Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2015 | Dec. 11, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | CHAMPIONS ONCOLOGY, INC. | |
Entity Central Index Key | 771,856 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CSBR | |
Entity Common Stock, Shares Outstanding | 8,702,237 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2015 | Apr. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 4,157 | $ 9,357 |
Accounts receivable, net | 1,891 | 1,060 |
Prepaid expenses and other current assets | 295 | 346 |
Total current assets | 6,343 | 10,763 |
Restricted cash | 150 | 163 |
Property and equipment, net | 420 | 452 |
Goodwill | 669 | 669 |
Total assets | 7,582 | 12,047 |
Current liabilities: | ||
Accounts payable | 1,338 | 1,414 |
Accrued liabilities | 283 | 373 |
Deferred revenue | 1,644 | 2,009 |
Total current liabilities | 3,265 | 3,796 |
Other non-current liability | 215 | 192 |
Total liabilities | 3,480 | 3,988 |
Stockholders' equity: | ||
Common stock, $.001 par value; 200,000,000 shares authorized; 8,963,590 shares issued and 8,702,237 shares outstanding as of October 31, 2015 and April 30, 2015, respectively | 9 | 9 |
Treasury stock, at cost, 269,686 common shares as of October 31, 2015 and April 30, 2015 | (1,252) | (1,252) |
Additional paid-in capital | 62,826 | 61,322 |
Accumulated deficit | (57,481) | (52,020) |
Total stockholders' equity | 4,102 | 8,059 |
Total liabilities and stockholders' equity | $ 7,582 | $ 12,047 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2015 | Apr. 30, 2015 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 8,963,590 | 8,963,590 |
Common stock, shares outstanding | 8,702,237 | 8,702,237 |
Treasury stock, common shares | 269,686 | 269,686 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Operating revenue: | ||||
Personalized oncology solutions | $ 486 | $ 452 | $ 971 | $ 792 |
Translational oncology solutions | 2,485 | 1,430 | 4,822 | 3,001 |
Total operating revenue | 2,971 | 1,882 | 5,793 | 3,793 |
Costs and operating expenses: | ||||
Cost of personalized oncology solutions | 568 | 759 | 1,228 | 1,516 |
Cost of translational oncology solutions | 1,443 | 960 | 3,056 | 1,924 |
Research and development | 919 | 1,249 | 2,019 | 2,663 |
Sales and marketing | 834 | 1,203 | 1,863 | 2,246 |
General and administrative | 1,700 | 1,377 | 3,017 | 2,831 |
Total costs and operating expenses | 5,464 | 5,548 | 11,183 | 11,180 |
Loss from operations | (2,493) | (3,666) | (5,390) | (7,387) |
Other (expense) income: | ||||
Change in fair value of warrant liability | 0 | 625 | 0 | 781 |
Other (expense) | (14) | (27) | (24) | (63) |
Total other (expense) income | (14) | 598 | (24) | 718 |
Loss before provision for income taxes | (2,507) | (3,068) | (5,414) | (6,669) |
Provision for income taxes | 41 | 10 | 47 | 15 |
Net loss | $ (2,548) | $ (3,078) | $ (5,461) | $ (6,684) |
Net loss per common share outstanding | ||||
basic (in dollars per share) | $ (0.29) | $ (0.55) | $ (0.63) | $ (1.20) |
diluted (in dollars per share) | $ (0.29) | $ (0.65) | $ (0.63) | $ (1.32) |
Weighted average common shares outstanding | ||||
basic (in shares) | 8,702,237 | 5,573,944 | 8,702,237 | 5,573,853 |
diluted (in shares) | 8,702,237 | 5,654,610 | 8,702,237 | 5,654,519 |
UNAUDITED CONDENSED CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Operating activities: | ||
Net loss | $ (5,461) | $ (6,684) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,523 | 1,627 |
Depreciation expense | 76 | 110 |
Provision for bad debts | 34 | 0 |
Change in fair value of warrant liability | 0 | (781) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (865) | 210 |
Prepaid expenses and other current assets | 51 | (10) |
Restricted cash | 13 | 1 |
Accounts payable | (76) | 651 |
Accrued liabilities | (90) | (40) |
Other non-current liability | 35 | 0 |
Deferred revenue | (367) | (331) |
Net cash used in operating activities | (5,127) | (5,247) |
Investing activities: | ||
Purchase of property and equipment | (44) | (71) |
Net cash used in investing activities | (44) | (71) |
Financing activities: | ||
Payment of issuance costs related to 2015 Private Placement | (18) | 0 |
Capital lease payments | (11) | 0 |
Proceeds from exercise of options | 0 | 2 |
Net cash (used in)/provided by financing activities | (29) | 2 |
Decrease in cash and cash equivalents | (5,200) | (5,316) |
Cash and cash equivalents, beginning of period | 9,357 | 5,891 |
Cash and cash equivalents, end of period | $ 4,157 | $ 575 |
Organization, Use of Estimates
