Avid Bioservices (CDMO) 10-K 16 Jul 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2018	Jul. 10, 2018	Oct. 31, 2017
Document And Entity Information
Entity Registrant Name	Avid Bioservices, Inc.
Entity Central Index Key	704,562
Document Type	10-K
Document Period End Date	Apr. 30, 2018
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			$ 206,312,000
Entity Common Stock, Shares Outstanding		55,793,107
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2018	Apr. 30, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 42,265,000	$ 46,799,000
Trade and other receivables	3,754,000	7,742,000
Inventories	16,129,000	33,099,000
Prepaid expenses	679,000	808,000
Assets of discontinued operations	5,000,000	1,426,000
Total current assets	67,827,000	89,874,000
PROPERTY AND EQUIPMENT:
Leasehold improvements	20,686,000	20,098,000
Laboratory equipment	10,258,000	10,229,000
Furniture, fixtures, office equipment and software	4,597,000	4,385,000
Construction-in-progress	3,310,000	2,841,000
Property and equipment, gross	38,851,000	37,553,000
Less accumulated depreciation and amortization	(12,372,000)	(11,508,000)
Property and equipment, net	26,479,000	26,045,000
Restricted cash	1,150,000	1,150,000
Other assets	304,000	1,043,000
TOTAL ASSETS	95,760,000	118,112,000
CURRENT LIABILITIES:
Accounts payable	1,909,000	3,000,000
Accrued payroll and related costs	2,564,000	5,055,000
Deferred revenue	10,922,000	28,500,000
Customer deposits	17,013,000	17,017,000
Other current liabilities	905,000	636,000
Liabilities of discontinued operations	4,550,000	8,723,000
Total current liabilities	37,863,000	62,931,000
Deferred rent, less current portion	2,159,000	1,599,000
STOCKHOLDERS' EQUITY:
Preferred stock - $.001 par value; authorized 5,000,000 shares; 1,647,760 shares issued and outstanding at April 30, 2018 and 2017, respectively	2,000	2,000
Common stock - $.001 par value; authorized 500,000,000 shares; 55,689,222 and 44,014,040 shares issued and outstanding at April 30, 2018 and 2017, respectively	55,000	44,000
Additional paid-in-capital	614,810,000	590,971,000
Accumulated deficit	(559,129,000)	(537,435,000)
Total stockholders' equity	55,738,000	53,582,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 95,760,000	$ 118,112,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2018	Apr. 30, 2017
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	1,647,760
Preferred stock, shares outstanding	1,647,760	1,647,760
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	55,689,222	44,014,040
Common stock, shares outstanding	55,689,222	44,014,040

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Income Statement [Abstract]
Contract manufacturing revenue	$ 53,621,000	$ 57,630,000	$ 44,357,000
Cost of contract manufacturing	56,545,000	38,259,000	22,966,000
Gross profit (loss)	(2,924,000)	19,371,000	21,391,000
Operating expenses:
Selling, general and administrative	16,456,000	18,079,000	17,904,000
Restructuring charges	1,258,000	0	0
Total operating expenses	17,714,000	18,079,000	17,904,000
Operating income (loss)	(20,638,000)	1,292,000	3,487,000
Other income (expense):
Interest and other income	102,000	108,000	124,000
Interest and other expense	(27,000)	(7,000)	(14,000)
Income (loss) from continuing operations	(20,563,000)	1,393,000	3,597,000
Loss from discontinued operations	(1,250,000)	(29,552,000)	(59,249,000)
Net Loss	(21,813,000)	(28,159,000)	(55,652,000)
Comprehensive loss	(21,813,000)	(28,159,000)	(55,652,000)
Series E preferred stock accumulated dividends	(4,686,000)	(4,640,000)	(4,484,000)
Net loss attributable to common stockholders	$ (26,499,000)	$ (32,799,000)	$ (60,136,000)
Basic and diluted weighted average common shares outstanding	47,063,020	37,109,493	30,895,089
Basic and diluted net loss per common share attributable to common stockholders - Continuing operations	$ (0.53)	$ (0.09)	$ (0.03)
Basic and diluted net loss per common share attributable to common stockholders - Discontinued operations	(0.03)	(0.79)	(1.92)
Net loss per share attributable to common stockholders	$ (0.56)	$ (0.88)	$ (1.95)

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, 2015	1,574,764	27,620,947
Beginning 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		1,232,821
Common stock issued for cash, net of issuance costs, value		$ 1,000	11,144,000		11,145,000
Common stock issued for cash, net of issuance costs, shares		964,523
Common stock issued for cash, net of issuance costs, value		$ 1,000	7,256,000		7,257,000
Common stock issued for cash, net of issuance costs, shares		1,210,328
Common stock issued for cash, net of issuance costs, value		$ 1,000	6,793,000		6,794,000
Common stock issued for cash, net of issuance costs, shares		2,645,503
Common stock issued for cash, net of issuance costs, value		$ 3,000	19,996,000		19,999,000
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		6,137,403
Common stock issued for cash, net of issuance costs, value		$ 6,000	17,753,000		17,759,000
Common stock issued for cash, net of issuance costs, shares		3,750,323
Common stock issued for cash, net of issuance costs, value		$ 4,000	12,687,000		12,691,000
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
Series E preferred stock dividends			(4,325,000)		(4,325,000)
Cumulative-effect adjustment to accumulated deficit			(119,000)	119,000
Common stock issued for cash, net of issuance costs, shares		1,051,259
Common stock issued for cash, net of issuance costs, value		$ 1,000	4,192,000		4,193,000
Common stock issued for cash under Public Offering, net of issuance costs, Shares		10,294,445
Common stock issued for cash under Public Offering, net of issuance costs, Value		$ 10,000	21,484,000		21,494,000
Common stock issued under Employee Stock Purchase Plan, shares		88,327
Common stock issued under Employee Stock Purchase Plan, value			317,000		317,000
Common stock issued upon exercise of options, shares		222,255
Common stock issued upon exercise of options, value			752,000		752,000
Fractional shares issued pursuant to reverse stock split		18,896
Share-based compensation			1,538,000		1,538,000
Net loss				(21,813,000)	(21,813,000)
Ending balance, shares at Apr. 30, 2018	1,647,760	55,689,222
Ending balance, value at Apr. 30, 2018	$ 2,000	$ 55,000	$ 614,810,000	$ (559,129,000)	$ 55,738,000

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Series E Preferred Stock [Member]
Issuance costs	$ 0	$ 58,000	$ 1,000
Common Stock
Issuance costs	1,780,000	827,000	677,000
June 13, 2014 Financing [Member] | Series E Preferred Stock [Member]
Issuance costs		58,000	1,000
June 13, 2014 Financing [Member] | Common Stock
Issuance costs			311,000
August 7, 2015 Financing [Member] | Common Stock
Issuance costs	111,000	$ 827,000	365,000
October 30, 2015 Financing [Member] | Common Stock
Issuance costs			$ 1,000
February 14, 2018 Public Offering [Member] | Common Stock
Issuance costs	$ 1,669,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (21,813,000)	$ (28,159,000)	$ (55,652,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,538,000	3,363,000	4,898,000
Depreciation and amortization	2,562,000	2,463,000	1,535,000
Loss on disposal of property and equipment and other assets	1,692,000	1,000	14,000
Gain on sale of research and development assets	(8,000,000)	0	0
Changes in operating assets and liabilities:
Trade and other receivables	3,988,000	(4,883,000)	954,000
Inventories	16,970,000	(16,913,000)	(8,832,000)
Prepaid expenses	781,000	(109,000)	4,000
Restricted cash	0	(550,000)	(600,000)
Other non-current assets	24,000	278,000	(325,000)
Accounts payable	(4,018,000)	(3,308,000)	(3,521,000)
Accrued clinical trial and related fees	(945,000)	(3,036,000)	3,684,000
Accrued payroll and related costs	(2,906,000)	263,000	1,215,000
Deferred revenue	(17,578,000)	18,470,000	3,400,000
Customer deposits	(4,000)	(7,195,000)	12,849,000
Other accrued expenses and current liabilities	383,000	(675,000)	1,051,000
Deferred rent, less current portion	560,000	204,000	(265,000)
Net cash used in operating activities	(26,766,000)	(39,786,000)	(39,591,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment acquisitions	(3,019,000)	(3,560,000)	(8,878,000)
Decrease in other assets	0	568,000	87,000
Proceeds from sale of research and development assets	3,000,000	0	0
Net cash used in investing activities	(19,000)	(2,992,000)	(8,791,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs of $1,780,000, $827,000, and $677,000, respectively	25,687,000	30,450,000	45,195,000
Proceeds from issuance of Series E preferred stock, net of issuance costs of nil, $58,000, and $1,000, respectively	0	1,576,000	59,000
Proceeds from issuance of common stock under Employee Stock Purchase Plan	317,000	526,000	540,000
Proceeds from exercise of stock options	752,000	31,000	138,000
Dividends paid on preferred stock	(4,325,000)	(4,279,000)	(4,139,000)
Principal payments on capital leases	(180,000)	(139,000)	0
Net cash provided by financing activities	22,251,000	28,165,000	41,793,000
NET DECREASE IN CASH AND CASH EQUIVALENTS	(4,534,000)	(14,613,000)	(6,589,000)
CASH AND CASH EQUIVALENTS, beginning of period	46,799,000	61,412,000	68,001,000
CASH AND CASH EQUIVALENTS, end of period	42,265,000	46,799,000	61,412,000
SUPPLEMENTAL INFORMATION:
Cash paid for interest	4,000	6,000	0
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accounts payable and other liabilities for purchase of property and equipment and other assets	180,000	658,000	1,565,000
Other receivables related to the sale of research and development assets	5,000,000	0	0
Property and equipment acquired under capital lease	0	319,000	0
Lease incentives	$ 0	$ 0	$ 562,000

