Cover Page
Cover Page - shares | 6 Months Ended | |
Oct. 31, 2020 | Dec. 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-11504 | |
Entity Registrant Name | CHAMPIONS ONCOLOGY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-1401755 | |
Entity Address, Address Line One | One University Plaza, Suite 307 | |
Entity Address, City or Town | Hackensack | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07601 | |
City Area Code | 201 | |
Local Phone Number | 808-8400 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CSBR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,369,045 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000771856 | |
Current Fiscal Year End Date | --04-30 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Current assets: | ||
Cash | $ 8,553 | $ 8,342 |
Accounts receivable, net | 5,960 | 4,770 |
Prepaid expenses and other current assets | 477 | 385 |
Total current assets | 14,990 | 13,497 |
Operating lease right-of-use assets, net | 5,527 | 2,798 |
Property and equipment, net | 4,872 | 3,993 |
Other long-term assets | 36 | 128 |
Goodwill | 335 | 335 |
Total assets | 25,760 | 20,751 |
Current liabilities: | ||
Accounts payable | 3,948 | 3,140 |
Accrued liabilities | 1,995 | 2,502 |
Current portion of finance lease | 18 | 125 |
Current portion of operating lease liabilities | 605 | 503 |
Deferred revenue | 6,188 | 5,815 |
Total current liabilities | 12,754 | 12,085 |
Non-current operating lease liabilities | 5,932 | 3,170 |
Other non-current liabilities | 181 | 178 |
Total liabilities | 18,867 | 15,433 |
Stockholders’ equity: | ||
Common stock, $.001 par value; 200,000,000 shares authorized; 13,368,545 and 12,726,728 shares issued and outstanding as of October 31, 2020 and April 30, 2020, respectively | 13 | 13 |
Additional paid-in capital | 79,477 | 77,978 |
Accumulated deficit | (72,597) | (72,673) |
Total stockholders’ equity | 6,893 | 5,318 |
Total liabilities and stockholders’ equity | $ 25,760 | $ 20,751 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Oct. 31, 2020 | Apr. 30, 2020 |
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) | 13,368,545 | 12,726,728 |
Common stock, shares outstanding (in shares) | 13,368,545 | 12,726,728 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Statement [Abstract] | ||||
Oncology services revenue | $ 10,117 | $ 7,625 | $ 19,664 | $ 14,362 |
Costs and operating expenses: | ||||
Cost of oncology services | 5,644 | 3,881 | 10,980 | 7,633 |
Research and development | 1,650 | 1,341 | 3,247 | 2,644 |
Sales and marketing | 1,348 | 977 | 2,556 | 1,847 |
General and administrative | 1,468 | 1,135 | 2,850 | 2,561 |
Total costs and operating expenses | 10,110 | 7,334 | 19,633 | 14,685 |
Income (loss) from operations | 7 | 291 | 31 | (323) |
Other income | 9 | 27 | 73 | 15 |
Income (loss) before provision for income taxes | 16 | 318 | 104 | (308) |
Provision for income taxes | 15 | 11 | 28 | 26 |
Net income (loss) | $ 1 | $ 307 | $ 76 | $ (334) |
Net income (loss) per common share outstanding | ||||
Net income (loss) per common share outstanding, basic (in dollars per share) | $ 0 | $ 0.03 | $ 0.01 | $ (0.03) |
Net income (loss) per common share outstanding, diluted (in dollars per share) | $ 0 | $ 0.02 | $ 0.01 | $ (0.03) |
Weighted average common shares outstanding | ||||
Weighted average common shares outstanding, basic (in shares) | 13,064,191 | 11,619,686 | 12,811,921 | 11,619,569 |
Weighted average common shares outstanding, diluted (in shares) | 15,062,103 | 12,964,792 | 14,563,060 | 11,619,569 |
Revenue, Product and Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Cost, Product and Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance (shares) at Apr. 30, 2019 | 11,619,538 | |||
Beginning balance at Apr. 30, 2019 | $ 2,238 | $ 12 | $ 72,924 | $ (70,698) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 131 | 131 | ||
Net income (loss) | (641) | (641) | ||
Ending balance (shares) at Jul. 31, 2019 | 11,619,538 | |||
Ending balance at Jul. 31, 2019 | 1,728 | $ 12 | 73,055 | (71,339) |
Beginning balance (shares) at Apr. 30, 2019 | 11,619,538 | |||
Beginning balance at Apr. 30, 2019 | 2,238 | $ 12 | 72,924 | (70,698) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | (334) | |||
Ending balance (shares) at Oct. 31, 2019 | 11,620,163 | |||
Ending balance at Oct. 31, 2019 | 2,114 | $ 12 | 73,134 | (71,032) |
Beginning balance (shares) at Jul. 31, 2019 | 11,619,538 | |||
Beginning balance at Jul. 31, 2019 | 1,728 | $ 12 | 73,055 | (71,339) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 77 | 77 | ||
Issuance of common stock on exercise of stock options (in shares) | 625 | |||
Issuance of common stock on exercise of stock options and warrants | 2 | 2 | ||
Net income (loss) | 307 | 307 | ||
Ending balance (shares) at Oct. 31, 2019 | 11,620,163 | |||
Ending balance at Oct. 31, 2019 | 2,114 | $ 12 | 73,134 | (71,032) |
Beginning balance (shares) at Apr. 30, 2020 | 12,726,728 | |||
Beginning balance at Apr. 30, 2020 | 5,318 | $ 13 | 77,978 | (72,673) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 120 | 120 | ||
Issuance of common stock on exercise of stock options (in shares) | 1,160 | |||
Issuance of common stock on exercise of stock options and warrants | 0 | 0 | ||
Net income (loss) | 75 | 75 | ||
Ending balance (shares) at Jul. 31, 2020 | 12,727,888 | |||
Ending balance at Jul. 31, 2020 | 5,513 | $ 13 | 78,098 | (72,598) |
Beginning balance (shares) at Apr. 30, 2020 | 12,726,728 | |||
Beginning balance at Apr. 30, 2020 | 5,318 | $ 13 | 77,978 | (72,673) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 76 | |||
Ending balance (shares) at Oct. 31, 2020 | 13,368,545 | |||
Ending balance at Oct. 31, 2020 | 6,893 | $ 13 | 79,477 | (72,597) |
