Welcome to the Champions Oncology first quarter fiscal year 2027 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, Rob Brainin, Chief Executive Officer. You may begin.

Good afternoon. and thank you for joining our first quarter fiscal 2027 earnings poll. I'm Rob Brainin, CEO of Champion's Ontology, and I'm joined today by our CFO, David Miller. Before we begin, I want to remind everyone that today's remarks may include forward-looking statements. Actual results may differ materially, and you can find more information in our followings with the SEC. When we spoke in July, I said fiscal 26 was an investment year and that the onus was on us to deliver in fiscal 2027. The first quarter is a strong data point that we're moving in the right direction. Revenue was $15.2 million compared to $14 million in the first quarter of fiscal 26. Grace margin was 50%, up from 43% in Q1 fiscal 26. Adjustability of a job was approximately $700,000, and on a gap basis, we reported a net loss of 0.4%. This represents our fifth consecutive quarter of positive adjusted EBITDA. Both our services business and our data business contributed to that improvement, and I'll touch on them in turn. Our translational oncology services business generated $14.3 million in revenue in the quarter, and margins in that business held where we wanted them, and the operating discipline we described in July showed up again this quarter. This is the part of Champions that has always been a predictive modeling business. A customer brings us a therapy, we run it through the most clinical, relevant models in the industry, and we predict how the drug is likely to behave in patients. The demand environment for that work is healthy, and the quality of our tumor bank continues to be a core reason customers come to us. We feel good about how we're showing up in the market and look forward to continuing to share our pace over the coming quarters as the year goes on. Data licensing revenue was $893,000 in the first quarter. To put that in context, we generated more data revenue in this one quarter than in all of fiscal 2026, reflecting the broader base of customers we spent the last year building. Just like our TOS business, we look at this on an annual basis rather than a quarterly one, though. Contracts close on their own timelines, and while we're very pleased with the progress, revenue will remain lumpy. Pipeline continues to be robust, and the strategic case keeps strengthening. As sponsors lean harder on AI and machine learning to make development decisions, the constraint isn't the model, it's the data underneath it. Deeply characterized, clinically annotated, patient-derived data is scarce, and we have it. That's what will let us move from predicting the outcome of one study at a time to helping sponsors find signatures, select the right patients, and design better trials. On Corellia, our wholly-owned therapeutic subsidiary, we remain encouraged. The external conversations continue, both venture groups and potential pharmaceutical partners, and the data we're generating continues to strengthen the case. I'm not going to put a date on any outcome for the same reasons I gave in July. If we're successfully securing outside funding or a licensing partnership, the investment currently flowing into that business Thank you, Rob. And good afternoon, everyone. Our full financial results for the quarter

will be filed with the SEC on Form 10-Q on or before September 14th. As I've highlighted, revenue for the first quarter was $15.2 million, an increase of approximately 9% from $14 million in the prior year quarter. On a gap basis, we reported a net loss of approximately $426,000 compared with a net loss from operations of $527,000 a year ago. Turning to the cash-based operating results as we typically discuss them, adjusted EBITDA increased to 671,000 from 59,000 in the prior year quarter. This is our fifth consecutive quarter of positive adjusted EBITDA, and our focus is on continuing to grow revenue while expanding profitability. Let me provide a little more detail on the drivers of the quarter, starting with revenue. The improved quality of our sales over the last several quarters resulted in a higher percentage of contracted study value converting to revenue in Q1. Importantly, that trend continued with sales made during the first quarter, with expected conversion percentages remaining strong. And as Rob discussed, data license revenue also contributed to the year-over-year growth, reflecting the broader customer base we built last year. Another meaningful development was the improvement in oncology services margin, which increased to 51% from 43%. The improvement was driven by a few factors. Cost of oncology revenue declined by approximately $500,000 to $7.5 million from $8 million a year ago, despite the increase in revenue. The reduction was driven primarily by lower third-party radio labeling costs. As we discussed over the past year, We've been working to bring those capabilities in-house, resulting in a lower-cost structure. Increased revenue also contributed to the margin improvement, reflecting the leverage we have in the business. Turning to operating expenses, R&D expense was $1.9 million compared with $2.1 million in the prior year quarter. We were able to reduce spending in our core services business while redirecting resources towards Corellia and our data initiatives. Delta Marketing expense was $3 million compared with $1.8 million a year ago. As we've discussed previously, we made a deliberate investment last year to expand our commercial organization across both our research services and data businesses. That investment is now reflected in our expense base, and our focus is on generating greater revenue and profitability from it. G&A expense is essentially flat at approximately $2.1 million in both periods. Turning to cash, we used approximately $500,000 of cash during the quarter, primarily reflecting working capital movements in the ordinary course of business, including a reduction in accounts payable and higher accounts receivable. We ended the quarter with approximately $4.4 million of cash and no debt. Overall, the quarter demonstrates the operating leverage we've been working toward. Revenue grew, oncology services margin improved significantly, and adjusted EBITDA expanded while we continue to support the investments we've made for future growth. We are continuing to build on the foundation established last year with a focus on maintaining expense discipline and converting revenue growth into improved profitability. With that, I'll turn the call back over to Rob and ask him any questions.

At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. Confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Once again, please press star 1 if you have a question or a comment. We currently have no questions in the queue. I'd like to turn the floor back to Rob Brainin for any closing remarks.

Great. Thank you. Really appreciate it. Appreciate everyone dialing in or listening to the recording. As you can tell, we're really encouraged and excited about the progress we've been making and the trajectory of the business and look forward to, in the coming quarters, sharing more about that progress and how we're doing. We'll speak to you then. Have a great afternoon. Thanks. Thank you.

This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.