Champions Oncology, Inc.

Greetings. Welcome to the Champions Oncology first quarter fiscal year 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Dr. Ronnie Morris, CEO at Champions Oncology.

You may begin. Good afternoon.

I am Ronnie Morris, CEO of Champions Oncology. Joining me today is David Miller, our Chief Financial Officer. Thank you for joining us for our quarterly earnings call. Before I begin, I will remind you that we will be making forward-looking statements during today's call and that actual results could differ materially from what is described in those statements. Additional information on factors that could cause results to differ is available in our Forms 10-Q and Form 10-K. A reconciliation of non-GAAP financial measures that may be discussed during the call to GAAP financial measures is available in the earnings release. I'll start by pointing out that our prepared comments for today will be relatively brief, as we just recently provided our fiscal year-end results and company update six weeks ago. On that call, I provided an update on the accomplishments from fiscal year 2023, along with the longer-term strategic vision for the company. I also highlighted the challenges we encountered such as the overall economic environment, which led to cancellations well in excess of our historical norms. Additionally, we identified some operational issues that led to slower revenue conversion and put pressure on our operating results that would extend into fiscal year 2024. As indicated, those challenges are impacting our current year's results. However, I am cautiously optimistic that we have made significant progress towards reversing those trends, we have made the necessary operational changes with some key hires and internal restructuring that we're confident will lead to greater efficiencies and an improvement in our operations. Externally, some of the economic pressures that were impacting customer behavior resulting in longer sales cycle and a higher and quicker propensity to cancel a study seems to be easing. On a positive note, our quarterly bookings have continued to grow and we're seeing a softening of the cancellations over the last couple of months, retreating towards historical levels. We continue to be excited about our expanding ex vivo platform, which we anticipate will lead to increased sales and revenue growth over the coming quarters. In our clinical biomarkers services, we've made some key business development hires during this quarter. We have seen an increase in lead generation in addition to an uptick in clinical bookings. As discussed over the years, the revenue from clinical work has a longer cycle than our traditional services, but the increase in the pipeline and in bookings are positive developments that should contribute to revenue growth over time. With regards to Corellia, our wholly owned drug development subsidiary, our lead discovery programs are progressing well through the therapeutic discovery stages, with our two lead programs exhibiting promising results. we have begun building therapeutic programs around these targets. Our platform has identified many other exciting targets, and we are actively engaged with investors in an effort to raise capital to support and accelerate our growth. In summary, the quarter's performance was generally as expected. We anticipate that improvements will slowly take hold and put us back on our targeted path. Despite this being a challenging period, we continue to have robust bookings a comprehensive platform, a stellar reputation, and a strong team that is poised for the next growth spurt. We are confident that we will emerge with strong revenue and profitability over the longer term. Now let me turn the call over to David Miller for a more detailed review of the financial results.