Beginning balance (shares) at Jul. 31, 2020 | 12,727,888 | |||
Beginning balance at Jul. 31, 2020 | 5,513 | $ 13 | 78,098 | (72,598) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 85 | 85 | ||
Issuance of common stock on exercise of stock options (in shares) | 640,657 | |||
Issuance of common stock on exercise of stock options and warrants | 1,294 | 1,294 | ||
Net income (loss) | 1 | 1 | ||
Ending balance (shares) at Oct. 31, 2020 | 13,368,545 | |||
Ending balance at Oct. 31, 2020 | $ 6,893 | $ 13 | $ 79,477 | $ (72,597) |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Operating activities: | ||
Net income (loss) | $ 76 | $ (334) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Stock-based compensation | 205 | 208 |
Depreciation and amortization expense | 584 | 360 |
Gain on disposal of equipment | 0 | (52) |
Gain on termination of operating lease | (75) | 0 |
Operating lease right-of use assets | 79 | 198 |
Provision for doubtful accounts | 49 | 34 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,237) | 425 |
Prepaid expenses and other current assets | (92) | (55) |
Accounts payable | 568 | (341) |
Accrued liabilities | (507) | (339) |
Other non-current liabilities | 3 | 0 |
Operating lease liabilities | 138 | (147) |
Deferred revenue | 373 | 124 |
Net cash provided by operating activities | 164 | 81 |
Investing activities: | ||
Purchase of property and equipment | (1,224) | (522) |
Refund of security deposit | 92 | 0 |
Net cash used in investing activities | (1,132) | (522) |
Financing activities: | ||
Proceeds from exercise of options and warrants | 1,294 | 2 |
Finance lease payments | (115) | (14) |
Net cash provided by (used in) financing activities | 1,179 | (12) |
Increase (decrease) in cash | 211 | (453) |
Cash at beginning of period | 8,342 | 3,237 |
Cash at end of period | 8,553 | 2,784 |
Non-cash investing activities: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 3,872 | 3,205 |
Unpaid portion of property and equipment purchase | 240 | 321 |
Credit received on purchase of equipment | $ 0 | $ 160 |
Organization, Use of Estimates
Organization, Use of Estimates and Basis of Presentation | 6 Months Ended |
Oct. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Use of Estimates and Basis of Presentation | Organization, Use of Estimates and Basis of Presentation 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 provides 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. Utilizing the TumorGraft Technology Platform (the "Platform"), a comprehensive Bank of unique, well characterized "Patient Derived XenoGrafts" (PDX) models, the Company offers multiple services to pharmaceutical and biotechnology companies seeking personalized approaches to drug development. By performing studies to predict the efficacy of oncology drugs, our Platform facilitates drug discovery with lower costs and increased speed of drug development as well as increased adoption of existing drugs. The Company has two operating subsidiaries: Champions Oncology (Israel), Limited and Champions Biotechnology U.K., Limited. For the three and six months ended October 31, 2020 and 2019, there were no revenues earned by these subsidiaries. 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. These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. All significant intercompany transactions and accounts have been eliminated. Certain information related to the Company’s organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, has been condensed or omitted. The accounting policies followed in the preparation of these unaudited condensed consolidated financial statements are consistent with those followed in the Company’s annual consolidated financial statements for the year ended April 30, 2020, as filed on Form 10-K. In the opinion of management, these unaudited condensed consolidated financial statements contain all material adjustments necessary to fairly state our financial position, results of operations and cash flows for the periods presented and the presentations and disclosures herein are adequate when read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2020. The results of operations for the interim periods are not necessarily indicative of the results of operations for a full fiscal year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies 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 October 31, 2020 and April 30, 2020 the Company had 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, working capital management, proceeds from certain private placements and public offerings of our securities, and sales of products and services. For the six months ended October 31, 2020, the Company had net income of approximately $76,000 and cash provided by operations of $164,000. As of October 31, 2020, the Company had an accumulated deficit of approximately $72.6 million, working capital of $2.2 million and cash of $8.6 million. We believe that our cash on hand, together with expected net positive cash provided by operations for fiscal year 2021, are adequate to fund operations through at least 12 months from the filing of this 10-Q. However, should our revenue expectations not materialize, we believe we have cost reduction strategies that could be implemented without disrupting the business or restructuring the Company. 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. Leases Effective May 1, 2019, the Company accounts for its leases under Accounting Standards Codification ("ASC") Topic 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if applicable, or the 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. 