Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2020 | Jul. 17, 2020 | Oct. 31, 2019 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CHAMPIONS ONCOLOGY, INC. | ||
Entity Central Index Key | 0000771856 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 31 | ||
Entity Common Stock, Shares Outstanding | 12,726,728,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Current assets: | ||
Cash | $ 8,342 | $ 3,237 |
Accounts receivable, net | 4,770 | 4,377 |
Prepaid expenses and other current assets | 385 | 308 |
Total current assets | 13,497 | 7,922 |
Operating lease right-of-use assets, net | 2,798 | |
Property and equipment, net | 3,993 | 2,546 |
Other long term assets | 128 | 128 |
Goodwill | 335 | 669 |
Total assets | 20,751 | 11,265 |
Current liabilities: | ||
Accounts payable | 3,140 | 2,807 |
Accrued liabilities | 2,502 | 1,180 |
Current portion of operating lease liabilities | 503 | |
Current portion of finance lease | 125 | |
Current portion of finance lease | 16 | |
Deferred revenue | 5,815 | 4,022 |
Total current liabilities | 12,085 | 8,025 |
Deferred rent | 851 | |
Non-current portion operating lease liabilities | 3,170 | |
Other non-current liabilities | 178 | 151 |
Total liabilities | 15,433 | 9,027 |
Stockholders' equity: | ||
Common stock, $.001 par value; 200,000,000 shares authorized; 12,726,728 and 11,619,538 shares issued and 12,726,728 and 11,619,538 shares outstanding as of April 30, 2020 and April 30, 2019, respectively | 13 | 12 |
Additional paid-in capital | 77,978 | 72,924 |
Accumulated deficit | (72,673) | (70,698) |
Total stockholders' equity | 5,318 | 2,238 |
Total liabilities and stockholders' equity | $ 20,751 | $ 11,265 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2020 | Apr. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 12,726,728 | 11,619,538 |
Common stock, shares outstanding (in shares) | 12,726,728 | 11,619,538 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Statement [Abstract] | ||
Oncology services revenue | $ 32,123,000 | $ 27,067,000 |
Costs and operating expenses: | ||
Cost of oncology services | 16,882,000 | 14,265,000 |
Research and development | 5,853,000 | 4,798,000 |
Sales and marketing | 4,242,000 | 3,056,000 |
General and administrative | 6,614,000 | 4,678,000 |
Goodwill Impairment | 335,000 | 0 |
Total costs and operating expenses | 33,926,000 | 26,797,000 |
Income (loss) from operations | (1,803,000) | 270,000 |
Other expense: | ||
Other expense | (42,000) | (39,000) |
Income (loss) before income tax expense | (1,845,000) | 231,000 |
Provision for income tax | 130,000 | 103,000 |
Net income (loss) | $ (1,975,000) | $ 128,000 |
Net income (loss) per common share outstanding | ||
Net income (loss) per common share outstanding, basic (in usd per share) | $ (0.17) | $ 0.01 |
Net income (loss) per common share outstanding, diluted (in usd per share) | $ (0.17) | $ 0.01 |
Weighted average common shares outstanding | ||
Weighted average common shares outstanding basic (in shares) | 11,843,463 | 11,340,184 |
Weighted average common shares outstanding diluted (in shares) | 11,843,463 | 14,096,117 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Apr. 30, 2018 | $ 3 | $ 11 | $ (1,252) | $ 72,070 | $ (70,826) |
Balance (in shares) at Apr. 30, 2018 | 11,003,228 | 269,685 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 636 | 636 | |||
Issuance of common stock for services | 6 | 6 | |||
Issuance of common stock (in shares) | 5,462 | ||||
Issuance of common stock on exercise of stock options and warrants | 1,465 | $ 1 | $ 1,252 | 212 | |
Issuance of common stock on exercise of stock options and warrants (in shares) | 610,848 | (269,685) | |||
Net income (loss) | 128 | 128 | |||
Balance at Apr. 30, 2019 | 2,238 | $ 12 | $ 0 | 72,924 | (70,698) |
Balance (in shares) at Apr. 30, 2019 | 11,619,538 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 600 | 600 | |||
Issuance of common stock on exercise of stock options and warrants | 4,455 | $ 1 | 4,454 | ||
Issuance of common stock on exercise of stock options and warrants (in shares) | 1,107,190 | ||||
Net income (loss) | (1,975) | (1,975) | |||
Balance at Apr. 30, 2020 | $ 5,318 | $ 13 | $ 0 | $ 77,978 | $ (72,673) |
Balance (in shares) at Apr. 30, 2020 | 12,726,728 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Operating activities: | ||
Net income (loss) | $ (1,975) | $ 128 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Stock-based compensation expense | 600 | 636 |
Depreciation and amortization expense | 825 | 606 |
Gain on disposal of equipment | (52) | 0 |
Operating lease right-of-use assets | 403 | 0 |
Deferred rent | 0 | 397 |
Goodwill Impairment | 335 | 0 |
Allowance for doubtful accounts | 277 | 71 |
Issuance of common stock for services | 0 | 6 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (670) | (531) |
Prepaid expenses and other current assets | (77) | (21) |
Other long term assets | 0 | (12) |
Accounts payable | 333 | 653 |
Accrued liabilities | 1,322 | 611 |
Operating lease liabilities | (235) | 0 |
Other non-current liability | 27 | 0 |
Deferred revenue | 1,792 | (682) |
Net cash provided by operating activities | 2,905 | 1,862 |
Investing activities: | ||
Purchase of property and equipment | (2,220) | (834) |
Net cash used in investing activities | (2,220) | (834) |
Financing activities: | ||
Proceeds from exercise of options and warrants | 4,455 | 1,465 |
Finance lease payments | (35) | (262) |
Net cash provided by financing activities | 4,420 | 1,203 |
Increase in cash | 5,105 | 2,231 |
Cash, beginning of year | 3,237 | 1,006 |
Cash, end of year | 8,342 | 3,237 |
Non-cash investing and financing activities: | ||
Purchased equipment under finance lease | 212 | 235 |
Right-of-use assets obtained in exchange for operating lease liabilities | 3,201 | 0 |
Credit received on purchase of equipment | $ 160 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Apr. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Background Champions Oncology, Inc. (the “Company”), is engaged in an end-to-end range of research and development technology solutions and services to improve 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: Translational Oncology Solutions (“TOS”) and Personalized Oncology Solutions (“POS”). 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. 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 has two operating subsidiaries: Champions Oncology (Israel), Limited and Champions Biotechnology U.K., Limited. For the years ended April 30, 2020 and 2019 , there were no revenues earned by these subsidiaries. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company operates in one reportable business segment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Foreign Currency 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. 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. Significant estimates include, among other things, accounts receivable realization, revenue recognition (replacement of licensed tumors), valuation allowance for deferred tax assets, valuation of goodwill, and stock-based compensation and warrant assumptions. 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 original maturities of three months or less to be cash equivalents. As of April 30, 2020 and 2019 the Company had cash balances of $8.3 million and $3.2 million , respectively, and no cash equivalents. 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 cash on hand, working capital management, proceeds from certain private placements and public offerings of our securities, and sales of products and services. For the year ended April 30, 2020 , the Company had a net loss of approximately $2.0 million , an accumulated deficit of approximately $72.7 million , working capital of $1.4 million and cash and cash equivalents of $8.3 million . We believe that our cash on hand, together with continued improved cash flows from operations, are adequate to fund operations through at least August 2021. Should the Company be required to raise additional capital, there can be no assurance that management would be successful in raising such capital on terms acceptable to us, if at all. Fair Value The carrying value of cash, accounts receivable, prepaid expenses, 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 — Quoted market prices in active markets for identical assets or liabilities; • Level two — Inputs other than level one inputs that are either directly or indirectly observable; and • Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company has no assets that are measured at fair value on a recurring basis and there were no assets or liabilities measured at fair value on a non-recurring basis during the years ended April 30, 2020 and 2019. Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, furniture and fixtures, and computer hardware and software. Assets in progress include equipment or software not yet placed in service. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to nine years. Leases Effective May 1, 2019, the Company accounts for its leases under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases ("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 a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s 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 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. The Company continues to account for leases in the prior period financial statements in accordance with ASC Topic 840. Impairment of Long-Lived Assets Impairment losses are to be recognized when the carrying amount of a long-lived asset is not recoverable or exceeds its fair value. The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that a carrying value may not be recoverable. The Company uses estimates of future cash flows over the remaining useful life of a long- lived asset or asset group to determine the recoverability of the asset. These estimates only include the net cash flows directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the asset or asset group. The Company has no t recognized any impairment losses for the Company’s long-lived assets for the years ending April 30, 2020 and 2019 . Other long term assets Other long term assets represents amounts relating to lease deposits for our Hackensack, New Jersey and Rockville, Maryland locations. Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company evaluates the carrying value of goodwill annually in connection with the annual budgeting and forecast process and also between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit to which goodwill was allocated to below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors, market conditions, or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. When evaluating goodwill for impairment, we may first perform an assessment qualitatively whether it is more likely than not that a reporting unit’s carrying amount exceeds its fair value, referred to as a “step zero” approach. Subsequently (if necessary after step zero), an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying value. Under FASB's Accounting Standards Update ("ASU") 2014-02, Topic 350, "Intangibles—Goodwill and Other" goodwill impairment is measured as the excess of the carrying amount of the reporting unit over its fair value. The impairment evaluation test involves comparing the current fair value of each business unit to its carrying value, including goodwill. Fair value is typically estimated using a discounted cash flow analysis, which requires the Company to estimate the future cash flows anticipated to be generated by the business unit being tested for impairment as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, the Company considers historical results adjusted to reflect current and anticipated operating conditions. The Company estimates cash flows for the business unit over a discrete period (typically four or five years) and the terminal period (considering expected long term growth rates and trends). Estimating future cash flows requires significant judgment by management in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows or significant changes in risk-adjusted discount rates due to changes in market conditions could produce substantially different estimates of the fair value of the business unit. We have one reportable segment. The Company evaluated its TOS and POS business operations (or business units) and determined that the POS operations no longer qualified as a separate reportable segment primarily due to its revenue representing approximately 2.5% of total revenue. The Company assesses goodwill by business unit, which are also reporting units. Judgments regarding the existence of impairment indicators are based on legal factors, market conditions and operational performance of the acquired businesses. Future events, including but not limited to continued declines in economic activity, loss of contracts or a significant number of customers, or a rapid increase in costs or capital expenditures, could cause us to conclude that impairment indicators exist and that goodwill is impaired. As a result of its annual assessment, which included an estimation of the future cash flows of the POS operations as described above, the Company determined that, under a discounted cash flow model, the fair value of the POS business/reporting unit was below its carrying amount as of April 30, 2020. The Company recognized goodwill impairment for the quarter and year ended April 30, 