Avid Bioservices (CDMO) 10-K 14 Jul 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2017	Jul. 10, 2017	Oct. 31, 2016
Document And Entity Information
Entity Registrant Name	PEREGRINE PHARMACEUTICALS INC
Entity Central Index Key	704,562
Document Type	10-K
Document Period End Date	Apr. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 84,450,000
Entity Common Stock, Shares Outstanding		45,069,188
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2017	Apr. 30, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 46,799,000	$ 61,412,000
Trade and other receivables	7,742,000	2,859,000
Inventories	33,099,000	16,186,000
Prepaid expenses	1,460,000	1,351,000
Total current assets	89,100,000	81,808,000
PROPERTY AND EQUIPMENT:
Leasehold improvements	20,098,000	19,610,000
Laboratory equipment	10,777,000	10,257,000
Furniture, fixtures, office equipment and software	4,499,000	4,045,000
Property and equipment, gross	35,374,000	33,912,000
Less accumulated depreciation and amortization	(11,700,000)	(9,610,000)
Property and equipment, net	23,674,000	24,302,000
Restricted cash	1,150,000	600,000
Other assets	4,188,000	2,333,000
TOTAL ASSETS	118,112,000	109,043,000
CURRENT LIABILITIES:
Accounts payable	5,779,000	8,429,000
Accrued clinical trial and related fees	4,558,000	7,594,000
Accrued payroll and related costs	6,084,000	5,821,000
Deferred revenue	28,500,000	10,030,000
Customer deposits	17,017,000	24,212,000
Other current liabilities	993,000	1,488,000
Total current liabilities	62,931,000	57,574,000
Deferred rent, less current portion	1,599,000	1,395,000
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred stock - $.001 par value; authorized 5,000,000 shares; issued and outstanding - 1,647,760 and 1,577,440, respectively	2,000	2,000
Common stock - $.001 par value; authorized 500,000,000 shares; issued and outstanding - 44,014,040 and 33,847,213, respectively	44,000	34,000
Additional paid-in-capital	590,971,000	559,314,000
Accumulated deficit	(537,435,000)	(509,276,000)
Total stockholders' equity	53,582,000	50,074,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 118,112,000	$ 109,043,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2017	Apr. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	1,647,760	1,577,440
Preferred stock, shares outstanding	1,647,760	1,577,440
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	44,014,040	33,847,213
Common stock, shares outstanding	44,014,040	33,847,213

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)		12 Months Ended
		Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
REVENUES:
Contract manufacturing revenue		$ 57,630,000	$ 44,357,000	$ 26,744,000
License revenue		0	329,000	37,000
Total revenues		57,630,000	44,686,000	26,781,000
COSTS AND EXPENSES:
Cost of contract manufacturing		38,259,000	22,966,000	15,593,000
Research and development		28,297,000	59,529,000	42,996,000
Selling, general and administrative		19,334,000	18,551,000	18,691,000
Total costs and expenses		85,890,000	101,046,000	77,280,000
LOSS FROM OPERATIONS		(28,260,000)	(56,360,000)	(50,499,000)
OTHER INCOME (EXPENSE):
Interest and other income		108,000	722,000	142,000
Interest and other expense		(7,000)	(14,000)	(1,000)
NET LOSS		(28,159,000)	(55,652,000)	(50,358,000)
COMPREHENSIVE LOSS		(28,159,000)	(55,652,000)	(50,358,000)
Series E preferred stock accumulated dividends		(4,640,000)	(4,484,000)	(3,696,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ (32,799,000)	$ (60,136,000)	$ (54,054,000)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic and Diluted	[1]	37,109,493	30,895,089	26,079,762
BASIC AND DILUTED LOSS PER COMMON SHARE		$ (.88)	$ (1.95)	$ (2.07)
[1]	All share and per share amounts of our common stock issued and outstanding for all periods presented have been retroactively adjusted to reflect the one-for-seven reverse stock split of our issued and outstanding common stock, which took effect with the opening of trading on July 10, 2017 (Note 1)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Apr. 30, 2014	775,000	25,553,024
Beginning balance, value at Apr. 30, 2014	$ 1,000	$ 26,000	$ 470,938,000	$ (403,266,000)	$ 67,699,000
Series E preferred stock issued for cash, net of issuance costs, shares	799,764
Series E preferred stock issued for cash, net of issuance costs, value	$ 1,000		18,202,000		18,203,000
Series E preferred stock dividends			(3,352,000)		(3,352,000)
Common stock issued for cash, net of issuance costs, shares		1,952,161
Common stock issued for cash, net of issuance costs, value		$ 2,000	19,233,000		19,235,000
Common stock issued under Employee Stock Purchase Plan, shares		71,063
Common stock issued under Employee Stock Purchase Plan, value			608,000		608,000
Common stock issued upon exercise of options, shares		44,699
Common stock issued upon exercise of options, value			298,000		298,000
Share-based compensation			6,702,000		6,702,000
Net loss				(50,358,000)	(50,358,000)
Ending balance, shares at Apr. 30, 2015	1,574,764	27,620,947
Ending balance, value at Apr. 30, 2015	$ 2,000	$ 28,000	512,629,000	(453,624,000)	59,035,000
Series E preferred stock issued for cash, net of issuance costs, shares	2,676
Series E preferred stock issued for cash, net of issuance costs, value			59,000		59,000
Series E preferred stock dividends			(4,139,000)		(4,139,000)
Common stock issued for cash, net of issuance costs, shares		6,053,175
Common stock issued for cash, net of issuance costs, value		$ 6,000	45,189,000		45,195,000
Common stock issued under Employee Stock Purchase Plan, shares		147,769
Common stock issued under Employee Stock Purchase Plan, value			540,000		540,000
Common stock issued upon exercise of options, shares		25,322
Common stock issued upon exercise of options, value			138,000		138,000
Share-based compensation			4,898,000		4,898,000
Net loss				(55,652,000)	(55,652,000)
Ending balance, shares at Apr. 30, 2016	1,577,440	33,847,213
Ending balance, value at Apr. 30, 2016	$ 2,000	$ 34,000	559,314,000	(509,276,000)	50,074,000
Series E preferred stock issued for cash, net of issuance costs, shares	70,320
Series E preferred stock issued for cash, net of issuance costs, value			1,576,000		1,576,000
Series E preferred stock dividends			(4,279,000)		(4,279,000)
Common stock issued for cash, net of issuance costs, shares		9,887,726
Common stock issued for cash, net of issuance costs, value		$ 10,000	30,440,000		30,450,000
Common stock issued under Employee Stock Purchase Plan, shares		270,075
Common stock issued under Employee Stock Purchase Plan, value			526,000		526,000
Common stock issued upon exercise of options, shares		9,026
Common stock issued upon exercise of options, value			31,000		31,000
Share-based compensation			3,363,000		3,363,000
Net loss				(28,159,000)	(28,159,000)
Ending balance, shares at Apr. 30, 2017	1,647,760	44,014,040
Ending balance, value at Apr. 30, 2017	$ 2,000	$ 44,000	$ 590,971,000	$ (537,435,000)	$ 53,582,000

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Series E Preferred Stock [Member]
Issuance costs	$ 58,000	$ 1,000	$ 1,002,000
Series E Preferred Stock [Member] | June 13, 2014 Financing [Member]
Issuance costs	58,000	1,000	1,002,000
Common Stock
Issuance costs	827,000	677,000	513,000
Common Stock | June 13, 2014 Financing [Member]
Issuance costs		311,000	352,000
Common Stock | December 27, 2012 Financing [Member]
Issuance costs			$ 161,000
Common Stock | August 7, 2015 Financing [Member]
Issuance costs	$ 827,000	365,000
Common Stock | October 30, 2015 Financing [Member]
Issuance costs		$ 1,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (28,159,000)	$ (55,652,000)	$ (50,358,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	3,363,000	4,898,000	6,702,000
Depreciation and amortization	2,463,000	1,535,000	1,041,000
Loss on disposal of property and equipment	1,000	14,000	2,000
Changes in operating assets and liabilities:
Trade and other receivables	(4,883,000)	954,000	(2,481,000)
Inventories	(16,913,000)	(8,832,000)	(1,824,000)
Prepaid expenses	(109,000)	4,000	64,000
Restricted cash	(550,000)	(600,000)	0
Other non-current assets	278,000	(325,000)	12,000
Accounts payable	(3,308,000)	(3,521,000)	3,278,000
Accrued clinical trial and related fees	(3,036,000)	3,684,000	(523,000)
Accrued payroll and related costs	263,000	1,215,000	769,000
Deferred revenue	18,470,000	3,400,000	1,097,000
Customer deposits	(7,195,000)	12,849,000	5,603,000
Other accrued expenses and current liabilities	(675,000)	1,051,000	(52,000)
Deferred rent, less current portion	204,000	(265,000)	651,000
Net cash used in operating activities	(39,786,000)	(39,591,000)	(36,019,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment acquisitions	(1,501,000)	(9,324,000)	(9,047,000)
(Increase) decrease in other assets	(1,491,000)	533,000	598,000
Net cash used in investing activities	(2,992,000)	(8,791,000)	(8,449,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs of $827,000, $677,000 and $513,000, respectively	30,450,000	45,195,000	19,235,000
Proceeds from issuance of Series E preferred stock, net of issuance costs of $58,000, $1,000 and $1,002,000, respectively	1,576,000	59,000	18,203,000
Proceeds from issuance of common stock under Employee Stock Purchase Plan	526,000	540,000	608,000
Proceeds from exercise of stock options	31,000	138,000	298,000
Dividends paid on preferred stock	(4,279,000)	(4,139,000)	(3,352,000)
Principal payments on capital leases	(139,000)	0	(13,000)
Net cash provided by financing activities	28,165,000	41,793,000	34,979,000
NET DECREASE IN CASH AND CASH EQUIVALENTS	(14,613,000)	(6,589,000)	(9,489,000)
CASH AND CASH EQUIVALENTS, beginning of period	61,412,000	68,001,000	77,490,000
CASH AND CASH EQUIVALENTS, end of period	46,799,000	61,412,000	68,001,000
SUPPLEMENTAL INFORMATION:
Cash paid for interest	6,000	0	0
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accounts payable and other liabilities for purchase of property and equipment	658,000	1,565,000	4,673,000
Lease incentives	0	562,000	100,000
Property and equipment acquired under capital lease	$ 319,000	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Common Stock
Stock Issuance costs	$ 827,000	$ 677,000	$ 513,000
Series E Preferred Stock [Member]
Stock Issuance costs	$ 58,000	$ 1,000	$ 1,002,000

1. ORGANIZATION AND BUSINESS DE

1. ORGANIZATION AND BUSINESS DESCRIPTION	12 Months Ended
	Apr. 30, 2017
Organization And Business Description
ORGANIZATION AND BUSINESS DESCRIPTION	Organization Business Description – Reverse Stock Split The reverse stock split affected all issued and outstanding shares of our common stock, as well as the shares of common stock underlying our stock options, employee stock purchase plan, warrants and the general conversion right with respect to our 10.50% Series E Convertible Preferred Stock (the “Series E Preferred Stock”).