Organization, Use of Estimates and Basis of Presentation | 6 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Champions Oncology, Inc. (the “Company”), is engaged in the development and sale of advanced technology solutions and products to personalize the development and use of oncology drugs. The Company’s TumorGraft Technology Platform is a novel approach to personalizing cancer care based upon the implantation of human tumors in immune-deficient mice. The Company uses this technology, in conjunction with related services, to offer solutions for two consumer groups: Personalized Oncology Solutions (“POS”) and Translational Oncology Solutions (“TOS”). POS assists physicians in developing personalized treatment options for their cancer patients through tumor specific data obtained from drug panels and related personalized oncology services. The Company’s TOS business offers a technology platform to pharmaceutical and biotechnology companies using proprietary TumorGraft studies, which the Company believes may be predictive of how drugs may perform in clinical settings. The Company has three operating subsidiaries: Champions Oncology (Israel), Limited, Champions Biotechnology U.K., Limited and Champions Oncology Singapore, PTE LTD. For the three and six months ended October 31, 2015 and 2014, there were no material revenues earned by these subsidiaries. The Company’s foreign subsidiaries functional currency is the U.S. dollar. Transaction gains and losses are recognized in earnings. The Company is subject to foreign exchange rate fluctuations in connection with the Company’s international operations. These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission or the SEC. All significant intercompany transactions and accounts have been eliminated. Certain information related to the Company’s organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States or GAAP has been condensed or omitted. 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 year ended April 30, 2015, as filed on Form 10-K. 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 Company’s Annual Report on Form 10-K for the year ended April 30, 2015. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Liquidity Our liquidity needs have typically arisen from the funding of our research and development programs and the launch of new products, working capital requirements, and other strategic initiatives. In the past, we have met these cash requirements through our sales of products and services, cash and cash equivalents, working capital management, and proceeds from certain private placements of our securities. As of October 31, 2015, we had positive working capital of $ 3.1 4.2 Reverse Stock Split On October 15, 2013, the shareholders of the Company authorized our Board of Directors to effect a reverse stock split of all outstanding shares of common stock, warrants and options. The Board of Directors subsequently approved the implementation of a reverse stock split at a ratio of one-for-twelve shares, which became effective on August 12, 2015. All share and per share data in these condensed consolidated financial statements and related notes hereto have been retroactively adjusted to account for the effect of the reverse stock split. Earnings Per Share Basic net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares of common stock plus dilutive potential common stock considered outstanding during the period. Such dilutive shares consist of incremental shares that would be issued upon exercise of the Company’s common stock purchase warrants and stock options. For the three and six months ended October 31, 2015, basic and dilutive loss per share were the same, as the potentially dilutive securities did not have a dilutive effect. Although there were net losses for the three and six months ended October 31, 2014, the gain from the change in fair value of the warrant liability for these periods had a dilutive effect on earnings per share. Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Basic loss per share computation Net loss attributable to common stockholders $ (2,548,000) $ (3,078,000) $ (5,461,000) $ (6,684,000) Weighted Average common shares basic 8,702,237 5,573,944 8,702,237 5,573,853 Basic net loss per share $ (0.29) $ (0.55) $ (0.63) $ (1.20) Diluted loss per share computation Net loss attributable to common stockholders $ (2,548,000) $ (3,078,000) $ (5,461,000) $ (6,684,000) Less: Gain on derivative warrant liability - 624,993 - 780,627 Loss available to common stockholders $ (2,548,000) $ (3,702,993) $ (5,461,000) $ (7,464,627) Weighted Average common shares 8,702,237 5,573,944 8,702,237 5,573,853 Incremental shares from assumed exercise of warrants and stock options - 80,666 - 80,666 Adjusted weighted average share diluted 8,702,237 5,654,610 8,702,237 5,654,519 Diluted net loss per share $ (0.29) $ (0.65) $ (0.63) $ (1.32) October 31, 2015 2014 Stock options 1,977,761 2,021,393 Warrants 2,109,840 260,556 Total common stock equivalents 4,087,601 2,281,949 Income Taxes Deferred income taxes have been provided to show the effect of temporary differences between the recognition of expenses for financial and income tax reporting purposes and between the tax basis of assets and liabilities, and their reported amounts in the consolidated financial statements. In assessing the realizability of deferred tax assets, the Company assesses the likelihood that deferred tax assets will be recovered through tax planning strategies or from future taxable income, and to the extent that recovery is not likely or there is