2020 of $335,000 . As of April 30, 2020 and 2019, goodwill was $335,000 and $670,000 , respectively. Deferred Revenue Deferred revenue represents payments received in advance for products to be delivered. When products are delivered, deferred revenue is then recognized as earned. Other Non-Current Liabilities Other non-current liabilities represent amounts for uncertain tax positions relating to one of our foreign entities. Cost of Oncology Services Cost of oncology services relates to our TOS and POS business units. TOS costs consist of direct costs related to mice purchases and maintenance costs for studies completed internally and charges from Contract Research Organization's for studies handled externally. Indirect costs include salaries for personnel directly engaged in providing TOS products. All costs of performing studies in-house are expensed as incurred. All TOS costs of performing studies from external sources, are expensed when incurred. POS consists of costs related to implantations, drug panels, tumor boards, and gene sequencing services, as well as indirect internal costs, such as salaries for personnel directly engaged in these products. Direct costs associated with implantation revenues are primarily related to mice purchases and maintenance and shipping of tumor tissue. Direct drug panel costs are primarily incurred from mice purchases and maintenance and drug purchases. Direct tumor board costs are primarily related to physicians’ honorariums and any tumor board participation costs such as travel, lodging and meals. Direct gene sequencing costs are primarily related to costs billed from the gene sequencing service provider. All POS costs are expensed as incurred. Research and Development Research and development costs represent both costs incurred internally for research and development activities, including personnel costs and mice purchases and maintenance, as well as costs incurred externally to facilitate research activities, such as tumor tissue procurement and characterization expenses. All research and development costs are expensed as incurred. Sales and Marketing Sales and marketing expenses represent costs incurred to promote the Company’s products offered, including salaries, benefits and related costs of our sales and marketing personnel, and represent costs of advertising and other selling and marketing expenses. All sales and marketing costs, including advertising costs, are expensed as incurred. Earnings Per Share Basic net income or loss per share is computed by dividing the net income or loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing the net income 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. Stock-based Payments The Company typically recognizes expense for stock-based payments based on the fair value of awards on the date of grant. The Company uses the Black-Scholes option pricing model to estimate fair value. The Black-Scholes option valuation model was developed for use in estimating the fair value of short-traded options that have no vesting restrictions and are fully transferable. The option pricing model requires the Company to estimate certain key assumptions such as expected life, volatility, risk free interest rates and dividend yield to determine the fair value of stock-based awards. These assumptions are based on historical information and management judgment. The risk-free interest rate used is based on the United States treasury security rate with a term consistent with the expected term of the award at the time of the grant. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the Securities and Exchange Commission-approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 107 with the continued use of this method extended under the provisions of Staff Accounting Bulletin No. 110. Estimated volatility is based upon the historical volatility of the Company's common stock. The Company does not anticipate paying a dividend, and therefore, no expected dividend yield was used. The Company expenses stock-based payments over the period that the awards are expected to vest. In the event of forfeitures, compensation expense is adjusted. The Company expenses modification charges in the period of modification and, if required, over the remaining period the awards are expected to vest. The Company will report cash flows resulting from tax deductions in excess of the compensation cost recognized from those options (excess tax benefits) as financing cash flows, if they should arise. 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 April 30, 2020 and 2019 , 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. As of April 30, 2020 and 2019 the Company has recorded $178,000 and $151,000 , respectively, of liabilities related to uncertain tax positions relative to one of its foreign operations. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company accrued $27,000 and $0 , for interest and penalties on the Company’s statement of operations for the years ended April 30, 2020 and 2019 , respectively. The Company does not anticipate any significant unrecognized tax benefits to be recorded during the next 12 months. For the year ended April 30, 2020 and 2019, the Company recognized a provision for income taxes of $130,000 and $103,000 , respectively, related to state and foreign taxes. Revenue Recognition In May 2014, the FASB issued ASU 2014-19, Revenue from Contracts with Customers (Topic 606) which was added to the FASB's Accounting Standards Codification as ASC 606. The objective of the standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under new standard, companies recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The Company adopted ASU 2014-09 on May 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption and by recognizing the cumulative effect of applying the standard as an adjustment to the Company’s Balance Sheet. All revenue is generated from contracts with customers. The Company's arrangements are service type contracts that mainly have a duration of less than a year. The Company recognizes revenue when control of these services is transferred to the customer in an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions. Pharmacology Study, POS Services and Other Services The Company generally enters into contracts with customers to provide oncology services with payments based on fixed-fee arrangements. At contract inception, the Company assesses the services promised in the contracts with customers to identify the performance obligations in the arrangement. The Company's fixed-fee arrangements for oncology services are considered a single performance obligation because the Company provides a highly-integrated service. The Company recognizes revenue over time using a progress-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Revenue is recognized for the single performance obligation over time due to the Company's right to payment for work performed to date and the performance does not create an asset with an alternative use. The Company recognizes revenue as portions of the overall performance obligation are completed as this best depicts the progress of the performance obligation. Incremental Costs of Obtaining a Contract (Sales Commissions) Under ASC 606, the costs of obtaining a contract can be expensed immediately, rather than capitalized and amortized, if the amortization period is one year or shorter. Sales commissions for the Company represent contract costs with a term of one year or less. Therefore, under ASC 606, the Company elected the practical expedient to expense these costs as incurred. Variable Consideration In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as the success of the initial performance obligation. Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. Trade Receivables, Unbilled Services and Deferred Revenue In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company's services under the contract. In general, the Company's intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract. Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from timing of payment terms and when an input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Deferred revenue consists of unearned payments received in excess of revenue recognized. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of the revenue recognized during the period. Deferred revenue is classified as a current liability on the condensed consolidated balance sheet as the Company expects to recognize the associated revenue in less than one year. Accounting Pronouncements Being Evaluated In June 2016, the Financial Accounting Standards Board (FASB) FASB issued Accounting Standards Update (ASU) No. 2016-13, "Financial Instruments - Credit Losses". This update requires immediate recognition of management’s estimates of current expected credit losses ("CECL"). Under the prior model, losses were recognized only as they were incurred. The new model is applicable to all financial instruments that are not accounted for at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2022 for public entities qualifying as smaller reporting companies. Early adoption is permitted. We are currently assessing the impact of this update on our consolidated financial statements and do not expect a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, which amends ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software, to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement ("CCA") that is a service contract. This update aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The update is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period. We are currently assessing the impact of this update on our consolidated financial statements and do not expect a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (ASC 820) — Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 removes certain disclosures, modifies certain disclosures and adds additional disclosures. ASU 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted. We are currently assessing the potential impact of the amendments in this ASU on our consolidated financial statements and do not expect a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740) — Simplifying the Accounting for Income Taxes. ASU 2019-12 which modifies ASC 740 to simplify the accounting for income taxes. The ASU removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020. We are currently assessing the potential impact of this ASU on our consolidated financial statements and do not expect a material impact on our consolidated financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases", (Topic 842), which required the Company to recognize lease assets and lease liabilities (related to leases previously classified as operating under previous U.S. GAAP) on its consolidated balance sheet for all leases in excess of one year in duration. The ASU was effective for the Company on May 1, 2019. The Company elected to adopt ASU 2016-02 using the modified retrospective method and, therefore, have not recast comparative periods presented in its unaudited consolidated financial statements. As permitted under ASU 2016-02, the Company elected to account for the non-lease components together with the lease components as a single lease component. The Company recorded an operating lease right-of-use ("ROU") asset of $3.2 million , net of deferred rent of $900,000 and an operating lease liability of $4.1 million as of May 1, 2019. Refer to "Note 13. Leases" for additional information. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. The new standard attempts to reduce diversity in practice in how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 provides guidance on eight specific cash flow issues. The new guidance was effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company adopted ASU 2016-15 on May 1, 2018 and it did not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash (a consensus of the FASB Emerging Issues Task Force)" ("ASU 2016-18"), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity's reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. The Company adopted ASU 2016-18 on May 1, 2018 and did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other” (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This new standard simplifies how an entity is required to test goodwill for impairment by eliminating a step from the goodwill impairment test. ASU 2017-04 allows for prospective application and is effective for fiscal years beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted this guidance on May 1, 2019 and it did not have an impact on its consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, "Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting". This ASU expands the scope of Topic 718, Compensation—Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Under the new guidance, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. The new accounting guidance was effective for the Company on May 1, 2019. The Company early adopted ASU 2018-07 beginning with its financial reporting for the quarter ended January 31, 2019. The adoption did not have a material impact on the Company's consolidated financial statements. |
Accounts Receivable, Unbilled S
Accounts Receivable, Unbilled Services and Deferred Revenue | 12 Months Ended |
