Avid Bioservices (CDMO) 10-Q/A 24 Apr 24 2024 Q2 Quarterly report (amended) Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 31, 2023	Nov. 27, 2023
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	to amend and restate its unaudited condensed consolicated financial statements and related footnote information
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--04-30
Entity File Number	001-32839
Entity Registrant Name	AVID BIOSERVICES, INC.
Entity Central Index Key	0000704562
Entity Tax Identification Number	95-3698422
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	14191 Myford Road
Entity Address, City or Town	Tustin
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92780
City Area Code	(714)
Local Phone Number	508-6100
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	CDMO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,239,238

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 31,424	$ 38,542
Accounts receivable, net	13,379	18,298
Contract assets	10,847	9,609
Inventory	38,583	43,908
Prepaid expenses and other current assets	9,972	2,094
Total current assets	104,205	112,451
Property and equipment, net	187,874	177,770
Operating lease right-of-use assets	41,973	42,772
Deferred tax assets	116,760	113,751
Other assets	4,673	4,473
Restricted cash	0	350
Total assets	455,485	451,567
Current liabilities:
Accounts payable	22,784	24,593
Accrued compensation and benefits	4,244	8,780
Contract liabilities	46,437	37,352
Convertible senior notes, net	141,154	140,623
Current portion of operating lease liabilities	1,263	1,358
Other current liabilities	3,394	2,440
Total current liabilities	219,276	215,146
Operating lease liabilities, less current portion	45,036	45,690
Finance lease liabilities, less current portion	7,840	1,562
Total liabilities	272,152	262,398
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0	0
Common stock, $0.001 par value; 150,000 shares authorized; 63,234 and 62,692 shares issued and outstanding at respective dates	63	63
Additional paid-in capital	626,031	620,224
Accumulated deficit	(442,761)	(431,118)
Total stockholders’ equity	183,333	189,169
Total liabilities and stockholders’ equity	$ 455,485	$ 451,567

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Oct. 31, 2023	Apr. 30, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000	150,000
Common stock, shares issued	63,234	62,692
Common stock, shares outstanding	63,234	62,692

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Statement [Abstract]
Revenues	$ 25,395	$ 34,757	$ 63,121	$ 71,449
Cost of revenues	30,060	30,610	63,686	58,185
Gross profit (loss)	(4,665)	4,147	(565)	13,264
Operating expenses:
Selling, general and administrative	6,557	6,831	12,820	13,213
Total operating expenses	6,557	6,831	12,820	13,213
Operating income (loss)	(11,222)	(2,684)	(13,385)	51
Interest expense	(827)	(877)	(1,652)	(1,718)
Other income, net	140	145	398	195
Net loss before income taxes	(11,909)	(3,416)	(14,639)	(1,472)
Income tax benefit	(2,388)	(2,896)	(2,996)	(2,313)
Net income (loss)	(9,521)	(520)	(11,643)	841
Comprehensive income (loss)	$ (9,521)	$ (520)	$ (11,643)	$ 841
Net income (loss) per share:
Basic	$ (0.15)	$ (0.01)	$ (0.18)	$ 0.01
Diluted	$ (0.15)	$ (0.01)	$ (0.18)	$ 0
Weighted average common shares outstanding:
Basic	63,149	62,204	62,994	62,054
Diluted	63,149	62,204	62,994	70,350

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2022	$ 62	$ 605,841	$ (431,377)	$ 174,526
Beginning balance, shares at Apr. 30, 2022	61,807
Common stock issued under equity compensation plans		1,578		1,578
Common stock issued under equity compensation plans, shares	501
Stock-based compensation expense		4,683		4,683
Net income (as restated)			841	841
Ending balance, value at Oct. 31, 2022	$ 62	612,102	(430,536)	181,628
Ending balance, shares at Oct. 31, 2022	62,308
Beginning balance, value at Jul. 31, 2022	$ 62	608,750	(430,016)	178,796
Beginning balance, shares at Jul. 31, 2022	62,165
Common stock issued under equity compensation plans		566		566
Common stock issued under equity compensation plans, shares	143
Stock-based compensation expense		2,786		2,786
Net income (as restated)			(520)	(520)
Ending balance, value at Oct. 31, 2022	$ 62	612,102	(430,536)	181,628
Ending balance, shares at Oct. 31, 2022	62,308
Beginning balance, value at Apr. 30, 2023	$ 63	620,224	(431,118)	189,169
Beginning balance, shares at Apr. 30, 2023	62,692
Common stock issued under equity compensation plans		998		998
Common stock issued under equity compensation plans, shares	542
Stock-based compensation expense		4,809		4,809
Net income (as restated)			(11,643)	(11,643)
Ending balance, value at Oct. 31, 2023	$ 63	626,031	(442,761)	183,333
Ending balance, shares at Oct. 31, 2023	63,234
Beginning balance, value at Jul. 31, 2023	$ 63	623,445	(433,240)	190,268
Beginning balance, shares at Jul. 31, 2023	63,111
Common stock issued under equity compensation plans		120		120
Common stock issued under equity compensation plans, shares	123
Stock-based compensation expense		2,466		2,466
Net income (as restated)			(9,521)	(9,521)
Ending balance, value at Oct. 31, 2023	$ 63	$ 626,031	$ (442,761)	$ 183,333
Ending balance, shares at Oct. 31, 2023	63,234

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (11,643)	$ 841
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	5,433	3,409
Stock-based compensation	4,809	4,683
Amortization of debt issuance costs	639	520
Deferred income taxes	(3,009)	(2,495)
Loss on disposal of property and equipment	46	70
Changes in operating assets and liabilities:
Accounts receivable, net	4,919	(33)
Contract assets	(1,238)	(1,159)
Inventory	5,325	(12,999)
Prepaid expenses and other assets	(7,909)	(127)
Accounts payable	4,344	5,346
Accrued compensation and benefits	(4,536)	(2,411)
Contract liabilities	8,808	(5,352)
Other accrued expenses and liabilities	20	781
Net cash provided by (used in) operating activities	6,008	(8,926)
Cash flows from investing activities:
Purchase of property and equipment	(21,624)	(41,277)
Net cash used in investing activities	(21,624)	(41,277)
Cash flows from financing activities:
Proceeds from issuance of common stock under equity compensation plans	998	1,578
Proceeds from finance lease	7,412	0
Principal payments on finance lease	(262)	(249)
Net cash provided by financing activities	8,148	1,329
Net decrease in cash, cash equivalents and restricted cash	(7,468)	(48,874)
Cash, cash equivalents and restricted cash, beginning of period	38,892	126,516
Cash, cash equivalents and restricted cash, end of period	31,424	77,642
Supplemental disclosures of cash flow information:
Cash paid for interest	593	750
Cash paid for income taxes	14	220
Supplemental disclosures of non-cash investing activities:
Unpaid purchases of property and equipment	$ 8,084	$ 8,584