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 or loss 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. Three Months Ended Six Months Ended October 31, 2020 2019 2020 2019 Basic and diluted net income (loss) per share computation (dollars in thousands): Net income (loss) attributable to common stockholders $ 1 $ 307 $ 76 $ (334) Weighted Average common shares – basic 13,064,191 11,619,686 12,811,921 11,619,569 Basic net income (loss) per share $ — $ 0.03 $ 0.01 $ (0.03) Diluted income (loss) per share computation: Net income (loss) attributable to common stockholders $ 1 $ 307 $ 76 $ (334) Net income (loss) available to common stockholders $ 1 $ 307 $ 76 $ (334) Weighted Average common shares 13,064,191 11,619,686 12,811,921 11,619,569 Incremental shares from assumed exercise of stock options 1,997,912 1,345,106 1,751,139 — Adjusted weighted average share – diluted 15,062,103 12,964,792 14,563,060 11,619,569 Diluted net income (loss) per share $ — $ 0.02 $ 0.01 $ (0.03) The following table reflects the total potential share-based instruments outstanding at October 31, 2020 and 2019 that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive: October 31, 2020 2019 Stock options 1,651,478 2,453,874 Warrants — 1,669,773 Total common stock equivalents 1,651,478 4,123,647 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 earnings history, a valuation allowance is established. Our ability to utilize net operating losses (“NOL”) carryforwards to offset our future taxable income would be limited if we have undergone or were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code (the “IRC”). The Company adjusts the valuation allowance in the period management determines it is more likely than not that 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 October 31, 2020 and April 30, 2020, 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 the Company 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. The Company recorded $180,000 and $178,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of October 31, 2020 and April 30, 2020, respectively. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s balance sheets at October 31, 2020 and April 30, 2020, and has not recognized interest and/or penalties in the statement of operations for either period. We do not anticipate any significant unrecognized tax benefits will be recorded during the next 12 months. The provision for income taxes for the three months ended October 31, 2020 and 2019 was $15,000 and $11,000, respectively, and for the six months ended October 31, 2020 and 2019 was $28,000 and $26,000, respectively. These amounts are mainly attributable to taxable income earned in Israel. Revenue Recognition 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. 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 the 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 October 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-10, Codification Improvements. The purpose of the ASU is to clarify, correct errors in, or make minor improvements to a variety of ASC topics. The changes in ASU 2020-03 are not expected to have a significant effect on the Company's current accounting practices. The ASU improves various topics in the Codification to increase stakeholder awareness of the amendments and to expedite the improvement process by making the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The ASU is effective for fiscal years beginning after December 15, 2020 with early application permitted. We are currently assessing the impact of this update on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC Topic 740 and 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. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years with early adoption permitted. We are currently assessing the impact of this update on our consolidated financial statements. In June 2016, the FASB issued 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 small reporting companies. Early adoption is permitted. We are currently assessing the impact of this update 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. See Note 8 of this Form 10-Q for additional information and required disclosures. 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. 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. This ASU was effective for and adopted by the Company on May 1, 2020. The adoption had no material impact on our 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 |
Accounts Receivable, Unbilled S
Accounts Receivable, Unbilled Services and Deferred Revenue | 6 Months Ended |
Oct. 31, 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): October 31, 2020 April 30, 2020 Accounts receivable $ 3,249 $ 2,655 Unbilled services 3,049 2,404 Total accounts receivable and unbilled services 6,298 5,059 Less allowance for doubtful accounts (338) (289) Total accounts receivable, net $ 5,960 $ 4,770 Deferred revenue was as follows (in thousands): October 31, 2020 April 30, 2020 Deferred revenue $ 6,188 $ 5,815 Deferred revenue is shown as a current liability on the Company's condensed consolidated balance sheet. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Oct. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Oncology Services Revenue The Company recognizes revenue under ASC 606, Revenue Recognition - Revenue from Customers ("ASC 606"). In accordance with ASC 606, revenue is 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 complete 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 if they meet the criteria under ASC 606-10-25-12. Other 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 tables represents disaggregated revenue for the three and six months ended October 31, 2020 and 2019: Three Months Ended Six Months Ended October 31, 2020 2019 2020 2019 Pharmacology services $ 10,041 $ 7,358 $ 19,454 $ 13,888 Personalized oncology services 37 232 150 412 Other 39 35 60 62 Total oncology services revenue $ 10,117 $ 7,625 $ 19,664 $ 14,362 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. There were no material contract assets or liabilities recorded on the condensed consolidated balance sheets as of October 31, 2020 and April 30, 2020. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Oct. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, furniture and fixtures, and computer equipment and software. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three October 31, April 30, Furniture and fixtures $ 238 $ 180 Computer equipment and software 1,758 1,209 Laboratory equipment 5,787 4,818 Assets in progress 441 554 Leasehold improvements 4 4 Total property and equipment 8,228 6,765 Less: Accumulated depreciation (3,356) (2,772) Property and equipment, net $ 4,872 $ 3,993 Depreciation and amortization expense, excluding expense recorded under the finance lease, was $254,000 and $162,000 for the three months ended October 31, 2020 and 2019, respectively. Depreciation and amortization expense, excluding expense recorded under the finance lease, was $478,000 and $307,000 for the six months ended October 31, 2020 and 2019, respectively. As of October 31, 2020 and April 30, 2020, property, plant and equipment included gross assets held under finance leases of $343,000 and $366,000, respectively. Related depreciation expense was approximately $53,000 and $16,000 for the three months ended October 31, 2020 and 2019 and $106,000 and $53,000 for the six months ended October 31, 2020 and 2019, respectively. 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. As of October 31, 2020 the asset has been fully depreciated and book value is nil. In July 2018, the Company entered into a second finance lease for laboratory equipment. The lease had 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. As a result, the entire outstanding balance of the lease was nil for periods subsequent to that date. |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Oct. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | Share-Based Payments The Company has in place a 2010 Equity Incentive Plan and a 2008 Equity Incentive Plan. In general, these plans provide for stock-based compensation in the form of (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights to the Company’s employees, directors and non-employees. The plans also provide for limits on the aggregate number of shares that may be granted, the term of grants and the strike price of option awards. Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 General and administrative $ 10 $ 39 $ 57 $ 171 Sales and marketing 49 27 97 49 Research and development 5 2 9 5 Cost of oncology services 21 9 42 (17) Total stock-based compensation expense $ 85 $ 77 $ 205 $ 208 Stock Option Grants Black-Scholes assumptions used to calculate the fair value of options granted during the three and six months ended October 31, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Expected term in years 6 6 6 6 Risk-free interest rates 0.27% 1.57% 0.27%-0.39% 1.57% Volatility 72.83% 71.11% 72.64%-72.83% 71.11% Dividend yield —% —% —% —% The weighted average fair value of stock options granted during the three months ended October 31, 2020 and 2019 was $7.05 and $3.32, respectively, and $7.29 and $3.32 for the six months ended October 31, 2020 and 2019, respectively. The Company’s stock options activity for the six months ended October 31, 2020 was a s follows: Directors Non- Total Weighted Weighted Aggregate Outstanding, April 30, 2020 2,228,326 43,332 2,271,658 $ 3.23 5.0 $ 10,663,000 Granted 60,000 — 60,000 7.29 9.84 Exercised (640,657) (1,160) (641,817) 2.24 Forfeited (5,500) — (5,500) 6.76 Canceled (26,106) (923) (27,029) 4.00 Expired — (5,834) (5,834) 10.80 Outstanding, October 31, 2020 1,616,063 35,415 1,651,478 3.71 5.83 $ 8,641,000 Vested and expected to vest as of October 31, 2020 1,616,063 35,415 1,651,478 3.71 5.83 $ 8,641,000 Exercisable as of October 31, 2020 1,303,396 9,584 1,312,980 3.15 5.12 $ 7,660,000 |
Leases
Leases | 6 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company accounts for its leases under ASU 2016-02, "Leases", Topic 842. 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 $629,000 and $477,000 for the six months ended October 31, 2020 and 2019, respectively. For the three months ended October 31, 2020 and 2019, rent expenses totaled $314,000 and $239,000, 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 $44,000 and $47,000 of rental costs relative to this lease for the six months ended October 31, 2020 and 2019, respectively, and $24,000 for each the three months ended October 31, 2020 and 2019. • 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 originally expired in August 2028. ◦ 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 add on 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, under the amendment, both leases expire February 28, 2029. ◦ In accordance with ASC 842, "Leases", the Company evaluated the first amendment and also performed a reassessment of the existing lease for Suite 025 to determine the impact of the six-month term extension. As a result of this assessment, the Company recognized an additional operating ROU asset and related operating lease liability for Suite 025 of $118,000 and $125,000, respectively, as well as an incremental net rent expense of $8,000 during the three months ended July 31, 2020. The Company did not recognize the incremental rental expense under this amendment during fiscal 2020 as the Expansion Premises lease commencement date was during fiscal 2021. ◦ Upon the Expansion Premises operating lease commencement date (June 1, 2020), the Company recognized an operating ROU asset and related operating lease liability for Suites 050 and 104 of $3.8 million, each, respectively. ◦ For the leases related to Piccard Drive, the Company recognized $534,000 and $302,000 of rental expense for the six months ended October 31, 2020 and 2019, and $290,000 and $151,000 for the three months ended October 31, 2020 and 2019, respectively. • 1405 Research Boulevard, Suite 125, Rockville, Maryland 20850 (“New Location”), which consists of laboratory and office space where the Company conducted 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 was set to expire in April 2024. The Company terminated this lease on June 30, 2020 and transitioned its activities from this location to the Expansion Premises, as defined above, during the first quarter of fiscal 2021. Upon lease termination, the Company recognized 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. The Company also recognized $43,000 and $128,000 of rental expense for the six months ended October 31, 2020 and 2019, and zero and $64,000 for the three months ended October 31, 2020 and 2019, respectively. ROU assets and lease liabilities related to our current operating leases are as follows (in thousands): October 31, 2020 April 30, 2020 Operating lease right-of-use assets, net $ 5,527 $ 2,798 Current portion of operating lease liabilities 605 503 Non-current portion of operating lease liabilities 5,932 3,170 As of October 31, 2020, the weighted average remaining operating lease term and the weighted average discount rate were 8.20 years and 6.08%, respectively. Future minimum lease payments due each fiscal year as follows (in thousands): Remainder of 2021 $ 850 2022 1,851 2023 1,818 2024 1,844 2025 1,867 Thereafter 7,268 Total $ 15,498 Refer to Note 5, Property and Equipment, for more information on financing leases. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Oct. 31, 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 and recorded at the exchange amount, which is the amount of consideration established and agreed to by the parties. Consulting Services During the three months ended October 31, 2020 and 2019, the Company paid an affiliate of a board member $15,000 and $18,000, respectively, for consulting services unrelated to his duty as a board member. During the three months ended October 31, 2020 and 2019, the Company paid an affiliate of another board member $3,900 and $14,000, respectively, for consulting services unrelated to their duties as a board member. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Risks and uncertainties related to 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 December 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 United States and elsewhere across the globe, may worsen over time. We continue to monitor our operations and applicable government recommendations and requirements. 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 Form 10-Q, 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe 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. |
Leases | LeasesEffective May 1, 2019, the Company accounts for its leases under Accounting Standards Codification ("ASC") Topic 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if applicable, or the 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. |
Earnings Per Share | Earnings Per Share |
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 earnings history, a valuation allowance is established. Our ability to utilize net operating losses (“NOL”) carryforwards to offset our future taxable income would be limited if we have undergone or were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code (the “IRC”). The Company adjusts the valuation allowance in the period management determines it is more likely than not that 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 October 31, 2020 and April 30, 2020, 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 the Company 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. The Company recorded $180,000 and $178,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of October 31, 2020 and April 30, 2020, respectively. |
Revenue Recognition | Revenue Recognition 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. 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 the timing of payment terms and when an input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. |
Accounting Pronouncements Being Evaluated/Recently Adopted Accounting Pronouncements | Accounting Pronouncements Being Evaluated In October 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-10, Codification Improvements. The purpose of the ASU is to clarify, correct errors in, or make minor improvements to a variety of ASC topics. The changes in ASU 2020-03 are not expected to have a significant effect on the Company's current accounting practices. The ASU improves various topics in the Codification to increase stakeholder awareness of the amendments and to expedite the improvement process by making the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The ASU is effective for fiscal years beginning after December 15, 2020 with early application permitted. We are currently assessing the impact of this update on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC Topic 740 and 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. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years with early adoption permitted. We are currently assessing the impact of this update on our consolidated financial statements. In June 2016, the FASB issued 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 small reporting companies. Early adoption is permitted. We are currently assessing the impact of this update 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. See Note 8 of this Form 10-Q for additional information and required disclosures. 