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| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Delaware | 52-1401755 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
| 855 N. Wolfe Street, Suite 619, Baltimore, MD | 21205 | |
| (Address of principal executive offices) | (zip code) |
| Large accelerated filer o | Accelerated filer o | Non-Accelerated Filer o | Smaller Reporting Company þ |
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| Exhibit 31.1 | ||||||||
| Exhibit 31.2 | ||||||||
| Exhibit 32.1 | ||||||||
- 2 -
| Item 1. |
Financial Statements
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| July 31, 2010 | April 30, 2010 | |||||||
| (unaudited) | ||||||||
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ASSETS
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CURRENT ASSETS
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Cash and cash equivalents
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$ | 2,088,000 | $ | 2,572,000 | ||||
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Accounts receivable
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33,000 | 46,000 | ||||||
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Prepaid expenses, deposits, and other
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431,000 | 540,000 | ||||||
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Total current assets
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2,552,000 | 3,158,000 | ||||||
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Property and equipment, net
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115,000 | 105,000 | ||||||
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Goodwill
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669,000 | 669,000 | ||||||
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TOTAL ASSETS
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$ | 3,336,000 | $ | 3,932,000 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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CURRENT LIABILITIES
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Accounts payable
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$ | 1,109,000 | $ | 944,000 | ||||
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Accrued liabilities
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309,000 | 236,000 | ||||||
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Deferred revenue
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555,000 | 910,000 | ||||||
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Total current liabilities
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1,973,000 | 2,090,000 | ||||||
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Other liabilities
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47,000 | 77,000 | ||||||
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TOTAL LIABILITIES
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2,020,000 | 2,167,000 | ||||||
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COMMITMENTS AND CONTINGENCIES
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Accrued stock purchase
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42,000 | 188,000 | ||||||
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STOCKHOLDERS’ EQUITY
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Preferred stock, $10 par value; 56,075 shares authorized;
0 shares issued and outstanding
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— | — | ||||||
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Common stock, $.001 par value; 50,000,000 shares
authorized; 36,844,000 and 36,844,000 issued at July 31,
2010 and April 30, 2010, respectively, and 35,702,000
and 35,780,000 shares outstanding as of July 31, 2010
and April 30, 2010, respectively
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37,000 | 37,000 | ||||||
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Treasury stock, at cost, 1,142,000 and 1,064,000 shares
at July 31, 2010 and April 30, 2010, respectively
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(250,000 | ) | (219,000 | ) | ||||
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Stock subscription receivable
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(750,000 | ) | (750,000 | ) | ||||
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Additional paid-in capital
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15,508,000 | 15,193,000 | ||||||
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Accumulated deficit
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(13,271,000 | ) | (12,680,000 | ) | ||||
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Accumulated other comprehensive income
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— | (4,000 | ) | |||||
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Total stockholders’ equity
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1,274,000 | 1,577,000 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 3,336,000 | $ | 3,932,000 | ||||
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- 3 -
| Three Months Ended July 31, | ||||||||
| 2010 | 2009 | |||||||
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OPERATING REVENUE
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Personalized oncology services
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$ | 1,109,000 | $ | 899,000 | ||||
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Preclinical eValuation services
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491,000 | 63,000 | ||||||
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Total operating revenue
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1,600,000 | 962,000 | ||||||
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COSTS AND OPERATING EXPENSES
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Cost of Personalized oncology services
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324,000 | 634,000 | ||||||
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Cost of Preclinical eValuation services
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222,000 | 34,000 | ||||||
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Research and development
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919,000 | 496,000 | ||||||
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General and administrative
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738,000 | 806,000 | ||||||
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Total costs and operating expenses
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2,203,000 | 1,970,000 | ||||||
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LOSS BEFORE OTHER INCOME
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(603,000 | ) | (1,008,000 | ) | ||||
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Interest and other income
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12,000 | 5,000 | ||||||
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LOSS BEFORE PROVISION FOR INCOME TAXES
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(591,000 | ) | (1,003,000 | ) | ||||
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Provision for income taxes
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— | — | ||||||
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NET LOSS
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$ | (591,000 | ) | $ | (1,003,000 | ) | ||
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NET LOSS PER SHARE — BASIC AND DILUTED
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$ | (0.02 | ) | $ | (0.03 | ) | ||
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WEIGHTED AVERAGE SHARES OUTSTANDING —
BASIC AND DILUTED
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35,737,000 | 32,757,000 | ||||||
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- 4 -
| Three Months Ended July 31, | ||||||||
| 2010 | 2009 | |||||||
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OPERATING ACTIVITIES
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Net loss
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$ | (591,000 | ) | $ | (1,003,000 | ) | ||
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Adjustments to reconcile net loss to net cash
used in operating activities:
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Stock-based compensation
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170,000 | 50,000 | ||||||
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Depreciation
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10,000 | 8,000 | ||||||
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Changes in operating assets and liabilities:
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Accounts receivable
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13,000 | — | ||||||
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Prepaid expenses, deposits, and other receivables
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109,000 | 186,000 | ||||||
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Accounts payable
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165,000 | (1,000 | ) | |||||
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Accrued liabilities and other
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43,000 | 19,000 | ||||||
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Deferred revenue
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(355,000 | ) | (277,000 | ) | ||||
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Net cash used in operating activities
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(436,000 | ) | (1,018,000 | ) | ||||
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INVESTING ACTIVITIES
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Purchase of property and equipment
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(20,000 | ) | (44,000 | ) | ||||
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Proceeds from certificate of deposit
