What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-03-12 compared with 2025-12-15 · 95 added, 87 removed, 446 unchanged (29% of the section changed)

29 unchanged sentences

14,007,159 and 13,897,503 shares issued;

and 13,886,326 and 13,777,170 outstanding as of July 31, 2025 and April 30, 2025, respectively

and 13,886,826 and 13,777,170 outstanding as of January 31, 2026 and April 30, 2025, respectively

Treasury stock, at cost ( 708 ) ( 708 )

10 unchanged sentences

Three Months Ended

October 31, Six Months Ended

January 31, Nine Months Ended

2026 2025 2026 2025

12 unchanged sentences

Net income (loss) $ ( 279 ) $ 4,495 $ ( 508 ) $ 6,536

net loss attributable to noncontrolling interest 31 — 61 —

Net income (loss) attributable to Company's common shares $ 268 $ 728 $ ( 169 ) $ 2,041

Net income (loss) per common share outstanding

22 unchanged sentences

Balance October 31, 2025 14,006,659 $ 14 120,333 $ ( 708 ) $ 84,985 61 $ ( 80,121 ) $ 4,231

Stock-based compensation — — — — 389 34 — 423

Issuance of common stock on exercise of stock options 500 — — — 3 — — 3

Net loss — — — — — — ( 279 ) ( 279 )

Balance January 31, 2026 14,007,159 $ 14 120,333 ( 708 ) $ 85,377 95 $ ( 80,400 ) $ 4,378

Common Stock Treasury Stock Additional

11 unchanged sentences

Balance October 31, 2024 13,819,236 $ 14 120,333 $ ( 708 ) $ 83,927 $ ( 82,552 ) $ 681

Stock-based compensation — — — — 256 — 256

Issuance of common stock on exercise of stock options 6,667 — — — 37 — 37

Net income — — — — — 4,495 4,495

Balance January 31, 2025 13,825,903 $ 14 120,333 ( 708 ) $ 84,220 $ ( 78,057 ) $ 5,469

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(Dollars in Thousands)

Six Months Ended

Nine Months Ended

Operating activities:

3 unchanged sentences

Depreciation and amortization expense 1,056 1,246

Loss on disposal of equipment 20 —

Loss on sale and disposal of equipment 110 —

Gain on termination of operating lease ( 9 ) —

11 unchanged sentences

Purchase of property and equipment ( 325 ) ( 136 )

Proceeds from sale of equipment 23 —

Net cash used in investing activities ( 302 ) ( 136 )

23 unchanged sentences

("Corellia").

For the three and six months ended October 31, 2025 and 2024, there were no revenues earned by these subsidiaries.

For the three and nine months ended January 31, 2026 and 2025, there were no revenues earned by these subsidiaries.

The Company’s foreign subsidiaries' functional currency is the U.S.

5 unchanged sentences

Intercompany transactions and accounts have been eliminated.

Non-controlling interests represent the portion of the equity in consolidated subsidiaries not attributable to the company.

The non-controlling interests' share of the net assets, net income, and comprehensive income is separately presented in the condensed consolidated financial statements where applicable.

The Company's wholly owned subsidiary, Corellia, has issued equity‑classified stock options to certain of its employees.

Stock‑based compensation expense is recognized over the requisite service period, with the corresponding equity recorded as non-controlling interest in the consolidated statement of stockholders' equity.

Because the options are unexercised, they do not represent an actual ownership interest, and no portion of the Company's net income or loss is attributed to non-controlling interest until the options are exercised.

Refer to Note 6.

These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC.

Certain information related to the Company’s organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted.

The April 30, 2025 condensed consolidated balance sheet in the accompanying interim condensed consolidated financial statements was derived from audited condensed consolidated financial statements.

The accounting policies followed in the preparation of these unaudited condensed consolidated financial statements are consistent with those followed in the Company’s annual condensed consolidated financial statements for the fiscal year ended April 30, 2025, as filed in the Company's Annual Report on Form 10-K with the SEC on July 23, 2025 (the "Annual Report").

