Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2014 | Jun. 30, 2014 | Oct. 31, 2012 |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'CHAMPIONS ONCOLOGY, INC. | ' | ' |
Entity Central Index Key | '0000771856 | ' | ' |
Current Fiscal Year End Date | '--04-30 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'CSBR | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 66,885,741 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $30 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,891 | $9,561 |
Accounts receivable, net | 1,325 | 500 |
Prepaid expenses and other current assets | 383 | 315 |
Total current assets | 7,599 | 10,376 |
Restricted cash | 165 | 192 |
Property and equipment, net | 434 | 414 |
Goodwill | 669 | 669 |
Total assets | 8,867 | 11,651 |
Current liabilities: | ' | ' |
Accounts payable | 981 | 1,204 |
Accrued liabilities | 587 | 611 |
Deferred revenue | 2,091 | 1,114 |
Total current liabilities | 3,659 | 2,929 |
Warrant liability | 2,011 | 1,046 |
Total liabilities | 5,670 | 3,975 |
Redeemable common stock; $0.001 par value; nil and 31,133,333 contingently puttable common shares outstanding as of April 30, 2014 and 2013, respectively | 0 | 16,882 |
Stockholders' equity (deficit): | ' | ' |
Common stock, $.001 par value; 125,000,000 shares authorized including redeemable common stock; 70,121,741 and 38,855,003 shares issued and 66,885,741 and 35,643,658 shares outstanding as of April 30, 2014 and 2013, respectively | 70 | 39 |
Treasury stock, at cost, 3,236,000 common shares as of April 30, 2014 and 2013 | -1,252 | -1,252 |
Additional paid-in capital | 43,259 | 23,580 |
Accumulated deficit | -38,880 | -31,473 |
Accumulated other comprehensive loss | 0 | -100 |
Total stockholders' equity (deficit) | 3,197 | -9,206 |
Total liabilities, redeemable common stock and stockholders' equity (deficit) | $8,867 | $11,651 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Redeemable common stock, par value (in dollars per share) | $0.00 | $0.00 |
Redeemable common stock, contingently puttable common shares outstanding | 0 | 31,133,333 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized, including redeemable common stock | 125,000,000 | 125,000,000 |
Common stock, shares issued | 70,121,741 | 38,855,003 |
Common stock, shares outstanding | 66,885,741 | 35,643,658 |
Treasury stock, common shares | 3,236,000 | 3,236,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Operating revenue: | ' | ' |
Personalized oncology solutions | $2,264 | $2,390 |
Translational oncology solutions | 9,286 | 5,933 |
Total operating revenue | 11,550 | 8,323 |
Costs and operating expenses: | ' | ' |
Cost of personalized oncology solutions | 2,731 | 2,672 |
Cost of translational oncology solutions | 3,532 | 2,656 |
Research and development | 2,265 | 1,920 |
Sales and marketing | 3,155 | 2,665 |
General and administrative | 6,127 | 4,631 |
Total costs and operating expenses | 17,810 | 14,544 |
Loss from operations | -6,260 | -6,221 |
Other expense: | ' | ' |
Change in fair value of warrant liability | -965 | -74 |
Other expense | -164 | -25 |
Total other expense | -1,129 | -99 |
Net loss before income tax expense | -7,389 | -6,320 |
Provision for income tax | 17 | 10 |
Net loss | ($7,406) | ($6,330) |
Net loss per common share outstanding, including redeemable common stock, basic and diluted (in dollars per share) | ($0.11) | ($0.12) |
Weighted average common shares outstanding, including redeemable common stock, basic and diluted (in shares) | 66,863,915 | 52,046,766 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Net loss | ($7,406) | ($6,330) |
Foreign currency translation adjustment | 100 | 25 |
Comprehensive loss | ($7,306) | ($6,305) |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||
Balance at Apr. 30, 2012 | ($5,278) | $38 | ($1,252) | $21,204 | ($25,143) | ($125) |
Balance (in shares) at Apr. 30, 2012 | ' | 34,529,000 | 3,236,000 | ' | ' | ' |
Stock-based compensation | 2,376 | 0 | 0 | 2,376 | 0 | 0 |
Exercise of options and warrants | 0 | 0 | 0 | 0 | 0 | 0 |
Exercise of options and warrants (in shares) | ' | 0 | 0 | ' | ' | ' |
Issuance of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock (in shares) | ' | 50,000 | 0 | ' | ' | ' |
Issuance of Anti-Dilutive shares as it relates to 2013 financing | 1 | 1 | 0 | 0 | 0 | 0 |
Issuance of Anti-Dilutive shares as it relates to 2013 financing (in shares) | ' | 1,064,658 | 0 | ' | ' | ' |
Foreign currency translation adjustment | 25 | 0 | 0 | 0 | 0 | 25 |
Net loss | -6,330 | 0 | 0 | 0 | -6,330 | 0 |
Balance at Apr. 30, 2013 | -9,206 | 39 | -1,252 | 23,580 | -31,474 | -100 |
Balance (in Shares) at Apr. 30, 2013 | ' | 35,643,658 | 3,236,000 | ' | ' | ' |
Stock-based compensation | 2,807 | 0 | 0 | 2,807 | 0 | 0 |
Exercise of options and warrants | 21 | 0 | 0 | 21 | 0 | 0 |
Exercise of options and warrants (in shares) | ' | 33,750 | 0 | ' | ' | ' |
Issuance of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock (in shares) | ' | 75,000 | 0 | ' | ' | ' |
Amendment to Redeemable Stock | 16,881 | 31 | ' | 16,851 | ' | ' |
Amendment to Redeemable Stock (in Shares) | ' | 31,133,333 | ' | ' | ' | ' |
Foreign currency translation adjustment | 100 | 0 | 0 | 0 | 0 | 100 |
Net loss | -7,406 | 0 | 0 | 0 | -7,406 | 0 |
Balance at Apr. 30, 2014 | $3,197 | $70 | ($1,252) | $43,259 | ($38,880) | $0 |
Balance (in Shares) at Apr. 30, 2014 | ' | 66,885,741 | 3,236,000 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Operating activities: | ' | ' |
Net loss | ($7,406) | ($6,330) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock-based compensation expense | 2,807 | 2,376 |
Net foreign currency remeasurement loss | 124 | 0 |
Depreciation expense | 213 | 203 |
Change in fair value of warrant liability | 965 | 74 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -825 | 84 |
Grant receivable | 0 | 0 |
Prepaid expenses, deposits and other | -68 | -110 |
Restricted cash | 27 | -42 |
Accounts payable | -223 | -472 |
Accrued liabilities | -24 | -14 |
Deferred revenue | 977 | -71 |
Net cash used in operating activities | -3,433 | -4,302 |
Investing activities: | ' | ' |
Purchase of property and equipment | -234 | -57 |
Net cash used in investing activities | -234 | -57 |
Financing activities: | ' | ' |
Private placement of common shares and warrants | 0 | 9,141 |
Proceeds from exercise of options and warrants | 21 | 0 |
Net cash provided by financing activities | 21 | 9,141 |
Exchange rate effect on cash and cash equivalents | -24 | 25 |
Increase (decrease) in cash and cash equivalents | -3,670 | 4,807 |
Cash and cash equivalents, beginning of year | 9,561 | 4,754 |
Cash and cash equivalents, end of year | $5,891 | $9,561 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended |
Apr. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1. Organization and Basis of Presentation | |
Background | |
Champions Oncology, Inc. (the “Company”), is engaged in the development and sale of advanced technology solutions and products to personalize the development and use of oncology drugs. The Company’s TumorGraft Technology Platform is a novel approach to personalizing cancer care based upon the implantation of human tumors in immune-deficient mice. The Company uses this technology, in conjunction with related services, to offer solutions for two consumer groups: Personalized Oncology Solutions (“POS”) and Translational Oncology Solutions (“TOS”). POS assists physicians in developing personalized treatment options for their cancer patients through tumor specific data obtained from drug panels and related personalized oncology services. The Company’s TOS business offers a technology platform to pharmaceutical and biotechnology companies using proprietary TumorGraft studies, which the Company believes may be predictive of how drugs may perform in clinical settings. | |
The Company has three operating subsidiaries: Champions Oncology (Israel), Limited, Champions Biotechnology U.K., Limited and Champions Oncology Singapore, PTE LTD. For the years ended April 30, 2014 and 2013, there were no material revenues earned by these subsidiaries. | |
Basis of Presentation | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies [Text Block] | ' | |||||||
Note 2. Summary of Significant Accounting Policies | ||||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. | ||||||||
The Company’s foreign subsidiaries, functional currency is the U.S. dollar. Transaction gains and losses are recognized in earnings. The Company is subject to foreign exchange rate fluctuations in connection with the Company’s international operations. | ||||||||
Use of Estimates | ||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||
Cash and Cash Equivalents | ||||||||
The Company considers all highly liquid investments purchased with a maturity of three months or less at the time of purchase, to be cash equivalents. At various times, the Company has amounts on deposit at financial institutions in excess of federally insured limits. | ||||||||
Fair Value | ||||||||
The carrying value of cash and cash equivalents, accounts receivable, prepaid expenses, deposits and other receivables, accounts payable, and accrued liabilities approximate their fair value based on the liquidity or the short-term maturities of these instruments. The fair value hierarchy promulgated by GAAP consists of three levels: | ||||||||
· | Level one — Quoted market prices in active markets for identical assets or liabilities; | |||||||
· | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and | |||||||
· | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||||||
Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company has one liability measured at fair value on a recurring basis, which are warrants that were issued in connection with private placements of the Company’s securities that are discussed more fully in Note 6. As of April 30, 2014 and 2013, these warrants had an estimated fair value of $2,011,000 and $1,046,000, respectively, which was calculated by the Monte Carlo simulation valuation method using level three inputs. The Company has no assets that are measured at fair value on a recurring basis and there were no assets or liabilities measured at fair value on a non-recurring basis during the years ended April 30, 2014 and 2013. | ||||||||
The following table presents information about our warrant liability, which was our only financial instrument measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of April 30 (dollars in thousands): | ||||||||
2014 | 2013 | |||||||
Balance beginning of year | $ | -1,046 | $ | -555 | ||||
Transfers to (from) Level 3 | - | - | ||||||
Total gains (losses) included in earnings | -965 | -74 | ||||||
Issuances | - | -417 | ||||||
Balance end of year | $ | -2,011 | $ | -1,046 | ||||
Accounts Receivable | ||||||||
Accounts receivable represent amounts due under agreements with pharmaceutical and biotechnology companies for TOS and amounts due under agreements with patients for POS. At each reporting period, the Company evaluates open accounts receivable for collectability and records an allowance for potentially uncollectible accounts. As of April 30, 2014 and 2013, the allowance for these accounts was $2,000 and $19,000, respectively. Accounts receivable is also comprised of certain unbilled accounts receivable for services completed under TOS that have not been billed as of the balance sheet date. As of April 30, 2014 and 2013, the Company had unbilled receivables of $884,000 and $200,000, respectively. | ||||||||
Restricted Cash | ||||||||
As of April 30, 2014 and 2013, the Company has restricted cash of $165,000 and $192,000, respectively, which is classified as a noncurrent asset on the consolidated balance sheets. This restricted cash serves as collateral for corporate credit cards to provide financial assurance that the Company will fulfill its obligations. The cash is held in custody by the issuing bank, is restricted as to withdrawal or use, and is currently invested in an interest-bearing Certificate of Deposit (“CD”). Though the CD matures in the second quarter of fiscal 2015, the cash will be reinvested into another CD to continue use of the corporate cards. The Company accounts for this CD as a non-current asset supporting operations of the business. | ||||||||
Property and Equipment | ||||||||
Property and equipment is recorded at cost and primarily consists of laboratory equipment, furniture and fixtures, and computer hardware and software. Depreciation is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to seven years. Property and equipment consisted of the following (in thousands): | ||||||||
April 30, | ||||||||
2014 | 2013 | |||||||
Furniture and fixtures | $ | 69 | $ | 59 | ||||
Computer equipment and software | 655 | 549 | ||||||
Laboratory equipment | 296 | 179 | ||||||
Leasehold improvements | 2 | 2 | ||||||
Total property and equipment | 1,022 | 789 | ||||||
Less: Accumulated depreciation | -588 | -375 | ||||||
Property and equipment, net | $ | 434 | $ | 414 | ||||
Depreciation expense was $213,000 and $203,000 for the years ended April 30, 2014 and 2013, respectively. | ||||||||
Impairment of Long-Lived Assets | ||||||||
Impairment losses are to be recognized when the carrying amount of a long-lived asset is not recoverable or exceeds its fair value. The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that a carrying value may not be recoverable. The Company uses estimates of future cash flows over the remaining useful life of a long- lived asset or asset group to determine the recoverability of the asset. These estimates only include the net cash flows directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the asset or asset group. The Company has not recognized any impairment losses for the Company’s long-lived assets for the years ending April 30, 2014 and 2013. | ||||||||
Goodwill | ||||||||
