Think of them as a highly specialized Charles River Laboratories (CRL), but exclusively focused on growing human tumors in mice to test cancer drugs.

It's like Foundation Medicine for cancer treatment, but they actually grow a patient's tumor in a mouse to test which drugs work best, rather than just analyzing genetics.

• Personalized Cancer Care: Services based on the Tumorgraft Technology Platform, which involves implanting human tumors in immune-deficient mice to guide patient and physician treatment decisions.
• Translational Oncology Solutions: Services leveraging the Tumorgraft Technology Platform to assist pharmaceutical and biotechnology companies in their drug development processes.

The major customers of Champions Oncology (CSBR) primarily fall into categories related to personalized cancer care. Based on the company's description, it markets its products to:

1. Patients: Individuals seeking personalized cancer care and treatment insights based on the company's Tumorgraft Technology Platform.
2. Physicians: Medical professionals who utilize or recommend Champions Oncology's personalized cancer care solutions for their patients.

Rob Brainin, Chief Executive Officer

Rob Brainin leads Champions Oncology's mission to accelerate oncology drug development through advanced preclinical models and data-driven insights. He brings over two decades of leadership experience spanning genomics, diagnostics, and life sciences technology, with a career focused on leveraging data to improve patient care. Before joining Champions Oncology, Mr. Brainin served as Executive Vice President and Chief Business Officer at Veracyte, an oncology diagnostics company. He previously held the CEO position at Genuity Science (formerly WuXi NextCode), a genomics and therapeutic discovery firm, where he advanced the integration of clinical and molecular data to drive drug discovery and development. His experience also includes leading major genomics businesses as Vice President and General Manager at Illumina and Thermo Fisher Scientific, following Thermo Fisher's acquisition of Life Technologies, where he spent a decade building and scaling businesses. Mr. Brainin began his career as a management consultant at McKinsey & Co.

David Miller, Chief Financial Officer

David Miller serves as the Chief Financial Officer at Champions Oncology, Inc. Prior to his current role, Mr. Miller was the Vice President of Finance & Operations at Distribution Management Consolidators Worldwide LLC (DMCWW, LLC), which is described as a privately held growth equity firm specializing in providing growth capital to companies. From 2006 to 2010, he served as the Chief Financial Officer of NAF Funding, LLC. Earlier in his career, from 2000 to 2005, Mr. Miller was the Vice President of Finance & Operations at IDT Corp., where he was instrumental in establishing and expanding the consumer phone services division to over one million customers. He also served as an Assistant Vice President of the internal audit department at Deutsche Bank from 1997 to 1999 and held senior accountant positions at Schonbraun, Safris, Sternlieb, LLC and Margolin, Winer and Evans.

Maria Mancini, PhD, Chief Operating Officer

Dr. Maria Mancini joined Champions Oncology in March 2015 and currently serves as Chief Operating Officer. In this role, she oversees the drug testing and study conduct of pharmacology research initiatives, encompassing both preclinical and clinical studies.

Marianna Zipeto, PhD, Executive Vice President, Growth, Strategy & Enablement

Dr. Marianna Zipeto joined Champions Oncology in March 2020. As Executive Vice President of Growth, Strategy & Enablement, she is responsible for overseeing the translational oncology services business development team, corporate development, and marketing efforts. Before her tenure at Champions Oncology, Dr. Zipeto managed the scientific operations at a preclinical Contract Research Organization (CRO) and provided services as a management consultant for life science companies.

Philip Breitfeld, MD, Chief Strategy & Innovation Officer

Dr. Philip Breitfeld brings over 30 years of experience in the oncology field to his role as Chief Strategy & Innovation Officer at Champions Oncology. He most recently served as Global Vice President at IQVIA, where he was responsible for the Therapeutic Centers of Excellence. Previously, he led the Oncology Center of Excellence at IQVIA, engaging with numerous large, mid-size, and emerging biopharmaceutical firms. Dr. Breitfeld's background also includes senior clinical development positions at Merck KGaA (EMD Serono in the US), where he led oncology development in the US, and at BioCryst, where he led oncology development and held the title of Associate Chief Medical Officer.

The key risks to Champions Oncology (CSBR) primarily stem from the inherent challenges in its core technology, financial and operational pressures, and uncertainties surrounding its strategic investments.