The April 30, 2025 condensed consolidated balance sheet in the accompanying interim condensed consolidated financial statements was derived from audited consolidated financial statements.

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 fiscal year ended April 30, 2025, as filed in the Company's Annual Report on Form 10-K with the SEC on July 23, 2025 (the "Annual Report").

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 Annual Report.

3 unchanged sentences

Significant Accounting Policies

The significant accounting policies used in the preparation of these condensed consolidated financial statements are disclosed in our 2025 Annual Report and there have been no changes to the Company's significant accounting policies during the six months ended October 31, 2025.

The Company's liquidity needs have typically arisen from the funding of its research and development programs and the launch of new products and services, working capital requirements, and other strategic initiatives.

1 unchanged sentence

In the past, the Company has also received proceeds from certain private placements and public offerings of our securities.

For the six months ended October 31, 2025, the Company had a net loss of approximately $ 237,000 , an accumulated deficit of approximately $ 80.1 million, negative working capital of $ 809,000 and cash of $ 8.5 million.

For the nine months ended January 31, 2026, the Company had a net loss of approximately $ 508,000 , an accumulated deficit of approximately $ 80.4 million, negative working capital of $ 492,000 and cash of $ 7.1 million.

Despite the negative working capital, we believe that our cash on hand, together with expected cash flows from operations, are adequate to fund operations through at least the next twelve months from the filing of this report.

6 unchanged sentences

Three Months Ended

October 31, Six Months Ended October 31,

January 31, Nine Months Ended January 31,

(Dollars in Thousands) 2026 2025 2026 2025

Basic net income (loss) per share computation:

Net income (loss) attributable to common stockholders $ 268 $ 728 $ ( 169 ) $ 2,041

Net income (loss) $ ( 279 ) $ 4,495 $ ( 508 ) $ 6,536

Weighted Average common shares – basic 13,886,797 13,700,627 13,805,647 13,620,686

1 unchanged sentence

Diluted net income (loss) per share computation:

Net income (loss) attributable to common stockholders $ 268 $ 728 $ ( 169 ) $ 2,041

Net income (loss) $ ( 279 ) $ 4,495 $ ( 508 ) $ 6,536

Weighted Average common shares 13,886,797 13,700,627 13,805,647 13,620,686

2 unchanged sentences

Diluted net income (loss) per share $ ( 0.02 ) $ 0.31 $ ( 0.04 ) $ 0.46

The following table reflects the total potential common stock instruments outstanding at October 31, 2025 and 2024 including those that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive.

The following table reflects the total potential common stock instruments outstanding at January 31, 2026 and 2025 including those that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive.

Total common stock equivalents 2,548,665 499,490

76 unchanged sentences

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

October 31, 2025 April 30, 2025 May 1, 2024

January 31, 2026 April 30, 2025 May 1, 2024

Accounts receivable $ 6,896 $ 6,835 $ 4,886

8 unchanged sentences

Reversal for amounts subsequently collected —

Ending balance October 31, 2025 $ ( 1,013 )

Ending balance January 31, 2026 $ ( 984 )

Deferred revenue was as follows (in thousands):

October 31, 2025 April 30, 2025 May 1, 2024

January 31, 2026 April 30, 2025 May 1, 2024

Deferred revenue $ 9,998 $ 15,443 $ 12,094

1 unchanged sentence

Oncology Revenue

The following table represents disaggregated revenue for the three and six months ended October 31, 2025 and 2024 (in thousands):

The following table represents disaggregated revenue for the three and nine months ended January 31, 2026 and 2025 (in thousands):

Three Months Ended

October 31, Six Months Ended October 31,

January 31, Nine Months Ended January 31,

2026 2025 2026 2025

19 unchanged sentences

Property and equipment, net $ 3,705 $ 4,375

Depreciation and amortization expense was $ 357,000 and $ 399,000 for the three months ended October 31, 2025 and 2024, respectively.