Apr. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable, Unbilled Services and Deferred Revenue | Accounts Receivable, Unbilled Services and Deferred Revenue Accounts receivable and unbilled services were as follows (in thousands): April 30, 2020 April 30, 2019 Accounts receivable $ 2,655 $ 1,982 Unbilled services 2,404 2,417 Total accounts receivable and unbilled services 5,059 4,399 Less: allowance for doubtful accounts (289 ) (22 ) Total accounts receivable, net $ 4,770 $ 4,377 Deferred revenue was as follows (in thousands): April 30, 2020 April 30, 2019 Deferred revenue $ 5,815 $ 4,022 Deferred revenue is shown as a current liability on the Company's balance sheet. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in thousands): April 30, 2020 2019 Furniture and fixtures $ 181 $ 142 Computer equipment and software 1,551 1,104 Laboratory equipment 4,475 3,358 Assets in progress 554 16 Leasehold improvements 4 — Total property and equipment 6,765 4,620 Less: Accumulated depreciation and amortization (2,772 ) (2,074 ) Property and equipment, net $ 3,993 $ 2,546 Depreciation and amortization expense was $825,000 and $606,000 for the years ended April 30, 2020 and 2019 , respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $ 683,000 and $ 490,000 for the twelve months ended April 30, 2020 and 2019. As of April 30, 2020 and 2019, property, plant and equipment included gross assets held under finance leases of $343,000 and $366,000 , respectively. Related depreciation expense for these assets was $142,000 and $116,000 for the years ended April 30, 2020 and 2019. As of April 30, 2020, assets in progress includes approximately $300,000 of capitalized software development costs. During the year ended April 30, 2020, specifically during the quarter ended October 31, 2019, the Company traded in and disposed of a $235,000 leased asset that was previously included in the laboratory equipment category. At the time of disposal, the accumulated depreciation related to that asset was written off in the amount of $127,000 (see also paragraph below). As of January 31, 2020, the remaining leased asset included in the laboratory equipment category was fully depreciated resulting in a net balance of nil. Finance Lease In November 2014, the Company entered into a finance lease for laboratory equipment. The lease had costs of approximately $149,000 , at inception, through November 2019. The final lease payment under this finance lease of $2,000 was paid during the three months ended January 31, 2020. In July 2018, the Company entered into a second finance lease for laboratory equipment. The lease had total costs of approximately $266,000 , inclusive of interest and taxes, with a monthly payment of approximately $11,000 . Although the lease was originally due to mature in July 2020, the Company decided to pay the outstanding balance on February 1, 2019. During the quarter ended October 31, 2019, the Company traded in this asset and received a $160,000 reduction in the purchase price of two newly acquired assets. The net book value of the asset traded in at the time of trade in was $108,000 , which resulted in the gain on the disposal of the asset of $52,000 , which is included as an offset in the other expense line within the Company's consolidated statement of operations for the year ended April 30, 2020. In December 2019, the Company entered into a finance lease for laboratory equipment. The lease had costs of approximately $231,000 , at inception, through November 2020. This lease expires December 2020. The current monthly finance lease payment is approximately $19,000 . The future minimum lease payments remaining under this finance lease at April 30, 2020 are $135,000 . The present value of minimum future obligations is calculated based on interest rate of 4.75% . Depreciation and amortization expense related to this finance lease was $88,500 for the year ended April 30, 2020. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Oncology Services Revenue In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-19, Revenue from Contracts with Customers (Topic 606) which was added to the FASB's Accounting Standards Codification as ASC 606. The Company adopted ASC 606 on May 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for the twelve months ended April 30, 2020 and 2019 reflect the application of ASC 606. In accordance with ASC 606, revenue is now recognized when, or as, a customer obtains control of promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. A performance obligation is a promise (or a combination of promises) in a contract to transfer distinct goods or services to a customer and is the unit of accounting under ASC 606 for the purposes of revenue recognition. A contract's transaction price is allocated to each separate performance obligation based upon the standalone selling price and is recognized as revenue, when, or as, the performance obligation is satisfied. The majority of the Company's contracts have a single performance obligation because the promise to transfer individual services is not separately identifiable from other promises in the contracts, and therefore, is not distinct. The majority of the Company's revenue arrangements are service contracts that are completed within a year or less. There are a few contracts that range in duration between 1 and 3 years . Substantially all of the Company's performance obligations, and associated revenue, are transferred to the customer over time. Most of the Company's contracts can be terminated by the customer without cause. In the event of termination, the Company's contracts provide that the customer pay the Company for services rendered through the termination date. The Company generally receives compensation based on a predetermined invoicing schedule relating to specific milestones for that contract. In addition, in certain instances a customer contract may include forms of variable consideration such as performance increases or other provisions that can increase or decrease the transaction price. This variable consideration is generally awarded upon achievement of certain performance metrics. For the purposes of revenue recognition, variable consideration is assessed on a contract-by-contract basis and the amount to be recorded is estimated based on the assessment of the Company's anticipated performance and consideration of all information that is reasonably available. Variable consideration is recognized as revenue if and when it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved in the future. Amendments to contracts are common. The Company evaluates each amendment which meets the criteria of a contract modification under ASC 606. Each modification is further evaluated to determine whether the contract modification should be accounted for as a separate contract or as a continuation of the original agreement. The Company accounts for amendments as a separate contract as they meet the criteria under ASC 606-10-25-12. Other TOS revenue represents services provided to the pharmaceutical and biotechnology companies. The Company does not consider these services part of their core product offerings. The following table represents disaggregated revenue for the twelve months ended April 30, 2020 and 2019 : Year Ended April 30, 2020 2019 Pharmacology services $ 31,262 $ 25,484 Personalized oncology services 790 1,277 Other TOS revenue 71 306 Total oncology services revenue $ 32,123 $ 27,067 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. |
Significant Customers
Significant Customers | 12 Months Ended |
Apr. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Significant Customers | Significant Customers For the year ended April 30, 2020 , none of our customers accounted for more than 10.0% of our total revenue. For the year ended April 30, 2019 , one of our customers accounted for more than 10.0% of our total revenue in the amount of $2.9 million , or 10.7% . The revenue from this customer is part of the TOS business and was captured in the consolidated oncology services revenue line item within the statement of operations. As of April 30, 2020 and 2019, none of our customers accounted for more than 10.0% of our total accounts receivable balance. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Covid-19 In December 2019, a novel strain of coronavirus, COVID-19, was first identified in Wuhan, China. This virus continues to spread globally and, as of July 2020, has spread to over 200 countries, including the United States. The spread of COVID-19 from China to other countries has resulted in the World Health Organization declaring the outbreak of COVID-19 as a “pandemic,” or a worldwide spread of a new disease, on March 11, 2020. Many countries around the world have imposed quarantines and restrictions on travel and mass gatherings to slow the spread of the virus. Employers are also required to increase, as much as possible, the capacity and arrangement for employees to work remotely. In addition, on March 11, 2020, the President of the United States issued a proclamation to restrict travel to the United States from foreign nationals who have recently been in certain European and Latin American countries. Although, to date, these restrictions have not impacted our operations, the effect on our business, from the spread of COVID-19 and the actions implemented by the governments of the the United States and elsewhere across the globe, may worsen over time. Any outbreak of contagious diseases, or other adverse public health developments, could have a material and adverse effect on our business operations. These could include disruptions or restrictions on our ability to travel, pursue partnerships and other business transactions, receive shipments of biologic materials, as well as be impacted by the temporary closure of the facilities of suppliers. The spread of an infectious disease, including COVID-19, may also result in the inability of our suppliers to deliver supplies to us on a timely basis. In addition, health professionals may reduce staffing and reduce or postpone meetings with clients in response to the spread of an infectious disease. Though we have not yet experienced such events, if they would occur, they could result in a period of business disruption, and in reduced operations, any of which could materially affect our business, financial condition and results of operations. However, as of the date of this Annual Report on Form 10-K, we have not experienced a material adverse effect on our business nor the need for reduction in our work force; and, currently, and we do not expect any material impact on our long-term activity. The extent to which COVID-19 impacts our business will depend on future developments which are highly uncertain and cannot be predicted, including, but not limited to, new information which may emerge concerning the increased severity of COVID-19, the actions to contain COVID-19, or treat its impact. 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. 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 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 nil to $7,000 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 5% of the contract price after recouping certain initiation costs. As of April 30, 2020 , no royalties have been paid or accrued. |
Stock-based Payments
Stock-based Payments | 12 Months Ended |
Apr. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Payments | Stock-based Payments Stock-based compensation in the amount of $600,000 and $649,000 was recognized for years ended April 30, 2020 and 2019 , respectively. Included in stock-based compensation expense for the twelve months ended April 30, 2020 and April 30, 2019 under "general and administrative" line item is nil and $6,000 , respectively related to the issuance of common stock as compensation for services performed. Stock-based compensation costs were recorded as follows (in thousands): Year Ended April 30, 2020 2019 General and administrative $ 328 $ 458 Sales and marketing 237 91 Research and development 13 14 TOS cost of sales 21 86 POS cost of sales 1 — Total stock-based compensation expense $ 600 $ 649 2010 Equity Incentive Plan On February 18, 2011 , shareholders owning a majority of the issued and outstanding shares of the Company executed a written consent approving the 2010 Equity Incentive Plan (“2010 Equity Plan”). The purpose of the 2010 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2010 Equity Plan shall not exceed 30,000,000 shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Board of Directors. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. 