csbr-20211031

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended October 31, 2021


☐			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)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

CSBR

The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:

None.

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 every Interactive Data File required to be submitted 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 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, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer þ	Smaller reporting company ☑
			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. o

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 10, 2021 was 13,514,894.

DOCUMENTS INCORPORATED BY REFERENCE - None

INDEX TO FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED OCTOBER 31, 2021


	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements.
	Condensed Consolidated Balance Sheets as of Octo ber 31, 2021 (unaudited) and April 30, 2021	4
	Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended October 31, 2021 and 2020	5
	Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended October 31, 2021 and 2020	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the S ix Months Ended October 31, 2021 and 2020	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22

	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CHAMPIONS ONCOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)


	October 31, 2021		April 30, 2021
	(unaudited)
ASSETS
Current assets:
Cash	$	4,781	$	4,687
Accounts receivable, net	8,190		6,986
Prepaid expenses and other current assets	731		957

Total current assets	13,702		12,630


Operating lease right-of-use assets, net	8,261		8,521
Property and equipment, net	6,983		6,090
Other long-term assets	15		15
Goodwill	335		335

Total assets	$	29,296	$	27,591

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	3,477	$	1,894
Accrued liabilities	1,911		2,231

Current portion of operating lease liabilities	930		818
Other current liability	15		—
Deferred revenue	6,132		6,256

Total current liabilities	12,465		11,199

Non-current operating lease liabilities	8,525		8,783

Other non-current liabilities	235		181

Total liabilities	$	21,225	$	20,163

Stockholders’ equity:
Common stock, $.001 par value; 200,000,000 shares authorized; 13,496,144 and 13,414,066 shares issued and outstanding as of October 31, 2021 and April 30, 2021, respectively	14		13

Additional paid-in capital	80,482		79,945
Accumulated deficit	(72,425)		(72,530)

Total stockholders’ equity	8,071		7,428

Total liabilities and stockholders’ equity	$	29,296	$	27,591

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 October 31,				Six Months Ended October 31,
	2021		2020		2021		2020

Oncology services revenue	$	11,786	$	10,117	$	23,039	$	19,664

Costs and operating expenses:
Cost of oncology services	5,609		5,644		11,005		10,980
Research and development	2,299		1,650		4,603		3,247
Sales and marketing	1,640		1,348		3,214		2,556
General and administrative	1,975		1,468		4,129		2,850

Total costs and operating expenses	11,523		10,110		22,951		19,633

Income from operations	263		7		88		31


Other income	26		9		43		73

Income before provision for income taxes	289		16		131		104
Provision for income taxes	12		15		26		28

Net income	$	277	$	1	$	105	$	76

Net income per common share outstanding
basic	$	0.02	$	—	$	0.01	$	0.01
and diluted	$	0.02	$	—	$	0.01	$	0.01

Weighted average common shares outstanding
basic	13,428,508		13,064,191		13,145,930		12,811,921
and diluted	14,549,136		15,062,103		14,213,450		14,563,060

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

CHAMPIONS ONCOLOGY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in Thousands)


	Common Stock			Additional Paid-in Capital	Accumulated Deficit				Total Stockholders' Equity
	Shares	Amount
Balance April 30, 2021	13,414,066	$	13		$	79,945	$	(72,530)		$	7,428
Stock-based compensation	—	—			280		—			280



Issuance of common stock on exercise of stock options	1,000	—			2		—			2


Net loss	—	—			—		(172)			(172)
Balance July 31, 2021	13,415,066	$	13		$	80,227	$	(72,702)		$	7,538
Stock-based compensation	—	—			134		—			134



Issuance of common stock on exercise of stock options	81,078	1			121		—			122


Net income	—	—			—		277			277
Balance October 31, 2021	13,496,144	$	14		$	80,482	$	(72,425)		$	8,071





	Common Stock			Additional Paid-in Capital	Accumulated Deficit				Total Stockholders' Equity
	Shares	Amount
Balance April 30, 2020	12,726,728	$	13		$	77,978	$	(72,673)		$	5,318
Stock-based compensation	—	—			120		—			120

Issuance of common stock on exercise of stock options	1,160	—			—		—			—
Net income	—	—			—		75			75
Balance July 31, 2020	12,727,888	$	13		$	78,098	$	(72,598)		$	5,513
Stock-based compensation	—	—			85		—			85
Issuance of common stock on exercise of stock options	640,657	—			1,294		—			1,294
Net income	—	—			—		1			1
Balance October 31, 2020	13,368,545	$	13		$	79,477	$	(72,597)		$	6,893

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,
	2021		2020
Operating activities:
Net income	$	105	$	76

Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	414		205

Depreciation and amortization expense	663		584

Net gain on disposal of equipment	(4)		—
Gain on termination of operating lease	—		(75)
Operating lease right-of use assets	519		79
Provision for doubtful accounts	117		49

Changes in operating assets and liabilities:
Accounts receivable	(1,321)		(1,237)
Prepaid expenses and other current assets	226		(92)

Accounts payable	1,506		568
Accrued liabilities	(320)		(507)

Other current liabilities	15		—
Other non-current liabilities	54		3
Operating lease liabilities	(406)		138
Deferred revenue	(124)		373

Net cash provided by operating activities	1,444		164

Investing activities:
Purchase of property and equipment	(1,473)		(1,224)


Refund of security deposit	—		92

Net cash used in investing activities	(1,473)		(1,132)

Financing activities:

Proceeds from exercise of options	123		1,294


Finance lease payments	—		(115)


Net cash provided by financing activities	123		1,179

Increase in cash	94		211
Cash at beginning of period	4,687		8,342

Cash at end of period	$	4,781	$	8,553

Non-cash investing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	205	$	3,872
Equipment acquired in accounts payable	79		—
Unpaid portion of property and equipment purchase	—		240

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 creating transformative technology solutions to be utilized in oncology drug discovery and development. This technology includes proprietary in-vivo, ex-vivo and biomarker platforms, unique oncology software solutions and computational-based discovery platforms. Utilizing its TumorGraft Technology Platform ("The Platform"), a comprehensive bank of unique, well characterized models, the Company provides select services to pharmaceutical and biotechnology companies seeking personalized approaches to drug development. By performing pharmacology studies to predict the efficacy of oncology drugs, the Company’s Platform facilitates drug discovery with lower costs and increased speed of drug development as well as increased adoption of existing drugs.

The Company’s Software as a Service business is centered around a proprietary software platform and data tool, Lumin Bioinformatics ("Lumin”), which contains comprehensive information derived from our research services and clinical studies. Lumin leverages Champions’ large datacenter coupled with analytics and artificial intelligence to provide a robust tool for computational cancer research. Insights developed using Lumin can provide the basis for biomarker hypotheses, reveal potential mechanisms of therapeutic resistance, and guide the direction of additional preclinical evaluations.

The Company’s drug discovery and development business leverages the computational and experimental capabilities within its platforms. Their discovery strategy utilizes our rich and unique datacenter, coupled with artificial intelligence and other advanced computational analytics, to identify novel therapeutic targets. The use of its proprietary experimental platforms is then deployed to rapidly validate these targets for further drug development efforts.

The Company has three operating subsidiaries: Champions Oncology (Israel), Limited, Champions Biotechnology U.K., Limited, and Champions Oncology, S.R.L. (Italy). For the three and six months ended October 31, 2021 and 2020, there were no 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, 2021, 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, 2021. The results of operations for the interim periods are not necessarily indicative of the results of operations for a full fiscal year.

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.

Note 2. Significant Accounting Policies

Cash and Cash Equivalents

The Company considers only those investments which are highly liquid, readily convertible to cash, and with original maturities of three months or less to be cash equivalents. As of October 31, 2021 and April 30, 2021 the Company had no cash equivalents.

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 cash on hand, working capital management, proceeds from certain private placements and public offerings of our securities, and sales of products and services. For the six months ended October 31, 2021, the Company had net income of approximately $105,000 and cash provided by operations of $1.4 million. As of October 31, 2021, the Company had an accumulated deficit of approximately $72.4 million, working capital of $1.2 million and cash of $4.8 million. We believe that our cash on hand, together with expected net positive cash provided by operations for fiscal year 2022, are adequate to fund operations through at least 12 months from the filing of this 10-Q. However, should our revenue expectations not materialize, we believe we have cost reduction strategies that could be implemented without disrupting the business or restructuring the Company. Should the Company be required to raise additional capital, there can be no assurance that management would be successful in raising such capital on terms acceptable to us, if at all.

Leases

The Company accounts for its leases under Accounting Standards Codification ("ASC") Topic 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if applicable, or the Company’s incremental borrowing rate. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term.

Earnings Per Share

Basic net income or loss per share is computed by dividing the net income or loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing the net income or 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.


