Financial Analysis

Commitments and Contingencies 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 Companys financial position or results of operations. Registration Payment Arrangements The Company has entered into an Amended and Restated Registration Rights Agreement in connection with a private placement in March 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 Companys 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 has not accrued any liquidated damages associated with the Amended and Restated Registration Right Agreement as the Company has filed the required registration statement and anticipates continued compliance with the agreement. Royalties The Company contracts with third-party vendors to license tumor samples for development into PDX models and use in our TOS business. These types of arrangements have an upfront fee ranging from approximately nil to $30,000 per tumor sample depending on the successful growth of the tumor model and ability to develop them into a sellable product. The …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents disaggregated revenue for the twelve months ended April 30, 2026 and 2025: Year Ended April 30, 2026 2025 Pharmacology services $ 57,133 $ 48,585 TOS data license revenue 764 4,676 Other TOS revenue 1,528 3,683 Total oncology revenue $ 59,425 $ 56,944

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"Stock-based Payments Stock-based compensation in the amount of $1.2 million and $654,000 was recognized for years ended April 30, 2026 and 2025, respectively. Stock-based compensation costs were recorded as follows (in thousands): Year Ended April 30, 2026 2025 General and administrative $ 969 $ 414 Sales and marketing 78 125 Research and development 134 10 TOS cost of sales 56 105 Total stock-based compensation expense $ 1,237 $ 654 For the twelve months ended April 30, 2026, stock-based compensation expense for research and development includes approximately $129,000, 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""). In general, these Plans provide for stock-based compensation to the Companys employees, directors and non-employees. The 2010 and 2021 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. 2021 Equity Incentive Plan As part of the 2021 Annual Shareholders Meeting, shareholders approved the adoption of the 2021 Equity Incentive Plan (2021 Equity Plan). The purpose of the 2021 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Incentive Stock Options; (iii) Restricted Stock Awards; and/or (iv) Stock Appreciation Rights (co …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Provision for (Benefit from) Income Taxes The following table presents the components of income (loss) before income taxes and the related income tax expense (benefit) (in thousands): For the Year Ended April 30, 2026 2025 Income / (loss) before income taxes: U.S. operations $ (1,164) $ 4,426 Italy operations 145 116 Israel operations 90 84 Total income / (loss) before income taxes (929) 4,626 Income tax expense / (benefit): Current: U.S. federal $ $ U.S. state and local (a) 158 20 Italy 44 34 Israel 44 (129) Total current income tax expense / (benefit) 246 (75) Deferred: U.S. federal $ $ U.S. state and local (a) Italy Israel Total deferred income tax expense / (benefit) Total income tax expense / (benefit) $ 246 $ (75) (a) Taxes in California, Connecticut, Pennsylvania, and New York City make up the majority of the current U.S. state and local income tax. Income taxes paid (net of refunds received) related to continuing operations are presented on a cash basis and were as follows (in thousands): For the Year Ended April 30, 2026 2025 Jurisdiction: U.S. federal $ $ U.S. state and local: California 106 New York City 37 Pennsylvania 14 Connecticut 24 Italy 36 31 Israel 25 12 Total income taxes paid (net of refunds received) 242 43 The expected tax expense / (benefit) based on the United States statutory federal tax rate is reconciled with actual tax expense / (benefit) as follows (in thousands): Year Ended April 30, 2026 2025 Expected U.S. federal statutory income tax $ (195) 2 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company accounts for its leases under ASC 842. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the consolidated balance sheet as both an operating lease ROU asset and operating lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Companys incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred. The Company has elected to apply the short-term lease exemption practical expedient for each class of underlying assets and excludes short-term leases having initial terms of 12 months or less. The Company recognizes rent expense on a straight-line basis over the lease term for these short-term leases. The Company has determined that no material embedded leases exist. Under ASC 842, the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commenc …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Tax Disclosures (Topic 740). The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and the income taxes paid information disclosed. The ASU is effective retrospectively for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU, retrospectively, as of May 1, 2025 and it has been included in the required disclosures in the Company's financial statements. In November 2024 and January 2025, the FASB issued ASU 2024-03, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures"" (Subtopic 220-40) ""Disaggregation of Income Statement Expenses"" and ASU 2025-01 ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures"" (Subtopic 220-40): Clarifying the Effective Date"". The new guidance is intended to enhance transparency and disclosures by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU is effective for the first annual reporting periods after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is in the process of evaluating the impact that t …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 at the exchange amount, which is the amount of consideration established and agreed to by the parties. Consulting Services For fiscal years ended April 30, 2026 and 2025, the Company paid a member of its Board of Directors $0 and $12,000, respectively for consulting services unrelated to his duties as a board member. All of the amounts paid to this related party have been recognized in expense in the period the services were performed within general and administrative expenses in the accompanying consolidated statements of operations.