Depreciation and amortization expense, excluding expense recorded under finance leases, was $ 318,000 and $ 362,000 for the three months ended October 31, 2025 and 2024, respectively.

Depreciation and amortization expense was $ 715,000 and $ 848,000 for the six months ended October 31, 2025 and 2024, respectively.

Depreciation and amortization expense, excluding expense recorded under finance leases, was $ 638,000 and $ 774,000 for the six months ended October 31, 2025 and 2024, respectively.

As of October 31, 2025 and April 30, 2025, property, plant and equipment included gross assets held under finance leases of $ 1.0 million.

Related depreciation expense was approximately $ 39,000 and $ 37,000 for the three months ended October 31, 2025 and 2024, respectively, and $ 77,000 and $ 74,000 for the six months ended October 31, 2025 and 2024, respectively.

During the three months ended July 31, 2025, the Company disposed of lab equipment with a cost of $ 44,000 and accumulated depreciation of $ 24,000 as of the disposal date, resulting in a loss on disposal of equipment recorded of $ 20,000 .

The Company did no t dispose of any equipment during the three months ended October 31, 2025.

During the three and six months ended October 31, 2024, the Company did no t dispose of any equipment.

Depreciation and amortization expense was $ 341,000 and $ 398,000 for the three months ended January 31, 2026 and 2025, respectively.

Depreciation and amortization expense, excluding expense recorded under finance leases, was $ 302,000 and $ 360,000 for the three months ended January 31, 2026 and 2025, respectively.

Depreciation and amortization expense was $ 1.1 million and $ 1.2 million for the nine months ended January 31, 2026 and 2025, respectively.

Depreciation and amortization expense, excluding expense recorded under finance leases, was $ 940,000 and $ 1.1 million for the nine months ended January 31, 2026 and 2025, respectively.

As of January 31, 2026 and April 30, 2025, property, plant and equipment included gross assets held under finance leases of $ 1.0 million.

Related depreciation expense was approximately $ 39,000 and $ 38,000 for the three months ended January 31, 2026 and 2025, respectively, and $ 116,000 and $ 112,000 for the nine months ended January 31, 2026 and 2025, respectively.

During the three months ended January 31, 2026, the Company disposed of lab equipment with a cost of $ 358,000 and accumulated depreciation of $ 245,000 , for proceeds of $ 23,000 , resulting in a loss on sale and disposal of equipment of $ 90,000 .

During the nine months ended January 31, 2026, the Company disposed of lab equipment with a cost of $ 402,000 and accumulated depreciation of $ 269,000 , for proceeds of $ 23,000 , resulting in a loss on sale and disposal of equipment of $ 110,000 .

During the three and nine months ended January 31, 2025, the Company did no t dispose of any equipment.

Finance Lease

3 unchanged sentences

The present value of the minimum future obligations of $ 368,000 was calculated based on an interest rate of 3.5 %.

Depreciation and amortization expense related to this finance lease was $ 19,000 and $ 18,000 for the three months ended October 31, 2025 and 2024, respectively, and $ 38,000 and $ 36,000 , for the six months ended October 31, 2025 and 2024, respectively.

Interest on the related finance lease liability was approximately $ 1,100 and $ 1,800 for the three months ended October 31, 2025 and 2024, respectively.

Interest on the related finance lease liability was approximately $ 2,400 and $ 3,700 for the six months ended October 31, 2025 and 2024, respectively.

Depreciation and amortization expense related to this finance lease was $ 19,000 and $ 18,400 for the three months ended January 31, 2026 and 2025, respectively, and $ 57,000 and $ 55,000 , for the nine months ended January 31, 2026 and 2025, respectively.

Interest on the related finance lease liability was approximately $ 1,000 and $ 1,600 for the three months ended January 31, 2026 and 2025, respectively.

Interest on the related finance lease liability was approximately $ 3,400 and $ 5,300 for the nine months ended January 31, 2026 and 2025, respectively.