	Three Months Ended October 31,				Six Months Ended October 31,
	2021		2020		2021		2020
Basic and diluted net income per share computation (dollars in thousands):
Net income attributable to common stockholders	$	277	$	1	$	105	$	76
Weighted Average common shares – basic	13,428,508		13,064,191		13,145,930		12,811,921
Basic net income per share	$	0.02	$	—	$	0.01	$	0.01

Diluted income per share computation:
Net income attributable to common stockholders	$	277	$	1	$	105	$	76

Net income available to common stockholders	$	277	$	1	$	105	$	76

Weighted Average common shares	13,428,508		13,064,191		13,145,930		12,811,921
Incremental shares from assumed exercise of stock options	1,120,628		1,997,912		1,067,520		1,751,139
Adjusted weighted average share – diluted	14,549,136		15,062,103		14,213,450		14,563,060

Diluted net income per share	$	0.02	$	—	$	0.01	$	0.01

The following table reflects the total potential share-based instruments outstanding at October 31, 2021 and 2020 that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive:


	October 31,
	2021	2020



Total common stock equivalents	1,634,928	1,651,478

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 earnings history, a valuation allowance is established. The Company's ability to utilize net operating loss (“NOL”) carryforwards to offset future taxable income would be limited if the Company had undergone or were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code (the “IRC”). The Company adjusts the valuation allowance in the period management determines it is more likely than not that 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, 2021 and April 30, 2021, 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 the Company 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 recorded $181,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of October 31, 2021 and April 30, 2021.

The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company accrued $3,000 for interest and penalties on its consolidated balance sheets as of October 31, 2021 and April 30, 2021. The Company did not recognize interest or penalties on its consolidated statements of operations during the three or six-

month periods ended October 31, 2021 and 2020. The Company does not anticipate unrecognized tax benefits will be recorded during the next 12 months.

The provision for income taxes for the three months ended October 31, 2021 and 2020 was $12,000 and $15,000, respectively, and for the six months ended October 31, 2021 and 2020 was $26,000 and $28,000, respectively, mainly attributable to taxable income earned in Israel relating to transfer pricing.

Revenue Recognition

The Company recognizes revenue in accordance with "ASC 606", Revenue from Contracts with Customers. The objective of the standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under this standard, companies recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services.

All revenue is generated from contracts with customers. The Company's arrangements are service type contracts that mainly have a duration of less than a year. The Company recognizes revenue when control of these services is transferred to the customer in an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions.

Pharmacology Study and Other Services

The Company generally enters into contracts with customers to provide oncology services with payments based on fixed-fee arrangements. At contract inception, the Company assesses the services promised in the contracts with customers to identify the performance obligations in the arrangement. The Company's fixed-fee arrangements for oncology services are considered a single performance obligation because the Company provides a highly-integrated service.

The Company recognizes revenue over time using a progress-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Revenue is recognized for the single performance obligation over time due to the Company's right to payment for work performed to date and the performance does not create an asset with an alternative use. The Company recognizes revenue as portions of the overall performance obligation are completed as this best depicts the progress of the performance obligation.

Incremental Costs of Obtaining a Contract (Sales Commissions)

Under ASC 606, the costs of obtaining a contract can be expensed immediately, rather than capitalized and amortized, if the amortization period is one year or shorter. Sales commissions for the Company represent contract costs with a term of one year or less. Therefore, under ASC 606, the Company elected the practical expedient to expense these costs as incurred.

Variable Consideration

In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as the success of the initial performance obligation. Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company.

Trade Receivables, Unbilled Services and Deferred Revenue

In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company's services under the contract. In general, the Company's intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract.

Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from the timing of payment terms and when an input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer.

Deferred revenue consists of unearned payments received in excess of revenue recognized. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of the revenue recognized during the period. Deferred revenue is classified as a current liability on the condensed consolidated balance sheet as the Company expects to recognize the associated revenue in less than one year.

Accounting Pronouncements Being Evaluated

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments - Credit Losses". This update requires immediate recognition of management’s estimates of current expected credit losses ("CECL"). Under the prior model, losses were recognized only as they were incurred. The new model is applicable to all financial instruments that are not accounted for at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2022 for public entities qualifying as small reporting companies. Early adoption is permitted. The Company is currently assessing the impact of this update on our consolidated financial statements and do not anticipate a significant impact.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC Topic 740 and removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The Company adopted this ASU on May 1, 2021 and it did not have an impact on the Company's consolidated financial statements.

Note 3. Accounts Receivable, Unbilled Services and Deferred Revenue

Accounts receivable and unbilled services were as follows (in thousands):


	October 31, 2021			April 30, 2021
Accounts receivable	$	4,654		$	4,304
Unbilled services	3,991		3991000	3,020
Total accounts receivable and unbilled services	8,645			7,324
Less allowance for doubtful accounts	(455)			(338)
Total accounts receivable, net	$	8,190		$	6,986

Deferred revenue was as follows (in thousands):


	October 31, 2021		April 30, 2021
Deferred revenue	$	6,132	$	6,256

Deferred revenue is shown as a current liability on the Company's condensed consolidated balance sheets.

Note 4. Revenue from Contracts with Customers

Oncology Services Revenue

The Company recognizes revenue in accordance with ASC 606, Revenue Recognition - Revenue from Customers.

SEC Form 10-Q filed by Champions Oncology, Inc.