Description of Company and Basi

Description of Company and Basis of Presentation	6 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Description of Company and Basis of Presentation	Note 1 – Description of Company and Basis of Presentation We are a dedicated contract development and manufacturing organization (“CDMO”) that provides a comprehensive range of services from process development to Current Good Manufacturing Practices (“CGMP”) clinical and commercial manufacturing of biologics for the biotechnology and biopharmaceutical industries. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to quarterly reports on Form 10-Q, and accordingly, they do not include all the information and disclosures required by U.S. GAAP for annual financial statements. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in Amendment No. 1 to our Annual Report on Form 10-K/A for the fiscal year ended April 30, 2023, as filed with the SEC on April 24, 2024 (the “Amended Form 10-K”). The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operations for the periods presented, with such adjustments consisting only of normal recurring adjustments. Results of operations for interim periods covered by this Quarterly Report on Form 10-Q may not necessarily be indicative of results of operations for the full fiscal year or any other interim period. The unaudited condensed consolidated financial statements include the accounts of Avid Bioservices, Inc. and its subsidiary. All intercompany accounts and transactions among the consolidated entities have been eliminated in the unaudited condensed consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts, as well as disclosures of commitments and contingencies in the financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions. Restatement of Previously Issued Consolidated Financial Statements On February 29, 2024, we received an acceleration notice (the “Acceleration Notice”) from a holder of our 1.250% Exchangeable Senior Notes due 2026 (the “2026 Notes”). The Acceleration Notice stipulated, among other things, that (i) we did not remove the restrictive legend on the 2026 Notes by March 17, 2022 as required under the indenture governing the 2026 Notes (the “2026 Notes Indenture”), (ii) due to such failure, additional interest had accrued thereafter at a rate of 0.50% per annum (the “Additional Interest”), (iii) such Additional Interest had not been paid by us as of the date of the Acceleration Notice, which constitutes an event of default under the 2026 Notes Indenture (the “Event of Default”), and (iv) such holder was the beneficial owner of at least 25% in aggregate principal amount of the outstanding 2026 Notes and therefore had the right to accelerate all of the 2026 Notes. such holder declared 100% of the principal amount of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately. Following the receipt of the Acceleration Notice and a re-evaluation of the accounting for its 2026 Notes, we determined that the 2026 Notes should be classified as a current liability beginning on October 15, 2022, resulting in an understatement of current liabilities on our consolidated balance sheet. The re-classification of the 2026 Notes to a current liability resulted in negative working capital and created a substantial doubt regarding our ability to continue as a going concern. However, this substantial doubt has been resolved through the subsequent issuance of the 2029 Notes, as further described in Note 10, Subsequent Events The impact on the line items within our unaudited condensed consolidated financial statements as of and for the three and six months ended October 31, 2023 previously filed in our Quarterly Report on Form 10-Q for the three and six months ended October 31, 2023 are as follows (in thousands, except par value and per share information): Schedule of balance sheet As of October 31, 2023 Consolidated Balance Sheet (as reported) (adjustments) (as restated) ASSETS Current assets: Cash and cash equivalents $ 31,424 $ – $ 31,424 Accounts receivable, net 13,379 – 13,379 Contract assets 10,847 – 10,847 Inventory 38,583 – 38,583 Prepaid expenses and other current assets 9,972 – 9,972 Total current assets 104,205 – 104,205 Property and equipment, net 187,174 700 187,874 Operating lease right-of-use assets 41,973 – 41,973 Deferred tax assets 116,617 143 116,760 Other assets 4,673 – 4,673 Total assets $ 454,642 $ 843 $ 455,485 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 22,784 $ – $ 22,784 Accrued compensation and benefits 4,244 – 4,244 Contract liabilities 46,437 – 46,437 Convertible senior notes, net – 141,154 141,154 Current portion of operating lease liabilities 1,263 – 1,263 Other current liabilities 2,209 1,185 3,394 Total current liabilities 76,937 142,339 219,276 Convertible senior notes, net 141,154 (141,154 ) – Operating lease liabilities, less current portion 45,036 – 45,036 Finance lease liabilities, less current portion 7,840 – 7,840 Total liabilities 270,967 1,185 272,152 Commitments and contingencies – – – Stockholders’ equity: Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates – – – Common stock, $0.001 par value; 150,000 shares authorized; 63,234 and 62,692 shares issued and outstanding at respective dates 63 – 63 Additional paid-in capital 626,031 – 626,031 Accumulated deficit (442,419 ) (342 ) (442,761 ) Total stockholders’ equity 183,675 (342 ) 183,333 Total liabilities and stockholders’ equity $ 454,642 $ 843 $ 455,485 Schedule of statement of loss and comprehensive loss Three Months Ended October 31, 2023 Consolidated Statement of Loss and Comprehensive Loss (as reported) (adjustments) (as restated) Revenues $ 25,395 $ – $ 25,395 Cost of revenues 30,060 – 30,060 Gross loss (4,665 ) – (4,665 ) Operating expenses: Selling, general and administrative 6,557 – 6,557 Total operating expenses 6,557 – 6,557 Operating loss (11,222 ) – (11,222 ) Interest expense (805 ) (22 ) (827 ) Other income, net 140 – 140 Net loss before income taxes (11,887 ) (22 ) (11,909 ) Income tax benefit (2,378 ) (10 ) (2,388 ) Net loss $ (9,509 ) $ (12 ) $ (9,521 ) Comprehensive loss $ (9,509 ) $ (12 ) $ (9,521 ) Net loss per share: Basic $ (0.15 ) – $ (0.15 ) Diluted $ (0.15 ) – $ (0.15 ) Weighted average common shares outstanding: Basic 63,149 – 63,149 Diluted 63,149 – 63,149 Six Months Ended October 31, 2023 Consolidated Statement of Loss and Comprehensive Loss (as reported) (adjustments) (as restated) Revenues $ 63,121 $ – $ 63,121 Cost of revenues 63,686 – 63,686 Gross loss (565 ) – (565 ) Operating expenses: Selling, general and administrative 12,820 – 12,820 Total operating expenses 12,820 – 12,820 Operating loss (13,385 ) – (13,385 ) Interest expense (1,580 ) (72 ) (1,652 ) Other income, net 398 – 398 Net Loss before income taxes (14,567 ) (72 ) (14,639 ) Income tax benefit (2,965 ) (31 ) (2,996 ) Net loss $ (11,602 ) $ (41 ) $ (11,643 ) Comprehensive loss $ (11,602 ) $ (41 ) $ (11,643 ) Net loss per share: Basic $ (0.18 ) – $ (0.18 ) Diluted $ (0.18 ) – $ (0.18 ) Weighted average common shares outstanding: Basic 62,994 – 62,994 Diluted 62,994 – 62,994 Schedule of statement of stockholder equity Three Months Ended October 31, 2023 Accumulated Deficit Total Stockholders’ Equity Accumulated Deficit Total Stockholders’ Equity Condensed Consolidated Statement of Stockholders’ Equity (as reported) (as reported) (adjustments) (as restated) (as restated) Balances at July 31, 2023 $ (432,910 ) $ 190,598 $ (330 ) $ (433,240 ) $ 190,268 Common stock issued under equity compensation plans – 120 – – 120 Stock-based compensation expense – 2,466 – – 2,466 Net loss (9,509 ) (9,509 ) (12 ) (9,521 ) (9,521 ) Balances at October 31, 2023 $ (442,419 ) $ 183,675 $ (342 ) $ (442,761 ) $ 183,333 Six Months Ended October 31, 2023 Accumulated Deficit Total Stockholders’ Equity Accumulated Deficit Total Stockholders’ Equity Condensed Consolidated Statement of Stockholders’ Equity (as reported) (as reported) (adjustments) (as restated) (as restated) Balances at April 30, 2023 $ (430,817 ) $ 189,470 $ (301 ) $ (431,118 ) $ 189,169 Common stock issued under equity compensation plans – 998 – – 998 Stock-based compensation expense – 4,809 – – 4,809 Net loss (11,602 ) (11,602 ) (41 ) (11,643 ) (11,643 ) Balances at October 31, 2023 $ (442,419 ) $ 183,675 $ (342 ) $ (442,761 ) $ 183,333 Schedule of statement of cash flows Six Months Ended October 31 2023 Consolidated Statement of Cash Flows (as reported) (adjustments) (as restated) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (11,602 ) $ (41 ) $ (11,643 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 5,433 – 5,433 Stock-based compensation 4,809 – 4,809 Amortization of debt issuance costs 639 – 639 Deferred income taxes (2,978 ) (31 ) (3,009 ) Loss on disposal of property and equipment 46 – 46 Changes in operating assets and liabilities: Accounts receivable, net 4,919 – 4,919 Contract assets (1,238 ) – (1,238 ) Inventory 5,325 – 5,325 Prepaid expenses and other assets (7,909 ) – (7,909 ) Accounts payable 4,344 – 4,344 Accrued compensation and benefits (4,536 ) – (4,536 ) Contract liabilities 8,808 – 8,808 Other accrued expenses and liabilities (239 ) 259 20 Net cash provided by operating activities 5,821 187 6,008 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (21,437 ) (187 ) (21,624 ) Net cash used in investing activities (21,437 ) (187 ) (21,624 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock under equity compensation plans 998 – 998 Proceeds from finance lease 7,412 – 7,412 Principal payments on finance lease (262 ) – (262 ) Net cash provided by financing activities 8,148 – 8,148 Net decrease in cash, cash equivalents and restricted cash (7,468 ) – (7,468 ) Cash, cash equivalents and restricted cash, beginning of period 38,892 – 38,892 Cash, cash equivalents and restricted cash, end of period $ 31,424 – $ 31,424 Supplemental disclosures of cash flow information: Cash paid for interest $ 882 $ (289 ) $ 593 Cash paid for income taxes $ 14 $ – $ 14 Supplemental disclosures of non-cash activities: Unpaid purchases of property and equipment $ 7,972 $ 112 $ 8,084

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Information regarding our significant accounting policies is contained in Note 2, “Summary of Significant Accounting Policies,” of the consolidated financial statements in the Amended Form 10-K, as filed with the SEC on April 24, 2024. Revenue Recognition Revenue recognized from services provided under our customer contracts is disaggregated into manufacturing and process development revenue streams. Manufacturing revenue Manufacturing revenue generally represents revenue from the manufacturing of customer products 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 a manufacturing contract, a quantity of manufacturing runs are ordered at a specified scale with prescribed dates, where the product is manufactured according to the customer’s specifications and typically includes only one performance obligation. Each manufacturing run represents a distinct service that is sold separately and has stand-alone value to the customer. The products are manufactured exclusively for a specific customer and have no alternative use. The customer retains control of its product during the entire manufacturing process and can make changes to the process or specifications at its request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. Process development revenue Process development revenue generally represents revenue from services associated with the custom development of a manufacturing process and analytical methods for a customer’s product. Process development revenue is 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 a process development contract, the customer owns the product details and process, which has no alternative use. These process development projects are customized to each customer to meet its specifications and typically includes only one performance obligation. Each process represents a distinct service that is sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created or enhanced by our services and can make changes to its process or specifications upon request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. The following table summarizes our revenue streams (in thousands): Schedule of revenues Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Manufacturing revenues $ 20,128 $ 27,614 $ 53,548 $ 59,095 Process development revenues 5,267 7,143 9,573 12,354 Total revenues $ 25,395 $ 34,757 $ 63,121 $ 71,449 The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer deposits and deferred revenue). Contract assets are recorded when our right to consideration is conditioned on something other than the passage of time. Contract assets are reclassified to accounts receivable on the consolidated balance sheet when our rights become unconditional. Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of our fulfillment of performance obligations. Contract liabilities convert to revenue as we perform our obligations under the contract. During the three and six months ended October 31, 2023, we recognized revenue of $ 4 20.8 During the three and six months ended October 31, 2022, we recognized revenue of $ 8.3 26.9 The transaction price for services provided under our customer contracts reflects our best estimates of the amount of consideration to which we are entitled in exchange for providing goods and services to our customers. For contracts with multiple performance obligations, we allocate transaction price to each performance obligation identified in a contract on a relative standalone selling price basis. For contracts in which we receive noncash consideration, such as in the form of a customer’s equity securities, we utilize the quoted market price for such noncash consideration to determine the transaction price. We generally determine relative standalone selling prices based on the price observed in the customer contract for each distinct performance obligation. If observable standalone selling prices are not available, we may estimate the applicable standalone selling price based on the pricing of other comparable services or on a price that we believe the market is willing to pay for the applicable service. In determining the transaction price, we also considered the different sources of variable consideration including, but not limited to, discounts, credits, refunds, price concessions or other similar items. We have included in the transaction price some or all of an amount of variable consideration, utilizing the most likely method, only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The actual amount of consideration ultimately received may differ. In addition, our customer contracts generally include provisions entitling us to a cancellation or postponement fee when a customer cancels or postpones its commitments prior to our initiation of services, therefore not utilizing their reserved capacity. The determination of such cancellation and postponement fees are based on the terms stated in the related customer contract but are generally considered substantive for accounting purposes and create an enforceable right and obligation due to us when the cancellation or postponement occurs. Accordingly, we recognize such fees, subject to variable consideration, as revenue upon the cancellation or postponement date utilizing the most likely method. Management may be required to exercise judgement in estimating revenue to be recognized. Judgement is required in identifying performance obligations, estimating the transaction price, estimating the stand-alone selling prices of identified performance obligations, estimating variable consideration, and estimating the progress towards the satisfaction of performance obligations. If actual results in the future vary from our estimates, the estimates will be adjusted, which will affect revenues in the period that such variances become known. During the three and six months ended October 31, 2023, changes in estimates for variable consideration resulted in a decrease in revenues of $ 1.8 3.2 We apply the practical expedient available under ASC 606 that permits us not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. As of October 31, 2023, we do not have any unsatisfied performance obligations for contracts greater than one year. Costs incurred to obtain a contract are not material. These costs are generally employee sales commissions, which are expensed as incurred and included in selling, general and administrative expense in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss). Restricted Cash Under the terms of an operating lease related to one of our non-manufacturing facilities that was primarily utilized for office space (Note 4), we were required to maintain a letter of credit as collateral during the term of the lease. As of October 31, 2023, no restricted cash remained pledged as collateral for the letter of credit as the associated operating lease has expired. As of April 30, 2023, restricted cash of $ 0.4 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): Schedule of cash October 31, 2023 April 30, 2023 October 31, 2022 April 30, 2022 Cash and cash equivalents $ 31,424 $ 38,542 $ 77,292 $ 126,166 Restricted cash – 350 350 350 Total cash, cash equivalents and restricted cash $ 31,424 $ 38,892 $ 77,642 $ 126,516 Accounts Receivable, Net Accounts receivable is primarily comprised of amounts owed to us for services provided under our customer contracts and are recorded at the invoiced amount net of an allowance for doubtful accounts, if necessary. We apply judgement in assessing the ultimate realization of our receivables, that includes an assessment of expected credit losses, and we estimate our allowance for doubtful accounts based on various factors, including our historical collection experience, aging of our customer receivable balances, current and future economic market conditions, and the financial condition of our customers. Based on our analysis of our accounts receivable balance as of October 31, 2023 and April 30, 2023, we determined an allowance for doubtful accounts of $ 1.6 0.5 Inventory Inventory consists of raw materials inventory and is valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. We periodically review raw materials inventory for potential impairment and adjust inventory to its net realizable value based on the estimate of future use and reduce the carrying value of inventory as deemed necessary. Property and Equipment Property and equipment is recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related asset, which are generally as follows: Schedule of estimated useful lives of property Description Estimated Useful Life Leasehold improvements Shorter of estimated useful life or lease term Laboratory and manufacturing equipment 5 – 15 years Computer equipment and software 3 – 5 years Furniture, fixtures and office equipment 5 – 10 years Costs for property and equipment not yet placed into service have been capitalized as construction-in-progress. These costs are primarily related to equipment and leasehold improvements associated with our manufacturing facilities and will be depreciated in accordance with the above guidelines once placed into service. Interest costs incurred during construction of major capital projects are capitalized as construction-in-progress until the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the life of the underlying asset. Interest capitalized as construction-in-progress for the three and six months ended October 31, 2023 was $ 0.2 0.3 Schedule of property and equipment October 31, 2023 April 30, 2023 (as restated) (as restated) Leasehold improvements $ 101,572 $ 97,514 Laboratory and manufacturing equipment 43,336 35,501 Computer equipment and software 5,170 5,028 Furniture, fixtures and office equipment 1,910 1,681 Construction-in-progress 71,562 68,414 Total property and equipment, gross 222,350 208,138 Less: accumulated depreciation and amortization (35,676 ) (30,368 ) Total property and equipment, net $ 187,874 $ 177,770 Depreciation and amortization expense for the three and six months ended October 31, 2023 was $ 2.8 5.4 Depreciation and amortization expense for the three and six months ended October 31, 2022 was $ 1.8 3.4 Leases We determine if an arrangement is or contains a lease at inception. Our operating leases with a term greater than one year are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities and operating lease liabilities, less current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date, based on the present value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Our operating leases may include options to extend the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense is recognized on a straight-line basis over the expected lease term. Our finance leases with a term greater than one year are included as assets within property and equipment, net and a lease liability equal to the present value of the minimum lease payments is included in other current liabilities and finance lease liabilities, less current portion in our consolidated balance sheets. The present value of the finance lease payments is calculated using the implicit interest rate in the lease. Finance lease ROU assets are amortized on a straight-line basis over the expected useful life of the asset and the carrying amount of the lease liability is adjusted to reflect interest, which is recorded as interest expense. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets and lease expense for these short-term leases is recognized on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease components from non-lease components. Impairment Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. If such events or changes in circumstances arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the long-lived assets are determined to be impaired, any excess of the carrying value of the long-lived assets over its estimated fair value is recognized as an impairment loss. For the six months ended October 31, 2023 and 2022, there were no indicators of impairment of the value of our long-lived assets and no cumulative impairment losses were recognized as of October 31, 2023. Stock-Based Compensation We account for stock options, restricted stock units, performance stock units and other stock-based awards granted under our equity compensation plans in accordance with the authoritative guidance of ASC 718, Compensation – Stock Compensation Debt Issuance Costs Debt issuance costs related to convertible senior notes are recorded as a deduction that is netted against the principal value of the debt and are amortized to interest expense using the effective interest method over the contractual term of the debt (Note 3). Debt issuance costs related to the revolving credit facility are included in prepaid expenses and other current assets in the consolidated balance sheet and are amortized to interest expense over the contractual term of the revolving credit facility (Note 3). Comprehensive Income (Loss) Comprehensive income (loss) is the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) is equal to our net income (loss) for all periods presented. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy: · 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 October 31, 2023 and April 30, 2023, our Level 1 financial assets consisted of our cash equivalents invested in money market funds of $ 21.6 28.7 7.5 0 We consider the fair value of our convertible senior notes to be a Level 2 financial liability due to limited trading activity of the convertible senior notes (Note 3). We did not have any other Level 2 or Level 3 financial liabilities as of October 31, 2023 and April 30, 2023. Recently Adopted Accounting Standard In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