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Common Stock
Stock Issuance costs	$ 1,780,000	$ 827,000	$ 677,000
Series E Preferred Stock [Member]
Stock Issuance costs	$ 0	$ 58,000	$ 1,000

1. ORGANIZATION AND BUSINESS DE

1. ORGANIZATION AND BUSINESS DESCRIPTION	12 Months Ended
	Apr. 30, 2018
Organization And Business Description
ORGANIZATION AND BUSINESS DESCRIPTION	1. ORGANIZATION AND BUSINESS DESCRIPTION We are a contract development and manufacturing organization (“CDMO”) that provides a comprehensive range of services from process development to current Good Manufacturing Practices (“cGMP”) commercial manufacturing focused on biopharmaceutical products derived from mammalian cell culture for biotechnology and pharmaceutical companies. Corporate Name Change Sale of Research and Development Assets Reverse Stock Split

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Apr. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – Use of Estimates – Discontinued Operations – Segment Reporting – Going Concern – At April 30, 2018, we had $42,265,000 in cash and cash equivalents. Our ability to fund our operations is dependent on the amount of cash on hand and our ability to generate sufficient revenue to cover our operations. We have expended substantial funds on our contract manufacturing business and, historically, on the research and development of pharmaceutical product candidates. As a result, we have experienced losses and negative cash flows from operations since our inception, and although we have discontinued our research and development segment (Note 1), we expect negative cash flows from operations to continue until we can generate sufficient revenue to generate positive cash flow from operations. In the event we are unable to secure sufficient business to support our operations, we may need to raise additional capital in the future. 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, and adverse financial results. If we are unable to either raise sufficient capital in the equity markets or generate additional revenue, we may need to further restructure, or cease, 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. Reclassification In addition, certain amounts related to corporate overhead costs that were allocated to the research and development segment have been reclassified from research and development expense to selling, general and administrative expense in our accompanying consolidated statements of operations and comprehensive loss for all periods presented (Note 9). This reclassification had no effect on previously reported net loss. Restructuring Cash and Cash Equivalents Restricted Cash Trade and Other Receivables 2018 2017 Trade receivables $ 3,539,000 $ 7,274,000 Other receivables 215,000 468,000 Trade and other receivables $ 3,754,000 $ 7,742,000 Allowance for Doubtful Accounts Inventories 2018 2017 Raw materials $ 8,165,000 $ 11,304,000 Work-in-process 7,964,000 13,755,000 Finished goods – 8,040,000 Total inventories $ 16,129,000 $ 33,099,000 Property and Equipment, net Concentrations of Credit Risk and Customer Base Our trade receivables from amounts billed for contract manufacturing services 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, 2018 and 2017, approximately 93% of our trade receivables were due from six or fewer customers. Our contract manufacturing revenue has historically been derived from a small customer base. Historically, these customers have not entered into long-term contracts because their need for drug supply depends on a variety of factors, including a product’s stage of development, the timing of regulatory filings and approvals, the product needs of their collaborators, if applicable, their financial resources and the market demand with respect to commercial product. The percentages below represent revenue derived from each customer (and geographical location) as a percentage of total contract manufacturing revenue during the fiscal years ended April 30, 2018, 2017 and 2016: Geographic Customer Location 2018 2017 2016 Halozyme Therapeutics, Inc. U.S. 55% 58% 69% Coherus BioSciences, Inc. U.S. 22 26 26 Other customers U.S./non-U.S. 23 16 5 Total 100% 100% 100% We attribute contract manufacturing revenue to the individual countries where the customer is headquartered. For fiscal year ended April 30, 2018, contract manufacturing revenue derived from U.S. based customers was 99% of total contract manufacturing revenue. For fiscal years ended April 30, 2017 and 2016, contract manufacturing revenue was derived solely from U.S. based customers. 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, 2018 and 2017, 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). In addition, there were no transfers between any Levels of the fair value hierarchy during the fiscal years ended April 30, 2018 and 2017. 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. 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 that we have manufactured 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. Share-based Compensation 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, 2018. 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: 2018 2017 2016 Stock options 53,978 – 252,098 ESPP 1,972 45,767 37,862 Total 55,950 45,767 289,960 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: 2018 2017 2016 Stock options 3,636,699 4,156,421 2,740,922 Warrants 39,040 39,040 39,040 Series E Preferred Stock 1,978,783 1,955,588 1,893,122 Total 5,654,522 6,151,049 4,673,084 Recently Adopted Accounting Pronouncements Effective May 1, 2017, we adopted Accounting Standards Update (“ASU”) 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory Effective May 1, 2017, we adopted ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Effective May 1, 2017, we adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Pending Adoption of Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers On May 1, 2018, we adopted ASU 2014-09, as amended, for all contracts not completed as of the adoption date using the modified retrospective method. In assessing the impact, we have identified and implemented appropriate changes to our business policies, processes, and controls to support the adoption, recognition and disclosures under the new standard. We have reviewed the related critical terms and conditions of our existing contracts with customers and assessed the differences in accounting for such contracts under the new standard compared with current standards including the identification of performance obligations related to revenue generating activities, and determined the appropriate timing and measurement of revenue related to the performance obligations. Additionally, we have identified our significant revenue streams; manufacturing revenue and process development revenue. Based on our analysis, we have concluded that the new standard will have a significant impact on our revenue streams as it relates to the timing of the recognition of contract manufacturing revenue associated with goods or services provided to customers with no alternative use, that were previously recognized upon completion, as such revenue will now be recognized over time utilizing an input method that compares the cost of cumulative work in process to date to the most current estimates for the entire cost of the performance obligation. Under these customer agreements the customer retains control of the product as it is being created or enhanced by our services and/or we are entitled to compensation for progress to date that includes an element of profit margin. Contract manufacturing revenue of approximately $9,000,000 to $12,000,000, which would have otherwise been reflected in the consolidated statements of operations for the fiscal year ended April 30, 2019, will be recorded in equity as part of a cumulative effect adjustment as of May 1, 2018. The cumulative impact of adopting the new standard and recognizing revenue and related cost over time will result in a one-time adjustment to the opening balance of accumulated deficit of approximately $2,000,000 to $4,000,000 as of May 1, 2018. Additionally, we will include expanded disclosures in the notes to financial statements, including the disaggregation of revenue, significant judgments made with regard to revenue recognition, and the reconciliation of contract balances, among other disclosures. The estimated impact of adopting ASU 2014-09, as amended, is based on our best estimates at the time of the preparation of this Annual Report. The actual impact is subject to change prior to our first quarterly filing of our fiscal year 2019. 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 November 2016, the 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, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	3. COMMITMENTS AND CONTINGENCIES Operating Leases Lease # Original Lease Execution Date # of Buildings Occupied Initial Lease Term Expiration Date # of Options to Extend Lease Extended Lease Term Expiration Date (1) 1 December 1998 2 12/31/27 2 12/31/37 2 July 2014 1 1/31/27 2 1/31/37 3 April 2016 1 8/31/23 2 8/31/35 4 April 2016 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 July 2014, we entered into a second lease agreement (the “Second Lease”) to expand our manufacturing capacity (the “Myford Facility”). The Second 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 Second 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 Myford Facility build-out during fiscal year 2016, 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 Second Lease, as amended. In February 2017, we entered into a lease amendment to the Second Lease (the “Second Lease Amendment”), pursuant to which we secured additional vacant warehouse space (the “Expansion Space”) within the same building as our existing Myford Facility. The purpose of the Expansion Space was to expand our biomanufacturing capacity, which we believe could support the growth of our contract manufacturing business. The Second Lease Amendment 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 Second Lease Amendment. In addition, with respect to the Expansion Space, the Second Lease Amendment provided 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 Second 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 Second 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 Second Lease, as amended, which amount is included in restricted cash in the accompanying consolidated balance sheets as of April 30, 2018 and 2017. In April 2016, we entered into a third lease agreement (the “Third Lease”) to lease additional office space. The Third 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 Third 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 Third Lease Additionally, under the terms of the Third 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 Third Lease, which amount is included in restricted cash in the accompanying consolidated balance sheets as of April 30, 2018 and 2017. In April 2016, we entered into a fourth lease agreement (the “Fourth Lease”) to support our manufacturing operations. 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, 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 $250,000 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, 2018 and 2017. 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 facility operating lease agreements totaled $2,935,000, $2,180,000, and $1,265,000 for the fiscal years ended April 30, 2018, 2017, and 2016, respectively. At April 30, 2018, future minimum lease payments under all non-cancelable operating leases are as follows: Year ending April 30,: Minimum Lease Payments 2019 $ 3,006,000 2020 3,036,000 2021 3,116,000 2022 2,789,000 2023 2,730,000 Thereafter 8,632,000 $ 23,309,000 Legal Proceedings On October 10, 2013, a derivative and class action complaint, captioned Michaeli v. Steven W. King, et al.

