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Champions Oncology Inc. (CSBR-0.33%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in oncology services revenue to $13.5 million from $11.6 million in the same quarter the previous year. The increase is attributed to a strengthening in bookings and operational improvements.
Cost of oncology services for the quarter was $7.4 million, compared to $6.6 million in the same quarter of the previous year. The increase is primarily due to higher mice and lab supply costs.
Research and development expenses decreased to $1.7 million from $2.5 million, primarily due to reduced investment in developmental programs.
Sales and marketing expenses saw a slight decrease to $1.8 million from $1.8 million in the previous year.
General and administrative expenses decreased to $1.9 million from $2.6 million, primarily due to lower compensation and recruitment expenses.
Net income for the quarter was $728,000, compared to a net loss of $2.1 million in the previous year.
Cash provided by operating activities was $28,000, while cash used in investing activities was $94,000, primarily for lab and computer equipment.
Cash provided by financing activities was $202,000, mainly from stock option exercises.
Champions Oncology had cash and cash equivalents of $2.8 million as of October 31, 2024, with an accumulated deficit of $82.6 million.
The company continues to focus on its technology solutions for drug discovery and development, leveraging its research platforms to facilitate drug discovery at lower costs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Champions Oncology Inc. quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.