Debt (as restated)

Debt (as restated)	6 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Debt (as restated)	Note 3 – Debt (as restated) Convertible Senior Notes Due 2026 In March 2021, we issued $ 143.8 138.5 5.3 The 2026 Notes are senior unsecured obligations and accrue interest at a rate of 1.25 March 15, 2026 The initial conversion rate for the 2026 Notes is approximately 47.1403 shares of our common stock per $1,000 principal amount, which represents an initial conversion price of approximately $21.21 per share of our common stock. The conversion rate is subject to adjustments upon the occurrence of certain events in accordance with the terms of the 2026 Notes Indenture. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert their 2026 Notes in connection with such a fundamental change, as defined in the 2026 Notes Indenture. Holders of the 2026 Notes may convert their 2026 Notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025, only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending July 31, 2021, if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2026 Notes Indenture) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the exchange rate on each such trading day; (3) if we call any or all of the 2026 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (4) upon the occurrence of specified corporate events as described in the 2026 Notes Indenture. On or after September 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders at their option may convert their 2026 Notes at any time, regardless of the foregoing circumstances. We may not redeem the 2026 Notes prior to March 20, 2024. On or after March 20, 2024, the 2026 Notes are redeemable for cash, whole or in part, at our option, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If we undergo a fundamental change (as defined in the 2026 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2026 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest to, but excluding the redemption date. The 2026 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2026 Notes may declare the entire principal of all the 2026 Notes plus accrued and unpaid interest to be immediately due and payable. As described in Note 1, on February 29, 2024, as a result of the Event of Default, a holder of at least 25% aggregate principal amount of 2026 Notes declared 100% of the principal amount of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately. Refer also to Note 10, Subsequent Events The net carrying amount of the 2026 Notes is as follows (in thousands): Schedule of net carrying amount of the debt component October 31, 2023 April 30, 2023 Principal $ 143,750 $ 143,750 Unamortized issuance costs (2,596 ) (3,127 ) Net carrying amount $ 141,154 $ 140,623 As of October 31, 2023, the estimated fair value of the 2026 Notes was approximately $ 116.9 The effective annual interest rate of the 2026 Notes for the three and six months ended October 31, 2023 and 2022 was 2.31%. The following table summarizes the interest expense recognized related to the 2026 Notes for the three and six months ended October 31, 2023 and 2022 (in thousands): Schedule of interest expense Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 (as restated) (as restated) (as restated) (as restated) Contractual interest expense $ 453 $ 585 $ 911 $ 1,132 Amortization of issuance costs 266 260 531 520 Total interest expense associated with Convertible Notes $ 719 $ 845 $ 1,442 $ 1,652 Capped Call Transactions In connection with the issuance of the 2026 Notes, we entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institution counterparties (the “Option Counterparties”). We used $ 12.8 We evaluated the Capped Calls under ASC 815-10 and determined that they should be accounted for as a separate transaction from the 2026 Notes and that the Capped Calls met the criteria for equity classification. Therefore, the cost of $12.8 million to purchase the Capped Calls was recorded as a reduction to additional paid-in capital. The Capped Calls will not be subsequently remeasured as long as the conditions for equity classification continue to be met. As of October 31, 2023 and April 30, 2023, there were no conversions of our 2026 Notes, and therefore, there was no activity with respect to the Capped Calls. We believe the conditions for equity classification continue to be met as of October 31, 2023 and April 30, 2023. As described in Note 10, Subsequent Events Revolving Credit Facility On March 14, 2023, we entered into a credit agreement with Bank of America, N.A., as administrative agent and letter of credit issuer (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility (the “Revolving Credit Facility”) in an amount equal to the lesser of (i) $50 million and (ii) a borrowing base calculated as the sum of (a) 80% of the value of certain of our eligible accounts receivable, plus (b) up to 100% of the value of eligible cash collateral. The Credit Agreement is secured by substantially all our assets. On October 27, 2023, we entered into Amendment No. 1 to the Credit Agreement which, among other things, (i) extends the maturity date of the Revolving Credit Facility to October 25, 2024, (ii) amends the applicable interest rate applied to loans under the Revolving Credit Facility as described below, and (iii) increases the aggregate amount of indebtedness we can incur at any one time for fixed or capital assets. Other than the foregoing, the material terms of the Credit Facility remain unchanged. As of October 31, 2023, there were no As a result of the Acceleration Event associated with the 2026 Notes (Note 1), such occurrence resulted in a cross-default under our Credit Agreement. On March 12, 2024, we entered into Amendment No. 2 to the Credit Agreement which, among other things, (i) waives the events of default under the Credit Agreement as a result of the acceleration of our 2026 Notes, (ii) permits the issuance of our 2029 Notes and the repayment of our 2026 Notes (Note 10) and (iii) adjusts the financial covenant in the Credit Agreement. Loans under the Revolving Credit Facility will bear interest at either a term Secured Overnight Financing Rate (“SOFR”) rate for a specified interest period plus a SOFR adjustment (equal to 0.10%) plus a margin of 1.60% or base rate plus a margin of 0.60% at our option. Interest on any outstanding loans is due and payable monthly and the principal balance is due at maturity. In addition, we pay a quarterly unused revolving line facility fee of 0.25 The Credit Agreement includes certain customary affirmative and negative covenants, including limitations on mergers, consolidations and sales of assets, limitations on liens, limitations on certain restricted payments and investments, limitations on transactions with affiliates and limitations on incurring additional indebtedness. In addition, the Credit Agreement, as amended, requires maintenance of a minimum consolidated EBITDA, as defined in the Credit Agreement, of $ 15 The Credit Agreement, as amended, also provides for certain customary events of defaults, including, among others, failure to make payments, breach of representations and warranties, and default of covenants.

Leases

Leases	6 Months Ended
	Oct. 31, 2023
Leases
Leases	Note 4 – Leases We lease certain office, manufacturing, laboratory and warehouse space located in Orange County, California under operating lease agreements. Our leased facilities have original lease terms ranging from 7 to 12 years, contain multi-year renewal options, and scheduled rent increases of 3% on either an annual or biennial basis. Multi-year renewal options were included in determining the right-of-use asset and lease liability for each of our leases as we considered it reasonably certain that we would exercise such renewal options. In addition, certain of our leases provide for periods of free rent, lessor improvements and tenant improvement allowances, of which certain of these improvements have been classified as leasehold improvements and/or are being amortized over the shorter of the estimated useful life of the improvements or the remaining term of the lease. Certain of our operating facility leases require us to pay property taxes, insurance and common area maintenance. While these payments are not included as part of our lease liabilities, they are recognized as variable lease cost in the period they are incurred. We also lease certain manufacturing equipment under finance lease agreements that have terms ranging from 5 to 7 years. The components of our lease costs for the three and six months ended October 31, 2023 and 2022 were as follows (in thousands): Schedule of lease costs Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Operating lease cost $ 1,150 $ 1,090 $ 2,290 $ 2,173 Variable lease cost 424 408 775 797 Short-term lease cost 31 197 67 327 Finance lease costs: Amortization of right-of-use assets 54 54 108 108 Interest on lease liabilities 25 33 52 66 Total lease cost $ 1,684 $ 1,782 $ 3,292 $ 3,471 Supplemental consolidated balance sheet and other information related to our leases as of October 31, 2023 and April 30, 2023 were as follows (in thousands, expect weighted average data): Schedule of balance sheet classification of leases Leases Classification October 31, 2023 April 30, 2023 Assets Operating Operating lease right-of-use assets $ 41,973 $ 42,772 Finance Property and equipment, net 9,803 2,529 Total leased assets $ 51,776 $ 45,301 Liabilities Current: Operating Current portion of operating lease liabilities $ 1,263 $ 1,358 Finance Other current liabilities 1,403 531 Non-current: Operating Operating lease liabilities, less current portion 45,036 45,690 Finance Finance lease liabilities, less current portion 7,840 1,562 Total lease liabilities $ 55,542 $ 49,141 Schedule of operating and finance leases Weighted average remaining lease term (years): Operating leases 16.2 16.6 Finance leases 6.2 3.7 Weighted average discount rate: Operating leases 6.0 6.0 Finance leases 6.4 5.3 Supplemental cash flow information related to our leases for the six months ended October 31, 2023 and 2022 were as follows (in thousands): Schedule of supplemental cash flow information related to leases Six Months Ended October 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,149 $ 2,063 Operating cash flows from finance leases 52 65 Financing cash flows from finance leases 262 249 As of October 31, 2023, the maturities of our lease liabilities, which includes those derived from lease renewal options that we considered it reasonably certain that we would exercise, were as follows (in thousands): Schedule of maturities of lease liabilities Fiscal Year Ending April 30, Operating Leases Finance Leases Total 2024 (remaining period) $ 1,990 $ 982 $ 2,972 2025 4,060 1,963 6,023 2026 4,167 1,963 6,130 2027 4,199 1,754 5,953 2028 4,036 1,334 5,370 Thereafter 56,418 3,336 59,754 Total lease payments $ 74,870 $ 11,332 $ 86,202 Less: imputed interest (28,571 ) (2,089 ) (30,660 ) Total lease liabilities $ 46,299 $ 9,243 $ 55,542