4. STOCKHOLDERS' EQUITY

4. STOCKHOLDERS' EQUITY	12 Months Ended
	Apr. 30, 2018
Equity [Abstract]
STOCKHOLDERS' EQUITY	4. 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 Avid. The Rights Agreement is not intended to prevent an offer the Board of Directors concludes is in the best interest of Avid 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 Avid’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. Avid 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 During the three fiscal years ended April 30, 2018, we issued shares of our common stock under various financing transactions, as summarized in the following table: Description of Financing Transaction Shares of Common Stock Issued Gross 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 Fiscal Year 2018 At Market Issuance Sales Agreement dated August 7, 2015 1,051,259 $ 4,304,000 Public Offering dated on February 14, 2018 10,294,445 $ 23,163,000 11,345,704 $ 27,467,000 The following represents additional information for each of the financing transactions included in the above table: June 2014 AMI Sales Agreement August 2015 AMI Sales Agreement Equity Distribution Agreement Common Stock Purchase Agreement February 2018 Public Offering On February 20, 2018, we completed the Offering pursuant to which we sold 10,294,445 shares of our common stock, including 1,294,445 shares sold pursuant to the Underwriter’s Over-allotment Option at the public offering price of $2.25 per share. The aggregate gross proceeds we received from the Offering, including the shares sold pursuant to the Over-allotment Option, was $23,163,000, before deducting underwriting discounts and commissions and other offering related expenses of $1,669,000. The Offering was made pursuant to a prospectus supplement filed with the SEC on February 14, 2018 to our shelf registration statement on Form S-3 (File No. 333-222548), which was declared effective by the SEC on January 25, 2018 (“January 2018 Shelf”). As of April 30, 2018, aggregate gross proceeds of up to $101,837,000 remained available to us under the January 2018 Shelf. Sales of Series E Preferred Stock On June 13, 2014, we entered into an At Market Issuance Sales Agreement (“Series E AMI Sales Agreement”) with MLV, pursuant to which we may 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 the fiscal years ended April 30, 2017 and 2016, we sold 70,320 and 2,676 shares of our Series E Preferred Stock, respectively, at market prices under the Series E AMI Sales Agreement, for aggregate gross proceeds of $1,634,000 and $60,000, respectively. 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, 2018: Declaration Date Record Date Payment Date Dividends Paid Dividend Per Share 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 Fiscal Year 2018 6/6/2017 6/19/2017 7/3/2017 $ 1,081,000 $ 0.65625 9/5/2017 9/18/2017 10/2/2017 $ 1,081,000 $ 0.65625 12/7/2017 12/18/2017 1/2/2018 $ 1,081,000 $ 0.65625 3/7/2018 3/19/2018 4/2/2018 $ 1,082,000 $ 0.65625 $ 4,325,000 $ 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, 2018, 55,689,222 shares of our common stock were issued and outstanding. In addition, our common stock outstanding as of April 30, 2018 excluded the following shares of common stock reserved for future issuance: · 5,316,526 shares of common stock reserved for issuance under outstanding option grants and available for issuance under our stock incentive plans; · 1,271,409 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.

5. EQUITY COMPENSATION PLANS

5. EQUITY COMPENSATION PLANS	12 Months Ended
	Apr. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
7. EQUITY COMPENSATION PLANS	5. 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, 2018, we had an aggregate of 5,316,526 shares of our common stock reserved for issuance under the Stock Plans, of which, 3,597,738 shares were subject to outstanding options and 1,718,788 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, 2018, 2017 and 2016, were as follows: Fiscal Year Ended April 30, 2018 2017 2016 Risk-free interest rate 2.21% 1.32% 1.66% Expected life (in years) 6.19 6.12 5.96 Expected volatility 110.43% 111.30% 104.74% Expected dividend yield – – – The following summarizes our stock option transaction activity for fiscal year ended April 30, 2018: Stock Options Shares Weighted Average Exercisable Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (1) Outstanding, May 1, 2017 4,081,548 $ 8.77 Granted 686,097 $ 4.16 Exercised (222,255 ) $ 3.38 Canceled or expired (947,652 ) $ 8.90 Outstanding, April 30, 2018 3,597,738 $ 8.74 4.12 $ 335,000 Exercisable and expected to vest 3,597,738 $ 8.74 4.11 $ 335,000 Exercisable, April 30, 2018 2,891,282 $ 9.86 2.87 $ 219,000 ______________ (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 30, 2018, which was $3.67 per share. The weighted-average grant date fair value of options granted to employees during the fiscal years ended April 30, 2018, 2017 and 2016 was $3.50, $2.86 and $7.09 per share, respectively. The aggregate intrinsic value of stock options exercised during the fiscal years ended April 30, 2018, 2017 and 2016 was $173,000, $11,000 and $93,000, respectively. Cash received from stock options exercised during fiscal years ended April 30, 2018, 2017 and 2016, totaled $752,000, $31,000 and $138,000, 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, 2018, the total estimated unrecognized compensation cost related to non-vested employee stock options was $2,232,000. This cost is expected to be recognized over a weighted average vesting period of 2.63 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 1,271,409 shares remained available to purchase at April 30, 2018, 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, 2018, 2017 and 2016, 88,327, 270,075 and 147,769 shares of our common stock were purchased, respectively, under the ESPP at a weighted average purchase price per share of $3.59, $1.95 and $3.65, 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, 2018, 2017 and 2016 was $1.65, $1.07 and $2.40, respectively, based on the following Black-Scholes option valuation model inputs: Fiscal Year Ended April 30, 2018 2017 2016 Risk-free interest rate 1.10% 0.46% 0.18% Expected life (in years) 0.50 0.50 0.50 Expected volatility 75.18% 105.27% 46.14% 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, 2018, 2017 and 2016 was comprised of the following: 2018 2017 2016 Cost of contract manufacturing $ 378,000 $ 108,000 $ 41,000 Selling, general and administrative 820,000 1,553,000 2,599,000 Discontinued operations 340,000 1,702,000 2,258,000 Total $ 1,538,000 $ 3,363,000 $ 4,898,000 Share-based compensation from: Stock options $ 1,402,000 $ 3,094,000 $ 4,720,000 ESPP 136,000 269,000 178,000 $ 1,538,000 $ 3,363,000 $ 4,898,000 Due to our net loss position, no tax benefits have been recognized in the consolidated statements of cash flows.

6. WARRANTS

6. WARRANTS	12 Months Ended
	Apr. 30, 2018
Warrants and Rights Note Disclosure [Abstract]
WARRANTS	6. WARRANTS No warrants were issued or exercised during fiscal years ended April 30, 2018, 2017 and 2016. As of April 30, 2018, 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.

7. INCOME TAXES

7. INCOME TAXES	12 Months Ended
	Apr. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	7. 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, 2018 and 2017. 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, 2018, 2017, and 2016, and we did not accrue for interest or penalties as of April 30, 2018 and 2017. At April 30, 2018, we had net deferred tax assets of $123,555,000. 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, 2018 and it was determined that no change in ownership had occurred. Ownership changes occurring subsequent to April 30, 2018 may impact the utilization of net operating loss carry forwards and other tax attributes. At April 30, 2018, we had federal net operating loss carry forwards of approximately $433,705,000. 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 $273,091,000 at April 30, 2018, which begin to expire in fiscal year 2029. On May 1, 2018, we adopted ASU 2016-09 (Note 2). Upon adoption, we have excess tax benefits for which a benefit could not previously be recognized of approximately $2.4 million. The balance of the unrecognized excess tax benefits has been reversed with the impact recorded to retained earnings including any change to the valuation allowance as a result of the adoption. Due to the full valuation allowance on the U.S. deferred tax assets, there was no impact to the accompanying consolidated financial statements as a result of adopting ASU 2016-09 other than what is reflected in the accompanying consolidated statements of stockholders’ equity for the fiscal year ended April 30, 2018. The provision for income taxes on our loss from continuing operations consists of the following for the three years ended April 30,: 2018 2017 2016 Federal income taxes at statutory rate $ (6,112,000 ) $ 475,000 $ 1,223,000 State income taxes 155,000 309,000 413,000 Expiration and adjustments of deferred tax assets 1,840,000 1,693,000 1,580,000 Change in valuation allowance (57,599,000 ) (2,616,000 ) (3,511,000 ) Share-based compensation 1,584,000 – – Other, net 6,000 139,000 295,000 Tax Cuts and Jobs Act 60,126,000 – – 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, 2018 and 2017 are as follows: 2018 2017 Share-based compensation $ 4,828,000 $ 9,583,000 Deferred revenue 2,852,000 12,157,000 Deferred rent 568,000 738,000 Other 879,000 2,984,000 Net operating losses 115,236,000 154,030,000 Total deferred tax assets 124,363,000 179,492,000 Less valuation allowance (123,555,000 ) (178,400,000 ) Total deferred tax assets, net of valuation allowance $ 808,000 $ 1,092,000 Deferred tax liabilities: Fixed assets (808,000 ) (1,092,000 ) Total deferred tax liabilities (808,000 ) (1,092,000 ) Net deferred tax assets $ – $ – In December 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act includes a number of changes to existing U.S. tax laws that impact us, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent for tax years. The rate reduction is effective on January 1, 2018. However, as our fiscal year end is April 30, 2018, the statutory corporate tax rate for the fiscal year ended April 30, 2018 will be prorated to 29.73% with the statutory rate for fiscal year 2019 and beyond at 21%. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Accordingly, our deferred tax assets and liabilities were remeasured to reflect the reduction in the U.S. corporate income tax rate from 35 percent to 21 percent, resulting in a provisional $60.1 million increase in tax expense for the fiscal year ended April 30, 2018 and a corresponding provisional $60.1 million decrease in net deferred tax assets as of April 30, 2018. The impact was fully offset by a valuation allowance. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. As discussed above, for the fiscal year ended April 30, 2018, we recognized provisional tax impacts related to the revaluation of deferred tax assets and liabilities, which amounts were fully offset by a valuation allowance. The ultimate impact may differ from these provisional amounts, due to among other things, additional analysis, changes in interpretations and assumptions we have made, additional regulatory guidance that may be issued, and actions we may take as a result of the Tax Act. The accounting is expected to be complete when our 2017 U.S. corporate income tax return is filed in calendar year 2018.

8. RESTRUCTURING

8. RESTRUCTURING	12 Months Ended
	Apr. 30, 2018
Restructuring Costs [Abstract]
Restructuring	8. RESTRUCTURING On August 9, 2017, our Board of Directors approved, and our management implemented, a restructuring plan intended to reduce operating costs and improve cost efficiencies while we pursued strategic options for our research and development assets and focused our efforts on growing our CDMO business. Under this restructuring plan, which we completed in October 2017, we reduced our overall workforce by 57 employees. As a result, during the fiscal quarter ended October 31, 2017, we incurred an aggregate of $1,588,000 in restructuring costs consisting of one-time termination benefits, including severance, and other employee-related costs, of which $330,000 related to our discontinued research and development segment and $1,258,000 related to our contract manufacturing services segment. The restructuring costs associated with our discontinued research and development segment are included in loss from discontinued operations in the accompanying consolidated financial statements for the fiscal year ended April 30, 2018 (Note 9). The restructuring costs associated with our contract manufacturing services segment are included in operating expenses in the accompanying consolidated financial statements for the fiscal year ended April 30, 2018. All restructuring costs were paid as of the fiscal quarter ended January 31, 2018.