insufficient operating history, a valuation allowance is established. The Company adjusts the valuation allowance in the period management determines it is more likely than not that net deferred tax assets will or will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. As of October 31, 2015 and 2014, the Company provided a valuation allowance for all net deferred tax assets, as recovery is not more likely than not based on an insufficient history of earnings. Tax positions are positions taken in a previously filed tax return or positions expected to be taken in a future tax return that are reflected in measuring current or deferred income tax assets and liabilities reported in the consolidated financial statements. Tax positions include, but are not limited to, the following: ⋅ An allocation or shift of income between taxing jurisdictions; ⋅ The characterization of income or a decision to exclude reportable taxable income in a tax return; or ⋅ A decision to classify a transaction, entity or other position in a tax return as tax exempt. The Company reflects tax benefits only if it is more likely than not that we will be able to sustain the tax position, based on its technical merits. If a tax benefit meets this criterion, it is measured and recognized based on the largest amount of benefit that is cumulatively greater than 50% likely to be realized. The Company has $ 135,000 100,000 The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s balance sheets at October 31, 2015 and April 30, 2015, and has not recognized interest and/or penalties in the statement of operations for either period. We do not anticipate any significant unrecognized tax benefits will be recorded during the next 12 months. The income tax provision for the six months ended October 31, 2015 and 2014 was $ 47,000 15,000 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 2. Property and Equipment Property and equipment is recorded at cost and consists of laboratory equipment, leasehold improvements, furniture and fixtures, and computer equipment and software. Depreciation is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to seven years. October 31, April 30, 2015 2015 (unaudited) Furniture and fixtures $ 73 $ 70 Computer equipment and software 707 685 Laboratory equipment 512 493 Leasehold improvements 2 2 Total property and equipment 1,294 1,250 Less: Accumulated depreciation (874) (798) Property and equipment, net $ 420 $ 452 Depreciation expense was $ 31,000 54,000 64,000 110,000 124,000 6,000 12,000 Capital Lease In November 2014, the Company entered into a lease for laboratory equipment. The lease is a capital lease that has costs of approximately $ 149,000 3,000 For the Years Ended April 30, Total 2016 (remaining) $ 11 2017 24 2018 25 2019 27 2020 16 Total minimum payments 103 Less: amount representing interest (12) Present value of minimum payments 91 Less: current portion (23) $ 68 The present value of minimum future obligations shown above is calculated based on an interest rate of 5 |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 3. Share-Based Payments The Company has in place a 2010 Equity Incentive Plan and a 2008 Equity Incentive Plan. In general, these plans provide for stock-based compensation in the form of (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights to the Company’s employees, directors and non-employees. The plans also provide for limits on the aggregate number of shares that may be granted, the term of grants and the strike price of option awards. Stock-based compensation in the amount of $ 748,000 820,000 1,523,000 1,627,000 Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 General and administrative $ 674 $ 513 $ 1,112 $ 1,055 Sales and marketing 25 179 145 333 Research and development 46 98 213 203 TOS cost of sales 2 16 26 18 POS cost of sales 1 14 27 18 Total stock-based compensation expense $ 748 $ 820 $ 1,523 $ 1,627 Stock Option Grants Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Expected term in years 6 5 - 6 5 - 6 3 - 6 Risk-free interest rates 1.63% - 1.72% 1.53% - 1.94% 1.57% - 1.72% 0.79% - 1.94% Volatility 87.46% - 87.81% 85.8% - 102.1% 87.46% - 92.32% 85.8% - 102.1% Dividend yield 0% 0% 0% 0% The weighted average fair value of stock options granted during the three months ended October 31, 2015 and 2014 was $ 5.47 8.28 4.99 11.28 Weighted Weighted Average Directors Average Remaining Aggregate Non- and Exercise Contractual Intrinsic Employees Employees Total Price Life (Years) Value Outstanding, May 1, 2015 57,917 1,946,085 2,004,002 $ 5.74 6.7 $ 4,166,000 Granted - 89,169 89,169 6.98 9.5 - Exercised - - - - Forfeited - (35,641) (35,641) 6.53 Expired (6,667) (73,102) (79,769) 6.80 Outstanding, October 31, 2015 51,250 1,926,511 1,977,761 5.74 6.3 927,000 Vested and expected to vest as of October 31, 2015 51,250 1,926,511 1,977,761 5.74 6.3 927,000 Exercisable as of October 31, 2015 34,271 1,517,145 1,551,416 5.85 5.8 719,000 Included in the balances outstanding in the table above are 224,663 options (which vest based on service criteria) granted to each of the Company’s Chief Executive Officer and its President as of November 5, 2013 as part of their employment agreements. In addition to the above, there are 224,663 224,663 Stock Purchase Warrants As of October 31, 2015 and April 30, 2015, the Company had warrants outstanding for the purchase of 2,109,840 1,849,285 Weighted Weighted Average Number Average Remaining Aggregate of Exercise Contractual Intrinsic Shares Price Life (Years) Value Outstanding, May 1, 2015 2,109,840 $ 5.82 4.6 $ 3,247,604 Granted - - - - Exercised - - - - Expired - - - - Outstanding, October 31, 2015 2,109,840 $ 5.82 4.1 $ 153,578 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Oct. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 4. Related Party Transactions Related party transactions include transactions between the Company and its shareholders, management, or affiliates. The following transactions were in the normal course of operations and were measured and recorded at the exchange amount, which is the amount of consideration established and agreed to by the parties. Consulting Services During the six months ended October 31, 2015 and 2014, the Company paid a member of its Board of Directors $ 36,000 75,000 8,800 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 5. Commitments and Contingencies Operating Leases As of October 31, 2015, we lease the following facilities under non-cancelable operating lease agreements: · One University Plaza, Suite 307, Hackensack, New Jersey 07601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 2016. The Company recognized $ 43,000 42,000 · 855 North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of laboratories and office space where the Company conducts operations related to its primary service offerings. This lease expires June 2016. The Company recognized $ 43,000 · 57 Mohamed Sultan Road, Singapore, which served as office headquarters for Champions Oncology, Singapore. The lease expired in January 2015. The Company has not renewed this lease. The Company recognized nil and $ 3,000 · 450 East 29 th 24,000 23,000 Legal Matters The Company is not currently party to any legal matters to its knowledge. The Company is not aware of any other matters that would have a material impact on the Company’s financial position or results of operations. Registration Payment Arrangements The Company has entered into an Amended and Restated Registration Rights Agreement in connection with the March 2015 Private Placement and is discussed more fully in Note 7 in the Company’s Form 10-K for the fiscal year ended April 30, 2015. This Amended and Restated Registration Rights Agreement contains provisions that may call for the Company to pay penalties in certain circumstances. This registration payment arrangement primarily relates to the Company’s ability to file a registration statement within a particular time period, have a registration statement declared effective within a particular time period and to maintain the effectiveness of the registration statement for a particular time period. The Company does not believe it is probable that such penalty payments will be made and, accordingly, has not accrued for such potential penalties as of October 31, 2015. |
Teva Agreement
Teva Agreement | 6 Months Ended |
Oct. 31, 2015 | |
Teva Agreement [Abstract] | |
Teva Agreement [Text Block] | Note 6. Teva Agreement On July 30, 2013, the Company entered into an agreement with Teva Pharmaceutical Industries Ltd. (“Teva”), pursuant to which the Company agreed to conduct TumorGraft studies on multiple proprietary chemical compounds provided by Teva to determine the activity or response of these compounds in potential clinical indications. Under the agreement, Teva agreed to pay an upfront payment and, under certain conditions, pay the Company various amounts upon achieving certain milestones, based on the performance of the compounds in preclinical testing and dependent upon testing the compound in clinical settings and obtaining FDA approval. In addition, Teva agreed to pay the Company royalties on any commercialized products developed under the agreement. This agreement terminated a prior collaborative agreement between Cephalon, Inc., a wholly-owned subsidiary of Teva, and the Company. Revenue recognized related to this agreement for the six months ended October 31, 2015 and 2014, was $ 40,000 554,000 |
Fair Value
Fair Value | 6 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 7. Fair Value The carrying value of cash and cash equivalents, accounts receivable, deposits and other receivables, accounts payable, and accrued liabilities approximate their fair value based on the liquidity or the short-term maturities of these instruments. The fair value hierarchy promulgated by GAAP consists of three levels: · Level one · Level two · Level three Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company currently has no assets or liabilities measured at fair value on a recurring basis. |
Segment Information
