Cash generation is inconsistent and heavily dependent on working capital timing, evidenced by a $7.7 million inflow in 2025Q4 followed by a $3.0 million outflow in 2026Q2.
| Metric | TTM | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Cash from Operations | 4.39M | 7.39M | -6.14M | 3.96M | 6.5M | -1.68M | 2.9M | 1.86M | -1.23M | -2.84M | -6.45M | -9.63M | -3.43M | -4.26M | -5.23M | -54K | -2.1M | -888K | 792.4K | -78.47K | -93.97K | -35.6K | -72.05K | -248.12K | -32.68K | 144.68K | -18.35K | 110K | 420K | 110K | -30K |
| Operating CF Margin % | - | 12.97% | -12.24% | 7.34% | 13.23% | -4.1% | 9.04% | 6.88% | -6.06% | -18.43% | -57.7% | -108.65% | -29.72% | -51.21% | -73.12% | -0.78% | -42.92% | -23.94% | 56.6% | - | - | -1.98% | -3.6% | -12.37% | -1.54% | 6.55% | -0.84% | 5% | 18.03% | 5.09% | -1.4% |
| Operating CF Growth % | -315.22% | 220.35% | -255.17% | -39.13% | 486.5% | -157.87% | 56.02% | 251.88% | 56.83% | 55.98% | 33% | -180.51% | 19.45% | 18.46% | -9579.63% | 97.43% | -136.49% | -212.06% | 1109.75% | 16.49% | -163.95% | 50.59% | 70.96% | -659.14% | -122.59% | 888.44% | -116.68% | -73.81% | 281.82% | 466.67% | - |
| Net Income | -2.25M | 4.7M | -7.28M | -5.33M | 548K | 334K | -1.98M | 128K | -1.5M | -6.88M | -10.45M | -13.14M | -7.41M | -6.45M | -8.66M | -3.8M | -2.92M | -2.24M | 35.7K | -170.06K | -144.12K | -246.54K | -107.69K | -145.99K | -147.31K | -676.88K | 51.51K | 20K | 360K | 290K | 50K |
| Depreciation & Amortization | 1.45M | 1.64M | 1.87M | 2.25M | 1.63M | 1.18M | 825K | 606K | 360K | 168K | 156K | 214K | 213K | 203K | 105K | 42K | 32K | 4K | 170.13K | 11.05K | 0 | 48.42K | 48.42K | 48.42K | 48.42K | 56.37K | 51.79K | 60K | 60K | 50K | 70K |
| Stock-Based Compensation | 1.01M | 654K | 1.12M | 864K | 912K | 598K | 600K | 636K | 1M | 2.66M | 2.6M | 3.16M | 2.81M | 2.42M | 3.32M | 3.13M | 593K | 464K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 1M | 0 | 49K | 560K | 71K | -44K | 24K | 65K | 100K | 0 | 10K | -2K | 12K | 22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 207.95K | 0 | 0 | 10K | -220K | 0 |
| Other Non-Cash Items | -3.45M | 1.01M | 1.98M | 952K | 1.07M | 323K | 403K | 410K | 491K | 44K | 30K | -390K | 1.09M | 65K | -417K | 36K | 175K | 284K | 0 | 0 | 12.43K | 0 | 0 | 0 | 50K | 292.1K | -2.71K | 40K | -330K | -250K | -230K |
| Working Capital Changes | 7.73M | -621K | -3.82M | 4.23M | 2.34M | -4.17M | 2.49M | 11K | -1.53M | 1.15M | 1.14M | 424K | -136K | -513K | 425K | 525K | 1K | 602K | 586.58K | 80.54K | 37.71K | 162.52K | -12.79K | -150.54K | 16.21K | 265.14K | -118.95K | -10K | 320K | 240K | 80K |
| Change in Receivables | 4.5M | -1.44M | -1.99M | 1.31M | -2.82M | -2.27M | -670K | -531K | -1.6M | -986K | -282K | 265K | -825K | 84K | 1K | -493K | -46K | 0 | 0 | 0 | 0 | 22.71K | -22.71K | 0 | 1.27K | 112.74K | -113.26K | 0 | 20K | -10K | 30K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -1.1M | 1.04M | 571K | -27K | 404K | -199K | -194K | -92K | -12K | 911K | 459K | 441K | 0 | 0 | 0 | 0 | 11.89K | -6.6K | 1.8K | -499 | -875 | -4K | 50K | -10K | -10K | -10K |
| Change in Payables | -614K | -1.75M | 465K | 2.46M | 974K | -1.25M | 333K | 653K | 301K | -43K | 482K | 433K | -223K | -472K | 96K | 636K | -471K | 881K | 107.34K | 16.48K | 0 | -23.29K | 27.51K | 0 | 0 | 0 | 0 | 0 | 10K | 30K | 70K |