2008 Equity Incentive Plan The Company has previously granted (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees under a 2008 Equity Incentive Plan (the “2008 Equity Plan”). Such awards may be granted by the Company’s Board of Directors. Options granted under the 2008 Equity Plan expire no later than ten years from the date of grant and the awards vest as determined by the Board of Directors. For stock-based payments to non-employee consultants under both the 2010 and 2008 Equity Plan, the fair value of the stock-based consideration issued is used to measure the transaction, as management believes this to be a more reliable measure of fair value than the services received. The fair value of the award is expensed over the period service is provided to the Company; however, it is ultimately measured at the price of the Company’s common stock or the fair value of stock options using the Black-Scholes valuation model on the date that the commitment for performance by the non-employee consultant has been reached or performance is complete, which is generally the vesting date of the award. Director Compensation Plan On December 12, 2013 , the Compensation Committee of the Board of Directors of the Company adopted changes to the Director Compensation Plan of 2010 (the “Director Plan”) effective December 1, 2013. Under the Director Plan, independent directors of the Company are entitled to an annual award of a five-year option to purchase 8,333 shares of the Company’s common stock, and the Chairman of the Board of the Company is entitled to an annual award of a five years option to purchase 16,667 shares of the Company’s common stock. Independent directors who serve as chairperson of a committee will also receive an annual grant of a five-year option to purchase 1,667 shares of the Company’s common stock. All options issued under the Director Plan vest quarterly at a rate of 25% . Option grants will typically be issued after the annual shareholder meeting which will generally be held in October of each year. New directors will receive a grant upon joining the Board equal to the pro-rata annual grant for the remainder of the year. Options issued under the Director Plan are issued pursuant to the 2010 Equity Plan. Stock Option Grants Black-Scholes assumptions used to calculate the fair value of options granted during the years ended April 30, 2020 and 2019 were as follows: Year Ended April 30, 2020 2019 Expected term in years 3 - 6 3 - 6 Risk-free interest rates 1.3% - 1.8% 2.6% - 3.0% Volatility 69% - 71% 65% - 85% Dividend yield —% —% The weighted average fair value of stock options granted during the years ending April 30, 2020 and 2019 , was $5.33 and $6.03 , respectively. The Company’s stock options activity and related information as of and for the years ended April 30, 2020 and 2019 is as follows: Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2019 50,000 2,373,626 2,423,626 $ 3.19 5.3 $ 14,557,000 Granted — 229,833 229,833 5.33 8.1 $ 544,000 Exercised — (248,495 ) (248,495 ) 2.31 Canceled — (11,824 ) (11,824 ) 7.96 Forfeited — (44,813 ) (44,813 ) 7.85 Expired (6,668 ) (70,001 ) (76,669 ) 8.04 Outstanding, April 30, 2020 43,332 2,228,326 2,271,658 3.23 5.0 $ 10,663,000 Vested and expected to vest as of April 30, 2020 43,332 2,228,326 2,271,658 3.23 5.0 $ 10,663,000 Vested as of April 30, 2020 17,501 1,926,117 1,943,618 2.83 4.5 $ 9,898,000 Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2018 50,000 2,655,845 2,705,845 $ 2.85 5.9 $ 5,265,000 Granted — 206,790 206,790 9.86 7.9 77,000 Exercised — (363,383 ) (363,383 ) 2.22 Canceled — (49,766 ) (49,766 ) 3.20 Forfeited — (9,750 ) (9,750 ) 3.50 Expired — (66,110 ) (66,110 ) 15.10 Outstanding, April 30, 2019 50,000 2,373,626 2,423,626 3.19 5.3 $ 14,557,000 Vested and expected to vest as of April 30, 2019 50,000 2,373,626 2,423,626 3.19 5.3 $ 14,557,000 Vested as of April 30, 2019 18,335 2,115,585 2,133,920 2.70 4.9 $ 13,785,000 On June 30, 2017, the Board of Directors extended the expiration terms of a previous employee's vested grants to November 2018. As a result of this modification, the Company had an additional stock option expense of $56,529 , which was expensed under the "General and Administrative" line item on the income statement for the twelve months ended April 30, 2019. Stock Purchase Warrants As of April 30, 2020 , the Company had zero warrants outstanding for the purchase of shares of its common stock, as all those that were exercisable as of April 30, 2019 were either exercised or expired by March 2020. For the year ending April 30, 2020, the Company received cash proceeds related to the exercise of these warrants of approximately $3.9 million . Activity related to warrants is summarized in the following table. Approximately 161,000 shares noted as exercised below were done so via a cash-less exercise basis. Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2019 1,671,440 $ 6.20 0.9 $ 5,730,000 Granted — — — — Exercised (858,695 ) 5.62 — 10,045,000 Forfeited (760,601 ) 5.76 — 8,587,000 Expired (52,144 ) 4.85 — 700,000 Outstanding, April 30, 2020 — $ — — $ — Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2018 2,004,284 $ 5.57 1.8 $ — Granted — — — — Exercised (247,468 ) 5.28 — 905,000 Forfeited (85,376 ) 4.80 — 388,000 Expired — — — — Outstanding, April 30, 2019 1,671,440 $ 6.20 0.9 $ 5,730,000 |
Common Stock
Common Stock | 12 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Common Stock | Common Stock On June 15, 2016, the Company closed a public offering ("The June 2016 Public Offering") of 2,000,000 registered shares of its common stock at an offering price of $2.25 per share. In addition, the underwriter exercised a partial exercise of the over-allotment option granted to the underwriter to purchase an additional 258,749 shares of its common stock at the public offering price. All of the shares were offered by the Company. The net proceeds from The June 2016 Public Offering, including the partial exercise of the over-allotment option, was $4.3 million , after deducting the underwriting discount and offering-related expenses of $742,000 . The Company used the net proceeds of this offering for research and development to grow the TumorGraft platform, and the balance of the net proceeds for working capital and general corporate purposes. For the year ended April 30, 2020 , the Company did no t issue any common stock for consulting services. For the year ended April 30, 2019 , the Company issued a total of 5,462 shares of common stock valued at $20,600 in consideration for consulting services, approximately $14,600 of which was accrued for at April 30, 2019 . |
Provision for Income Taxes
Provision for Income Taxes | 12 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Provision for Income Taxes The components of the provision for income taxes are as follows (in thousands): Year Ended April 30, 2020 Federal State Foreign Total Current $ — $ 3 $ 127 $ 130 Total $ — $ 3 $ 127 $ 130 Year Ended April 30, 2019 Federal State Foreign Total Current $ — $ 2 $ 101 $ 103 Total $ — $ 2 $ 101 $ 103 A reconciliation between the Company’s effective tax rate and the United States statutory tax rate for the years ended April 30, 2020 and 2019 is as follows: Year Ended April 30, 2020 2019 Federal income tax at statutory rate 21.0 % 21.0 % US vs. foreign tax rate difference (0.5 ) 1.1 State income tax, net of federal benefit (0.2 ) 0.9 Permanent differences (15.0 ) (25.4 ) Increase in uncertain tax position (1.5 ) — Goodwill impairment (3.8 ) — Change in valuation allowance (7.1 ) 41.0 Changes in tax rates — 6.1 Income tax expense (7.1 )% 44.7 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of April 30, 2020 and 2019 consist of the following (in thousands): As of April 30, 2020 2019 Accrued liabilities $ 303 $ 385 Depreciation and amortization (175 ) (99 ) Stock-based compensation expense 4,109 4,207 Net operating loss carry-forward 11,174 10,460 Total deferred tax assets 15,411 14,953 Less: Valuation allowance (15,411 ) (14,953 ) Net deferred tax asset $ — $ — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. The Act contains several new or changed income tax provisions, including but not limited to the following: increased limitation threshold for determining deductible interest expense; class life changes to qualified improvements (in general, from 39 years to 15 years); and the ability to carry back net operating losses incurred from tax years 2018 through 2020 up to the five preceding tax years. The Company has evaluated the new tax provisions of the CARES Act and determined the impact to be either immaterial or not applicable. Management has evaluated the available evidence about future tax planning strategies, taxable income, and other possible sources of realization of deferred tax assets and has established a full valuation allowance against its net deferred tax assets as of April 30, 2020 and 2019. For the years ended April 30, 2020 and 2019, the Company recorded a valuation allowance of $15.4 million and $15.0 million , respectively. As of April 30, 2020 and 2019, the Company’s estimated U.S. net operating loss carry-forwards were approximately $45.0 million and $43.0 million , respectively. Net operating losses generated prior to May 1, 2018 have a 20-year carryforward and will begin expiring in 2025 for federal and 2031 for state purposes. Losses generated in the fiscal years ended April 30, 2020 and 2019 can be carried forward indefinitely. A valuation allowance has been recorded against all of these loss carryforwards. Under the provisions of the Internal Revenue Code, certain substantial changes in the Company’s ownership may result in a limitation on the amount of net operating losses that may be utilized in future years. During the fiscal year ended April 30, 2013, approximately $12.0 million of the Company’s net operating losses became subject to limitation under Internal Revenue Code Section 382 in connection with an ownership change on January 28, 2013. As a result of the ownership change, the Company’s annual limitation is approximately $432,000 . The Company files income tax returns in various jurisdictions with varying statutes of limitations. As of April 30, 2020, the earliest tax year still subject to examination for state purposes is fiscal 2017. The Company’s tax years for periods ending April 30, 2002 and forward are subject to examination by the United States and certain states due to the carry-forward of unutilized net operating losses. The following table indicates the changes to the Company’s uncertain tax positions for the period and years ended April 30, 2020 and 2019 in thousands: Year Ended April 30, 2020 2019 Balance, beginning of the year $ 151 $ 151 Addition based on tax positions related to prior years — — Payment made on tax positions related to prior years — — Addition based on tax positions related to current year 27 — Balance, end of year $ 178 $ 151 As of April 30, 2020 the above amount of $178,000 was included in other long-term liabilities. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share A reconciliation of net income (loss) and number of shares used in computing basic and diluted earnings (loss) per share was as follows: Year Ended April 30, 2020 2019 Basic and diluted net loss per share computation (dollars in thousands): Net income (loss) attributable to common stockholders $ (1,975 ) $ 128 Weighted Average common shares - basic 11,843,463 11,340,184 Basic net income (loss) per share $ (0.17 ) $ 0.01 Diluted income (loss) per share computation Net income (loss) attributable to common stockholders $ (1,975 ) $ 128 Income (loss) available to common stockholders $ (1,975 ) $ 128 Weighted Average common shares 11,843,463 11,340,184 Incremental shares from assumed exercise of warrants and stock options — 2,755,933 Adjusted weighted average share – diluted 11,843,463 14,096,117 Diluted net income (loss) per share $ (0.17 ) $ 0.01 The following table reflects the total potential stock-based instruments outstanding at April 30, 2020 and 2019 that could have an effect on the future computation of dilution per common share: Year Ended April 30 2020 2019 Stock options 2,271,658 2,423,626 Warrants — 1,671,440 Total common stock equivalents 2,271,658 4,095,066 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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 both years ended April 30, 2020 and 2019 , the Company paid a member of its Board of Directors $72,000 for consulting services unrelated to his duties as a board member. During the years ended April 30, 2020 and 2019 , the Company paid another board member $48,000 and $73,000 , respectively, for consulting services unrelated to his duties as a board member. All of the amounts paid to these related parties have been recognized in expense in the period the services were performed. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases. The new standard increases transparency and comparability most significantly by requiring the recognition by lessees of right-of-use (“ROU”) assets and lease liabilities on the balance sheet for all leases longer than 12 months. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. For lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Effective May 1, 2019, the Company accounts for its leases under Topic 842 using the modified retrospective transition approach, applying the new standard to all of its leases existing at the date of initial application which is the effective date of adoption. 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 Company’s 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 Topic 842, the Company determined 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 commencement. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The adoption of the new guidance resulted in the recognition of an operating ROU asset of $3.2 million , net of deferred rent of $900,000 and an operating lease liability of $4.1 million as of May 1, 2019. The incremental borrowing rate based on the information available at commencement date was 7.25% . The weighted average remaining lease term and the weighted average discount rate at the adoption date were 7.68 years and 7.25% , respectively. The Company continues to account for leases in the prior period financial statements in accordance with ASC Topic 840. 