1. Challenges and Limitations of Patient-Derived Xenograft (PDX) Models: Champions Oncology's business is fundamentally built upon its Tumorgraft Technology Platform, which utilizes patient-derived xenograft (PDX) models. These models, while valuable, face significant inherent challenges that can impact the reliability and utility of the company's services. These challenges include widespread quality issues such as model misidentification, cross-contamination between models, mycoplasma and viral infections, and elevated murine cell content, all of which can skew research results and drug efficacy studies. Furthermore, PDX models established in immune-compromised mice have limited applicability for immunologic research and are generally unsuitable for immune-oncology studies. Other limitations include difficulty in genetic manipulation, potential loss of tumor heterogeneity, selection bias, clonal evolution, stroma replacement, and variable tumor take rates, which can increase experimental time and cost. The translatability and predictive value of PDX models for clinical outcomes, especially for large sample sizes and diverse therapeutic mechanisms, are still subjects of ongoing evaluation.

2. Financial and Operational Pressures: Champions Oncology faces significant financial and operational challenges, particularly evidenced by declining gross margins and revenue variability. The company's gross margin fell substantially to 47% from 61% in a recent quarter, largely due to over $2 million in outsourced laboratory work, predominantly related to radiolabeling workflows. While management anticipates margin improvement as this work is brought in-house, it currently impacts profitability. Additionally, the absence of data revenue in certain quarters has driven overall revenue declines, and management has noted the variability of data revenue, indicating a dependence on large data deals. Without such deals, profitability can weaken. Increased operating expenses due to ongoing investments in research and development and commercial expansion have also contributed to net losses and negative earnings per share in recent periods.

3. Uncertainty Regarding Corellia Subsidiary Funding: The timing and securing of external funding for Corellia, Champions Oncology's wholly-owned discovery subsidiary, remain uncertain. Management has not provided a specific estimate for when external financing may occur. Delays or a failure to secure this funding could hinder the advancement of the company's drug discovery initiatives and potentially impact the redeployment of capital into other growth areas.

The emergence and increasing adoption of patient-derived organoids (PDOs) and tumoroids represent a clear emerging threat to Champions Oncology's business. PDOs are three-dimensional cell cultures derived directly from patient tumors, which can be grown *in vitro* to mimic the patient's original tumor biology. These models offer several advantages over traditional patient-derived xenograft (PDX) models, which form the core of Champions Oncology's Tumorgraft Technology Platform (implantation of human tumors in immune-deficient mice). PDOs are generally faster to establish, more cost-effective, offer higher throughput for drug screening, and can potentially be more representative of human physiology than mouse models for certain applications. As pharmaceutical companies and researchers increasingly utilize PDOs for drug development and personalized cancer care, it could diminish the demand for CSBR's *in vivo* PDX models.

Champions Oncology (CSBR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in Core Translational Oncology Solutions (TOS) Business: The company anticipates continued expansion in its core services, driven by an improving economic environment in the biotech sector. This is expected to lead to increased R&D budgets, higher customer engagement, more studies, and improved bookings-to-revenue conversion, reversing previous challenges with cancellations and smaller study sizes.

2. Expansion and Monetization of the Data Platform: Champions Oncology is significantly investing in its data platform, including sequencing and related R&D, and expanding its commercial teams for data offerings. This strategic area, encompassing AI and data licensing, is projected to be a key growth lever, with tangible benefits and revenue recognition from data deals expected in the coming quarters and a more meaningful acceleration in fiscal 2028.

3. Development of In-house Radiolabeling and Radiopharmaceutical Capabilities: The company is building out its radiopharmaceutical capabilities and aims to bring outsourced radiolabeling work in-house. This move is expected to tap into emerging oncology modalities, broaden long-term growth drivers, and improve gross margins as the associated costs decline.

4. Progress with Corellia, the Target Discovery Subsidiary: Corellia, Champions Oncology's wholly-owned subsidiary focused on target discovery and technology-enabled research solutions, is seen as a significant future growth driver. While the timing of external funding remains uncertain, internal investments are ongoing, with a payoff from these investments anticipated to begin showing in fiscal 2027 and accelerate in fiscal 2028.

Share Repurchases

• Champions Oncology, Inc. authorized a share repurchase program on April 5, 2023, to purchase up to $5 million of its common stock through April 30, 2024.

Share Issuance

• The number of common shares outstanding was 13,777,170 as of July 21, 2025.
• As of December 11, 2025, the number of shares outstanding increased to 13,886,326.
• Director stock options were granted on various dates, including November 5, 2025, for 13,790 shares at an exercise price of $6.80 per share, and on November 6, 2025, a director acquired 94,405 shares via a $2.1 exercise. These grants contribute to the overall share issuance over time.

Capital Expenditures

• Capital expenditures in the most recent quarter amounted to approximately $0.242 million.
• Over the past twelve months, capital expenditures were approximately -$435,000.00.
• The company invested approximately $6.8 million in fiscal year 2025 and $9.5 million in fiscal year 2024 in research and development, primarily focused on expanding its TumorBank and developing artificial intelligence, data structures, and analytics for its platforms.