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Apr. 30, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation – Use of Estimates – Going Concern Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Our consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should it be determined that we are unable to continue as a going concern. At April 30, 2017, we had $46,799,000 in cash and cash equivalents. We have expended substantial funds on the research and development of our product candidates, and funding the operations of Avid. As a result, we have historically experienced losses and negative cash flows from operations since our inception and we expect negative cash flows from operations to continue for the foreseeable future until we can generate sufficient revenue from Avid’s contract manufacturing services to achieve profitability. Therefore, unless and until we are able to generate sufficient revenue from Avid’s contract manufacturing services or from the sale or licensing of our product candidate under development, we expect such losses to continue through at least the fiscal year ending April 30, 2018, and as a result, we will require additional capital to fund our operations and to execute our business plans. Our ability to continue to fund our operations is highly dependent on the amount of cash and cash equivalents on hand combined with our ability to raise additional capital to support our future operations through one or more methods, including but not limited to, (i) raising additional capital in the equity markets, (ii) generating additional revenue from Avid, or (iii) licensing or partnering our product candidate in development. Historically, we have funded a significant portion of our operations through the issuance of equity. During fiscal year 2017, we raised $31,277,000 in aggregate gross proceeds from the sale of shares of our common stock and raised an additional $1,634,000 in aggregate gross proceeds from the sale of shares of our Series E Preferred Stock (Note 5). Subsequent to April 30, 2017 and through June 30, 2017, we raised an additional $4,304,000 in aggregate gross proceeds from the sale of shares of our common stock (Note 12). As of July 14, 2017, $67,674,000 remained available to us under our effective shelf registration statement, which allows us from time to time to offer and sell shares of our common stock, in one or more offerings, either individually or in combination. Our ability to raise additional capital in the equity markets to fund our obligations in future periods is dependent on a number of factors, including, but not limited to, the market demand for our common stock. The market demand or liquidity of our common stock is subject to a number of risks and uncertainties, including but not limited to, negative economic conditions, adverse market conditions, adverse financial results, and negative research and development results. If we are unable to either (i) raise sufficient capital in the equity markets, (ii) generate additional revenue from Avid, or (iii) license or partner our product candidate in development, or any combination thereof, we may need to delay, scale back, or eliminate all our research and development efforts, or restructure our operations. In addition, even if we are able to raise additional capital, it may not be at a price or on terms that are favorable to us. As a result, we have concluded that there is substantial doubt about our ability to continue as a going concern within one year after the date that our financial statements are issued. Cash and Cash Equivalents Restricted Cash Trade and Other Receivables 2017 2016 Trade receivables (1) $ 7,274,000 $ 2,494,000 Other receivables 468,000 365,000 Trade and other receivables $ 7,742,000 $ 2,859,000 ______________ (1) Allowance for Doubtful Accounts Inventories 2017 2016 Raw materials $ 11,304,000 $ 10,911,000 Work-in-process 13,755,000 5,275,000 Finished goods 8,040,000 – Total inventories $ 33,099,000 $ 16,186,000 Property and Equipment, net Concentrations of Credit Risk and Customer Base Our trade receivables from amounts billed for contract manufacturing services provided by Avid have historically been derived from a small customer base. Most contracts require up-front payments and installment payments during the service period. We perform periodic evaluations of the financial condition of our customers and generally do not require collateral, but we can terminate any contract if a material default occurs. At April 30, 2017 and 2016, approximately 93% and 98%, respectively, of our trade receivables were due from four customers. In addition, contract manufacturing revenue generated by Avid has historically been derived from a small customer base (Note 10). These customers typically do not enter into long-term contracts because their need for drug supply depends on a variety of factors, including the drug’s stage of development, their financial resources, and, with respect to commercial drugs, demand for the drug in the market. Our future results of operations could be adversely affected if revenue from any one of our primary customers is significantly reduced or eliminated. Comprehensive Loss Impairment Fair Value of Financial Instruments Fair Value Measurements · Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. · Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. · Level 3 – Unobservable inputs that are supported by little or no market activity and significant to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques and assumptions. As of April 30, 2017 and 2016, we do not have any Level 2 or Level 3 financial assets or liabilities and our cash equivalents, which are primarily invested in money market funds with one major commercial bank, are carried at fair value based on quoted market prices for identical securities (Level 1 input). Customer Deposits Deferred Rent Revenue Recognition Revenue arrangements with multiple elements are divided into separate units of accounting if certain criteria are met, including whether the delivered element has stand-alone value to the customer or licensing partner. When deliverables are separable, consideration received is allocated among the separate units based on their respective fair values, and the applicable revenue recognition criteria are applied to each of the separate units, which may require the use of significant judgement. Deliverables are considered separate units of accounting if (1) the delivered item(s) has value to the customer on a stand-alone basis and (2) the arrangement includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered item(s) is considered probable and substantially in our control. Arrangement consideration is allocated at the inception of the agreement to all identified units of accounting based on their relative selling price. The relative selling price for each deliverable is determined using vendor specific objective evidence (“VSOE”) of selling price or third-party evidence of selling price if VSOE does not exist. If neither VSOE nor third-party evidence of selling price exists, we use our best estimate of the selling price for the deliverable. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. The consideration received is allocated among the separate units of accounting, and the applicable revenue recognition criteria are applied to each of the separate units. Changes in the allocation of the sales price between delivered and undelivered elements can impact revenue recognition but do not change the total revenue recognized under any agreement. On occasion, we receive requests from customers to hold product manufactured by Avid on a “bill-and-hold” basis. Revenue is recognized for these “bill-and-hold” arrangements in accordance with the authoritative guidance, which requires, among other things, the existence of a valid business purpose for the arrangement; the “bill-and-hold” arrangement is at the request of the customer; title and risk of ownership must pass to the customer; the product is complete and ready for shipment; a fixed delivery date that is reasonable and consistent with the customer’s business practices; the product has been separated from our inventory; and no further performance obligations by us exist. In addition, we also follow the authoritative guidance when reporting revenue as gross when we act as a principal versus reporting revenue as net when we act as an agent. For transactions in which we act as a principal, have discretion to choose suppliers, bear credit and inventory risk and perform a substantive part of the services, revenue is recorded at the gross amount billed to a customer and costs associated with these reimbursements are reflected as a component of cost of sales for contract manufacturing services. Any amounts received prior to satisfying our revenue recognition criteria are recorded as deferred revenue or customer deposits in the accompanying consolidated financial statements. We also record a provision for estimated contract losses, if any, in the period in which they are determined. Research and Development Expenses Clinical trial costs are a significant component of our research and development expenses. We have a history of contracting with third parties that perform various clinical trial activities on our behalf in the ongoing development of our product candidates. The financial terms of these contracts are subject to negotiations and may vary from contract to contract and may result in uneven payment flow. Expenses related to clinical trials are accrued based on our estimates and/or representations from third parties (including clinical research organizations) regarding services performed. If the contracted amounts are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), we modify our accruals accordingly on a prospective basis. Revisions in the scope of a contract are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. There were no material adjustments for a change in estimate to research and development expenses in the accompanying consolidated financial statements in any of the three years ended April 30, 2017. Under certain research and development agreements, we are obligated to make certain advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future research and development activities and are deferred and capitalized as prepaid research and development expenses. These advance payments are recognized as an expense in the period the related goods are delivered or the related services are performed. We assess our prepaid research and development expenses for impairment when events or changes in circumstances indicate that the carrying amount of the prepaid expense may not be recoverable or provide future economic benefit. In addition, under certain in-licensing agreements associated with the research and development of our product candidates, we are obligated to pay certain milestone payments based on potential clinical development and regulatory milestones (Note 4). These milestone payments have no alternative future uses (in other research and development projects or otherwise) and therefore have no separate economic values and are expensed as research and development costs at the time the costs are incurred. We have no in-licensed product candidates that have alternative future uses in research and development projects or otherwise. In addition, we do not perform any research and development activities for any unrelated entities. Share-based Compensation Periodically, we grant stock options and other share-based awards to non-employee consultants, which we account for in accordance with the authoritative guidance for share-based compensation. The cost of non-employee services received in exchange for share-based awards are measured based on either the fair value of the consideration received or the fair value of the share-based award issued, whichever is more reliably measurable. In addition, authoritative guidance requires share-based compensation related to unvested options and awards issued to non-employees to be recalculated at the end of each reporting period based upon the fair market value on that date until the share-based award has vested, and any cumulative catch-up adjustment to share-based compensation resulting from the re-measurement is recognized in the current period (Note 6). Income Taxes Basic and Dilutive Net Loss Per Common Share The potential dilutive effect of stock options, shares of common stock expected to be issued under our ESPP, and warrants outstanding during the period are calculated in accordance with the treasury stock method, but are excluded if their effect is anti-dilutive. The potential dilutive effect of our Series E Preferred Stock outstanding during the period is calculated using the if-converted method assuming the conversion of our Series E Preferred Stock as of the earliest period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. However, because the impact of stock options, shares of common stock expected to be issued under our ESPP, warrants, and Series E Preferred Stock are anti-dilutive during periods of net loss, there was no difference between basic and diluted loss per common share amounts for the three years ended April 30, 2017. The calculation of weighted average diluted shares outstanding excludes the dilutive effect of the following weighted average outstanding stock options and shares of common stock expected to be issued under our ESPP since their impact are anti-dilutive during periods of net loss: 2017 2016 2015 Stock options – 252,098 547,599 ESPP 45,767 37,862 6,714 Total 45,767 289,960 554,313 The calculation of weighted average diluted shares outstanding also excludes the following weighted average outstanding stock options, warrants, and Series E Preferred Stock (assuming the if-converted method), as their exercise prices or conversion price were greater than the average market price of our common stock during the respective periods, resulting in an anti-dilutive effect: 2017 2016 2015 Stock options 4,156,421 2,740,922 1,210,144 Warrants 39,040 39,040 39,040 Series E Preferred Stock 1,955,588 1,893,122 1,411,362 Total 6,151,049 4,673,084 2,660,546 Subsequent to April 30, 2017 and through June 30, 2017, we sold an aggregate of 1,051,258 shares of our common stock (Note 12), which are not included in the calculation of basic and dilutive net loss per common share for the fiscal year ended April 30, 2017. Recently Adopted Accounting Pronouncements For the year ended April 30, 2017, we adopted FASB ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Going Concern Pending Adoption of Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-2 requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, which will be our fiscal year 2020 beginning May 1, 2019. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption of ASU 2016-02 on our consolidated financial statements and related disclosures. In March 2016, FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting,

3. COMMITMENTS AND CONTINGENCIE

3. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Apr. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Operating Leases Lease # Original Lease Execution Date Approximate Square Footage Leased # of Buildings Occupied Initial Lease Term Expiration Date # of Options to Extend Lease Extended Lease Term Expiration Date (1) 1 December 1998 48,000 2 12/31/27 2 12/31/37 2 May 2010 13,000 1 12/31/17 1 12/31/22 3 July 2014 84,000 1 1/31/27 2 1/31/37 4 April 2016 26,000 1 8/31/23 2 8/31/35 5 April 2016 25,000 1 8/31/23 2 8/31/35 ______________ (1) Extended lease term expiration date assumes we execute all available option(s) to extend lease in accordance with the terms of the lease agreement. The following represents additional information for each of the lease agreements included in the above table: In December 1998, we entered into our first lease agreement (the “First Lease”) with an original lease term of 12 years with two 5-year renewal options and includes scheduled rental increases of approximately 3% every two years. In December 2005, we entered into an amendment to the First Lease that extended the original lease term for seven additional years to expire on December 31, 2017. In November 2016, we entered into a second amendment to the First Lease that extends the lease term through December 31, 2027, while also maintaining our two 5-year renewal options that could extend the lease term to December 31, 2037. In May 2010, we entered into a second lease agreement (the “Second Lease”) to lease additional office and research space. The Second Lease includes a 5-year option to extend the lease to December 31, 2022 and includes annual scheduled rental increases of $0.05 per square foot per year. In addition, a tenant improvement allowance of $125,000 associated with the Second Lease were recorded as leasehold improvements and are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the Second Lease. In July 2014, we entered into a third lease agreement (the “Third Lease”) to lease approximately 42,000 square feet of vacant warehouse space to expand our manufacturing capacity to support the manufacturing of products in late-stage clinical development to commercial. The Third Lease includes an option to extend the lease term in two 5-year periods to extend the lease to July 31, 2031 and includes scheduled annual rent increases of approximately 3%. In addition, the Third Lease provided for 12.5 months of free rent, lessor improvements of $250,000 and a tenant improvement allowance of $365,000. Upon completion of the manufacturing facility build-out during fiscal year 2016 (the “Myford Facility”), certain of these improvements were classified as leasehold improvements and are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the Third Lease, as amended. In February 2017, we entered into a lease amendment to the Third Lease (the “Third Lease Amendment”), pursuant to which we secured approximately 42,000 square feet of additional vacant warehouse space (the “Expansion Space”) within the same building as our existing Myford Facility. The purpose of the Expansion Space is to expand our biomanufacturing capacity, which we believe will further support the growth of our contract manufacturing business. Under the Third Lease Amendment, our Myford Facility now encompasses approximately 84,000 square feet. The Third Lease Amendment also extends the initial lease term to January 31, 2027 and maintains our two 5-year renewal options that could extend the lease term to January 31, 2037. Our scheduled annual rent increases of approximately 3% are also maintained under the Third Lease Amendment. In addition, with respect to the Expansion Space, the Third Lease Amendment provides for eight (8) months of free rent and a tenant improvement allowance of $1,269,000, which is subject to certain performance contingencies, as defined in the Third Lease Amendment. As a result, the tenant improvement allowance, is accounted for as contingent rent and will be recorded when the tenant improvement allowance is received. Additionally, under the terms of the Third Lease Amendment, we are required to maintain, as collateral for the lease, a letter of credit in the amount of $550,000 during the entire term of the Third Lease, as amended, which amount is included in restricted cash in the accompanying consolidated balance sheet as of April 30, 2017. In April 2016, we entered into a fourth lease agreement (the “Fourth Lease”) to lease additional office space. The Fourth Lease includes two separate option periods to extend the lease term to August 31, 2035 and includes annual scheduled rent increases of approximately 3%. In addition, the Fourth Lease provided for four months of free rent and a tenant improvement allowance of $562,000. The tenant improvements classified as leasehold improvements are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the Fourth Lease Additionally, under the terms of the Fourth Lease, we are required to maintain, as collateral for the lease, a letter of credit in the amount of $350,000 during the entire term of the Fourth Lease, which amount is included in restricted cash in the accompanying consolidated balance sheets as of April 30, 2017 and 2016. In April 2016, we entered into a fifth lease agreement (the “Fifth Lease”) to support our manufacturing operations. The Fifth Lease includes two separate option periods to extend the lease term to August 31, 2035 and includes annual scheduled rent increases of approximately 3%. In addition, under the terms of the Fifth Lease, we are required to maintain, as collateral for the lease, a letter of credit in the amount of $250,000 during the entire term of the Fifth Lease, which amount is included in restricted cash in the accompanying consolidated balance sheets as of April 30, 2017 and 2016. Under each of the aforementioned facility operating leases, we record rent expense on a straight-line basis over the initial term of the lease. The difference between rent expense and the amounts paid under the operating leases is recorded as a deferred rent liability in the accompanying consolidated financial statements. Annual rent expense under the aforementioned facility operating lease agreements totaled $2,180,000, $1,265,000, and $1,197,000 for the fiscal years ended April 30, 2017, 2016, and 2015, respectively. At April 30, 2017, future minimum lease payments under all non-cancelable operating leases are as follows: Year ending April 30,: Minimum Lease Payments 2018 $ 2,741,000 2019 3,054,000 2020 3,037,000 2021 3,116,000 2022 2,789,000 Thereafter 11,362,000 $ 26,099,000 Legal Proceedings On October 10, 2013, a derivative and class action complaint, captioned Michaeli v. Steven W. King, et al.