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. 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. This ASU was effective for and adopted by the Company on May 1, 2020. The adoption had no material impact on our 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 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of the calculation of earnings per share, basic and diluted | Three Months Ended Six Months Ended October 31, 2020 2019 2020 2019 Basic and diluted net income (loss) per share computation (dollars in thousands): Net income (loss) attributable to common stockholders $ 1 $ 307 $ 76 $ (334) Weighted Average common shares – basic 13,064,191 11,619,686 12,811,921 11,619,569 Basic net income (loss) per share $ — $ 0.03 $ 0.01 $ (0.03) Diluted income (loss) per share computation: Net income (loss) attributable to common stockholders $ 1 $ 307 $ 76 $ (334) Net income (loss) available to common stockholders $ 1 $ 307 $ 76 $ (334) Weighted Average common shares 13,064,191 11,619,686 12,811,921 11,619,569 Incremental shares from assumed exercise of stock options 1,997,912 1,345,106 1,751,139 — Adjusted weighted average share – diluted 15,062,103 12,964,792 14,563,060 11,619,569 Diluted net income (loss) per share $ — $ 0.02 $ 0.01 $ (0.03) |
Summary of antidilutive securities excluded from earnings per share calculations | The following table reflects the total potential share-based instruments outstanding at October 31, 2020 and 2019 that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive: October 31, 2020 2019 Stock options 1,651,478 2,453,874 Warrants — 1,669,773 Total common stock equivalents 1,651,478 4,123,647 |
Accounts Receivable, Unbilled_2
Accounts Receivable, Unbilled Services and Deferred Revenue (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Receivables [Abstract] | |
Summary of accounts receivable, unbilled services, and advanced billings | Accounts receivable and unbilled services were as follows (in thousands): October 31, 2020 April 30, 2020 Accounts receivable $ 3,249 $ 2,655 Unbilled services 3,049 2,404 Total accounts receivable and unbilled services 6,298 5,059 Less allowance for doubtful accounts (338) (289) Total accounts receivable, net $ 5,960 $ 4,770 |
Summary of advanced billings | Deferred revenue was as follows (in thousands): October 31, 2020 April 30, 2020 Deferred revenue $ 6,188 $ 5,815 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of disaggregation of revenue | The following tables represents disaggregated revenue for the three and six months ended October 31, 2020 and 2019: Three Months Ended Six Months Ended October 31, 2020 2019 2020 2019 Pharmacology services $ 10,041 $ 7,358 $ 19,454 $ 13,888 Personalized oncology services 37 232 150 412 Other 39 35 60 62 Total oncology services revenue $ 10,117 $ 7,625 $ 19,664 $ 14,362 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of property and equipment | Property and equipment consisted of the following (table in thousands): October 31, April 30, Furniture and fixtures $ 238 $ 180 Computer equipment and software 1,758 1,209 Laboratory equipment 5,787 4,818 Assets in progress 441 554 Leasehold improvements 4 4 Total property and equipment 8,228 6,765 Less: Accumulated depreciation (3,356) (2,772) Property and equipment, net $ 4,872 $ 3,993 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of allocation of share based compensation expense | Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 General and administrative $ 10 $ 39 $ 57 $ 171 Sales and marketing 49 27 97 49 Research and development 5 2 9 5 Cost of oncology services 21 9 42 (17) Total stock-based compensation expense $ 85 $ 77 $ 205 $ 208 |
Summary of valuation assumptions for stock options | Black-Scholes assumptions used to calculate the fair value of options granted during the three and six months ended October 31, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Expected term in years 6 6 6 6 Risk-free interest rates 0.27% 1.57% 0.27%-0.39% 1.57% Volatility 72.83% 71.11% 72.64%-72.83% 71.11% Dividend yield —% —% —% —% |
Summary of stock option activity | The Company’s stock options activity for the six months ended October 31, 2020 was a s follows: Directors Non- Total Weighted Weighted Aggregate Outstanding, April 30, 2020 2,228,326 43,332 2,271,658 $ 3.23 5.0 $ 10,663,000 Granted 60,000 — 60,000 7.29 9.84 Exercised (640,657) (1,160) (641,817) 2.24 Forfeited (5,500) — (5,500) 6.76 Canceled (26,106) (923) (27,029) 4.00 Expired — (5,834) (5,834) 10.80 Outstanding, October 31, 2020 1,616,063 35,415 1,651,478 3.71 5.83 $ 8,641,000 Vested and expected to vest as of October 31, 2020 1,616,063 35,415 1,651,478 3.71 5.83 $ 8,641,000 Exercisable as of October 31, 2020 1,303,396 9,584 1,312,980 3.15 5.12 $ 7,660,000 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Summary of assets and liabilities | ROU assets and lease liabilities related to our current operating leases are as follows (in thousands): October 31, 2020 April 30, 2020 Operating lease right-of-use assets, net $ 5,527 $ 2,798 Current portion of operating lease liabilities 605 503 Non-current portion of operating lease liabilities 5,932 3,170 |
Schedule of future operating lease payments | Future minimum lease payments due each fiscal year as follows (in thousands): Remainder of 2021 $ 850 2022 1,851 2023 1,818 2024 1,844 2025 1,867 Thereafter 7,268 Total $ 15,498 |
Organization, Use of Estimate_2
Organization, Use of Estimates and Basis of Presentation (Details) | 6 Months Ended |
