Revenue growth remains highly erratic, swinging from a 41.8% expansion in 2025Q3 to a total cessation of reported revenue in 2026Q3.
| 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 |
|---|
| Sales/Revenue | 41.38M | 56.94M | 50.16M | 53.87M | 49.11M | 41.04M | 32.12M | 27.07M | 20.24M | 15.41M | 11.18M | 8.86M | 11.55M | 8.32M | 7.15M | 6.88M | 4.89M | 3.71M | 1.4M | 0 | 0 | 1.8M | 2M | 2.01M | 2.13M | 2.21M | 2.18M | 2.2M | 2.33M | 2.16M | 2.14M |
| Revenue Growth % | -29.37% | 13.54% | -6.9% | 9.69% | 19.66% | 27.76% | 18.68% | 33.72% | 31.34% | 37.82% | 26.16% | -23.26% | 38.77% | 16.42% | 3.88% | 40.65% | 31.89% | 165.01% | - | - | -100% | -10.1% | -0.36% | -5.72% | -3.72% | 1.55% | -1.06% | -5.58% | 7.87% | 0.93% | - |
| Cost of Goods Sold | 32.47M | 30.03M | 29.4M | 29.53M | 23.63M | 21.45M | 17M | 14.27M | 10.55M | 9.7M | 8.69M | 7.63M | 6.26M | 5.33M | 4.9M | 3.14M | 1.98M | 1.98M | 490.44K | 0 | 0 | 553.89K | 601.4K | 501.87K | 595.29K | 639.71K | 1.79M | 1.17M | 1.21M | 1.04M | 1.06M |
| COGS % of Revenue | - | 52.73% | 58.62% | 54.82% | 48.12% | 52.26% | 52.92% | 52.7% | 52.14% | 62.96% | 77.68% | 86.12% | 54.23% | 64.02% | 68.53% | 45.66% | 40.45% | 53.37% | 35.03% | - | - | 30.82% | 30.08% | 25.01% | 27.97% | 28.94% | 82.11% | 53.18% | 51.93% | 48.15% | 49.53% |
| Gross Profit | 8.91M | 26.91M | 20.75M | 24.34M | 25.48M | 19.59M | 15.12M | 12.8M | 9.69M | 5.71M | 2.5M | 1.23M | 5.29M | 3M | 2.25M | 3.74M | 2.91M | 1.73M | 909.5K | 0 | 0 | 1.24M | 1.4M | 1.5M | 1.53M | 1.57M | 389.29K | 1.03M | 1.12M | 1.12M | 1.08M |
| Gross Margin % | 21.54% | 47.27% | 41.38% | 45.18% | 51.88% | 47.74% | 47.08% | 47.3% | 47.86% | 37.04% | 22.32% | 13.88% | 45.77% | 35.98% | 31.47% | 54.34% | 59.55% | 46.63% | 64.97% | - | - | 69.18% | 69.92% | 74.99% | 72.03% | 71.06% | 17.89% | 46.82% | 48.07% | 51.85% | 50.47% |
| Gross Profit Growth % | - | 29.69% | -14.73% | -4.47% | 30.02% | 29.56% | 18.13% | 32.14% | 69.73% | 128.69% | 102.93% | -76.74% | 76.53% | 33.11% | -39.84% | 28.35% | 68.44% | 90.21% | - | - | -100% | -11.05% | -7.1% | -1.85% | -2.4% | 303.46% | -62.2% | -8.04% | 0% | 3.7% | - |
| Operating Expenses | 27.79M | 22.07M | 27.68M | 28.79M | 24.87M | 19.23M | 16.71M | 12.53M | 11.04M | 12.52M | 12.81M | 14.47M | 11.55M | 9.22M | 11.31M | 8.97M | 5.84M | 3.78M | 1.35M | 170.06K | 144.12K | 105.48K | 1.51M | 1.65M | 1.68M | 2.04M | 374.27K | 1.01M | 1.05M | 1.05M | 1.03M |
| OpEx % of Revenue | - | 38.76% | 55.18% | 53.44% | 50.64% | 46.85% | 52.02% | 46.3% | 54.55% | 81.22% | 114.58% | 163.24% | 99.97% | 110.73% | 158.27% | 130.41% | 119.4% | 101.78% | 96.39% | - | - | 5.87% | 75.3% | 82.26% | 78.95% | 92.27% | 17.2% | 45.91% | 45.06% | 48.61% | 48.13% |
| Selling, General & Admin | 19.12M | 15.24M | 18.13M | 17.24M | 15.5M | 12.03M | 10.86M | 7.73M | 6.64M | 8.22M | 8.62M | 9.62M | 9.28M | 7.3M | 8.38M | 6.02M | 3.15M | 2.06M | 1.15M | 170.06K | 144.12K | 105.48K | 1.46M | 1.6M | 1.6M | 1.69M | 322.48K | 950K | 1M | 990K | 960K |
| SG&A % of Revenue | - | 26.77% | 36.15% | 32.01% | 31.55% | 29.32% | 33.8% | 28.57% | 32.81% | 53.36% | 77.07% | 108.58% | 80.36% | 87.66% | 117.19% | 87.53% | 64.32% | 55.39% | 82.13% | - | - | 5.87% | 72.88% | 79.85% | 75.18% | 76.35% | 14.82% | 43.18% | 42.92% | 45.83% | 44.86% |
| Research & Development | 8.93M | 6.83M | 9.54M | 11.54M | 9.37M | 7.2M | 5.85M | 4.8M | 4.4M | 4.29M | 4.19M | 4.84M | 2.27M | 1.92M | 2.94M | 2.95M | 2.69M | 1.72M | 199.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 11.99% | 19.03% | 21.43% | 19.09% | 17.53% | 18.22% | 17.73% | 21.74% | 27.86% | 37.51% | 54.67% | 19.61% | 23.07% | 41.08% | 42.88% | 55.08% | 46.39% | 14.27% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -268K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.42K | 48.47K | 80.25K | 351.98K | 51.79K | 60K | 50K | 60K | 70K |