4. LICENSING AGREEMENTS

4. LICENSING AGREEMENTS	12 Months Ended
	Apr. 30, 2017
Licensing Agreements
LICENSING AGREEMENTS	The following represents a summary of our key in-licensing agreements covering bavituximab, our lead investigational immunotherapy product in clinical development. In August 2001 and August 2005, we exclusively in-licensed the worldwide rights to the phosphatidylserine (“PS”)-targeting technology platform, including bavituximab, from The University of Texas System, on behalf of The University of Texas Southwestern Medical Center at Dallas (“UTSWMC”). In November 2003, we entered into a non-exclusive license agreement with Genentech, Inc. (“Genentech”), to license certain intellectual property rights covering methods and processes for producing antibodies used in connection with the development of our PS-targeting program. In December 2003, we entered into an exclusive commercial license agreement with Avanir Pharmaceuticals, Inc. (“Avanir”) covering the generation of a chimeric monoclonal antibody. In March 2005, we entered into a worldwide non-exclusive license agreement with Lonza Biologics (“Lonza”) for intellectual property and materials relating to the expression of recombinant monoclonal antibodies for use in the manufacture of bavituximab. Under our in-licensing agreements relating to bavituximab, we are obligated to pay future milestone payments based on potential clinical development and regulatory milestones, plus a royalty on net sales and/or a percentage of sublicense income. The applicable royalty rate under each of the foregoing in-licensing agreements is in the low single digits. We did not incur any milestone related expenses during the three fiscal years ended April 30, 2017. The following table provides certain information with respect to each of our in-licensing agreements relating to our bavituximab program. Licensor Agreement Date Total Milestone Obligations Expensed To Date Potential Future Milestone Obligations (1) UTSWMC August 2001 $ 173,000 $ 300,000 UTSWMC August 2005 85,000 375,000 Lonza March 2005 64,000 – (2) Avanir December 2003 100,000 1,000,000 Genentech November 2003 500,000 5,000,000 Total $ 922,000 $ 6,675,000 ______________ (1) Under our current agreements, potential future milestone obligations are due upon achieving certain clinical and regulatory milestones. Based on the current stage of clinical development for bavituximab, future milestone obligations would be due upon submission of a biologics license application in the U.S. and upon FDA approval, which events are currently uncertain and depend on positive clinical trial results. In addition, potential future milestone obligations vary by license agreement (as defined in each license agreement) and certain agreements depend on a valid patent claim, as defined in each of these underlying agreements, at the time the potential milestone is achieved. (2) In the event we utilize a third-party contract manufacturer other than Lonza to manufacture bavituximab for commercial purposes, we would owe Lonza 300,000 pounds sterling per year. We do not expect to incur any milestone related expenses regarding our bavituximab program during fiscal year 2018. In addition, of the total potential future milestone obligations of $6,675,000, up to $6,400,000 would be due upon the first commercial approval of bavituximab pursuant to these in-licensing agreements. However, given the uncertainty of the drug development and the regulatory approval process, we are unable to predict with any certainty when any of these future milestones will occur, if at all.

5. STOCKHOLDERS' EQUITY

5. STOCKHOLDERS' EQUITY	12 Months Ended
	Apr. 30, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	Stockholder Rights Agreement On March 16, 2006, our Board of Directors adopted a Stockholder Rights Agreement, which was amended and restated on March 16, 2016 (the “Rights Agreement”), that is designed to strengthen the ability of the Board of Directors to protect the interests of our stockholders against potential abusive or coercive takeover tactics and to enable all stockholders the full and fair value of their investment in the event that an unsolicited attempt is made to acquire Peregrine. The Rights Agreement is not intended to prevent an offer the Board of Directors concludes is in the best interest of Peregrine and its stockholders. Under the Rights Agreement, the Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each share of our common stock held by stockholders of record as of the close of business on March 27, 2006. Each Right entitles holders of each share of our common stock to buy seven one thousandths (7/1,000th) of a share of Peregrine’s Series D Participating Preferred Stock, par value $0.001 per share, at an exercise price of $77.00 per share, subject to adjustment. The Rights are neither exercisable nor traded separately from our common stock. The Rights will become exercisable and will detach from the common shares if a person or group acquires 15% or more of our outstanding common stock, without prior approval from our Board of Directors, or announces a tender or exchange offer that would result in that person or group owning 15% or more of our common stock. Each Right, when exercised, entitles the holder (other than the acquiring person or group) to receive our common stock (or in certain circumstances, voting securities of the acquiring person or group) with a value of twice the Rights’ exercise price upon payment of the exercise price of the Rights. Peregrine will be entitled to redeem the Rights at $0.007 per Right at any time prior to a person or group achieving the 15% threshold. The Rights will expire on March 16, 2021. Sales of Common Stock and Series E Preferred Stock Our ability to continue fund our operations is highly dependent on the amount of cash and cash equivalents on hand combined with our ability to raise additional capital to support our future operations through one or more methods, including but not limited to, issuing additional equity. Sale of Common Stock During the three fiscal years ended April 30, 2017, we issued shares of our common stock under various financing transactions, as summarized in the following table: Description of Financing Transaction Number of Common Stock Shares Issued Gross Proceeds Raised Fiscal Year 2015 At Market Issuance Sales Agreement dated December 27, 2012 569,052 $ 6,204,000 At Market Issuance Sales Agreement dated June 13, 2014 1,383,109 $ 13,544,000 1,952,161 $ 19,748,000 Fiscal Year 2016 At Market Issuance Sales Agreement dated June 13, 2014 1,232,821 $ 11,456,000 At Market Issuance Sales Agreement dated August 7, 2015 964,523 $ 7,447,000 Equity Distribution Agreement dated August 7, 2015 1,210,328 $ 6,969,000 Common Stock Purchase Agreement dated October 30, 2015 2,645,503 $ 20,000,000 6,053,175 $ 45,872,000 Fiscal Year 2017 At Market Issuance Sales Agreement dated August 7, 2015 6,137,403 $ 18,246,000 Equity Distribution Agreement dated August 7, 2015 3,750,323 $ 13,031,000 9,887,726 $ 31,277,000 The following represents additional information for each of the financing transactions included in the above table: December 2012 AMI Sales Agreement June 2014 AMI Sales Agreement August 2015 AMI Sales Agreement Equity Distribution Agreement Common Stock Purchase Agreement Sale of Series E Preferred Stock During the three fiscal years ended April 30, 2017, we issued shares of our Series E Preferred Stock under an At Market Issuance Sales Agreement, as summarized in the following table: Description of Financing Transaction Number of Series E Preferred Stock Shares Issued Gross Proceeds Raised Fiscal Year 2015 At Market Issuance Sales Agreement dated June 13, 2014 799,764 $ 19,205,000 Fiscal Year 2016 At Market Issuance Sales Agreement dated June 13, 2014 2,676 $ 60,000 Fiscal Year 2017 At Market Issuance Sales Agreement dated June 13, 2014 70,320 $ 1,634,000 The following represents additional information for the At Market Issuance Sales Agreement included in the above table: On June 13, 2014, we entered into an At Market Issuance Sales Agreement (“Series E AMI Sales Agreement”) with MLV, pursuant to which we were able to sell shares of our Series E Preferred Stock through MLV, as agent, for aggregate gross proceeds of up to $30,000,000, in registered transactions from our shelf registration statement on Form S-3 (File No. 333-193113), which was declared effective by the SEC on January 16, 2014 (“January 2014 Shelf”). Sales of our Series E Preferred Stock through MLV were be made by any method that was deemed an “at the market offering” as defined in Rule 415 of the Securities Act. We paid MLV a commission of up to 5% of the gross proceeds from the sale of our Series E Preferred Stock pursuant to the Series E AMI Sales Agreement. During January 2017, the underlying January 2014 Shelf expired, and therefore, we do not plan to issue and sell any additional shares of our Series E Preferred Stock under the Series E AMI Sales Agreement. Series E Preferred Stock Rights and Preferences On February 12, 2014, we filed with the Secretary of State of the State of Delaware a Certificate of Designations of Rights and Preferences (the “Certificate of Designations”) to designate the Series E Preferred Stock. The Certificate of Designations designated 2,000,000 shares of Series E Preferred Stock out of our 5,000,000 shares of authorized but unissued shares of preferred stock. In addition, the Series E Preferred Stock is classified as permanent equity in accordance with FASB Accounting Standards Codification Topic 480, Distinguishing Liabilities from Equity (i) The holders are entitled to receive a 10.50% per annum cumulative quarterly dividend, payable in cash, on or about the 1 st (ii) The dividend may increase to a penalty rate of 12.50% if: (a) we fail to pay dividends for any four consecutive or nonconsecutive quarterly dividend periods, or (b) once the Series E Preferred Stock becomes initially eligible for listing on a national securities exchange, we fail, for 180 or more consecutive days, to maintain such listing; (iii) Following a change of control of the Company (as defined in the Certificate of Designations) by a person or entity, we (or the acquiring entity) may, at our option, redeem the Series E Preferred Stock, in whole but not in part, within 120 days after the date on which the change of control has occurred for cash, at the redemption price; (iv) On and after February 11, 2017, we may redeem the Series E Preferred Stock for cash at our option, from time to time, in whole or in part, at the redemption price; (v) The redemption price is $25.00 per share, plus any accrued and unpaid dividends (whether or not earned or declared) to, but excluding, the redemption date; (vi) The liquidation preference is $25.00 per share, plus any accrued and unpaid dividends (whether or not earned or declared); (vii) The Series E Preferred Stock has no stated maturity date or mandatory redemption and is senior to all of the Company’s other securities; (viii) There is a general conversion right with respect to the Series E Preferred Stock with a current conversion price of $21.00 (as adjusted to reflect the 1-for-7 reverse stock split of our issued and outstanding common stock, which took effect on July 10, 2017), a special conversion right upon a change of control, and a market trigger conversion at our option in the event of Market Trigger (as defined in the Certificate of Designations); and (ix) The holders of the Series E Preferred Stock have no voting rights, except as defined in the Certificate of Designations. Series E Preferred Stock Dividends The following table summarizes the Series E Preferred Stock quarterly dividend payments during the three fiscal years ended April 30, 2017: Declaration Record Date Payment Date Dividends Paid Dividend Per Share Fiscal Year 2015 6/10/2014 6/20/2014 7/1/2014 $ 771,000 $ 0.65625 9/8/2014 9/19/2014 10/1/2014 $ 773,000 $ 0.65625 12/9/2014 12/19/2014 1/2/2015 $ 774,000 $ 0.65625 3/10/2015 3/20/2015 4/1/2015 $ 1,034,000 $ 0.65625 $ 3,352,000 $ 2.62500 Fiscal Year 2016 6/5/2015 6/19/2015 7/1/2015 $ 1,034,000 $ 0.65625 9/8/2015 9/18/2015 10/1/2015 $ 1,035,000 $ 0.65625 12/7/2015 12/18/2015 1/4/2016 $ 1,035,000 $ 0.65625 3/7/2016 3/18/2016 4/1/2016 $ 1,035,000 $ 0.65625 $ 4,139,000 $ 2.62500 Fiscal Year 2017 6/2/2016 6/17/2016 7/1/2016 $ 1,036,000 $ 0.65625 9/6/2016 9/16/2016 10/3/2016 $ 1,081,000 $ 0.65625 12/6/2016 12/16/2016 1/3/2017 $ 1,081,000 $ 0.65625 3/9/2017 3/20/2017 4/3/2017 $ 1,081,000 $ 0.65625 $ 4,279,000 $ 2.62500 Shares of Common Stock Authorized and Reserved For Future Issuance We are authorized to issue up to 500,000,000 shares of our common stock. As of April 30, 2017, 44,014,040 shares of our common stock were issued and outstanding. In addition, our common stock outstanding as of April 30, 2017 excluded the following shares of common stock reserved for future issuance: · 5,630,872 shares of common stock reserved for issuance under outstanding option grants and available for issuance under our stock incentive plans; · 1,359,736 shares of common stock reserved for and available for issuance under our ESPP; · 39,040 shares of common stock issuable upon exercise of outstanding warrants; and · 6,826,435 shares of common stock issuable upon conversion of our outstanding Series E Preferred Stock (1) _____________ (1) The Series E Preferred Stock is convertible into a number of shares of our common stock determined by dividing the liquidation preference of $25.00 per share by the conversion price, currently $21.00 per share. If all of our outstanding Series E Preferred Stock were converted at the $21.00 per share conversion price, the holders of our Series E Preferred Stock would receive an aggregate of 1,961,619 shares of our common stock. However, we have reserved the maximum number of shares of our common stock that could be issued upon a change of control event assuming our shares of common stock are acquired for consideration of $5.985 per share or less. In this scenario, each outstanding share of our Series E Preferred Stock could be converted into 4.18 shares of our common stock, representing the Share Cap.

