Champions Oncology Inc (NASDAQ: CSBR) is a preclinical oncology research services company that provides Patient Derived Xenograft (PDX) model-based studies to pharmaceutical and biotechnology companies developing cancer drugs. Revenue comes from transactional research studies, PDX model data licensing agreements, and computational oncology software solutions sold directly to drug developers. The company has performed studies for approximately 500 different pharmaceutical and biotechnology companies over the past ten years, contracting with clients across North America, Europe, and Asia. Its core asset is the TumorGraft Technology Platform, a proprietary TumorBank of well-characterized PDX models paired with a Datacenter containing approximately 3,500 molecular datasets, approximately 3,000 clinical drug responses, and approximately 3,500 in vivo drug responses as of the 10-K filed July 23, 2025. Typical studies are priced around $125,000, with a growing number in the $250,000 to $500,000 range. The company also operates an early-stage drug discovery business with a pipeline of targets at various stages of validation, for which the commercial strategy remains under development.

Revenue model

Transactional fees from preclinical oncology studies (typically $125,000 per study, with larger studies at $250,000 to $500,000), licensing fees for access to PDX model data, and sales of oncology software solutions. Studies are conducted in both non-regulatory and Good Clinical Laboratory Practice (GCLP) regulatory environments, with regulatory-environment studies commanding larger contract values. Revenue is recognized under ASC 606 as performance obligations are satisfied.

Products and services

TumorGraft Technology Platform (PDX-based preclinical oncology studies), proprietary TumorBank of Patient Derived Xenograft models, Datacenter combining approximately 3,500 molecular datasets and approximately 3,000 clinical drug responses (as of filing date July 23, 2025), oncology software solutions, PDX model data licensing, and a drug discovery pipeline with targets at various validation stages under the Translational Oncology Solutions (TOS) brand.

Customers and end markets

Pharmaceutical and biotechnology companies seeking personalized drug development and oncology drug efficacy prediction. Approximately 500 different companies served over ten years as of the 10-K filed July 23, 2025. The company reports a high rate of repeat business and a sales force of approximately 35 professionals dedicated to this customer base.

Value-chain role

Preclinical contract research organization (CRO) specializing in PDX-model-based oncology drug efficacy testing. Sits between basic research and clinical-stage drug development, providing in vivo, ex vivo, and biomarker study data to inform pharmaceutical and biotechnology drug development decisions. Also acts as a data licensor for its proprietary multi-omic oncology dataset.

Geographic exposure

Customers span North America, Europe, and Asia, per the 10-K filed July 23, 2025. No segment-level geographic revenue breakdown is disclosed in the provided excerpts.

Source: SEC 10-K, filed 2025-07-23

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