Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2017 | Jul. 15, 2017 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CHAMPIONS ONCOLOGY, INC. | ||
Entity Central Index Key | 771,856 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | CSBR | ||
Entity Common Stock, Shares Outstanding | 10,982,159 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 17.3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 3,295 | $ 2,585 |
Accounts receivable, net | 2,274 | 1,312 |
Prepaid expenses and other current assets | 300 | 443 |
Total current assets | 5,869 | 4,340 |
Restricted cash | 150 | 150 |
Property and equipment, net | 1,216 | 618 |
Other long term assets | 107 | 0 |
Goodwill | 669 | 669 |
Total assets | 8,011 | 5,777 |
Current liabilities: | ||
Accounts payable | 1,852 | 1,896 |
Accrued liabilities | 685 | 271 |
Deferred revenue | 4,910 | 3,139 |
Total current liabilities | 7,447 | 5,306 |
Other non-current liabilities | 164 | 233 |
Total liabilities | 7,611 | 5,539 |
Stockholders' equity: | ||
Common stock, $.001 par value; 200,000,000 shares authorized; 11,251,844 and 8,974,531 shares issued and 10,982,159 and 8,704,846 shares outstanding as of April 30, 2017 and 2016, respectively | 11 | 9 |
Treasury stock, at cost, 269,685 common shares as of April 30, 2017 and 2016 | (1,252) | (1,252) |
Additional paid-in capital | 70,991 | 63,947 |
Accumulated deficit | (69,350) | (62,466) |
Total stockholders' equity | 400 | 238 |
Total liabilities and stockholders' equity | $ 8,011 | $ 5,777 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2017 | Apr. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 11,251,844 | 8,974,531 |
Common stock, shares outstanding | 10,982,159 | 8,704,846 |
Treasury stock, common shares | 269,685 | 269,685 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Operating revenue: | ||
Personalized oncology solutions | $ 1,720,000 | $ 1,972,000 |
Translational oncology solutions | 13,691,000 | 9,210,000 |
Total operating revenue | 15,411,000 | 11,182,000 |
Costs and operating expenses: | ||
Cost of personalized oncology solutions | 1,433,000 | 2,102,000 |
Cost of translational oncology solutions | 8,270,000 | 6,584,000 |
Research and development | 4,293,000 | 4,194,000 |
Sales and marketing | 3,261,000 | 3,445,000 |
General and administrative | 4,963,000 | 5,173,000 |
Total costs and operating expenses | 22,220,000 | 21,498,000 |
Loss from operations | (6,809,000) | (10,316,000) |
Other expense: | ||
Other expense | (56,000) | (38,000) |
Total other expense | (56,000) | (38,000) |
Net loss before income tax expense | (6,865,000) | (10,354,000) |
Provision for income tax | 19,000 | 92,000 |
Net loss | $ (6,883,882) | $ (10,445,537) |
Net loss per common share outstanding basic and diluted (in dollars per share) | $ (0.64) | $ (1.20) |
Weighted average common shares outstanding basic and diluted (in shares) | 10,684,395 | 8,695,199 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Apr. 30, 2015 | $ 8,059,000 | $ 9,000 | $ (1,252,000) | $ 61,322,000 | $ (52,020,000) |
Balance (in shares) at Apr. 30, 2015 | 8,692,616 | 269,685 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation and modification expense | 2,599,000 | 2,599,000 | |||
Exercise of options and warrants | (18,000) | (18,000) | |||
Exercise of options and warrants (in shares) | 0 | ||||
Issuance of common stock for services | 44,000 | 44,000 | |||
Issuance of common stock (in shares) | 12,230 | ||||
Net loss | (10,445,537) | (10,446,000) | |||
Balance at Apr. 30, 2016 | 238,000 | $ 9,000 | $ (1,252,000) | 63,947,000 | (62,466,000) |
Balance (in shares) at Apr. 30, 2016 | 8,704,846 | 269,685 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation and modification expense | 2,662,000 | 2,662,000 | |||
Issuance of common stock for services | 44,000 | 44,000 | |||
Issuance of common stock (in shares) | 18,564 | ||||
Sale of common stock, net of issuance costs of $742 | 4,340,000 | $ 2,000 | $ 0 | 4,338,000 | 0 |
Sale of common stock, net of issuance costs of $742 (in shares) | 2,258,749 | 0 | |||
Net loss | (6,883,882) | (6,884,000) | |||
Balance at Apr. 30, 2017 | $ 400,000 | $ 11,000 | $ (1,252,000) | $ 70,991,000 | $ (69,350,000) |
Balance (in shares) at Apr. 30, 2017 | 10,982,159 | 269,685 |
CONSOLIDATED STATEMENT OF CHAN6
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands | 12 Months Ended |
Apr. 30, 2017USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Issuance cost of common stock | $ 742 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Operating activities: | ||