Goodwill represents the excess of the cost over the fair market value of the net assets acquired including identifiable assets. Goodwill is tested annually, or more frequently if circumstances indicate potential impairment, by comparing its fair value to its carrying amount. The determination of whether or not goodwill is impaired involves significant judgment. Although the Company believes its goodwill is not impaired, changes in strategy or market conditions could significantly impact the judgments and may require future adjustments to the carrying value of goodwill. The Company uses a two-step process to test for goodwill impairment. The first step is to screen for potential impairment, while the second step measures the amount of the impairment, if any. The first step of the goodwill impairment test compares the fair value of each reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of the reporting unit’s net assets, including goodwill, exceeds the fair value of the reporting unit, then the Company determines the implied fair value of goodwill. If the carrying value of goodwill exceeds its implied fair value, then an impairment of goodwill has occurred and an impairment loss would be recognized for the difference between the carrying amount and the implied fair value of goodwill as a component of operating income. The implied fair value of goodwill is calculated by subtracting the fair value of tangible and intangible assets associated with the reporting unit from the fair value of the unit. The Company tests for goodwill impairment at the operating segment level. | ||||||||
The Company has not recognized any impairment losses for the Company’s goodwill for the years ending April 30, 2014 and 2013. | ||||||||
Deferred Revenue | ||||||||
Deferred revenue represents payments received in advance for products to be delivered. When products are delivered, deferred revenue is then recognized as earned. | ||||||||
Warrant Liability | ||||||||
Warrant liability represents the fair value of warrants issued in connection with private placements of the Company’s common stock, which are described more fully in Note 7. These warrants are presented as liabilities based on the certain exercise price reset provisions. The liability, which is recorded at fair value on the accompanying consolidated balance sheets, is calculated by the Monte Carlo simulation valuation method. The change in fair value of these warrants is recognized as other income or expense in the consolidated statements of operations. | ||||||||
Revenue Recognition | ||||||||
The Company derives revenue from its POS and TOS businesses. Personalized oncology solutions assist physicians by providing information to help guide the development of personalized treatment plans for their patients using our core offerings, including testing oncology drugs and drug combinations on personalized TumorGrafts, and through other products. Translational oncology solutions offer a preclinical TumorGraft platform to pharmaceutical and biotechnology companies using proprietary TumorGraft studies, which the Company believes may be predictive of how drugs may perform in clinical settings. The Company recognizes revenue when the following four basic criteria are met: (i) a contract has been entered into with its customers; (ii) delivery has occurred or services rendered to its customers; (iii) the fee is fixed and determinable as noted in the contract; and (iv) collectability is reasonably assured. The Company utilizes a proportional performance revenue recognition model for its TOS business, under which it recognizes revenue as performance occurs, based on the relative outputs of the performance that have occurred up to that point in time under the respective agreement, typically the delivery of reports to its customers documenting the results of testing protocols. | ||||||||
When a POS or TOS arrangement involves multiple elements, the items included in the arrangement (deliverables) are evaluated to determine whether they represent separate units of accounting. The Company performs this evaluation at the inception of an arrangement and as each item in the arrangement is delivered. Generally, the Company accounts for a deliverable (or a group of deliverables) separately if: (i) the delivered item(s) has standalone value to the customer, and (ii) if the Company has given the customer a general right of return relative to the delivered item(s) and the delivery or performance of the undelivered item(s) or service(s) is probable and substantially in the Company’s control. All revenue from contracts determined not to have separate units of accounting is recognized based on consideration of the most substantive delivery factor of all the elements in the contract or if there is no predominant deliverable upon delivery of the final element of the arrangement. | ||||||||
During the third quarter of fiscal year 2014 we entered into a contract that may require the replacement of licensed tumors in the event that certain contractual terms have not been satisfied. Due to such requirements we have estimated an amount of licensed tumors that may need to be replaced, and we have deferred this revenue until all provisions of the agreement have been met. There was $258,000 of deferred revenue as of April 30, 2014 relating to our estimate of replacement of licensed tumors. | ||||||||
Cost of Personalized Oncology Solutions | ||||||||
Cost of POS consists of costs related to POS revenue earned from implantations, drug panels, tumor boards, and gene sequencing services, as well as indirect internal costs, such as salaries for personnel directly engaged in these products. Direct costs associated with implantation revenues are primarily related to mice purchases and maintenance and shipping of tumor tissue. Direct drug panel costs are primarily incurred from mice purchases and maintenance and drug purchases. Direct tumor board costs are primarily related to physicians’ honorariums and any tumor board participation costs such as travel, lodging and meals. Direct gene sequencing costs are primarily related to costs billed from the gene sequencing service provider. All costs are expensed as incurred. | ||||||||
Cost of Translational Oncology Solutions | ||||||||
Cost of TOS consists of costs related to TOS revenue. Direct costs include mice purchases and maintenance costs for studies completed internally and charges from CROs for studies handled externally. Indirect costs include salaries for personnel directly engaged in providing TOS products. All costs of performing studies in-house are expensed as incurred. | ||||||||
Research and Development | ||||||||
Research and development costs represent both costs incurred internally for research and development activities, including personnel costs and mice purchases and maintenance, as well as costs incurred externally to facilitate research activities, such as tumor tissue procurement and characterization expenses. All research and development costs are expensed as incurred. | ||||||||
Sales and Marketing | ||||||||
Selling and marketing expenses represent costs incurred to promote the Company’s products offered, including salaries, benefits and related costs of our sales and marketing personnel, and represent costs of advertising and other selling and marketing expenses. All sales and marketing costs, including advertising costs, are expensed as incurred. | ||||||||
Basic and Dilutive Loss Per Common Share | ||||||||
Basic loss per share is calculated by dividing loss available to common shareholders by the weighted average number of common shares (including redeemable common stock) outstanding for the year. Diluted loss per share is calculated based on the weighted average number of common shares (including redeemable common stock) outstanding for the year, plus the dilutive effect of common stock purchase warrants, stock options and restricted stock units using the treasury stock method. Contingently issuable shares are included in the calculation of basic earnings per share when all contingencies surrounding the issuance of the shares are met and the shares are issued or issuable. Contingently issuable shares are included in the calculation of dilutive earnings per share as of the beginning of the reporting period if, at the end of the reporting period, all contingencies surrounding the issuance of the shares are satisfied or would be satisfied if the end of the reporting period were the end of the contingency period. Due to the net losses for the years ended April 30, 2014 and 2013, basic and diluted loss per share were the same, as the effect of potentially dilutive securities (as listed below) would have been anti-dilutive. | ||||||||
The following table reflects the total potential share-based instruments outstanding at April 30, 2014 and 2013 that could have an effect on the future computation of dilution per common share: | ||||||||
Year Ended April 30, | ||||||||
2014 | 2013 | |||||||
Stock options | 23,351,037 | 13,890,205 | ||||||
Warrants | 3,276,667 | 3,276,667 | ||||||
Restricted stock | - | 50,000 | ||||||
Total common stock equivalents | 26,627,704 | 17,216,872 | ||||||
Share-Based Payments | ||||||||
The Company typically recognizes expense for share-based payments based on the fair value of awards on the date of grant. The Company uses the Black-Scholes option pricing model to estimate fair value. The Black-Scholes option valuation model was developed for use in estimating the fair value of short-traded options that have no vesting restrictions and are fully transferable. The option pricing model requires the Company to estimate certain key assumptions such as expected life, volatility, risk free interest rates and dividend yield to determine the fair value of share-based awards. These assumptions are based on historical information and management judgment. The risk-free interest rate used is based on the United States treasury security rate with a term consistent with the expected term of the award at the time of the grant. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the Securities and Exchange Commission-approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 107 with the continued use of this method extended under the provisions of Staff Accounting Bulletin No. 110. During fiscal 2013, the Company changed its method used to calculate expected volatility from an index, which was based on the Company’s historic volatility and certain comparable guideline companies, to the use of only the Company’s historic volatility which had an immaterial effect on the financial statements. The Company does not anticipate paying a dividend, and therefore, no expected dividend yield was used. | ||||||||
The Company expenses share-based payments over the period that the awards are expected to vest, net of estimated forfeitures. If actual forfeitures differ from management’s estimates, compensation expense is adjusted. The Company will report cash flows resulting from tax deductions in excess of the compensation cost recognized from those options (excess tax benefits) as financing cash flows, if they should arise. | ||||||||
Income Taxes | ||||||||
Deferred income taxes have been provided to show the effect of temporary differences between the recognition of expenses for financial and income tax reporting purposes and between the tax basis of assets and liabilities, and their reported amounts in the consolidated financial statements. In assessing the realizability of deferred tax assets, the Company assesses the likelihood that deferred tax assets will be recovered through tax planning strategies or from future taxable income, and to the extent that recovery is not likely or there is insufficient operating history, a valuation allowance is established. The Company adjusts the valuation allowance in the period management determines it is more likely than not that net deferred tax assets will or will not be realized. As of April 30, 2014 and 2013, the Company provided a valuation allowance for all net deferred tax assets, as recovery is not more likely than not based on an insufficient history of earnings. | ||||||||
Tax positions are positions taken in a previously filed tax return or positions expected to be taken in a future tax return that are reflected in measuring current or deferred income tax assets and liabilities reported in the consolidated financial statements. Tax positions include, but are not limited to, the following: | ||||||||
· | An allocation or shift of income between taxing jurisdictions; | |||||||
· | The characterization of income or a decision to exclude reportable taxable income in a tax return; or | |||||||
· | A decision to classify a transaction, entity or other position in a tax return as tax exempt. | |||||||
The Company reflects tax benefits only if it is more likely than not that we will be able to sustain the tax position, based on its technical merits. If a tax benefit meets this criterion, it is measured and recognized based on the largest amount of benefit that is cumulatively greater than 50% likely to be realized. The Company has no unrecognized tax benefits as of April 30, 2014 and 2013. | ||||||||
The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s balance sheets at April 30, 2013 and 2012, and has not recognized interest and/or penalties in the statement of operations for either period. | ||||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606). This guidance is intended to improve and converge with international standards the financial reporting requirements for revenue from contracts with customers. It will be effective for our first quarter of fiscal year 2018 and early adoption is not permitted. We have not yet determined the impact from adoption of this new accounting pronouncement on our financial statements. | ||||||||
Teva_Agreement
Teva Agreement | 12 Months Ended |
Apr. 30, 2014 | |
Teva Agreement [Abstract] | ' |
Teva Agreement [Text Block] | ' |
Note 3. Teva Agreement | |