Segment Information | 6 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 8. Segment Information The Company operates in two reportable segments, POS and TOS. The accounting policies of the Company’s segments are the same as those described in Note 2 of the Company’s annual financial statements for the year ended April 30, 2015, as filed on Form 10-K. The Company evaluates performance of its segments based on profit or loss from operations before stock compensation expense, depreciation and amortization, interest expense, interest income, gain on sale of assets, special charges or benefits, and income taxes (“segment profit”). Management uses segment profit information for internal reporting and control purposes and considers it in making decisions regarding the allocation of capital and other resources, risk assessment, and employee compensation, among other matters. Personalized Translational Oncology Oncology Unallocated Solutions Solutions Corporate Three Months Ended October 31, 2015 (POS) (TOS) Overhead Consolidated Net revenue $ 486 $ 2,485 $ - $ 2,971 Direct cost of services (567) (1,441) - (2,008) Sales and marketing costs (189) (620) - (809) Other operating expenses - (873) (1,026) (1,899) Stock- based compensation expense (1) - - (748) (748) Segment profit (loss) $ (270) $ (450) $ (1,774) $ (2,493) Personalized Translational Oncology Oncology Unallocated Solutions Solutions Corporate Three Months Ended October 31, 2014 (POS) (TOS) Overhead Consolidated Net revenue $ 452 $ 1,430 $ - $ 1,882 Direct cost of services (745) (943) - (1,688) Sales and marketing costs (423) (611) - (1,034) Other operating expenses - (1,142) (864) (2,006) Stock- based compensation expense (1) - - (820) (820) Segment profit (loss) $ (716) $ (1,266) $ (1,684) $ (3,666) Personalized Translational Oncology Oncology Unallocated Solutions Solutions Corporate Six Months Ended October 31, 2015 (POS) (TOS) Overhead Consolidated Net revenue $ 971 $ 4,822 $ - $ 5,793 Direct cost of services (1,202) (3,030) - (4,232) Sales and marketing costs (521) (1,197) - (1,718) Other operating expenses - (1,806) (1,904) (3,710) Stock- based compensation expense (1) - - (1,523) (1,523) Segment profit (loss) $ (752) $ (1,211) $ (5,427) $ (5,390) Personalized Translational Oncology Oncology Unallocated Solutions Solutions Corporate Six Months Ended October 31, 2014 (POS) (TOS) Overhead Consolidated Net revenue $ 792 $ 3,001 $ - $ 3,793 Direct cost of services (1,498) (1,905) - (3,403) Sales and marketing costs (877) (1,036) - (1,913) Other operating expenses - (2,460) (1,777) (4,237) Stock- based compensation expense (1) - - (1,627) (1,627) Segment profit (loss) $ (1,583) $ (2,400) $ (3,404) $ (7,387) (1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. All of the Company’s revenue is recorded in the United States and substantially all of its long-lived assets are in the United States. |
Organization, Use of Estimate14
Organization, Use of Estimates and Basis of Presentation (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Basic loss per share computation Net loss attributable to common stockholders $ (2,548,000) $ (3,078,000) $ (5,461,000) $ (6,684,000) Weighted Average common shares basic 8,702,237 5,573,944 8,702,237 5,573,853 Basic net loss per share $ (0.29) $ (0.55) $ (0.63) $ (1.20) Diluted loss per share computation Net loss attributable to common stockholders $ (2,548,000) $ (3,078,000) $ (5,461,000) $ (6,684,000) Less: Gain on derivative warrant liability - 624,993 - 780,627 Loss available to common stockholders $ (2,548,000) $ (3,702,993) $ (5,461,000) $ (7,464,627) Weighted Average common shares 8,702,237 5,573,944 8,702,237 5,573,853 Incremental shares from assumed exercise of warrants and stock options - 80,666 - 80,666 Adjusted weighted average share diluted 8,702,237 5,654,610 8,702,237 5,654,519 Diluted net loss per share $ (0.29) $ (0.65) $ (0.63) $ (1.32) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | October 31, 2015 2014 Stock options 1,977,761 2,021,393 Warrants 2,109,840 260,556 Total common stock equivalents 4,087,601 2,281,949 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following (table in thousands): October 31, April 30, 2015 2015 (unaudited) Furniture and fixtures $ 73 $ 70 Computer equipment and software 707 685 Laboratory equipment 512 493 Leasehold improvements 2 2 Total property and equipment 1,294 1,250 Less: Accumulated depreciation (874) (798) Property and equipment, net $ 420 $ 452 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following is a schedule by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments as of October 31, 2015 (table in thousands): For the Years Ended April 30, Total 2016 (remaining) $ 11 2017 24 2018 25 2019 27 2020 16 Total minimum payments 103 Less: amount representing interest (12) Present value of minimum payments 91 Less: current portion (23) $ 68 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 General and administrative $ 674 $ 513 $ 1,112 $ 1,055 Sales and marketing 25 179 145 333 Research and development 46 98 213 203 TOS cost of sales 2 16 26 18 