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 expenses totaled $955,000 and $822,000 for the years ended April 30, 2020 and 2019 , respectively. The Company considers its facilities adequate for its current operational needs. The Company leases the following facilities: • 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 2021 . The Company recognized $94,000 and $91,000 of rental costs relative to this lease for fiscal 2020 and 2019 , respectively. • 1330 Piccard Drive, Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company conducts operations related to its primary service offerings. The Company executed this lease on January 11, 2017. The operating commencement date was August 11, 2017 . This lease expires in August 2028 . The Company recognized $604,000 of rental expense for both fiscal 2020 and 2019 . On March 30, 2020, the Company executed the first amendment to this lease to expand the existing premises at 1330 Piccard Drive, Suite 025 ("Expansion Premises") to Suites 050 and 104. This amendment also extended the current lease term by six months. The Expansion Premises operating lease commencement date was June 1, 2020 and the lease expires February 28, 2029. In accordance with ASC 842, "Leases", the Company evaluated the first amendment and also performed a reassessment of the existing lease to determine the impact of the six-month term extension. The Company did not recognize rental expense under this amendment during fiscal 2020 as the Expansion Premises operating lease commencement date is during fiscal 2021. Upon the Expansion Premises operating lease commencement date, the Company will recognize an operating ROU asset and related operating lease liability of $3.8 million , each, respectively. The Company will also recognize an operating ROU asset and related operating lease liability of approximately $118,000 and $125,000 , respectively, related to the extension of the current lease, as well as interest and amortization expense of $7,000 . • 910 Clopper Road, Suites 260S and 280S, Gaithersburg, Maryland 20878, which consisted of laboratory and office space where the Company conducted operations related to its primary service offerings. The Company executed this lease on April 1, 2018 . The operating commencement date was May 1, 2018 . The Company transitioned its activities from this location to the New Location, as defined below, and terminated this lease seven days after the commencement date of the New Location. The Company recognized $0 and $41,000 of rental expense for fiscal 2020 and 2019 , respectively. • 1405 Research Boulevard, Suite 125, Rockville, Maryland 20850 (“New Location”), which consists of laboratory and office space where the Company conducts operations related to its primary service offerings. The Company executed this lease on November 1, 2018 . The operating commencement date was January 17, 2019 . This lease expires in April 2024 . The Company recognized $257,000 and $86,000 of rental expense for fiscal 2020 and 2019 , respectively. The Company terminated this lease on June 30, 2020 and transition its activities from this location to the Expansion Premises, as defined above, during the first quarter of fiscal 2021. Upon lease termination, the Company will recognize a decrease in the related operating ROU asset and operating lease liability of approximately $850,000 and 926,000 , respectively, as well as a gain on lease termination of $76,000 . ROU assets and lease liabilities related to our current operating leases are as follows (in thousands): April 30, 2020 May 1, 2019 Operating lease right-of-use assets, net 2,798 3,201 Current portion of operating lease liabilities 503 438 Non-current portion of operating lease liabilities 3,170 3,709 As of April 30, 2020, the weighted average remaining operating lease term and the weighted average discount rate were 6.89 years and 7.25% , respectively. Future minimum lease payments due each fiscal year as follows (in thousands): 2021 $ 1,697 2022 1,851 2023 1,818 2024 1,844 2025 1,867 Thereafter 7,268 Total $ 16,345 The following disclosure as of April 30, 2019 continues to be stated in accordance with ASC 840. Future minimum lease payments for operating and capital leases at April 30, 2019 were as follows: 2021 $ 1,471 2022 1,445 2023 1,404 2024 1,419 2025 1,002 Thereafter 3,398 Total $10,139 Refer to Note 4, Property and Equipment, for more information on financing leases. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. During the fourth quarter of fiscal 2020, the Company executed the first amendment to its operating lease at 1330 Piccard Drive in Rockville, Maryland. This amendment expands the premises ("Expansion Premises") for which the Company leases laboratory and office space and extends the existing lease by six months to match the term of the Expansion Premises lease. The Expansion Premises operating lease commencement date is June 1, 2020 and the lease expires February 28, 2029. In accordance with ASC 842, "Leases", the Company evaluated the first amendment and also performed a reassessment of the existing lease to determine the impact of the six-month term extension. The Company did not recognize rental expense under this amendment during fiscal 2020 as the Expansion Premises operating lease commencement date is during fiscal 2021. Upon the Expansion Premises operating lease commencement date, the Company will recognize an operating ROU asset and related operating lease liability of $3.8 million , respectively, related to the Expansion Premises lease. The Company will also recognize an operating ROU asset and related operating lease liability of approximately $118,000 and $125,000 , respectively, related to the extension of the current lease, as well as interest and amortization expense of $7,000 . On June 30, 2020, the Company terminated its operating lease at 1405 Research Boulevard in Rockville, Maryland, where it also leased laboratory and office space, in order to transition its activities from this location to the Expansion Premises, as defined above, during the first quarter of fiscal 2021. Upon lease termination, the Company will recognize a decrease in the related operating ROU asset and operating lease liability of approximately $850,000 and $926,000 , respectively, as well as a gain on lease termination of $76,000 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Foreign Currency | Foreign Currency 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. |
Use of Estimates | 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. Significant estimates include, among other things, accounts receivable realization, revenue recognition (replacement of licensed tumors), valuation allowance for deferred tax assets, valuation of goodwill, and stock-based compensation and warrant assumptions. 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 | Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and with original maturities of three months or less to be cash equivalents. |
Fair Value | Fair Value The carrying value of cash, accounts receivable, prepaid expenses, 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 — Quoted market prices in active markets for identical assets or liabilities; • Level two — Inputs other than level one inputs that are either directly or indirectly observable; and • Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, furniture and fixtures, and computer hardware and software. Assets in progress include equipment or software not yet placed in service. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to nine years. |
Leases | Leases Effective May 1, 2019, the Company accounts for its leases under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases ("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 a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s 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 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. The Company continues to account for leases in the prior period financial statements in accordance with ASC Topic 840. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Impairment losses are to be recognized when the carrying amount of a long-lived asset is not recoverable or exceeds its fair value. The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that a carrying value may not be recoverable. The Company uses estimates of future cash flows over the remaining useful life of a long- lived asset or asset group to determine the recoverability of the asset. These estimates only include the net cash flows directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the asset or asset group. |
Other Long Term Assets | Other long term assets Other long term assets represents amounts relating to lease deposits for our Hackensack, New Jersey and Rockville, Maryland locations. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company evaluates the carrying value of goodwill annually in connection with the annual budgeting and forecast process and also between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit to which goodwill was allocated to below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors, market conditions, or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. When evaluating goodwill for impairment, we may first perform an assessment qualitatively whether it is more likely than not that a reporting unit’s carrying amount exceeds its fair value, referred to as a “step zero” approach. Subsequently (if necessary after step zero), an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying value. Under FASB's Accounting Standards Update ("ASU") 2014-02, Topic 350, "Intangibles—Goodwill and Other" goodwill impairment is measured as the excess of the carrying amount of the reporting unit over its fair value. The impairment evaluation test involves comparing the current fair value of each business unit to its carrying value, including goodwill. Fair value is typically estimated using a discounted cash flow analysis, which requires the Company to estimate the future cash flows anticipated to be generated by the business unit being tested for impairment as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, the Company considers historical results adjusted to reflect current and anticipated operating conditions. The Company estimates cash flows for the business unit over a discrete period (typically four or five years) and the terminal period (considering expected long term growth rates and trends). Estimating future cash flows requires significant judgment by management in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows or significant changes in risk-adjusted discount rates due to changes in market conditions could produce substantially different estimates of the fair value of the business unit. We have one reportable segment. The Company evaluated its TOS and POS business operations (or business units) and determined that the POS operations no longer qualified as a separate reportable segment primarily due to its revenue representing approximately 2.5% of total revenue. The Company assesses goodwill by business unit, which are also reporting units. Judgments regarding the existence of impairment indicators are based on legal factors, market conditions and operational performance of the acquired businesses. Future events, including but not limited to continued declines in economic activity, loss of contracts or a significant number of customers, or a rapid increase in costs or capital expenditures, could cause us to conclude that impairment indicators exist and that goodwill is impaired. |
Deferred Revenue and Revenue Recognition | Deferred Revenue Deferred revenue represents payments received in advance for products to be delivered. When products are delivered, deferred revenue is then recognized as earned. Revenue Recognition In May 2014, the FASB issued ASU 2014-19, Revenue from Contracts with Customers (Topic 606) which was added to the FASB's Accounting Standards Codification as ASC 606. The objective of the standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under new standard, companies recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The Company adopted ASU 2014-09 on May 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption and by recognizing the cumulative effect of applying the standard as an adjustment to the Company’s Balance Sheet. All revenue is generated from contracts with customers. The Company's arrangements are service type contracts that mainly have a duration of less than a year. The Company recognizes revenue when control of these services is transferred to the customer in an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions. Pharmacology Study, POS Services and Other Services The Company generally enters into contracts with customers to provide oncology services with payments based on fixed-fee arrangements. At contract inception, the Company assesses the services promised in the contracts with customers to identify the performance obligations in the arrangement. The Company's fixed-fee arrangements for oncology services are considered a single performance obligation because the Company provides a highly-integrated service. The Company recognizes revenue over time using a progress-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Revenue is recognized for the single performance obligation over time due to the Company's right to payment for work performed to date and the performance does not create an asset with an alternative use. The Company recognizes revenue as portions of the overall performance obligation are completed as this best depicts the progress of the performance obligation. Incremental Costs of Obtaining a Contract (Sales Commissions) Under ASC 606, the costs of obtaining a contract can be expensed immediately, rather than capitalized and amortized, if the amortization period is one year or shorter. Sales commissions for the Company represent contract costs with a term of one year or less. Therefore, under ASC 606, the Company elected the practical expedient to expense these costs as incurred. Variable Consideration In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as the success of the initial performance obligation. Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. Trade Receivables, Unbilled Services and Deferred Revenue In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company's services under the contract. In general, the Company's intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract. Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from timing of payment terms and when an input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Deferred revenue consists of unearned payments received in excess of revenue recognized. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of the revenue recognized during the period. Deferred revenue is classified as a current liability on the condensed consolidated balance sheet as the Company expects to recognize the associated revenue in less than one year. |