On July 30, 2013, the Company entered into an agreement with Teva Pharmaceutical Industries Ltd., pursuant to which the Company agreed to conduct TumorGraft studies on multiple proprietary chemical compounds provided by Teva to determine the activity or response of these compounds in potential clinical indications. Under the agreement, Teva agreed to pay an upfront payment and, under certain conditions, pay the Company various amounts upon achieving certain milestones, based on the performance of the compounds in preclinical testing and dependent upon testing the compound in clinical settings and obtaining FDA approval. In addition, Teva agreed to pay the Company royalties on any commercialized products developed under the agreement. This agreement terminated a prior collaborative agreement between Cephalon, Inc. a wholly-owned subsidiary of Teva, and the Company . For the year ended April 30, 2014, revenue of $194,000 were recognized relating to this agreement. | |
Significant_Customers
Significant Customers | 12 Months Ended |
Apr. 30, 2014 | |
Significant Customer [Abstract] | ' |
Significant Customer [Text Block] | ' |
Note 4. Significant Customers | |
For the year ended April 30, 2014, three of our customers accounted for more than 10.0% of our total revenue in the amount of $1.6 million, $1.5 million and $1.5 million. The revenue from these customers is captured in the TOS revenue line item within the income statement. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 5. Commitments and Contingencies | |||||
Operating Leases | |||||
As of April 30, 2014, we lease the following facilities under non-cancelable operating lease agreements: | |||||
· | One University Plaza, Suite 307, Hackensack, New Jersey 07601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 2016. The Company recognized $75,000 and $69,000 of rental costs relative to this lease for fiscal 2014 and 2013, respectively. | ||||
· | 855 North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of laboratories and office space where the Company conducts operations related to its primary service offerings. This lease expired in June 2014. The Company is currently in the process of renewing the lease. The Company recognized $85,000 and $90,000 of rental costs relative to this lease for fiscal 2014 and 2013, respectively. | ||||
· | 17 Hatidhar Street, Ra’anana, Israel, which serves as office headquarters for Champions Oncology, Israel. The Company recognized $6,000 and $28,000 of rental costs relative to this lease for fiscal 2014 and 2013, respectively. Following the expiration of this lease, the Company utilizes office space on a limited basis from one of its stockholders. The fair value of rental costs associated with the new office space is immaterial. | ||||
· | 57 Mohamed Sultan Road, Singapore, which serves as office headquarters for Champions Oncology, Singapore. The lease was renewed for one year and expires in January 2015. We incurred $5,000 and $2,000 of rental expense relative to this lease for fiscal 2014 and 2013, respectively. | ||||
· | 450 East 29th Street, New York, New York, 10016, which is a laboratory at which we implant tumors. We incurred no material costs relative to this lease in 2014 as the lease began in March 2014. The lease expires in September 2014 and can be renewed by the Company for subsequent one year terms. | ||||
Future minimum lease payments due each fiscal year are as follows (in thousands): | |||||
2015 | $ | 102,826 | |||
2016 | 85,185 | ||||
2017 | 49,691 | ||||
Total | $ | 237,702 | |||
Legal Matters | |||||
The Company is not currently party to any legal matters to its knowledge. The Company is not aware of any other matters that would have a material impact on the Company’s financial position or results of operations. | |||||
Registration Payment Arrangements | |||||
The Company has entered into an Amended and Restated Registration Rights Agreement in connection with the April 2011 Private Placement and January 2013 Private Placement and is discussed more fully in Note 7 below. This Amended and Restated Registration Rights Agreement contains provisions that may call for the Company to pay penalties in certain circumstances. This registration payment arrangement primarily relates to the Company’s ability to file a registration statement within a particular time period, have a registration statement declared effective within a particular time period and to maintain the effectiveness of the registration statement for a particular time period. The Company does not believe it is probable that penalty payments will be made for the Amended and Restated Registration Rights Agreement discussed in Note 7 and, accordingly, has not accrued for such potential penalties as of April 30, 2014 and 2013. | |||||
Licensing_Agreements
Licensing Agreements | 12 Months Ended |
Apr. 30, 2014 | |
Licensing Agreements [Abstract] | ' |
Licensing Agreements Disclosure [Text Block] | ' |
Note 6. Licensing Agreements | |
In February 2010, the Company entered into an exclusive option agreement with a Canadian company. The option agreement granted the Company the exclusive right to review Irinophore C, a nanoparticle drug compound, for the treatment of various forms of cancer, including melanoma, prostate, breast, and lung cancer. On June 26th, 2014 the Company terminated its exclusive option agreement. | |
ShareBased_Payments
Share-Based Payments | 12 Months Ended | |||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||
Note 7. Share-Based Payments | ||||||||||||||||||||
Stock-based compensation in the amount of $2.8 million and $2.4 million was recognized for years ended April 30, 2014 and 2013, respectively. Stock-based compensation costs were recorded as follows (in thousands): | ||||||||||||||||||||
Year Ended April 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
General and administrative | $ | 2,298 | $ | 1,984 | ||||||||||||||||
Sales and marketing | 352 | 263 | ||||||||||||||||||
Research and development | 36 | 37 | ||||||||||||||||||
TOS cost of sales | 56 | 20 | ||||||||||||||||||
POS cost of sales | 65 | 72 | ||||||||||||||||||
Total stock-based compensation expense | $ | 2,807 | $ | 2,376 | ||||||||||||||||
2010 Equity Incentive Plan | ||||||||||||||||||||
On February 18, 2011, shareholders owning a majority of the issued and outstanding shares of the Company executed a written consent approving the 2010 Equity Incentive Plan (“2010 Equity Plan”). The purpose of the 2010 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2010 Equity Plan shall not exceed 30,000,000 shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Board of Directors. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. | ||||||||||||||||||||
2008 Equity Incentive Plan | ||||||||||||||||||||
The Company has previously granted (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees under a 2008 Equity Incentive Plan (the “2008 Equity Plan”). Such awards may be granted by the Company’s Board of Directors. Options granted under the 2008 Equity Plan expire no later than ten years from the date of grant and the awards vest as determined by the Board of Directors. | ||||||||||||||||||||
For share-based payments to non-employee consultants under both the 2010 and 2008 Equity Incentive Plan, the fair value of the share-based consideration issued is used to measure the transaction, as management believes this to be a more reliable measure of fair value than the services received. The fair value of the award is expensed over the period service is provided to the Company; however, it is ultimately measured at the price of the Company’s common stock or the fair value of stock options using the Black-Scholes valuation model on the date that the commitment for performance by the non-employee consultant has been reached or performance is complete, which is generally the vesting date of the award. | ||||||||||||||||||||
Director Compensation Plan | ||||||||||||||||||||
On December 12, 2013, the Compensation Committee of the Board of Directors of the Company adopted changes to the Director Compensation Plan of 2010 (the “Director Plan”) effective commencing December 1, 2013. Under the Director Plan, independent directors of the Company are entitled to an annual award of a five-year option to purchase 100,000 shares of the Company’s common stock, and the Chairman of the Board of the Company is entitled to an annual award of a five year option to purchase 200,000 shares of the Company’s common stock. Independent directors who serve as chairperson of a committee will also receive an annual grant of a five-year option to purchase 20,000 shares of the Company’s unregistered common stock. All options issued under the Director Plan vest quarterly at a rate of 25%. Option grants will typically be issued after the annual shareholder meeting which will generally be held in September of each year. New directors will receive a grant upon joining the Board equal to the pro-rata annual grant for the remainder of the year. | ||||||||||||||||||||
Stock Option Grants | ||||||||||||||||||||
Black-Scholes assumptions used to calculate the fair value of options granted during the years ended April 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
Year Ended April 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Expected term in years | 3.0 - 6.0 | 3.0 - 6.0 | ||||||||||||||||||
Risk-free interest rates | 0.7% - 2.4% | 0.7% - 1.3% | ||||||||||||||||||
Volatility | 84% - 102% | 88% - 104% | ||||||||||||||||||
Dividend yield | 0% | 0% | ||||||||||||||||||
The weighted average fair value of stock options granted during the years ending April 30, 2014 and 2013, was $0.96 and $0.41, respectively. The Company’s stock options activity and related information as of and for the years ended April 30, 2014 and 2013 is as follows (dollars in thousands): | ||||||||||||||||||||
Weighted | ||||||||||||||||||||
Weighted | Average | |||||||||||||||||||
Directors | Average | Remaining | Aggregate | |||||||||||||||||
Non- | and | Exercise | Contractual | Intrinsic | ||||||||||||||||
Employees | Employees | Total | Price | Life (Years) | Value | |||||||||||||||
Outstanding, May 1, 2013 | 765,000 | 13,125,205 | 13,890,205 | $ | 0.85 | 7 | $ | 89,000 | ||||||||||||
Granted | - | 9,793,332 | 9,793,332 | 1.23 | ||||||||||||||||
Exercised | - | -33,750 | -33,750 | 0.63 | ||||||||||||||||
Canceled | - | - | - | - | ||||||||||||||||
Forfeited | - | -72,500 | -72,500 | 0.82 | ||||||||||||||||
Expired | - | -226,250 | -226,250 | 0.73 | ||||||||||||||||
Outstanding, April 30, 2014 | 765,000 | 22,586,037 | 23,351,037 | 1.01 | 7.5 | $ | 985,000 | |||||||||||||
Vested and expected to vest as of April 30, 2014 | 765,000 | 22,586,037 | 23,351,037 | 7.5 | $ | 985,000 | ||||||||||||||
Exercisable as of April 30, 2014 | 522,292 | 13,042,285 | 13,564,577 | 0.85 | 6.1 | $ | 927,000 | |||||||||||||
Weighted | ||||||||||||||||||||
Weighted | Average | |||||||||||||||||||
Directors | Average | Remaining | Aggregate | |||||||||||||||||
Non- | and | Exercise | Contractual | Intrinsic | ||||||||||||||||
Employees | Employees | Total | Price | Life (Years) | Value | |||||||||||||||
Outstanding, May 1, 2012 | 1,410,000 | 13,456,038 | 14,866,038 | $ | 0.88 | 7.6 | $ | - | ||||||||||||
Granted | 130,000 | 611,250 | 741,250 | 0.41 | ||||||||||||||||
Exercised | - | - | - | - | ||||||||||||||||
Canceled | - | -25,000 | -25,000 | 0.62 | ||||||||||||||||
Forfeited | - | -551,250 | -551,250 | 0.72 | ||||||||||||||||
Expired | -775,000 | -365,833 | -1,140,833 | 0.95 | ||||||||||||||||
Outstanding, April 30, 2013 | 765,000 | 13,125,205 | 13,890,205 | 0.85 | 7 | $ | 89,000 | |||||||||||||
Vested and expected to vest as of April 30, 2013 | 765,000 | 13,125,205 | 13,890,205 | 7 | $ | 89,000 | ||||||||||||||
Exercisable as of April 30, 2013 | 458,334 | 10,886,120 | 11,344,454 | 0.86 | 6.9 | $ | 54,000 | |||||||||||||
Included in the balances outstanding in the table above are 3,000,000 options (which vest based on service criteria) granted to the Company’s Chief Executive Officer and its President as of November 5, 2013 as part of their new employment agreements. In addition to the above, there are 3,000,000 additional options granted to the Company’s Chief Executive Officer and President which vest based on both service and performance criteria. The service-based conditions of these options provide for vesting to occur monthly over a period of three years. The service-based options, like all of the Company’s service-based options, are expensed on a straight-line basis. Since the straight-line method is not available for performance or market-based share-based payments, the 3,000,000 performance-based options will be expensed on an accelerated basis once the Company determines it is probable that the performance-based conditions will be met. | ||||||||||||||||||||
Restricted Stock Grants | ||||||||||||||||||||
A summary of the activity related to restricted stock grants for the years ended April 30, 2014 and 2013 is as follows (dollars in thousands): | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||
Grant Date | Grant Date | |||||||||||||||||||
Total | Fair Value | Total | Fair Value | |||||||||||||||||
Shares | Per Share | Shares | Per Share | |||||||||||||||||
Nonvested, beginning of period | 50,000 | $ | 0.3 | 25,000 | $ | 0.75 | ||||||||||||||
Granted | - | - | 100,000 | 0.3 | ||||||||||||||||
Vested | -50,000 | 0.3 | -75,000 | 0.45 | ||||||||||||||||
Forfeited | - | - | - | |||||||||||||||||
Expired | - | - | - | |||||||||||||||||
Nonvested, end of period | - | - | 50,000 | 0.3 | ||||||||||||||||
The total fair value of shares vested during the years ended April 30, 2014 and 2013 was $15,000 and $34,000, respectively. As of April 30, 2014, there was no unrecognized stock compensation expense related to nonvested restricted stock awards. | ||||||||||||||||||||
Stock Purchase Warrants | ||||||||||||||||||||
As of April 30, 2014, the Company had warrants outstanding for the purchase of 3,276,667 shares of its common stock, all of which were exercisable. Of these warrants, 1,266,667 were issued in connection with the April 2011 Private Placement and 1,860,000 were issued in connection with the January 2013 Private Placement and are accounted for as liabilities as further discussed in Note 7. The remaining 150,000 warrants are accounted for as equity instruments and expire July 31, 2014. Activity related to these warrants, which expire at various dates through April 2016, is summarized as follows (dollars in thousands): | ||||||||||||||||||||
Weighted | ||||||||||||||||||||
Weighted | Average | |||||||||||||||||||