| Operating Income | -2.31M | 4.85M | -6.92M | -4.45M | 607K | 366K | -1.59M | 270K | -1.35M | -6.81M | -10.32M | -13.24M | -6.26M | -6.22M | -9.06M | -5.24M | -2.93M | -2.33M | -439.94K | -170.06K | -144.12K | -105.48K | -107.69K | -145.99K | -147.31K | -468.93K | 15.02K | 20K | 70K | 70K | 50K |
| Operating Margin % | -5.59% | 8.51% | -13.8% | -8.26% | 1.24% | 0.89% | -4.94% | 1% | -6.69% | -44.18% | -92.26% | -149.36% | -54.2% | -74.74% | -126.8% | -76.07% | -59.84% | -62.8% | -31.43% | - | - | -5.87% | -5.39% | -7.28% | -6.92% | -21.22% | 0.69% | 0.91% | 3% | 3.24% | 2.34% |
| Operating Income Growth % | - | 170.02% | -55.56% | -832.95% | 65.85% | 123.08% | -687.41% | 119.94% | 80.11% | 34% | 22.07% | -111.47% | -0.63% | 31.37% | -73.16% | -78.79% | -25.67% | -429.61% | -158.7% | -18% | -36.63% | 2.05% | 26.24% | 0.89% | 68.59% | -3221.63% | -24.89% | -71.43% | 0% | 40% | - |
| EBITDA | -1.2M | 6.49M | -5.05M | -1.25M | 3.02M | 1.95M | -358K | 876K | -994K | -6.64M | -10.16M | -13.02M | -6.05M | -6.02M | -8.96M | -5.19M | -2.9M | -2.32M | -410.83K | -170.06K | -144.12K | -57.06K | -59.27K | -97.58K | -98.89K | -412.57K | 66.82K | 80K | 130K | 120K | 120K |
| EBITDA Margin % | -2.91% | 11.39% | -10.08% | -2.32% | 6.15% | 4.75% | -1.11% | 3.24% | -4.91% | -43.09% | -90.86% | -146.95% | -52.35% | -72.31% | -125.33% | -75.46% | -59.19% | -62.53% | -29.35% | - | - | -3.17% | -2.96% | -4.86% | -4.65% | -18.67% | 3.07% | 3.64% | 5.58% | 5.56% | 5.61% |
| EBITDA Growth % | -114.28% | 228.33% | -304% | -141.42% | 55.03% | 644.13% | -140.87% | 188.13% | 85.03% | 34.64% | 21.99% | -115.38% | -0.48% | 32.83% | -72.54% | -79.32% | -24.83% | -464.71% | -141.58% | -18% | -152.58% | 3.73% | 39.26% | 1.33% | 76.03% | -717.47% | -16.48% | -38.46% | 8.33% | 0% | - |
| D&A (Non-Cash Add-back) | 1.11M | 1.64M | 1.87M | 3.2M | 2.41M | 1.58M | 1.23M | 606K | 360K | 168K | 156K | 214K | 213K | 203K | 105K | 42K | 32K | 10K | 0 | 0 | 0 | 48.42K | 48.42K | 48.42K | 48.42K | 56.37K | 51.79K | 60K | 60K | 50K | 70K |
| EBIT | -2.16M | 4.65M | -7.28M | -5.27M | 583K | 437K | -1.96M | 231K | -1.44M | -6.87M | -10.35M | -13.01M | -7.39M | -6.32M | -8.66M | -3.79M | -2.92M | -2.24M | -410.83K | -170.06K | -144.12K | -105.48K | -107.69K | -145.99K | -147.31K | -468.93K | 15.02K | 20K | 0 | 70K | 50K |
| Net Interest Income | 0 | 60K | 64K | 0 | -24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 88K | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 87K | 92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 88K | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 27K | 28K | 0 | 24K | 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 |
| Other Income/Expense | -86K | -220K | -387K | -818K | -24K | 71K | -377K | -39K | -89K | -56K | -38K | 225K | -1.13M | -99K | 402K | 1.44M | 5K | -196K | 29.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.46K | 0 | 290K | 0 | 0 |
| Pretax Income | -2.4M | 4.63M | -7.31M | -5.27M | 583K | 437K | -1.96M | 231K | -1.44M | -6.87M | -10.35M | -13.01M | -7.39M | -6.32M | -8.66M | -3.79M | -2.92M | -2.24M | -410.83K | -170.06K | -144.12K | -105.48K | -107.69K | -145.99K | -147.31K | -468.93K | 33.49K | 20K | 360K | 70K | 50K |
| Pretax Margin % | -5.79% | 8.12% | -14.57% | -9.78% | 1.19% | 1.06% | -6.11% | 0.85% | -7.12% | -44.55% | -92.6% | -146.82% | -63.97% | -75.93% | -121.18% | -55.09% | -59.74% | -60.43% | -29.35% | - | - | -5.87% | -5.39% | -7.28% | -6.92% | -21.22% | 1.54% | 0.91% | 15.45% | 3.24% | 2.34% |