Oct. 31, 2020subsidiary | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating subsidiaries | 2 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Oct. 31, 2020 | Jul. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | May 01, 2019 | |
Accounting Policies [Abstract] | ||||||||
Cash equivalents | $ 0 | $ 0 | $ 0 | |||||
Net income (loss) | 1,000 | $ 75,000 | $ 307,000 | $ (641,000) | 76,000 | $ (334,000) | ||
Net cash provided by (used in) operating activities | 164,000 | 81,000 | ||||||
Accumulated deficit | 72,597,000 | 72,597,000 | 72,673,000 | |||||
Working capital deficit | 2,200,000 | 2,200,000 | ||||||
Cash and cash equivalents | 8,553,000 | 8,553,000 | 8,342,000 | |||||
Unrecognized tax benefits | 180,000 | 180,000 | 178,000 | |||||
Provision for income taxes | 15,000 | $ 11,000 | 28,000 | $ 26,000 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Operating lease right-of-use assets, net | $ 5,527,000 | $ 5,527,000 | $ 2,798,000 | |||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Operating lease right-of-use assets, net | $ 3,200,000 | |||||||
Deferred rent | 900,000 | |||||||
Operating lease liability | $ 4,100,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Oct. 31, 2020 | Jul. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Basic and diluted net (loss) income per share computation | ||||||
Net income (loss) attributable to common stockholders | $ 1 | $ 75 | $ 307 | $ (641) | $ 76 | $ (334) |
Weighted Average common shares - basic (in shares) | 13,064,191 | 11,619,686 | 12,811,921 | 11,619,569 | ||
Basic net income (loss) per share (in dollars per share) | $ 0 | $ 0.03 | $ 0.01 | $ (0.03) | ||
Net income (loss) available to common stockholders | $ 1 | $ 307 | $ 76 | $ (334) | ||
Incremental shares from assumed exercise of warrants and stock options (in shares) | 1,997,912 | 1,345,106 | 1,751,139 | 0 | ||
Adjusted weighted average share - diluted (in shares) | 15,062,103 | 12,964,792 | 14,563,060 | 11,619,569 | ||
Diluted net income (loss) per share (in usd per share) | $ 0 | $ 0.02 | $ 0.01 | $ (0.03) |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Potentially Antidilutive Securities (Details) - shares | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents (in shares) | 1,651,478 | 4,123,647 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents (in shares) | 1,651,478 | 2,453,874 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents (in shares) | 0 | 1,669,773 |
Accounts Receivable, Unbilled_3
Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Accounts Receivable and Unbilled Services (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Receivables [Abstract] | ||
Accounts receivable | $ 3,249 | $ 2,655 |
Unbilled services | 3,049 | 2,404 |
Total accounts receivable and unbilled services | 6,298 | 5,059 |
Less allowance for doubtful accounts | (338) | (289) |
Total accounts receivable, net | $ 5,960 | $ 4,770 |
Accounts Receivable, Unbilled_4
Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Receivables [Abstract] | ||
Deferred revenue | $ 6,188 | $ 5,815 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Description of timing | The majority of the Company's revenue arrangements are service contracts that are complete within a year or less. There are a few contracts that range in duration between 1 and 3 years. | |||
Oncology services revenue | $ 10,117 | $ 7,625 | $ 19,664 | $ 14,362 |
Pharmacology services | ||||
Disaggregation of Revenue [Line Items] | ||||
Oncology services revenue | 10,041 | 7,358 | 19,454 | 13,888 |
Personalized oncology services | ||||
Disaggregation of Revenue [Line Items] | ||||
Oncology services revenue | 37 | 232 | 150 | 412 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Oncology services revenue | $ 39 | $ 35 | $ 60 | $ 62 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 61 Months Ended | |||||
Jul. 31, 2018 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Apr. 30, 2020 | Jul. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||||||||
Depreciation | $ 254,000 | $ 162,000 | $ 478,000 | $ 307,000 | ||||||
Assets under finance lease | 343,000 | 343,000 | $ 366,000 | |||||||
Finance lease costs | $ 266,000 | $ 149,000 | ||||||||
Future minimum lease payments remaining | $ 2,000 | 115,000 | 14,000 | |||||||
Finance leases monthly payments | $ 11,000 | |||||||||
Finance lease, liability | $ 0 | |||||||||
Finance lease, amortization | 53,100 | 0 | 106,000 | 0 | ||||||
Subsequent Event | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Finance lease costs | $ 231,000 | |||||||||
Future minimum lease payments remaining | 19,000 | |||||||||
Finance leases monthly payments | $ 19,000 | |||||||||
Present value of minimum future obligations interest rate | 4.75% | |||||||||
Finance Leased Assets | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Depreciation | $ 53,000 | $ 16,000 | $ 106,000 | $ 53,000 | ||||||
Minimum | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Useful lives | 3 years | |||||||||
Maximum | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Useful lives | 9 years |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Property, Plant and Equipment [Abstract] | ||
Furniture and fixtures | $ 238 | $ 180 |
Computer equipment and software | 1,758 | 1,209 |
Laboratory equipment | 5,787 | 4,818 |
Assets in progress | 441 | 554 |
Leasehold improvements | 4 | 4 |
Total property and equipment | 8,228 | 6,765 |
Less: Accumulated depreciation | (3,356) | (2,772) |
Property and equipment, net | $ 4,872 | $ 3,993 |
Share-Based Payments - Allocati
Share-Based Payments - Allocation of Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 85 | $ 77 | $ 205 | $ 208 |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 10 | 39 | 57 | 171 |