Other Non-Current Liabilities | Other Non-Current Liabilities Other non-current liabilities represent amounts for uncertain tax positions relating to one of our foreign entities. |
Cost of Oncology Solutions | Cost of Oncology Services Cost of oncology services relates to our TOS and POS business units. TOS costs consist of direct costs related to mice purchases and maintenance costs for studies completed internally and charges from Contract Research Organization's for studies handled externally. Indirect costs include salaries for personnel directly engaged in providing TOS products. All costs of performing studies in-house are expensed as incurred. All TOS costs of performing studies from external sources, are expensed when incurred. POS consists of costs related to implantations, drug panels, tumor boards, and gene sequencing services, as well as indirect internal costs, such as salaries for personnel directly engaged in these products. Direct costs associated with implantation revenues are primarily related to mice purchases and maintenance and shipping of tumor tissue. Direct drug panel costs are primarily incurred from mice purchases and maintenance and drug purchases. Direct tumor board costs are primarily related to physicians’ honorariums and any tumor board participation costs such as travel, lodging and meals. Direct gene sequencing costs are primarily related to costs billed from the gene sequencing service provider. All POS costs are expensed as incurred. |
Research and Development | Research and Development Research and development costs represent both costs incurred internally for research and development activities, including personnel costs and mice purchases and maintenance, as well as costs incurred externally to facilitate research activities, such as tumor tissue procurement and characterization expenses. All research and development costs are expensed as incurred. |
Sales and Marketing | Sales and Marketing Sales and marketing expenses represent costs incurred to promote the Company’s products offered, including salaries, benefits and related costs of our sales and marketing personnel, and represent costs of advertising and other selling and marketing expenses. All sales and marketing costs, including advertising costs, are expensed as incurred. |
Earnings Per Share | Earnings Per Share Basic net income or loss per share is computed by dividing the net income or loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing the net income 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. |
Stock-based Payments | Stock-based Payments The Company typically recognizes expense for stock-based payments based on the fair value of awards on the date of grant. The Company uses the Black-Scholes option pricing model to estimate fair value. The Black-Scholes option valuation model was developed for use in estimating the fair value of short-traded options that have no vesting restrictions and are fully transferable. The option pricing model requires the Company to estimate certain key assumptions such as expected life, volatility, risk free interest rates and dividend yield to determine the fair value of stock-based awards. These assumptions are based on historical information and management judgment. The risk-free interest rate used is based on the United States treasury security rate with a term consistent with the expected term of the award at the time of the grant. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the Securities and Exchange Commission-approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 107 with the continued use of this method extended under the provisions of Staff Accounting Bulletin No. 110. Estimated volatility is based upon the historical volatility of the Company's common stock. The Company does not anticipate paying a dividend, and therefore, no expected dividend yield was used. The Company expenses stock-based payments over the period that the awards are expected to vest. In the event of forfeitures, compensation expense is adjusted. The Company expenses modification charges in the period of modification and, if required, over the remaining period the awards are expected to vest. The Company will report cash flows resulting from tax deductions in excess of the compensation cost recognized from those options (excess tax benefits) as financing cash flows, if they should arise. |
Income Taxes | 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 April 30, 2020 and 2019 , 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. As of April 30, 2020 and 2019 the Company has recorded $178,000 and $151,000 , respectively, of liabilities related to uncertain tax positions relative to one of its foreign operations. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company accrued $27,000 and $0 , for interest and penalties on the Company’s statement of operations for the years ended April 30, 2020 and 2019 , respectively. |
Accounting Pronouncements Being Evaluated and Recently Adopted Accounting Pronouncements | Accounting Pronouncements Being Evaluated In June 2016, the Financial Accounting Standards Board (FASB) FASB issued Accounting Standards Update (ASU) No. 2016-13, "Financial Instruments - Credit Losses". This update requires immediate recognition of management’s estimates of current expected credit losses ("CECL"). Under the prior model, losses were recognized only as they were incurred. The new model is applicable to all financial instruments that are not accounted for at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2022 for public entities qualifying as smaller reporting companies. Early adoption is permitted. We are currently assessing the impact of this update on our consolidated financial statements and do not expect a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, which amends ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software, to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement ("CCA") that is a service contract. This update aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The update is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period. We are currently assessing the impact of this update on our consolidated financial statements and do not expect a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (ASC 820) — Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 removes certain disclosures, modifies certain disclosures and adds additional disclosures. ASU 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted. We are currently assessing the potential impact of the amendments in this ASU on our consolidated financial statements and do not expect a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740) — Simplifying the Accounting for Income Taxes. ASU 2019-12 which modifies ASC 740 to simplify the accounting for income taxes. The ASU removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020. We are currently assessing the potential impact of this ASU on our consolidated financial statements and do not expect a material impact on our consolidated financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases", (Topic 842), which required the Company to recognize lease assets and lease liabilities (related to leases previously classified as operating under previous U.S. GAAP) on its consolidated balance sheet for all leases in excess of one year in duration. The ASU was effective for the Company on May 1, 2019. The Company elected to adopt ASU 2016-02 using the modified retrospective method and, therefore, have not recast comparative periods presented in its unaudited consolidated financial statements. As permitted under ASU 2016-02, the Company elected to account for the non-lease components together with the lease components as a single lease component. The Company recorded an operating lease right-of-use ("ROU") asset of $3.2 million , net of deferred rent of $900,000 and an operating lease liability of $4.1 million as of May 1, 2019. Refer to "Note 13. Leases" for additional information. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. The new standard attempts to reduce diversity in practice in how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 provides guidance on eight specific cash flow issues. The new guidance was effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company adopted ASU 2016-15 on May 1, 2018 and it did not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash (a consensus of the FASB Emerging Issues Task Force)" ("ASU 2016-18"), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity's reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. The Company adopted ASU 2016-18 on May 1, 2018 and did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other” (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This new standard simplifies how an entity is required to test goodwill for impairment by eliminating a step from the goodwill impairment test. ASU 2017-04 allows for prospective application and is effective for fiscal years beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted this guidance on May 1, 2019 and it did not have an impact on its consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, "Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting". This ASU expands the scope of Topic 718, Compensation—Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Under the new guidance, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. The new accounting guidance was effective for the Company on May 1, 2019. The Company early adopted ASU 2018-07 beginning with its financial reporting for the quarter ended January 31, 2019. The adoption did not have a material impact on the Company's consolidated financial statements. |
Accounts Receivable, Unbilled_2
Accounts Receivable, Unbilled Services and Deferred Revenue (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable and unbilled services were as follows (in thousands): April 30, 2020 April 30, 2019 Accounts receivable $ 2,655 $ 1,982 Unbilled services 2,404 2,417 Total accounts receivable and unbilled services 5,059 4,399 Less: allowance for doubtful accounts (289 ) (22 ) Total accounts receivable, net $ 4,770 $ 4,377 |
Deferred Revenue | Deferred revenue was as follows (in thousands): April 30, 2020 April 30, 2019 Deferred revenue $ 5,815 $ 4,022 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): April 30, 2020 2019 Furniture and fixtures $ 181 $ 142 Computer equipment and software 1,551 1,104 Laboratory equipment 4,475 3,358 Assets in progress 554 16 Leasehold improvements 4 — Total property and equipment 6,765 4,620 Less: Accumulated depreciation and amortization (2,772 ) (2,074 ) Property and equipment, net $ 3,993 $ 2,546 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents disaggregated revenue for the twelve months ended April 30, 2020 and 2019 : Year Ended April 30, 2020 2019 Pharmacology services $ 31,262 $ 25,484 Personalized oncology services 790 1,277 Other TOS revenue 71 306 Total oncology services revenue $ 32,123 $ 27,067 |
Stock-based Payments (Tables)
Stock-based Payments (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Employee Service Stock-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation costs were recorded as follows (in thousands): Year Ended April 30, 2020 2019 General and administrative $ 328 $ 458 Sales and marketing 237 91 Research and development 13 14 TOS cost of sales 21 86 POS cost of sales 1 — Total stock-based compensation expense $ 600 $ 649 |
Schedule of Stock-based Payment Award, Stock Options, Valuation Assumptions | Black-Scholes assumptions used to calculate the fair value of options granted during the years ended April 30, 2020 and 2019 were as follows: Year Ended April 30, 2020 2019 Expected term in years 3 - 6 3 - 6 Risk-free interest rates 1.3% - 1.8% 2.6% - 3.0% Volatility 69% - 71% 65% - 85% Dividend yield —% —% |