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— | 1,017,000 | ||||||
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Net cash (used in) provided by investing activities
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(20,000 | ) | 973,000 | |||||
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FINANCING ACTIVITIES
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Purchase of treasury stock
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(31,000 | ) | (156,000 | ) | ||||
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Proceeds from exercise of options and warrants
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— | 3,000 | ||||||
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Net cash used in financing activities
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(31,000 | ) | (153,000 | ) | ||||
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Exchange rate effect on cash and cash equivalents
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3,000 | — | ||||||
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NET DECREASE IN CASH AND CASH EQUIVALENTS
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(484,000 | ) | (198,000 | ) | ||||
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CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD
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2,572,000 | 1,728,000 | ||||||
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CASH AND CASH EQUIVALENTS — END OF PERIOD
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$ | 2,088,000 | $ | 1,530,000 | ||||
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- 5 -
- 6 -
- 7 -
- 8 -
| Three Months Ended July 31, | ||||||||
| 2010 | 2009 | |||||||
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Stock options
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650,385 | 470,257 | ||||||
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Warrants
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462,273 | 468,095 | ||||||
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Restricted stock
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2,974 | — | ||||||
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Total common stock equivalents
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1,115,632 | 938,352 | ||||||
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| July, 31 | April 30, | |||||||
| 2010 | 2010 | |||||||
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Furniture and fixtures
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$ | 6,000 | $ | 6,000 | ||||
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Computer equipment and software
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98,000 | 42,000 | ||||||
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Laboratory equipment
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42,000 | 37,000 | ||||||
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Software in-progress
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— | 43,000 | ||||||
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Total property and equipment
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146,000 | 128,000 | ||||||
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Less accumulated depreciation
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(31,000 | ) | (23,000 | ) | ||||
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Property and equipment, net
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$ | 115,000 | $ | 105,000 | ||||
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- 9 -
| Three Months Ended July 31, | ||||||||
| 2010 | 2009 | |||||||
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Cost of Personalized oncology services
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$ | — | $ | 6,000 | ||||
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Research and development
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22,000 | (12,000 | ) | |||||
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General and administrative
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148,000 | 56,000 | ||||||
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Total stock-based compensation expense
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$ | 170,000 | $ | 50,000 | ||||
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| Three Months Ended July 31, | ||||||||
| 2010 | 2009 | |||||||
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Expected term in years
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6.0 | 6.0 | ||||||
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Risk-free interest rate
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2.0 | % | 3.0 | % | ||||
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Volatility
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104 | % | 94 | % | ||||
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Dividend yield
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0 | % | 0 | % | ||||
- 10 -
- 11 -
| Estimated | Payments/ | Amount | ||||||||||
| Expense | Losses to Date | Remaining | ||||||||||
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Severance payments
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$ | 11,000 | $ | 5,000 | $ | 6,000 | ||||||
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Future lease payments, net of sublease rental
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18,000 | 3,000 | 15,000 | |||||||||
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Moving costs and other
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7,000 | 5,000 | 2,000 | |||||||||
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Disposal of assets
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22,000 | 22,000 | — | |||||||||
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Total
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$ | 58,000 | $ | 35,000 | $ | 23,000 | ||||||
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2011
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$ | 297,000 | ||
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2012
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132,000 | |||
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Total payments
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$ | 429,000 | ||
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- 12 -
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
- 13 -
- 14 -
| Three Months Ended July 31, | ||||||||
| 2010 | 2009 | |||||||
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Cash (used in) provided by:
|
||||||||
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Operating activities
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$ | (436,000 | ) | $ | (1,018,000 | ) | ||
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Investing activities
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(20,000 | ) | 973,000 | |||||
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Financing activities
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(31,000 | ) | (153,000 | ) | ||||
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Effect of exchange rates
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3,000 | — | ||||||
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Net decrease in cash and cash equivalents
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$ | (484,000 | ) | $ | (198,000 | ) | ||
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- 15 -
| Item 4. |
Controls and Procedures
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- 16 -
| Item 1. |
Legal Proceedings.
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| Item 1A. |
Risk Factors
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| Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds.
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| Total Number of | ||||||||||||||||
| Shares Purchased | Maximum Number | |||||||||||||||
| Total | Average | as Part of | of Shares that May | |||||||||||||
| Number of | Price | Publicly | Yet Be Purchased | |||||||||||||
| Shares | Paid per | Announced Plans | Under the Plans or | |||||||||||||
| Period | Purchased | Share | or Programs | Programs | ||||||||||||
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May 2010
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77,962 | $ | 0.40 | 77,962 | 1,603,831 | |||||||||||
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June 2010
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— | $ | 0.00 | — | 1,603,831 | |||||||||||
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July 2010
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— | $ | 0.00 | — | 1,603,831 | |||||||||||
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Total
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77,962 | $ | 0.40 | 77,962 | 1,603,831 | |||||||||||
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| Item 3. |
Defaults Upon Senior Securities.
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| Item 5. |
Other Information
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| Item 6. |
Exhibits
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| Exhibit 31.1 |
Certification by the Acting Principal Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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| Exhibit 31.2 |
Certification by the Principal Financial Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
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| Exhibit 32.1 |
Certification by the Acting Principal Executive Officer and
the Principal Financial Officer Pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
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- 17 -
|
CHAMPIONS BIOTECHNOLOGY, INC.
(Registrant) |
||||
| Date: September 10, 2010 | By: | /s/ Mark R. Schonau | ||
| Mark R. Schonau | ||||
| Chief Financial Officer | ||||
- 18 -
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
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