| Cash from Investing | -555K | -389K | -836K | -2.87M | -2.38M | -3.17M | -2.22M | -834K | -1.23M | -766K | -322K | -114K | -234K | -57K | -519K | -84K | 941K | -1.15M | 423.91K | 0 | 10K | 0 | -2.93K | -9.13K | -14.39K | -275.82K | -110.79K | -10K | -20K | -10K | 0 |
| Capital Expenditures | -578K | -389K | -836K | -2.87M | -2.38M | -3.28M | -2.22M | -834K | -1.23M | -766K | -322K | -119K | -234K | -57K | -519K | -85K | -84K | -126K | -47.47K | 0 | 0 | 0 | -2.93K | -9.13K | -14.39K | -33.72K | -13.49K | -10K | -20K | -10K | 0 |
| CapEx % of Revenue | 1.4% | 0.68% | 1.67% | 5.33% | 4.85% | 7.99% | 6.91% | 3.08% | 6.07% | 4.97% | 2.88% | 1.34% | 2.03% | 0.68% | 7.26% | 1.24% | 1.72% | 3.4% | 3.39% | - | - | - | 0.15% | 0.46% | 0.68% | 1.53% | 0.62% | 0.45% | 0.86% | 0.46% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 8K | 0 | 471.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 23K | 0 | 0 | 0 | 0 | 112K | 0 | 0 | 0 | 0 | 0 | 5K | 0 | 0 | 0 | 0 | 0 | -7K | 0 | 0 | 10K | 0 | 0 | 0 | 0 | -242.1K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 86K | 170K | -527K | 11K | 207K | 1.2M | 4.42M | 1.2M | 13K | 4.32M | 2K | 13.21M | 21K | 9.14M | 97K | 8.08M | 2.01M | 57K | 2.49M | 81.69K | 0 | 0 | -1.93K | 3.07K | 44.71K | -8.41K | -5.89K | -10K | -20K | -30K | 40K |
| Debt Issued (Net) | -115K | -150K | -146K | 0 | 0 | -174K | -35K | -262K | -25K | -24K | -24K | -12K | 0 | 0 | 0 | 0 | 0 | 0 | -43.69K | 43.69K | 0 | 0 | -4.36K | -1.93K | -10.29K | -8.41K | -5.89K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 237K | 320K | -634K | -74K | 207K | 1000K | 1000K | 1000K | 38K | 1000K | 44K | 1000K | 21K | 1000K | 97K | 1000K | 1000K | 57K | 1000K | 38K | 0 | 0 | 0 | 0 | 55K | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -634K | -74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.03M | -218K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60K |
| Other Financing | -36K | 0 | 253K | 85K | 0 | 0 | 0 | 0 | 0 | 0 | -18K | 2M | 0 | 0 | 0 | 21K | 3K | 0 | 0 | 0 | 0 | 0 | 24.01K | 5K | 0 | 0 | 0 | -10K | -20K | -30K | 40K |
| Net Change in Cash | 3.92M | 7.17M | -7.5M | 1.11M | 4.32M | -3.65M | 5.11M | 2.23M | -2.44M | 710K | -6.77M | 3.47M | -3.67M | 4.85M | -5.7M | 7.88M | 844K | -1.98M | 3.71M | 3.22K | -83.97K | -35.6K | -76.91K | -254.18K | -2.37K | -139.56K | -135.03K | 100K | 390K | 80K | 10K |
| Free Cash Flow | 3.82M | 7M | -6.97M | 1.08M | 4.11M | -4.96M | 685K | 1.03M | -2.46M | -3.61M | -6.77M | -9.75M | -3.67M | -4.32M | -5.75M | -139K | -2.18M | -1.01M | 792.4K | -78.47K | -93.97K | -35.6K | -74.98K | -257.25K | -47.07K | 110.95K | -31.84K | 100K | 400K | 100K | -30K |
| FCF Margin % | 9.22% | 12.29% | -13.9% | 2.01% | 8.38% | -12.09% | 2.13% | 3.8% | -12.13% | -23.4% | -60.58% | -110% | -31.75% | -51.89% | -80.37% | -2.02% | -44.64% | -27.33% | 56.6% | - | - | -1.98% | -3.75% | -12.82% | -2.21% | 5.02% | -1.46% | 4.55% | 17.17% | 4.63% | -1.4% |
| FCF Growth % | 388.44% | 200.34% | -743.86% | -73.67% | 182.89% | -824.38% | -33.37% | 141.87% | 31.92% | 46.77% | 30.52% | -165.86% | 15.1% | 24.83% | -4033.81% | 93.64% | -115.38% | -227.97% | 1109.75% | 16.49% | -163.95% | 52.52% | 70.85% | -446.48% | -142.43% | 448.42% | -131.84% | -75% | 300% | 433.33% | - |
| FCF per Share | 0.27 | 0.49 | -0.51 | 0.08 | 0.29 | -0.34 | 0.06 | 0.07 | -0.22 | -0.33 | -0.78 | -1.12 | -0.65 | -1.45 | -1.47 | -0.05 | -0.78 | -0.37 | 0.30 | -0.05 | -0.07 | -0.03 | -0.10 | -0.36 | -0.07 | 0.16 | -0.04 | 0.14 | 0.54 | 0.14 | -0.04 |