Number | Average | Remaining | Aggregate | |||||||||||||||||
of | Exercise | Contractual | Intrinsic | |||||||||||||||||
Shares | Price | Life (Years) | Value | |||||||||||||||||
Outstanding, May 1, 2013 | 3,276,667 | $ | 0.61 | 3.9 | $ | - | ||||||||||||||
Granted | - | - | - | |||||||||||||||||
Exercised | - | - | ||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Expired | - | - | ||||||||||||||||||
Outstanding, April 30, 2014 | 3,276,667 | $ | 0.61 | 2.9 | $ | 984,333 | ||||||||||||||
Weighted | ||||||||||||||||||||
Weighted | Average | |||||||||||||||||||
Number | Average | Remaining | Aggregate | |||||||||||||||||
of | Exercise | Contractual | Intrinsic | |||||||||||||||||
Shares | Price | Life (Years) | Value | |||||||||||||||||
Outstanding, May 1, 2012 | 1,416,667 | $ | 0.5 | 3.8 | $ | - | ||||||||||||||
Granted | 1,860,000 | 0.66 | 4.8 | |||||||||||||||||
Exercised | - | - | ||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Expired | - | - | ||||||||||||||||||
Outstanding, April 30, 2013 | 3,276,667 | $ | 0.61 | 3.9 | $ | - | ||||||||||||||
Redeemable_Common_Stock_and_St
Redeemable Common Stock and Stock Purchase Warrants | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Redeemable Common Stock and Stock Purchase Warrant [Abstract] | ' | |||||
Redeemable Common Stock and Stock Purchase Warrant [Text Block] | ' | |||||
Note 8. Redeemable Common Stock and Stock Purchase Warrants | ||||||
On January 28, 2013, the Company entered into a Securities Purchase Agreement with several accredited investors for the sale of an aggregate 18,600,000 shares of the Company’s Common Stock at a purchase price of $0.50 per share, for aggregate proceeds of $9.3 million (net proceeds of $9.1 million due to issuance costs), $0.5 million of which was sold to officers and directors of the Company. This private placement transaction closed on January 28, 2013 (the “January 2013 Private Placement”). As part of this transaction, the Company also issued warrants to purchase an aggregate 1,860,000 shares of Common Stock at an exercise price of $0.66 per share. These warrants expire five years after the closing date . The Company also entered into an Amended and Restated Registration Rights Agreement on January 28, 2013 that provided certain registration rights with respect to the shares of Common Stock issued and the shares of Common Stock issuable upon exercise of the warrants. Furthermore, certain investors will have the right to require the Company to redeem the purchased common shares held by all of the investors (the “January 2013 Private Placement Put Option”) for cash of $0.50 per share upon a change of control or sale or exclusive license of substantially all of the Company’s assets. The January 2013 Private Placement Put Option will terminate upon the achievement of certain financial milestones by the Company, the sale of 25% of the common shares purchased by an investor, with respect only to the shares owned by such investor, or in certain other circumstances as outlined in the Securities Purchase Agreement for the January 2013 Private Placement. The January 2013 Private Placement investors also have certain participation rights with respect to future financings of the Company. The terms of the January 2013 Private Placement resulted in the issuance of an additional 1,064,658 common shares to the investors of the April 2011 Private Placement under the anti-dilution protections granted such investors, which are discussed below. | ||||||
On March 24, 2011, the Company entered into a Securities Purchase Agreement with several accredited investors for the sale of an aggregate 12,533,333 shares of the Company’s Common Stock at a purchase price of $0.75 per share, for aggregate proceeds of $9.4 million, $0.5 million of which was sold to officers and directors of the Company. This private placement transaction closed April 4, 2011 (the “April 2011 Private Placement”). As part of this transaction, the Company also issued warrants to purchase an aggregate 1,266,667 shares of Common Stock at an exercise price of $0.90 per share. These warrants expire five years after the closing date. The Securities Purchase Agreement governing the April 2011 Private Placement contains certain anti-dilution protections for the investors. The Amended and Restated Registration Rights Agreement referenced above provides certain registration rights with respect to the shares of Common Stock issued and the shares of Common Stock issuable upon exercise of the warrants. Furthermore, certain investors have the right to require the Company to redeem the purchased common shares held by all of the investors (the “April 2011 Private Placement Put Option”) for cash for $0.75 per share upon a change of control or sale or exclusive license of substantially all of the Company’s assets. The April 2011 Private Placement Put Option will terminate upon the achievement of certain financial milestones by the Company, the sale of 25% of the common shares purchased by an investor, with respect only to the shares owned by such investor, or in certain other circumstances as outlined in the Securities Purchase Agreement for the April 2011 Private Placement. | ||||||
Due to the April 2011 Private Placement Put Option and the January 2013 Private Placement Put Option described above, the Company has accounted for the Common Stock for the April 2011 Private Placement and January 2013 Private Placement as temporary equity, which is reflected under the caption “redeemable common stock” on the accompanying consolidated balance sheets for 2013. The total amount allocated to the redeemable common stock was $8.8 million for the January 2013 Private Placement and $8.2 million for the April 2011 Private Placement. For the January 2013 Private Placement, this allocation is equal to the total proceeds of $9.3 million less the amount allocated to the warrants of $0.4 million and is also net of the direct and incremental costs associated with the January 2013 Private Placement of $0.2 million. For the April 2011 Private Placement, this allocation is equal to the total proceeds of $9.4 million, less the amount allocated to the warrants of $0.9 million and is also net of direct and incremental costs associated with the April 2011 Private Placement of $0.3 million. | ||||||
On January 29, 2014, the Company executed amendments to the 2011 Securities Purchase Agreement and to the 2013 Securities Purchase Agreement with certain of the parties thereto, in each case revising the definition of “Change of Control” as it appears on the Securities Purchase Agreements. | ||||||
On January 29, 2014, the Company also entered into an agreement with Joel Ackerman, its Chief Executive Officer and a Director, and Ronnie Morris, its President and a Director, both of whom bought securities from the Company pursuant to the Securities Purchase Agreements, that, if the Company’s Board of Directors votes on a transaction, event or approval that would constitute a Put Option Trigger Event (as defined in each of the Securities Purchase Agreements), each of Ackerman and Morris shall either (a) recuse themselves from voting as a member of the Board of Directors on such transaction, event or approval or (b) be entitled to vote but forego exercising or receiving the benefit of their Put Right (as defined in each of the Securities Purchase Agreements). | ||||||
Prior to the January 29, 2014 amendments the Put Option Trigger Event (as defined in each of the Securities Purchase Agreements) was outside of the Company’s control. Subsequent to the January 29, 2014 amendments the Put Option Trigger Event is within the Company’s control. This change resulted in the common stock related to the April 2011 Private Placement and the 2013 Private Placement to be reclassified from outside of permanent equity (reflected under the caption “redeemable common stock”) to inside permanent equity (reflected in the captions “common stock” and “additional paid-in capital”) for 2014. | ||||||
The warrants issued in connection with both the April 2011 Private Placement and January 2013 Private Placement contain certain exercise price reset provisions. Under these provisions, the exercise price of the warrants may be adjusted downward should the Company have future sales of its Common Stock for no consideration or for a consideration per share less than the Per Share Price (as such term is defined in the April 2011 Private Placement and January 2013 Private Placement). These exercise price reset provisions resulted in a downward adjustment to the exercise price of the warrants issued in the April 2011 Private Placement from $0.90 to $0.50. | ||||||
The Company has accounted for the warrants issued in connection with the April 2011 Private Placement and January 2013 Private Placement as a liability based on the exercise price reset provisions described above. This liability, which is recorded at fair value on the accompanying consolidated balance sheets, totaled $0.8 million at the time of the close of the January 2013 Private Placement Agreement. As of April 30, 2014 and 2013, the fair value of these warrants was $2.01 million and $1.05 million, respectively. The change in fair value of these warrants has been, and will be, recognized as other income (expense) on the Company’s consolidated statements of operations. The fair value of these warrants was calculated by the Monte Carlo simulation valuation method. Assumptions used to calculate the fair value of these warrants were as follows: | ||||||
Year Ended April 30, | ||||||
2014 | 2013 | |||||
Expected term in years | 1.9 - 3.7 | 2.9 - 4.7 | ||||
Risk-free interest rates | 0.4% - 1.17% | 0.30% | ||||
Volatility | 95% - 113% | 95% - 98% | ||||
Dividend yield | 0% | 0% | ||||
The Company estimated the volatility based upon the applicable look-back periods or historical volatility observed for the Company. For the Risk-free rate the Company used the yield on a T-bill with maturity closest to the expected time to the warrant expiration. | ||||||
In addition to the assumptions above, the Company also takes into consideration whether or not the Company would participate in another round of financing and if that financing is registered or not and what that stock price would be for the financing at that time. | ||||||
The Company will continue to adjust the warrant liability for changes in fair value until the earlier of the exercise of the warrants, at which time the liability will be reclassified to stockholders' equity, or expiration of the warrants. | ||||||
The Company has granted demand registration rights in connection with the investment in common shares and the common shares underlying the warrants for both the April 2011 Private Placement and January 2013 Private Placement. These rights include the requirement of the Company to file certain registration statements within a specified time period and to have these registration statements declared effective within a specified time period. If the Company is not able to comply with these registration requirements, the Company will be required to pay cash penalties equal to 1.0% of the aggregate Purchase Price paid by the investors for each 30-day period in which a Registration Default, as defined in the Securities Purchase Agreement, exists. These penalties are subject to a 10% limit of the aggregate Purchase Price paid by the investors. The Company may become subject to these penalty provisions if it fails to have a registration statement for the common shares declared effective, or to maintain the effectiveness of such registration statement. The total amount of potential penalties under this registration payment arrangement ranges from $50,000 to $130,000 for each 30-day period in which a registration default exists; however, as of April 30, 2014 and through the date of this filing, the Company does not believe these penalties to be probable and accordingly, has not established an accrual for such registration payment arrangements. | ||||||
Provision_for_Income_Taxes
Provision for Income Taxes | 12 Months Ended | |||||||||||||
Apr. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||||
Note 9. Provision for Income Taxes | ||||||||||||||
The components of the provision (benefit) for income taxes are as follows (in thousands): | ||||||||||||||
Year Ended April 30, 2014 | ||||||||||||||
Federal | State | Foreign | Total | |||||||||||
Current | $ | - | $ | 5 | $ | 12 | $ | 17 | ||||||
Deferred | -2,015 | -148 | - | -2,163 | ||||||||||
Change in valuation allowance | 2,015 | 148 | - | 2,163 | ||||||||||
Total | $ | - | $ | 5 | $ | 12 | $ | 17 | ||||||
Year Ended April 30, 2013 | ||||||||||||||
Federal | State | Foreign | Total | |||||||||||
Current | $ | - | $ | 2 | $ | 8 | $ | 10 | ||||||
Deferred | -2,258 | -196 | - | -2,454 | ||||||||||
Change in valuation allowance | 2,258 | 196 | - | 2,454 | ||||||||||
Total | $ | - | $ | 2 | $ | 8 | $ | 10 | ||||||
A reconciliation between the Company’s effective tax rate and the United States statutory tax rate for the years ended April 30, 2014 and 2013 is as follows: | ||||||||||||||
Year Ended April 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Federal income tax at statutory rate | 34 | % | 34 | % | ||||||||||
State income tax, net of federal benefit | 2.1 | 2.6 | ||||||||||||
Permanent differences | -5.6 | -0.5 | ||||||||||||
Other | -2.1 | 1.6 | ||||||||||||
Change in valuation allowance | -27.2 | -39.6 | ||||||||||||
Changes in tax rates | -1.4 | 1.7 | ||||||||||||
Income tax expense | -0.2 | % | -0.2 | % | ||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of April 30, 2014 and 2013 consist of the following (in thousands): | ||||||||||||||
As of April 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Accrued liabilities | $ | 38 | $ | 89 | ||||||||||
Depreciation and amortization | 9 | 51 | ||||||||||||
State taxes | 1 | 7 | ||||||||||||
Stock-based compensation expense | 4,511 | 3,582 | ||||||||||||
Capitalized research and development costs | 556 | 688 | ||||||||||||
Foreign net operating loss carry-forward | 244 | 386 | ||||||||||||
Net operating loss carry-forward | 5,608 | 4,144 | ||||||||||||
Total deferred tax assets | 10,968 | 8,948 | ||||||||||||