9. SALE OF RESEARCH AND DEVELOP

9. SALE OF RESEARCH AND DEVELOPMENT ASSETS	12 Months Ended
	Apr. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
SALE OF RESEARCH AND DEVELOPMENT ASSETS	9. SALE OF RESEARCH AND DEVELOPMENT ASSETS Asset Assignment and Purchase Agreement On February 12, 2018, we entered into an Asset Assignment and Purchase Agreement (the “Purchase Agreement”) with Oncologie, Inc. (“Oncologie”) pursuant to which we sold to Oncologie the majority of our research and development assets, which included the assignment of certain exclusive licenses related to our former PS-targeting program, as well as certain other licenses and assets useful and/or necessary for the potential commercialization of bavituximab. Pursuant to the Purchase Agreement, we are entitled to receive an aggregate of $8 million from Oncologie, payable in three installments over a period of approximately six and one-half months following the date of the Purchase Agreement, of which $3 million was received in March 2018 (first installment) and $3 million was received in June 2018 (second installment). We are also eligible to receive up to an additional $95 million in the event that Oncologie achieves certain development, regulatory and commercialization milestones with respect to bavituximab. In addition, we are eligible to receive royalties on net sales that are upward tiering into the mid-teens in the event that Oncologie commercializes and sells products utilizing bavituximab or the other transferred assets. As of April 30, 2018, no development, regulatory and commercialization milestones as defined in the Purchase Agreement have been achieved by Oncologie. Oncologie is responsible for all future research, development and commercialization of bavituximab, including all related intellectual property costs and all other future liabilities and obligations arising out of the ownership of the transferred assets (i.e., we remain obligated for all liabilities associated with the research and development assets associated with the Purchase Agreement incurred or arising prior to February 13, 2018). In addition, during May 2018, we entered into a separate services agreement with Oncologie to provide contract development and manufacturing services, at our commercial rates, in support of the research and development assets sold under the Purchase Agreement. To date no services have been committed to under the separate services agreement. Discontinued Operations As a result of (i) the sale of our PS-targeting program, (ii) the held for sale classification of our R84 technology, (iii) the abandonment of our remaining research and development assets (including our intent to return the exosome technology back to the original licensor), and (iv) the strategic shift in our corporate direction to focus solely on our CDMO business that will have a major effect on our operations and financial results, the operating results from our research and development segment are reported as a loss from discontinued operations in the accompanying consolidated statements of operations and comprehensive loss for all periods presented (Note 1). Accordingly, the accompanying consolidated financial statements for the fiscal years ended April 30, 2018, 2017 and 2016 reflect the operations and related assets and liabilities of our research and development segment as a discontinued operation. During the fiscal quarter ended April 30, 2018, we recorded a gain of $8 million upon the completion of the Purchase Agreement, which amount is included in loss from discontinued operations in the accompanying consolidated statements of operations and comprehensive loss for the fiscal year ended April 30, 2018. The results of operations presented below include certain allocations that management believes fairly reflect the utilization of services to the research and development segment. The allocations do not include amounts related to general corporate administrative expenses or interest expense. Therefore, the results of operations from the research and development segment do not necessarily reflect what the results of operations would have been had the research and development segment operated as a stand-alone segment. The following table summarizes the results of discontinued operations for the fiscal years ended April 30, 2018, 2017 and 2016: 2018 2017 2016 License revenue $ 25,000 $ – $ 329,000 Operating expenses: Research and development 6,782,000 27,992,000 58,660,000 Selling, general and administrative 2,163,000 1,560,000 1,516,000 Restructuring charges 330,000 – – Total operating expenses 9,275,000 29,552,000 60,176,000 Other income – – 598,000 Gain on sale of research and development assets 8,000,000 – – Loss from discontinued operations $ (1,250,000 ) $ (29,552,000 ) $ (59,249,000 ) The following table summarizes the assets and liabilities of discontinued operations as of April 30, 2018 and 2017: 2018 2017 Assets: Other receivables $ 5,000,000 $ – Prepaid expenses – 652,000 Property and equipment, net – 470,000 Other assets – 304,000 Total assets of discontinued operations $ 5,000,000 $ 1,426,000 Liabilities: Accounts payable $ 32,000 $ 2,779,000 Accrued clinical trial and related fees 3,613,000 4,558,000 Accrued payroll and related costs 614,000 1,029,000 Other liabilities 291,000 357,000 Total liabilities of discontinued operations $ 4,550,000 $ 8,723,000 The carrying value of the assets and liabilities deemed a component of the discontinued research and development segment were not classified as “held for sale” in the accompanying consolidated balance sheets at April 30, 2018 and 2017 as Oncologie did not purchase or assume any of the reported assets or liabilities under the Purchase Agreement.

10. BENEFIT PLAN

10. BENEFIT PLAN	12 Months Ended
	Apr. 30, 2018
Retirement Benefits [Abstract]
BENEFIT PLAN	10. 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 50% of employee contributions of 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 $564,000, $845,000, and $543,000 for the fiscal years ended April 30, 2018, 2017, and 2016, respectively.

11. SELECTED QUARTERLY FINANCIA

11. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Apr. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	11. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial information for each of the two most recent fiscal years is as follows: Quarter Ended July 31, October 31, January 31, April 30, Contract manufacturing revenue $ 27,077,000 $ 12,782,000 $ 6,819,000 $ 6,943,000 Gross profit (loss) (a) $ 6,629,000 $ (3,460,000 ) $ (4,132,000 ) $ (1,961,000 ) Income (loss) from continuing operations $ 2,800,000 $ (8,301,000 ) $ (8,928,000 ) $ (6,134,000 ) Income (loss) from discontinued operations (b)(c) $ (4,005,000 ) $ (4,323,000 ) $ (2,076,000 ) $ 9,154,000 Net income (loss) $ (1,205,000 ) $ (12,624,000 ) $ (11,004,000 ) $ 3,020,000 Series E preferred stock accumulated dividends (d) $ (1,442,000 ) $ (1,442,000 ) $ (1,442,000 ) $ (1,442,000 ) Net income (loss) attributable to common stockholders $ (2,647,000 ) $ (14,066,000 ) $ (12,446,000 ) $ 1,578,000 Basic and diluted weighted average common shares outstanding 44,773,727 45,097,474 45,225,804 53,360,424 Basic and diluted net income (loss) per common share attributable to common stockholders (e) Continuing operations $ 0.03 $ (0.21 ) $ (0.23 ) $ (0.14 ) Discontinued operations $ (0.09 ) $ (0.10 ) $ (0.05 ) $ 0.17 Net income (loss) per common share attributable to common stockholders $ (0.06 ) $ (0.31 ) $ (0.28 ) $ 0.03 Quarter Ended July 31, October 31, January 31, April 30, Contract manufacturing revenue $ 5,609,000 $ 23,370,000 $ 10,747,000 $ 17,904,000 Gross profit $ 2,547,000 $ 7,929,000 $ 2,773,000 $ 6,122,000 Income (loss) from continuing operations $ (2,018,000 ) $ 3,303,000 $ (1,569,000 ) $ 1,677,000 Loss from discontinued operations (b) $ (9,039,000 ) $ (7,359,000 ) $ (6,205,000 ) $ (6,949,000 ) Net loss $ (11,057,000 ) $ (4,056,000 ) $ (7,774,000 ) $ (5,272,000 ) Series E preferred stock accumulated dividends (d) $ (1,380,000 ) $ (1,442,000 ) $ (1,442,000 ) $ (1,442,000 ) Net loss attributable to common stockholders $ (12,437,000 ) $ (5,498,000 ) $ (9,216,000 ) $ (6,714,000 ) Basic and diluted weighted average common shares outstanding 34,227,870 34,973,681 37,258,794 42,141,720 Basic and diluted net income (loss) per common share attributable to common stockholders (e) Continuing operations $ (0.10 ) $ 0.05 $ (0.08 ) $ 0.01 Discontinued operations $ (0.26 ) $ (0.21 ) $ (0.17 ) $ (0.17 ) Net income (loss) per common share attributable to common stockholders $ (0.36 ) $ (0.16 ) $ (0.25 ) $ (0.16 ) ___________________ (a) Gross profit (loss) for the first, second, third, and fourth quarters of fiscal year 2018 includes idle capacity costs of $900,000, $4,938,000, $5,344,000 and $2,784,000, respectively, which amounts were expensed directly to cost of contract manufacturing. No idle capacity costs were incurred during the same prior year periods. (b) As of January 31, 2018, our research and development segment met all the conditions required in order to be classified as a discontinued operation (Note 2). Accordingly, the operating results of our research and development segment are reported as income (loss) from discontinued operations for all periods presented. (c) Income from discontinued operations for the quarter ended April 30, 2018 includes a gain on sale of research and development assets of $8,000,000 (Note 9). (d) 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). (e) Basic and diluted net income (loss) per common share attributable to common stockholders calculations for each of the quarters are based on the basic and diluted weighted average common shares outstanding for each period. As such, the sum of the quarters may not necessarily equal the basic and diluted net income (loss) per common share amount for the fiscal year.

12. SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS	12 Months Ended
	Apr. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS On June 6, 2018, 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, 2018 through June 30, 2018. The cash dividend of $1,081,000 was paid on July 2, 2018 to holders of the Series E Preferred Stock of record on June 18, 2018.

