−Removed: We are a technology-enabled research organization engaged in creating transformative technology solutions to be utilized in drug discovery and development.
+Added: We are a technology-enabled research organization engaged in creating technology solutions to be utilized in drug discovery and development.
Our research center operates in both regulatory and non-regulatory environments and consists of a comprehensive set of computational and experimental research platforms.
10 unchanged sentences
One unique feature of this proprietary dataset is the fact that it is derived from a living TumorBank.
−Removed: This allows us to continue characterizing the TumorBank over time, and increasing the depth of characterization of the accumulated data.
+Added: This allows us to continue characterizing the TumorBank over time and increase the depth of characterization of the accumulated data.
The combination of the breadth and depth of the TumorBank, and associated characterization, drives the value of our Datacenter.
4 unchanged sentences
• The sale of research services utilizing our innovative research platforms to biopharmaceutical companies
−Removed: • The sale of oncology research Software as a Service ("SaaS") tools to cancer research scientists
+Added: • The sale of oncology research SaaS tools to cancer research scientists
• The discovery and development of novel oncology therapeutics
21 unchanged sentences
Software As A Service (SaaS) Business
−Removed: Our SaaS business, launched in fiscal year 2021, is centered around our proprietary software platform and data tool, Lumin Bioinformatics ("Lumin”), which contains comprehensive information derived from our research services and clinical studies and is sold to customers on an annual subscriptions basis.
−Removed: Our software development teams consist of bioinformatics scientists, mathematicians as well as software engineers.
+Added: Our SaaS business, launched during the fiscal year ended April 30, 2021, is centered around our proprietary software platform and data tool, Lumin Bioinformatics ("Lumin"), which contains comprehensive information derived from our research services and clinical studies and is sold to customers on an annual subscription basis.
+Added: The software was developed by a team that consisted of bioinformatics scientists and mathematicians as well as software engineers.
Lumin leverages Champions’ large Datacenter coupled with analytics and artificial intelligence to provide a robust tool for computational cancer research.
1 unchanged sentence
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.
−Removed: See Note 4 to the consolidated financial statements for further discussion as to impairment of Lumin assets in fiscal 2023.
+Added: During the fiscal year ended April 30, 2023, we recorded an impairment charge for the capitalized software development costs of Lumin related to return on investment guidelines.
+Added: However, we continue to maintain the Lumin platform and sell subscriptions as part of our product offerings as the Lumin data is an integral part of the Company’s long term strategy and value proposition.
Drug Discovery and Development Business
16 unchanged sentences
Our success in these efforts is demonstrated by the growing number of customers who have increased their annual spend on our services over the years.
−Removed: For the year ended April 30, 2023, revenues from our products and services totaled approximately $53.8 million, an increase of approximately 10% from the previous year.
+Added: For the fiscal year ended April 30, 2024, revenues from our products and services totaled approximately $50.1 million, a decrease of approximately 7% from the previous year.
Our Current Strategy
13 unchanged sentences
We grow our TumorBank in two ways.
−Removed: First, leverage a medical affairs team that works with a well established clinical network to facilitate access to patients diagnosed with prioritized tumors subtypes.
+Added: First, we leverage a medical affairs team that works with a well-established clinical network to facilitate access to patients diagnosed with prioritized tumor subtypes.
Second, we maintain the ability to utilize our legacy Personalized Oncology Services business to establish novel PDX models from patients who use this service.
10 unchanged sentences
We have also invested in the development of novel artificial intelligence, data structures, and analytics.
−Removed: Our goal is to leverage our unique Datacenter to establish elegant ways to better understand the molecular dynamics of cancer, and the development novel therapeutics.
+Added: Our goal is to leverage our
+Added: unique Datacenter to establish elegant ways to better understand the molecular dynamics of cancer, and the development of novel therapeutics.
Champions currently competes in three different markets:
Research Services :
−Removed: Pharmaceutical companies rely on outsourcing preclinical studies to Clinical Research Organizations ("CROs").
+Added: Pharmaceutical companies rely on outsourcing preclinical studies to Clinical Research Organizations.
Competition in this industry is intense and based significantly on scientific, technological, and market forces, which include the effectiveness of the technology and products and the ability to commercialize technological developments.
3 unchanged sentences
These companies, as well as academic institutions, governmental agencies, and private research organizations also compete with us in recruiting and retaining highly qualified scientific, technical and professional personnel and consultants.
−Removed: There are two important components of Lumin Bioinformatics:
+Added: There are two important components of Lumin:
the Datacenter and the Analytics.
2 unchanged sentences
We continue to find ways to differentiate our dataset, however there can be no assurance that developments by other companies or academic institutions in data curation will not render our Datacenter obsolete or non-competitive.