Less: Valuation allowance | -10,968 | -8,948 | ||||||||||||
Net deferred tax asset | $ | - | $ | - | ||||||||||
Management has evaluated the available evidence about future tax planning strategies, taxable income and other possible sources of realization of deferred tax assets and has established a full valuation allowance against its net deferred tax assets as of April, 30, 2014 and 2013. For the years ended April 30, 2014 and 2013, the Company recorded a valuation allowance of $10,968,000 and $8,948,000, respectively. The increase in valuation allowance from fiscal year 2013 to 2014 is due to deferred tax assets generated relative to stock compensation and net operating loss carryforwards. The Company has established a valuation allowance against its deferred tax assets as it is currently more-likely-than-not that all or a portion of a deferred tax asset will not be realized. The valuation allowance reduces deferred tax assets to an amount that management believes will more likely than not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is required, the Company takes into account all evidence with regard to the utilization of a deferred tax asset including past earnings history, expected future earnings, the character and jurisdiction of such earnings, unsettled circumstances that, if unfavorably resolved, would adversely affect utilization of a deferred tax asset, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. | ||||||||||||||
As of April 30, 2014 and 2013, the Company’s estimated U.S. net operating loss carry-forwards were approximately $15,426,000 and $11,216,000, respectively. As of April 30, 2014 and 2013, the Company’s foreign net operating loss carry-forward was approximately $1,034,000 and $1,744,000, respectively. The Company’s federal and state net operating losses begin expiring in 2029. | ||||||||||||||
The Company files income tax returns in various jurisdictions with varying statues of limitations. As of April 30, 2014, the earliest tax year still subject to examination for state purposes is fiscal 2011. The Company’s tax years for periods ending April 30, 2000 and forward are subject to examination by the United States and certain states due to the carry-forward of unutilized net operating losses. | ||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 10. Related Party Transactions | |
Related party transactions include transactions between the Company and its shareholders, management, or affiliates. The following transactions were in the normal course of operations and were measured at the exchange amount, which is the amount of consideration established and agreed to by the parties. | |
Consulting Services | |
During the years ended April 30, 2014 and 2013, the Company paid certain members of its Board of Directors $150,000 and $160,000, respectively, for consulting services unrelated to their duties as board members. During the years ended April 30, 2014 and 2013, the Company paid a substantial stockholder and former member of its Board of Directors $2,000 and $3,000, respectively, for consulting services. During the year ended April 30, 2014, the Company paid a board member’s company $15,800 for consulting services All of the amounts paid to and received from these related parties have been recognized in revenue and expensed in the period the services were performed. | |
Private Placement | |
During the year ended April 30, 2013, the Company sold an aggregate of 1,000,000 shares of common stock at a price of $0.50 per share and warrants to purchase an aggregate of 100,000 additional shares of common stock at an exercise price of $0.66 per share to two of its officers and directors in the January 2013 Private Placement described in Note 7 above. | |
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||||
Apr. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
Note 11. Business Segment Information | ||||||||||||||
The Company operates in two segments, POS and TOS. The accounting policies of the Company’s segments are the same as those described in Note 2. The Company evaluates performance of its segments based on profit or loss from operations before stock compensation expense, depreciation and amortization, interest expense, interest income, gain on sale of assets, special charges or benefits, and income taxes (“segment profit”). Management uses segment profit information for internal reporting and control purposes and considers it important in making decisions regarding the allocation of capital and other resources, risk assessment, and employee compensation, among other matters. The following tables summarize, for the periods indicated, operating results by business segment (in thousands): | ||||||||||||||
Year Ended April 30, 2014 | Personalized | Translational | Unallocated | Consolidated | ||||||||||
Oncology | Oncology | Corporate | ||||||||||||
Solutions | Solutions | Overhead | ||||||||||||
(POS) | (TOS) | |||||||||||||
Net revenue | $ | 2,264 | $ | 9,286 | $ | - | $ | 11,550 | ||||||
Direct cost of services | -2,667 | -3,496 | - | -6,163 | ||||||||||
Sales and marketing costs | -1,723 | -1,080 | - | -2,803 | ||||||||||
Other operating expenses | - | -2,209 | -3,828 | -6,037 | ||||||||||
Stock compensation expense (1) | - | - | -2,807 | -2,807 | ||||||||||
Segment profit (loss) | $ | -2,126 | $ | 2,501 | $ | -6,635 | $ | -6,260 | ||||||
Year Ended April 30, 2013 | Personalized | Translational | Unallocated | Consolidated | ||||||||||
Oncology | Oncology | Corporate | ||||||||||||
Solutions | Solutions | Overhead | ||||||||||||
(POS) | (TOS) | |||||||||||||
Net revenue | $ | 2,390 | $ | 5,933 | $ | - | $ | 8,323 | ||||||
Direct cost of services | -2,604 | -2,637 | - | -5,241 | ||||||||||
Sales and marketing costs | -1,496 | -938 | - | -2,434 | ||||||||||
Other operating expenses | -134 | -1,753 | -2,606 | -4,493 | ||||||||||
Stock compensation expense (1) | - | - | -2,376 | -2,376 | ||||||||||
Segment loss | $ | -1,844 | $ | 605 | $ | -4,982 | $ | -6,221 | ||||||
(1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. | ||||||||||||||
All of the Company’s revenue is recorded in the United States and substantially all of its long-lived assets are in the United States. | ||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. | ||||||||
The Company’s foreign subsidiaries, functional currency is the U.S. dollar. Transaction gains and losses are recognized in earnings. The Company is subject to foreign exchange rate fluctuations in connection with the Company’s international operations. | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||
Use of Estimates | ||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||
Cash and Cash Equivalents | ||||||||
The Company considers all highly liquid investments purchased with a maturity of three months or less at the time of purchase, to be cash equivalents. At various times, the Company has amounts on deposit at financial institutions in excess of federally insured limits. | ||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | |||||||
Fair Value | ||||||||
The carrying value of cash and cash equivalents, accounts receivable, prepaid expenses, deposits and other receivables, accounts payable, and accrued liabilities approximate their fair value based on the liquidity or the short-term maturities of these instruments. The fair value hierarchy promulgated by GAAP consists of three levels: | ||||||||
· | Level one — Quoted market prices in active markets for identical assets or liabilities; | |||||||
· | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and | |||||||
· | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||||||
Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company has one liability measured at fair value on a recurring basis, which are warrants that were issued in connection with private placements of the Company’s securities that are discussed more fully in Note 6. As of April 30, 2014 and 2013, these warrants had an estimated fair value of $2,011,000 and $1,046,000, respectively, which was calculated by the Monte Carlo simulation valuation method using level three inputs. The Company has no assets that are measured at fair value on a recurring basis and there were no assets or liabilities measured at fair value on a non-recurring basis during the years ended April 30, 2014 and 2013. | ||||||||
The following table presents information about our warrant liability, which was our only financial instrument measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of April 30 (dollars in thousands): | ||||||||
2014 | 2013 | |||||||
Balance beginning of year | $ | -1,046 | $ | -555 | ||||
Transfers to (from) Level 3 | - | - | ||||||
Total gains (losses) included in earnings | -965 | -74 | ||||||
Issuances | - | -417 | ||||||
Balance end of year | $ | -2,011 | $ | -1,046 | ||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | |||||||
Accounts Receivable | ||||||||
Accounts receivable represent amounts due under agreements with pharmaceutical and biotechnology companies for TOS and amounts due under agreements with patients for POS. At each reporting period, the Company evaluates open accounts receivable for collectability and records an allowance for potentially uncollectible accounts. As of April 30, 2014 and 2013, the allowance for these accounts was $2,000 and $19,000, respectively. Accounts receivable is also comprised of certain unbilled accounts receivable for services completed under TOS that have not been billed as of the balance sheet date. As of April 30, 2014 and 2013, the Company had unbilled receivables of $884,000 and $200,000, respectively. | ||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||
Restricted Cash | ||||||||
As of April 30, 2014 and 2013, the Company has restricted cash of $165,000 and $192,000, respectively, which is classified as a noncurrent asset on the consolidated balance sheets. This restricted cash serves as collateral for corporate credit cards to provide financial assurance that the Company will fulfill its obligations. The cash is held in custody by the issuing bank, is restricted as to withdrawal or use, and is currently invested in an interest-bearing Certificate of Deposit (“CD”). Though the CD matures in the second quarter of fiscal 2015, the cash will be reinvested into another CD to continue use of the corporate cards. The Company accounts for this CD as a non-current asset supporting operations of the business. | ||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||
Property and Equipment | ||||||||
Property and equipment is recorded at cost and primarily consists of laboratory equipment, furniture and fixtures, and computer hardware and software. Depreciation is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to seven years. Property and equipment consisted of the following (in thousands): | ||||||||
April 30, | ||||||||
2014 | 2013 | |||||||
Furniture and fixtures | $ | 69 | $ | 59 | ||||
Computer equipment and software | 655 | 549 | ||||||
Laboratory equipment | 296 | 179 | ||||||
Leasehold improvements | 2 | 2 | ||||||
Total property and equipment | 1,022 | 789 | ||||||
Less: Accumulated depreciation | -588 | -375 | ||||||
Property and equipment, net | $ | 434 | $ | 414 | ||||
Depreciation expense was $213,000 and $203,000 for the years ended April 30, 2014 and 2013, respectively. | ||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||
Impairment of Long-Lived Assets | ||||||||
Impairment losses are to be recognized when the carrying amount of a long-lived asset is not recoverable or exceeds its fair value. The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that a carrying value may not be recoverable. The Company uses estimates of future cash flows over the remaining useful life of a long- lived asset or asset group to determine the recoverability of the asset. These estimates only include the net cash flows directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the asset or asset group. The Company has not recognized any impairment losses for the Company’s long-lived assets for the years ending April 30, 2014 and 2013. | ||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||||||
Goodwill | ||||||||
Goodwill represents the excess of the cost over the fair market value of the net assets acquired including identifiable assets. Goodwill is tested annually, or more frequently if circumstances indicate potential impairment, by comparing its fair value to its carrying amount. The determination of whether or not goodwill is impaired involves significant judgment. Although the Company believes its goodwill is not impaired, changes in strategy or market conditions could significantly impact the judgments and may require future adjustments to the carrying value of goodwill. The Company uses a two-step process to test for goodwill impairment. The first step is to screen for potential impairment, while the second step measures the amount of the impairment, if any. The first step of the goodwill impairment test compares the fair value of each reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of the reporting unit’s net assets, including goodwill, exceeds the fair value of the reporting unit, then the Company determines the implied fair value of goodwill. If the carrying value of goodwill exceeds its implied fair value, then an impairment of goodwill has occurred and an impairment loss would be recognized for the difference between the carrying amount and the implied fair value of goodwill as a component of operating income. The implied fair value of goodwill is calculated by subtracting the fair value of tangible and intangible assets associated with the reporting unit from the fair value of the unit. The Company tests for goodwill impairment at the operating segment level. | ||||||||
The Company has not recognized any impairment losses for the Company’s goodwill for the years ending April 30, 2014 and 2013. | ||||||||
Revenue Recognition, Deferred Revenue [Policy Text Block] | ' | |||||||
Deferred Revenue | ||||||||
Deferred revenue represents payments received in advance for products to be delivered. When products are delivered, deferred revenue is then recognized as earned. | ||||||||