Schedule of Stock-based Compensation, Stock Options, Activity | The Company’s stock options activity and related information as of and for the years ended April 30, 2020 and 2019 is as follows: Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2019 50,000 2,373,626 2,423,626 $ 3.19 5.3 $ 14,557,000 Granted — 229,833 229,833 5.33 8.1 $ 544,000 Exercised — (248,495 ) (248,495 ) 2.31 Canceled — (11,824 ) (11,824 ) 7.96 Forfeited — (44,813 ) (44,813 ) 7.85 Expired (6,668 ) (70,001 ) (76,669 ) 8.04 Outstanding, April 30, 2020 43,332 2,228,326 2,271,658 3.23 5.0 $ 10,663,000 Vested and expected to vest as of April 30, 2020 43,332 2,228,326 2,271,658 3.23 5.0 $ 10,663,000 Vested as of April 30, 2020 17,501 1,926,117 1,943,618 2.83 4.5 $ 9,898,000 Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2018 50,000 2,655,845 2,705,845 $ 2.85 5.9 $ 5,265,000 Granted — 206,790 206,790 9.86 7.9 77,000 Exercised — (363,383 ) (363,383 ) 2.22 Canceled — (49,766 ) (49,766 ) 3.20 Forfeited — (9,750 ) (9,750 ) 3.50 Expired — (66,110 ) (66,110 ) 15.10 Outstanding, April 30, 2019 50,000 2,373,626 2,423,626 3.19 5.3 $ 14,557,000 Vested and expected to vest as of April 30, 2019 50,000 2,373,626 2,423,626 3.19 5.3 $ 14,557,000 Vested as of April 30, 2019 18,335 2,115,585 2,133,920 2.70 4.9 $ 13,785,000 |
Schedule Of Stock-based Compensation Warrants Activity | Activity related to warrants is summarized in the following table. Approximately 161,000 shares noted as exercised below were done so via a cash-less exercise basis. Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2019 1,671,440 $ 6.20 0.9 $ 5,730,000 Granted — — — — Exercised (858,695 ) 5.62 — 10,045,000 Forfeited (760,601 ) 5.76 — 8,587,000 Expired (52,144 ) 4.85 — 700,000 Outstanding, April 30, 2020 — $ — — $ — Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2018 2,004,284 $ 5.57 1.8 $ — Granted — — — — Exercised (247,468 ) 5.28 — 905,000 Forfeited (85,376 ) 4.80 — 388,000 Expired — — — — Outstanding, April 30, 2019 1,671,440 $ 6.20 0.9 $ 5,730,000 |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows (in thousands): Year Ended April 30, 2020 Federal State Foreign Total Current $ — $ 3 $ 127 $ 130 Total $ — $ 3 $ 127 $ 130 Year Ended April 30, 2019 Federal State Foreign Total Current $ — $ 2 $ 101 $ 103 Total $ — $ 2 $ 101 $ 103 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the Company’s effective tax rate and the United States statutory tax rate for the years ended April 30, 2020 and 2019 is as follows: Year Ended April 30, 2020 2019 Federal income tax at statutory rate 21.0 % 21.0 % US vs. foreign tax rate difference (0.5 ) 1.1 State income tax, net of federal benefit (0.2 ) 0.9 Permanent differences (15.0 ) (25.4 ) Increase in uncertain tax position (1.5 ) — Goodwill impairment (3.8 ) — Change in valuation allowance (7.1 ) 41.0 Changes in tax rates — 6.1 Income tax expense (7.1 )% 44.7 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of April 30, 2020 and 2019 consist of the following (in thousands): As of April 30, 2020 2019 Accrued liabilities $ 303 $ 385 Depreciation and amortization (175 ) (99 ) Stock-based compensation expense 4,109 4,207 Net operating loss carry-forward 11,174 10,460 Total deferred tax assets 15,411 14,953 Less: Valuation allowance (15,411 ) (14,953 ) Net deferred tax asset $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table indicates the changes to the Company’s uncertain tax positions for the period and years ended April 30, 2020 and 2019 in thousands: Year Ended April 30, 2020 2019 Balance, beginning of the year $ 151 $ 151 Addition based on tax positions related to prior years — — Payment made on tax positions related to prior years — — Addition based on tax positions related to current year 27 — Balance, end of year $ 178 $ 151 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of net income (loss) and number of shares used in computing basic and diluted earnings (loss) per share was as follows: Year Ended April 30, 2020 2019 Basic and diluted net loss per share computation (dollars in thousands): Net income (loss) attributable to common stockholders $ (1,975 ) $ 128 Weighted Average common shares - basic 11,843,463 11,340,184 Basic net income (loss) per share $ (0.17 ) $ 0.01 Diluted income (loss) per share computation Net income (loss) attributable to common stockholders $ (1,975 ) $ 128 Income (loss) available to common stockholders $ (1,975 ) $ 128 Weighted Average common shares 11,843,463 11,340,184 Incremental shares from assumed exercise of warrants and stock options — 2,755,933 Adjusted weighted average share – diluted 11,843,463 14,096,117 Diluted net income (loss) per share $ (0.17 ) $ 0.01 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table reflects the total potential stock-based instruments outstanding at April 30, 2020 and 2019 that could have an effect on the future computation of dilution per common share: Year Ended April 30 2020 2019 Stock options 2,271,658 2,423,626 Warrants — 1,671,440 Total common stock equivalents 2,271,658 4,095,066 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Assets and Liabilities | ROU assets and lease liabilities related to our current operating leases are as follows (in thousands): April 30, 2020 May 1, 2019 Operating lease right-of-use assets, net 2,798 3,201 Current portion of operating lease liabilities 503 438 Non-current portion of operating lease liabilities 3,170 3,709 |
Future Operating Lease Payments | Future minimum lease payments due each fiscal year as follows (in thousands): 2021 $ 1,697 2022 1,851 2023 1,818 2024 1,844 2025 1,867 Thereafter 7,268 Total $ 16,345 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following disclosure as of April 30, 2019 continues to be stated in accordance with ASC 840. Future minimum lease payments for operating and capital leases at April 30, 2019 were as follows: 2021 $ 1,471 2022 1,445 2023 1,404 2024 1,419 2025 1,002 Thereafter 3,398 Total $10,139 |
Schedule of Future Minimum Rental Payments for Operating Leases | The following disclosure as of April 30, 2019 continues to be stated in accordance with ASC 840. Future minimum lease payments for operating and capital leases at April 30, 2019 were as follows: 2021 $ 1,471 2022 1,445 2023 1,404 2024 1,419 2025 1,002 Thereafter 3,398 Total $10,139 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Narrative (Details) | 12 Months Ended |
Apr. 30, 2020subsidiarysegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating subsidiaries | subsidiary | 2 |
Number of reportable segments | segment | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |||
Apr. 30, 2020USD ($)segment | Apr. 30, 2019USD ($) | May 01, 2019USD ($) | Apr. 30, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Cash | $ 8,342,000 | $ 3,237,000 | ||
Cash equivalents | 0 | 0 | ||
Net income (loss) | (1,975,000) | 128,000 | ||
Accumulated deficit | 72,673,000 | 70,698,000 | ||
Working capital | 1,400,000 | |||
Impairment of long-lived assets | $ 0 | 0 | ||
Number of reportable segments | segment | 1 | |||
Goodwill Impairment | $ 335,000 | 0 | ||
Goodwill | 335,000 | 669,000 | ||
Unrecognized tax benefits | 178,000 | 151,000 | $ 151,000 | |
Income tax penalties and interest expense | 27,000 | 0 | ||
Provision for (benefit) from income tax | 130,000 | $ 103,000 | ||
Operating lease right-of-use assets, net | $ 2,798,000 | $ 3,201,000 | ||
Accounting Standards Update 2016-02 | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating lease right-of-use assets, net | 3,200,000 | |||
Advance rent | 900,000 | |||
Operating lease, liability | $ 4,100,000 | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 3 years | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 9 years | |||
POS Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Segment reporting, revenue percentage | 2.50% |
Accounts Receivable, Unbilled_3
Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Receivables [Abstract] | ||
Accounts receivable | $ 2,655 | $ 1,982 |
Unbilled services | 2,404 | 2,417 |
Total accounts receivable and unbilled services | 5,059 | 4,399 |
Less: allowance for doubtful accounts | (289) | (22) |
Total accounts receivable, net | $ 4,770 | $ 4,377 |
Accounts Receivable, Unbilled_4
Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Receivables [Abstract] | ||
Deferred revenue | $ 5,815 | $ 4,022 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Property, Plant and Equipment [Abstract] | ||
Furniture and fixtures | $ 181 | $ 142 |
Computer equipment and software | 1,551 | 1,104 |
Laboratory equipment | 4,475 | 3,358 |
Assets in progress | 554 | 16 |
Leasehold improvements | 4 | 0 |
Total property and equipment | 6,765 | 4,620 |
Less: Accumulated depreciation and amortization | (2,772) | (2,074) |
Property and equipment, net | $ 3,993 | $ 2,546 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 61 Months Ended | |||
Dec. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Nov. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |||||||
Depreciation and amortization | $ 825,000 | $ 606,000 | |||||
Finance lease, depreciation and amortization expenses | 683,000 | 490,000 | |||||
Capitalized computer software costs | 300,000 | ||||||
Assets under finance lease | 343,000 | 366,000 | |||||
Finance lease costs | $ 231,000 | $ 266,000 | $ 149,000 | ||||
Future minimum lease payments remaining | 135,000 | $ 2,000 | |||||
Finance leases monthly payments | $ 19,000 | $ 11,000 | |||||
Property, plant and equipment, net | 3,993,000 | 2,546,000 | |||||
Gain on disposal of equipment | 52,000 | 0 | |||||
Present value of minimum future obligations interest rate | 4.75% | ||||||
Finance lease, depreciation and amortization expense | 88,500 | ||||||
Finance Leased Assets | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Depreciation | 142,000 | $ 116,000 | |||||
Laboratory Equipment | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Finance leased assets traded in | $ 235,000 | ||||||
Accumulated depreciation written off | 127,000 | ||||||
Traded-in Assets | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Reduction in the purchase price | $ 160,000 | ||||||
Property, plant and equipment, net | 108,000 | ||||||
Gain on disposal of equipment | $ 52,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-05-01 - Few Contracts | Apr. 30, 2020 |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Revenue arrangements by service contract period | 1 year |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Revenue arrangements by service contract period | 3 years |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total oncology services revenue | $ 32,123 | $ 27,067 |
Pharmacology services | ||
Disaggregation of Revenue [Line Items] | ||
Total oncology services revenue | 31,262 | 25,484 |
Personalized oncology services | ||
Disaggregation of Revenue [Line Items] | ||
Total oncology services revenue | 790 | 1,277 |
Other TOS revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total oncology services revenue | $ 71 | $ 306 |
Significant Customers - Narrati
Significant Customers - Narrative (Details) $ in Millions | 12 Months Ended |
Apr. 30, 2019USD ($) | |
Revenue, Major Customer [Line Items] | |
Revenues | $ 2.9 |
Revenue | |
Revenue, Major Customer [Line Items] | |
Concentration risk percentage | 10.70% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 12 Months Ended |
Apr. 30, 2020USD ($) | |
Minimum | |
Commitments and Contingencies [Line Items] | |
Royalty fee per tumor sample | $ 0 |
Royalty payment, as percent of contract price | 2.00% |
Maximum | |
Commitments and Contingencies [Line Items] | |
Royalty fee per tumor sample | $ 7,000 |
Royalty payment, as percent of contract price | 5.00% |
Stock-based Payments - Narrativ
Stock-based Payments - Narrative (Details) - USD ($) | Dec. 12, 2013 | Feb. 18, 2011 | Apr. 30, 2020 | Apr. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 600,000 | $ 649,000 | ||
Modification expense | $ 56,529 | |||
Stock options award shares to purchase common stock | 16,667 | |||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 5.33 | $ 6.03 | ||
Shares granted (in shares) | 229,833 | 206,790 | ||
Grants in period, weighted average exercise price (in dollars per share) | $ 5.33 | $ 9.86 | ||
Warrants outstanding (in shares) | 0 | |||
Proceeds from warrant exercises | $ 3,900,000 | |||
Stock issued during period shares stock options and warrants exercised (in shares) | 161,000 | |||
Equity Incentive Plan 2010 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration term of awards | 10 years | |||
Strike price as percent of market value | 100.00% | |||
Equity Incentive Plan 2010 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, net of forfeitures (in shares) | 30,000,000 | |||
2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration term of awards | 10 years | |||
Director Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options award shares to purchase common stock | 8,333 | |||
Stock option award shares to purchase unregistered common stock | 1,667 | |||
Vested percent | 25.00% | |||
Board of Directors Chairman | Director Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term of option to purchase | 5 years | |||
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 328,000 | $ 458,000 | ||
Expense for service performed | $ 0 | $ 6,000 |
Stock-based Payments - Allocati
Stock-based Payments - Allocation of Stock-based Compensation Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 600 | $ 649 |
General and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 328 | 458 |