Sales and marketing | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 49 | 27 | 97 | 49 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 5 | 2 | 9 | 5 |
Cost of oncology services | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 21 | $ 9 | $ 42 | $ (17) |
Share-Based Payments - Valuatio
Share-Based Payments - Valuation Assumptions for Stock Options (Details) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Expected term (in years) | 6 years | 6 years | 6 years | 6 years |
Risk free interest rate (in percent) | 0.27% | 1.57% | 1.57% | |
Risk-free interest rates minimum (in percent) | 0.27% | |||
Risk-free interest rates maximum (in percent) | 0.39% | |||
Volatility (in percent) | 72.83% | 71.11% | 71.11% | |
Volatility rate minimum (in percent) | 72.64% | |||
Volatility Rate maximum (in percent) | 72.83% | |||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Share-Based Payments - Narrativ
Share-Based Payments - Narrative (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Weighted-average grant date fair value (in usd per share) | $ 7.05 | $ 3.32 | $ 7.29 | $ 3.32 |
Granted (in shares) | 60,000 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Apr. 30, 2020 | |
Total | ||
Outstanding, beginning balance (in shares) | 2,271,658 | |
Granted (in shares) | 60,000 | |
Exercised (in shares) | (641,817) | |
Forfeited (in shares) | (5,500) | |
Canceled (in shares) | (27,029) | |
Expired (in shares) | (5,834) | |
Outstanding, ending balance (in shares) | 1,651,478 | 2,271,658 |
Vested and expected to vest (in shares) | 1,651,478 | |
Exercisable (in shares) | 1,312,980 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance (in usd per share) | $ 3.23 | |
Granted (in usd per share) | 7.29 | |
Exercised (in usd per share) | 2.24 | |
Forfeited (in usd per share) | 6.76 | |
Canceled (in usd per share) | 4 | |
Expired (in usd per share) | 10.80 | |
Outstanding, ending balance (in usd per share) | 3.71 | $ 3.23 |
Vested and expected to vest (in usd per share) | 3.71 | |
Exercisable (in usd per share) | $ 3.15 | |
Weighted Average Remaining Contractual Life (Years) | ||
Weighted Average Remaining Contractual Term, Outstanding (in years) | 5 years 9 months 29 days | 5 years |
Weighted Average Remaining Contractual Term, Outstanding, Granted (in years) | 9 years 10 months 2 days | |
Weighted Average Remaining Contractual Life, Vested and expected to vest (in years) | 5 years 9 months 29 days | |
Weighted Average Remaining Contractual Life, Exercisable (in years) | 5 years 1 month 13 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Outstanding | $ 8,641 | $ 10,663 |
Aggregate Intrinsic Value, Vested and expected to vest | 8,641 | |
Aggregate Intrinsic Value, Exercisable | $ 7,660 | |
Directors and Employees | ||
Total | ||
Outstanding, beginning balance (in shares) | 2,228,326 | |
Granted (in shares) | 60,000 | |
Exercised (in shares) | (640,657) | |
Forfeited (in shares) | (5,500) | |
Canceled (in shares) | (26,106) | |
Expired (in shares) | 0 | |
Outstanding, ending balance (in shares) | 1,616,063 | 2,228,326 |
Vested and expected to vest (in shares) | 1,616,063 | |
Exercisable (in shares) | 1,303,396 | |
Non- Employees | ||
Total | ||
Outstanding, beginning balance (in shares) | 43,332 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (1,160) | |
Forfeited (in shares) | 0 | |
Canceled (in shares) | (923) | |
Expired (in shares) | (5,834) | |
Outstanding, ending balance (in shares) | 35,415 | 43,332 |
Vested and expected to vest (in shares) | 35,415 | |
Exercisable (in shares) | 9,584 |
Leases (Details)
Leases (Details) - USD ($) | Jun. 30, 2020 | Oct. 31, 2020 | Jul. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Jun. 01, 2020 | Apr. 30, 2020 |
Lessee, Lease, Description [Line Items] | ||||||||
Operating leases, rent expense | $ 314,000 | $ 239,000 | $ 629,000 | $ 477,000 | ||||
Operating lease right-of-use assets, net | $ 5,527,000 | 5,527,000 | $ 2,798,000 | |||||
Gain (loss) on termination of lease | $ 75,000 | 0 | ||||||
Weighted average remaining lease term (in years) | 8 years 2 months 12 days | 8 years 2 months 12 days | ||||||
Discount rate (in percent) | 6.08% | 6.08% | ||||||
Corporate Headquarters | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating leases, rent expense | $ 24,000 | 24,000 | $ 44,000 | 47,000 | ||||
Rockville, MD | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating leases, rent expense | 290,000 | 151,000 | 534,000 | 302,000 | ||||
Operating lease right-of-use assets, net | $ 118,000 | $ 3,800,000 | ||||||
Operating lease liability | 125,000 | $ 3,800,000 | ||||||
Incremental rent expense | $ 8,000 | |||||||
Rockville, MD New Location | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Operating leases, rent expense | $ 0 | $ 64,000 | $ 43,000 | $ 128,000 | ||||
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 | Oct. 31, 2020 | Apr. 30, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 5,527 | $ 2,798 |
Current portion of operating lease liabilities | 605 | 503 |
Non-current portion of operating lease liabilities | $ 5,932 | $ 3,170 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Oct. 31, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Remainder of 2021 | $ 850 |
2022 | 1,851 |
2023 | 1,818 |
2024 | 1,844 |
2025 | 1,867 |
Thereafter | 7,268 |
Total | $ 15,498 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Due to related parties | $ 4,000 | $ 4,000 | ||
Board Member One | Board Member | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 15,000 | $ 18,000 | 33,000 | $ 36,000 |
Board Member Two | Board Member | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | $ 3,900 | $ 14,000 | $ 9,500 | $ 29,000 |