Warrant Liability [Policy Text Block] | ' | |||||||
Warrant Liability | ||||||||
Warrant liability represents the fair value of warrants issued in connection with private placements of the Company’s common stock, which are described more fully in Note 7. These warrants are presented as liabilities based on the certain exercise price reset provisions. The liability, which is recorded at fair value on the accompanying consolidated balance sheets, is calculated by the Monte Carlo simulation valuation method. The change in fair value of these warrants is recognized as other income or expense in the consolidated statements of operations. | ||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||
Revenue Recognition | ||||||||
The Company derives revenue from its POS and TOS businesses. Personalized oncology solutions assist physicians by providing information to help guide the development of personalized treatment plans for their patients using our core offerings, including testing oncology drugs and drug combinations on personalized TumorGrafts, and through other products. Translational oncology solutions offer a preclinical TumorGraft platform to pharmaceutical and biotechnology companies using proprietary TumorGraft studies, which the Company believes may be predictive of how drugs may perform in clinical settings. The Company recognizes revenue when the following four basic criteria are met: (i) a contract has been entered into with its customers; (ii) delivery has occurred or services rendered to its customers; (iii) the fee is fixed and determinable as noted in the contract; and (iv) collectability is reasonably assured. The Company utilizes a proportional performance revenue recognition model for its TOS business, under which it recognizes revenue as performance occurs, based on the relative outputs of the performance that have occurred up to that point in time under the respective agreement, typically the delivery of reports to its customers documenting the results of testing protocols. | ||||||||
When a POS or TOS arrangement involves multiple elements, the items included in the arrangement (deliverables) are evaluated to determine whether they represent separate units of accounting. The Company performs this evaluation at the inception of an arrangement and as each item in the arrangement is delivered. Generally, the Company accounts for a deliverable (or a group of deliverables) separately if: (i) the delivered item(s) has standalone value to the customer, and (ii) if the Company has given the customer a general right of return relative to the delivered item(s) and the delivery or performance of the undelivered item(s) or service(s) is probable and substantially in the Company’s control. All revenue from contracts determined not to have separate units of accounting is recognized based on consideration of the most substantive delivery factor of all the elements in the contract or if there is no predominant deliverable upon delivery of the final element of the arrangement. | ||||||||
During the third quarter of fiscal year 2014 we entered into a contract that may require the replacement of licensed tumors in the event that certain contractual terms have not been satisfied. Due to such requirements we have estimated an amount of licensed tumors that may need to be replaced, and we have deferred this revenue until all provisions of the agreement have been met. There was $258,000 of deferred revenue as of April 30, 2014 relating to our estimate of replacement of licensed tumors. | ||||||||
Cost Of Personalized Oncology Solutions [Policy Text Block] | ' | |||||||
Cost of Personalized Oncology Solutions | ||||||||
Cost of POS consists of costs related to POS revenue earned from implantations, drug panels, tumor boards, and gene sequencing services, as well as indirect internal costs, such as salaries for personnel directly engaged in these products. Direct costs associated with implantation revenues are primarily related to mice purchases and maintenance and shipping of tumor tissue. Direct drug panel costs are primarily incurred from mice purchases and maintenance and drug purchases. Direct tumor board costs are primarily related to physicians’ honorariums and any tumor board participation costs such as travel, lodging and meals. Direct gene sequencing costs are primarily related to costs billed from the gene sequencing service provider. All costs are expensed as incurred. | ||||||||
Cost Of Translational Oncology Solutions [Policy Text Block] | ' | |||||||
Cost of Translational Oncology Solutions | ||||||||
Cost of TOS consists of costs related to TOS revenue. Direct costs include mice purchases and maintenance costs for studies completed internally and charges from CROs for studies handled externally. Indirect costs include salaries for personnel directly engaged in providing TOS products. All costs of performing studies in-house are expensed as incurred. | ||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | |||||||
Research and Development | ||||||||
Research and development costs represent both costs incurred internally for research and development activities, including personnel costs and mice purchases and maintenance, as well as costs incurred externally to facilitate research activities, such as tumor tissue procurement and characterization expenses. All research and development costs are expensed as incurred. | ||||||||
Cost of Sales, Policy [Policy Text Block] | ' | |||||||
Sales and Marketing | ||||||||
Selling and marketing expenses represent costs incurred to promote the Company’s products offered, including salaries, benefits and related costs of our sales and marketing personnel, and represent costs of advertising and other selling and marketing expenses. All sales and marketing costs, including advertising costs, are expensed as incurred. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||
Basic and Dilutive Loss Per Common Share | ||||||||
Basic loss per share is calculated by dividing loss available to common shareholders by the weighted average number of common shares (including redeemable common stock) outstanding for the year. Diluted loss per share is calculated based on the weighted average number of common shares (including redeemable common stock) outstanding for the year, plus the dilutive effect of common stock purchase warrants, stock options and restricted stock units using the treasury stock method. Contingently issuable shares are included in the calculation of basic earnings per share when all contingencies surrounding the issuance of the shares are met and the shares are issued or issuable. Contingently issuable shares are included in the calculation of dilutive earnings per share as of the beginning of the reporting period if, at the end of the reporting period, all contingencies surrounding the issuance of the shares are satisfied or would be satisfied if the end of the reporting period were the end of the contingency period. Due to the net losses for the years ended April 30, 2014 and 2013, basic and diluted loss per share were the same, as the effect of potentially dilutive securities (as listed below) would have been anti-dilutive. | ||||||||
The following table reflects the total potential share-based instruments outstanding at April 30, 2014 and 2013 that could have an effect on the future computation of dilution per common share: | ||||||||
Year Ended April 30, | ||||||||
2014 | 2013 | |||||||
Stock options | 23,351,037 | 13,890,205 | ||||||
Warrants | 3,276,667 | 3,276,667 | ||||||
Restricted stock | - | 50,000 | ||||||
Total common stock equivalents | 26,627,704 | 17,216,872 | ||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||
Share-Based Payments | ||||||||
The Company typically recognizes expense for share-based payments based on the fair value of awards on the date of grant. The Company uses the Black-Scholes option pricing model to estimate fair value. The Black-Scholes option valuation model was developed for use in estimating the fair value of short-traded options that have no vesting restrictions and are fully transferable. The option pricing model requires the Company to estimate certain key assumptions such as expected life, volatility, risk free interest rates and dividend yield to determine the fair value of share-based awards. These assumptions are based on historical information and management judgment. The risk-free interest rate used is based on the United States treasury security rate with a term consistent with the expected term of the award at the time of the grant. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the Securities and Exchange Commission-approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 107 with the continued use of this method extended under the provisions of Staff Accounting Bulletin No. 110. During fiscal 2013, the Company changed its method used to calculate expected volatility from an index, which was based on the Company’s historic volatility and certain comparable guideline companies, to the use of only the Company’s historic volatility which had an immaterial effect on the financial statements. The Company does not anticipate paying a dividend, and therefore, no expected dividend yield was used. | ||||||||
The Company expenses share-based payments over the period that the awards are expected to vest, net of estimated forfeitures. If actual forfeitures differ from management’s estimates, compensation expense is adjusted. The Company will report cash flows resulting from tax deductions in excess of the compensation cost recognized from those options (excess tax benefits) as financing cash flows, if they should arise. | ||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||
Income Taxes | ||||||||
Deferred income taxes have been provided to show the effect of temporary differences between the recognition of expenses for financial and income tax reporting purposes and between the tax basis of assets and liabilities, and their reported amounts in the consolidated financial statements. In assessing the realizability of deferred tax assets, the Company assesses the likelihood that deferred tax assets will be recovered through tax planning strategies or from future taxable income, and to the extent that recovery is not likely or there is insufficient operating history, a valuation allowance is established. The Company adjusts the valuation allowance in the period management determines it is more likely than not that net deferred tax assets will or will not be realized. As of April 30, 2014 and 2013, the Company provided a valuation allowance for all net deferred tax assets, as recovery is not more likely than not based on an insufficient history of earnings. | ||||||||
Tax positions are positions taken in a previously filed tax return or positions expected to be taken in a future tax return that are reflected in measuring current or deferred income tax assets and liabilities reported in the consolidated financial statements. Tax positions include, but are not limited to, the following: | ||||||||
· | An allocation or shift of income between taxing jurisdictions; | |||||||
· | The characterization of income or a decision to exclude reportable taxable income in a tax return; or | |||||||
· | A decision to classify a transaction, entity or other position in a tax return as tax exempt. | |||||||
The Company reflects tax benefits only if it is more likely than not that we will be able to sustain the tax position, based on its technical merits. If a tax benefit meets this criterion, it is measured and recognized based on the largest amount of benefit that is cumulatively greater than 50% likely to be realized. The Company has no unrecognized tax benefits as of April 30, 2014 and 2013. | ||||||||
The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s balance sheets at April 30, 2013 and 2012, and has not recognized interest and/or penalties in the statement of operations for either period. | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606). This guidance is intended to improve and converge with international standards the financial reporting requirements for revenue from contracts with customers. It will be effective for our first quarter of fiscal year 2018 and early adoption is not permitted. We have not yet determined the impact from adoption of this new accounting pronouncement on our financial statements. | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||
The following table presents information about our warrant liability, which was our only financial instrument measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of April 30 (dollars in thousands): | |||||||||
2014 | 2013 | ||||||||
Balance beginning of year | $ | -1,046 | $ | -555 | |||||
Transfers to (from) Level 3 | - | - | |||||||
Total gains (losses) included in earnings | -965 | -74 | |||||||
Issuances | - | -417 | |||||||
Balance end of year | $ | -2,011 | $ | -1,046 | |||||
Public Utility Property, Plant, and Equipment [Table Text Block] | ' | ||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
Furniture and fixtures | $ | 69 | $ | 59 | |||||
Computer equipment and software | 655 | 549 | |||||||
Laboratory equipment | 296 | 179 | |||||||
Leasehold improvements | 2 | 2 | |||||||
Total property and equipment | 1,022 | 789 | |||||||
Less: Accumulated depreciation | -588 | -375 | |||||||
Property and equipment, net | $ | 434 | $ | 414 | |||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
The following table reflects the total potential share-based instruments outstanding at April 30, 2014 and 2013 that could have an effect on the future computation of dilution per common share: | |||||||||
Year Ended April 30, | |||||||||
2014 | 2013 | ||||||||
Stock options | 23,351,037 | 13,890,205 | |||||||
Warrants | 3,276,667 | 3,276,667 | |||||||
Restricted stock | - | 50,000 | |||||||
Total common stock equivalents | 26,627,704 | 17,216,872 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||
Future minimum lease payments due each fiscal year are as follows (in thousands): | |||||
2015 | $ | 102,826 | |||
2016 | 85,185 | ||||
2017 | 49,691 | ||||