6. EQUITY COMPENSATION PLANS

6. EQUITY COMPENSATION PLANS	12 Months Ended
	Apr. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
7. EQUITY COMPENSATION PLANS	Stock Incentive Plans We currently maintain six stock incentive plans referred to as the 2011 Plan, the 2010 Plan, the 2009 Plan, the 2005 Plan, the 2003 Plan, and the 2002 Plan (collectively referred to as the “Stock Plans”). The 2011, 2010, 2009, 2005 and 2003 Plans were approved by our stockholders while the 2002 Plan was not submitted for stockholder approval. The Stock Plans provide for the granting of stock options, restricted stock awards and other forms of share-based awards to purchase shares of our common stock at exercise prices not less than the fair market value of our common stock at the date of grant. As of April 30, 2017, we had an aggregate of 5,630,872 shares of our common stock reserved for issuance under the Stock Plans, of which, 4,081,548 shares were subject to outstanding options and 1,549,324 shares were available for future grants of share-based awards. Stock Options The estimated fair value of stock options are measured at the grant date, using a fair value based method, such as a Black-Scholes option valuation model, and is amortized as compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period. The use of a valuation model requires us to make certain estimates and assumptions with respect to selected model inputs. The expected volatility is based on the daily historical volatility of our common stock covering the estimated expected term. The expected term of options granted reflects actual historical exercise activity and assumptions regarding future exercise activity of unexercised, outstanding options. The risk-free interest rate is based on U.S. Treasury notes with terms within the contractual life of the option at the time of grant. The expected dividend yield assumption is based on our expectation of future dividend payouts. We have never declared or paid any cash dividends on our common stock and currently do not anticipate paying such cash dividends. The fair value of stock options on the date of grant and the weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model for fiscal years ended April 30, 2017, 2016 and 2015, were as follows: Fiscal Year Ended April 30, 2017 2016 2015 Risk-free interest rate 1.32% 1.66% 1.95% Expected life (in years) 6.12 5.96 5.74 Expected volatility 111.30% 104.74% 111.78% Expected dividend yield – – – The following summarizes our stock option transaction activity for fiscal year ended April 30, 2017: Stock Options Shares Weighted Average Exercisable Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (1) Outstanding, May 1, 2016 3,393,037 $ 10.37 Granted 1,009,085 $ 3.42 Exercised (9,026 ) $ 3.44 Canceled or expired (311,548 ) $ 9.06 Outstanding, April 30, 2017 4,081,548 $ 8.77 6.36 $ 1,267,665 Exercisable and expected to vest 4,067,608 $ 8.78 6.35 $ 1,252,814 Exercisable, April 30, 2017 3,343,699 $ 9.74 5.82 $ 687,283 ______________ (1) Aggregate intrinsic value represents the difference between the exercise price of an option and the closing market price of our common stock on April 28, 2017 (the last trading day of fiscal year 2017), which was $4.31 per share. The weighted-average grant date fair value of options granted to employees during the fiscal years ended April 30, 2017, 2016 and 2015 was $2.86, $7.09 and $9.99 per share, respectively. The aggregate intrinsic value of stock options exercised during the fiscal years ended April 30, 2017, 2016 and 2015 was $11,000, $93,000 and $192,000, respectively. Cash received from stock options exercised during fiscal years ended April 30, 2017, 2016 and 2015, totaled $31,000, $138,000 and $298,000, respectively, net of issuance costs of nil, $1,000 and $3,000, respectively. We issue shares of common stock that are reserved for issuance under the Stock Plans upon the exercise of stock options, and we do not expect to repurchase shares of common stock from any source to satisfy our obligations under our compensation plans. As of April 30, 2017, the total estimated unrecognized compensation cost related to non-vested employee stock options was $2,215,000. This cost is expected to be recognized over a weighted average vesting period of 1.43 years based on current assumptions. Employee Stock Purchase Plan We have reserved a total of 2,142,857 shares of our common stock to be purchased under our Employee Stock Purchase Plan (the “ESPP”), of which 1,359,736 shares remained available to purchase at April 30, 2017, and are subject to adjustment as provided in the ESPP for stock splits, stock dividends, recapitalizations and other similar events. Under the ESPP, we sell shares to participants at a price equal to the lesser of 85% of the fair market value of our common stock at the (i) beginning of a six-month offering period, or (ii) end of the six-month offering period. The ESPP provides for two six-month offering periods each fiscal year; the first offering period begins on the first trading day on or after each May 1; the second offering period begins on the first trading day on or after each November 1. During the fiscal years ended April 30, 2017, 2016 and 2015, 270,075, 147,769 and 71,063 shares of our common stock were purchased, respectively, under the ESPP at a weighted average purchase price per share of $1.95, $3.65 and $8.56, respectively. The fair value of the shares purchased under the ESPP were determined using a Black-Scholes option pricing model (see explanation of valuation model inputs above under “Stock Options”), and is recognized as expense on a straight-line basis over the requisite service period (or six-month offering period). The weighted average grant date fair value of purchase rights under the ESPP during fiscal years ended April 30, 2017, 2016 and 2015 was $1.07, $2.40 and $3.91, respectively, based on the following Black-Scholes option valuation model inputs: Fiscal Year Ended April 30, 2017 2016 2015 Risk-free interest rate 0.46% 0.18% 0.06% Expected life (in years) 0.50 0.50 0.50 Expected volatility 105.27% 46.14% 63.54% Expected dividend yield – – – Share-based Compensation Expense Total share-based compensation expense related to share-based awards issued under our equity compensation plans for the fiscal years ended April 30, 2017, 2016 and 2015 was comprised of the following: 2017 2016 2015 Cost of contract manufacturing $ 108,000 $ 41,000 $ 59,000 Research and development 1,615,000 2,124,000 2,904,000 Selling, general and administrative 1,640,000 2,733,000 3,739,000 Total $ 3,363,000 $ 4,898,000 $ 6,702,000 Share-based compensation from: Stock options $ 3,094,000 $ 4,720,000 $ 6,465,000 ESPP 269,000 178,000 237,000 $ 3,363,000 $ 4,898,000 $ 6,702,000 Share-based compensation expense recorded during fiscal years ended April 30, 2017, 2016 and 2015 associated with share-based awards granted to non-employees amounted to $20,000, $109,000 and $289,000, respectively. As of April 30, 2017, the total estimated unrecognized compensation cost related to non-vested stock options granted to non-employees was $13,000 based on an April 30, 2017 measurement date. This cost is expected to be recognized over a weighted average vesting period of 1.10 years. Due to our net loss position, no tax benefits have been recognized in the consolidated statements of cash flows.

7. WARRANTS

7. WARRANTS	12 Months Ended
	Apr. 30, 2017
Warrants and Rights Note Disclosure [Abstract]
WARRANTS	No warrants were issued or exercised during fiscal years ended April 30, 2017, 2016 and 2015. As of April 30, 2017, warrants to purchase 39,040 shares of our common stock at an exercise price of $17.29 were outstanding and are exercisable through August 30, 2018.

8. INCOME TAXES

8. INCOME TAXES	12 Months Ended
	Apr. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	We are primarily subject to U.S. federal and California state jurisdictions. To our knowledge, all tax years remain open to examination by U.S. federal and state authorities. In addition, in accordance with authoritative guidance, we are required to recognize the impact of an uncertain tax position in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained upon examination by the tax authorities. We had no unrecognized tax benefits from uncertain tax positions as of April 30, 2017 and 2016. It is also our policy, in accordance with authoritative guidance, to recognize interest and penalties related to income tax matters in interest and other expense in our consolidated statements of operations and comprehensive loss. We did not recognize interest or penalties related to income taxes for fiscal years ended April 30, 2017, 2016, and 2015, and we did not accrue for interest or penalties as of April 30, 2017 and 2016. At April 30, 2017, we had net deferred tax assets of $178,400,000. Due to uncertainties surrounding our ability to generate future taxable income to realize these tax assets, a full valuation has been established to offset our net deferred tax assets. Additionally, the future utilization of our net operating loss carry forwards to offset future taxable income may be subject to an annual limitation, pursuant to Internal Revenue Code Section 382, as a result of ownership changes that may have occurred previously or that could occur in the future. A Section 382 analysis was completed as of the fiscal year ended April 30, 2017 and it was determined that no change in ownership had occurred. Ownership changes occurring subsequent to April 30, 2017 may impact the utilization of net operating loss carry forwards and other tax attributes. At April 30, 2017, we had federal net operating loss carry forwards of approximately $391,878,000. The net operating loss carry forwards expire in fiscal years 2019 through 2037. We also have California state net operating loss carry forwards of approximately $263,812,000 at April 30, 2017, which begin to expire in fiscal year 2018. In addition, we have approximately $5,956,000 of net operating loss attributable to excess tax deductions on share-based compensation that when utilized, if any, the tax benefit will be booked to additional paid-in-capital. The provision for income taxes consists of the following for the three years ended April 30,: 2017 2016 2015 Federal income taxes at statutory rate $ (9,573,000 ) $ (18,921,000 ) $ (17,122,000 ) State income taxes (2,264,000 ) (4,824,000 ) (4,450,000 ) Expiration and adjustments of deferred tax assets 1,693,000 1,580,000 1,790,000 Change in valuation allowance 10,005,000 21,871,000 19,532,000 Other, net 139,000 294,000 250,000 Income tax (expense) benefit $ – $ – $ – Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and deferred tax liabilities at April 30, 2017 and 2016 are as follows: 2017 2016 Share-based compensation $ 9,583,000 $ 8,806,000 Deferred revenue 12,157,000 4,296,000 Deferred rent 738,000 470,000 Other 2,984,000 2,486,000 Net operating losses 154,030,000 152,746,000 Total deferred tax assets 179,492,000 168,804,000 Less valuation allowance (178,400,000 ) (168,395,000 ) Total deferred tax assets, net of valuation allowance $ 1,092,000 $ 409,000 Deferred tax liabilities: Fixed assets (1,092,000 ) (409,000 ) Total deferred tax liabilities (1,092,000 ) (409,000 ) Net deferred tax assets $ – $ –

9. BENEFIT PLAN

9. BENEFIT PLAN	12 Months Ended
	Apr. 30, 2017
Retirement Benefits [Abstract]
BENEFIT PLAN	During fiscal year 1997, we adopted a 401(k) benefit plan (the “Plan”) for all full-time employees who are at least the age of 21 and have three or more months of continuous service. The Plan provides for employee contributions of up to 100% of their compensation on a tax deferred basis up to the maximum amount permitted by the Internal Revenue Code. We are not required to make matching contributions under the Plan, and prior to January 2010, we did not make any matching contributions from the Plan’s inception. Presently, we have voluntarily agreed to match, depending on an employee’s years of continuous service, between 50% and 100% of an employee’s contributions up to 6% of their annual eligible compensation, subject to certain IRS limitations. Under the Plan, each participating employee is fully vested in his or her contributions to the Plan and our contributions to the Plan will fully vest after six years of service. The expense related to our matching contributions to the Plan was $845,000, $543,000, and $454,000 for the fiscal years ended April 30, 2017, 2016, and 2015, respectively.

10. SEGMENT REPORTING

10. SEGMENT REPORTING	12 Months Ended
	Apr. 30, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	Our business is organized into two reportable operating segments and both operate in the U.S. Peregrine is engaged in the research and development of monoclonal antibodies for the treatment of cancer. Avid is engaged in providing contract manufacturing services for third-party customers on a fee-for-service basis while also supporting our internal drug development efforts. The accounting policies of the operating segments are the same as those described in Note 2. We evaluate the performance of our contract manufacturing services segment based on gross profit or loss from third-party customers. However, our products in the research and development segment are not evaluated based on gross profit or loss, but rather based on scientific progress of the technologies. As such, gross profit or loss is only provided for our contract manufacturing services segment in the below table. All revenues shown below are derived from transactions with third-party customers. Segment information for the fiscal years ended April 30, 2017, 2016 and 2015 is summarized as follows: 2017 2016 2015 Contract manufacturing services revenue $ 57,630,000 $ 44,357,000 $ 26,744,000 Cost of contract manufacturing services 38,259,000 22,966,000 15,593,000 Gross profit $ 19,371,000 $ 21,391,000 $ 11,151,000 Revenue from products in research and development $ – $ 329,000 $ 37,000 Research and development expense (28,297,000 ) (59,529,000 ) (42,996,000 ) Selling, general and administrative expense (19,334,000 ) (18,551,000 ) (18,691,000 ) Other income (expense), net 101,000 708,000 141,000 Net loss $ (28,159,000 ) $ (55,652,000 ) $ (50,358,000 ) Revenue generated from our contract manufacturing services segment during fiscal years ended April 30, 2017, 2016 and 2015 was derived from a limited number of customers. The percentages below represent revenue derived from each customer (and geographical location) as a percentage of total contract manufacturing services revenue: Customer Geographic 2017 2016 2015 Halozyme Therapeutics, Inc. U.S. 58% 69% 79% Customer A U.S. 26 26 12 Customer B U.S. 14 – – Other customers U.S./non-U.S. 2 5 9 Total 100% 100% 100% In addition, we attribute contract manufacturing services revenue to the individual countries where the customer is headquartered. Contract manufacturing services revenue from customers are summarized by geographic location in the following table: 2017 2016 2015 U.S. $ 57,630,000 $ 44,357,000 $ 26,715,000 Non-U.S. – – 29,000 Total $ 57,630,000 $ 44,357,000 $ 26,744,000 Revenue generated from our products in our research and development segment during fiscal years ended April 30, 2016 and 2015 were directly related to license revenue recognized under licensing agreements with unrelated entities. Our long-lived assets are located in the U.S. and consist of leasehold improvements, laboratory equipment, furniture and fixtures, office equipment and software and are net of accumulated depreciation. Long-lived assets by segment as of April 30, 2017 and 2016 consist of the following: 2017 2016 Long-lived Assets, net: Contract manufacturing services $ 22,599,000 $ 22,783,000 Products in research and development 1,074,000 1,519,000 Total $ 23,673,000 $ 24,302,000

11. SELECTED QUARTERLY FINANCIA

11. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Apr. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	Selected quarterly financial information for each of the two most recent fiscal years is as follows: Quarter Ended April 30, January 31, October 31, July 31, April 30, January 31, October 31, July 31, 2017 2017 2016 2016 2016 2016 2015 2015 Net revenues $ 17,904,000 $ 10,747,000 $ 23,370,000 $ 5,609,000 $ 18,783,000 $ 6,709,000 $ 9,523,000 $ 9,671,000 Gross profit (a) $ 6,122,000 $ 2,773,000 $ 7,929,000 $ 2,547,000 $ 9,062,000 $ 2,776,000 $ 4,782,000 $ 4,771,000 Loss from operations $ (5,304,000 ) $ (7,797,000 ) $ (4,077,000 ) $ (11,082,000 ) $ (11,915,000 ) $ (16,867,000 ) $ (13,824,000 ) $ (13,754,000 ) Net loss $ (5,272,000 ) $ (7,774,000 ) $ (4,056,000 ) $ (11,057,000 ) $ (11,884,000 ) $ (16,847,000 ) $ (13,198,000 ) $ (13,723,000 ) Series E preferred stock accumulated dividends (b) $ (1,442,000 ) $ (1,442,000 ) $ (1,442,000 ) $ (1,380,000 ) $ (1,380,000 ) $ (1,380,000 ) $ (1,380,000 ) $ (1,378,000 ) Net loss attributable to common stockholders $ (6,714,000 ) $ (9,216,000 ) $ (5,498,000 ) $ (12,437,000 ) $ (13,264,000 ) $ (18,227,000 ) $ (14,578,000 ) $ (15,101,000 ) Basic and diluted loss per common share $ (0.16 ) $ (0.25 ) $ (0.16 ) $ (0.36 ) $ (0.40 ) $ (0.56 ) $ (0.50 ) $ (0.54 ) _____ _________ (a) Gross profit represents contract manufacturing revenue less cost of contract manufacturing. (b) Series E preferred stock accumulated dividends include dividends declared for the period (regardless of whether or not the dividends have been paid) and dividends accumulated for the period (regardless of whether or not the dividends have been declared).

12. SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS	12 Months Ended
	Apr. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Sale of Common Stock August 2015 AMI Sales Agreement Series E Preferred Stock Dividend On June 6, 2017, our Board of Directors declared a quarterly cash dividend of $0.65625 per share on our Series E Preferred Stock. The dividend payment is equivalent to an annualized 10.50% per share, based on the $25.00 per share stated liquidation preference, accruing from April 1, 2017 through June 30, 2017. The cash dividend of $1,081,000 was paid on July 3, 2017 to holders of the Series E Preferred Stock of record on June 19, 2017. Reverse Stock Split On July 7, 2017, we effected a reverse stock split of our outstanding shares of common stock at a ratio of one-for-seven, which took effect with the opening of trading on July 10, 2017. The primary purpose of the reverse stock split, which was approved by our stockholders at our 2016 Annual Meeting on October 13, 2016, was to enable us to regain compliance with the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market. All fractional shares created by the reverse stock split were rounded up to the nearest whole share. In addition, all share and per share amounts in the accompanying consolidated financial statements have been adjusted to give effect to the one-for-seven reverse stock split, retrospectively (Note 1).

2. SUMMARY OF SIGNIFICANT ACC21

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Apr. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation –
Use of Estimates	Use of Estimates –
Going Concern	Going Concern Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Our consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should it be determined that we are unable to continue as a going concern. At April 30, 2017, we had $46,799,000 in cash and cash equivalents. We have expended substantial funds on the research and development of our product candidates, and funding the operations of Avid. As a result, we have historically experienced losses and negative cash flows from operations since our inception and we expect negative cash flows from operations to continue for the foreseeable future until we can generate sufficient revenue from Avid’s contract manufacturing services to achieve profitability. Therefore, unless and until we are able to generate sufficient revenue from Avid’s contract manufacturing services or from the sale or licensing of our product candidate under development, we expect such losses to continue through at least the fiscal year ending April 30, 2018, and as a result, we will require additional capital to fund our operations and to execute our business plans. Our ability to continue to fund our operations is highly dependent on the amount of cash and cash equivalents on hand combined with our ability to raise additional capital to support our future operations through one or more methods, including but not limited to, (i) raising additional capital in the equity markets, (ii) generating additional revenue from Avid, or (iii) licensing or partnering our product candidate in development. Historically, we have funded a significant portion of our operations through the issuance of equity. During fiscal year 2017, we raised $31,277,000 in aggregate gross proceeds from the sale of shares of our common stock and raised an additional $1,634,000 in aggregate gross proceeds from the sale of shares of our Series E Preferred Stock (Note 5). Subsequent to April 30, 2017 and through June 30, 2017, we raised an additional $4,304,000 in aggregate gross proceeds from the sale of shares of our common stock (Note 12). As of July 14, 2017, $67,674,000 remained available to us under our effective shelf registration statement, which allows us from time to time to offer and sell shares of our common stock, in one or more offerings, either individually or in combination. Our ability to raise additional capital in the equity markets to fund our obligations in future periods is dependent on a number of factors, including, but not limited to, the market demand for our common stock. The market demand or liquidity of our common stock is subject to a number of risks and uncertainties, including but not limited to, negative economic conditions, adverse market conditions, adverse financial results, and negative research and development results. If we are unable to either (i) raise sufficient capital in the equity markets, (ii) generate additional revenue from Avid, or (iii) license or partner our product candidate in development, or any combination thereof, we may need to delay, scale back, or eliminate all our research and development efforts, or restructure our operations. In addition, even if we are able to raise additional capital, it may not be at a price or on terms that are favorable to us. As a result, we have concluded that there is substantial doubt about our ability to continue as a going concern within one year after the date that our financial statements are issued.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted cash	Restricted Cash
Trade and Other Receivables	Trade and Other Receivables 2017 2016 Trade receivables (1) $ 7,274,000 $ 2,494,000 Other receivables 468,000 365,000 Trade and other receivables $ 7,742,000 $ 2,859,000 ______________ (1)
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
Inventories	Inventories 2017 2016 Raw materials $ 11,304,000 $ 10,911,000 Work-in-process 13,755,000 5,275,000 Finished goods 8,040,000 – Total inventories $ 33,099,000 $ 16,186,000
Property and Equipment, net	Property and Equipment, net
Concentrations of Credit Risk and Customer Base	Concentrations of Credit Risk and Customer Base Our trade receivables from amounts billed for contract manufacturing services provided by Avid have historically been derived from a small customer base. Most contracts require up-front payments and installment payments during the service period. We perform periodic evaluations of the financial condition of our customers and generally do not require collateral, but we can terminate any contract if a material default occurs. At April 30, 2017 and 2016, approximately 93% and 98%, respectively, of our trade receivables were due from four customers. In addition, contract manufacturing revenue generated by Avid has historically been derived from a small customer base (Note 10). These customers typically do not enter into long-term contracts because their need for drug supply depends on a variety of factors, including the drug’s stage of development, their financial resources, and, with respect to commercial drugs, demand for the drug in the market. Our future results of operations could be adversely affected if revenue from any one of our primary customers is significantly reduced or eliminated.
Comprehensive Loss	Comprehensive Loss
Impairment	Impairment
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Fair Value Measurements	Fair Value Measurements · Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. · Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. · Level 3 – Unobservable inputs that are supported by little or no market activity and significant to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques and assumptions. As of April 30, 2017 and 2016, we do not have any Level 2 or Level 3 financial assets or liabilities and our cash equivalents, which are primarily invested in money market funds with one major commercial bank, are carried at fair value based on quoted market prices for identical securities (Level 1 input).
Customer Deposits	Customer Deposits
Deferred Rent	Deferred Rent
Revenue Recognition	Revenue Recognition Revenue arrangements with multiple elements are divided into separate units of accounting if certain criteria are met, including whether the delivered element has stand-alone value to the customer or licensing partner. When deliverables are separable, consideration received is allocated among the separate units based on their respective fair values, and the applicable revenue recognition criteria are applied to each of the separate units, which may require the use of significant judgement. Deliverables are considered separate units of accounting if (1) the delivered item(s) has value to the customer on a stand-alone basis and (2) the arrangement includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered item(s) is considered probable and substantially in our control. Arrangement consideration is allocated at the inception of the agreement to all identified units of accounting based on their relative selling price. The relative selling price for each deliverable is determined using vendor specific objective evidence (“VSOE”) of selling price or third-party evidence of selling price if VSOE does not exist. If neither VSOE nor third-party evidence of selling price exists, we use our best estimate of the selling price for the deliverable. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. The consideration received is allocated among the separate units of accounting, and the applicable revenue recognition criteria are applied to each of the separate units. Changes in the allocation of the sales price between delivered and undelivered elements can impact revenue recognition but do not change the total revenue recognized under any agreement. On occasion, we receive requests from customers to hold product manufactured by Avid on a “bill-and-hold” basis. Revenue is recognized for these “bill-and-hold” arrangements in accordance with the authoritative guidance, which requires, among other things, the existence of a valid business purpose for the arrangement; the “bill-and-hold” arrangement is at the request of the customer; title and risk of ownership must pass to the customer; the product is complete and ready for shipment; a fixed delivery date that is reasonable and consistent with the customer’s business practices; the product has been separated from our inventory; and no further performance obligations by us exist. In addition, we also follow the authoritative guidance when reporting revenue as gross when we act as a principal versus reporting revenue as net when we act as an agent. For transactions in which we act as a principal, have discretion to choose suppliers, bear credit and inventory risk and perform a substantive part of the services, revenue is recorded at the gross amount billed to a customer and costs associated with these reimbursements are reflected as a component of cost of sales for contract manufacturing services. Any amounts received prior to satisfying our revenue recognition criteria are recorded as deferred revenue or customer deposits in the accompanying consolidated financial statements. We also record a provision for estimated contract losses, if any, in the period in which they are determined.
Research and Development Expenses	Research and Development Expenses Clinical trial costs are a significant component of our research and development expenses. We have a history of contracting with third parties that perform various clinical trial activities on our behalf in the ongoing development of our product candidates. The financial terms of these contracts are subject to negotiations and may vary from contract to contract and may result in uneven payment flow. Expenses related to clinical trials are accrued based on our estimates and/or representations from third parties (including clinical research organizations) regarding services performed. If the contracted amounts are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), we modify our accruals accordingly on a prospective basis. Revisions in the scope of a contract are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. There were no material adjustments for a change in estimate to research and development expenses in the accompanying consolidated financial statements in any of the three years ended April 30, 2017. Under certain research and development agreements, we are obligated to make certain advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future research and development activities and are deferred and capitalized as prepaid research and development expenses. These advance payments are recognized as an expense in the period the related goods are delivered or the related services are performed. We assess our prepaid research and development expenses for impairment when events or changes in circumstances indicate that the carrying amount of the prepaid expense may not be recoverable or provide future economic benefit. In addition, under certain in-licensing agreements associated with the research and development of our product candidates, we are obligated to pay certain milestone payments based on potential clinical development and regulatory milestones (Note 4). These milestone payments have no alternative future uses (in other research and development projects or otherwise) and therefore have no separate economic values and are expensed as research and development costs at the time the costs are incurred. We have no in-licensed product candidates that have alternative future uses in research and development projects or otherwise. In addition, we do not perform any research and development activities for any unrelated entities.
Share-based Compensation	Share-based Compensation Periodically, we grant stock options and other share-based awards to non-employee consultants, which we account for in accordance with the authoritative guidance for share-based compensation. The cost of non-employee services received in exchange for share-based awards are measured based on either the fair value of the consideration received or the fair value of the share-based award issued, whichever is more reliably measurable. In addition, authoritative guidance requires share-based compensation related to unvested options and awards issued to non-employees to be recalculated at the end of each reporting period based upon the fair market value on that date until the share-based award has vested, and any cumulative catch-up adjustment to share-based compensation resulting from the re-measurement is recognized in the current period (Note 6).
Income Taxes	Income Taxes
Basic and Dilutive Net Loss Per Common Share	Basic and Dilutive Net Loss Per Common Share The potential dilutive effect of stock options, shares of common stock expected to be issued under our ESPP, and warrants outstanding during the period are calculated in accordance with the treasury stock method, but are excluded if their effect is anti-dilutive. The potential dilutive effect of our Series E Preferred Stock outstanding during the period is calculated using the if-converted method assuming the conversion of our Series E Preferred Stock as of the earliest period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. However, because the impact of stock options, shares of common stock expected to be issued under our ESPP, warrants, and Series E Preferred Stock are anti-dilutive during periods of net loss, there was no difference between basic and diluted loss per common share amounts for the three years ended April 30, 2017. The calculation of weighted average diluted shares outstanding excludes the dilutive effect of the following weighted average outstanding stock options and shares of common stock expected to be issued under our ESPP since their impact are anti-dilutive during periods of net loss: 2017 2016 2015 Stock options – 252,098 547,599 ESPP 45,767 37,862 6,714 Total 45,767 289,960 554,313 The calculation of weighted average diluted shares outstanding also excludes the following weighted average outstanding stock options, warrants, and Series E Preferred Stock (assuming the if-converted method), as their exercise prices or conversion price were greater than the average market price of our common stock during the respective periods, resulting in an anti-dilutive effect: 2017 2016 2015 Stock options 4,156,421 2,740,922 1,210,144 Warrants 39,040 39,040 39,040 Series E Preferred Stock 1,955,588 1,893,122 1,411,362 Total 6,151,049 4,673,084 2,660,546 Subsequent to April 30, 2017 and through June 30, 2017, we sold an aggregate of 1,051,258 shares of our common stock (Note 12), which are not included in the calculation of basic and dilutive net loss per common share for the fiscal year ended April 30, 2017.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements For the year ended April 30, 2017, we adopted FASB ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Going Concern
Pending Adoption of Recent Accounting Pronouncements	Pending Adoption of Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-2 requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, which will be our fiscal year 2020 beginning May 1, 2019. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption of ASU 2016-02 on our consolidated financial statements and related disclosures. In March 2016, FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting,