| Income Tax | -55K | -75K | -32K | 68K | 35K | 75K | 130K | 103K | 33K | 19K | 92K | 127K | 17K | 10K | -2K | 11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 207.95K | 0 | 0 | 0 | -220K | 0 |
| Effective Tax Rate % | 2.29% | -1.62% | 0.44% | -1.29% | 6% | 17.16% | -6.62% | 44.59% | -2.29% | -0.28% | -0.89% | -0.98% | -0.23% | -0.16% | 0.02% | -0.29% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -44.35% | 0% | 0% | 0% | -314.29% | 0% |
| Net Income | -2.25M | 4.7M | -7.28M | -5.33M | 548K | 362K | -2.09M | 128K | -1.48M | -6.88M | -10.45M | -13.14M | -7.41M | -6.33M | -8.66M | -3.8M | -2.92M | -2.24M | -411K | -170.06K | -303.72K | -246.54K | -107.69K | -145.99K | -147.31K | -676.88K | 51.51K | 20K | 360K | 290K | 50K |
| Net Margin % | -5.44% | 8.26% | -14.51% | -9.9% | 1.12% | 0.88% | -6.52% | 0.47% | -7.29% | -44.67% | -93.42% | -148.26% | -64.12% | -76.05% | -121.15% | -55.25% | -59.74% | -60.43% | -29.36% | - | - | -13.72% | -5.39% | -7.28% | -6.92% | -30.62% | 2.37% | 0.91% | 15.45% | 13.43% | 2.34% |
| Net Income Growth % | -135.01% | 164.61% | -36.38% | -1073.54% | 51.38% | 117.3% | -1735.16% | 108.67% | 78.56% | 34.1% | 20.5% | -77.42% | -17% | 26.91% | -127.8% | -30.07% | -30.37% | -445.5% | -141.68% | 44.01% | -23.19% | -128.94% | 26.24% | 0.89% | 78.24% | -1414.03% | 157.56% | -94.44% | 24.14% | 480% | - |
| Net Income (Continuing) | -2.34M | 4.7M | -7.28M | -5.33M | 548K | 362K | -2.09M | 128K | -1.48M | -6.88M | -10.45M | -13.14M | -7.41M | -6.33M | -8.66M | -3.8M | -2.92M | -2.24M | -411K | -170.06K | -144.12K | -105.48K | -107.69K | -145.99K | -147.31K | -676.88K | 51.51K | 20K | 360K | 290K | 50K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -141.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 95K | 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 |
| EPS (Diluted) | -0.16 | 0.33 | -0.54 | -0.39 | 0.04 | 0.02 | -0.18 | 0.01 | -0.13 | -0.63 | -1.20 | -1.51 | -1.32 | -2.17 | -2.22 | -1.35 | -1.04 | -0.81 | -0.12 | -0.10 | -0.12 | -0.22 | -0.15 | -0.24 | -0.24 | -1.08 | 0.01 | 0.03 | 0.49 | 0.39 | 0.07 |
| EPS Growth % | -136.46% | 161.11% | -38.46% | -1107.75% | 56.05% | 113.78% | - | 107% | 79.37% | 47.5% | 20.53% | -14.39% | 39.17% | 2.25% | -64.44% | -29.81% | -28.4% | -575% | -20.36% | 16.92% | 45.45% | -46.67% | 37.5% | 0% | 77.78% | - | -79.79% | -94.24% | 25.64% | 422.79% | - |
| EPS (Basic) | - | 0.34 | -0.54 | -0.39 | 0.04 | 0.03 | -0.18 | 0.01 | -0.13 | -0.64 | -1.20 | -1.51 | -1.33 | -2.17 | -2.22 | -1.35 | -1.04 | -0.81 | -0.12 | -0.10 | -0.12 | -0.22 | -0.15 | -0.24 | -0.24 | -1.08 | 0.01 | 0.03 | 0.49 | 0.39 | 0.07 |
| Diluted Shares Outstanding | 13.89M | 14.27M | 13.55M | 13.54M | 14.16M | 14.57M | 11.84M | 14.1M | 11M | 10.98M | 8.7M | 8.7M | 5.61M | 2.97M | 3.9M | 2.81M | 2.81M | 2.77M | 2.62M | 1.7M | 1.4M | 1.1M | 722.46K | 709.53K | 709.53K | 709.53K | 709.27K | 710K | 740K | 740K | 670K |
| Basic Shares Outstanding | 13.89M | 13.66M | 13.55M | 13.54M | 13.2M | 13.14M | 11.84M | 11.34M | 10.99M | 10.68M | 8.7M | 8.7M | 5.57M | 2.97M | 3.9M | 2.81M | 2.81M | 2.77M | 2.62M | 1.7M | 1.4M | 1.1M | 722.46K | 709.53K | 709.53K | 709.53K | 709.27K | 710K | 740K | 740K | 670K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Biotech funding cycle sensitivity
As evidenced by the company's recent financial disclosures, revenue growth has exhibited significant volatility, swinging from a 41.8% expansion in 2025Q3 to a complete cessation of reported revenue in 2026Q3, highlighting the inherent lumpiness of project-based translational oncology service contracts within the current biotech funding environment.