Total | $ | 237,702 | |||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 12 Months Ended | |||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||||
Stock-based compensation costs were recorded as follows (in thousands): | ||||||||||||||||||||
Year Ended April 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
General and administrative | $ | 2,298 | $ | 1,984 | ||||||||||||||||
Sales and marketing | 352 | 263 | ||||||||||||||||||
Research and development | 36 | 37 | ||||||||||||||||||
TOS cost of sales | 56 | 20 | ||||||||||||||||||
POS cost of sales | 65 | 72 | ||||||||||||||||||
Total stock-based compensation expense | $ | 2,807 | $ | 2,376 | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||
Black-Scholes assumptions used to calculate the fair value of options granted during the years ended April 30, 2014 and 2013 were as follows: | ||||||||||||||||||||
Year Ended April 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Expected term in years | 3.0 - 6.0 | 3.0 - 6.0 | ||||||||||||||||||
Risk-free interest rates | 0.7% - 2.4% | 0.7% - 1.3% | ||||||||||||||||||
Volatility | 84% - 102% | 88% - 104% | ||||||||||||||||||
Dividend yield | 0% | 0% | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||
The Company’s stock options activity and related information as of and for the years ended April 30, 2014 and 2013 is as follows (dollars in thousands): | ||||||||||||||||||||
Weighted | ||||||||||||||||||||
Weighted | Average | |||||||||||||||||||
Directors | Average | Remaining | Aggregate | |||||||||||||||||
Non- | and | Exercise | Contractual | Intrinsic | ||||||||||||||||
Employees | Employees | Total | Price | Life (Years) | Value | |||||||||||||||
Outstanding, May 1, 2013 | 765,000 | 13,125,205 | 13,890,205 | $ | 0.85 | 7 | $ | 89,000 | ||||||||||||
Granted | - | 9,793,332 | 9,793,332 | 1.23 | ||||||||||||||||
Exercised | - | -33,750 | -33,750 | 0.63 | ||||||||||||||||
Canceled | - | - | - | - | ||||||||||||||||
Forfeited | - | -72,500 | -72,500 | 0.82 | ||||||||||||||||
Expired | - | -226,250 | -226,250 | 0.73 | ||||||||||||||||
Outstanding, April 30, 2014 | 765,000 | 22,586,037 | 23,351,037 | 1.01 | 7.5 | $ | 985,000 | |||||||||||||
Vested and expected to vest as of April 30, 2014 | 765,000 | 22,586,037 | 23,351,037 | 7.5 | $ | 985,000 | ||||||||||||||
Exercisable as of April 30, 2014 | 522,292 | 13,042,285 | 13,564,577 | 0.85 | 6.1 | $ | 927,000 | |||||||||||||
Weighted | ||||||||||||||||||||
Weighted | Average | |||||||||||||||||||
Directors | Average | Remaining | Aggregate | |||||||||||||||||
Non- | and | Exercise | Contractual | Intrinsic | ||||||||||||||||
Employees | Employees | Total | Price | Life (Years) | Value | |||||||||||||||
Outstanding, May 1, 2012 | 1,410,000 | 13,456,038 | 14,866,038 | $ | 0.88 | 7.6 | $ | - | ||||||||||||
Granted | 130,000 | 611,250 | 741,250 | 0.41 | ||||||||||||||||
Exercised | - | - | - | - | ||||||||||||||||
Canceled | - | -25,000 | -25,000 | 0.62 | ||||||||||||||||
Forfeited | - | -551,250 | -551,250 | 0.72 | ||||||||||||||||
Expired | -775,000 | -365,833 | -1,140,833 | 0.95 | ||||||||||||||||
Outstanding, April 30, 2013 | 765,000 | 13,125,205 | 13,890,205 | 0.85 | 7 | $ | 89,000 | |||||||||||||
Vested and expected to vest as of April 30, 2013 | 765,000 | 13,125,205 | 13,890,205 | 7 | $ | 89,000 | ||||||||||||||
Exercisable as of April 30, 2013 | 458,334 | 10,886,120 | 11,344,454 | 0.86 | 6.9 | $ | 54,000 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||||||
A summary of the activity related to restricted stock grants for the years ended April 30, 2014 and 2013 is as follows (dollars in thousands): | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||
Grant Date | Grant Date | |||||||||||||||||||
Total | Fair Value | Total | Fair Value | |||||||||||||||||
Shares | Per Share | Shares | Per Share | |||||||||||||||||
Nonvested, beginning of period | 50,000 | $ | 0.3 | 25,000 | $ | 0.75 | ||||||||||||||
Granted | - | - | 100,000 | 0.3 | ||||||||||||||||
Vested | -50,000 | 0.3 | -75,000 | 0.45 | ||||||||||||||||
Forfeited | - | - | - | |||||||||||||||||
Expired | - | - | - | |||||||||||||||||
Nonvested, end of period | - | - | 50,000 | 0.3 | ||||||||||||||||
Schedule Of Share Based Compensation Warrants Activity [Table Text Block] | ' | |||||||||||||||||||
Activity related to these warrants, which expire at various dates through April 2016, is summarized as follows (dollars in thousands): | ||||||||||||||||||||
Weighted | ||||||||||||||||||||
Weighted | Average | |||||||||||||||||||
Number | Average | Remaining | Aggregate | |||||||||||||||||
of | Exercise | Contractual | Intrinsic | |||||||||||||||||
Shares | Price | Life (Years) | Value | |||||||||||||||||
Outstanding, May 1, 2013 | 3,276,667 | $ | 0.61 | 3.9 | $ | - | ||||||||||||||
Granted | - | - | - | |||||||||||||||||
Exercised | - | - | ||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Expired | - | - | ||||||||||||||||||
Outstanding, April 30, 2014 | 3,276,667 | $ | 0.61 | 2.9 | $ | 984,333 | ||||||||||||||
Weighted | ||||||||||||||||||||
Weighted | Average | |||||||||||||||||||
Number | Average | Remaining | Aggregate | |||||||||||||||||
of | Exercise | Contractual | Intrinsic | |||||||||||||||||
Shares | Price | Life (Years) | Value | |||||||||||||||||
Outstanding, May 1, 2012 | 1,416,667 | $ | 0.5 | 3.8 | $ | - | ||||||||||||||
Granted | 1,860,000 | 0.66 | 4.8 | |||||||||||||||||
Exercised | - | - | ||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||
Expired | - | - | ||||||||||||||||||
Outstanding, April 30, 2013 | 3,276,667 | $ | 0.61 | 3.9 | $ | - | ||||||||||||||
Redeemable_Common_Stock_and_St1
Redeemable Common Stock and Stock Purchase Warrants (Tables) | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Redeemable Common Stock and Stock Purchase Warrant [Abstract] | ' | |||||
Schedule of Share-based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | ' | |||||
Assumptions used to calculate the fair value of these warrants were as follows: | ||||||
Year Ended April 30, | ||||||
2014 | 2013 | |||||
Expected term in years | 1.9 - 3.7 | 2.9 - 4.7 | ||||
Risk-free interest rates | 0.4% - 1.17% | 0.30% | ||||
Volatility | 95% - 113% | 95% - 98% | ||||
Dividend yield | 0% | 0% | ||||
Provision_for_Income_Taxes_Tab
Provision for Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Apr. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||||
The components of the provision (benefit) for income taxes are as follows (in thousands): | ||||||||||||||
Year Ended April 30, 2014 | ||||||||||||||
Federal | State | Foreign | Total | |||||||||||
Current | $ | - | $ | 5 | $ | 12 | $ | 17 | ||||||
Deferred | -2,015 | -148 | - | -2,163 | ||||||||||
Change in valuation allowance | 2,015 | 148 | - | 2,163 | ||||||||||
Total | $ | - | $ | 5 | $ | 12 | $ | 17 | ||||||
Year Ended April 30, 2013 | ||||||||||||||
Federal | State | Foreign | Total | |||||||||||
Current | $ | - | $ | 2 | $ | 8 | $ | 10 | ||||||
Deferred | -2,258 | -196 | - | -2,454 | ||||||||||
Change in valuation allowance | 2,258 | 196 | - | 2,454 | ||||||||||
Total | $ | - | $ | 2 | $ | 8 | $ | 10 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||||
A reconciliation between the Company’s effective tax rate and the United States statutory tax rate for the years ended April 30, 2014 and 2013 is as follows: | ||||||||||||||
Year Ended April 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Federal income tax at statutory rate | 34 | % | 34 | % | ||||||||||
State income tax, net of federal benefit | 2.1 | 2.6 | ||||||||||||
Permanent differences | -5.6 | -0.5 | ||||||||||||
Other | -2.1 | 1.6 | ||||||||||||
Change in valuation allowance | -27.2 | -39.6 | ||||||||||||
Changes in tax rates | -1.4 | 1.7 | ||||||||||||
Income tax expense | -0.2 | % | -0.2 | % | ||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||||
Significant components of the Company’s deferred tax assets and liabilities as of April 30, 2014 and 2013 consist of the following (in thousands): | ||||||||||||||
As of April 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Accrued liabilities | $ | 38 | $ | 89 | ||||||||||
Depreciation and amortization | 9 | 51 | ||||||||||||
State taxes | 1 | 7 | ||||||||||||
Stock-based compensation expense | 4,511 | 3,582 | ||||||||||||
Capitalized research and development costs | 556 | 688 | ||||||||||||
Foreign net operating loss carry-forward | 244 | 386 | ||||||||||||
Net operating loss carry-forward | 5,608 | 4,144 | ||||||||||||
Total deferred tax assets | 10,968 | 8,948 | ||||||||||||
Less: Valuation allowance | -10,968 | -8,948 | ||||||||||||
Net deferred tax asset | $ | - | $ | - | ||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||||
Apr. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
The following tables summarize, for the periods indicated, operating results by business segment (in thousands): | ||||||||||||||
Year Ended April 30, 2014 | Personalized | Translational | Unallocated | Consolidated | ||||||||||
Oncology | Oncology | Corporate | ||||||||||||
Solutions | Solutions | Overhead | ||||||||||||
(POS) | (TOS) | |||||||||||||
Net revenue | $ | 2,264 | $ | 9,286 | $ | - | $ | 11,550 | ||||||
Direct cost of services | -2,667 | -3,496 | - | -6,163 | ||||||||||
Sales and marketing costs | -1,723 | -1,080 | - | -2,803 | ||||||||||
Other operating expenses | - | -2,209 | -3,828 | -6,037 | ||||||||||
Stock compensation expense (1) | - | - | -2,807 | -2,807 | ||||||||||
Segment profit (loss) | $ | -2,126 | $ | 2,501 | $ | -6,635 | $ | -6,260 | ||||||
Year Ended April 30, 2013 | Personalized | Translational | Unallocated | Consolidated | ||||||||||
Oncology | Oncology | Corporate | ||||||||||||
Solutions | Solutions | Overhead | ||||||||||||
(POS) | (TOS) | |||||||||||||
Net revenue | $ | 2,390 | $ | 5,933 | $ | - | $ | 8,323 | ||||||
Direct cost of services | -2,604 | -2,637 | - | -5,241 | ||||||||||
Sales and marketing costs | -1,496 | -938 | - | -2,434 | ||||||||||
Other operating expenses | -134 | -1,753 | -2,606 | -4,493 | ||||||||||
Stock compensation expense (1) | - | - | -2,376 | -2,376 | ||||||||||
Segment loss | $ | -1,844 | $ | 605 | $ | -4,982 | $ | -6,221 | ||||||
(1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. | ||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Balance end of year | ($2,011) | ($1,046) |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Balance beginning of year | -1,046 | -555 |
Transfers to (from) Level 3 | 0 | 0 |
Total gains (losses) included in earnings | -965 | -74 |
Issuances | 0 | -417 |
Balance end of year | ($2,011) | ($1,046) |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Furniture and fixtures | $69 | $59 |
Computer equipment and software | 655 | 549 |
Laboratory equipment | 296 | 179 |
Leasehold improvements | 2 | 2 |
Total property and equipment | 1,022 | 789 |
Less: Accumulated depreciation | -588 | -375 |
Property and equipment, net | $434 | $414 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Total common stock equivalents | 26,627,704 | 17,216,872 |
Restricted Stock [Member] | ' | ' |
Total common stock equivalents | 0 | 50,000 |
Warrant [Member] | ' | ' |
Total common stock equivalents | 3,276,667 | 3,276,667 |
Employee Stock Option [Member] | ' | ' |
Total common stock equivalents | 23,351,037 | 13,890,205 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Estimated Fair Value Of Warrants | $2,011,000 | $1,046,000 |
Allowance for Doubtful Accounts Receivable | 2,000 | 19,000 |
Unbilled Receivables, Current | 884,000 | 200,000 |
Restricted Cash and Cash Equivalents, Noncurrent | 165,000 | 192,000 |
Depreciation, Total | 213,000 | 203,000 |
Deferred Revenue | $258,000 | ' |
Teva_Agreement_Details_Textual
Teva Agreement (Details Textual) (USD $) | 12 Months Ended |
Apr. 30, 2014 | |
Deferred Revenue, Revenue Recognized | $194,000 |
Significant_Customers_Details_
Significant Customers (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2014 |
Revenue, Major Customer [Line Items] | ' |
Concentration Risk, Percentage | 10.00% |
Customer One [Member] | ' |
Revenue, Major Customer [Line Items] | ' |
Revenues | 1.6 |
Customer Two [Member] | ' |
Revenue, Major Customer [Line Items] | ' |
Revenues | 1.5 |
Customer Three [Member] | ' |
Revenue, Major Customer [Line Items] | ' |
Revenues | 1.5 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2015 | $102,826 |
2016 | 85,185 |
2017 | 49,691 |
Total | $237,702 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Corporate Headquarters [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Lease Expiration Date | 30-Nov-16 | ' |
Operating Leases, Rent Expense | $75,000 | $69,000 |
Laboratories and Office Space [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Lease Expiration Date | 30-Jun-14 | ' |
Operating Leases, Rent Expense | 85,000 | 90,000 |
Israel Office Headquarters [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Operating Leases, Rent Expense | 6,000 | 28,000 |
Singapore Office Headquarters in Singapore [Member] | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Lease Expiration Date | 31-Jan-15 | ' |
Operating Leases, Rent Expense | $5,000 | $2,000 |
ShareBased_Payments_Details
Share-Based Payments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | $2,807 | $2,376 |
General and Administrative Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 2,298 | 1,984 |
Selling and Marketing Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 352 | 263 |
Research and Development Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 36 | 37 |
Translational Oncology Solutions Cost of Sales [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 56 | 20 |
Personalized Oncology Solutions Cost of Sales [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | $65 | $72 |
ShareBased_Payments_Details_1
Share-Based Payments (Details 1) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Risk-free interest rates Minimum | 0.70% | 0.70% |
Risk-free interest rates Maximum | 2.40% | 1.30% |
Volatility Minimum | 84.00% | 88.00% |
Volatility Maximum | 102.00% | 104.00% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ' | ' |
Expected term in years | '3 years | '3 years |
Maximum [Member] | ' | ' |
Expected term in years | '6 years | '6 years |