2. SUMMARY OF SIGNIFICANT ACC21

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Apr. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation –
Use of Estimates	Use of Estimates –
Discontinued Operations	Discontinued Operations –
Segment Reporting	Segment Reporting –
Going Concern	Going Concern – At April 30, 2018, we had $42,265,000 in cash and cash equivalents. Our ability to fund our operations is dependent on the amount of cash on hand and our ability to generate sufficient revenue to cover our operations. We have expended substantial funds on our contract manufacturing business and, historically, on the research and development of pharmaceutical product candidates. As a result, we have experienced losses and negative cash flows from operations since our inception, and although we have discontinued our research and development segment (Note 1), we expect negative cash flows from operations to continue until we can generate sufficient revenue to generate positive cash flow from operations. In the event we are unable to secure sufficient business to support our operations, we may need to raise additional capital in the future. 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, and adverse financial results. If we are unable to either raise sufficient capital in the equity markets or generate additional revenue, we may need to further restructure, or cease, 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.
Reclassification	Reclassification In addition, certain amounts related to corporate overhead costs that were allocated to the research and development segment have been reclassified from research and development expense to selling, general and administrative expense in our accompanying consolidated statements of operations and comprehensive loss for all periods presented (Note 9). This reclassification had no effect on previously reported net loss.
Restructuring	Restructuring
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted cash	Restricted Cash
Trade and Other Receivables	Trade and Other Receivables 2018 2017 Trade receivables $ 3,539,000 $ 7,274,000 Other receivables 215,000 468,000 Trade and other receivables $ 3,754,000 $ 7,742,000
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
Inventories	Inventories 2018 2017 Raw materials $ 8,165,000 $ 11,304,000 Work-in-process 7,964,000 13,755,000 Finished goods – 8,040,000 Total inventories $ 16,129,000 $ 33,099,000
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 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, 2018 and 2017, approximately 93% of our trade receivables were due from six or fewer customers. Our contract manufacturing revenue has historically been derived from a small customer base. Historically, these customers have not entered into long-term contracts because their need for drug supply depends on a variety of factors, including a product’s stage of development, the timing of regulatory filings and approvals, the product needs of their collaborators, if applicable, their financial resources and the market demand with respect to commercial product. The percentages below represent revenue derived from each customer (and geographical location) as a percentage of total contract manufacturing revenue during the fiscal years ended April 30, 2018, 2017 and 2016: Geographic Customer Location 2018 2017 2016 Halozyme Therapeutics, Inc. U.S. 55% 58% 69% Coherus BioSciences, Inc. U.S. 22 26 26 Other customers U.S./non-U.S. 23 16 5 Total 100% 100% 100% We attribute contract manufacturing revenue to the individual countries where the customer is headquartered. For fiscal year ended April 30, 2018, contract manufacturing revenue derived from U.S. based customers was 99% of total contract manufacturing revenue. For fiscal years ended April 30, 2017 and 2016, contract manufacturing revenue was derived solely from U.S. based customers.
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, 2018 and 2017, 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). In addition, there were no transfers between any Levels of the fair value hierarchy during the fiscal years ended April 30, 2018 and 2017.
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. 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 that we have manufactured 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.
Share-based Compensation	Share-based Compensation
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, 2018. 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: 2018 2017 2016 Stock options 53,978 – 252,098 ESPP 1,972 45,767 37,862 Total 55,950 45,767 289,960 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: 2018 2017 2016 Stock options 3,636,699 4,156,421 2,740,922 Warrants 39,040 39,040 39,040 Series E Preferred Stock 1,978,783 1,955,588 1,893,122 Total 5,654,522 6,151,049 4,673,084
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective May 1, 2017, we adopted Accounting Standards Update (“ASU”) 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory Effective May 1, 2017, we adopted ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Effective May 1, 2017, we adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting
Pending Adoption of Recent Accounting Pronouncements	Pending Adoption of Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers On May 1, 2018, we adopted ASU 2014-09, as amended, for all contracts not completed as of the adoption date using the modified retrospective method. In assessing the impact, we have identified and implemented appropriate changes to our business policies, processes, and controls to support the adoption, recognition and disclosures under the new standard. We have reviewed the related critical terms and conditions of our existing contracts with customers and assessed the differences in accounting for such contracts under the new standard compared with current standards including the identification of performance obligations related to revenue generating activities, and determined the appropriate timing and measurement of revenue related to the performance obligations. Additionally, we have identified our significant revenue streams; manufacturing revenue and process development revenue. Based on our analysis, we have concluded that the new standard will have a significant impact on our revenue streams as it relates to the timing of the recognition of contract manufacturing revenue associated with goods or services provided to customers with no alternative use, that were previously recognized upon completion, as such revenue will now be recognized over time utilizing an input method that compares the cost of cumulative work in process to date to the most current estimates for the entire cost of the performance obligation. Under these customer agreements the customer retains control of the product as it is being created or enhanced by our services and/or we are entitled to compensation for progress to date that includes an element of profit margin. Contract manufacturing revenue of approximately $9,000,000 to $12,000,000, which would have otherwise been reflected in the consolidated statements of operations for the fiscal year ended April 30, 2019, will be recorded in equity as part of a cumulative effect adjustment as of May 1, 2018. The cumulative impact of adopting the new standard and recognizing revenue and related cost over time will result in a one-time adjustment to the opening balance of accumulated deficit of approximately $2,000,000 to $4,000,000 as of May 1, 2018. Additionally, we will include expanded disclosures in the notes to financial statements, including the disaggregation of revenue, significant judgments made with regard to revenue recognition, and the reconciliation of contract balances, among other disclosures. The estimated impact of adopting ASU 2014-09, as amended, is based on our best estimates at the time of the preparation of this Annual Report. The actual impact is subject to change prior to our first quarterly filing of our fiscal year 2019. 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 November 2016, the 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, 2018
Accounting Policies [Abstract]
Trade and Other Receivables	2018 2017 Trade receivables $ 3,539,000 $ 7,274,000 Other receivables 215,000 468,000 Trade and other receivables $ 3,754,000 $ 7,742,000
Inventories	2018 2017 Raw materials $ 8,165,000 $ 11,304,000 Work-in-process 7,964,000 13,755,000 Finished goods – 8,040,000 Total inventories $ 16,129,000 $ 33,099,000
Customer Revenue	Geographic Customer Location 2018 2017 2016 Halozyme Therapeutics, Inc. U.S. 55% 58% 69% Coherus BioSciences, Inc. U.S. 22 26 26 Other customers U.S./non-U.S. 23 16 5 Total 100% 100% 100%
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: 2018 2017 2016 Stock options 53,978 – 252,098 ESPP 1,972 45,767 37,862 Total 55,950 45,767 289,960 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: 2018 2017 2016 Stock options 3,636,699 4,156,421 2,740,922 Warrants 39,040 39,040 39,040 Series E Preferred Stock 1,978,783 1,955,588 1,893,122 Total 5,654,522 6,151,049 4,673,084

3. COMMITMENTS AND CONTINGENC23

3. COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Apr. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of operating leases	Lease # Original Lease Execution Date # of Buildings Occupied Initial Lease Term Expiration Date # of Options to Extend Lease Extended Lease Term Expiration Date (1) 1 December 1998 2 12/31/27 2 12/31/37 2 July 2014 1 1/31/27 2 1/31/37 3 April 2016 1 8/31/23 2 8/31/35 4 April 2016 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 2019 $ 3,006,000 2020 3,036,000 2021 3,116,000 2022 2,789,000 2023 2,730,000 Thereafter 8,632,000 $ 23,309,000

4. STOCKHOLDERS' EQUITY (Tables

4. STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Apr. 30, 2018
Preferred Stock
Schedule of preferred stock dividends	Declaration Date Record Date Payment Date Dividends Paid Dividend Per Share 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 Fiscal Year 2018 6/6/2017 6/19/2017 7/3/2017 $ 1,081,000 $ 0.65625 9/5/2017 9/18/2017 10/2/2017 $ 1,081,000 $ 0.65625 12/7/2017 12/18/2017 1/2/2018 $ 1,081,000 $ 0.65625 3/7/2018 3/19/2018 4/2/2018 $ 1,082,000 $ 0.65625 $ 4,325,000 $ 2.62500
Common Stock
Schedule of stock issued under financing transactions	Description of Financing Transaction Shares of Common Stock Issued Gross 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 Fiscal Year 2018 At Market Issuance Sales Agreement dated August 7, 2015 1,051,259 $ 4,304,000 Public Offering dated on February 14, 2018 10,294,445 $ 23,163,000 11,345,704 $ 27,467,000

5. EQUITY COMPENSATION PLANS (T

5. EQUITY COMPENSATION PLANS (Tables)	12 Months Ended
	Apr. 30, 2018
Share-based compensation expense	2018 2017 2016 Cost of contract manufacturing $ 378,000 $ 108,000 $ 41,000 Selling, general and administrative 820,000 1,553,000 2,599,000 Discontinued operations 340,000 1,702,000 2,258,000 Total $ 1,538,000 $ 3,363,000 $ 4,898,000 Share-based compensation from: Stock options $ 1,402,000 $ 3,094,000 $ 4,720,000 ESPP 136,000 269,000 178,000 $ 1,538,000 $ 3,363,000 $ 4,898,000
Equity Option [Member]
Fair value valuation assumptions	Fiscal Year Ended April 30, 2018 2017 2016 Risk-free interest rate 2.21% 1.32% 1.66% Expected life (in years) 6.19 6.12 5.96 Expected volatility 110.43% 111.30% 104.74% Expected dividend yield – – –
Schedule of stock option transaction activity	Stock Options Shares Weighted Average Exercisable Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (1) Outstanding, May 1, 2017 4,081,548 $ 8.77 Granted 686,097 $ 4.16 Exercised (222,255 ) $ 3.38 Canceled or expired (947,652 ) $ 8.90 Outstanding, April 30, 2018 3,597,738 $ 8.74 4.12 $ 335,000 Exercisable and expected to vest 3,597,738 $ 8.74 4.11 $ 335,000 Exercisable, April 30, 2018 2,891,282 $ 9.86 2.87 $ 219,000
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, 2018 2017 2016 Risk-free interest rate 1.10% 0.46% 0.18% Expected life (in years) 0.50 0.50 0.50 Expected volatility 75.18% 105.27% 46.14% Expected dividend yield – – –