−Removed: The second component of Lumin Bioinformatics is the data analytics.
−Removed: While there are a minimal number of software solutions that offer the degree of analytics available within Lumin Bioinformatics, the know-how and workflows of these analytics are well established in bioinformatics labs across academia and the biopharmaceutical industry.
+Added: The second component of Lumin is the data analytics.
+Added: While there are a minimal number of software solutions that offer the degree of analytics available within Lumin, the know-how and workflows of these analytics are well established in bioinformatics labs across academia and the biopharmaceutical industry.
As a result, the barrier to entry for developing a SaaS tool leveraging these analytics is relatively low.
2 unchanged sentences
the global biopharmaceutical industry.
−Removed: The global oncology drug market is estimated to be as high as $188B in 2023.
+Added: The global oncology drug market is estimated to be as high as $223 billion in 2023.
Competition in this industry is strong and based significantly on scientific and technological forces, which rely solely on the effectiveness of therapeutics designed to treat cancer.
7 unchanged sentences
Research and Development
−Removed: For the years ended April 30, 2023 and 2022, we spent approximately $11.5 million and $9.4 million, respectively, to further develop our platforms.
+Added: For the fiscal years ended April 30, 2024 and 2023, we spent approximately $9.5 million and $11.5 million, respectively, to further develop our platforms.
We continue to expand our TumorBank via the inclusion of tumor tissue and implanted models through research collaborations and relationships with hospitals and academic institutions.
3 unchanged sentences
Government Regulation
−Removed: The research, development, and marketing of our products, the performance of our legacy POS testing services, and the operation of our facilities are generally subject to federal, state, local, or foreign legislation, including licensure of our laboratory located in Rockville, Maryland by the State of Maryland and compliance with federal, state, local or foreign legislation applicable to the use of live animals in scientific testing, research and education.
−Removed: The FDA has claimed regulatory authority over laboratory developed tests such as our legacy POS products, but has generally not exercised it.
+Added: The research, development, and marketing of our products, the performance of our legacy Personalized Oncology Solutions ("POS") testing services, and the operation of our facilities are generally subject to federal, state, local, or foreign legislation,
+Added: including licensure of our laboratory located in Rockville, Maryland by the State of Maryland and compliance with federal, state, local or foreign legislation applicable to the use of live animals in scientific testing, research and education.
+Added: Food and Drug Administration (the "FDA") has claimed regulatory authority over laboratory developed tests such as our legacy POS products, but has generally not exercised it.
The FDA has announced regulatory and guidance initiatives that could increase federal regulation of our business.
−Removed: We are subject to federal and international regulations with regard to shipment of hazardous materials, including the Department of Transportation and the International Air Transit Authority.
−Removed: These regulations require interstate, intrastate, and foreign shipments comply with applicable labeling, documentation, and training requirements.
+Added: We are subject to federal and international regulations with regard to shipment of hazardous materials, including those issued by the Department of Transportation and the International Air Transit Authority.
+Added: These regulations require interstate, intrastate, and foreign shipments to comply with applicable labeling, documentation, and training requirements.
Human Capital Resources
8 unchanged sentences
Company History
−Removed: We were incorporated as a merger and acquisition company under the laws of the State of Delaware on June 4, 1985, under the name “International Group, Inc.” In September 1985, the Company completed a public offering and shortly thereafter acquired the world-wide rights to the Champions sports theme restaurant concept and changed its name to “Champions Sports, Inc.” In 1997, the Company sold its Champions service mark and concept to Marriott International, Inc.
+Added: We were incorporated as a merger and acquisition company under the laws of the State of Delaware on June 4, 1985, under the name “International Group, Inc.” In September 1985, the Company completed a public offering and shortly thereafter acquired the worldwide rights to the Champions sports theme restaurant concept and changed its name to “Champions Sports, Inc.” In 1997, the Company sold its Champions service mark and concept to Marriott International, Inc.
and until 2005, was a consultant to Marriott International, Inc.
7 unchanged sentences
Information on our website is not part of this Annual Report.
−Removed: Through our website, we make available, free of charge, access to all reports filed with the United States Securities and Exchange Commission, or SEC, including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, our Proxy Statements on Schedules 14A and amendments to those reports, as filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
+Added: Through our website, we make available, free of charge, access to all reports filed with the United States Securities and Exchange Commission, (the "SEC"), including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, our Proxy Statements on Schedules 14A and amendments to those reports, as filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
Copies of any materials we file with, or furnish to, the SEC can also be obtained free of charge through the SEC’s website at http://www.sec.gov.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.