ShareBased_Payments_Details_2
Share-Based Payments (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Outstanding, Beginning Balance | 13,890,205 | 14,866,038 | ' |
Shares, Granted | 9,793,332 | 741,250 | ' |
Shares, Exercised | -33,750 | 0 | ' |
Shares, Canceled | 0 | -25,000 | ' |
Shares, Forfeited | -72,500 | -551,250 | ' |
Shares, Expired | -226,250 | -1,140,833 | ' |
Shares, Outstanding, Ending Balance | 23,351,037 | 13,890,205 | 14,866,038 |
Shares, Vested and expected to vest | 23,351,037 | 13,890,205 | ' |
Shares, Exercisable | 13,564,577 | 11,344,454 | ' |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $0.85 | $0.88 | ' |
Weighted Average Exercise Price, Granted | $1.23 | $0.41 | ' |
Weighted Average Exercise Price, Exercised | $0.63 | $0 | ' |
Weighted Average Exercise Price, Canceled | $0 | $0.62 | ' |
Weighted Average Exercise Price, Forfeited | $0.82 | $0.72 | ' |
Weighted Average Exercise Price, Expired | $0.73 | $0.95 | ' |
Weighted Average Exercise Price, Outstanding, Ending Balance | $1.01 | $0.85 | $0.88 |
Weighted Average Exercise Price, Exercisable | $0.85 | $0.86 | ' |
Weighted Average Remaining Contractual Term, Outstanding (in years) | '7 years 6 months | '7 years | '7 years 7 months 6 days |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | '7 years 6 months | '7 years | ' |
Weighted Average Remaining Contractual Life (Years), Exercisable | '6 years 1 month 6 days | '6 years 10 months 24 days | ' |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $89,000 | $0 | ' |
Aggregate Intrinsic Value, Outstanding, Ending Balance | 985,000 | 89,000 | 0 |
Aggregate Intrinsic Value, Vested and expected to vest | 985,000 | 89,000 | ' |
Aggregate Intrinsic Value, Exercisable | $927,000 | $54,000 | ' |
Non-Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Outstanding, Beginning Balance | 765,000 | 1,410,000 | ' |
Shares, Granted | 0 | 130,000 | ' |
Shares, Exercised | 0 | 0 | ' |
Shares, Canceled | 0 | 0 | ' |
Shares, Forfeited | 0 | 0 | ' |
Shares, Expired | 0 | -775,000 | ' |
Shares, Outstanding, Ending Balance | 765,000 | 765,000 | ' |
Shares, Vested and expected to vest | 765,000 | 765,000 | ' |
Shares, Exercisable | 522,292 | 458,334 | ' |
Directors and Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Outstanding, Beginning Balance | 13,125,205 | 13,456,038 | ' |
Shares, Granted | 9,793,332 | 611,250 | ' |
Shares, Exercised | -33,750 | 0 | ' |
Shares, Canceled | 0 | -25,000 | ' |
Shares, Forfeited | -72,500 | -551,250 | ' |
Shares, Expired | -226,250 | -365,833 | ' |
Shares, Outstanding, Ending Balance | 22,586,037 | 13,125,205 | ' |
Shares, Vested and expected to vest | 22,586,037 | 13,125,205 | ' |
Shares, Exercisable | 13,042,285 | 10,886,120 | ' |
ShareBased_Payments_Details_3
Share-Based Payments (Details 3) (Restricted Stock [Member], USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Shares, Beginning Balance | 50,000 | 25,000 |
Shares, Granted | 0 | 100,000 |
Shares, Vested | -50,000 | -75,000 |
Shares, Forfeited | 0 | 0 |
Shares, Expired | 0 | 0 |
Number of Shares, Ending Balance | 0 | 50,000 |
Weighted Average Grant Date Fair Value Per Share, Nonvested, Beginning Balance | $0.30 | $0.75 |
Weighted Average Grant Date Fair Value Per Share, Granted | $0 | $0.30 |
Weighted Average Grant Date Fair Value Per Share, Vested | $0.30 | $0.45 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $0 | ' |
Weighted Average Grant Date Fair Value Per Share, Expired | $0 | ' |
Weighted Average Grant Date Fair Value Per Share, Nonvested, Ending Balance | $0 | $0.30 |
ShareBased_Payments_Details_4
Share-Based Payments (Details 4) (Warrant [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Warrant [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Beginning Balance | 3,276,667 | 1,416,667 | ' |
Number of Shares, Granted | 0 | 1,860,000 | ' |
Number of Shares, Exercised | 0 | 0 | ' |
Number of Shares, Forfeited | 0 | 0 | ' |
Number of Shares, Expired | 0 | 0 | ' |
Number of Shares, Ending Balance | 3,276,667 | 3,276,667 | 1,416,667 |
Weighted Average Exercise Price, Beginning Balance | $0.61 | $0.50 | ' |
Weighted Average Exercise Price, Granted | $0 | $0.66 | ' |
Weighted Average Exercise Price, Exercised | $0 | $0 | ' |
Weighted Average Exercise Price, Forfeited | $0 | $0 | ' |
Weighted Average Exercise Price, Expired | $0 | $0 | ' |
Weighted Average Exercise Price, Ending Balance | $0.61 | $0.61 | $0.50 |
Weighted Average Remaining Contractual Life (Years), Balance | '2 years 10 months 24 days | '3 years 10 months 24 days | '3 years 9 months 18 days |
Weighted Average Remaining Contractual Life (Years), Granted | '0 years | '4 years 9 months 18 days | ' |
Aggregate Intrinsic Value, Beginning Balance | $0 | $0 | ' |
Aggregate Intrinsic Value, Ending Balance | $984,333 | $0 | $0 |
ShareBased_Payments_Details_Te
Share-Based Payments (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Dec. 12, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Feb. 18, 2011 | Feb. 18, 2011 | Dec. 12, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Equity Incentive Plan 2010 [Member] | Equity Incentive Plan 2010 [Member] | Director Compensation Plan [Member] | Chief Executive Officer and President [Member] | April 2011 Private Placement [Member] | January 2013 Private Placement [Member] | Equity Instrument [Member] | ||||
Minimum [Member] | Maximum [Member] | |||||||||
Stock-based compensation expense | ' | $2,807,000 | $2,376,000 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 9,793,332 | 741,250 | ' | ' | ' | 3,000,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Warrants Issued During Period for Common Stock | ' | ' | ' | ' | ' | ' | ' | 1,266,667 | 1,860,000 | 150,000 |
Percentage Of Strike Price On Fair Market Value | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Stock options award Shares to purchase common Stock | 200,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' |
Stock Options Award Shares To Purchase Unregistered Common Stock | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Options Vested Percentage | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Warrants Outstanding | ' | 3,276,667 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $0.96 | $0.41 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | ' | $15,000 | $34,000 | ' | ' | ' | ' | ' | ' | ' |
Redeemable_Common_Stock_and_St2
Redeemable Common Stock and Stock Purchase Warrants (Details) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Risk-free interest rates | ' | 0.30% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ' | ' |
Expected term in years | '1 year 10 months 24 days | '2 years 10 months 24 days |
Risk-free interest rates | 0.40% | ' |
Volatility | 95.00% | 95.00% |
Maximum [Member] | ' | ' |
Expected term in years | '3 years 8 months 12 days | '4 years 8 months 12 days |
Risk-free interest rates | 1.17% | ' |
Volatility | 113.00% | 98.00% |
Redeemable_Common_Stock_and_St3
Redeemable Common Stock and Stock Purchase Warrants (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jan. 28, 2013 | Mar. 24, 2011 | Apr. 30, 2014 | Apr. 30, 2013 | |
Stock Issued During Period, Shares, Acquisitions | 18,600,000 | 12,533,333 | ' | ' |
Common Stock Purchase Price | $0.50 | $0.75 | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Gross | $9,300,000 | $9,400,000 | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 500,000 | 500,000 | ' | ' |
Proceeds from Issuance of Common Stock and Warrants | 9,100,000 | ' | ' | ' |
Percentage of Cash Penalties | ' | ' | 1.00% | ' |
Purchase Price Limit Percentage | ' | ' | 10.00% | ' |
Estimated Fair Value of Warrants | ' | ' | 2,011,000 | 1,046,000 |
Minimum [Member] | ' | ' | ' | ' |
Potential Penalties Amount | ' | ' | 50,000 | ' |
Maximum [Member] | ' | ' | ' | ' |
Potential Penalties Amount | ' | ' | 130,000 | ' |
January 2013 Private Placement [Member] | ' | ' | ' | ' |
Common Stock Purchase Price | ' | ' | $0.50 | ' |
Warrants Issued During Period for Common Stock | ' | ' | 1,860,000 | ' |
Warrants Exercise Price Per Share | ' | ' | $0.66 | ' |
Percentage of Common Stock Purchased | ' | ' | 25.00% | ' |
Issuance of Additional Common Shares to Investors | ' | ' | 1,064,658 | ' |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | ' | ' | 8,800,000 | ' |
Proceeds from Issuance of Common Stock and Warrants | ' | ' | 9,300,000 | ' |
Proceeds from Issuance of Warrants | ' | ' | 400,000 | ' |
Incremental Compensation Cost | ' | ' | 200,000 | ' |
Warrants and Rights Outstanding | ' | ' | 800,000 | ' |
April 2011 Private Placement [Member] | ' | ' | ' | ' |
Common Stock Purchase Price | ' | ' | $0.75 | ' |
Warrants Issued During Period for Common Stock | ' | ' | 1,266,667 | ' |
Warrants Exercise Price Per Share | ' | ' | $0.90 | ' |
Percentage of Common Stock Purchased | ' | ' | 25.00% | ' |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | ' | ' | 8,200,000 | ' |
Proceeds from Issuance of Common Stock and Warrants | ' | ' | 9,400,000 | ' |
Proceeds from Issuance of Warrants | ' | ' | 900,000 | ' |
Incremental Compensation Cost | ' | ' | $300,000 | ' |
April 2011 Private Placement [Member] | Minimum [Member] | ' | ' | ' | ' |
Warrants Exercise Price Per Share | ' | ' | $0.50 | ' |
April 2011 Private Placement [Member] | Maximum [Member] | ' | ' | ' | ' |
Warrants Exercise Price Per Share | ' | ' | $0.90 | ' |
Provision_for_Income_Taxes_Det
Provision for Income Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Provision for Income Taxes, Current, Federal | $0 | $0 |
Provision for Income Taxes, Current, State | 5 | 2 |
Provision for Income Taxes, Current, Foriegn | 12 | 8 |
Provision for Income Taxes, Current, Total | 17 | 10 |
Provision for Income Taxes, Deferred, Federal | -2,015 | -2,258 |
Provision for Income Taxes, Deferred, State | -148 | -196 |
Provision for Income Taxes, Deferred, Foreign | 0 | 0 |
Provision for Income Taxes, Deferred, Total | -2,163 | -2,454 |
Provision for Income Taxes, Change in valuation allowance, Federal | 2,015 | 2,258 |
Provision for Income Taxes, Change in valuation allowance, State | 148 | 196 |
Provision for Income Taxes, Change in valuation allowance, Foreign | 0 | 0 |
Provision for Income Taxes, Change in valuation allowance, Total | 2,163 | 2,454 |
Provision for Income Taxes, Total, Federal | 0 | 0 |
Provision for Income Taxes, Total, State | 5 | 2 |
Provision for Income Taxes, Total, Foreign | 12 | 8 |
Provision for Income Taxes, Total | $17 | $10 |
Provision_for_Income_Taxes_Det1
Provision for Income Taxes (Details 1) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Federal income tax at statutory rate | 34.00% | 34.00% |
State income tax, net of federal benefit | 2.10% | 2.60% |
Permanent differences | -5.60% | -0.50% |
Other | -2.10% | 1.60% |
Change in valuation allowance | -27.20% | -39.60% |
Changes in tax rates | -1.40% | 1.70% |
Income tax expense | -0.20% | -0.20% |
Provision_for_Income_Taxes_Det2
Provision for Income Taxes (Details 2) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued liabilities | $38 | $89 |
Depreciation and amortization | 9 | 51 |
State taxes | 1 | 7 |
Stock-based compensation expense | 4,511 | 3,582 |
Capitalized research and development costs | 556 | 688 |
Foreign net operating loss carry-forward | 244 | 386 |
Net operating loss carry-forward | 5,608 | 4,144 |
Total deferred tax assets | 10,968 | 8,948 |
Less: Valuation allowance | -10,968 | -8,948 |
Net deferred tax asset | $0 | $0 |
Provision_for_Income_Taxes_Det3
Provision for Income Taxes (Details Textual) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 |
Domestic Tax Authority [Member] | Domestic Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | ' | ' | $15,426,000 | $11,216,000 | $1,034,000 | $1,744,000 | ' |
Deferred Tax Assets, Valuation Allowance | $10,968,000 | $8,948,000 | ' | ' | ' | ' | ' |
Operating Loss Carry forwards Expiration Year | ' | ' | ' | ' | ' | ' | 'begin expiring in 2029. |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Jan. 28, 2013 | Mar. 24, 2011 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | |
Private Placement [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Substantial Stockholders [Member] | Substantial Stockholders [Member] | Board [Member] | |||
Related Party Transaction, Amounts of Transaction | ' | ' | ' | $150,000 | $160,000 | ' | ' | $15,800 |
Bank Servicing Fees | ' | ' | ' | ' | ' | $2,000 | $3,000 | ' |
Warrants Issued During Period For Common Stock | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Warrants Exercise Price Per Share | ' | ' | $0.66 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Common Stock Purchase Price | $0.50 | $0.75 | $0.50 | ' | ' | ' | ' | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | ||
Net revenue | $11,550 | $8,323 | ||
Sales and marketing costs | -3,155 | -2,665 | ||
Stock- based compensation expense | -2,807 | -2,376 | ||
Personalized Oncology Solutions [Member] | ' | ' | ||
Net revenue | 2,264 | 2,390 | ||
Direct cost of services | -2,667 | -2,604 | ||
Sales and marketing costs | -1,723 | -1,496 | ||
Other operating expenses | 0 | -134 | ||
Stock- based compensation expense | 0 | [1] | 0 | [1] |
Segment profit (loss) | -2,126 | -1,844 | ||
Translational Oncology Solutions [Member] | ' | ' | ||
Net revenue | 9,286 | 5,933 | ||
Direct cost of services | -3,496 | -2,637 | ||
Sales and marketing costs | -1,080 | -938 | ||
Other operating expenses | -2,209 | -1,753 | ||
Stock- based compensation expense | 0 | [1] | 0 | [1] |
Segment profit (loss) | 2,501 | 605 | ||
Unallocated Corporate Overhead [Member] | ' | ' | ||
Net revenue | 0 | 0 | ||
Direct cost of services | 0 | 0 | ||
Sales and marketing costs | 0 | 0 | ||
Other operating expenses | -3,828 | -2,606 | ||
Stock- based compensation expense | -2,807 | [1] | -2,376 | [1] |
Segment profit (loss) | -6,635 | -4,982 | ||
Consolidated [Member] | ' | ' | ||
Net revenue | 11,550 | 8,323 | ||
Direct cost of services | -6,163 | -5,241 | ||
Sales and marketing costs | -2,803 | -2,434 | ||
Other operating expenses | -6,037 | -4,493 | ||
Stock- based compensation expense | -2,807 | [1] | -2,376 | [1] |
Segment profit (loss) | ($6,260) | ($6,221) | ||
[1] | Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. |