During fiscal year 2022, the Company recognized a finance lease for laboratory equipment.

2 unchanged sentences

At the commencement of the commitment, the present value of the minimum future obligations of $ 370,000 was calculated based on an interest rate of 3.25 %.

Depreciation and amortization expense related to this finance lease was $ 20,000 and $ 19,000 for the three months ended October 31, 2025 and 2024, respectively, and $ 39,000 and $ 38,000 , for six months ended October 31, 2025 and 2024, respectively.

Interest on the related finance lease liability was less than $ 1,000 for the three and six months ended October 31, 2025.

Interest on the related finance lease liability was less than $ 1,000 for the three months ended October 31, 2024 and approximately $ 1,900 for the six months ended October 31, 2024.

Depreciation and amortization expense related to this finance lease was $ 20,000 and $ 19,300 for the three months ended January 31, 2026 and 2025, respectively, and $ 59,000 and $ 57,000 , for nine months ended January 31, 2026 and 2025, respectively.

Interest on the related finance lease liability was less than $ 100 and $ 700 , respectively, for the three months ended January 31, 2026 and 2025.

Interest on the related finance lease liability was less than $ 1,000 and $ 2,500 , respectively, for the nine months ended January 31, 2026 and 2025.

As noted above, the Company's financing leases are for laboratory equipment.

2 unchanged sentences

Financing lease assets (lab equipment) and lease liabilities related to our current financing leases are as follows (in thousands):

October 31, 2025 April 30, 2025

January 31, 2026 April 30, 2025

Financing lease net asset $ 105 $ 220

10 unchanged sentences

Three Months Ended

October 31, Six Months Ended

January 31, Nine Months Ended

2026 2025 2026 2025

4 unchanged sentences

Total stock-based compensation expense $ 423 $ 256 $ 880 $ 523

For the three and six months ended October 31, 2025, stock-based compensation expense for research and development includes approximately $ 31,000 and $ 61,000 respectively, for options granted by the Company's wholly-owned subsidiary, Corellia, to certain of its employees.

For the three and nine months ended January 31, 2026, stock-based compensation expense for research and development includes approximately $ 34,000 and $ 95,000 respectively, for options granted by the Company's wholly-owned subsidiary, Corellia, to certain of its employees.

The Company has in place a 2021 Equity Incentive Plan and 2010 Equity Incentive Plan as well as the 2023 Global Equity Incentive Plan which is specific to Corellia (collectively, the "Plans").

10 unchanged sentences

Options and Stock Appreciation Rights have a strike price not less than 100 % of the fair market value of the common stock subject to the option or right at the date of grant.

As of October 31, 2025, approximately 355,000 shares were available for issue under this plan.

As of January 31, 2026, approximately 173,000 shares were available for issue under this plan.

2010 Equity Incentive Plan

7 unchanged sentences

After February 2021, no more shares were available to be issued from this plan.

As of October 31, 2025, approximately 787,000 options granted under the 2010 plan were still outstanding.

As of January 31, 2026, approximately 734,000 options granted under the 2010 plan were still outstanding.

2023 Global Equity Incentive Plan

6 unchanged sentences

Stock Option Grants

Black-Scholes and Monte Carlo assumptions used to calculate the fair value of Champions options granted by the Company during the three and six months ended October 31, 2025 and 2024 were as follows:

Black-Scholes and Monte Carlo assumptions used to calculate the fair value of Champions options granted by the Company during the three and nine months ended January 31, 2026 and 2025 were as follows:

Three Months Ended

October 31, Six Months Ended

January 31, Nine Months Ended

2026 2025 2026 2025

9 unchanged sentences

Dividend yield — % — % — % — %

The weighted average fair value of stock options granted during the three months ended October 31, 2025 and 2024 was $ 0.00 and $ 2.48 , respectively, noting that no options were granted during the three months ended October 31, 2025.

The weighted average fair value of stock options granted during the six months ended October 31, 2025 and 2024 was $ 4.33 and $ 2.49 , respectively.