| FCF Conversion (FCF/Net Income) | -1.70x | 1.57x | 0.84x | -0.74x | 11.86x | -4.64x | -1.39x | 14.55x | 0.83x | 0.41x | 0.62x | 0.73x | 0.46x | 0.67x | 0.60x | 0.01x | 0.72x | 0.40x | -1.93x | 0.46x | 0.31x | 0.14x | 0.67x | 1.70x | 0.22x | -0.21x | -0.36x | 5.50x | 1.17x | 0.38x | -0.60x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Biotech funding cycle sensitivity
As reported in recent financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging wildly from 16.66 in 2024Q4 to -5.80 in 2026Q2, suggesting that reported earnings are a poor proxy for actual cash generation capabilities.
The significant divergence between net income and operating cash flow indicates that accrual-based accounting adjustments, likely related to project-based revenue recognition, are masking the underlying cash volatility. Investors should monitor this disconnect, as it suggests that the company's profitability is highly sensitive to the timing of milestone completions rather than consistent operational performance.
Based on the company's quarterly cash flow statements, free cash flow trajectory remains inconsistent, oscillating between a peak of $6.6 million in 2025Q4 and a deficit of $2.0 million in 2026Q2, reflecting the inherent instability of the firm's project-based service model in a challenging funding environment.
The inability to maintain positive free cash flow suggests that the business model is currently struggling to achieve the scale necessary to cover its fixed operating costs. This volatility warrants further investigation into whether the company can sustain its current operational footprint without recurring reliance on external financing or working capital fluctuations.
According to recent SEC filings, working capital changes have become the primary driver of quarterly cash flow, with a notable $7.7 million inflow in 2025Q4 followed by a $3.0 million outflow in 2026Q2, indicating that cash availability is heavily dependent on timing of client payments.
The reliance on working capital swings to manage liquidity suggests that the company lacks a self-sustaining cash engine from core operations. This pattern appears to indicate that the firm is effectively financing its operations through the timing of receivables and payables, which may create liquidity risks if client payment cycles lengthen.
As reported in financial statements, stock-based compensation remains a persistent non-cash expense, reaching $423,000 in 2026Q3, which effectively obscures the true cash cost of talent retention while the company simultaneously struggles to generate consistent positive operating cash flow from its core translational oncology service business.
The consistent presence of stock-based compensation, when viewed alongside the company's cash flow deficits, suggests that the firm is utilizing equity to preserve cash. This practice may dilute existing shareholders while failing to address the underlying structural issue of high fixed costs relative to the current revenue generation capacity.
Quick answers to the most common questions about buying CSBR stock.
Champions Oncology, Inc. (CSBR) generated $7.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Champions Oncology, Inc. (CSBR) generated $7.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Champions Oncology, Inc. (CSBR) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.