7. INCOME TAXES (Tables)

7. INCOME TAXES (Tables)	12 Months Ended
	Apr. 30, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	2018 2017 2016 Federal income taxes at statutory rate $ (6,112,000 ) $ 475,000 $ 1,223,000 State income taxes 155,000 309,000 413,000 Expiration and adjustments of deferred tax assets 1,840,000 1,693,000 1,580,000 Change in valuation allowance (57,599,000 ) (2,616,000 ) (3,511,000 ) Share-based compensation 1,584,000 – – Other, net 6,000 139,000 295,000 Tax Cuts and Jobs Act 60,126,000 – – Income tax (expense) benefit $ – $ – $ –
Deferred income taxes	2018 2017 Share-based compensation $ 4,828,000 $ 9,583,000 Deferred revenue 2,852,000 12,157,000 Deferred rent 568,000 738,000 Other 879,000 2,984,000 Net operating losses 115,236,000 154,030,000 Total deferred tax assets 124,363,000 179,492,000 Less valuation allowance (123,555,000 ) (178,400,000 ) Total deferred tax assets, net of valuation allowance $ 808,000 $ 1,092,000 Deferred tax liabilities: Fixed assets (808,000 ) (1,092,000 ) Total deferred tax liabilities (808,000 ) (1,092,000 ) Net deferred tax assets $ – $ –

9. SALE OF RESEARCH AND DEVEL27

9. SALE OF RESEARCH AND DEVELOPMENT ASSETS (Tables)	12 Months Ended
	Apr. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations summary	The following table summarizes the results of discontinued operations for the fiscal years ended April 30, 2018, 2017 and 2016: 2018 2017 2016 License revenue $ 25,000 $ – $ 329,000 Operating expenses: Research and development 6,782,000 27,992,000 58,660,000 Selling, general and administrative 2,163,000 1,560,000 1,516,000 Restructuring charges 330,000 – – Total operating expenses 9,275,000 29,552,000 60,176,000 Other income – – 598,000 Gain on sale of research and development assets 8,000,000 – – Loss from discontinued operations $ (1,250,000 ) $ (29,552,000 ) $ (59,249,000 ) The following table summarizes the assets and liabilities of discontinued operations as of April 30, 2018 and 2017: 2018 2017 Assets: Other receivables $ 5,000,000 $ – Prepaid expenses – 652,000 Property and equipment, net – 470,000 Other assets – 304,000 Total assets of discontinued operations $ 5,000,000 $ 1,426,000 Liabilities: Accounts payable $ 32,000 $ 2,779,000 Accrued clinical trial and related fees 3,613,000 4,558,000 Accrued payroll and related costs 614,000 1,029,000 Other liabilities 291,000 357,000 Total liabilities of discontinued operations $ 4,550,000 $ 8,723,000

11. SELECTED QUARTERLY FINANC28

11. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Apr. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected quarterly financial information for each of the two most recent fiscal	Selected quarterly financial information for each of the two most recent fiscal years is as follows: Quarter Ended July 31, October 31, January 31, April 30, Contract manufacturing revenue $ 27,077,000 $ 12,782,000 $ 6,819,000 $ 6,943,000 Gross profit (loss) (a) $ 6,629,000 $ (3,460,000 ) $ (4,132,000 ) $ (1,961,000 ) Income (loss) from continuing operations $ 2,800,000 $ (8,301,000 ) $ (8,928,000 ) $ (6,134,000 ) Income (loss) from discontinued operations (b)(c) $ (4,005,000 ) $ (4,323,000 ) $ (2,076,000 ) $ 9,154,000 Net income (loss) $ (1,205,000 ) $ (12,624,000 ) $ (11,004,000 ) $ 3,020,000 Series E preferred stock accumulated dividends (d) $ (1,442,000 ) $ (1,442,000 ) $ (1,442,000 ) $ (1,442,000 ) Net income (loss) attributable to common stockholders $ (2,647,000 ) $ (14,066,000 ) $ (12,446,000 ) $ 1,578,000 Basic and diluted weighted average common shares outstanding 44,773,727 45,097,474 45,225,804 53,360,424 Basic and diluted net income (loss) per common share attributable to common stockholders (e) Continuing operations $ 0.03 $ (0.21 ) $ (0.23 ) $ (0.14 ) Discontinued operations $ (0.09 ) $ (0.10 ) $ (0.05 ) $ 0.17 Net income (loss) per common share attributable to common stockholders $ (0.06 ) $ (0.31 ) $ (0.28 ) $ 0.03 Quarter Ended July 31, October 31, January 31, April 30, Contract manufacturing revenue $ 5,609,000 $ 23,370,000 $ 10,747,000 $ 17,904,000 Gross profit $ 2,547,000 $ 7,929,000 $ 2,773,000 $ 6,122,000 Income (loss) from continuing operations $ (2,018,000 ) $ 3,303,000 $ (1,569,000 ) $ 1,677,000 Loss from discontinued operations (b) $ (9,039,000 ) $ (7,359,000 ) $ (6,205,000 ) $ (6,949,000 ) Net loss $ (11,057,000 ) $ (4,056,000 ) $ (7,774,000 ) $ (5,272,000 ) Series E preferred stock accumulated dividends (d) $ (1,380,000 ) $ (1,442,000 ) $ (1,442,000 ) $ (1,442,000 ) Net loss attributable to common stockholders $ (12,437,000 ) $ (5,498,000 ) $ (9,216,000 ) $ (6,714,000 ) Basic and diluted weighted average common shares outstanding 34,227,870 34,973,681 37,258,794 42,141,720 Basic and diluted net income (loss) per common share attributable to common stockholders (e) Continuing operations $ (0.10 ) $ 0.05 $ (0.08 ) $ 0.01 Discontinued operations $ (0.26 ) $ (0.21 ) $ (0.17 ) $ (0.17 ) Net income (loss) per common share attributable to common stockholders $ (0.36 ) $ (0.16 ) $ (0.25 ) $ (0.16 ) ___________________ (a) Gross profit (loss) for the first, second, third, and fourth quarters of fiscal year 2018 includes idle capacity costs of $900,000, $4,938,000, $5,344,000 and $2,784,000, respectively, which amounts were expensed directly to cost of contract manufacturing. No idle capacity costs were incurred during the same prior year periods. (b) As of January 31, 2018, our research and development segment met all the conditions required in order to be classified as a discontinued operation (Note 2). Accordingly, the operating results of our research and development segment are reported as income (loss) from discontinued operations for all periods presented. (c) Income from discontinued operations for the quarter ended April 30, 2018 includes a gain on sale of research and development assets of $8,000,000 (Note 9). (d) 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). (e) Basic and diluted net income (loss) per common share attributable to common stockholders calculations for each of the quarters are based on the basic and diluted weighted average common shares outstanding for each period. As such, the sum of the quarters may not necessarily equal the basic and diluted net income (loss) per common share amount for the fiscal year.

2. SUMMARY OF SIGNIFICANT ACC29

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Receivables) - USD ($)	Apr. 30, 2018	Apr. 30, 2017
Accounting Policies [Abstract]
Trade receivables	$ 3,539,000	$ 7,274,000
Other receivables	215,000	468,000
Trade and other receivables	$ 3,754,000	$ 7,742,000

2. SUMMARY OF SIGNIFICANT ACC30

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Inventories) - USD ($)	Apr. 30, 2018	Apr. 30, 2017
Accounting Policies [Abstract]
Raw materials	$ 8,165,000	$ 11,304,000
Work-in-process	7,964,000	13,755,000
Finished goods	0	8,040,000
Total inventories	$ 16,129,000	$ 33,099,000

2. SUMMARY OF SIGNIFICANT ACC31

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Percentage breakdown)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Customer revenue as a percentage of revenue	100.00%	100.00%	100.00%
Halozyme Therapeutics, Inc [Member]
Customer revenue as a percentage of revenue	55.00%	58.00%	69.00%
Coherus Biosciences, Inc.
Customer revenue as a percentage of revenue	22.00%
Other Customers
Customer revenue as a percentage of revenue	23.00%	16.00%	5.00%
Coherus Biosciences, Inc. [Member]
Customer revenue as a percentage of revenue		26.00%	26.00%

2. SUMMARY OF SIGNIFICANT ACC32

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Antidilutive shares) - shares	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Stock Options
Dilutive effect of shares on diluted shares outstanding	53,978	0	252,098
Employee Stock Purchase Plan [Member]
Dilutive effect of shares on diluted shares outstanding	1,972	45,767	37,862
Options and ESPP [Member]
Dilutive effect of shares on diluted shares outstanding	55,950	45,767	289,960

2. SUMMARY OF SIGNIFICANT ACC33

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Antidilutive shares, conversion price) - If Converted Method [Member] - shares	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Stock Options [Member]
Dilutive effect of shares on diluted shares outstanding	3,636,699	4,156,421	2,740,922
Warrants
Dilutive effect of shares on diluted shares outstanding	39,040	39,040	39,040
Series E Preferred Stock [Member]
Dilutive effect of shares on diluted shares outstanding	1,978,783	1,955,588	1,893,122
Option, Warrants, Series E Preferred Stock [Member]
Dilutive effect of shares on diluted shares outstanding	5,654,522	6,151,049	4,673,084