Equity Compensation Plans

Equity Compensation Plans	6 Months Ended
	Oct. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Compensation Plans	Note 5 – Equity Compensation Plans Stock Incentive Plans As of October 31, 2023, we had an aggregate of 7,682,971 4,501,434 3,181,537 Stock Options The following summarizes our stock option transaction activity for the six months ended October 31, 2023: Schedule of stock option activity Stock Options Grant Date Weighted Average Exercise Price (in thousands) Outstanding at May 1, 2023 2,079 $6.76 Granted – $– Exercised (62) $7.65 Canceled or expired (16) $11.99 Outstanding at October 31, 2023 2,001 $6.69 Restricted Stock Units The following summarizes our RSUs transaction activity for the six months ended October 31, 2023: Schedule of RSU activity Shares Weighted Average Grant Date Fair Value (in thousands) Outstanding at May 1, 2023 1,006 $16.83 Granted 673 $14.00 Vested (274) $13.73 Forfeited (40) $16.98 Outstanding at October 31, 2023 1,365 $16.05 Performance Stock Units The Compensation Committee of the Board of Directors grants PSUs to our executives. The PSUs are subject to annual vesting over three consecutive fiscal year performance periods with the first one-third vesting on April 30 of the year following the grant date, and each successive one-third vesting on April 30 of the following two years respectively (each a “Performance Period”). Each PSU that vests represent the right to receive one share of our common stock. The number of shares that will vest for each Performance Period, if any, is based upon the attainment of certain predetermined financial metrics for each such Performance Period. Depending on the actual financial metrics achieved relative to the target financial metrics for such Performance Periods, the number of PSUs issued could range from 0% to 200% of the target amount. The number of granted shares included in the table below is based on a maximum 200% achievement of each financial metric during each Performance Period (the “Maximum Performance Target”). If a financial metric is achieved at a rate below the Maximum Performance Target, or is not achieved, the corresponding portions of the PSUs that do not vest are forfeited. The following summarizes our PSUs transaction activity for the six months ended October 31, 2023: Schedule of PSU activity Shares Weighted Average Grant Date Fair Value (in thousands) Outstanding at May 1, 2023 522 $19.70 Granted 613 $13.92 Vested – $– Forfeited – $– Outstanding at October 31, 2023 1,135 $16.58 Employee Stock Purchase Plan The Avid Bioservices, Inc. 2010 Employee Stock Purchase Plan (the “ESPP”) is a stockholder-approved plan under which employees can purchase shares of our common stock, based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of our common stock on the first trading day of the six-month offering period or on the last trading day of the six-month offering period. During the six months ended October 31, 2023, a total of 46,224 11.46 917,092 Stock-Based Compensation Stock-based compensation expense included in our unaudited condensed consolidated statements of income (loss) and comprehensive income (loss) for the three and six months ended October 31, 2023 and 2022 was comprised of the following (in thousands): Schedule of share-based compensation expense Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Cost of revenues $ 1,107 $ 1,045 $ 2,061 $ 1,732 Selling, general and administrative 1,359 1,741 2,748 2,951 Total stock-based compensation $ 2,466 $ 2,786 $ 4,809 $ 4,683 As of October 31, 2023, the total estimated unrecognized compensation cost related to non-vested stock options and RSUs was $ 0.7 20.3 0.73 2.87 9.7 1.22

Deferred Compensation Plan

Deferred Compensation Plan	6 Months Ended
	Oct. 31, 2023
Retirement Benefits [Abstract]
Deferred Compensation Plan	Note 6 - Deferred Compensation Plan In July 2023, our Board of Directors approved and adopted the Avid Bioservices, Inc. Deferred Compensation Plan (the “DC Plan”). The DC Plan allows non-employee directors and certain highly compensated employees to defer a portion of their base compensation, cash bonuses, and certain restricted stock unit and performance stock unit awards. As of October 31, 2023, contributions to the DC Plan were not material and are included in accrued compensation and benefits on the unaudited condensed consolidated balance sheet at October 31, 2023.

Income Taxes

Income Taxes	6 Months Ended
	Oct. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 – Income Taxes We are subject to taxation in the United States and various states jurisdictions in which we conduct our business. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items arising in that quarter. On a quarterly basis, we update our estimate of the annual effective tax rate, and if the estimated annual tax rate changes, we make a cumulative adjustment in that quarter. The provision for income taxes recorded for the three and six months ended October 31, 2023 and 2022 differs from the U.S. federal statutory tax rate of 21% due primarily to the tax impact of stock-based compensation, non-deductible officers’ compensation, and transportation fringe benefits. For the three and six months ended October 31, 2023, we recorded an income tax benefit of $ 2.4 3.0 20.0 20.5 2.9 2.3 84.8 157.1 We have no no

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Oct. 31, 2023
Net income (loss) per share:
Net Income (Loss) Per Common Share	Note 8 – Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing our net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing our net income (loss) by the sum of the weighted average number of shares of common stock outstanding during the period plus the potential dilutive effects of stock options, unvested RSUs, unvested PSUs, shares of common stock expected to be issued under our ESPP, and 2026 Notes. The potential dilutive effect of stock options, unvested RSUs, unvested PSUs, and shares of common stock expected to be issued under our ESPP 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 2026 Notes is calculated using the if-converted method assuming the conversion of our 2026 Notes as of the earliest period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. A reconciliation of the numerators and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands, except per share amounts): Schedule of earnings per share, basic and diluted Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Numerator (as restated) (as restated) (as restated (as restated) Net income (loss), basic $ (9,521 ) $ (520 ) $ (11,643 ) $ 841 Add interest expense on 2026 Notes, net of tax – – – (944 ) Net loss, diluted $ (9,521 ) $ (520 ) $ (11,643 ) $ (103 ) Denominator Weighted average basic common shares outstanding 63,149 62,204 62,994 62,054 Effect of dilutive securities: Stock options – – – 1,294 RSUs, PSUs and ESPP – – – 226 2026 Notes – – – 6,776 Weighted average diluted common shares outstanding 63,149 62,204 62,994 70,350 Net income (loss) per share: Basic $ (0.15 ) $ (0.01 ) $ (0.18 ) $ 0.01 Diluted $ (0.15 ) $ (0.01 ) $ (0.18 ) $ (0.00 ) The following table presents the potential dilutive securities excluded from the calculation of diluted net income (loss) per share for the periods presented as the effect of their inclusion would have been anti-dilutive (in thousands): Schedule of antidilutive shares Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Stock options 877 1,404 962 51 RSUs, PSUs and ESPP 1,400 433 1,241 640 2026 Notes 6,776 6,776 6,776 – Total 9,053 8,613 8,979 691

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies In the ordinary course of business, we are at times subject to various legal proceedings and disputes. We make provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Such provisions, if any, are reviewed at least quarterly and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. We currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our consolidated financial condition or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Oct. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 10 – Subsequent Events Acceleration of Convertible Senior Notes Due 2026 As described in Note 1, on February 29, 2024, as a result of the Event of Default, a holder of at least 25% aggregate principal amount of 2026 Notes declared 100% of the principal amount of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately. Sale and Issuance of Convertible Senior Notes Due 2029 On March 12, 2024, we completed a private offering (the “Offering”) of $160.0 million aggregate principal amount of 7.00% convertible senior notes due 2029 (the “2029 Notes”) to qualified institutional buyers pursuant to Section 4(a)(2) of the Securities Act. We received net proceeds from the Offering of approximately $153.5 million, after deducting placement agent’s commissions and other debt issuance related expenses of approximately $6.5 million. Subsequent to the closing of the Offering, during March 2024, we used approximately $146.1 million of the net proceeds to (i) repurchase for cash, $141.0 million aggregate principal amount of the 2026 Notes (Note 3) in privately negotiated transactions with certain holders of the 2026 Notes plus accrued and unpaid interest of $2.3 million, and (ii) repay in full, the remaining outstanding 2026 Notes balance by depositing the required payoff amount of $2.8 million, representing principal and accrued and unpaid interest, with the trustee under the 2026 Notes Indenture, following which no 2026 Notes remained outstanding. The 2029 Notes are senior unsecured obligations and accrue interest at a rate of 7.00% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024. The 2029 Notes mature on March 1, 2029, unless earlier repurchased by us or converted at the option of the holders. The 2029 Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election in the manner and subject to the terms and conditions provided in the indenture (the “2029 Notes Indenture”) governing the 2029 Notes. The initial conversion rate for the 2029 Notes is approximately 101.1250 shares of our common stock per $1,000 principal amount, which represents an initial conversion price of approximately $9.89 per share of our common stock. The conversion rate is subject to adjustments upon the occurrence of certain events in accordance with the terms of the 2029 Notes Indenture. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert their 2029 Notes in connection with such a fundamental change, as defined in the 2029 Notes Indenture. Holders of the 2029 Notes may convert their 2029 Notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2028, only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending July 31, 2024 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the 2029 Notes on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2029 Notes Indenture) per $1,000 principal amount of the 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the 2029 Notes Indenture. On or after September 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders at their option may convert all or any portion of their 2029 Notes at any time, regardless of the foregoing circumstances. We may not redeem the 2029 Notes prior to the March 1, 2029 maturity date. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus accrued and unpaid interest to, but excluding the fundamental change repurchase date. The 2029 Notes Indenture includes customary terms and covenants, including that upon certain events of default occurring and continuing, if we fail to comply with any of our other agreements contained in the 2029 Notes or the 2029 Notes Indenture for 60 days after receipt of written notice of such failure from the trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2029 Notes may declare the entire principal of all the 2029 Notes plus accrued and unpaid interest to be immediately due and payable. Capped Call Transactions During March 2024, in connection with our repurchase and payoff of the remaining balance of the 2026 Notes, as further described above, we entered into transactions to unwind all of our Capped Calls (Note 3). As a result, we received $1.3 million in net proceeds from the unwinding of the Capped Calls. Revolving Credit Facility On March 12, 2024, we entered into Amendment No. 2 to the Credit Agreement (Note 3) which, among other things, (i) waives the events of default under the Credit Agreement as a result of the acceleration of the 2026 Notes, (ii) permits the issuance of the 2029 Notes and the repayment of the 2026 Notes and (iii) adjusts certain financial covenant in the Credit Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition Revenue recognized from services provided under our customer contracts is disaggregated into manufacturing and process development revenue streams. Manufacturing revenue Manufacturing revenue generally represents revenue from the manufacturing of customer products 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 a manufacturing contract, a quantity of manufacturing runs are ordered at a specified scale with prescribed dates, where the product is manufactured according to the customer’s specifications and typically includes only one performance obligation. Each manufacturing run represents a distinct service that is sold separately and has stand-alone value to the customer. The products are manufactured exclusively for a specific customer and have no alternative use. The customer retains control of its product during the entire manufacturing process and can make changes to the process or specifications at its request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. Process development revenue Process development revenue generally represents revenue from services associated with the custom development of a manufacturing process and analytical methods for a customer’s product. Process development revenue is 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 a process development contract, the customer owns the product details and process, which has no alternative use. These process development projects are customized to each customer to meet its specifications and typically includes only one performance obligation. Each process represents a distinct service that is sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created or enhanced by our services and can make changes to its process or specifications upon request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. The following table summarizes our revenue streams (in thousands): Schedule of revenues Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Manufacturing revenues $ 20,128 $ 27,614 $ 53,548 $ 59,095 Process development revenues 5,267 7,143 9,573 12,354 Total revenues $ 25,395 $ 34,757 $ 63,121 $ 71,449 The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer deposits and deferred revenue). Contract assets are recorded when our right to consideration is conditioned on something other than the passage of time. Contract assets are reclassified to accounts receivable on the consolidated balance sheet when our rights become unconditional. Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of our fulfillment of performance obligations. Contract liabilities convert to revenue as we perform our obligations under the contract. During the three and six months ended October 31, 2023, we recognized revenue of $ 4 20.8 During the three and six months ended October 31, 2022, we recognized revenue of $ 8.3 26.9 The transaction price for services provided under our customer contracts reflects our best estimates of the amount of consideration to which we are entitled in exchange for providing goods and services to our customers. For contracts with multiple performance obligations, we allocate transaction price to each performance obligation identified in a contract on a relative standalone selling price basis. For contracts in which we receive noncash consideration, such as in the form of a customer’s equity securities, we utilize the quoted market price for such noncash consideration to determine the transaction price. We generally determine relative standalone selling prices based on the price observed in the customer contract for each distinct performance obligation. If observable standalone selling prices are not available, we may estimate the applicable standalone selling price based on the pricing of other comparable services or on a price that we believe the market is willing to pay for the applicable service. In determining the transaction price, we also considered the different sources of variable consideration including, but not limited to, discounts, credits, refunds, price concessions or other similar items. We have included in the transaction price some or all of an amount of variable consideration, utilizing the most likely method, only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The actual amount of consideration ultimately received may differ. In addition, our customer contracts generally include provisions entitling us to a cancellation or postponement fee when a customer cancels or postpones its commitments prior to our initiation of services, therefore not utilizing their reserved capacity. The determination of such cancellation and postponement fees are based on the terms stated in the related customer contract but are generally considered substantive for accounting purposes and create an enforceable right and obligation due to us when the cancellation or postponement occurs. Accordingly, we recognize such fees, subject to variable consideration, as revenue upon the cancellation or postponement date utilizing the most likely method. Management may be required to exercise judgement in estimating revenue to be recognized. Judgement is required in identifying performance obligations, estimating the transaction price, estimating the stand-alone selling prices of identified performance obligations, estimating variable consideration, and estimating the progress towards the satisfaction of performance obligations. If actual results in the future vary from our estimates, the estimates will be adjusted, which will affect revenues in the period that such variances become known. During the three and six months ended October 31, 2023, changes in estimates for variable consideration resulted in a decrease in revenues of $ 1.8 3.2 We apply the practical expedient available under ASC 606 that permits us not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. As of October 31, 2023, we do not have any unsatisfied performance obligations for contracts greater than one year. Costs incurred to obtain a contract are not material. These costs are generally employee sales commissions, which are expensed as incurred and included in selling, general and administrative expense in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss).
Restricted Cash	Restricted Cash Under the terms of an operating lease related to one of our non-manufacturing facilities that was primarily utilized for office space (Note 4), we were required to maintain a letter of credit as collateral during the term of the lease. As of October 31, 2023, no restricted cash remained pledged as collateral for the letter of credit as the associated operating lease has expired. As of April 30, 2023, restricted cash of $ 0.4 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): Schedule of cash October 31, 2023 April 30, 2023 October 31, 2022 April 30, 2022 Cash and cash equivalents $ 31,424 $ 38,542 $ 77,292 $ 126,166 Restricted cash – 350 350 350 Total cash, cash equivalents and restricted cash $ 31,424 $ 38,892 $ 77,642 $ 126,516
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable is primarily comprised of amounts owed to us for services provided under our customer contracts and are recorded at the invoiced amount net of an allowance for doubtful accounts, if necessary. We apply judgement in assessing the ultimate realization of our receivables, that includes an assessment of expected credit losses, and we estimate our allowance for doubtful accounts based on various factors, including our historical collection experience, aging of our customer receivable balances, current and future economic market conditions, and the financial condition of our customers. Based on our analysis of our accounts receivable balance as of October 31, 2023 and April 30, 2023, we determined an allowance for doubtful accounts of $ 1.6 0.5
Inventory	Inventory Inventory consists of raw materials inventory and is valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. We periodically review raw materials inventory for potential impairment and adjust inventory to its net realizable value based on the estimate of future use and reduce the carrying value of inventory as deemed necessary.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related asset, which are generally as follows: Schedule of estimated useful lives of property Description Estimated Useful Life Leasehold improvements Shorter of estimated useful life or lease term Laboratory and manufacturing equipment 5 – 15 years Computer equipment and software 3 – 5 years Furniture, fixtures and office equipment 5 – 10 years Costs for property and equipment not yet placed into service have been capitalized as construction-in-progress. These costs are primarily related to equipment and leasehold improvements associated with our manufacturing facilities and will be depreciated in accordance with the above guidelines once placed into service. Interest costs incurred during construction of major capital projects are capitalized as construction-in-progress until the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the life of the underlying asset. Interest capitalized as construction-in-progress for the three and six months ended October 31, 2023 was $ 0.2 0.3 Schedule of property and equipment October 31, 2023 April 30, 2023 (as restated) (as restated) Leasehold improvements $ 101,572 $ 97,514 Laboratory and manufacturing equipment 43,336 35,501 Computer equipment and software 5,170 5,028 Furniture, fixtures and office equipment 1,910 1,681 Construction-in-progress 71,562 68,414 Total property and equipment, gross 222,350 208,138 Less: accumulated depreciation and amortization (35,676 ) (30,368 ) Total property and equipment, net $ 187,874 $ 177,770 Depreciation and amortization expense for the three and six months ended October 31, 2023 was $ 2.8 5.4 Depreciation and amortization expense for the three and six months ended October 31, 2022 was $ 1.8 3.4
Leases	Leases We determine if an arrangement is or contains a lease at inception. Our operating leases with a term greater than one year are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities and operating lease liabilities, less current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date, based on the present value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Our operating leases may include options to extend the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense is recognized on a straight-line basis over the expected lease term. Our finance leases with a term greater than one year are included as assets within property and equipment, net and a lease liability equal to the present value of the minimum lease payments is included in other current liabilities and finance lease liabilities, less current portion in our consolidated balance sheets. The present value of the finance lease payments is calculated using the implicit interest rate in the lease. Finance lease ROU assets are amortized on a straight-line basis over the expected useful life of the asset and the carrying amount of the lease liability is adjusted to reflect interest, which is recorded as interest expense. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets and lease expense for these short-term leases is recognized on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease components from non-lease components.
Impairment	Impairment Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. If such events or changes in circumstances arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the long-lived assets are determined to be impaired, any excess of the carrying value of the long-lived assets over its estimated fair value is recognized as an impairment loss. For the six months ended October 31, 2023 and 2022, there were no indicators of impairment of the value of our long-lived assets and no cumulative impairment losses were recognized as of October 31, 2023.
Stock-Based Compensation	Stock-Based Compensation We account for stock options, restricted stock units, performance stock units and other stock-based awards granted under our equity compensation plans in accordance with the authoritative guidance of ASC 718, Compensation – Stock Compensation
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to convertible senior notes are recorded as a deduction that is netted against the principal value of the debt and are amortized to interest expense using the effective interest method over the contractual term of the debt (Note 3). Debt issuance costs related to the revolving credit facility are included in prepaid expenses and other current assets in the consolidated balance sheet and are amortized to interest expense over the contractual term of the revolving credit facility (Note 3).
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) is equal to our net income (loss) for all periods presented.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy: · 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 October 31, 2023 and April 30, 2023, our Level 1 financial assets consisted of our cash equivalents invested in money market funds of $ 21.6 28.7 7.5 0 We consider the fair value of our convertible senior notes to be a Level 2 financial liability due to limited trading activity of the convertible senior notes (Note 3). We did not have any other Level 2 or Level 3 financial liabilities as of October 31, 2023 and April 30, 2023.
Recently Adopted Accounting Standard	Recently Adopted Accounting Standard In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

Description of Company and Ba_2

Description of Company and Basis of Presentation (Tables)	6 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Schedule of balance sheet	Schedule of balance sheet As of October 31, 2023 Consolidated Balance Sheet (as reported) (adjustments) (as restated) ASSETS Current assets: Cash and cash equivalents $ 31,424 $ – $ 31,424 Accounts receivable, net 13,379 – 13,379 Contract assets 10,847 – 10,847 Inventory 38,583 – 38,583 Prepaid expenses and other current assets 9,972 – 9,972 Total current assets 104,205 – 104,205 Property and equipment, net 187,174 700 187,874 Operating lease right-of-use assets 41,973 – 41,973 Deferred tax assets 116,617 143 116,760 Other assets 4,673 – 4,673 Total assets $ 454,642 $ 843 $ 455,485 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 22,784 $ – $ 22,784 Accrued compensation and benefits 4,244 – 4,244 Contract liabilities 46,437 – 46,437 Convertible senior notes, net – 141,154 141,154 Current portion of operating lease liabilities 1,263 – 1,263 Other current liabilities 2,209 1,185 3,394 Total current liabilities 76,937 142,339 219,276 Convertible senior notes, net 141,154 (141,154 ) – Operating lease liabilities, less current portion 45,036 – 45,036 Finance lease liabilities, less current portion 7,840 – 7,840 Total liabilities 270,967 1,185 272,152 Commitments and contingencies – – – Stockholders’ equity: Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates – – – Common stock, $0.001 par value; 150,000 shares authorized; 63,234 and 62,692 shares issued and outstanding at respective dates 63 – 63 Additional paid-in capital 626,031 – 626,031 Accumulated deficit (442,419 ) (342 ) (442,761 ) Total stockholders’ equity 183,675 (342 ) 183,333 Total liabilities and stockholders’ equity $ 454,642 $ 843 $ 455,485
Schedule of statement of loss and comprehensive loss	Schedule of statement of loss and comprehensive loss Three Months Ended October 31, 2023 Consolidated Statement of Loss and Comprehensive Loss (as reported) (adjustments) (as restated) Revenues $ 25,395 $ – $ 25,395 Cost of revenues 30,060 – 30,060 Gross loss (4,665 ) – (4,665 ) Operating expenses: Selling, general and administrative 6,557 – 6,557 Total operating expenses 6,557 – 6,557 Operating loss (11,222 ) – (11,222 ) Interest expense (805 ) (22 ) (827 ) Other income, net 140 – 140 Net loss before income taxes (11,887 ) (22 ) (11,909 ) Income tax benefit (2,378 ) (10 ) (2,388 ) Net loss $ (9,509 ) $ (12 ) $ (9,521 ) Comprehensive loss $ (9,509 ) $ (12 ) $ (9,521 ) Net loss per share: Basic $ (0.15 ) – $ (0.15 ) Diluted $ (0.15 ) – $ (0.15 ) Weighted average common shares outstanding: Basic 63,149 – 63,149 Diluted 63,149 – 63,149 Six Months Ended October 31, 2023 Consolidated Statement of Loss and Comprehensive Loss (as reported) (adjustments) (as restated) Revenues $ 63,121 $ – $ 63,121 Cost of revenues 63,686 – 63,686 Gross loss (565 ) – (565 ) Operating expenses: Selling, general and administrative 12,820 – 12,820 Total operating expenses 12,820 – 12,820 Operating loss (13,385 ) – (13,385 ) Interest expense (1,580 ) (72 ) (1,652 ) Other income, net 398 – 398 Net Loss before income taxes (14,567 ) (72 ) (14,639 ) Income tax benefit (2,965 ) (31 ) (2,996 ) Net loss $ (11,602 ) $ (41 ) $ (11,643 ) Comprehensive loss $ (11,602 ) $ (41 ) $ (11,643 ) Net loss per share: Basic $ (0.18 ) – $ (0.18 ) Diluted $ (0.18 ) – $ (0.18 ) Weighted average common shares outstanding: Basic 62,994 – 62,994 Diluted 62,994 – 62,994
Schedule of statement of stockholder equity	Schedule of statement of stockholder equity Three Months Ended October 31, 2023 Accumulated Deficit Total Stockholders’ Equity Accumulated Deficit Total Stockholders’ Equity Condensed Consolidated Statement of Stockholders’ Equity (as reported) (as reported) (adjustments) (as restated) (as restated) Balances at July 31, 2023 $ (432,910 ) $ 190,598 $ (330 ) $ (433,240 ) $ 190,268 Common stock issued under equity compensation plans – 120 – – 120 Stock-based compensation expense – 2,466 – – 2,466 Net loss (9,509 ) (9,509 ) (12 ) (9,521 ) (9,521 ) Balances at October 31, 2023 $ (442,419 ) $ 183,675 $ (342 ) $ (442,761 ) $ 183,333 Six Months Ended October 31, 2023 Accumulated Deficit Total Stockholders’ Equity Accumulated Deficit Total Stockholders’ Equity Condensed Consolidated Statement of Stockholders’ Equity (as reported) (as reported) (adjustments) (as restated) (as restated) Balances at April 30, 2023 $ (430,817 ) $ 189,470 $ (301 ) $ (431,118 ) $ 189,169 Common stock issued under equity compensation plans – 998 – – 998 Stock-based compensation expense – 4,809 – – 4,809 Net loss (11,602 ) (11,602 ) (41 ) (11,643 ) (11,643 ) Balances at October 31, 2023 $ (442,419 ) $ 183,675 $ (342 ) $ (442,761 ) $ 183,333
Schedule of statement of cash flows	Schedule of statement of cash flows Six Months Ended October 31 2023 Consolidated Statement of Cash Flows (as reported) (adjustments) (as restated) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (11,602 ) $ (41 ) $ (11,643 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 5,433 – 5,433 Stock-based compensation 4,809 – 4,809 Amortization of debt issuance costs 639 – 639 Deferred income taxes (2,978 ) (31 ) (3,009 ) Loss on disposal of property and equipment 46 – 46 Changes in operating assets and liabilities: Accounts receivable, net 4,919 – 4,919 Contract assets (1,238 ) – (1,238 ) Inventory 5,325 – 5,325 Prepaid expenses and other assets (7,909 ) – (7,909 ) Accounts payable 4,344 – 4,344 Accrued compensation and benefits (4,536 ) – (4,536 ) Contract liabilities 8,808 – 8,808 Other accrued expenses and liabilities (239 ) 259 20 Net cash provided by operating activities 5,821 187 6,008 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (21,437 ) (187 ) (21,624 ) Net cash used in investing activities (21,437 ) (187 ) (21,624 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock under equity compensation plans 998 – 998 Proceeds from finance lease 7,412 – 7,412 Principal payments on finance lease (262 ) – (262 ) Net cash provided by financing activities 8,148 – 8,148 Net decrease in cash, cash equivalents and restricted cash (7,468 ) – (7,468 ) Cash, cash equivalents and restricted cash, beginning of period 38,892 – 38,892 Cash, cash equivalents and restricted cash, end of period $ 31,424 – $ 31,424 Supplemental disclosures of cash flow information: Cash paid for interest $ 882 $ (289 ) $ 593 Cash paid for income taxes $ 14 $ – $ 14 Supplemental disclosures of non-cash activities: Unpaid purchases of property and equipment $ 7,972 $ 112 $ 8,084

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Schedule of revenues	Schedule of revenues Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Manufacturing revenues $ 20,128 $ 27,614 $ 53,548 $ 59,095 Process development revenues 5,267 7,143 9,573 12,354 Total revenues $ 25,395 $ 34,757 $ 63,121 $ 71,449
Schedule of cash	Schedule of cash October 31, 2023 April 30, 2023 October 31, 2022 April 30, 2022 Cash and cash equivalents $ 31,424 $ 38,542 $ 77,292 $ 126,166 Restricted cash – 350 350 350 Total cash, cash equivalents and restricted cash $ 31,424 $ 38,892 $ 77,642 $ 126,516
Schedule of estimated useful lives of property	Schedule of estimated useful lives of property Description Estimated Useful Life Leasehold improvements Shorter of estimated useful life or lease term Laboratory and manufacturing equipment 5 – 15 years Computer equipment and software 3 – 5 years Furniture, fixtures and office equipment 5 – 10 years
Schedule of property and equipment	Schedule of property and equipment October 31, 2023 April 30, 2023 (as restated) (as restated) Leasehold improvements $ 101,572 $ 97,514 Laboratory and manufacturing equipment 43,336 35,501 Computer equipment and software 5,170 5,028 Furniture, fixtures and office equipment 1,910 1,681 Construction-in-progress 71,562 68,414 Total property and equipment, gross 222,350 208,138 Less: accumulated depreciation and amortization (35,676 ) (30,368 ) Total property and equipment, net $ 187,874 $ 177,770

Debt (as restated) (Tables)

Debt (as restated) (Tables)	6 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Schedule of net carrying amount of the debt component	Schedule of net carrying amount of the debt component October 31, 2023 April 30, 2023 Principal $ 143,750 $ 143,750 Unamortized issuance costs (2,596 ) (3,127 ) Net carrying amount $ 141,154 $ 140,623
Schedule of interest expense	Schedule of interest expense Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 (as restated) (as restated) (as restated) (as restated) Contractual interest expense $ 453 $ 585 $ 911 $ 1,132 Amortization of issuance costs 266 260 531 520 Total interest expense associated with Convertible Notes $ 719 $ 845 $ 1,442 $ 1,652

Leases (Tables)

Leases (Tables)	6 Months Ended
	Oct. 31, 2023
Leases
Schedule of lease costs	Schedule of lease costs Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Operating lease cost $ 1,150 $ 1,090 $ 2,290 $ 2,173 Variable lease cost 424 408 775 797 Short-term lease cost 31 197 67 327 Finance lease costs: Amortization of right-of-use assets 54 54 108 108 Interest on lease liabilities 25 33 52 66 Total lease cost $ 1,684 $ 1,782 $ 3,292 $ 3,471
Schedule of balance sheet classification of leases	Schedule of balance sheet classification of leases Leases Classification October 31, 2023 April 30, 2023 Assets Operating Operating lease right-of-use assets $ 41,973 $ 42,772 Finance Property and equipment, net 9,803 2,529 Total leased assets $ 51,776 $ 45,301 Liabilities Current: Operating Current portion of operating lease liabilities $ 1,263 $ 1,358 Finance Other current liabilities 1,403 531 Non-current: Operating Operating lease liabilities, less current portion 45,036 45,690 Finance Finance lease liabilities, less current portion 7,840 1,562 Total lease liabilities $ 55,542 $ 49,141
Schedule of operating and finance leases	Schedule of operating and finance leases Weighted average remaining lease term (years): Operating leases 16.2 16.6 Finance leases 6.2 3.7 Weighted average discount rate: Operating leases 6.0 6.0 Finance leases 6.4 5.3
Schedule of supplemental cash flow information related to leases	Schedule of supplemental cash flow information related to leases Six Months Ended October 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,149 $ 2,063 Operating cash flows from finance leases 52 65 Financing cash flows from finance leases 262 249
Schedule of maturities of lease liabilities	Schedule of maturities of lease liabilities Fiscal Year Ending April 30, Operating Leases Finance Leases Total 2024 (remaining period) $ 1,990 $ 982 $ 2,972 2025 4,060 1,963 6,023 2026 4,167 1,963 6,130 2027 4,199 1,754 5,953 2028 4,036 1,334 5,370 Thereafter 56,418 3,336 59,754 Total lease payments $ 74,870 $ 11,332 $ 86,202 Less: imputed interest (28,571 ) (2,089 ) (30,660 ) Total lease liabilities $ 46,299 $ 9,243 $ 55,542

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	6 Months Ended
	Oct. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock option activity	Schedule of stock option activity Stock Options Grant Date Weighted Average Exercise Price (in thousands) Outstanding at May 1, 2023 2,079 $6.76 Granted – $– Exercised (62) $7.65 Canceled or expired (16) $11.99 Outstanding at October 31, 2023 2,001 $6.69
Schedule of RSU activity	Schedule of RSU activity Shares Weighted Average Grant Date Fair Value (in thousands) Outstanding at May 1, 2023 1,006 $16.83 Granted 673 $14.00 Vested (274) $13.73 Forfeited (40) $16.98 Outstanding at October 31, 2023 1,365 $16.05
Schedule of PSU activity	Schedule of PSU activity Shares Weighted Average Grant Date Fair Value (in thousands) Outstanding at May 1, 2023 522 $19.70 Granted 613 $13.92 Vested – $– Forfeited – $– Outstanding at October 31, 2023 1,135 $16.58
Schedule of share-based compensation expense	Schedule of share-based compensation expense Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Cost of revenues $ 1,107 $ 1,045 $ 2,061 $ 1,732 Selling, general and administrative 1,359 1,741 2,748 2,951 Total stock-based compensation $ 2,466 $ 2,786 $ 4,809 $ 4,683

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Oct. 31, 2023
Net income (loss) per share:
Schedule of earnings per share, basic and diluted	Schedule of earnings per share, basic and diluted Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Numerator (as restated) (as restated) (as restated (as restated) Net income (loss), basic $ (9,521 ) $ (520 ) $ (11,643 ) $ 841 Add interest expense on 2026 Notes, net of tax – – – (944 ) Net loss, diluted $ (9,521 ) $ (520 ) $ (11,643 ) $ (103 ) Denominator Weighted average basic common shares outstanding 63,149 62,204 62,994 62,054 Effect of dilutive securities: Stock options – – – 1,294 RSUs, PSUs and ESPP – – – 226 2026 Notes – – – 6,776 Weighted average diluted common shares outstanding 63,149 62,204 62,994 70,350 Net income (loss) per share: Basic $ (0.15 ) $ (0.01 ) $ (0.18 ) $ 0.01 Diluted $ (0.15 ) $ (0.01 ) $ (0.18 ) $ (0.00 )
Schedule of antidilutive shares	Schedule of antidilutive shares Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Stock options 877 1,404 962 51 RSUs, PSUs and ESPP 1,400 433 1,241 640 2026 Notes 6,776 6,776 6,776 – Total 9,053 8,613 8,979 691

Description of Company and Ba_3

Description of Company and Basis of Presentation (Details - Consolidated balance sheet) - USD ($) $ in Thousands	Oct. 31, 2023	Jul. 31, 2023	Apr. 30, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 31,424		$ 38,542	$ 77,292		$ 126,166
Accounts receivable, net	13,379		18,298
Contract assets	10,847		9,609
Inventory	38,583		43,908
Prepaid expenses and other current assets	9,972		2,094
Total current assets	104,205		112,451
Property and equipment, net	187,874		177,770
Operating lease right-of-use assets	41,973		42,772
Deferred tax assets	116,760		113,751
Other assets	4,673		4,473
Total assets	455,485		451,567
Current liabilities:
Accounts payable	22,784		24,593
Accrued compensation and benefits	4,244		8,780
Contract liabilities	46,437		37,352
Convertible senior notes, net	141,154
Current portion of operating lease liabilities	1,263		1,358
Other current liabilities	3,394		2,440
Total current liabilities	219,276		215,146
Convertible senior notes, net	0
Operating lease liabilities, less current portion	45,036		45,690
Finance lease liabilities, less current portion	7,840		1,562
Total liabilities	272,152		262,398
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0		0
Common stock, $0.001 par value; 150,000 shares authorized; 63,234 and 62,692 shares issued and outstanding at respective dates	63		63
Additional paid-in capital	626,031		620,224
Accumulated deficit	(442,761)		(431,118)
Total stockholders’ equity	183,333	$ 190,268	189,169	$ 181,628	$ 178,796	$ 174,526
Total liabilities and stockholders’ equity	455,485		451,567
Previously Reported [Member]
Current assets:
Cash and cash equivalents	31,424
Accounts receivable, net	13,379
Contract assets	10,847
Inventory	38,583
Prepaid expenses and other current assets	9,972
Total current assets	104,205
Property and equipment, net	187,174
Operating lease right-of-use assets	41,973
Deferred tax assets	116,617
Other assets	4,673
Total assets	454,642
Current liabilities:
Accounts payable	22,784
Accrued compensation and benefits	4,244
Contract liabilities	46,437
Convertible senior notes, net	0
Current portion of operating lease liabilities	1,263
Other current liabilities	2,209
Total current liabilities	76,937
Convertible senior notes, net	141,154
Operating lease liabilities, less current portion	45,036
Finance lease liabilities, less current portion	7,840
Total liabilities	270,967
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0
Common stock, $0.001 par value; 150,000 shares authorized; 63,234 and 62,692 shares issued and outstanding at respective dates	63
Additional paid-in capital	626,031
Accumulated deficit	(442,419)
Total stockholders’ equity	183,675	190,598	189,470
Total liabilities and stockholders’ equity	454,642
Revision of Prior Period, Adjustment [Member]
Current assets:
Cash and cash equivalents	0
Accounts receivable, net	0
Contract assets	0
Inventory	0
Prepaid expenses and other current assets	0
Total current assets	0
Property and equipment, net	700
Operating lease right-of-use assets	0
Deferred tax assets	143
Other assets	0
Total assets	843
Current liabilities:
Accounts payable	0
Accrued compensation and benefits	0
Contract liabilities	0
Convertible senior notes, net	141,154
Current portion of operating lease liabilities	0
Other current liabilities	1,185
Total current liabilities	142,339
Convertible senior notes, net	(141,154)
Operating lease liabilities, less current portion	0
Finance lease liabilities, less current portion	0
Total liabilities	1,185
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0
Common stock, $0.001 par value; 150,000 shares authorized; 63,234 and 62,692 shares issued and outstanding at respective dates	0
Additional paid-in capital	0
Accumulated deficit	(342)
Total stockholders’ equity	(342)	$ (330)	$ (301)
Total liabilities and stockholders’ equity	$ 843

Description of Company and Ba_4

Description of Company and Basis of Presentation (Details - Statement of loss and comprehensive loss) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Revenues	$ 25,395	$ 34,757	$ 63,121	$ 71,449
Cost of revenues	30,060	30,610	63,686	58,185
Gross loss	(4,665)	4,147	(565)	13,264
Operating expenses:
Selling, general and administrative	6,557	6,831	12,820	13,213
Total operating expenses	6,557		12,820
Operating loss	(11,222)	(2,684)	(13,385)	51
Interest expense	(827)	(877)	(1,652)	(1,718)
Other income, net	140		398
Net Loss before income taxes	(11,909)	(3,416)	(14,639)	(1,472)
Income tax benefit	(2,388)	(2,896)	(2,996)	(2,313)
Net loss	(9,521)	(520)	(11,643)	841
Comprehensive loss	$ (9,521)	$ (520)	$ (11,643)	$ 841
Net loss per share:
Basic	$ (0.15)	$ (0.01)	$ (0.18)	$ 0.01
Diluted	$ (0.15)	$ (0.01)	$ (0.18)	$ 0
Weighted average common shares outstanding:
Basic	63,149	62,204	62,994	62,054
Diluted	63,149	62,204	62,994	70,350
Previously Reported [Member]
Revenues	$ 25,395		$ 63,121
Cost of revenues	30,060		63,686
Gross loss	(4,665)		(565)
Operating expenses:
Selling, general and administrative	6,557		12,820
Total operating expenses	6,557		12,820
Operating loss	(11,222)		(13,385)
Interest expense	(805)		(1,580)
Other income, net	140		398
Net Loss before income taxes	(11,887)		(14,567)
Income tax benefit	(2,378)		(2,965)
Net loss	(9,509)		(11,602)
Comprehensive loss	$ (9,509)		$ (11,602)
Net loss per share:
Basic	$ (0.15)		$ (0.18)
Diluted	$ (0.15)		$ (0.18)
Weighted average common shares outstanding:
Basic	63,149		62,994
Diluted	63,149		62,994
Revision of Prior Period, Adjustment [Member]
Revenues	$ 0		$ 0
Cost of revenues	0		0
Gross loss	0		0
Operating expenses:
Selling, general and administrative	0		0
Total operating expenses	0		0
Operating loss	0		0
Interest expense	(22)		(72)
Other income, net	0		0
Net Loss before income taxes	(22)		(72)
Income tax benefit	(10)		(31)
Net loss	(12)		(41)
Comprehensive loss	$ (12)		$ (41)
Net loss per share:
Basic	$ 0		$ 0
Diluted	$ 0		$ 0
Weighted average common shares outstanding:
Basic	0		0
Diluted	0		0

Description of Company and Ba_5

Description of Company and Basis of Presentation (Details - Statement of stockholder equity) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Beginning balance, value	$ 190,268	$ 178,796	$ 189,169	$ 174,526
Common stock issued under equity compensation plans	120	566	998	1,578
Stock-based compensation expense	2,466	2,786	4,809	4,683
Net loss	(9,521)	(520)	(11,643)	841
Ending balance, value	183,333	181,628	183,333	181,628
Previously Reported [Member]
Beginning balance, value	190,598		189,470
Common stock issued under equity compensation plans	120		998
Stock-based compensation expense	2,466		4,809
Net loss	(9,509)		(11,602)
Ending balance, value	183,675		183,675
Revision of Prior Period, Adjustment [Member]
Beginning balance, value	(330)		(301)
Common stock issued under equity compensation plans
Stock-based compensation expense
Net loss	(12)		(41)
Ending balance, value	(342)		(342)
Retained Earnings [Member]
Beginning balance, value	(433,240)	(430,016)	(431,118)	(431,377)
Common stock issued under equity compensation plans
Stock-based compensation expense
Net loss	(9,521)	(520)	(11,643)	841
Ending balance, value	(442,761)	$ (430,536)	(442,761)	$ (430,536)
Retained Earnings [Member] | Previously Reported [Member]
Beginning balance, value	(432,910)		(430,817)
Common stock issued under equity compensation plans
Stock-based compensation expense
Net loss	(9,509)		(11,602)
Ending balance, value	$ (442,419)		$ (442,419)

Description of Company and Ba_6

Description of Company and Basis of Presentation (Details - Statement of cash flows) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,521)	$ (520)	$ (11,643)	$ 841
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			5,433	3,409
Stock-based compensation	2,466	2,786	4,809	4,683
Amortization of debt issuance costs			639
Deferred income taxes			(3,009)	(2,495)
Loss on disposal of property and equipment			46	70
Changes in operating assets and liabilities:
Accounts receivable, net			4,919	(33)
Contract assets			(1,238)	(1,159)
Inventory			5,325	(12,999)
Prepaid expenses and other assets			(7,909)	(127)
Accounts payable			4,344	5,346
Accrued compensation and benefits			(4,536)	(2,411)
Contract liabilities			8,808	(5,352)
Other accrued expenses and liabilities			20	781
Net cash provided by operating activities			6,008	(8,926)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(21,624)	(41,277)
Net cash used in investing activities			(21,624)	(41,277)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity compensation plans			998	1,578
Proceeds from finance lease			7,412	0
Principal payments on finance lease			(262)	(249)
Net cash provided by financing activities			8,148	1,329
Net decrease in cash, cash equivalents and restricted cash			(7,468)	(48,874)
Cash, cash equivalents and restricted cash, beginning of period			38,892	126,516
Cash, cash equivalents and restricted cash, end of period	31,424	$ 77,642	31,424	77,642
Supplemental disclosures of cash flow information:
Cash paid for interest			593
Cash paid for income taxes			14	220
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment			8,084	$ 8,584
Previously Reported [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	(9,509)		(11,602)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			5,433
Stock-based compensation			4,809
Amortization of debt issuance costs			639
Deferred income taxes			(2,978)
Loss on disposal of property and equipment			46
Changes in operating assets and liabilities:
Accounts receivable, net			4,919
Contract assets			(1,238)
Inventory			5,325
Prepaid expenses and other assets			(7,909)
Accounts payable			4,344
Accrued compensation and benefits			(4,536)
Contract liabilities			8,808
Other accrued expenses and liabilities			(239)
Net cash provided by operating activities			5,821
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(21,437)
Net cash used in investing activities			(21,437)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity compensation plans			998
Proceeds from finance lease			7,412
Principal payments on finance lease			(262)
Net cash provided by financing activities			8,148
Net decrease in cash, cash equivalents and restricted cash			(7,468)
Cash, cash equivalents and restricted cash, beginning of period			38,892
Cash, cash equivalents and restricted cash, end of period	31,424		31,424
Supplemental disclosures of cash flow information:
Cash paid for interest			882
Cash paid for income taxes			14
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment			7,972
Revision of Prior Period, Adjustment [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	(12)		(41)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			0
Stock-based compensation			0
Amortization of debt issuance costs			0
Deferred income taxes			(31)
Loss on disposal of property and equipment			0
Changes in operating assets and liabilities:
Accounts receivable, net			0
Contract assets			0
Inventory			0
Prepaid expenses and other assets			0
Accounts payable			0
Accrued compensation and benefits			0
Contract liabilities			0
Other accrued expenses and liabilities			259
Net cash provided by operating activities			187
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(187)
Net cash used in investing activities			(187)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity compensation plans			0
Proceeds from finance lease			0
Principal payments on finance lease			0
Net cash provided by financing activities			0
Net decrease in cash, cash equivalents and restricted cash			0
Cash, cash equivalents and restricted cash, beginning of period			0
Cash, cash equivalents and restricted cash, end of period	$ 0		0
Supplemental disclosures of cash flow information:
Cash paid for interest			(289)
Cash paid for income taxes			0
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment			$ 112

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details - Revenue) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Product Information [Line Items]
Revenues	$ 25,395	$ 34,757	$ 63,121	$ 71,449
Manufacturing Revenue [Member]
Product Information [Line Items]
Revenues	20,128	27,614	53,548	59,095
Process Development Revenue [Member]
Product Information [Line Items]
Revenues	$ 5,267	$ 7,143	$ 9,573	$ 12,354

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details - Cash) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023	Oct. 31, 2022	Apr. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 31,424	$ 38,542	$ 77,292	$ 126,166
Restricted cash	0	350	350	350
Total cash, cash equivalents and restricted cash	$ 31,424	$ 38,892	$ 77,642	$ 126,516

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details - Useful life)	6 Months Ended
	Oct. 31, 2023
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	Shorter of estimated useful life or lease term
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 – 15 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	3 – 5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 – 10 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Details - Property and Equipment) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 222,350	$ 208,138
Less: Accumulated depreciation and amortization	(35,676)	(30,368)
Total property and equipment, net	187,874	177,770
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	101,572	97,514
Manufactured Product, Other [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	43,336	35,501
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	5,170	5,028
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,910	1,681
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 71,562	$ 68,414

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Accounting Policies [Abstract]
Revenue recognized	$ 4	$ 8.3	$ 20.8	$ 26.9
Change in revenue due to change in estimate	1.8		3.2
Restricted cash					$ 0.4
Allowance for doubtful accounts	1.6		1.6		0.5
Capitalized Interest Costs, Including Allowance for Funds Used During Construction	0.2		0.3
Depreciation and amortization expense	2.8	$ 1.8	5.4	$ 3.4
Cash equivalents	21.6		21.6		28.7
Investment in equity securities	$ 7.5		$ 7.5		$ 0

Debt (Details - Debt component)

Debt (Details - Debt component) - Convertible Debt Carrying Amount [Member] - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Debt Instrument [Line Items]
Principal	$ 143,750	$ 143,750
Unamortized issuance costs	(2,596)	(3,127)
Net carrying amount	$ 141,154	$ 140,623

Debt (Details - Interest expens

Debt (Details - Interest expense) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Short-Term Debt [Line Items]
Amortization of issuance costs			$ 639	$ 520
Total interest expense associated with Convertible Notes	$ 827	$ 877	1,652	1,718
Convertible Notes [Member]
Short-Term Debt [Line Items]
Contractual interest expense	453	585	911	1,132
Amortization of issuance costs	266	260	531	520
Total interest expense associated with Convertible Notes	$ 719	$ 845	$ 1,442	$ 1,652

Debt (as restated) (Details Nar

Debt (as restated) (Details Narrative) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Mar. 14, 2023	Mar. 31, 2021	Oct. 31, 2023
Debt Instrument [Line Items]
Net proceeds from convertible notes			$ 12,800
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Revolving line facility fee	0.25%
Revolving Credit Facility [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding loans			0
Line of credit	$ 15,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 143,800
Proceeds from convertible debt		138,500
Debt issuance costs		$ 5,300
Interest rate		1.25%
Maturity date		Mar. 15, 2026
Convertible Notes [Member]
Debt Instrument [Line Items]
Fair value of the convertible notes			$ 116,900

Leases (Details - Components of

Leases (Details - Components of lease) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Leases
Operating lease cost	$ 1,150	$ 1,090	$ 2,290	$ 2,173
Variable lease cost	424	408	775	797
Short-term lease cost	31	197	67	327
Finance lease costs:
Amortization of right-of-use assets	54	54	108	108
Interest on lease liabilities	25	33	52	66
Total lease cost	$ 1,684	$ 1,782	$ 3,292	$ 3,471

Leases (Details - Operating lea

Leases (Details - Operating leases assets and liabilities) - USD ($) $ in Thousands	Oct. 31, 2023	Apr. 30, 2023
Leases
Operating lease right-of-use assets	$ 41,973	$ 42,772
Finance Property and equipment, net	9,803	2,529
Total leased assets	51,776	45,301
Current portion of operating lease liabilities	1,263	1,358
Finance other current liabilities	1,403	531
Operating lease liabilities, less current portion	45,036	45,690
Finance lease liabilities, less current portion	7,840	1,562
Total lease liabilities	$ 55,542	$ 49,141

Leases (Details - Operating and

Leases (Details - Operating and finance leases)	Oct. 31, 2023	Apr. 30, 2023
Leases
Weighted average remaining lease term, operating leases	16 years 2 months 12 days	16 years 7 months 6 days
Weighted average remaining lease term, finance lease	6 years 2 months 12 days	3 years 8 months 12 days
Weighted average discount rate, operating leases	6%	6%
Weighted average discount rate, finance lease	6.40%	5.30%

Leases (Details - Supplemental

Leases (Details - Supplemental cash flow information) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,149	$ 2,063
Operating cash flows from finance leases	52	65
Financing cash flows from finance leases	$ 262	$ 249

Leases (Details - Maturities of

Leases (Details - Maturities of Operating Lease Liabilities) $ in Thousands	Oct. 31, 2023 USD ($)
2024 (remaining period)	$ 2,972
2025	6,023
2026	6,130
2027	5,953
2028	5,370
Thereafter	59,754
Total lease payments	86,202
Less: imputed interest	(30,660)
Total lease liabilities	55,542
Operating Lease [Member]
2024 (remaining period)	1,990
2025	4,060
2026	4,167
2027	4,199
2028	4,036
Thereafter	56,418
Total lease payments	74,870
Less: imputed interest	(28,571)
Total lease liabilities	46,299
Finance Lease [Member]
2024 (remaining period)	982
2025	1,963
2026	1,963
2027	1,754
2028	1,334
Thereafter	3,336
Total lease payments	11,332
Less: imputed interest	(2,089)
Total lease liabilities	$ 9,243

Equity Compensation Plans (Deta

Equity Compensation Plans (Details - Option activity) - Equity Option [Member] shares in Thousands	6 Months Ended
	Oct. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, Outstanding beginning balance | shares	2,079
Grant date weighted average exercise price, Outstanding beginning balance | $ / shares	$ 6.76
Stock options, Granted | shares	0
Grant date weighted average exercise price, Granted | $ / shares	$ 0
Stock options, Exercised | shares	(62)
Grant date weighted average exercise price, Exercised | $ / shares	$ 7.65
Stock options, Cancelled or expired | shares	(16)
Grant date weighted average exercise price, Canceled or expired | $ / shares	$ 11.99
Stock options, Outstanding ending balance | shares	2,001
Grant date weighted average exercise price, Outstanding ending balance | $ / shares	$ 6.69

Equity Compensation Plans (De_2

Equity Compensation Plans (Details - RSU Activity) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Oct. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding beginning balance | shares	1,006
Weighted average grant date fair value, Outstanding beginning balance | $ / shares	$ 16.83
RSUs shares, Granted | shares	673
RSUs weighted average grant date fair value, Granted | $ / shares	$ 14
RSUs shares, Vested | shares	(274)
RSUs weighted average grant date fair value, Vested | $ / shares	$ 13.73
RSUs shares, Forfeited | shares	(40)
RSUs weighted average grant date fair value, Forfeited | $ / shares	$ 16.98
Outstanding ending balance | shares	1,365
Weighted average grant date fair value, Outstanding ending balance | $ / shares	$ 16.05

Equity Compensation Plans (De_3

Equity Compensation Plans (Details - PSU Activity) - Performance Stock Units [Member] shares in Thousands	6 Months Ended
	Oct. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding beginning balance | shares	522
Weighted average grant date fair value, Outstanding beginning balance | $ / shares	$ 19.70
PSUs shares, Granted | shares	613
PSUs weighted average grant date fair value, Granted | $ / shares	$ 13.92
PSUs shares, Vested | shares	0
PSUs weighted average grant date fair value, Vested | $ / shares	$ 0
PSUs shares, Forfeited | shares	0
PSUs weighted average grant date fair value, Forfeited | $ / shares	$ 0
Outstanding ending balance | shares	1,135
Weighted average grant date fair value, Outstanding ending balance | $ / shares	$ 16.58

Equity Compensation Plans (De_4

Equity Compensation Plans (Details - Share based compensation) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	$ 2,466	$ 2,786	$ 4,809	$ 4,683
Cost of Sales [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	1,107	1,045	2,061	1,732
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	$ 1,359	$ 1,741	$ 2,748	$ 2,951

Equity Compensation Plans (De_5

Equity Compensation Plans (Details Narrative) $ / shares in Units, $ in Millions	6 Months Ended
	Oct. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	7,682,971
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	917,092
Stock issued during period, ESPP	46,224
ESPP weighted average purchase price | $ / shares	$ 11.46
Options And Restricted Stock [Member] | Stock Incentive Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	4,501,434
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs | $	$ 9.7
Unrecognized compensation cost weighted average vesting period	1 year 2 months 19 days
Performance Stock Units [Member] | Stock Incentive Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	3,181,537
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs | $	$ 0.7
Unrecognized compensation cost weighted average vesting period	8 months 23 days
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs | $	$ 20.3
Unrecognized compensation cost weighted average vesting period	2 years 10 months 13 days

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ 2,400	$ 2,900	$ 3,000	$ 2,300
Effective tax rate	20%	84.80%	20.50%	157.10%
Uncertain tax positions	$ 0		$ 0		$ 0
Accrued interest or penalties	$ 0		$ 0		$ 0

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share (Details - Reconciliation of per share) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Numerator
Net income (loss), basic	$ (9,521)	$ (520)	$ (11,643)	$ 841
Add interest expense on 2026 Notes, net of tax	0	0	0	(944)
Net loss, diluted	$ (9,521)	$ (520)	$ (11,643)	$ (103)
Denominator
Weighted average basic common shares outstanding	63,149	62,204	62,994	62,054
Effect of dilutive securities:
Stock options	0	0	0	1,294
RSUs, PSUs and ESPP	0	0	0	226
2026 Notes	0	0	0	6,776
Weighted average diluted common shares outstanding	63,149	62,204	62,994	70,350
Net income (loss) per share:
Basic	$ (0.15)	$ (0.01)	$ (0.18)	$ 0.01
Diluted	$ (0.15)	$ (0.01)	$ (0.18)	$ 0

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share (Details - Antidilutive shares) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	9,053	8,613	8,979	691
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	877	1,404	962	51
R S Us P S Us And E S P P [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	1,400	433	1,241	640
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	6,776	6,776	6,776