Black-Scholes assumptions used to calculate the fair value of Corellia options granted by Corellia during the three and six months ended October 31, 2025 and 2024 were as follows:

Three Months Ended

October 31, Six Months Ended

2025 2024 2025 2024

The weighted average fair value of stock options granted during the three months ended January 31, 2026 and 2025 was $ 3.54 and $ 2.64 , respectively.

The weighted average fair value of stock options granted during the nine months ended January 31, 2026 and 2025 was $ 4.16 and $ 2.58 , respectively.

Black-Scholes assumptions used to calculate the fair value of Corellia options granted by Corellia during May 2025 were as follows:

Nine Months Ended

Expected term in years 6 0

2 unchanged sentences

Dividend yield — % — %

The weighted average fair value of stock options granted during the six months ended October 31, 2025 was $ 1,364.00 .

There have been no Corellia stock options granted prior to the first quarter of fiscal 2026 and no options were granted during the three months ended October 31, 2025.

The weighted average fair value of stock options granted during the nine months ended January 31, 2026 was $ 1,364 .

There have been no Corellia stock options granted prior to the first quarter of fiscal 2026 and no options were granted during the three months ended January 31, 2026.

Due to the absence of an active market for the Corellia's common stock, Corellia utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock.

3 unchanged sentences

Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

The Company’s stock options activity for the 2021 and 2010 equity incentive plans for the six months ended October 31, 2025 was a s follows:

The Company’s stock options activity for the 2021 and 2010 equity incentive plans for the nine months ended January 31, 2026 was a s follows:

Employees Non-

7 unchanged sentences

Canceled ( 12,375 ) — ( 12,375 ) 7.26

Outstanding, October 31, 2025 2,383,695 36,331 2,420,026 $ 5.96 6.5 $ 3,726,000

Vested and expected to vest as of October 31, 2025 2,383,695 36,331 2,420,026 $ 5.96 6.5 $ 3,726,000

Exercisable as of October 31, 2025 1,458,663 5,625 1,464,288 $ 5.06 4.4 $ 3,476,000

The remaining unrecognized stock-based compensation expense at October 31, 2025 was $ 3.8 million.

Of this amount, $ 1.2 million relates to time-based awards with a remaining weighted average recognition period of 3.61 years and $ 888,000 related to market based awards with a remaining average recognition period of 2.2 years.

Expired ( 53,333 ) — ( 53,333 ) 11.96

Outstanding, January 31, 2026 2,512,334 36,331 2,548,665 $ 5.83 6.6 $ 4,556,000

Vested and expected to vest as of January 31, 2026 2,512,334 36,331 2,548,665 $ 5.83 6.6 $ 4,556,000

Exercisable as of January 31, 2026 1,426,449 7,500 1,433,949 $ 4.83 4.4 $ 4,000,000

The remaining unrecognized stock-based compensation expense at January 31, 2026 was $ 4.1 million.

Of this amount, $ 1.5 million relates to time-based awards with a remaining weighted average recognition period of 3.05 years and $ 780,000 related to market based awards with a remaining weighted average recognition period of 2.0 years.

The remaining $ 1.8 million of unrecognized stock-based compensation expense relates to performance-based awards for which expense will only be recognized when it becomes probable that the Company will achieve such defined financial targets.

As of October 31, 2025 , there were 430,000 options that have these performance-based vesting provisions and are subject to forfeiture, in whole or in part, if these performance conditions are not achieved.

As of January 31, 2026, there were 465,000 options that have these performance-based vesting provisions and are subject to forfeiture, in whole or in part, if these performance conditions are not achieved.

Management assesses, on an ongoing basis, the probability of whether the performance criteria will be achieved and, if it is deemed probable, stock-based compensation expense is recognized over the relevant performance period.