Sales and marketing | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 237 | 91 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 13 | 14 |
TOS cost of sales | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 21 | 86 |
POS cost of sales | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1 | $ 0 |
Stock-based Payments - Stock Op
Stock-based Payments - Stock Option Grants Assumptions (Details) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates Minimum | 1.30% | 2.60% |
Risk-free interest rates Maximum | 1.80% | 3.00% |
Volatility Minimum | 69.00% | 65.00% |
Volatility Maximum | 71.00% | 85.00% |
Dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term in years | 3 years | 3 years |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term in years | 6 years | 6 years |
Stock-based Payments - Stock _2
Stock-based Payments - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Outstanding, Beginning Balance | 2,423,626 | 2,705,845 | |
Shares, Granted | 229,833 | 206,790 | |
Shares, Exercised | (248,495) | (363,383) | |
Shares, Canceled | (11,824) | (49,766) | |
Shares, Forfeited | (44,813) | (9,750) | |
Shares, Expired | (76,669) | (66,110) | |
Shares, Outstanding, Ending Balance | 2,271,658 | 2,423,626 | 2,705,845 |
Shares, Vested and expected to vest | 2,271,658 | 2,423,626 | |
Shares, Vested | 1,943,618 | 2,133,920 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Outstanding, Beginning Balance (in usd per share) | $ 3.19 | $ 2.85 | |
Weighted Average Exercise Price, Granted (in usd per share) | 5.33 | 9.86 | |
Weighted Average Exercise Price, Exercised (in usd per share) | 2.31 | 2.22 | |
Weighted Average Exercise Price, Canceled (in usd per share) | 7.96 | 3.20 | |
Weighted Average Exercise Price, Forfeited (in usd per share) | 7.85 | 3.50 | |
Weighted Average Exercise Price, Expired (in usd per share) | 8.04 | 15.10 | |
Weighted Average Exercise Price, Outstanding, Ending Balance (in usd per share) | 3.23 | 3.19 | $ 2.85 |
Weighted Average Exercise Price, Vested and Expected to Vest (in usd per share) | 3.23 | 3.19 | |
Weighted Average Exercise Price, Vested (in usd per share) | $ 2.83 | $ 2.70 | |
Weighted Average Remaining Contractual Term, Outstanding, Beginning Balance (in years) | 5 years 3 months 19 days | 5 years 10 months 25 days | |
Weighted Average Remaining Contractual Life, Granted | 8 years 1 month 20 days | 7 years 10 months 25 days | |
Weighted Average Remaining Contractual Term, Outstanding, Ending Balance (in years) | 5 years | 5 years 3 months 19 days | |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | 5 years | 5 years 3 months 19 days | |
Weighted Average Remaining Contractual Life (Years), Vested | 4 years 6 months | 4 years 11 months | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 14,557 | $ 5,265 | |
Aggregate Intrinsic Value, Granted | 544 | 77 | |
Aggregate Intrinsic Value, Outstanding, Ending Balance | 10,663 | 14,557 | $ 5,265 |
Aggregate Intrinsic Value, Vested and expected to vest | 10,663 | 14,557 | |
Aggregate Intrinsic Value, Vested | $ 9,898 | $ 13,785 | |
Non- Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Outstanding, Beginning Balance | 50,000 | 50,000 | |
Shares, Granted | 0 | 0 | |
Shares, Exercised | 0 | 0 | |
Shares, Canceled | 0 | 0 | |
Shares, Forfeited | 0 | 0 | |
Shares, Expired | (6,668) | 0 | |
Shares, Outstanding, Ending Balance | 43,332 | 50,000 | 50,000 |
Shares, Vested and expected to vest | 43,332 | 50,000 | |
Shares, Vested | 17,501 | 18,335 | |
Directors and Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Outstanding, Beginning Balance | 2,373,626 | 2,655,845 | |
Shares, Granted | 229,833 | 206,790 | |
Shares, Exercised | (248,495) | (363,383) | |
Shares, Canceled | (11,824) | (49,766) | |
Shares, Forfeited | (44,813) | (9,750) | |
Shares, Expired | (70,001) | (66,110) | |
Shares, Outstanding, Ending Balance | 2,228,326 | 2,373,626 | 2,655,845 |
Shares, Vested and expected to vest | 2,228,326 | 2,373,626 | |
Shares, Vested | 1,926,117 | 2,115,585 |
Stock-based Payments - Stock Pu
Stock-based Payments - Stock Purchase Warrants Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |||
Exercised | $ 10,045 | $ 905 | |
Forfeited | $ 8,587 | $ 388 | |
Warrant | |||
Number of Shares | |||
Beginning Balance (in shares) | 1,671,440 | 2,004,284 | |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (858,695) | (247,468) | |
Forfeited (in shares) | (760,601) | (85,376) | |
Expired (in shares) | (52,144) | 0 | |
Ending Balance (in shares) | 0 | 1,671,440 | 2,004,284 |
Weighted Average Exercise Price | |||
Beginning Balance (in usd per share) | $ 6.20 | $ 5.57 | |
Granted (in usd per share) | 0 | 0 | |
Exercised (in usd per share) | 5.62 | 5.28 | |
Forfeited (in usd per share) | 5.76 | 4.80 | |
Expired (in usd per share) | 4.85 | 0 | |
Ending Balance (in usd per share) | $ 0 | $ 6.20 | $ 5.57 |
Weighted Average Remaining Contractual Life (Years), Balance | 0 years | 11 months | 1 year 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |||
Beginning Balance | $ 5,730 | $ 0 | |
Granted | 0 | 0 | |
Expired | 700 | 0 | |
Ending Balance | $ 0 | $ 5,730 | $ 0 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) | Jun. 15, 2016 | Apr. 30, 2020 | Apr. 30, 2019 |
Class of Stock [Line Items] | |||
Proceeds from June 2016 Public Offering | $ 4,300,000 | ||
Payments of issuance costs | $ 742,000 | ||
Issuance of common stock for services | $ 6,000 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Issuance of registered shares (in shares) | 2,000,000 | ||
Share price (in dollars per share) | $ 2.25 | ||
Over-Allotment Option | Common Stock | |||
Class of Stock [Line Items] | |||
Issuance of registered shares (in shares) | 258,749 | ||
Consulting Services | |||
Class of Stock [Line Items] | |||
Issuance of common stock (in shares) | 0 | 5,462 | |
Issuance of common stock for services | $ 20,600 | ||
Accrued compensation costs | $ 14,600 |
Provision for Income Taxes - Co
Provision for Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Federal | ||
Current | $ 0 | |
Total | 0 | |
State | ||
Current | $ 3,000 | 2,000 |
Total | 3,000 | 2,000 |
Foreign | ||
Current | 127,000 | 101,000 |
Total | 127,000 | 101,000 |
Current, total | 130,000 | 103,000 |
Provision for income tax | $ 130,000 | $ 103,000 |
Provision for Income Taxes - Re
Provision for Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax at statutory rate | 21.00% | 21.00% |
US vs. foreign tax rate difference | (0.50%) | 1.10% |
State income tax, net of federal benefit | (0.20%) | 0.90% |
Permanent differences | (15.00%) | (25.40%) |
Increase in uncertain tax position | (1.50%) | (0.00%) |
Goodwill impairment | (3.80%) | (0.00%) |
Change in valuation allowance | (7.10%) | 41.00% |
Changes in tax rates | 0.00% | 6.10% |
Income tax expense | (7.10%) | 44.70% |
Provision for Income Taxes - _2
Provision for Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Accrued liabilities | $ 303 | $ 385 |
Depreciation and amortization | (175) | (99) |
Stock-based compensation expense | 4,109 | 4,207 |
Net operating loss carry-forward | 11,174 | 10,460 |
Total deferred tax assets | 15,411 | 14,953 |
Less: Valuation allowance | (15,411) | (14,953) |
Net deferred tax asset | $ 0 | $ 0 |
Provision for Income Taxes - Ch
Provision for Income Taxes - Change in Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance, beginning of the year | $ 151 | $ 151 |
Addition based on tax positions related to prior years | 0 | 0 |
Payment made on tax positions related to prior years | 0 | 0 |
Addition based on tax positions related to current year | 27 | 0 |
Balance, end of year | $ 178 | $ 151 |
Provision for Income Taxes - Na
Provision for Income Taxes - Narrative (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2013 |
Tax Credit Carryforward [Line Items] | |||
Deferred tax assets, valuation allowance | $ 15,411,000 | $ 14,953,000 | |
Operating loss, limitations on use | 432,000 | $ 12,000,000 | |
Liabilities, other than long-term debt, noncurrent | 178,000 | ||
Domestic Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards | $ 45,000,000 | $ 43,000,000 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculations of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Basic and diluted net loss per share computation (dollars in thousands): | ||
Net income (loss) attributable to common stockholders | $ (1,975) | $ 128 |
Weighted Average common shares - basic (in shares) | 11,843,463 | 11,340,184 |
Basic net income (loss) per share (in usd per share) | $ (0.17) | $ 0.01 |
Diluted income (loss) per share computation | ||
Net income (loss) attributable to common stockholders | $ (1,975) | $ 128 |
Weighted Average common shares (in shares) | 11,843,463 | 11,340,184 |
Incremental shares from assumed exercise of warrants and stock options (in shares) | 0 | 2,755,933 |
Adjusted weighted average share - diluted (in shares) | 11,843,463 | 14,096,117 |
Diluted net income (loss) per share (in usd per share) | $ (0.17) | $ 0.01 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Potentially Dilutive Stock-based Instruments (Details) - shares | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Class of Stock [Line Items] | ||
Total common stock equivalents | 2,271,658 | 4,095,066 |
Stock options | ||
Class of Stock [Line Items] | ||
Total common stock equivalents | 2,271,658 | 2,423,626 |
Warrants | ||
Class of Stock [Line Items] | ||
Total common stock equivalents | 0 | 1,671,440 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - Board of Directors - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Board Member One | ||
Related Party Transaction [Line Items] | ||
Related related party transaction, amounts of transaction | $ 72,000 | $ 72,000 |
Board Member Two | ||
Related Party Transaction [Line Items] | ||
Related related party transaction, amounts of transaction | $ 48,000 | $ 73,000 |
Leases (Details)
Leases (Details) - USD ($) | Jun. 30, 2020 | May 01, 2018 | Jul. 31, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Jun. 01, 2020 | Jul. 31, 2019 | May 01, 2019 |
Lessee, Lease, Description [Line Items] | ||||||||
Operating lease right-of-use assets, net | $ 2,798,000 | $ 3,201,000 | ||||||
Discount rate | 7.25% | |||||||
Weighted average remaining lease term | 6 years 10 months 21 days | |||||||
Weighted average discount rate | 7.25% | |||||||
Operating leases, rent expense | 955,000 | |||||||
Operating leases, rent expense | $ 822,000 | |||||||
Gaithersburg, MD | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Termination period | 7 days | |||||||
Accounting Standards Update 2016-02 | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating lease right-of-use assets, net | $ 3,200,000 | |||||||
Advance rent | 900,000 | |||||||
Operating lease, liability | $ 4,100,000 | |||||||
Weighted average remaining lease term | 7 years 8 months 5 days | |||||||
Weighted average discount rate | 7.25% | |||||||
Corporate Headquarters | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating leases, rent expense | 94,000 | |||||||
Operating leases, rent expense | 91,000 | |||||||
Rockville, MD | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating leases, rent expense | 604,000 | |||||||
Operating leases, rent expense | 604,000 | |||||||
Gaithersburg, MD | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating leases, rent expense | 0 | |||||||
Operating leases, rent expense | 41,000 | |||||||
Rockville, MD New Location | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating leases, rent expense | $ 257,000 | |||||||
Operating leases, rent expense | $ 86,000 | |||||||
Subsequent Event | Rockville, MD | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating lease right-of-use assets, net | $ 118,000 | $ 3,800,000 | ||||||
Operating lease, liability | 125,000 | $ 3,800,000 | ||||||
Operating lease, cost | $ 7,000 | |||||||
Subsequent Event | Rockville, MD New Location | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating lease right-of-use assets, net | $ 850,000 | |||||||
Operating lease, liability | 926,000 | |||||||
Gain (loss) on termination of lease | $ 76,000 |
Leases - ROU Assets and Lease L
Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | May 01, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 2,798 | $ 3,201 |
Current portion of operating lease liabilities | 503 | 438 |
Non-current portion of operating lease liabilities | $ 3,170 | $ 3,709 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 | $ 1,697 | |
2022 | 1,851 | |
2023 | 1,818 | |
2024 | 1,844 | |
2025 | 1,867 | |
Thereafter | 7,268 | |
Total | $ 16,345 | |
Future Minimum Lease Payments [Abstract] | ||
2020 | $ 1,471 | |
2021 | 1,445 | |
2022 | 1,404 | |
2023 | 1,419 | |
2024 | 1,002 | |
Thereafter | 3,398 | |
Total | $ 10,139 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jun. 30, 2020 | Jul. 31, 2020 | Jun. 01, 2020 | Apr. 30, 2020 | May 01, 2019 |
Subsequent Event [Line Items] | |||||
Operating lease right-of-use assets, net | $ 2,798,000 | $ 3,201,000 | |||
Rockville, MD | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Operating lease right-of-use assets, net | $ 118,000 | $ 3,800,000 | |||
Operating lease, liability | 125,000 | $ 3,800,000 | |||
Operating lease, cost | $ 7,000 | ||||
Rockville, MD New Location | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Operating lease right-of-use assets, net | $ 850,000 | ||||
Operating lease, liability | 926,000 | ||||
Gain (loss) on termination of lease | $ 76,000 |