2. SUMMARY OF SIGNIFICANT ACC34

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Cash and cash equivalents	$ 42,265,000	$ 46,799,000	$ 61,412,000	$ 68,001,000
Restricted cash pledged as collateral	1,150,000	1,150,000
Allowance for doubtful accounts - other receivables	0	0
Idle capacity costs	$ 13,966,000	$ 0	$ 0
Estimated useful lives of property and equipment	3 to 10 years
Concentration risk percentage	100.00%	100.00%	100.00%
Accounts Receivable [Member] | Six Customers [Member]
Concentration risk percentage	93.00%	93.00%

3. COMMITMENTS AND CONTINGENC35

3. COMMITMENTS AND CONTINGENCIES (Details-Schedule of leases)	12 Months Ended
	Apr. 30, 2018Number
Lease 1 [Member]
Number of buildings occupied	2
Initial lease term expiration date	Dec. 31, 2027
Number of options to extend lease	2
Extended lease term expiration date	Dec. 31, 2037	[1]
Lease 2 [Member]
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 3 [Member]
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 4 [Member]
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, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 3,006,000
2,020	3,036,000
2,021	3,116,000
2,022	2,789,000
2,023	2,730,000
Thereafter	8,632,000
Operating Leases, Future Minimum Payments Due	$ 23,309,000

3. COMMITMENTS AND CONTINGENC37

3. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Annual rent expense	$ 2,935,000	$ 2,180,000	$ 1,265,000

4. STOCKHOLDERS EQUITY (Details

4. STOCKHOLDERS EQUITY (Details - Common stock issuances) - Common Stock - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Number of common stock shares issued, shares	11,345,704	9,887,726	6,053,175
Gross proceeds from the sale of common stock	$ 27,467,000	$ 31,277,000	$ 45,872,000
June 13, 2014 Financing [Member]
Number of common stock shares issued, shares			1,232,821
Gross proceeds from the sale of common stock			$ 11,456,000
August 7, 2015 Financing [Member]
Number of common stock shares issued, shares	1,051,259	6,137,403	964,523
Gross proceeds from the sale of common stock	$ 4,304,000	$ 18,246,000	$ 7,447,000
Equity Distribution Agreement August 7, 2015 [Member]
Number of common stock shares issued, shares			1,210,328
Gross proceeds from the sale of common stock			$ 6,969,000
Common Stock Purchase Agreement October 30, 2015 [Member]
Number of common stock shares issued, shares			2,645,503
Gross proceeds from the sale of common stock			$ 20,000,000
EquityAug2015Member
Number of common stock shares issued, shares	10,294,445	3,750,323
Gross proceeds from the sale of common stock	$ 23,163,000	$ 13,031,000

4. STOCKHOLDERS EQUITY (Detai39

4. STOCKHOLDERS EQUITY (Details - Preferred Stock Dividends) - Series E Preferred Stock [Member] - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
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			$ 0.65625
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			$ 0.65625
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			$ 0.65625
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			$ 0.65625
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		$ 0.65625
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		$ 0.65625
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		$ 0.65625
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		$ 0.65625
Fiscal Year 2017 [Member]
Total dividends paid		$ 4,279,000
Dividend per share		$ 2.62500
Fiscal Year 2018, Qtr 1 [Member]
Declaration Date	Jun. 6, 2017
Record date	Jun. 19, 2017
Payment date	Jul. 3, 2017
Total dividends paid	$ 1,081,000
Dividend per share	$ 0.65625
Fiscal Year 2018, Qtr 2 [Member]
Declaration Date	Sep. 5, 2017
Record date	Sep. 18, 2017
Payment date	Oct. 2, 2017
Total dividends paid	$ 1,081,000
Dividend per share	$ 0.65625
Fiscal Year 2018, Qtr 3 [Member]
Declaration Date	Dec. 7, 2017
Record date	Dec. 18, 2017
Payment date	Jan. 2, 2018
Total dividends paid	$ 1,081,000
Dividend per share	$ 0.65625
Fiscal Year 2018, Qtr 4 [Member]
Declaration Date	Mar. 7, 2018
Record date	Mar. 19, 2018
Payment date	Apr. 2, 2018
Total dividends paid	$ 1,082,000
Dividend per share	$ 0.65625
Fiscal Year 2018 [Member]
Total dividends paid	$ 4,325,000
Dividend per share	$ 2.625

4. STOCKHOLDERS' EQUITY (Detail

4. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Series E preferred stock issued for cash, value		$ 1,634,000	$ 60,000
August 2015 AMI Sales Agreement [Member[
Aggregate gross proceeds available in offering	$ 30,000,000
Equity Distribution Agreement [Member]
Aggregate gross proceeds available in offering			$ 20,000,000
Common Stock Purchase Agreement [Member]
Number of common stock shares issued, shares		2,645,503
Gross proceeds from the sale of common stock		$ 20,000,000
Issuance costs		$ 1,000
Common Stock
Number of common stock shares issued, shares	11,345,704	9,887,726	6,053,175
Gross proceeds from the sale of common stock	$ 27,467,000	$ 31,277,000	$ 45,872,000
Issuance costs	1,780,000	827,000	677,000
Common Stock | June 2014 AMI Agreement
Aggregate gross proceeds available in offering		25,000,000
Series E Preferred Stock [Member]
Issuance costs	$ 0	$ 58,000	$ 1,000
Series E preferred stock issued for cash, shares		70,320	2,676

5. EQUITY COMPENSATION PLANS (D

5. EQUITY COMPENSATION PLANS (Details - Assumptions) - Equity Option [Member]	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Risk-free interest rate	2.21%	1.32%	1.66%
Expected life (in years)	6 years 2 months 8 days	6 years 1 month 13 days	5 years 11 months 16 days
Expected volatility	110.43%	111.30%	104.74%
Expected dividend yield

5. EQUITY COMPENSATION PLANS 42

5. EQUITY COMPENSATION PLANS (Details - Option activity) - Equity Option [Member]	12 Months Ended
	Apr. 30, 2018USD ($)$ / sharesshares
Number of Options
Number of Options Outstanding, Beginning | shares	4,081,548
Number of Options Granted | shares	686,097
Number of Options Exercised | shares	(222,255)
Number of Options Cancelled or Expired | shares	(947,652)
Number of Options Outstanding, Ending | shares	3,597,738
Exercisable and expected to vest | shares	3,597,738
Exercisable at period end | shares	2,891,282
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning | $ / shares	$ 8.77
Weighted Average Exercise Price Granted | $ / shares	4.16
Weighted Average Exercise Price Exercised | $ / shares	3.38
Weighted Average Exercise Price Canceled | $ / shares	8.9
Weighted Average Exercise Price Outstanding, Ending | $ / shares	8.74
Weighted Average Exercise Price, Exercisable and expected to vest | $ / shares	8.74
Weighted Average Exercise Price Exercisable, at period end | $ / shares	$ 9.86
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years) Outstanding	4 years 1 month 13 days
Weighted Average Remaining Contractual Life (in years) Vested and expected to vest	4 years 1 month 9 days
Weighted Average Remaining Contractual Life (in years) Exercisable, at period end	2 years 10 months 14 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding | $	$ 335,000
Aggregate Intrinsic Value vested and expected to vest | $	335,000
Aggregate Intrinsic Value Exercisable at period end | $	$ 219,000

5. EQUITY COMPENSATION PLANS 43

5. EQUITY COMPENSATION PLANS (Details - Assumptions Employss Stock Purchase Plan) - Employee Stock Purchase Plan [Member]	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Risk-free interest rate	1.10%	0.46%	0.18%
Expected life (in years)	6 months	6 months	6 months
Expected volatility	75.18%	105.27%	46.14%
Expected dividend yield	0.00%	0.00%	0.00%

5. EQUITY COMPENSATION PLANS 44

5. EQUITY COMPENSATION PLANS (Details - Share based compensation) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Share based compensation	$ 1,538,000	$ 3,363,000	$ 4,898,000
Cost of contract manufacturing
Share based compensation	378,000	108,000	41,000
Selling, general and administrative
Share based compensation	820,000	1,553,000	2,599,000
Discontinued operations
Share based compensation	$ 340,000	$ 1,702,000	$ 2,258,000

5. EQUITY COMPENSATION PLANS 45

5. EQUITY COMPENSATION PLANS (Details - Share-based compensation awards) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Share based compensation	$ 1,538,000	$ 3,363,000	$ 4,898,000
Employee Stock Purchase Plan [Member]
Share based compensation	1,402,000	3,094,000	4,720,000
Equity Option [Member]
Share based compensation	$ 136,000	$ 269,000	$ 178,000

5. EQUITY COMPENSATION PLANS 46

5. EQUITY COMPENSATION PLANS (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Cash received from stock options exercised	$ 752,000	$ 31,000	$ 138,000
Employee Stock Purchase Plan [Member]
Common shares reserved for issuance	2,142,857
Shares available for purchase	1,271,409
Stock issued during period, ESPP	88,327	270,075	147,769
ESPO weighted average purchase price	$ 3.59	$ 1.95	$ 3.65
Weighted average grant date fair value, other than options	$ 1.65	1.07	2.40
Stock Option [Member]
Common shares reserved for issuance	3,597,738
Weighted-average grant date fair value of options granted	$ 3.50	$ 2.86	$ 7.09
Aggregate intrinsic value of stock options exercised	$ 173,000	$ 11,000	$ 93,000
Cash received from stock options exercised	752,000	$ 31,000	$ 138,000
Unrecognized compensation costs related to non-vested stock options	$ 2,232,000
Unrecognized compensation cost weighted average vesting period	2 years 7 months 17 days
Share-based awards [Member]
Common shares reserved for issuance	1,718,788
Stock Incentive Plans [Member]
Common shares reserved for issuance	5,316,526

6. WARRANTS (Details Narrative)

6. WARRANTS (Details Narrative) - Warrants - $ / shares	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
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