POS cost of sales 1 14 27 18 Total stock-based compensation expense $ 748 $ 820 $ 1,523 $ 1,627 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Black-Scholes assumptions used to calculate the fair value of options granted during the three and six months ended October 31, 2015 and 2014 were as follows: Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Expected term in years 6 5 - 6 5 - 6 3 - 6 Risk-free interest rates 1.63% - 1.72% 1.53% - 1.94% 1.57% - 1.72% 0.79% - 1.94% Volatility 87.46% - 87.81% 85.8% - 102.1% 87.46% - 92.32% 85.8% - 102.1% Dividend yield 0% 0% 0% 0% |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The Company’s stock options activity for the six months ended October 31, 2015 was as follows: Weighted Weighted Average Directors Average Remaining Aggregate Non- and Exercise Contractual Intrinsic Employees Employees Total Price Life (Years) Value Outstanding, May 1, 2015 57,917 1,946,085 2,004,002 $ 5.74 6.7 $ 4,166,000 Granted - 89,169 89,169 6.98 9.5 - Exercised - - - - Forfeited - (35,641) (35,641) 6.53 Expired (6,667) (73,102) (79,769) 6.80 Outstanding, October 31, 2015 51,250 1,926,511 1,977,761 5.74 6.3 927,000 Vested and expected to vest as of October 31, 2015 51,250 1,926,511 1,977,761 5.74 6.3 927,000 Exercisable as of October 31, 2015 34,271 1,517,145 1,551,416 5.85 5.8 719,000 |
Schedule Of Share Based Compensation Warrants Activity [Table Text Block] | Activity related to these warrants, which expire at various dates through January 2019, is summarized as follows: Weighted Weighted Average Number Average Remaining Aggregate of Exercise Contractual Intrinsic Shares Price Life (Years) Value Outstanding, May 1, 2015 2,109,840 $ 5.82 4.6 $ 3,247,604 Granted - - - - Exercised - - - - Expired - - - - Outstanding, October 31, 2015 2,109,840 $ 5.82 4.1 $ 153,578 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Personalized Translational Oncology Oncology Unallocated Solutions Solutions Corporate Three Months Ended October 31, 2015 (POS) (TOS) Overhead Consolidated Net revenue $ 486 $ 2,485 $ - $ 2,971 Direct cost of services (567) (1,441) - (2,008) Sales and marketing costs (189) (620) - (809) Other operating expenses - (873) (1,026) (1,899) Stock- based compensation expense (1) - - (748) (748) Segment profit (loss) $ (270) $ (450) $ (1,774) $ (2,493) Personalized Translational Oncology Oncology Unallocated Solutions Solutions Corporate Three Months Ended October 31, 2014 (POS) (TOS) Overhead Consolidated Net revenue $ 452 $ 1,430 $ - $ 1,882 Direct cost of services (745) (943) - (1,688) Sales and marketing costs (423) (611) - (1,034) Other operating expenses - (1,142) (864) (2,006) Stock- based compensation expense (1) - - (820) (820) Segment profit (loss) $ (716) $ (1,266) $ (1,684) $ (3,666) Personalized Translational Oncology Oncology Unallocated Solutions Solutions Corporate Six Months Ended October 31, 2015 (POS) (TOS) Overhead Consolidated Net revenue $ 971 $ 4,822 $ - $ 5,793 Direct cost of services (1,202) (3,030) - (4,232) Sales and marketing costs (521) (1,197) - (1,718) Other operating expenses - (1,806) (1,904) (3,710) Stock- based compensation expense (1) - - (1,523) (1,523) Segment profit (loss) $ (752) $ (1,211) $ (5,427) $ (5,390) Personalized Translational Oncology Oncology Unallocated Solutions Solutions Corporate Six Months Ended October 31, 2014 (POS) (TOS) Overhead Consolidated Net revenue $ 792 $ 3,001 $ - $ 3,793 Direct cost of services (1,498) (1,905) - (3,403) Sales and marketing costs (877) (1,036) - (1,913) Other operating expenses - (2,460) (1,777) (4,237) Stock- based compensation expense (1) - - (1,627) (1,627) Segment profit (loss) $ (1,583) $ (2,400) $ (3,404) $ (7,387) (1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. |
Organization, Use of Estimate18
Organization, Use of Estimates and Basis of Presentation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Basic loss per share computation | ||||
Net loss attributable to common stockholders | $ (2,548,000) | $ (3,078,000) | $ (5,461,000) | $ (6,684,000) |
Weighted Average common shares - basic (in shares) | 8,702,237 | 5,573,944 | 8,702,237 | 5,573,853 |
Basic net loss per share (in dollars per share) | $ (0.29) | $ (0.55) | $ (0.63) | $ (1.20) |
Diluted loss per share computation | ||||
Net loss attributable to common stockholders | $ (2,548,000) | $ (3,078,000) | $ (5,461,000) | $ (6,684,000) |
Less: Gain on derivative warrant liability | 0 | 624,993 | 0 | 780,627 |
Loss available to common stockholders | $ (2,548,000) | $ (3,702,993) | $ (5,461,000) | $ (7,464,627) |
Weighted Average common shares (in shares) | 8,702,237 | 5,573,944 | 8,702,237 | 5,573,853 |
Incremental shares from assumed exercise of warrants and stock options | 0 | 80,666 | 0 | 80,666 |
Adjusted weighted average share - diluted (in shares) | 8,702,237 | 5,654,610 | 8,702,237 | 5,654,519 |
Diluted net loss per share (in dollars per shares) | $ (0.29) | $ (0.65) | $ (0.63) | $ (1.32) |
Organization, Use of Estimate19