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"Revenue from Contracts with Customers Oncology Revenue The following table represents disaggregated revenue for the twelve months ended April 30, 2026 and 2025: Year Ended April 30, 2026 2025 Pharmacology services $ 57,133 $ 48,585 TOS data license revenue 764 4,676 Other TOS revenue 1,528 3,683 Total oncology revenue $ 59,425 $ 56,944 TOS data license revenue represents revenue from the sale of a license to access certain of the Company's PDX data. Other TOS revenue represents additional services provided to the Company's pharmaceutical and biotechnology customers, specifically flow cytometry services and software-as-a-service (""SaaS"") provided via our Lumin Bioinformatics software. Contract Balances Contract assets include unbilled amounts typically resulting from revenue recognized in excess of the amounts billed to the customer for which the right to payment is subject to factors other than the passage of time. These amounts may not exceed their net realizable value. Contract assets are classified as current. Contract liabilities consist of customer payments received in advance of performance and billings in excess of revenue recognized, net of revenue recognized from the balance at the beginning of the period. Contract assets and liabilities are presented on the balance sheet on a net contract-by-contract basis at the end of each reporting period. Refer to Note 3 for related balances."

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"Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Foreign Currency The Companys 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 Companys international operations. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience, our observance of trends in particular areas and information or valuations and various other assumptions that we believe to be reasonable under the circumstances and which form the basis for making judgments about the carrying value of assets and liabilities that may not be readily apparent from other sources. Actual amounts could differ significantly from amounts previously estimated. Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and with origin …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Subsequent Events On June 5, 2026, subsequent to the 2026 fiscal year-end balance sheet date, the Company executed an amendment to its existing operating lease for its office and lab space located in Rockville, MD , extending the lease term through March 31, 2037. The amendment will be accounted for as a lease modification in accordance with ASC 842 in the first quarter of fiscal 2027. Based on its preliminary assessment, the Company expects the lease modification to increase its operating lease right-of-use assets and its operating lease liabilities by approximately $6.3 million. The amendment is also expected to increases the Company's future contractual minimum lease payment obligations by approximately $16.9 million over the remaining lease term through March 31, 2037. These amounts are preliminary and may change upon completion of the Company's detailed lease accounting analysis.

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Commitments and Contingencies 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 Companys financial position or results of operations. Royalties The Company contracts with third-party vendors to license tumor samples for development into PDX models and use in our pharmacology TOS business. These types of arrangements have an upfront fee ranging from nil to $30,000 per tumor sample depending on the successful growth of the tumor model and ability to develop them into a sellable product. The upfront costs are expensed as incurred. In addition, under certain agreements, for a limited period of time, the Company is subject to royalty payments if the licensed tumor models are used for sale in our TOS business, ranging from 2% to 20% of the contract price after recouping certain initiation costs. 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. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents disaggregated revenue for the three and six months ended October 31, 2025 and 2024 (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2025 2024 2025 2024 Pharmacology services $ 14,515 $ 12,498 $ 27,745 $ 25,567 TOS data license revenue 157 468 Other TOS revenue 363 991 817 1,983 Total oncology revenue $ 15,035 $ 13,489 $ 29,030 $ 27,550 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Stock-Based Payments Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended October 31, Six Months Ended October 31, 2025 2024 2025 2024 General and administrative $ 191 $ (95) $ 339 $ 90 Sales and marketing 14 51 26 91 Research and development 32 3 64 7 Cost of oncology revenue 12 50 28 79 Total stock-based compensation expense $ 249 $ 9 $ 457 $ 267 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. 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""). In general, these Plans provide for stock-based compensation to the Companys employees, directors and non-employees. The 2010 and 2021 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. 2021 Equity Incentive Plan As part of the 2021 Annual Shareholders Meeting, shareholders approved the adoption of the 2021 Equity Incentive Plan (2021 Equity Plan). The purpose of the 2021 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Incentive Stock Options; (iii) Restricted Stock Awards; and/or (iv) Stock Appreciation Rights (collectiv …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Leases The Company accounts for its leases under FASB ASC Topic 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use (""ROU"") asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if applicable, or the Companys incremental borrowing rate. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Operating Leases The Company currently leases certain office equipment and its office and laboratory facilities under non-cancelable operating leases. 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. The Company conside …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Tax Disclosures (Topic 740). The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and the income taxes paid information disclosed. The ASU is effective retrospectively for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU as of May 1, 2025 and it has been included in the required disclosures in our financial statements since. In November 2024 and January 2025, the FASB issued ASU 2024-03, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures"" (Subtopic 220-40) ""Disaggregation of Income Statement Expenses"" and ASU 2025-01 ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures"" (Subtopic 220-40): Clarifying the Effective Date"". The new guidance is intended to enhance transparency and disclosures by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU is effective for the first annual reporting periods after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is in the process of evaluating the impact that the adoption o …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 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.

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"Revenue from Contracts with Customers Oncology Revenue The following table represents disaggregated revenue for the three and six months ended October 31, 2025 and 2024 (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2025 2024 2025 2024 Pharmacology services $ 14,515 $ 12,498 $ 27,745 $ 25,567 TOS data license revenue 157 468 Other TOS revenue 363 991 817 1,983 Total oncology revenue $ 15,035 $ 13,489 $ 29,030 $ 27,550 Translational Oncology Solutions (""TOS"") license revenue represents revenue from the sale of a license to access certain of the Company's PDX data. Other TOS revenue represents additional services provided to the Company's pharmaceutical and biotechnology customers, specifically flow cytometry services and software-as-a-service (""SaaS"") provided via our Lumin Bioinformatics software (""Lumin"")."

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"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. Liquidity 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. Historically, the Company has met these cash requirements through cash on hand, working capital management, and sales of products and services. 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. 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. Should the Company be required to raise additional capital or seek to obtain financing, there can be no assurance that management would be successful in raising such capital or obtaining such financing on terms acceptable to us, if at all. Earnings P …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing