Avid Bioservices (CDMO) 10-K 2 Jul 24 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Apr. 30, 2024	Jun. 24, 2024	Oct. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2024
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 385,800,000
Entity Common Stock, Shares Outstanding		63,581,054
Documents Incorporated by Reference [Text Block]	Part III of this report incorporates certain information by reference from the registrant’s definitive proxy statement for the 2024 annual meeting of stockholders, which proxy statement will be filed with the Securities and Exchange Commission no later than 120 days after the registrant’s fiscal year ended April 30, 2024.
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 38,106	$ 38,542
Accounts receivable, net	16,644	18,298
Contract assets	12,364	9,609
Inventory	30,375	43,908
Prepaid expenses and other current assets	6,513	2,094
Total current assets	104,002	112,451
Property and equipment, net	186,514	177,770
Operating lease right-of-use assets	41,157	42,772
Deferred tax assets		113,751
Other assets	4,884	4,473
Restricted cash	0	350
Total assets	336,557	451,567
Current liabilities:
Accounts payable	20,667	24,593
Accrued compensation and benefits	5,437	8,780
Contract liabilities	39,887	37,352
Convertible senior notes, net	0	140,623
Current portion of operating lease liabilities	1,354	1,358
Other current liabilities	3,221	2,440
Total current liabilities	70,566	215,146
Convertible senior notes, net	153,593	0
Operating lease liabilities, less current portion	44,336	45,690
Finance lease liabilities, less current portion	7,101	1,562
Deferred tax liabilities	72
Total liabilities	275,668	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; 63,568 and 62,692 shares issued and outstanding at respective dates	64	63
Additional paid-in capital	632,696	620,224
Accumulated deficit	(571,871)	(431,118)
Total stockholders’ equity	60,889	189,169
Total liabilities and stockholders’ equity	$ 336,557	$ 451,567

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Apr. 30, 2024	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	63,568	62,692
Common stock, shares outstanding	63,568	62,692

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Income Statement [Abstract]
Revenues	$ 139,911	$ 149,266	$ 119,597
Cost of revenues	132,593	117,786	82,949
Gross profit	7,318	31,480	36,648
Operating expenses:
Selling, general and administrative	25,996	27,879	21,226
Total operating expenses	25,996	27,879	21,226
Operating income (loss)	(18,678)	3,601	15,422
Interest expense	(4,337)	(3,013)	(2,680)
Other income (expense), net	(3,912)	1,002	(81)
Net income (loss) before income taxes	(26,927)	1,590	12,661
Income tax (benefit) expense	113,826	1,331	(115,011)
Net income (loss)	(140,753)	259	127,672
Comprehensive income (loss)	$ (140,753)	$ 259	$ 127,672
Net income (loss) per share:
Basic	$ (2.23)	$ 0	$ 2.08
Diluted	$ (2.23)	$ 0	$ 1.84
Weighted average common shares outstanding:
Basic	63,199	62,268	61,484
Diluted	63,199	63,782	70,474

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2021	$ 61	$ 637,534	$ (559,859)	$ 77,736
Beginning balance, shares at Apr. 30, 2021	61,069
Cumulative-effect adjustment from modified retrospective adoption of ASU 2020-06		(42,431)	810	(41,621)
Common stock issued under equity compensation plans	$ 1	3,358		3,359
Common stock issued under equity compensation plans, shares	738
Stock-based compensation expense		7,380		7,380
Net loss			127,672	127,672
Ending balance, value at Apr. 30, 2022	$ 62	605,841	(431,377)	174,526
Ending balance, shares at Apr. 30, 2022	61,807
Common stock issued under equity compensation plans	$ 1	3,405		3,406
Common stock issued under equity compensation plans, shares	885
Stock-based compensation expense		10,978		10,978
Net loss			259	259
Ending balance, value at Apr. 30, 2023	$ 63	620,224	(431,118)	189,169
Ending balance, shares at Apr. 30, 2023	62,692
Unwinding of capped calls related to repurchase of convertible senior notes due 2026		1,346		1,346
Common stock issued under equity compensation plans	$ 1	1,395		1,396
Common stock issued under equity compensation plans, shares	876
Stock-based compensation expense		9,731		9,731
Net loss			(140,753)	(140,753)
Ending balance, value at Apr. 30, 2024	$ 64	$ 632,696	$ (571,871)	$ 60,889
Ending balance, shares at Apr. 30, 2024	63,568

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (140,753)	$ 259	$ 127,672
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	11,109	7,210	4,480
Stock-based compensation	9,731	10,978	7,380
Amortization of debt issuance costs	1,503	1,046	1,030
Deferred income taxes	113,823	1,331	(115,082)
Loss on extinguishment of convertible senior notes due 2026	1,865	0	0
Loss on disposal and/or impairment of property and equipment	227	139	381
Changes in operating assets and liabilities:
Accounts receivable, net	1,654	2,249	(1,705)
Contract assets	(2,755)	(4,240)	743
Inventory	13,533	(17,846)	(14,191)
Prepaid expenses and other assets	(4,987)	(61)	(4,232)
Accounts payable	7,133	964	(943)
Accrued compensation and benefits	(3,343)	362	(376)
Contract liabilities	2,535	(16,446)	3,029
Other accrued expenses and liabilities	(323)	1,333	1,279
Net cash provided by (used in) operating activities	10,952	(12,722)	9,465
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(31,805)	(77,803)	(56,411)
Net cash used in investing activities	(31,805)	(77,803)	(56,411)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes due 2029, net	154,281	0	0
Repurchase and/or payoff of convertible senior notes due 2026	(143,750)	0	0
Proceeds from unwinding of capped calls related to repurchase of convertible senior notes due 2026	1,346	0	0
Proceeds from issuance of common stock under equity compensation plans	1,396	3,406	3,359
Proceeds from finance lease	7,412	0	0
Principal payments on finance leases	(618)	(505)	(162)
Net cash provided by financing activities	20,067	2,901	3,197
Net decrease in cash, cash equivalents and restricted cash	(786)	(87,624)	(43,749)
Cash, cash equivalents and restricted cash, beginning of period	38,892	126,516	170,265
Cash, cash equivalents and restricted cash, end of period	38,106	38,892	126,516
Supplemental disclosures of cash flow information:
Cash paid for interest	2,564	1,118	1,670
Cash paid for income taxes	15	260	64
Supplemental disclosures of non-cash investing and financing activities:
Unpaid purchases of property and equipment	2,400	14,361	1,190
Unpaid issuance costs associated with convertible senior notes due 2029	$ 772

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (140,753)	$ 259	$ 127,672

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Apr. 30, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Company and Basi

Description of Company and Basis of Presentation	12 Months Ended
	Apr. 30, 2024
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. Except where specifically noted or the context otherwise requires, references to “Avid,” the “Company,” “we,” “us,” and “our,” in this Annual Report refer to Avid Bioservices, Inc. and its subsidiary. Basis of Presentation and Preparation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include our accounts and those of our subsidiary. All intercompany accounts and transactions among the consolidated entities have been eliminated in the consolidated financial statements. The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and on various other assumptions that are believed to be reasonable under the circumstances. Accounting estimates and judgments are inherently uncertain and actual results could differ materially from these estimates. Segment Reporting Our business operates in one operating segment, our contract manufacturing and development services segment. Accordingly, we reported our financial results for one reportable segment

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Apr. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Cash and Cash Equivalents We consider all short-term investments readily convertible to cash, without notice or penalty, with an initial maturity of 90 days or less to be cash equivalents. Restricted Cash Under the terms of an operating lease for office space that expired in August 2023, we were required to maintain a letter of credit as collateral during the term of the lease. As of April 30, 2024 and 2023, we had no 0.4 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows (in thousands): Schedule of cash As of April 30, 2024 2023 2022 Cash and cash equivalents $ 38,106 $ 38,542 $ 126,166 Restricted cash – 350 350 Total cash, cash equivalents and restricted cash $ 38,106 $ 38,892 $ 126,516 Revenue Recognition We recognize revenue in accordance with the authoritative guidance of ASC 606, Revenue from Contracts with Customers 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 is 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 Fiscal Year Ended April 30, 2024 2023 2022 Manufacturing revenues $ 119,345 $ 125,416 $ 99,282 Process development revenues 20,566 23,850 20,315 Total revenues $ 139,911 $ 149,266 $ 119,597 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 fiscal years ended April 30, 2024 and 2023, we recognized revenue of $ 24.9 40.8 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 fiscal year ended April 30, 2024, changes in estimates for variable consideration resulted in a decrease in revenues of $ 3.7 3 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 April 30, 2024, 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 consolidated statements of income (loss) and comprehensive income (loss). 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 judgment 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 April 30, 2024 and 2023, we determined an allowance for doubtful accounts of $ 2.3 0.5 Concentrations of Credit Risk and Customer Base Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, accounts receivable, net and contract assets. As of April 30, 2024 and 2023, we maintain our cash balances primarily with two major commercial banks and our deposits held with both banks exceed the amount of government insurance limits provided on our deposits. We are exposed to credit risk in the event of default by the major commercial banks holding our cash balances to the extent of the cash amounts recorded on the accompanying consolidated balance sheets exceed the amount of government insurance limits provided on our deposits. Our accounts receivable from amounts billed for services provided under customer contracts are derived from a limited number of customers. Most customer contracts require up-front payments and installment payments during the service period. We perform periodic evaluations of the financial condition of our customers and generally do not require collateral, but we can terminate any contract if a material default occurs. At April 30, 2024 and 2023, approximately 67% and 76%, respectively, of our accounts receivable, net were due from our top ten customers. Our revenues are derived from a limited number of customers. Historically, these customers have not entered into long-term contracts because their need for drug supply depends on a variety of factors, including a product’s stage of development, the timing of regulatory filings and approvals, the product needs of their collaborators, if applicable, their financial resources and the market demand with respect to a commercial product. The table below identifies each of our customers that accounted for 10% or more of our total revenues during any of the fiscal years ended April 30, 2024, 2023 and 2022: Schedule of concentration revenue Customer Geographic Location 2024 2023 2022 Halozyme Therapeutics, Inc. (1) U.S. 33 53 41 Coherus BioSciences, Inc. U.S. 13 * * IGM Biosciences, Inc. U.S. * * 11 ______________ (1) Revenues are derived from the manufacture of multiple therapeutics that our customer uses in various products and product candidates. * Represents a percentage less than 10% of our total revenues. We attribute revenue to the individual countries where the customer is headquartered. Revenues derived from U.S. based companies were approximately 97 100 Leases We account for our leases in accordance with the authoritative guidance of ASC 842, Leases 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. 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 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 fiscal years ended April 30, 2024 and 2023, was $ 1.1 0.8 Schedule of property and equipment April 30, 2024 2023 Leasehold improvements $ 103,178 $ 97,514 Laboratory and manufacturing equipment 41,497 35,501 Computer equipment and software 4,236 5,028 Furniture, fixtures and office equipment 1,730 1,681 Construction-in-progress 72,502 68,414 Total property and equipment, gross 223,143 208,138 Less: accumulated depreciation and amortization (36,629 ) (30,368 ) Total property and equipment, net $ 186,514 $ 177,770 Depreciation and amortization expense for the fiscal years ended April 30, 2024, 2023 and 2022 was $ 11.1 7.2 4.5 Capitalized Software Implementation Costs We capitalize certain implementation costs incurred under cloud computing hosting arrangements. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within other assets on the accompanying consolidated balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. 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 fiscal years ended April 30, 2024 and 2022, there were no 0.1 Fair Value of Financial Instruments The carrying amounts in the accompanying consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, net, other current assets related to investments in equity securities, accounts payable and accrued liabilities approximate their fair values due to their short-term maturities. 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 April 30, 2024 and 2023, our Level 1 financial assets consisted of our cash equivalents invested in money market funds of $ 27.6 28.7 4.4 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 April 30, 2024 and 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 other than when new convertible senior notes are considered a modification of convertible senior notes for the same creditor, then the debt issuance costs are expenses as incurred (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). Advertising Costs Advertising costs are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of income (loss) and comprehensive income (loss). For the fiscal years ended April 30, 2024, 2023 and 2022, advertising costs were $ 0.8 0.7 0.6 Income Taxes We utilize the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes 113.8 million We are required to file federal and state income tax returns in various jurisdictions. The preparation of these returns requires us to interpret the applicable tax laws in effect in such jurisdictions, which could affect the amount paid by us. 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. Recently Adopted Accounting Standard In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Debt

Debt	12 Months Ended
	Apr. 30, 2024
Debt Disclosure [Abstract]
Debt	Note 3 – Debt Convertible Senior Notes Due 2029 On March 12, 2024, we completed a private offering (the “Offering”) of $ 160 153.5 6.5 Subsequent to the closing of the Offering, during March 2024, we used approximately $ 146.1 141 2.3 2.8 As a result of the repurchase and payoff of the 2026 Notes, we recognized a $ 1.9 The 2029 Notes are senior unsecured obligations and accrue interest at a rate of 7.00 March 1, 2029 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. As of April 30, 2024, the conditions allowing holders of the 2029 Notes to convert had not been met and, therefore, the 2029 Notes are classified as a long-term liability on the consolidated balance sheet at April 30, 2024. 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 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. On February 29, 2024, we received an acceleration notice (the “Acceleration Notice”) from a holder of our 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 2026 Notes Indenture, (ii) due to such failure, additional interest had accrued thereafter at a rate of 0.50 Furthermore, due to the Event of Default, conditions allowing the trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2026 Notes to declare the entire principal of the outstanding 2026 Notes to be immediately due and payable had been met as of October 15, 2022 and, therefore, the 2026 Notes are classified as a current liability on the consolidated balance sheet at April 30, 2023. Subsequent to the closing of the Offering described above, during March 2024, we repurchased and paid off the remaining balance of the 2026 Notes. On May 1, 2021, we elected to early adopt ASU 2020-06 using the modified retrospective transition method. The adoption of ASU 2020-06 resulted in the re-combination of the debt and equity components of the 2026 Notes into a single debt instrument, which resulted in a $42.4 million decrease in additional paid-in capital from the derecognition of the bifurcated equity component, a $41.6 million increase in convertible senior notes, net from the derecognition of the discount associated with the bifurcated equity component, or debt discount, and $0.8 million decrease to the May 1, 2021 opening balance of accumulated deficit, representing the cumulative non-cash interest expense recognized related to the amortization of the debt discount associated with the bifurcated equity component of the 2026 Notes. Additionally, we derecognized the allocation of the issuance costs to the equity component and all issuance costs related to the 2026 Notes are being amortized to interest expense using the effective interest method over the contractual term of the 2026 Notes which is included in the cumulative adjustment to the opening balance of accumulated deficit in the consolidated statements of stockholders’ equity for the fiscal year ended April 30, 2022. 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. 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. During fiscal years 2023 and 2022, there were no conversions of our 2026 Notes, and therefore, there was no activity with respect to the Capped Calls. As described above, during March 2024, in connection with our repurchase and payoff of the remaining balance of the 2026 Notes we entered into transactions to unwind all of our Capped Calls. As a result, during March 2024, we received $ 1.3 Net Carrying Amount of Convertible Notes The net carrying amount of our 2029 Notes and 2026 Notes (collectively, the “Convertible Notes”) were as follows (in thousands): Schedule of net carrying amount of the debt component April 30, 2024 April 30, 2023 Principal amount 2029 Notes $ 160,000 $ – 2026 Notes – 143,750 Total principal amount $ 160,000 $ 143,750 Unamortized issuance costs 2029 Notes $ (6,407 ) $ – 2026 Notes – (3,127 ) Total unamortized issuance costs $ (6,407 ) $ (3,127 ) Net carrying amount 2029 Notes $ 153,593 $ – 2026 Notes – 140,623 Total net carrying amount $ 153,593 $ 140,623 As of April 30, 2024 and 2023, the estimated fair value of the 2029 Notes and the 2026 Notes, respectively, was approximately, $ 177.3 157.3 The following table summarizes the components of interest expense and the effective interest rates for our Convertible Notes (in thousands): Schedule of interest expense Fiscal Year Ended April 30, 2024 2023 2022 Contractual interest 2029 Notes $ 1,079 $ – $ – 2026 Notes 1,578 1,808 1,603 Total contractual interest $ 2,657 $ 1,808 $ 1,603 Amortization of issuance costs 2029 Notes $ 159 $ – $ – 2026 Notes 923 1,046 1,030 Total amortization of issuance costs $ 1,082 $ 1,046 $ 1,030 Interest expense 2029 Notes $ 1,238 $ – $ – 2026 Notes 2,501 2,854 2,633 Total interest expense associated with Convertible Notes $ 3,739 $ 2,854 $ 2,633 Effective interest rates 2029 Notes 8.00 – – 2026 Notes 2.56 2.31 2.03 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, which was subsequently amended on October 27, 2023 (as amended, 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 Revolving Credit Facility will mature on October 25, 2024 and is secured by substantially all of our assets. no As a result of the Event of Default associated with the 2026 Notes, 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 and (iii) adjusts the financial covenant in the Credit Agreement. Loans under the Revolving Credit Facility will bear interest at either (1) 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 (2) base rate plus a margin of 0.60% at our option. 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 requires maintenance of a minimum consolidated EBITDA, as defined in the Credit Agreement, of $ 15 The Credit Agreement 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	12 Months Ended
	Apr. 30, 2024
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 life 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 are summarized as follows (in thousands): Schedule of lease costs Fiscal Year Ended April 30, 2024 2023 2022 Operating leases $ 4,575 $ 4,386 $ 3,872 Variable leases 1,516 1,408 944 Short-term leases 130 576 515 Finance leases: Amortization of right-of-use assets 361 216 43 Interest on lease liabilities 342 125 47 Total lease costs $ 6,924 $ 6,711 $ 5,421 Supplemental consolidated balance sheet and other information related to our leases were as follows (in thousands, except weighted average data): Schedule of balance sheet April 30, Leases Classification 2024 2023 Assets Non-current: Operating Operating lease right-of-use assets $ 41,157 $ 42,772 Finance Property and equipment, net 9,270 2,529 Total leased assets $ 50,427 $ 45,301 Liabilities Current: Operating Current portion of operating lease liabilities $ 1,354 $ 1,358 Finance Other current liabilities 1,450 531 Non-current: Operating Operating lease liabilities, less current portion 44,336 45,690 Finance Finance lease liabilities, less current portion 7,101 1,562 Total lease liabilities $ 54,241 $ 49,141 Schedule of operating and finance leases Weighted average remaining lease term (years): Operating leases 15.7 16.6 Finance leases 5.8 3.7 Weighted average discount rate Operating leases 6.0 6.0 Finance leases 6.5 5.3 Supplemental cash flow information related to our leases were as follows (in thousands): Schedule of supplemental cash flow information Fiscal Year Ended April 30, 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,140 $ 4,069 $ 2,376 Operating cash flows from finance leases 294 125 47 Financing cash flows from finance leases 616 505 162 Non-cash transactions: Unpaid finance lease obligation $ 339 $ – $ – Right-of-use assets obtained upon operating lease modifications and reassessments, net $ – $ 9,267 $ 4,554 Right-of-use assets obtained in exchange for operating lease obligations $ – $ – $ 16,093 Decapitalization of right-of-use assets upon impairment $ – $ 89 $ – Property and equipment obtained in exchange for finance lease obligation $ – $ – $ 2,760 As of April 30, 2024, 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 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 2029 4,147 1,334 5,481 Thereafter 52,272 2,002 54,274 Total lease payments $ 72,881 $ 10,350 $ 83,231 Less: imputed interest (27,191 ) (1,799 ) (28,990 ) Total lease liabilities $ 45,690 $ 8,551 $ 54,241

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Apr. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Note 5 – Stockholders’ Equity As of April 30, 2024, 63,567,998 Our common stock issued and outstanding as of April 30, 2024 excluded the following shares of common stock reserved for future issuance (in thousands): Schedule of common stock reserved for future issuance Shares Stock Incentive Plans 7,595 Employee Stock Purchase Plan 849 Conversion of Convertible Notes 16,180 Total common stock reserved for future issuance 24,624

Equity Compensation Plans

Equity Compensation Plans	12 Months Ended
	Apr. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity Compensation Plans	Note 6 – Equity Compensation Plans Stock Incentive Plans The Avid Bioservices, Inc. 2018 Omnibus Incentive Plan (the “2018 Plan”) is a stockholder-approved plan, which provides, among other things, the ability for us to grant stock options, restricted stock units, performance stock units and other forms of stock-based awards. The 2018 Plan replaced our 2009, 2010 and 2011 Stock Incentive Plans (the “Prior Plans”). However, any awards outstanding under the Prior Plans as of the 2018 Plan’s effective date continue to remain subject to and be paid under the applicable Prior Plan, and any shares subject to outstanding awards under the Prior Plans that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares automatically become available for issuance under the 2018 Plan. In October 2021, our stockholders approved an amendment to the 2018 Plan to increase the number of authorized shares reserved for issuance under the 2018 plan by 3.4 The 2018 Plan and the Prior Plans are collectively referred to as the “Stock Plans”. As of April 30, 2024, we had an aggregate of 7,594,953 4,112,690 3,482,263 Stock Options We ceased granting stock options during fiscal 2022. Stock options previously granted under our Stock Plans were granted at an exercise price not less than the fair market value of our common stock on the date of grant. Stock options granted to employees generally vest over a four-year period from the date of grant and stock options granted to non-employee directors generally vest over a period of one to three years from the date of grant. Stock options granted under the 2018 Plan have a contractual term of seven years; however, the maximum contractual term of any stock option granted under the Stock Plans is ten years. The estimated fair value of stock options is measured at the grant date, using a fair value-based method, such as a Black-Scholes option valuation model, and is amortized as stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period. The use of a valuation model requires us to make certain estimates and assumptions with respect to selected model inputs. The expected volatility is based on the daily historical volatility of our common stock covering the estimated expected term. The expected term of options granted reflects actual historical exercise activity and assumptions regarding future exercise activity of unexercised, outstanding options. The risk-free interest rate is based on U.S. Treasury notes with terms within the contractual life of the option at the time of grant. The expected dividend yield assumption is based on our expectation of future dividend payouts. We have never declared or paid any cash dividends on our common stock and currently do not anticipate paying such cash dividends. There were no Schedule of fair value assumptions for options Fiscal Year Ended April 30, 2022 Risk-free interest rate 0.86 Expected life (in years) 4.37 Expected volatility 68.64 Expected dividend yield – The following summarizes our stock option transaction activity for the fiscal year ended April 30, 2024: Schedule of stock option activity Stock Options (in thousands) Grant Date Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Outstanding at May 1, 2023 2,079 $ 6.76 Granted – – Exercised (68 ) $ 7.43 Canceled or expired (25 ) $ 11.54 Outstanding at April 30, 2024 1,986 $ 6.68 2.74 $ 3,046 Vested and expected to vest 1,986 $ 6.68 2.74 $ 3,046 Exercisable at April 30, 2024 1,815 $ 6.54 2.69 $ 2,944 ______________ (1) Aggregate intrinsic value represents the difference between the exercise price of an option and the closing market price of our common stock on April 30, 2024, which was $7.63 per share. The weighted-average grant date fair value of stock options granted during the fiscal year ended April 30, 2022 was $ 13.09 no The aggregate intrinsic value of stock options exercised during the fiscal years ended April 30, 2024, 2023 and 2022 was $ 0.4 3.5 8.1 0.5 2.6 2.7 We issue shares of common stock that are reserved for issuance under the Stock Plans upon the exercise of stock options, and we do not expect to repurchase shares of common stock from any source to satisfy our obligations under our compensation plans. As of April 30, 2024, the total estimated unrecognized compensation cost related to non-vested stock options was $0.2 million. This cost is expected to be recognized over a weighted average vesting period of 0.25 Restricted Stock A restricted stock unit (“RSU”) represents the right to receive one share of our common stock upon the vesting of such unit. RSUs granted to employees generally vest over a four-year period from the date of grant and RSUs granted to non-employee directors generally vest over a period of one to three years from the date of grant. The estimated fair value of RSUs is based on the closing market value of our common stock on the date of grant and is amortized as stock-based compensation expense on a straight-line basis over the period of vesting. The following summarizes our RSUs transaction activity for the fiscal year ended April 30, 2024: Schedule of RSU activity Shares (in thousands) Weighted Average Grant Date Fair Value Outstanding at May 1, 2023 1,006 $ 16.83 Granted 912 $ 11.91 Vested (534 ) $ 15.24 Forfeited (73 ) $ 16.42 Outstanding at April 30, 2024 1,311 $ 14.08 The weighted-average grant date fair value of RSUs granted during the fiscal years ended April 30, 2024, 2023 and 2022 was $ 11.91 17.63 25.20 The total fair value of RSUs vested during the fiscal years ended April 30, 2024, 2023 and 2022 was $ 5.1 6.3 5.5 As of April 30, 2024, the total estimated unrecognized compensation cost related to non-vested RSUs was $ 17.1 2.34 Performance Stock Units The Compensation Committee of the Board of Directors grants performance stock units (“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 portion of the PSUs that do not vest are forfeited. The following summarizes our PSUs transaction activity for the fiscal year ended April 30, 2024: Schedule of PSU activity Shares (in thousands) Weighted Average Grant Date Fair Value Outstanding at May 1, 2023 522 $ 19.70 Granted 613 $ 13.92 Vested (27 ) $ 13.92 Forfeited (497 ) $ 18.29 Outstanding at April 30, 2024 611 $ 15.30 The weighted-average grant date fair value of PSUs granted during the fiscal years ended April 30, 2024, 2023 and 2022, was $ 13.92 18.09 25.36 The total fair value of PSUs vested during the fiscal years ended April 30, 2024, 2023 and 2022 was $ 0.4 3.3 2.1 As of April 30, 2024, there was $ 9.4 1.33 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 fiscal years ended April 30, 2024, 2023 and 2022, a total of 114,098 68,646 44,364 7.93 12.22 14.50 849,218 The fair value of the shares purchased under the ESPP was determined using a Black-Scholes option valuation model (see explanation of valuation model inputs above under “Stock Options”) and is recognized as expense on a straight-line basis over the requisite service period (or six-month offering period). The weighted average grant date fair value of purchase rights under the ESPP during fiscal years ended April 30, 2024, 2023 and 2022 was $ 3.09 4.93 8.62 Schedule of ESPP fair value assumptions Fiscal Year Ended April 30, 2024 2023 2022 Risk-free interest rate 5.34 3.76 0.15 Expected life (in years) 0.50 0.50 0.50 Expected volatility 68.86 68.60 59.91 Expected dividend yield – – – Stock-based Compensation Expense Stock-based compensation expense included in our consolidated statements of income (loss) and comprehensive income (loss) was comprised of the following (in thousands): Schedule of share based compensation expense Fiscal Year Ended April 30, 2024 2023 2022 Cost of revenues $ 4,144 $ 3,876 $ 2,540 Selling, general and administrative expense 5,587 7,102 4,840 Total $ 9,731 $ 10,978 $ 7,380

Deferred Compensation Plan

Deferred Compensation Plan	12 Months Ended
	Apr. 30, 2024
Retirement Benefits [Abstract]
Deferred Compensation Plan	Note 7 - 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 RSU and PSU awards. As of April 30, 2024, contributions to the DC Plan were $ 0.2

Income Taxes

Income Taxes	12 Months Ended
	Apr. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. At April 30, 2024, management assessed the realizability of deferred tax assets and evaluated the need for a valuation allowance for deferred tax assets on a jurisdictional basis. This evaluation utilizes the framework contained in ASC 740 wherein management analyzes all positive and negative evidence available at the balance sheet date to determine whether all or some portion of our deferred tax assets will not be realized. Under this guidance, a valuation allowance must be established for deferred tax assets when it is more-likely-than-not that the asset will not be realized. In assessing the realization of our deferred tax assets, management considers all available evidence, both positive and negative. A significant piece of objective evidence evaluated was the cumulative loss incurred over the three-year period ended April 30, 2024. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future growth. On the basis of this evaluation, at April 30, 2024, a valuation allowance of $118.5 million has been recorded to offset our net deferred tax assets. The valuation allowance is $118.5 million and $0 for the fiscal years ended April 30, 2024 and 2023, respectively. We are subject to taxation in the United States and various state jurisdictions. We have not been notified that we are under audit by the IRS or any state taxing authorities and our federal and state returns from April 30, 2021 and April 30, 2020, respectively, remain open for examination. Due to the presence of net operating loss (“NOL”) carryforwards the tax authorities can also examine years prior to the standard statute of limitations. At April 30, 2024, we had federal NOL carryforwards of approximately $ 454.6 281.1 4 Additionally, the future utilization of our NOL carryforwards to offset future taxable income may be subject to an annual limitation, pursuant to Internal Revenue Code Section 382, as a result of ownership changes. A Section 382 analysis has been completed through April 30, 2024, and it was determined that no significant change in ownership had occurred. However, ownership changes occurring subsequent to April 30, 2024 may impact the utilization of NOL carryforwards and other tax attributes in future periods. At April 30, 2024, we had $ 5.8 1.5 The provision for (benefit from) income taxes for the fiscal years ended April 30, 2024, 2023 and 2022 is as follows (in thousands): Schedule of provision for (benefit from) income taxes 2024 2023 2022 Current: Federal $ – $ – $ 77 State 3 – – Total current benefit $ 3 $ – $ 77 Deferred: Federal $ (3,087 ) $ 876 $ 7,132 State (1,563 ) 455 483 Total deferred Federal and State benefit (4,650 ) 1,331 7,615 Change in valuation allowance 118,473 – (122,703 ) Total $ 113,826 $ 1,331 $ (115,011 ) The provision for income taxes on our net income (loss) before income taxes for the fiscal years ended April 30, 2024, 2023 and 2022 is comprised of the following (in thousands): Schedule of provision for income taxes 2024 2023 2022 Federal income taxes at statutory rate $ (5,655 ) $ 334 $ 2,659 State income taxes, net of valuation allowance (1,329 ) 276 605 Expiration of attributes 1,188 – – Change in valuation allowance 118,473 – (122,703 ) Stock-based compensation including 162M limitations 985 615 (1,153 ) Adjustment for federal benefit of state – – 5,326 Permanent differences 84 66 425 Other, net 80 40 (170 ) Income tax (benefit) expense $ 113,826 $ 1,331 $ (115,011 ) Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and deferred tax liabilities at April 30, 2024 and 2023 are as follows (in thousands): Schedule of deferred tax assets and deferred tax liabilities 2024 2023 Net operating losses $ 115,420 $ 112,194 Research and development credits 5,571 5,569 Stock-based compensation 2,567 2,589 Deferred revenue 5,109 2,420 Lease liabilities 12,350 12,742 Accrued liabilities 3,174 2,360 Accrued compensation 947 1,781 Total deferred tax assets 145,138 139,655 Less valuation allowance (118,473 ) – Total deferred tax assets, net of valuation allowance 26,665 139,655 Deferred tax liabilities: Fixed assets (15,596 ) (14,320 ) ROU assets (11,124 ) (11,584 ) Other deferred liabilities (17 ) – Total deferred tax liabilities (26,737 ) (25,904 ) Net deferred tax assets (liabilities) $ (72 ) $ 113,751 In accordance with ASC 740, we are required to recognize the impact of an uncertain tax position in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained upon examination by the tax authorities. Unrecognized tax positions at April 30, 2024 and 2023 are as follows (in thousands): Schedule of unrecognized tax positions 2024 2023 Unrecognized tax positions, beginning of year $ 3,440 $ 5,133 Gross (decrease) – expirations (1,840 ) (1,693 ) Unrecognized tax positions, end of year $ 1,600 $ 3,440 If recognized, the unrecognized tax positions will impact our income tax benefit or effective tax rate. We do not expect any significant increases or decreases to our unrecognized tax positions within the next 12 months. It is our policy to recognize interest and penalties related to income tax matters in interest expense and other income (expense), net, respectively, in our consolidated statements of income (loss) and comprehensive income (loss). For the fiscal years ended April 30, 2024 and 2023, we did not incur any interest or penalties. For the fiscal year ended April 30, 2022, we recognized an immaterial amount of interest and penalties.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	12 Months Ended
	Apr. 30, 2024
Net income (loss) per share:
Net Income (Loss) Per Common Share	Note 9 – 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 the 2026 Notes and 2029 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 and 2029 Notes are calculated using the if-converted method assuming the conversion of our 2026 Notes and 2029 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 earning per share, basic and diluted Fiscal Year Ended April 30, 2024 2023 2022 Numerator Net income (loss), basic $ (140,753 ) $ 259 $ 127,672 Add interest expense on 2026 Notes, net of tax – – 1,954 Net income (loss), diluted $ (140,753 ) $ 259 $ 129,626 Denominator Weighted average basic common shares outstanding 63,199 62,268 61,484 Effect of dilutive securities: Stock options – 1,248 1,830 RSUs, PSUs and ESPP – 266 384 2026 Notes – – 6,776 Weighted average dilutive common shares outstanding 63,199 63,782 70,474 Net income (loss) per share: Basic $ (2.23 ) $ 0.00 $ 2.08 Diluted $ (2.23 ) $ 0.00 $ 1.84 The following table presents the potential dilutive securities excluded from the calculation of diluted net income (loss) per common share for the periods presented as the effect of their inclusion would have been anti-dilutive (in thousands): Schedule of anti-dilutive shares Fiscal Year Ended April 30, 2024 2023 2022 Stock options 809 46 43 RSUs, PSUs and ESPP 1,313 253 9 2026 Notes 5,888 6,776 – 2029 Notes 2,172 – – Total potential dilutive securities 10,182 7,075 52

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Apr. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Note 10 – Employee Benefit Plan We maintain a 401(k) Plan pursuant to section 401(k) of the Internal Revenue Code that allows participating employees to defer a portion of their compensation on a tax deferred basis up to the maximum amount permitted by the Internal Revenue Code. We are not required to make matching contributions under the 401(k) Plan. However, we match 50% of employee contributions of up to 6% of their annual eligible compensation. Total expense recognized by us for matching contributions to the 401(k) Plan for the fiscal years ended April 30, 2024, 2023 and 2022 was $ 1.1 0.9 0.6

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 – 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Apr. 30, 2024
Accounting Policies [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all short-term investments readily convertible to cash, without notice or penalty, with an initial maturity of 90 days or less to be cash equivalents.
Restricted Cash	Restricted Cash Under the terms of an operating lease for office space that expired in August 2023, we were required to maintain a letter of credit as collateral during the term of the lease. As of April 30, 2024 and 2023, we had no 0.4 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows (in thousands): Schedule of cash As of April 30, 2024 2023 2022 Cash and cash equivalents $ 38,106 $ 38,542 $ 126,166 Restricted cash – 350 350 Total cash, cash equivalents and restricted cash $ 38,106 $ 38,892 $ 126,516
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with the authoritative guidance of ASC 606, Revenue from Contracts with Customers 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 is 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 Fiscal Year Ended April 30, 2024 2023 2022 Manufacturing revenues $ 119,345 $ 125,416 $ 99,282 Process development revenues 20,566 23,850 20,315 Total revenues $ 139,911 $ 149,266 $ 119,597 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 fiscal years ended April 30, 2024 and 2023, we recognized revenue of $ 24.9 40.8 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 fiscal year ended April 30, 2024, changes in estimates for variable consideration resulted in a decrease in revenues of $ 3.7 3 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 April 30, 2024, 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 consolidated statements of income (loss) and comprehensive income (loss).
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 judgment 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 April 30, 2024 and 2023, we determined an allowance for doubtful accounts of $ 2.3 0.5
Concentrations of Credit Risk and Customer Base	Concentrations of Credit Risk and Customer Base Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, accounts receivable, net and contract assets. As of April 30, 2024 and 2023, we maintain our cash balances primarily with two major commercial banks and our deposits held with both banks exceed the amount of government insurance limits provided on our deposits. We are exposed to credit risk in the event of default by the major commercial banks holding our cash balances to the extent of the cash amounts recorded on the accompanying consolidated balance sheets exceed the amount of government insurance limits provided on our deposits. Our accounts receivable from amounts billed for services provided under customer contracts are derived from a limited number of customers. Most customer contracts require up-front payments and installment payments during the service period. We perform periodic evaluations of the financial condition of our customers and generally do not require collateral, but we can terminate any contract if a material default occurs. At April 30, 2024 and 2023, approximately 67% and 76%, respectively, of our accounts receivable, net were due from our top ten customers. Our revenues are derived from a limited number of customers. Historically, these customers have not entered into long-term contracts because their need for drug supply depends on a variety of factors, including a product’s stage of development, the timing of regulatory filings and approvals, the product needs of their collaborators, if applicable, their financial resources and the market demand with respect to a commercial product. The table below identifies each of our customers that accounted for 10% or more of our total revenues during any of the fiscal years ended April 30, 2024, 2023 and 2022: Schedule of concentration revenue Customer Geographic Location 2024 2023 2022 Halozyme Therapeutics, Inc. (1) U.S. 33 53 41 Coherus BioSciences, Inc. U.S. 13 * * IGM Biosciences, Inc. U.S. * * 11 ______________ (1) Revenues are derived from the manufacture of multiple therapeutics that our customer uses in various products and product candidates. * Represents a percentage less than 10% of our total revenues. We attribute revenue to the individual countries where the customer is headquartered. Revenues derived from U.S. based companies were approximately 97 100
Leases	Leases We account for our leases in accordance with the authoritative guidance of ASC 842, Leases 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.
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 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 fiscal years ended April 30, 2024 and 2023, was $ 1.1 0.8 Schedule of property and equipment April 30, 2024 2023 Leasehold improvements $ 103,178 $ 97,514 Laboratory and manufacturing equipment 41,497 35,501 Computer equipment and software 4,236 5,028 Furniture, fixtures and office equipment 1,730 1,681 Construction-in-progress 72,502 68,414 Total property and equipment, gross 223,143 208,138 Less: accumulated depreciation and amortization (36,629 ) (30,368 ) Total property and equipment, net $ 186,514 $ 177,770 Depreciation and amortization expense for the fiscal years ended April 30, 2024, 2023 and 2022 was $ 11.1 7.2 4.5
Capitalized Software Implementation Costs	Capitalized Software Implementation Costs We capitalize certain implementation costs incurred under cloud computing hosting arrangements. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within other assets on the accompanying consolidated balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.
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 fiscal years ended April 30, 2024 and 2022, there were no 0.1
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts in the accompanying consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, net, other current assets related to investments in equity securities, accounts payable and accrued liabilities approximate their fair values due to their short-term maturities.
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 April 30, 2024 and 2023, our Level 1 financial assets consisted of our cash equivalents invested in money market funds of $ 27.6 28.7 4.4 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 April 30, 2024 and 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 other than when new convertible senior notes are considered a modification of convertible senior notes for the same creditor, then the debt issuance costs are expenses as incurred (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).
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of income (loss) and comprehensive income (loss). For the fiscal years ended April 30, 2024, 2023 and 2022, advertising costs were $ 0.8 0.7 0.6
Income Taxes	Income Taxes We utilize the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes 113.8 million We are required to file federal and state income tax returns in various jurisdictions. The preparation of these returns requires us to interpret the applicable tax laws in effect in such jurisdictions, which could affect the amount paid by us.
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.
Recently Adopted Accounting Standard	Recently Adopted Accounting Standard In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Apr. 30, 2024
Accounting Policies [Abstract]
Schedule of cash	Schedule of cash As of April 30, 2024 2023 2022 Cash and cash equivalents $ 38,106 $ 38,542 $ 126,166 Restricted cash – 350 350 Total cash, cash equivalents and restricted cash $ 38,106 $ 38,892 $ 126,516
Schedule of revenues	Schedule of revenues Fiscal Year Ended April 30, 2024 2023 2022 Manufacturing revenues $ 119,345 $ 125,416 $ 99,282 Process development revenues 20,566 23,850 20,315 Total revenues $ 139,911 $ 149,266 $ 119,597
Schedule of concentration revenue	Schedule of concentration revenue Customer Geographic Location 2024 2023 2022 Halozyme Therapeutics, Inc. (1) U.S. 33 53 41 Coherus BioSciences, Inc. U.S. 13 * * IGM Biosciences, Inc. U.S. * * 11 ______________ (1) Revenues are derived from the manufacture of multiple therapeutics that our customer uses in various products and product candidates. * Represents a percentage less than 10% of our total revenues.
Schedule of estimated useful lives	Schedule of estimated useful lives 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 April 30, 2024 2023 Leasehold improvements $ 103,178 $ 97,514 Laboratory and manufacturing equipment 41,497 35,501 Computer equipment and software 4,236 5,028 Furniture, fixtures and office equipment 1,730 1,681 Construction-in-progress 72,502 68,414 Total property and equipment, gross 223,143 208,138 Less: accumulated depreciation and amortization (36,629 ) (30,368 ) Total property and equipment, net $ 186,514 $ 177,770

Debt (Tables)

Debt (Tables)	12 Months Ended
	Apr. 30, 2024
Debt Disclosure [Abstract]
Schedule of net carrying amount of the debt component	Schedule of net carrying amount of the debt component April 30, 2024 April 30, 2023 Principal amount 2029 Notes $ 160,000 $ – 2026 Notes – 143,750 Total principal amount $ 160,000 $ 143,750 Unamortized issuance costs 2029 Notes $ (6,407 ) $ – 2026 Notes – (3,127 ) Total unamortized issuance costs $ (6,407 ) $ (3,127 ) Net carrying amount 2029 Notes $ 153,593 $ – 2026 Notes – 140,623 Total net carrying amount $ 153,593 $ 140,623
Schedule of interest expense	Schedule of interest expense Fiscal Year Ended April 30, 2024 2023 2022 Contractual interest 2029 Notes $ 1,079 $ – $ – 2026 Notes 1,578 1,808 1,603 Total contractual interest $ 2,657 $ 1,808 $ 1,603 Amortization of issuance costs 2029 Notes $ 159 $ – $ – 2026 Notes 923 1,046 1,030 Total amortization of issuance costs $ 1,082 $ 1,046 $ 1,030 Interest expense 2029 Notes $ 1,238 $ – $ – 2026 Notes 2,501 2,854 2,633 Total interest expense associated with Convertible Notes $ 3,739 $ 2,854 $ 2,633 Effective interest rates 2029 Notes 8.00 – – 2026 Notes 2.56 2.31 2.03

Leases (Tables)

Leases (Tables)	12 Months Ended
	Apr. 30, 2024
Leases
Schedule of lease costs	Schedule of lease costs Fiscal Year Ended April 30, 2024 2023 2022 Operating leases $ 4,575 $ 4,386 $ 3,872 Variable leases 1,516 1,408 944 Short-term leases 130 576 515 Finance leases: Amortization of right-of-use assets 361 216 43 Interest on lease liabilities 342 125 47 Total lease costs $ 6,924 $ 6,711 $ 5,421
Schedule of balance sheet	Schedule of balance sheet April 30, Leases Classification 2024 2023 Assets Non-current: Operating Operating lease right-of-use assets $ 41,157 $ 42,772 Finance Property and equipment, net 9,270 2,529 Total leased assets $ 50,427 $ 45,301 Liabilities Current: Operating Current portion of operating lease liabilities $ 1,354 $ 1,358 Finance Other current liabilities 1,450 531 Non-current: Operating Operating lease liabilities, less current portion 44,336 45,690 Finance Finance lease liabilities, less current portion 7,101 1,562 Total lease liabilities $ 54,241 $ 49,141
Schedule of operating and finance leases	Schedule of operating and finance leases Weighted average remaining lease term (years): Operating leases 15.7 16.6 Finance leases 5.8 3.7 Weighted average discount rate Operating leases 6.0 6.0 Finance leases 6.5 5.3
Schedule of supplemental cash flow information	Schedule of supplemental cash flow information Fiscal Year Ended April 30, 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,140 $ 4,069 $ 2,376 Operating cash flows from finance leases 294 125 47 Financing cash flows from finance leases 616 505 162 Non-cash transactions: Unpaid finance lease obligation $ 339 $ – $ – Right-of-use assets obtained upon operating lease modifications and reassessments, net $ – $ 9,267 $ 4,554 Right-of-use assets obtained in exchange for operating lease obligations $ – $ – $ 16,093 Decapitalization of right-of-use assets upon impairment $ – $ 89 $ – Property and equipment obtained in exchange for finance lease obligation $ – $ – $ 2,760
Schedule of maturities of lease liabilities	Schedule of maturities of lease liabilities Fiscal Year Ending April 30, Operating Leases Finance Leases Total 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 2029 4,147 1,334 5,481 Thereafter 52,272 2,002 54,274 Total lease payments $ 72,881 $ 10,350 $ 83,231 Less: imputed interest (27,191 ) (1,799 ) (28,990 ) Total lease liabilities $ 45,690 $ 8,551 $ 54,241

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	12 Months Ended
	Apr. 30, 2024
Equity [Abstract]
Schedule of common stock reserved for future issuance	Schedule of common stock reserved for future issuance Shares Stock Incentive Plans 7,595 Employee Stock Purchase Plan 849 Conversion of Convertible Notes 16,180 Total common stock reserved for future issuance 24,624

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	12 Months Ended
	Apr. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of fair value assumptions for options	Schedule of fair value assumptions for options Fiscal Year Ended April 30, 2022 Risk-free interest rate 0.86 Expected life (in years) 4.37 Expected volatility 68.64 Expected dividend yield –
Schedule of stock option activity	Schedule of stock option activity Stock Options (in thousands) Grant Date Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Outstanding at May 1, 2023 2,079 $ 6.76 Granted – – Exercised (68 ) $ 7.43 Canceled or expired (25 ) $ 11.54 Outstanding at April 30, 2024 1,986 $ 6.68 2.74 $ 3,046 Vested and expected to vest 1,986 $ 6.68 2.74 $ 3,046 Exercisable at April 30, 2024 1,815 $ 6.54 2.69 $ 2,944 ______________ (1) Aggregate intrinsic value represents the difference between the exercise price of an option and the closing market price of our common stock on April 30, 2024, which was $7.63 per share.
Schedule of RSU activity	Schedule of RSU activity Shares (in thousands) Weighted Average Grant Date Fair Value Outstanding at May 1, 2023 1,006 $ 16.83 Granted 912 $ 11.91 Vested (534 ) $ 15.24 Forfeited (73 ) $ 16.42 Outstanding at April 30, 2024 1,311 $ 14.08
Schedule of PSU activity	Schedule of PSU activity Shares (in thousands) Weighted Average Grant Date Fair Value Outstanding at May 1, 2023 522 $ 19.70 Granted 613 $ 13.92 Vested (27 ) $ 13.92 Forfeited (497 ) $ 18.29 Outstanding at April 30, 2024 611 $ 15.30
Schedule of ESPP fair value assumptions	Schedule of ESPP fair value assumptions Fiscal Year Ended April 30, 2024 2023 2022 Risk-free interest rate 5.34 3.76 0.15 Expected life (in years) 0.50 0.50 0.50 Expected volatility 68.86 68.60 59.91 Expected dividend yield – – –
Schedule of share based compensation expense	Schedule of share based compensation expense Fiscal Year Ended April 30, 2024 2023 2022 Cost of revenues $ 4,144 $ 3,876 $ 2,540 Selling, general and administrative expense 5,587 7,102 4,840 Total $ 9,731 $ 10,978 $ 7,380

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Apr. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of provision for (benefit from) income taxes	Schedule of provision for (benefit from) income taxes 2024 2023 2022 Current: Federal $ – $ – $ 77 State 3 – – Total current benefit $ 3 $ – $ 77 Deferred: Federal $ (3,087 ) $ 876 $ 7,132 State (1,563 ) 455 483 Total deferred Federal and State benefit (4,650 ) 1,331 7,615 Change in valuation allowance 118,473 – (122,703 ) Total $ 113,826 $ 1,331 $ (115,011 )
Schedule of provision for income taxes	Schedule of provision for income taxes 2024 2023 2022 Federal income taxes at statutory rate $ (5,655 ) $ 334 $ 2,659 State income taxes, net of valuation allowance (1,329 ) 276 605 Expiration of attributes 1,188 – – Change in valuation allowance 118,473 – (122,703 ) Stock-based compensation including 162M limitations 985 615 (1,153 ) Adjustment for federal benefit of state – – 5,326 Permanent differences 84 66 425 Other, net 80 40 (170 ) Income tax (benefit) expense $ 113,826 $ 1,331 $ (115,011 )
Schedule of deferred tax assets and deferred tax liabilities	Schedule of deferred tax assets and deferred tax liabilities 2024 2023 Net operating losses $ 115,420 $ 112,194 Research and development credits 5,571 5,569 Stock-based compensation 2,567 2,589 Deferred revenue 5,109 2,420 Lease liabilities 12,350 12,742 Accrued liabilities 3,174 2,360 Accrued compensation 947 1,781 Total deferred tax assets 145,138 139,655 Less valuation allowance (118,473 ) – Total deferred tax assets, net of valuation allowance 26,665 139,655 Deferred tax liabilities: Fixed assets (15,596 ) (14,320 ) ROU assets (11,124 ) (11,584 ) Other deferred liabilities (17 ) – Total deferred tax liabilities (26,737 ) (25,904 ) Net deferred tax assets (liabilities) $ (72 ) $ 113,751
Schedule of unrecognized tax positions	Schedule of unrecognized tax positions 2024 2023 Unrecognized tax positions, beginning of year $ 3,440 $ 5,133 Gross (decrease) – expirations (1,840 ) (1,693 ) Unrecognized tax positions, end of year $ 1,600 $ 3,440

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	12 Months Ended
	Apr. 30, 2024
Net income (loss) per share:
Schedule of earning per share, basic and diluted	Schedule of earning per share, basic and diluted Fiscal Year Ended April 30, 2024 2023 2022 Numerator Net income (loss), basic $ (140,753 ) $ 259 $ 127,672 Add interest expense on 2026 Notes, net of tax – – 1,954 Net income (loss), diluted $ (140,753 ) $ 259 $ 129,626 Denominator Weighted average basic common shares outstanding 63,199 62,268 61,484 Effect of dilutive securities: Stock options – 1,248 1,830 RSUs, PSUs and ESPP – 266 384 2026 Notes – – 6,776 Weighted average dilutive common shares outstanding 63,199 63,782 70,474 Net income (loss) per share: Basic $ (2.23 ) $ 0.00 $ 2.08 Diluted $ (2.23 ) $ 0.00 $ 1.84
Schedule of anti-dilutive shares	Schedule of anti-dilutive shares Fiscal Year Ended April 30, 2024 2023 2022 Stock options 809 46 43 RSUs, PSUs and ESPP 1,313 253 9 2026 Notes 5,888 6,776 – 2029 Notes 2,172 – – Total potential dilutive securities 10,182 7,075 52

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details - Cash) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 38,106	$ 38,542	$ 126,166
Restricted cash	0	350	350
Total cash, cash equivalents and restricted cash	$ 38,106	$ 38,892	$ 126,516	$ 170,265

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details - Revenue) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Product Information [Line Items]
Revenues	$ 139,911	$ 149,266	$ 119,597
Manufacturing Revenues [Member]
Product Information [Line Items]
Revenues	119,345	125,416	99,282
Process Development Revenues [Member]
Product Information [Line Items]
Revenues	$ 20,566	$ 23,850	$ 20,315

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details - Percentage breakdown) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]		12 Months Ended
		Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Halozyme Therapeutics [Member]
Product Information [Line Items]
Customer revenue as a percentage of revenue	[1]	33%	53%	41%
Coherus Bio Sciences Inc [Member]
Product Information [Line Items]
Customer revenue as a percentage of revenue		13%
IGM Biosciences [Member]
Product Information [Line Items]
Customer revenue as a percentage of revenue				11%
[1] Revenues are derived from the manufacture of multiple therapeutics that our customer uses in various products and product candidates.

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Details - Useful life)	12 Months Ended
	Apr. 30, 2024
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_8

Summary of Significant Accounting Policies (Details - Property and Equipment) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 223,143	$ 208,138
Less: Accumulated depreciation and amortization	(36,629)	(30,368)
Total property and equipment, net	186,514	177,770
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	103,178	97,514
Manufactured Product, Other [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	41,497	35,501
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	4,236	5,028
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,730	1,681
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 72,502	$ 68,414

Summary of Significant Accoun_9

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Product Information [Line Items]
Restricted cash	$ 0	$ 400,000
Revenue recognized for which the contract liability was recorded in the prior year	24,900,000	40,800,000
Change in revenue due to change in estimate	3,700,000	3,000,000
Allowance for doubtful accounts	2,300,000	500,000
Capitalized Interest Costs, Including Allowance for Funds Used During Construction	1,100,000	800,000
Depreciation and amortization expense	11,100,000	7,200,000	$ 4,500,000
Impairment of long-lived assets	0	0
Impairment loss		100,000
Cash equivalents	27,600,000	28,700,000
Investment in equity securities	4,400,000	0
Advertising costs	800,000	$ 700,000	$ 600,000
Deferred income taxes	$ 113,800,000
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer [Member] | UNITED STATES
Product Information [Line Items]
Concentration risk percentage	97%	100%	100%

Debt (Details - Debt component)

Debt (Details - Debt component) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Debt Instrument [Line Items]
Total principal amount	$ 160,000	$ 143,750
Total unamortized issuance costs	(6,407)	(3,127)
Total net carrying amount	153,593	140,623
Notes 2029 [Member]
Debt Instrument [Line Items]
Total principal amount	160,000	0
Total unamortized issuance costs	(6,407)	0
Total net carrying amount	153,593	0
Notes 2026 [Member]
Debt Instrument [Line Items]
Total principal amount	0	143,750
Total unamortized issuance costs	0	(3,127)
Total net carrying amount	$ 0	$ 140,623

Debt (Details - Interest expens

Debt (Details - Interest expense) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Contractual Interest [Member]
Debt Instrument [Line Items]
Interest expense	$ 2,657	$ 1,808	$ 1,603
Amortization Of Issuance Costs [Member]
Debt Instrument [Line Items]
Interest expense	1,082	1,046	1,030
Convertible Notes Interest [Member]
Debt Instrument [Line Items]
Interest expense	$ 3,739	$ 2,854	$ 2,633
2029 Notes [Member]
Debt Instrument [Line Items]
Effective interest rates	8%	0%	0%
2029 Notes [Member] | Contractual Interest [Member]
Debt Instrument [Line Items]
Interest expense	$ 1,079	$ 0	$ 0
2029 Notes [Member] | Amortization Of Issuance Costs [Member]
Debt Instrument [Line Items]
Interest expense	159	0	0
2029 Notes [Member] | Convertible Notes Interest [Member]
Debt Instrument [Line Items]
Interest expense	$ 1,238	$ 0	$ 0
2026 Notes [Member]
Debt Instrument [Line Items]
Effective interest rates	2.56%	2.31%	2.03%
2026 Notes [Member] | Contractual Interest [Member]
Debt Instrument [Line Items]
Interest expense	$ 1,578	$ 1,808	$ 1,603
2026 Notes [Member] | Amortization Of Issuance Costs [Member]
Debt Instrument [Line Items]
Interest expense	923	1,046	1,030
2026 Notes [Member] | Convertible Notes Interest [Member]
Debt Instrument [Line Items]
Interest expense	$ 2,501	$ 2,854	$ 2,633

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands			1 Months Ended			12 Months Ended
	Mar. 12, 2024	Mar. 14, 2023	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2021	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022	Feb. 29, 2024
Debt Instrument [Line Items]
Aggregate principal amount			$ 160,000			$ 160,000	$ 143,750
Proceeds from convertible debt						154,281	0	$ 0
Notes remained outstanding			153,593			153,593	140,623
Loss on extinguishment of debt						(1,865)	0	$ 0
Interest rate									0.50%
Net proceeds from convertible notes						12,800
Net proceeds from unwinding			1,300
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Line of credit description		(1) 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 (2) base rate plus a margin of 0.60% at our option.
Line facility fee rate		0.25%
Revolving Credit Facility [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit description		(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 Revolving Credit Facility will mature on October 25, 2024 and is secured by substantially all of our assets.
Outstanding loans						0
Line of credit		$ 15,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 160,000			$ 146,100	$ 143,800
Proceeds from convertible debt	153,500			141,000	138,500
Debt issuance costs	$ 6,500				$ 5,300
Notes plus accrued and unpaid interest				2,300
Notes remained outstanding				$ 2,800
Loss on extinguishment of debt						1,900
Interest rate	7%				1.25%
Maturity date	Mar. 01, 2029				Mar. 15, 2026
Convertible Notes [Member]
Debt Instrument [Line Items]
Fair value of the convertible notes			$ 177,300			$ 177,300	$ 157,300

Leases (Details - Components of

Leases (Details - Components of lease) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Leases
Operating leases	$ 4,575	$ 4,386	$ 3,872
Variable leases	1,516	1,408	944
Short-term leases	130	576	515
Finance leases:
Amortization of right-of-use assets	361	216	43
Interest on lease liabilities	342	125	47
Total lease costs	$ 6,924	$ 6,711	$ 5,421

Leases (Details - Operating lea

Leases (Details - Operating leases assets and liabilities) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Leases
Operating lease right-of-use assets	$ 41,157	$ 42,772
Finance Property and equipment, net	9,270	2,529
Total leased assets	50,427	45,301
Current portion of operating lease liabilities	1,354	1,358
Finance other current liabilities	1,450	531
Operating lease liabilities, less current portion	44,336	45,690
Finance lease liabilities, less current portion	7,101	1,562
Total lease liabilities	$ 54,241	$ 49,141

Leases (Details - Operating and

Leases (Details - Operating and finance leases)	Apr. 30, 2024	Apr. 30, 2023
Leases
Weighted average remaining lease term, operating leases	15 years 8 months 12 days	16 years 7 months 6 days
Weighted average remaining lease term, finance leases	5 years 9 months 18 days	3 years 8 months 12 days
Weighted average discount rate, operating leases	6%	6%
Weighted average discount rate, finance leases	6.50%	5.30%

Leases (Details - Supplemental

Leases (Details - Supplemental cash flow information) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 4,140	$ 4,069	$ 2,376
Operating cash flows from finance leases	294	125	47
Financing cash flows from finance leases	616	505	162
Non-cash transactions:
Unpaid finance lease obligation	339	0	0
Right-of-use assets obtained upon operating lease modifications and reassessments, net	0	9,267	4,554
Right-of-use assets obtained in exchange for operating lease obligations	0	0	16,093
Decapitalization of right-of-use assets upon impairment	0	89	0
Property and equipment obtained in exchange for finance lease obligation	$ 0	$ 0	$ 2,760

Leases (Details - Maturities of

Leases (Details - Maturities of Operating Lease Liabilities) $ in Thousands	Apr. 30, 2024 USD ($)
2025	$ 6,023
2026	6,130
2027	5,953
2028	5,370
2029	5,481
Thereafter	54,274
Total lease payments	83,231
Less: imputed interest	(28,990)
Total lease liabilities	54,241
Operating Lease [Member]
2025	4,060
2026	4,167
2027	4,199
2028	4,036
2029	4,147
Thereafter	52,272
Total lease payments	72,881
Less: imputed interest	(27,191)
Total lease liabilities	45,690
Finance Lease [Member]
2025	1,963
2026	1,963
2027	1,754
2028	1,334
2029	1,334
Thereafter	2,002
Total lease payments	10,350
Less: imputed interest	(1,799)
Total lease liabilities	$ 8,551

Stockholders' Equity (Details)

Stockholders' Equity (Details) shares in Thousands	Apr. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	24,624
Conversion Of Convertible Notes [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	16,180
Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	7,595
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	849

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) shares in Thousands	Apr. 30, 2024 shares
Equity [Abstract]
Common stock shares issued	63,567,998
Common stock shares outstanding	63,567,998

Equity Compensation Plans (Deta

Equity Compensation Plans (Details - Fair value assumptions for options) - Equity Option [Member]	12 Months Ended
	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	0.86%
Expected life (in years)	4 years 4 months 13 days
Expected volatility	68.64%
Expected dividend yield	0%