The stock options activity for the Corellia 2023 Global equity incentive plan for the six months ended October 31, 2025 was as follows:

The stock options activity for the Corellia 2023 Global equity incentive plan for the nine months ended January 31, 2026 was as follows:

Employees Non-

4 unchanged sentences

Granted 300 — 300 $ 1,682.00 9.30

Outstanding, October 31, 2025 300 — 300 $ 1,682.00 9.56 $ 110,000

Vested and expected to vest as of October 31, 2025 300 — 300 $ 1,682.00 9.56 $ 110,000

Exercisable as of October 31, 2025 — — — $ — — $ —

The remaining unrecognized stock-based compensation expense at October 31, 2025 was $ 348,000 .

Outstanding, January 31, 2026 300 — 300 $ 1,682.00 9.30 $ 110,000

Vested and expected to vest as of January 31, 2026 300 — 300 $ 1,682.00 9.30 $ 110,000

Exercisable as of January 31, 2026 — — — $ — — $ —

The remaining unrecognized stock-based compensation expense at January 31, 2026 was $ 314,000 .

This amount relates to time-based awards with a remaining weighted average recognition period of 2.3 years

5 unchanged sentences

The program does not obligate the Company to acquire a minimum number of shares.

As of October 31, 2025, the Company had purchased 120,300 shares of its common stock, at an average price of $ 5.73 per share, totaling approximately $ 708,000 and leaving an available balance of approximately $ 4.3 million authorized by the Board for use in the program as of that date.

As of January 31, 2026, the Company had purchased 120,300 shares of its common stock, at an average price of $ 5.73 per share, totaling approximately $ 708,000 and leaving an available balance of approximately $ 4.3 million authorized by the Board for use in the program as of that date.

The last purchase was made during fiscal year 2024.

7 unchanged sentences

Rent expense for operating leases is recognized on a straight-line basis over the lease term from the lease commencement date through the scheduled expiration date.

Rent expense totaled $ 454,000 for both the three months ended October 31, 2025 and 2024.

Rent expense totaled $ 907,000 for both the six months ended October 31, 2025 and 2024.

Rent expense totaled $ 454,000 and $ 453,000 , respectively, for the three months ended January 31, 2026 and 2025.

Rent expense totaled $ 1.4 million for both the nine months ended January 31, 2026 and 2025.

The Company considers its facilities adequate for its current operational needs.

2 unchanged sentences

The lease expires in November 2026.

The Company recognized $ 19,000 of rent expense relative to this lease for both the three months ended October 31, 2025 and 2024.

The Company recognized $ 38,000 of rent expense relative to this lease for both the six months ended October 31, 2025 and 2024.

The Company recognized $ 19,000 and $ 17,000 , respectively, of rent expense relative to this lease for the three months ended January 31, 2026 and 2025.

The Company recognized $ 58,000 and $ 55,000 , respectively, of rent expense relative to this lease for the nine months ended January 31, 2026 and 2025.

• 1330 Piccard Drive Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company conducts operations related to its primary service offerings.

3 unchanged sentences

This lease expires in February 2029.

The Company recognized $ 422,000 of rent expense relative to this lease for both the three months ended October 31, 2025 and 2024.

The Company recognized $ 843,000 of rent expense relative to this lease for both the six months ended October 31, 2025 and 2024.

The Company recognized $ 422,000 of rent expense relative to this lease for both the three months ended January 31, 2026 and 2025.

The Company recognized $ 1.3 million of rent expense relative to this lease for both the nine months ended January 31, 2026 and 2025.

• VIA LEONE XIII, 14, Milan, Italy, which consists of laboratory and office space where the Company conducts operations related to its flow cytometry service offerings.

3 unchanged sentences

The lease will terminate April 30, 2026 and the Company will no longer utilize a physical site in Italy.

As part of this lease modification, the Company recorded a reduction to its right of use asset related to this lease of $ 108,000 .

In addition, the Company recorded a reduction to the current and non-current portions of the related operating lease liabilities of $ 16,000 and $ 101,000 , respectively.

A gain on lease termination of $ 9,000 was recorded.

The Company recognized $ 13,000 of rent expense relative to this lease for both the three months ended October 31, 2025 and 2024.