Organization, Use of Estimates and Basis of Presentation (Details 1) - shares | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Total common stock equivalents | 4,087,601 | 2,281,949 |
Employee Stock Option [Member] | ||
Total common stock equivalents | 1,977,761 | 2,021,393 |
Warrant [Member] | ||
Total common stock equivalents | 2,109,840 | 260,556 |
Organization, Use of Estimate20
Organization, Use of Estimates and Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | |
Working Capital Deficit | $ 3,100,000 | $ 3,100,000 | |||
Cash Equivalents, at Carrying Value | 4,200,000 | 4,200,000 | |||
Unrecognized Tax Benefits | 135,000 | 135,000 | $ 100,000 | ||
Income Tax Expense (Benefit) | $ 41,000 | $ 10,000 | $ 47,000 | $ 15,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Apr. 30, 2015 |
Furniture and fixtures | $ 73 | $ 70 |
Computer equipment and software | 707 | 685 |
Laboratory equipment | 512 | 493 |
Leasehold improvements | 2 | 2 |
Total property and equipment | 1,294 | 1,250 |
Less: Accumulated depreciation | (874) | (798) |
Property and equipment, net | $ 420 | $ 452 |
Property and Equipment (Detai22
Property and Equipment (Details 1) $ in Thousands | Oct. 31, 2015USD ($) |
2016 (remaining) | $ 11 |
2,017 | 24 |
2,018 | 25 |
2,019 | 27 |
2,020 | 16 |
Total minimum payments | 103 |
Less: amount representing interest | (12) |
Present value of minimum payments | 91 |
Less: current portion | (23) |
Capital Leases Future Minimum Payments Due Total | $ 68 |
Property and Equipment (Detai23
Property and Equipment (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | |
Depreciation | $ 31,000 | $ 54,000 | $ 64,000 | $ 110,000 | ||
Capital Leased Assets, Gross | 124,000 | $ 124,000 | $ 124,000 | |||
Monthly Capital Lease Payment | $ 3,000 | |||||
Capital Lease Minimum Lease Payment Percentage | 5.00% | |||||
Equipment Leased to Other Party [Member] | ||||||
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | $ 149,000 | |||||
Assets Held under Capital Leases [Member] | ||||||
Depreciation | $ 6,000 | $ 0 | $ 12,000 | $ 0 |
Share-Based Payments (Details)
Share-Based Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 748 | $ 820 | $ 1,523 | $ 1,627 |
General and Administrative Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 674 | 513 | 1,112 | 1,055 |
Selling and Marketing Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 25 | 179 | 145 | 333 |
Research and Development Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 46 | 98 | 213 | 203 |
Translational Oncology Solutions Cost of Sales [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 2 | 16 | 26 | 18 |
Personalized Oncology Solutions Cost of Sales [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1 | $ 14 | $ 27 | $ 18 |
Share-Based Payments (Details 1
Share-Based Payments (Details 1) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
Expected term in years | 6 years | |||
Risk-free interest rates Minimum | 1.63% | 1.53% | 1.57% | 0.79% |
Risk-free interest rates Maximum | 1.72% | 1.94% | 1.72% | 1.94% |
Volatility Minimum | 87.46% | 85.80% | 87.46% | 85.80% |
Volatility Maximum | 87.81% | 102.10% | 92.32% | 102.10% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Expected term in years | 5 years | 5 years | 3 years | |
Maximum [Member] | ||||
Expected term in years | 6 years | 6 years | 6 years |
Share-Based Payments (Details 2
Share-Based Payments (Details 2) | 6 Months Ended |
Oct. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 2,004,002 |
Shares, Granted | 89,169 |
Shares, Exercised | 0 |
Shares, Forfeited | (35,641) |
Shares, Expired | (79,769) |
Shares, Outstanding, Ending Balance | 1,977,761 |
Shares, Vested and expected to vest | 1,977,761 |
Shares, Exercisable | 1,551,416 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 5.74 |
Weighted Average Exercise Price, Granted | $ / shares | 6.98 |
Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Weighted Average Exercise Price, Forfeited | $ / shares | 6.53 |
Weighted Average Exercise Price, Expired | $ / shares | 6.8 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares | 5.74 |
Weighted Average Exercise Price, Vested and expected to vest | $ / shares | 5.74 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 5.85 |
Weighted Average Remaining Contractual Term, Outstanding, Beggining Balance (in years) | 6 years 8 months 12 days |
Weighted Average Remaining Contractual Life (Years), Granted | 9 years 6 months |
Weighted Average Remaining Contractual Term, Outstanding, Ending Balance (in years) | 6 years 3 months 18 days |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | 6 years 3 months 18 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | 5 years 9 months 18 days |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ | $ 4,166,000 |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | 927,000 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 927,000 |
Aggregate Intrinsic Value, Exercisable | $ | $ 719,000 |
Non-Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 57,917 |
Shares, Granted | 0 |
Shares, Exercised | 0 |
Shares, Forfeited | 0 |
Shares, Expired | (6,667) |
