.07 | $0.51 | $(0.29) |

---

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**Condensed Consolidated Statements of Operations (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Oncology revenue | $12355 | $14001 | $56944 | $50155 |
| **Costs and operating expenses:** |  |  |  |  |
| Cost of oncology revenue | 7271 | 7250 | 28389 | 29401 |
| Research and development | 1963 | 2049 | 6825 | 9544 |
| Sales and marketing | 2309 | 1776 | 7545 | 7064 |
| General and administrative | 2525 | 2762 | 9339 | 11067 |
| Loss on disposal of equipment | 293 | 354 | 293 | 435 |
| **Income (loss) from operations** | $**(2006)** | $**(190)** | $**4553** | $**(7356)** |
| Other income (expense), net | 42 | (1) | 73 | 48 |
| **Net income (loss) before benefit for income taxes** | $**(1964)** | $**(191)** | $**4626** | $**(7308)** |
| Benefit for income taxes | (130) | (82) | (75) | (32) |
| **Net income (loss)** | $**(1834)** | $**(109)** | $**4701** | $**(7276)** |
| **Net income (loss) per common share outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;basic | $(0.13) | $(0.01) | $0.34 | $(0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;diluted | $(0.13) | $(0.01) | $0.33 | $(0.54) |
| **Weighted average common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;basic and diluted | 13753575 | 13593758 | 13659786 | 13547604 |
| &nbsp;&nbsp;&nbsp;&nbsp;and diluted | 13753575 | 13593758 | 14266781 | 13547604 |

---

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**Condensed Consolidated Balance Sheets as of**

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| | | |
|:---|:---|:---|
| | **April 30, 2025** | **April 30, 2024** |
| Cash | $9785 | $2618 |
| Accounts receivable | 11234 | 9526 |
| Prepaid expenses and other current assets | 1350 | 1495 |
| **Total current assets** | **22369** | **13639** |
| Property and equipment, net | $4375 | $5721 |
| Operating lease right-of-use assets, net | 5080 | 6252 |
| Other long term assets | 185 | 15 |
| Goodwill | 335 | 335 |
| **Total assets** | $**32344** | $**25962** |
| Accounts payable | 4248 | 5800 |
| Accrued liabilities | 2556 | 2160 |
| Current portion of operating lease liabilities | 1471 | 1337 |
| Other current liability | 135 | 150 |
| Deferred revenue | 15443 | 12094 |
| **Total current liabilities** | **23853** | **21541** |
| Non-current portion operating lease liabilities | 4634 | 6093 |
| Other non-current liabilities | 85 | 401 |
| Stockholders' equity (deficit) | 3772 | (1903) |
| **Total liabilities and stockholders' equity (deficit)** | $**32344** | $**26132** |

---

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**Condensed Consolidated Statements of Cash Flows (Unaudited)**

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| | | |
|:---|:---|:---|
| | **Twelve Months Ended<br>April 30,** | **Twelve Months Ended<br>April 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $4701 | $(7276) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| Stock-based compensation expense | 654 | 1118 |
| Depreciation and amortization expense | 1640 | 1867 |
| Operating lease right of use assets | 1172 | 1066 |
| Net loss on disposal of equipment | 293 | 435 |
| Allowance and estimated credit losses | (272) | 476 |
| Decrease in uncertain tax position | (181) |  |
| Changes in operating assets and liabilities | (621) | (3823) |
| **Net cash (used in) provided by operating activities** | **7386** | **(6137)** |
| **Cash flows from investing activities:** |  |  |
| Purchases of property and equipment | (389) | (836) |
| **Net cash used in investing activities** | **(389)** | **(836)** |
| **Cash flows from financing activities:** |  |  |
| Finance lease payments | (150) | (146) |
| Repurchases of common stock |  | (634) |
| Proceeds from exercise of options | 320 | 253 |
| **Net cash provided by (used in) financing activities** | **170** | **(527)** |
| Increase (decrease) in cash | 7167 | (7500) |
| **Cash, beginning of period** | 2618 | 10118 |
| **Cash, end of period** | $9785 | $2618 |
| **Non-cash investing activities:** |  |  |
| Equipment purchased in accounts payable | 197 |  |

---

<br>