2. SUMMARY OF SIGNIFICANT ACC22

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Apr. 30, 2017
Accounting Policies [Abstract]
Trade and Other Receivables	2017 2016 Trade receivables (1) $ 7,274,000 $ 2,494,000 Other receivables 468,000 365,000 Trade and other receivables $ 7,742,000 $ 2,859,000 ______________ (1)
Inventories	2017 2016 Raw materials $ 11,304,000 $ 10,911,000 Work-in-process 13,755,000 5,275,000 Finished goods 8,040,000 – Total inventories $ 33,099,000 $ 16,186,000
Antidilutive Shares	The calculation of weighted average diluted shares outstanding excludes the dilutive effect of the following weighted average outstanding stock options and shares of common stock expected to be issued under our ESPP since their impact are anti-dilutive during periods of net loss: 2017 2016 2015 Stock options – 252,098 547,599 ESPP 45,767 37,862 6,714 Total 45,767 289,960 554,313 The calculation of weighted average diluted shares outstanding also excludes the following weighted average outstanding stock options, warrants, and Series E Preferred Stock (assuming the if-converted method), as their exercise prices or conversion price were greater than the average market price of our common stock during the respective periods, resulting in an anti-dilutive effect: 2017 2016 2015 Stock options 4,156,421 2,740,922 1,210,144 Warrants 39,040 39,040 39,040 Series E Preferred Stock 1,955,588 1,893,122 1,411,362 Total 6,151,049 4,673,084 2,660,546

3. COMMITMENTS AND CONTINGENC23

3. COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Apr. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of operating leases	Lease # Original Lease Execution Date Approximate Square Footage Leased # of Buildings Occupied Initial Lease Term Expiration Date # of Options to Extend Lease Extended Lease Term Expiration Date (1) 1 December 1998 48,000 2 12/31/27 2 12/31/37 2 May 2010 13,000 1 12/31/17 1 12/31/22 3 July 2014 84,000 1 1/31/27 2 1/31/37 4 April 2016 26,000 1 8/31/23 2 8/31/35 5 April 2016 25,000 1 8/31/23 2 8/31/35 ______________ (1) Extended lease term expiration date assumes we execute all available option(s) to extend lease in accordance with the terms of the lease agreement.
Future minimum lease payments under all non-cancelable operating leases	Year ending April 30,: Minimum Lease Payments 2018 $ 2,741,000 2019 3,054,000 2020 3,037,000 2021 3,116,000 2022 2,789,000 Thereafter 11,362,000 $ 26,099,000

4. LICENSING AGREEMENTS (Tables

4. LICENSING AGREEMENTS (Tables)	12 Months Ended
	Apr. 30, 2017
Licensing Agreements
Schedule of licensing agreements	Licensor Agreement Date Total Milestone Obligations Expensed To Date Potential Future Milestone Obligations (1) UTSWMC August 2001 $ 173,000 $ 300,000 UTSWMC August 2005 85,000 375,000 Lonza March 2005 64,000 – (2) Avanir December 2003 100,000 1,000,000 Genentech November 2003 500,000 5,000,000 Total $ 922,000 $ 6,675,000 ______________ (1) Under our current agreements, potential future milestone obligations are due upon achieving certain clinical and regulatory milestones. Based on the current stage of clinical development for bavituximab, future milestone obligations would be due upon submission of a biologics license application in the U.S. and upon FDA approval, which events are currently uncertain and depend on positive clinical trial results. In addition, potential future milestone obligations vary by license agreement (as defined in each license agreement) and certain agreements depend on a valid patent claim, as defined in each of these underlying agreements, at the time the potential milestone is achieved. (2) In the event we utilize a third-party contract manufacturer other than Lonza to manufacture bavituximab for commercial purposes, we would owe Lonza 300,000 pounds sterling per year.

5. STOCKHOLDERS' EQUITY (Tables

5. STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Apr. 30, 2017
Common Stock
Schedule of stock issued under financing transactions	Description of Financing Transaction Number of Common Stock Shares Issued Gross Proceeds Raised Fiscal Year 2015 At Market Issuance Sales Agreement dated December 27, 2012 569,052 $ 6,204,000 At Market Issuance Sales Agreement dated June 13, 2014 1,383,109 $ 13,544,000 1,952,161 $ 19,748,000 Fiscal Year 2016 At Market Issuance Sales Agreement dated June 13, 2014 1,232,821 $ 11,456,000 At Market Issuance Sales Agreement dated August 7, 2015 964,523 $ 7,447,000 Equity Distribution Agreement dated August 7, 2015 1,210,328 $ 6,969,000 Common Stock Purchase Agreement dated October 30, 2015 2,645,503 $ 20,000,000 6,053,175 $ 45,872,000 Fiscal Year 2017 At Market Issuance Sales Agreement dated August 7, 2015 6,137,403 $ 18,246,000 Equity Distribution Agreement dated August 7, 2015 3,750,323 $ 13,031,000 9,887,726 $ 31,277,000
Preferred Stock
Schedule of stock issued under financing transactions	Description of Financing Transaction Number of Series E Preferred Stock Shares Issued Gross Proceeds Raised Fiscal Year 2015 At Market Issuance Sales Agreement dated June 13, 2014 799,764 $ 19,205,000 Fiscal Year 2016 At Market Issuance Sales Agreement dated June 13, 2014 2,676 $ 60,000 Fiscal Year 2017 At Market Issuance Sales Agreement dated June 13, 2014 70,320 $ 1,634,000
Schedule of preferred stock dividends	Declaration Record Date Payment Date Dividends Paid Dividend Per Share Fiscal Year 2015 6/10/2014 6/20/2014 7/1/2014 $ 771,000 $ 0.65625 9/8/2014 9/19/2014 10/1/2014 $ 773,000 $ 0.65625 12/9/2014 12/19/2014 1/2/2015 $ 774,000 $ 0.65625 3/10/2015 3/20/2015 4/1/2015 $ 1,034,000 $ 0.65625 $ 3,352,000 $ 2.62500 Fiscal Year 2016 6/5/2015 6/19/2015 7/1/2015 $ 1,034,000 $ 0.65625 9/8/2015 9/18/2015 10/1/2015 $ 1,035,000 $ 0.65625 12/7/2015 12/18/2015 1/4/2016 $ 1,035,000 $ 0.65625 3/7/2016 3/18/2016 4/1/2016 $ 1,035,000 $ 0.65625 $ 4,139,000 $ 2.62500 Fiscal Year 2017 6/2/2016 6/17/2016 7/1/2016 $ 1,036,000 $ 0.65625 9/6/2016 9/16/2016 10/3/2016 $ 1,081,000 $ 0.65625 12/6/2016 12/16/2016 1/3/2017 $ 1,081,000 $ 0.65625 3/9/2017 3/20/2017 4/3/2017 $ 1,081,000 $ 0.65625 $ 4,279,000 $ 2.62500

6. EQUITY COMPENSATION PLANS (T

6. EQUITY COMPENSATION PLANS (Tables)	12 Months Ended
	Apr. 30, 2017
Share-based compensation expense	2017 2016 2015 Cost of contract manufacturing $ 108,000 $ 41,000 $ 59,000 Research and development 1,615,000 2,124,000 2,904,000 Selling, general and administrative 1,640,000 2,733,000 3,739,000 Total $ 3,363,000 $ 4,898,000 $ 6,702,000 Share-based compensation from: Stock options $ 3,094,000 $ 4,720,000 $ 6,465,000 ESPP 269,000 178,000 237,000 $ 3,363,000 $ 4,898,000 $ 6,702,000
Stock Options
Fair value valuation assumptions	Fiscal Year Ended April 30, 2017 2016 2015 Risk-free interest rate 1.32% 1.66% 1.95% Expected life (in years) 6.12 5.96 5.74 Expected volatility 111.30% 104.74% 111.78% Expected dividend yield – – –
Schedule of stock option transaction activity	Fiscal Year Ended April 30, 2017 2016 2015 Risk-free interest rate 0.46% 0.18% 0.06% Expected life (in years) 0.50 0.50 0.50 Expected volatility 105.27% 46.14% 63.54% Expected dividend yield – – –
Employee Stock Purchase Plan [Member]
Schedule of Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions Table Text Block	Fiscal Year Ended April 30, 2017 2016 2015 Risk-free interest rate 0.46% 0.18% 0.06% Expected life (in years) 0.50 0.50 0.50 Expected volatility 105.27% 46.14% 63.54% Expected dividend yield – – –

8. INCOME TAXES (Tables)

8. INCOME TAXES (Tables)	12 Months Ended
	Apr. 30, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes	2017 2016 2015 Federal income taxes at statutory rate $ (9,573,000 ) $ (18,921,000 ) $ (17,122,000 ) State income taxes (2,264,000 ) (4,824,000 ) (4,450,000 ) Expiration and adjustments of deferred tax assets 1,693,000 1,580,000 1,790,000 Change in valuation allowance 10,005,000 21,871,000 19,532,000 Other, net 139,000 294,000 250,000 Income tax (expense) benefit $ – $ – $ –
Deferred income taxes	2017 2016 Share-based compensation $ 9,583,000 $ 8,806,000 Deferred revenue 12,157,000 4,296,000 Deferred rent 738,000 470,000 Other 2,984,000 2,486,000 Net operating losses 154,030,000 152,746,000 Total deferred tax assets 179,492,000 168,804,000 Less valuation allowance (178,400,000 ) (168,395,000 ) Total deferred tax assets, net of valuation allowance $ 1,092,000 $ 409,000 Deferred tax liabilities: Fixed assets (1,092,000 ) (409,000 ) Total deferred tax liabilities (1,092,000 ) (409,000 ) Net deferred tax assets $ – $ –

10. SEGMENT REPORTING (Tables)

10. SEGMENT REPORTING (Tables)	12 Months Ended
	Apr. 30, 2017
Segment Reporting [Abstract]
Segment information	2017 2016 2015 Contract manufacturing services revenue $ 57,630,000 $ 44,357,000 $ 26,744,000 Cost of contract manufacturing services 38,259,000 22,966,000 15,593,000 Gross profit $ 19,371,000 $ 21,391,000 $ 11,151,000 Revenue from products in research and development $ – $ 329,000 $ 37,000 Research and development expense (28,297,000 ) (59,529,000 ) (42,996,000 ) Selling, general and administrative expense (19,334,000 ) (18,551,000 ) (18,691,000 ) Other income (expense), net 101,000 708,000 141,000 Net loss $ (28,159,000 ) $ (55,652,000 ) $ (50,358,000 )
Customer Revenue	Customer Geographic 2017 2016 2015 Halozyme Therapeutics, Inc. U.S. 58% 69% 79% Customer A U.S. 26 26 12 Customer B U.S. 14 – – Other customers U.S./non-U.S. 2 5 9 Total 100% 100% 100%
Customer revenue by geographic location	2017 2016 2015 U.S. $ 57,630,000 $ 44,357,000 $ 26,715,000 Non-U.S. – – 29,000 Total $ 57,630,000 $ 44,357,000 $ 26,744,000
Schedule of long-lived assets by segment	2017 2016 Long-lived Assets, net: Contract manufacturing services $ 22,599,000 $ 22,783,000 Products in research and development 1,074,000 1,519,000 Total $ 23,673,000 $ 24,302,000

11. SELECTED QUARTERLY FINANC29

11. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Apr. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected quarterly financial information for each of the two most recent fiscal	Quarter Ended April 30, January 31, October 31, July 31, April 30, January 31, October 31, July 31, 2017 2017 2016 2016 2016 2016 2015 2015 Net revenues $ 17,904,000 $ 10,747,000 $ 23,370,000 $ 5,609,000 $ 18,783,000 $ 6,709,000 $ 9,523,000 $ 9,671,000 Gross profit (a) $ 6,122,000 $ 2,773,000 $ 7,929,000 $ 2,547,000 $ 9,062,000 $ 2,776,000 $ 4,782,000 $ 4,771,000 Loss from operations $ (5,304,000 ) $ (7,797,000 ) $ (4,077,000 ) $ (11,082,000 ) $ (11,915,000 ) $ (16,867,000 ) $ (13,824,000 ) $ (13,754,000 ) Net loss $ (5,272,000 ) $ (7,774,000 ) $ (4,056,000 ) $ (11,057,000 ) $ (11,884,000 ) $ (16,847,000 ) $ (13,198,000 ) $ (13,723,000 ) Series E preferred stock accumulated dividends (b) $ (1,442,000 ) $ (1,442,000 ) $ (1,442,000 ) $ (1,380,000 ) $ (1,380,000 ) $ (1,380,000 ) $ (1,380,000 ) $ (1,378,000 ) Net loss attributable to common stockholders $ (6,714,000 ) $ (9,216,000 ) $ (5,498,000 ) $ (12,437,000 ) $ (13,264,000 ) $ (18,227,000 ) $ (14,578,000 ) $ (15,101,000 ) Basic and diluted loss per common share $ (0.16 ) $ (0.25 ) $ (0.16 ) $ (0.36 ) $ (0.40 ) $ (0.56 ) $ (0.50 ) $ (0.54 ) _____ _________ (a) Gross profit represents contract manufacturing revenue less cost of contract manufacturing. (b) Series E preferred stock accumulated dividends include dividends declared for the period (regardless of whether or not the dividends have been paid) and dividends accumulated for the period (regardless of whether or not the dividends have been declared).

2. SUMMARY OF SIGNIFICANT ACC30

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Receivables) - USD ($)		Apr. 30, 2017	Apr. 30, 2016
Accounting Policies [Abstract]
Trade receivables	[1]	$ 7,274,000	$ 2,494,000
Other receivables		468,000	365,000
Trade and other receivables		$ 7,742,000	$ 2,859,000
[1]	Represents amounts billed for contract manufacturing services provided by Avid.