Shares, Outstanding, Ending Balance | 51,250 |
Shares, Vested and expected to vest | 51,250 |
Shares, Exercisable | 34,271 |
Directors and Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 1,946,085 |
Shares, Granted | 89,169 |
Shares, Exercised | 0 |
Shares, Forfeited | (35,641) |
Shares, Expired | (73,102) |
Shares, Outstanding, Ending Balance | 1,926,511 |
Shares, Vested and expected to vest | 1,926,511 |
Shares, Exercisable | 1,517,145 |
Share-Based Payments (Details 3
Share-Based Payments (Details 3) - Warrant [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning Balance | 2,109,840 | |
Number of Shares, Granted | 0 | |
Number of Shares, Exercised | 0 | |
Number of Shares, Expired | 0 | |
Number of Shares, Ending Balance | 2,109,840 | 2,109,840 |
Weighted Average Exercise Price, Beginning Balance | $ 5.82 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Expired | 0 | |
Weighted Average Exercise Price, Ending Balance | $ 5.82 | $ 5.82 |
Weighted Average Remaining Contractual Life (Years), Balance | 4 years 1 month 6 days | 4 years 7 months 6 days |
Aggregate Intrinsic Value, Beginning Balance | $ 3,247,604 | |
Aggregate Intrinsic Value, Ending Balance | $ 153,578 | $ 3,247,604 |
Share-Based Payments (Details T
Share-Based Payments (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | |
Stock-based compensation expense | $ 748 | $ 820 | $ 1,523 | $ 1,627 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.47 | $ 8.28 | $ 4.99 | $ 11.28 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 89,169 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Warrants Outstanding | 2,109,840 | 2,109,840 | 2,109,840 | ||
Chief Executive Officer and President [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 224,663 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 224,663 | ||||
March 2015 Private Placement [Member] | |||||
Warrants Issued During Period for Common Stock | 1,849,285 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Board of Directors Chairman [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 36,000 | $ 75,000 |
Substantial Stockholders [Member] | ||
Bank Servicing Fees | $ 8,800 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Corporate Headquarters [Member] | ||
Commitments and Contingencies [Line Items] | ||
Lease Expiration Date | Nov. 30, 2016 | |
Operating Leases, Rent Expense | $ 43,000 | $ 42,000 |
Laboratories and Office Space [Member] | ||
Commitments and Contingencies [Line Items] | ||
Lease Expiration Date | Jun. 30, 2016 | |
Operating Leases, Rent Expense | $ 43,000 | 43,000 |
Singapore Office Headquarters in Singapore [Member] | ||
Commitments and Contingencies [Line Items] | ||
Lease Expiration Date | Jan. 31, 2015 | |
Operating Leases, Rent Expense | $ 0 | 3,000 |
New York Laboratory [Member] | ||
Commitments and Contingencies [Line Items] | ||
Lease Expiration Date | Sep. 30, 2016 | |
Operating Leases, Rent Expense | $ 24,000 | $ 23,000 |
Teva Agreement (Details Textual
Teva Agreement (Details Textual) - USD ($) | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Deferred Revenue, Revenue Recognized | $ 40,000 | $ 554,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | ||
Net revenue | $ 2,971 | $ 1,882 | $ 5,793 | $ 3,793 | |
Sales and marketing costs | (834) | (1,203) | (1,863) | (2,246) | |
Stock- based compensation expense | (748) | (820) | (1,523) | (1,627) | |
Personalized Oncology Solutions [Member] | |||||
Net revenue | 486 | 452 | 971 | 792 | |
Direct cost of services | (567) | (745) | (1,202) | (1,498) | |
Sales and marketing costs | (189) | (423) | (521) | (877) | |
Other operating expenses | 0 | 0 | 0 | 0 | |
Stock- based compensation expense | [1] | 0 | 0 | 0 | 0 |
Segment profit (loss) | (270) | (716) | (752) | (1,583) | |
Translational Oncology Solutions [Member] | |||||
Net revenue | 2,485 | 1,430 | 4,822 | 3,001 | |
Direct cost of services | (1,441) | (943) | (3,030) | (1,905) | |
Sales and marketing costs | (620) | (611) | (1,197) | (1,036) | |
Other operating expenses | (873) | (1,142) | (1,806) | (2,460) | |
Stock- based compensation expense | [1] | 0 | 0 | 0 | 0 |
Segment profit (loss) | (450) | (1,266) | (1,211) | (2,400) | |
Unallocated Corporate Overhead [Member] | |||||
Net revenue | 0 | 0 | 0 | 0 | |
Direct cost of services | 0 | 0 | 0 | 0 | |
Sales and marketing costs | 0 | 0 | 0 | 0 | |
Other operating expenses | (1,026) | (864) | (1,904) | (1,777) | |
Stock- based compensation expense | [1] | (748) | (820) | (1,523) | (1,627) |
Segment profit (loss) | (1,774) | (1,684) | (5,427) | (3,404) | |
Consolidated [Member] | |||||
Net revenue | 2,971 | 1,882 | 5,793 | 3,793 | |
Direct cost of services | (2,008) | (1,688) | (4,232) | (3,403) | |
Sales and marketing costs | (809) | (1,034) | (1,718) | (1,913) | |
Other operating expenses | (1,899) | (2,006) | (3,710) | (4,237) | |
Stock- based compensation expense | [1] | (748) | (820) | (1,523) | (1,627) |
Segment profit (loss) | $ (2,493) | $ (3,666) | $ (5,390) | $ (7,387) | |
[1] | Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. |