The erratic top-line performance suggests that CSBR remains highly susceptible to the timing of client R&D cycles and project milestones. Investors should monitor whether the company can achieve consistent organic growth or if revenue will continue to fluctuate based on the sporadic nature of large-scale preclinical service engagements.
Based on reported quarterly figures, gross margins have demonstrated notable instability, fluctuating from a high of 58.8% in 2025Q3 to a low of 34.7% in 2024Q3, which indicates that the company's cost structure is not yet optimized for consistent profitability across varying levels of service volume.
The wide variance in gross margins implies that the company struggles to maintain pricing power or operational efficiency when project utilization rates shift. This lack of margin stability suggests that the high fixed-cost nature of vivarium operations may be creating significant operating leverage risks during periods of lower demand.
According to the income statement data, operating income has failed to scale consistently with gross profit, as evidenced by the swing from a $4.5 million operating profit in 2025Q3 to a $276,000 operating loss in 2026Q3, reflecting the heavy burden of fixed SG&A and R&D expenses.
The inability to maintain positive operating margins during revenue dips suggests that the company's cost base is relatively rigid. This indicates that management may face challenges in achieving meaningful operating leverage until the higher-margin bioinformatics subscription revenue becomes a more substantial portion of the total revenue mix.
As reported in recent filings, stock-based compensation remains a recurring expense, reaching $423,000 in 2026Q3, which further pressures the bottom line during periods where the company is already struggling to maintain consistent net profitability and positive earnings per share for its shareholders.
The consistent presence of stock-based compensation, even during quarters with net losses, warrants further investigation into the company's long-term incentive alignment. Investors should consider how these non-cash expenses impact the true economic profitability of the business, especially given the company's limited cash reserves and ongoing operational challenges.
Based on the provided financial statements, the primary risk to the investment thesis is the company's reliance on project-based revenue, which appears increasingly vulnerable to the FDA Modernization Act 2.0 and the potential for a sustained downturn in early-stage biotech venture capital funding cycles.
Short-sellers might focus on the company's inability to generate sustained profitability and the potential for margin compression if clients shift toward non-animal testing alternatives. The lack of a clear path to consistent, scalable earnings suggests that the current business model may face significant headwinds in the near term.
Quick answers to the most common questions about buying CSBR stock.
For fiscal year 2025, Champions Oncology, Inc. (CSBR) reported total revenue of $56.9M. This represents a 2560.9% increase compared to $2.1M in 1996.
Champions Oncology, Inc. (CSBR) is profitable, generating $4.7M in net income for the fiscal year ending 2025 with a net profit margin of 8.3%.
Champions Oncology, Inc. (CSBR) reported an operating income of $4.8M, resulting in an operating profit margin of 8.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Champions Oncology, Inc. (CSBR) generated $26.9M in gross profit for the year, representing a gross profit margin of 47.3%. This demonstrates the company's core pricing power and production efficiency.