The Company recognized $ 25,000 of rent expense relative to this lease for both the six months ended October 31, 2025 and 2024.

As part of this lease modification, during the three months ended October 31, 2025, the Company recorded a reduction to its right of use asset related to this lease of $ 108,000 .

Simultaneously, the Company recorded a reduction to the current and non-current portions of the related operating lease liabilities of $ 16,000 and $ 101,000 , respectively.

These reductions resulted in the recording of a gain on lease termination of $ 9,000 .

The Company recognized $ 12,000 and $ 13,000 , respectively, of rent expense relative to this lease for both the three months ended January 31, 2026 and 2025.

The Company recognized $ 38,000 of rent expense relative to this lease for both the nine months ended January 31, 2026 and 2025.

ROU assets and lease liabilities related to our current operating leases are as follows (in thousands):

October 31, 2025 April 30, 2025

January 31, 2026 April 30, 2025

Operating lease right-of-use assets, net

2 unchanged sentences

Non-current portion of operating lease liabilities 3,365 4,634

As of October 31, 2025, the weighted average remaining operating lease term and the weighted average discount rate were 3.26 years and 5.83 %, respectively.

As of October 31, 2024, the weighted average remaining operating lease term and the weighted average discount rate were 4.24 years and 5.88 %, respectively.

As of January 31, 2026, the weighted average remaining operating lease term and the weighted average discount rate were 3.02 years and 5.82 %, respectively.

As of January 31, 2025, the weighted average remaining operating lease term and the weighted average discount rate were 4.00 years and 5.88 %, respectively.

Future minimum lease payments due each fiscal year as follows (in thousands):

3 unchanged sentences

Present value of minimum lease payments $ 4,894

The composition of total lease cost for three and six months ended October 31, 2025 and 2024 were as follows (in thousands):

Three Months Ended October 31, Six Months Ended October 31,

The composition of total lease cost for three and nine months ended January 31, 2026 and 2025 were as follows (in thousands):

Three Months Ended January 31, Nine Months Ended January 31,

2026 2025 2026 2025

9 unchanged sentences

Consulting Services

During the three months ended October 31, 2025 and 2024, the Company recognized $ 0 and $ 6,000 , respectively, for consulting services provided by an affiliate of a Board member, unrelated to his duty as a Board member.

During the six months ended October 31, 2025 and 2024, the Company recognized $ 0 and $ 15,000 , respectively, for consulting services provided by an affiliate of a Board member, unrelated to his duty as a Board member.

Such amounts are included in general and administrative expenses in the accompanying condensed consolidated statements of operations.

As of October 31, 2025, $ 0 was due to this related party.

During the nine months ended January 31, 2026 and 2025, the Company recognized $ 0 and $ 12,000 , respectively, for consulting services provided by an affiliate of a Board member, unrelated to his duty as a Board member.

During both the three months ended January 31, 2026 and 2025, the Company recognized $ 0 for such services.

Such amounts, if applicable, are included in general and administrative expenses in the accompanying condensed consolidated statements of operations.

As of January 31, 2026, $ 0 was due to this related party.

Commitments and Contingencies

7 unchanged sentences

Some of these arrangements also set forth an annual minimum royalty due regardless of tumor models used for sale.

For the three months ended October 31, 2025 and 2024, we have recognized approximately $ 134,000 and $ 104,000 , respectively, in expense related to these royalty arrangements.

For the six months ended October 31, 2025 and 2024, we have recognized approximately $ 173,000 and $ 185,000 , respectively, in expense related to these royalty arrangements.

For the three months ended January 31, 2026 and 2025, we have recognized approximately $ 199,000 and $ 117,000 , respectively, in expense related to these royalty arrangements.

For the nine months ended January 31, 2026 and 2025, we have recognized approximately $ 372,000 and $ 302,000 , respectively, in expense related to these royalty arrangements.

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.

What changed 10-Q

Item 1. Financial Statements