Equity Compensation Plans (De_2

Equity Compensation Plans (Details - Option activity) - Equity Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2024 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding, beginning balance	2,079
Grant date weighted average exercise price outstanding, beginning | $ / shares	$ 6.76
Stock options, granted	0
Grant date weighted average exercise price granted | $ / shares	$ 0
Stock options, exercised	(68)
Grant date weighted average exercise price exercised | $ / shares	$ 7.43
Stock options, cancelled or expired	(25)
Grant date weighted average exercise price cancelled or expired | $ / shares	$ 11.54
Stock options outstanding, ending balance	1,986
Grant date weighted average exercise price vested and expected to vest | $ / shares	$ 6.68
Weighted average remaining contractual life (in years) outstanding	2 years 8 months 26 days
Aggregate intrinsic value outstanding | $	$ 3,046	[1]
Stock options vested and expected to vest	1,986
Weighted average remaining contractual life (in years) Vested and expected to vest	2 years 8 months 26 days
Aggregate intrinsic value vested and expected to vest | $	$ 3,046	[1]
Stock options exercisable at period end	1,815
Grant date weighted average exercise price, at period end | $ / shares	$ 6.54
Weighted average remaining contractual life (in years), at period end	2 years 8 months 8 days
Aggregate intrinsic value at period end | $	$ 2,944	[1]
[1] Aggregate intrinsic value represents the difference between the exercise price of an option and the closing market price of our common stock on April 30, 2024, which was $7.63 per share.

Equity Compensation Plans (De_3

Equity Compensation Plans (Details - RSU Activity) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units outstanding, beginning balance	1,006
Weighted average grant date fair value, outstanding beginning balance	$ 16.83
Restricted stock units, granted	912
Weighted average grant date fair value, granted	$ 11.91	$ 17.63	$ 25.20
Restricted stock units, vested	(534)
Weighted average grant date fair value, vested	$ 15.24
Restricted stock units, forfeited	(73)
Weighted average grant date fair value, forfeited	$ 16.42
Restricted stock units outstanding, ending balance	1,311	1,006
Weighted average grant date fair value, outstanding ending balance	$ 14.08	$ 16.83

Equity Compensation Plans (De_4

Equity Compensation Plans (Details - PSU Activity) - Performance Stock Units [Member] - $ / shares shares in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units outstanding, beginning balance	522
Weighted average grant date fair value, outstanding beginning balance	$ 19.70
Performance stock units, granted	613
Weighted average grant date fair value, granted	$ 13.92	$ 18.09	$ 25.36
Performance stock units, vested	(27)
Weighted average grant date fair value, vested	$ 13.92
Performance stock units, forfeited	(497)
Weighted average grant date fair value, forfeited	$ 18.29
Restricted stock units outstanding, ending balance	611	522
Weighted average grant date fair value, outstanding ending balance	$ 15.30	$ 19.70

Equity Compensation Plans (De_5

Equity Compensation Plans (Details - ESPP Fair value assumptions) - Employee Stock Purchase Plan [Member]	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.34%	3.76%	0.15%
Expected life (in years)	6 months	6 months	6 months
Expected volatility	68.86%	68.60%	59.91%
Expected dividend yield	0%	0%	0%

Equity Compensation Plans (De_6

Equity Compensation Plans (Details - Share based compensation) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	$ 9,731	$ 10,978	$ 7,380
Cost of Sales [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	4,144	3,876	2,540
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	$ 5,587	$ 7,102	$ 4,840

Equity Compensation Plans (De_7

Equity Compensation Plans (Details Narrative) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022	Oct. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	24,624
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted	0
Proceeds from exercise of stock options	$ 0.5	$ 2.6	$ 2.7
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted	$ 0	$ 0	$ 13.09
Aggregate intrinsic value of stock options exercised	$ 0.4	$ 3.5	$ 8.1
Unrecognized compensation cost weighted average vesting period	3 months
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost weighted average vesting period	2 years 4 months 2 days
Weighted average grant date fair value, other than options	$ 11.91	$ 17.63	$ 25.20
Fair value of vested	$ 5.1	$ 6.3	$ 5.5
Unrecognized compensation cost	$ 17.1
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost weighted average vesting period	1 year 3 months 29 days
Weighted average grant date fair value, other than options	$ 13.92	$ 18.09	$ 25.36
Fair value of vested	$ 0.4	$ 3.3	$ 2.1
Unrecognized compensation cost	$ 9.4
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	849,218
Weighted average grant date fair value, other than options	$ 3.09	$ 4.93	$ 8.62
Stock issued during period, ESPP	114,098	68,646	44,364
ESPP weighted average purchase price	$ 7.93	$ 12.22	$ 14.50
Plan 2018 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance				3,400
Stock Incentive Plans [Member] | Plan 2018 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	7,594,953
Stock Incentive Plans [Member] | Options And Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	4,112,690
Stock Incentive Plans [Member] | Future Grants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	3,482,263

Deferred Compensation Plan (Det

Deferred Compensation Plan (Details Narrative) $ in Millions	Apr. 30, 2024 USD ($)
Retirement Benefits [Abstract]
Deferred compensation	$ 0.2

Income Taxes (Details - Provisi

Income Taxes (Details - Provision for (benefit from) income taxes) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Current:
Federal	$ 0	$ 0	$ 77
State	3	0	0
Total current benefit	3	0	77
Deferred:
Federal	(3,087)	876	7,132
State	(1,563)	455	483
Total deferred Federal and State benefit	(4,650)	1,331	7,615
Change in valuation allowance	118,473	0	(122,703)
Total	$ 113,826	$ 1,331	$ (115,011)

Income Taxes (Details - Provi_2

Income Taxes (Details - Provision for Income taxes) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	$ (5,655)	$ 334	$ 2,659
State income taxes, net of valuation allowance	(1,329)	276	605
Expiration of attributes	1,188	0	0
Change in valuation allowance	118,473	0	(122,703)
Stock-based compensation including 162M limitations	985	615	(1,153)
Adjustment for federal benefit of state	0	0	5,326
Permanent differences	84	66	425
Other, net	80	40	(170)
Total	$ 113,826	$ 1,331	$ (115,011)

Income Taxes (Details - Deferre

Income Taxes (Details - Deferred income taxes) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Net operating losses	$ 115,420	$ 112,194
Research and development credits	5,571	5,569
Stock-based compensation	2,567	2,589
Deferred revenue	5,109	2,420
Lease liabilities	12,350	12,742
Accrued liabilities	3,174	2,360
Accrued compensation	947	1,781
Total deferred tax assets	145,138	139,655
Less valuation allowance	(118,473)	0
Total deferred tax assets, net of valuation allowance	26,665	139,655
Deferred tax liabilities:
Fixed assets	(15,596)	(14,320)
ROU assets	(11,124)	(11,584)
Other deferred liabilities	(17)	0
Total deferred tax liabilities	(26,737)	(25,904)
Net deferred tax assets (liabilities)	$ (72)	$ 113,751

Income Taxes (Details - Unrecog

Income Taxes (Details - Unrecognized tax positions) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax positions, beginning of year	$ 3,440	$ 5,133
Gross (decrease) – expirations	(1,840)	(1,693)
Unrecognized tax positions, end of year	$ 1,600	$ 3,440

Income Taxes (Details Narrative

Income Taxes (Details Narrative) $ in Millions	Apr. 30, 2024 USD ($)
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carry forward	$ 454.6
Research and development credit carry forwards	5.8
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carry forward	281.1
Research and development credit carry forwards	1.5
Other State [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carry forward	$ 4

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	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Numerator
Net income (loss), basic	$ (140,753)	$ 259	$ 127,672
Add interest expense on 2026 Notes, net of tax	0	0	1,954
Net income (loss), diluted	$ (140,753)	$ 259	$ 129,626
Denominator
Weighted average basic common shares outstanding	63,199	62,268	61,484
Effect of dilutive securities:
Stock options	0	1,248	1,830
RSUs, PSUs and ESPP	0	266	384
2026 Notes	0	0	6,776
Weighted average dilutive common shares outstanding	63,199	63,782	70,474
Net income (loss) per share:
Basic	$ (2.23)	$ 0	$ 2.08
Diluted	$ (2.23)	$ 0	$ 1.84

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share (Details - Antidilutive shares) - shares shares in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive securities	10,182	7,075	52
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive securities	809	46	43
RSUs, PSUs and ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive securities	1,313	253	9
2026 Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive securities	5,888	6,776	0
2029 Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive securities	2,172	0	0

Employee Benefit Plan (Details

Employee Benefit Plan (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Retirement Benefits [Abstract]
Company matching contributions to 401(k) plan	$ 1.1	$ 0.9	$ 0.6