2. SUMMARY OF SIGNIFICANT ACC31

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Inventories) - USD ($)	Apr. 30, 2017	Apr. 30, 2016
Accounting Policies [Abstract]
Raw materials	$ 11,304,000	$ 10,911,000
Work-in-process	13,755,000	5,275,000
Finished goods	8,040,000	0
Total inventories	$ 33,099,000	$ 16,186,000

2. SUMMARY OF SIGNIFICANT ACC32

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Antidilutive shares) - shares	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Dilutive effect of shares on diluted shares outstanding	45,767	289,960	554,313
Stock Options
Dilutive effect of shares on diluted shares outstanding	0	252,098	547,599
Employee Stock Purchase Plan [Member]
Dilutive effect of shares on diluted shares outstanding	45,767	37,862	6,714

2. SUMMARY OF SIGNIFICANT ACC33

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Antidilutive shares, conversion price) - shares	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Dilutive effect of shares on diluted shares outstanding	45,767	289,960	554,313
Conversion Price greater than Market Price [Member]
Dilutive effect of shares on diluted shares outstanding	6,151,049	4,673,084	2,660,546
Stock Options
Dilutive effect of shares on diluted shares outstanding	0	252,098	547,599
Stock Options | Conversion Price greater than Market Price [Member]
Dilutive effect of shares on diluted shares outstanding	4,156,421	2,740,922	1,210,144
Warrants | Conversion Price greater than Market Price [Member]
Dilutive effect of shares on diluted shares outstanding	39,040	39,040	39,040
Series E Preferred Stock [Member] | Conversion Price greater than Market Price [Member]
Dilutive effect of shares on diluted shares outstanding	1,955,588	1,893,122	1,411,362

2. SUMMARY OF SIGNIFICANT ACC34

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	2 Months Ended	12 Months Ended
	Jun. 30, 2017	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015	Jul. 14, 2017	Jul. 14, 2016	Apr. 30, 2014
Cash and cash equivalents		$ 46,799,000	$ 61,412,000	$ 68,001,000			$ 77,490,000
Amounts remaining under registration statements						$ 112,445,000
Restricted cash pledged as collateral		1,150,000	600,000
Allowance for doubtful accounts - other receivables		$ 0	$ 0
Estimated useful lives of property and equipment		3 to 10 years
Concentration risk percentage		100.00%	100.00%	100.00%
Common Stock
Proceeds from issuance of equity		$ 31,277,000
Common stock issued for cash, net of issuance costs, shares		9,887,726	6,053,175	1,952,161
Common Stock | Subsequent Event [Member]
Proceeds from issuance of equity	$ 4,304,000
Amounts remaining under registration statements					$ 67,674,000
Common stock issued for cash, net of issuance costs, shares	1,051,258
Series E Preferred Stock [Member]
Proceeds from issuance of equity		$ 1,634,000
Accounts Receivable [Member] | Four Customers [Member]
Concentration risk percentage		93.00%
Accounts Receivable [Member] | Two Customers [Member]
Concentration risk percentage			98.00%

3. COMMITMENTS AND CONTINGENC35

3. COMMITMENTS AND CONTINGENCIES (Details-Schedule of leases)	12 Months Ended
	Apr. 30, 2017ft²Number
Approximate square footage leased | ft²	196,000
Lease 1 [Member]
Approximate square footage leased | ft²	48,000
Number of buildings occupied	2
Initial lease term expiration date	Dec. 31, 2017
Number of options to extend lease	2
Extended lease term expiration date	Dec. 31, 2037	[1]
Lease 2 [Member]
Approximate square footage leased | ft²	13,000
Number of buildings occupied	1
Initial lease term expiration date	Dec. 31, 2017
Number of options to extend lease	1
Extended lease term expiration date	Dec. 31, 2022	[1]
Lease 3 [Member]
Approximate square footage leased | ft²	84,000
Number of buildings occupied	1
Initial lease term expiration date	Jan. 31, 2027
Number of options to extend lease	2
Extended lease term expiration date	Jan. 31, 2037	[1]
Lease 4 [Member]
Approximate square footage leased | ft²	26,000
Number of buildings occupied	1
Initial lease term expiration date	Aug. 31, 2023
Number of options to extend lease	2
Extended lease term expiration date	Aug. 31, 2035	[1]
Lease 5 [Member]
Approximate square footage leased | ft²	25,000
Number of buildings occupied	1
Initial lease term expiration date	Aug. 31, 2023
Number of options to extend lease	2
Extended lease term expiration date	Aug. 31, 2035	[1]
[1]	Extended lease term expiration date assumes we execute all available option(s) to extend lease in accordance with the terms of the lease agreement.

3. COMMITMENTS AND CONTINGENC36

3. COMMITMENTS AND CONTINGENCIES (Details-future lease payments)	Apr. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 2,741,000
2,019	3,054,000
2,020	3,037,000
2,021	3,116,000
2,022	2,789,000
Thereafter	11,362,000
Operating Leases, Future Minimum Payments Due	$ 26,099,000

3. COMMITMENTS AND CONTINGENC37

3. COMMITMENTS AND CONTINGENCIES (Details Narrative)	12 Months Ended
	Apr. 30, 2017USD ($)ft²	Apr. 30, 2016USD ($)	Apr. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Square footage leased | ft²	196,000
Annual rent expense | $	$ 2,180,000	$ 1,265,000	$ 1,197,000

4. LICENSING AGREEMENTS (Detail

4. LICENSING AGREEMENTS (Details)	Apr. 30, 2017USD ($)
Total Milestone Obligations Expensed To Date	$ 922,000
Potential Future Milestone Obligations	6,675,000	[1]
UTSWMC August 2001
Total Milestone Obligations Expensed To Date	173,000
Potential Future Milestone Obligations	300,000	[1]
UTSWMC August 2005
Total Milestone Obligations Expensed To Date	85,000
Potential Future Milestone Obligations	375,000	[1]
Lonza March 2005
Total Milestone Obligations Expensed To Date	64,000
Potential Future Milestone Obligations	0	[1],[2]
Avanir December 2003
Total Milestone Obligations Expensed To Date	100,000
Potential Future Milestone Obligations	1,000,000	[1]
Genentech November 2003
Total Milestone Obligations Expensed To Date	500,000
Potential Future Milestone Obligations	$ 5,000,000	[1]
[1]	Under our current agreements, potential future milestone obligations are due upon achieving certain clinical and regulatory milestones. Based on the current stage of clinical development for bavituximab, future milestone obligations would be due upon submission of a biologics license application in the U.S. and upon FDA approval, which events are currently uncertain and depend on positive clinical trial results. In addition, potential future milestone obligations vary by license agreement (as defined in each license agreement) and certain agreements depend on a valid patent claim, as defined in each of these underlying agreements, at the time the potential milestone is achieved.
[2]	In the event we utilize a third-party contract manufacturer other than Lonza to manufacture bavituximab for commercial purposes, we would owe Lonza 300,000 pounds sterling per year.

5. STOCKHOLDERS EQUITY (Details

5. STOCKHOLDERS EQUITY (Details - Common stock issuances) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Gross proceeds raised	$ 30,450,000	$ 45,195,000	$ 19,235,000
Common Stock
Number of common stock shares issued, shares	9,887,726	6,053,175	1,952,161
Gross proceeds raised	$ 31,277,000	$ 45,872,000	$ 19,748,000
December 27, 2012 Financing [Member] | Common Stock
Number of common stock shares issued, shares			569,052
Gross proceeds raised			$ 6,024,000
June 13, 2014 Financing [Member] | Common Stock
Number of common stock shares issued, shares		1,232,821	1,383,109
Gross proceeds raised		$ 11,456,000	$ 13,544,000
August 7, 2015 Financing [Member] | Common Stock
Number of common stock shares issued, shares	6,137,403	964,523
Gross proceeds raised	$ 18,246,000	$ 7,447,000
Equity Distribution Agreement August 7, 2015 [Member] | Common Stock
Number of common stock shares issued, shares		1,210,328
Gross proceeds raised		$ 6,969,000
Common Stock Purchase Agreement October 30, 2015 [Member] | Common Stock
Number of common stock shares issued, shares		2,645,503
Gross proceeds raised		$ 20,000
Equity Distribution Agreement August 7, 2015 [Member] | Common Stock
Number of common stock shares issued, shares	3,750,323
Gross proceeds raised	$ 13,031,000

5. STOCKHOLDERS EQUITY (Detai40

5. STOCKHOLDERS EQUITY (Details - Preferred stock issuances) - Series E Preferred Stock [Member] - June 13, 2014 Financing [Member] - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Number of preferred stock shares issued	70,320	2,676	799,764
Gross proceeds raised	$ 1,634,000	$ 60,000	$ 19,205,000

5. STOCKHOLDERS EQUITY (Detai41

5. STOCKHOLDERS EQUITY (Details - Preferred Stock Dividends) - Series E Preferred Stock [Member] - USD ($)	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Fiscal Year 2015, Qtr 1 [Member]
Declaration Date		Jun. 10, 2014
Record date		Jun. 20, 2014
Payment date		Jul. 1, 2014
Total dividends paid		$ 771,000
Dividend per share		$ .65625
Fiscal Year 2015, Qtr 2 [Member]
Declaration Date		Sep. 8, 2014
Record date		Sep. 19, 2014
Payment date		Oct. 1, 2014
Total dividends paid		$ 773,000
Dividend per share		$ .65625
Fiscal Year 2015, Qtr 3 [Member]
Declaration Date		Dec. 9, 2014
Record date		Dec. 19, 2014
Payment date		Jan. 2, 2015
Total dividends paid		$ 774,000
Dividend per share		$ .65625
Fiscal Year 2015, Qtr 4 [Member]
Declaration Date		Mar. 10, 2015
Record date		Mar. 20, 2015
Payment date		Apr. 1, 2015
Total dividends paid		$ 1,034,000
Dividend per share		$ .65625
Fiscal Year 2015 [Member]
Total dividends paid		$ 3,352,000
Dividend per share		$ 2.62500
Fiscal Year 2016, Qtr 1 [Member]
Declaration Date	Jun. 5, 2015
Record date	Jun. 19, 2015
Payment date	Jul. 1, 2015
Total dividends paid	$ 1,034,000
Dividend per share	$ .65625
Fiscal Year 2016, Qtr 2 [Member]
Declaration Date	Sep. 8, 2015
Record date	Sep. 18, 2015
Payment date	Oct. 1, 2015
Total dividends paid	$ 1,035,000
Dividend per share	$ .65625
Fiscal Year 2016, Qtr 3 [Member]
Declaration Date	Dec. 7, 2015
Record date	Dec. 18, 2015
Payment date	Jan. 4, 2016
Total dividends paid	$ 1,035,000
Dividend per share	$ .65625
Fiscal Year 2016, Qtr 4 [Member]
Declaration Date	Mar. 7, 2016
Record date	Mar. 18, 2016
Payment date	Apr. 1, 2016
Total dividends paid	$ 1,035,000
Dividend per share	$ .65625
Fiscal Year 2016 [Member]
Total dividends paid	$ 4,139,000
Dividend per share	$ 2.62500
Fiscal Year 2017, Qtr 1 [Member]
Declaration Date	Jun. 2, 2016
Record date	Jun. 17, 2016
Payment date	Jul. 1, 2016
Total dividends paid	$ 1,036,000
Dividend per share	$ .65625
Fiscal Year 2017, Qtr 2 [Member]
Declaration Date	Sep. 6, 2016
Record date	Sep. 16, 2016
Payment date	Oct. 3, 2016
Total dividends paid	$ 1,081,000
Dividend per share	$ .65625
Fiscal Year 2017, Qtr 3 [Member]
Declaration Date	Dec. 6, 2016
Record date	Dec. 16, 2016
Payment date	Jan. 3, 2017
Total dividends paid	$ 1,081,000
Dividend per share	$ .65625
Fiscal Year 2017, Qtr 4 [Member]
Declaration Date	Mar. 9, 2017
Record date	Mar. 20, 2017
Payment date	Apr. 3, 2017
Total dividends paid	$ 1,081,000
Dividend per share	$ .65625
Fiscal Year 2017 [Member]
Total dividends paid	$ 4,279,000
Dividend per share	$ 2.62500

5. STOCKHOLDERS' EQUITY (Detail

5. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)		12 Months Ended
		Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015	Jul. 14, 2016
Amounts remaining under registration statements					$ 112,445,000
Stock Incentive Plans [Member]
Common shares reserved for issuance		5,630,872
Employee Stock Purchase Plan [Member]
Common shares reserved for issuance		2,142,857
Warrants
Common shares reserved for issuance		39,040
Common Stock
Number of common stock shares issued, shares		9,887,726	6,053,175	1,952,161
Issuance costs		$ 827,000	$ 677,000	$ 513,000
Series E Preferred Stock [Member]
Issuance costs		$ 58,000	1,000	1,002,000
Common shares reserved for issuance	[1]	6,826,435
December 2012 AMI Agreement
Aggregate gross proceeds available in offering				75,000,000
Proceeds from sale of common stock, gross				75,000,000
Amounts remaining under registration statements				$ 0
June 2014 AMI Agreement | Common Stock
Aggregate gross proceeds available in offering			25,000,000
Proceeds from sale of common stock, gross			25,000,000
Amounts remaining under registration statements			$ 0
August 2015 AMI Sales Agreement [Member[
Aggregate gross proceeds available in offering		$ 30,000,000
Amounts remaining under registration statements		4,307,000
Equity Distribution Agreement [Member]
Aggregate gross proceeds available in offering		20,000,000
Amounts remaining under registration statements		$ 0
Common Stock Purchase Agreement [Member]
Number of common stock shares issued, shares			2,645,503
Proceeds from sale of common stock, gross			$ 20,000,000
Issuance costs			$ 1,000
[1]	The Series E Preferred Stock is convertible into a number of shares of our common stock determined by dividing the liquidation preference of $25.00 per share by the conversion price, currently $21.00 per share. If all of our outstanding Series E Preferred Stock were converted at the $21.00 per share conversion price, the holders of our Series E Preferred Stock would receive an aggregate of 1,961,619 shares of our common stock. However, we have reserved the maximum number of shares of our common stock that could be issued upon a change of control event assuming our shares of common stock are acquired for consideration of $5.985 per share or less. In this scenario, each outstanding share of our Series E Preferred Stock could be converted into 4.18 shares of our common stock, representing the Share Cap.