7. INCOME TAXES (Details - Prov

7. INCOME TAXES (Details - Provision for Income taxes) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	$ (6,112,000)	$ 475,000	$ 1,223,000
State income taxes	155,000	309,000	413,000
Expiration and adjustments of deferred tax assets	1,840,000	1,693,000	1,580,000
Change in valuation allowance	(57,599,000)	(2,616,000)	(3,511,000)
Share-based compensation	1,584,000	0	0
Other, net	6,000	139,000	295,000
Tax Cuts and Jobs Act	60,126,000	0	0
Income tax (expense) benefit	$ 0	$ 0	$ 0

7. INCOME TAXES (Details - Defe

7. INCOME TAXES (Details - Deferred income taxes) - USD ($)	Apr. 30, 2018	Apr. 30, 2017
Income Tax Disclosure [Abstract]
Share-based compensation	$ 4,828,000	$ 9,583,000
Deferred revenue	2,852,000	12,157,000
Deferred rent	568,000	738,000
Other	879,000	2,984,000
Net operating losses	115,236,000	154,030,000
Total deferred tax assets	124,363,000	179,492,000
Less valuation allowance	(123,555,000)	(178,400,000)
Net deferred tax assets	808,000	1,092,000
Deferred tax liabilities:
Fixed assets	(808,000)	(1,092,000)
Total deferred tax liabilities	(808,000)	(1,092,000)
Net deferred tax assets	$ 0	$ 0

7. INCOME TAXES (Details Narrat

7. INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
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
U.S. corporate income tax rate	21.00%
Domestic Country [Member]
Net operating loss carry forward	$ 433,705,000
Operating loss carryforward expiration dates	2019 through 2037
State and Local Jurisdiction [Member]
Net operating loss carry forward	$ 273,091,000
Operating loss carryforward expiration dates	2,029

8. RESTRUCTURING (Details Narra

8. RESTRUCTURING (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Aggregate restructuring costs	$ 1,258,000	$ 0	$ 0
Restructuring [Member]
Workforce reduction	We reduced our overall workforce by 57 employees
Aggregate restructuring costs	$ 1,588,000
Restructuring [Member] | Contract Manufacturing Services Segment [Member]
Aggregate restructuring costs	1,258,000
Restructuring [Member] | Research and Development Segment [Member]
Aggregate restructuring costs	$ 330,000

9. SALE OF RESEARCH AND DEVEL52

9. SALE OF RESEARCH AND DEVELOPMENT ASSETS (Details) - USD ($)	3 Months Ended																12 Months Ended
	Apr. 30, 2018	[1],[2]	Jan. 31, 2018	[1],[2]	Oct. 31, 2017	[1],[2]	Jul. 31, 2017	[1],[2]	Apr. 30, 2017	[1]	Jan. 31, 2017	[1]	Oct. 31, 2016	[1]	Jul. 31, 2016	[1]	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Gain on sale of research and development assets																	$ 8,000,000	$ 0	$ 0
Loss from discontinued operations	$ 9,154,000		$ (2,076,000)		$ (4,323,000)		$ (4,005,000)		$ (6,949,000)		$ (6,205,000)		$ (7,359,000)		$ (9,039,000)		(1,250,000)	(29,552,000)	(59,249,000)
Discontinued Operations [Member] [Default Label]
License revenue																	25,000	0	329,000
Total operating expenses																	9,275,000	29,552,000	60,176,000
Other income																	0	0	598,000
Gain on sale of research and development assets																	8,000,000	0	0
Loss from discontinued operations																	(1,250,000)	(29,552,000)	(59,249,000)
Discontinued Operations [Member] [Default Label] | Research and Development Expense [Member]
Total operating expenses																	6,782,000	27,992,000	58,660,000
Discontinued Operations [Member] [Default Label] | Selling, General and Administrative Expenses [Member]
Total operating expenses																	2,163,000	1,560,000	1,516,000
Discontinued Operations [Member] [Default Label] | Restructuring Charges [Member]
Total operating expenses																	$ 330,000	$ 0	$ 0
[1]	As of January 31, 2018, our research and development segment met all the conditions required in order to be classified as a discontinued operation (Note 2). Accordingly, the operating results of our research and development segment are reported as income (loss) from discontinued operations for all periods presented.
[2]	Income from discontinued operations for the quarter ended April 30, 2018 includes a gain on sale of research and development assets of $8,000,000 (Note 9).

9. SALE OF RESEARCH AND DEVEL53

9. SALE OF RESEARCH AND DEVELOPMENT ASSETS (Details - Balance Sheet) - USD ($)	Apr. 30, 2018	Apr. 30, 2017
Assets:
Prepaid expenses	$ 679,000	$ 808,000
Property and equipment, net	26,479,000	26,045,000
Total assets of discontinued operations	5,000,000	1,426,000
Liabilities:
Accrued payroll and related costs	2,564,000	5,055,000
Discontinued Operations [Member] [Default Label]
Assets:
Other receivables	5,000,000	0
Prepaid expenses	0	652,000
Property and equipment, net	0	470,000
Other assets	0	304,000
Total assets of discontinued operations	5,000,000	1,426,000
Liabilities:
Accounts payable	32,000	2,779,000
Accrued clinical trial and related fees	3,613,000	4,558,000
Accrued payroll and related costs	614,000	1,029,000
Other liabilities	291,000	357,000
Total liabilities of discontinued operations	$ 4,550,000	$ 8,723,000

9. SALE OF RESEARCH AND DEVEL54

9. SALE OF RESEARCH AND DEVELOPMENT ASSETS (Details Narrative)	10 Months Ended
	Mar. 14, 2018USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of business segment	$ 8,000,000
Terms of sale	The $8 million is expected to be paid over a period of 6.5 months in three installments.

10. BENEFIT PLAN (Details Narra

10. BENEFIT PLAN (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Retirement Benefits [Abstract]
Matching contributions	$ 564,000	$ 845,000	$ 543,000

11. SELECTED QUARTERLY FINANC56

11. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)		3 Months Ended																12 Months Ended
		Apr. 30, 2018		Jan. 31, 2018		Oct. 31, 2017		Jul. 31, 2017		Apr. 30, 2017		Jan. 31, 2017		Oct. 31, 2016		Jul. 31, 2016		Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Contract manufacturing revenue		$ 6,943,000		$ 6,819,000		$ 12,782,000		$ 27,077,000		$ 17,904,000		$ 10,747,000		$ 23,370,000		$ 5,609,000
Gross profit		(1,961,000)	[1]	(4,132,000)	[1]	(3,460,000)	[1]	6,629,000	[1]	6,122,000		2,773,000		7,929,000		2,547,000		$ (2,924,000)	$ 19,371,000	$ 21,391,000
Income (loss) from continuing operations		(6,134,000)		(8,928,000)		(8,301,000)		2,800,000		1,677,000		(1,569,000)		3,303,000		(2,018,000)
Income (loss) from discontinued operations		9,154,000	[2],[3]	(2,076,000)	[2],[3]	(4,323,000)	[2],[3]	(4,005,000)	[2],[3]	(6,949,000)	[2]	(6,205,000)	[2]	(7,359,000)	[2]	(9,039,000)	[2]	(1,250,000)	(29,552,000)	(59,249,000)
Net income (loss)		3,020,000		(11,004,000)		(12,624,000)		(1,205,000)		(5,272,000)		(7,774,000)		(4,056,000)		(11,057,000)		(21,813,000)	(28,159,000)	(55,652,000)
Series E preferred stock accumulated dividends	[4]	(1,442,000)		(1,442,000)		(1,442,000)		(1,442,000)		(1,442,000)		(1,442,000)		(1,442,000)		(1,380,000)
Net income (loss) attributable to common stockholders		$ 1,578,000		$ (12,446,000)		$ (14,066,000)		$ (2,647,000)		$ (6,714,000)		$ (9,216,000)		$ (5,498,000)		$ (12,437,000)		$ (26,499,000)	$ (32,799,000)	$ (60,136,000)
Basic and diluted weighted average common shares outstanding		53,360,424		45,225,804		45,097,474		44,773,727		42,141,720		37,258,794		34,973,681		34,227,870		47,063,020	37,109,493	30,895,089
Basic and diluted net loss per common share attributable to common stockholders - Continuing operations		$ (0.14)	[5]	$ (0.23)	[5]	$ (0.21)	[5]	$ 0.03	[5]	$ 0.01	[5]	$ (0.08)	[5]	$ 0.05	[5]	$ (0.10)	[5]	$ (0.53)	$ (0.09)	$ (0.03)
Basic and diluted net loss per common share attributable to common stockholders - Discontinued operations		0.17	[5]	(0.05)	[5]	(0.10)	[5]	(0.09)	[5]	(0.17)	[5]	(0.17)	[5]	(0.21)	[5]	(0.26)	[5]	(0.03)	(0.79)	(1.92)
Net loss per share attributable to common stockholders		$ 0.03		$ (0.28)		$ (0.31)		$ (0.06)		$ (0.16)		$ (0.25)		$ (0.16)		$ (0.36)		$ (0.56)	$ (0.88)	$ (1.95)
[1]	Gross profit (loss) for the first, second, third, and fourth quarters of fiscal year 2018 includes idle capacity costs of $900,000, $4,938,000, $5,344,000 and $2,784,000, respectively, which amounts were expensed directly to cost of contract manufacturing. No idle capacity costs were incurred during the same prior year periods.
[2]	As of January 31, 2018, our research and development segment met all the conditions required in order to be classified as a discontinued operation (Note 2). Accordingly, the operating results of our research and development segment are reported as income (loss) from discontinued operations for all periods presented.
[3]	Income from discontinued operations for the quarter ended April 30, 2018 includes a gain on sale of research and development assets of $8,000,000 (Note 9).
[4]	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).
[5]	Basic and diluted net income (loss) per common share attributable to common stockholders calculations for each of the quarters are based on the basic and diluted weighted average common shares outstanding for each period. As such, the sum of the quarters may not necessarily equal the basic and diluted net income (loss) per common share amount for the fiscal year.