6. EQUITY COMPENSATION PLANS (D

6. EQUITY COMPENSATION PLANS (Details - Assumptions) - Stock Options	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Risk-free interest rate	1.32%	1.66%	1.95%
Expected life (in years)	6 years 1 month 13 days	5 years 11 months 16 days	5 years 8 months 26 days
Expected volatility	111.30%	104.74%	111.78%
Expected dividend yield	0.00%	0.00%	0.00%

6. EQUITY COMPENSATION PLANS 44

6. EQUITY COMPENSATION PLANS (Details - Option activity) - Stock Options	12 Months Ended
	Apr. 30, 2017USD ($)$ / sharesshares
Number of Options
Number of Options Outstanding, Beginning | shares	3,393,037
Number of Options Granted | shares	1,009,085
Number of Options Exercised | shares	(9,026)
Number of Options Cancelled or Expired | shares	(311,548)
Number of Options Outstanding, Ending | shares	4,081,548
Exercisable and expected to vest | shares	4,067,608
Exercisable at period end | shares	3,343,699
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning | $ / shares	$ 10.37
Weighted Average Exercise Price Granted | $ / shares	3.42
Weighted Average Exercise Price Exercised | $ / shares	3.44
Weighted Average Exercise Price Canceled | $ / shares	9.08
Weighted Average Exercise Price Outstanding, Ending | $ / shares	8.77
Weighted Average Exercise Price, Exercisable and expected to vest | $ / shares	8.78
Weighted Average Exercise Price Exercisable, at period end | $ / shares	$ 9.74
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years) Outstanding	6 years 4 months 10 days
Weighted Average Remaining Contractual Life (in years) Vested and expected to vest	6 years 4 months 6 days
Weighted Average Remaining Contractual Life (in years) Exercisable, at period end	5 years 9 months 25 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding | $	$ 1,267,665	[1]
Aggregate Intrinsic Value vested and expected to vest | $	1,252,814	[1]
Aggregate Intrinsic Value Exercisable at period end | $	$ 687,283	[1]
[1]	Aggregate intrinsic value represents the difference between the exercise price of an option and the closing market price of our common stock on April 28, 2017 (the last trading day of fiscal year 2017), which was $4.31 per share.

6. EQUITY COMPENSATION PLANS 45

6. EQUITY COMPENSATION PLANS (Details - Assumptions Employss Stock Purchase Plan) - Employee Stock Purchase Plan [Member]	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Risk-free interest rate	0.46%	0.18%	0.06%
Expected life (in years)	6 months	6 months	6 months
Expected volatility	105.27%	46.14%	63.54%
Expected dividend yield	0.00%	0.00%	0.00%

6. EQUITY COMPENSATION PLANS 46

6. EQUITY COMPENSATION PLANS (Details - Share based compensation) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Share based compensation	$ 3,363,000	$ 4,898,000	$ 6,702,000
Cost of contract manufacturing
Share based compensation	108,000	41,000	59,000
Research and development
Share based compensation	1,615,000	2,124,000	2,904,000
Selling, general and administrative
Share based compensation	$ 1,640,000	$ 2,733,000	$ 3,739,000

6. EQUITY COMPENSATION PLANS 47

6. EQUITY COMPENSATION PLANS (Details - Share-based compensation awards) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Share based compensation	$ 3,363,000	$ 4,898,000	$ 6,702,000
Stock Options
Share based compensation	3,094,000	4,720,000	6,465,000
Employee Stock Purchase Plan [Member]
Share based compensation	$ 269,000	$ 178,000	$ 237,000

6. EQUITY COMPENSATION PLANS 48

6. EQUITY COMPENSATION PLANS (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Cash received from stock options exercised	$ 31,000	$ 138,000	$ 298,000
Non Employee [Member]
Unrecognized compensation costs related to non-vested stock options	$ 13,000
Unrecognized compensation cost weighted average vesting period	1 year 1 month 6 days
Share-based compensation expense	$ 20,000	$ 109,000	$ 289,000
Stock Incentive Plans [Member]
Common shares reserved for issuance	5,630,872
Stock Option [Member]
Common shares reserved for issuance	4,081,548
Weighted-average grant date fair value of options granted	$ 2.86	$ 7.09	$ 9.99
Aggregate intrinsic value of stock options exercised	$ 11,000	$ 93,000	$ 192,000
Cash received from stock options exercised	31,000	138,000	298,000
Issuance costs	0	$ 1,000	$ 3,000
Unrecognized compensation costs related to non-vested stock options	$ 2,215,000
Unrecognized compensation cost weighted average vesting period	1 year 5 months 5 days
Share-based awards [Member]
Common shares reserved for issuance	1,549,324
Employee Stock Purchase Plan [Member]
Common shares reserved for issuance	2,142,857
Shares available for purchase	1,359,736
Stock issued during period, ESPP	270,075	147,769	71,063
ESPO weighted average purchase price	$ 1.95	$ 3.65	$ 8.56
Weighted average grant date fair value, other than options	$ 1.07	$ 2.40	$ 3.91

7. WARRANTS (Details Narrative)

7. WARRANTS (Details Narrative) - Warrants - $ / shares	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Warrants outstanding	39,040
Warrants outstanding exercise price	$ 17.29
Warrants issued	0	0	0
Warrants exercised	0	0	0
Warrants exercisable through date	Aug. 30, 2018

8. INCOME TAXES (Details - Prov

8. INCOME TAXES (Details - Provision for Income taxes) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	$ (9,573,000)	$ (18,921,000)	$ (17,122,000)
State income taxes	(2,264,000)	(4,824,000)	(4,450,000)
Expiration and adjustments of deferred tax assets	1,693,000	1,580,000	1,790,000
Change in valuation allowance	10,005,000	21,871,000	19,532,000
Other, net	139,000	294,000	250,000
Income tax (expense) benefit	$ 0	$ 0	$ 0

8. INCOME TAXES (Details - Defe

8. INCOME TAXES (Details - Deferred income taxes) - USD ($)	Apr. 30, 2017	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Share-based compensation	$ 9,583,000	$ 8,806,000
Deferred revenue	12,157,000	4,296,000
Deferred rent	738,000	470,000
Other	2,984,000	2,486,000
Net operating losses	154,030,000	152,746,000
Total deferred tax assets	179,492,000	168,804,000
Less valuation allowance	(178,400,000)	(168,395,000)
Net deferred tax assets	1,092,000	409,000
Deferred tax liabilities:
Fixed assets	(1,092,000)	(409,000)
Total deferred tax liabilities	(1,092,000)	(409,000)
Net deferred tax assets	$ 0	$ 0

8. INCOME TAXES (Details Narrat

8. INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Unrecognized tax benefits from uncertain tax positions	$ 0	$ 0	$ 0
Income tax penalties or interest	0	0	$ 0
Income tax penalties or interest accrued	0	0
Net operating loss attributable to excess tax deductions on share-based compensation	5,956,000
Total deferred tax assets	179,492,000	$ 168,804,000
State and Local Jurisdiction [Member]
Net operating loss carry forward	$ 263,812,000
Operating loss carryforward expiration dates	2,018
Domestic Country [Member]
Net operating loss carry forward	$ 391,878,000
Operating loss carryforward expiration dates	2019 through 2037

9. BENEFIT PLAN (Details Narrat

9. BENEFIT PLAN (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Retirement Benefits [Abstract]
Matching contributions	$ 845,000	$ 543,000	$ 454,000

10. SEGMENT REPORTING (Details

10. SEGMENT REPORTING (Details - Summary) - USD ($)	3 Months Ended																12 Months Ended
	Apr. 30, 2017		Jan. 31, 2017		Oct. 31, 2016		Jul. 31, 2016		Apr. 30, 2016		Jan. 31, 2016		Oct. 31, 2015		Jul. 31, 2015		Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Segment Reporting [Abstract]
Contract manufacturing services revenue																	$ 57,630,000	$ 44,357,000	$ 26,744,000
Cost of contract manufacturing services																	38,259,000	22,966,000	15,593,000
Gross profit	$ 6,122,000	[1]	$ 2,773,000	[1]	$ 7,929,000	[1]	$ 2,547,000	[1]	$ 9,062,000	[1]	$ 2,776,000	[1]	$ 4,782,000	[1]	$ 4,771,000	[1]	19,371,000	21,391,000	11,151,000
Revenue from products in research and development																	0	329,000	37,000
Research and development expense																	(28,297,000)	(59,529,000)	(42,996,000)
Selling, general and administrative expense																	(19,334,000)	(18,551,000)	(18,691,000)
Other income (expense), net																	101,000	708,000	141,000
Net loss	$ (5,272,000)		$ (7,774,000)		$ (4,056,000)		$ (11,057,000)		$ (11,884,000)		$ (16,847,000)		$ (13,198,000)		$ (13,723,000)		$ (28,159,000)	$ (55,652,000)	$ (50,358,000)
[1]	Gross profit represents contract manufacturing revenue less cost of contract manufacturing.

10. SEGMENT REPORTING (Detail55

10. SEGMENT REPORTING (Details - Percentage breakdown)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Customer revenue as a percentage of revenue	100.00%	100.00%	100.00%
Halozyme Therapeutics, Inc [Member]
Customer revenue as a percentage of revenue	58.00%	69.00%	79.00%
Customer A [Member]
Customer revenue as a percentage of revenue	26.00%	26.00%	12.00%
Customer B [Member]
Customer revenue as a percentage of revenue	14.00%
Other Customers
Customer revenue as a percentage of revenue	2.00%	5.00%	9.00%

10. SEGMENT REPORTING (Detail56

10. SEGMENT REPORTING (Details - Segment Revenue ) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Contract manufacturing revenue	$ 57,630,000	$ 44,357,000	$ 26,744,000
U.S, [Member]
Contract manufacturing revenue	57,630,000	44,357,000	26,715,000
Non-U.S, [Member]
Contract manufacturing revenue	$ 0	$ 0	$ 29,000

10. SEGMENT REPORTING (Detail57

10. SEGMENT REPORTING (Details - Long-lived assets) - USD ($)	Apr. 30, 2017	Apr. 30, 2016
Long-lived assets	$ 23,674,000	$ 24,302,000
Contract manufacturing services [Member]
Long-lived assets	22,599,000	22,783,000
Products in research and development [Member]
Long-lived assets	$ 1,074,000	$ 2,324,000

11. SELECTED QUARTERLY FINANC58

11. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)		3 Months Ended																12 Months Ended
		Apr. 30, 2017		Jan. 31, 2017		Oct. 31, 2016		Jul. 31, 2016		Apr. 30, 2016		Jan. 31, 2016		Oct. 31, 2015		Jul. 31, 2015		Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Quarterly Financial Information Disclosure [Abstract]
Net revenues		$ 17,904,000		$ 10,747,000		$ 23,370,000		$ 5,609,000		$ 18,783,000		$ 6,709,000		$ 9,523,000		$ 9,671,000		$ 57,630,000	$ 44,686,000	$ 26,781,000
Gross profit		6,122,000	[1]	2,773,000	[1]	7,929,000	[1]	2,547,000	[1]	9,062,000	[1]	2,776,000	[1]	4,782,000	[1]	4,771,000	[1]	19,371,000	21,391,000	11,151,000
Loss from operations		(5,304,000)		(7,797,000)		(4,077,000)		(11,082,000)		(11,915,000)		(16,867,000)		(13,824,000)		(13,754,000)
Net loss		(5,272,000)		(7,774,000)		(4,056,000)		(11,057,000)		(11,884,000)		(16,847,000)		(13,198,000)		(13,723,000)		(28,159,000)	(55,652,000)	(50,358,000)
Series E preferred stock accumulated dividends	[2]	(1,442,000)		(1,442,000)		(1,442,000)		(1,380,000)		(1,380,000)		(1,380,000)		(1,380,000)		(1,378,000)
Net loss attributable to common stockholders		$ (6,714,000)		$ (9,216,000)		$ (5,498,000)		$ (12,437,000)		$ (13,264,000)		$ (18,227,000)		$ (14,578,000)		$ (15,101,000)		$ (32,799,000)	$ (60,136,000)	$ (54,054,000)
Basic and diluted loss per common share		$ (.16)		$ (.25)		$ (.16)		$ (.36)		$ (.40)		$ (.56)		$ (.50)		$ (.54)		$ (.88)	$ (1.95)	$ (2.07)
[1]	Gross profit represents contract manufacturing revenue less cost of contract manufacturing.
[2]	Series E preferred stock accumulated dividends include dividends declared for the period (regardless of whether or not the dividends have been paid) and dividends accumulated for the period (regardless of whether or not the dividends have been declared).

12. SUBSEQUENT EVENTS (Details

12. SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended	2 Months Ended		12 Months Ended
	Jun. 06, 2017	Jul. 14, 2017	Jun. 30, 2017	Apr. 30, 2017
Series E Preferred Stock [Member]
Proceeds from issuance of equity				$ 1,634,000
Subsequent Event [Member]
Stock split information		On July 7, 2017, we effected a reverse stock split of our outstanding shares of common stock at a ratio of one-for-seven
Subsequent Event [Member] | Series E Preferred Stock [Member]
Dividend paid	$ 1,081,000
Dividend declared date	Jun. 6, 2017
Dividend date of record	Jun. 19, 2017
Subsequent Event [Member] | August 2015 AMI Sales Agreement [Member[
Number of common stock shares issued, shares			1,051,258
Proceeds from issuance of equity			$ 4,304,000