Net loss | $ (6,883,882) | $ (10,445,537) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation and modification expense | 2,662,000 | 2,599,000 |
Depreciation and amortization expense | 168,000 | 156,000 |
Allowance for doubtful accounts | 24,000 | 30,000 |
Issuance of common stock for services | 44,000 | 44,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (986,000) | (282,000) |
Prepaid expenses and other current assets | 143,000 | (97,000) |
Restricted cash | 0 | 13,000 |
Other long term assets | (107,000) | 0 |
Accounts payable | (43,000) | 482,000 |
Accrued liabilities | 412,000 | (102,000) |
Other non-current liabilities | (44,000) | 65,000 |
Deferred revenue | 1,771,000 | 1,130,000 |
Net cash used in operating activities | (2,840,000) | (6,408,000) |
Investing activities: | ||
Purchase of property and equipment | (766,000) | (322,000) |
Net cash used in investing activities | (766,000) | (322,000) |
Financing activities: | ||
Proceeds from June 2016 public offering, net of financing costs of $742 | 4,340,000 | 0 |
Payment of issuance costs related to 2015 private placement | 0 | (18,000) |
Capital lease payments | (24,000) | (24,000) |
Net cash provided by (used in) financing activities | 4,316,000 | (42,000) |
Increase (decrease) in cash and cash equivalents | 710,000 | (6,772,000) |
Cash and cash equivalents, beginning of year | 2,585,000 | 9,357,000 |
Cash and cash equivalents, end of year | $ 3,295,000 | $ 2,585,000 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands | 12 Months Ended |
Apr. 30, 2017USD ($) | |
Statement of Cash Flows [Abstract] | |
Payments of financing costs | $ 742 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Apr. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 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 two operating subsidiaries: Champions Oncology (Israel), Limited and Champions Biotechnology U.K., Limited. For the years ended April 30, 2017 and 2016 , 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”). Reverse Stock Split On October 15, 2013, the shareholders of the Company authorized our Board of Directors to effect a reverse stock split of all outstanding shares of common stock, warrants and options. The Board of Directors subsequently approved the implementation of a reverse stock split at a ratio of one-for-twelve shares, which became effective on August 12, 2015. All share and per share data in these consolidated financial statements and related notes hereto have been retroactively adjusted to account for the effect of the reverse stock split. Liquidity Our liquidity needs have typically arisen from the funding of our research and development programs and the launch of new products, working capital requirements, and other strategic initiatives. In the past, we have met these cash requirements through our cash and cash equivalents, working capital management, proceeds from certain private placements and public offerings of our securities and sales of products and services. For the years ended April 30, 2017 and 2016, the Company had a net loss of approximately $6.9 million and $10.4 million , respectively. As of April 30, 2017, the Company had an accumulated deficit of approximately $69.3 million , negative working capital of $1.6 million and cash and cash equivalents of $3.3 million . We believe that our cash and cash equivalents on hand are adequate to fund operations through at least August 2018. Should the Company be required to raise additional capital, there can be no assurance that management would be successful in raising such capital on terms acceptable to us, if at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. 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 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 year ended April 30, 2017 . 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. For April 30, 2017 and 2016 , the allowance for these accounts was $56,000 and $32,000 , 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, 2017 and 2016 , the Company had unbilled receivables of $1.6 million and $617,000 , respectively. Restricted Cash As of April 30, 2017 and 2016 , the Company has restricted cash of $150,000 and $150,000 , respectively, which is classified as a noncurrent asset on the consolidated balance sheets. This restricted cash serves primarily 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 2018, 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. Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, furniture and fixtures, and computer hardware and software. Assets in progress include equipment not yet placed in service for the new laboratory facility. Depreciation and amortization 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, 2017 2016 Furniture and fixtures $ 74 $ 73 Computer equipment and software 872 715 Laboratory equipment 918 782 Assets in progress 472 — Leasehold improvements 2 2 Total property and equipment 2,338 1,572 Less: Accumulated depreciation and amortization (1,122 ) (954 ) Property and equipment, net $ 1,216 $ 618 Depreciation and amortization expense was $168,000 and $156,000 for the years ended April 30, 2017 and 2016 , respectively. Additionally, included in “Laboratory equipment” as of April 30, 2017 and 2016 is a capital lease asset of $124,000 . Depreciation and amortization expense relating the capital lease was $24,045 and $24,818 for the years ended April 30, 2017 and April 30, 2016 , respectively. Capital Lease In November 2014, the Company entered into a lease for laboratory equipment. The lease was determined to be a capital lease that has costs of approximately $149,000 , at inception, through November 2019. The current monthly capital lease payment is approximately $3,000 . The following is a schedule by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments as of April 30, 2017 (table in thousands): For the Years Ended April 30, 2018 $ 25 2019 27 2020 16 Total minimum lease payments 68 Less: amount representing interest (5 ) Present value of minimum payments 63 Less: current portion (25 ) $ 38 The present value of minimum future obligations shown above is calculated based on interest rate of 5% . The short-term and long-term components of the capital lease obligation are included in accrued liabilities and other non-current liabilities, respectively at April 30, 2017 and 2016 . 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, 2017 and 2016 . Other long term assets Other long term assets represents amount relating to lease deposits for our Hackensack, New Jersey and Rockville, Maryland locations. 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 reporting unit segment level. The Company has not recognized any impairment losses for the Company’s goodwill for the years ended April 30, 2017 and 2016 . 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. 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. 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. All costs of performing studies from external sources, if any, are expensed when 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 net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares of common stock plus dilutive potential common stock considered outstanding during the period. Such dilutive shares consist of incremental shares that would be issued upon exercise of the Company’s common stock purchase warrants and stock options. For the three and twelve months ended April 30, 2017 and 2016, basic and dilutive loss per share were the same, as the potentially dilutive securities did not have a dilutive effect. Year Ended April 30, 2017 2016 Basic and diluted net loss per share computation Net loss attributable to common stockholders $ (6,883,882 ) $ (10,445,537 ) Weighted Average common shares 10,684,395 8,695,199 Basic and diluted net loss per share $ (0.64 ) $ (1.20 ) The following table reflects the total potential stock-based instruments outstanding at April 30, 2017 and 2016 that could have an effect on the future computation of dilution per common share: Year Ended April 30 2017 2016 Stock options 2,308,704 2,212,757 Warrants 2,004,284 2,109,840 Total common stock equivalents 4,312,988 4,322,597 Stock-based Payments The Company typically recognizes expense for stock-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 stock-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. Estimated volatility is based upon the historical volatility of the Company's common stock. The Company does not anticipate paying a dividend, and therefore, no expected dividend yield was used. The Company expenses stock-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 expenses modification charges in the period of modification and, if required, over the remaining period the awards are expected to vest. 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. Changes in valuation allowances from period to period are included in the tax provision in the period of change. As of April 30, 2017 and 2016 , 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 recorded $121,000 and $165,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of April 30, 2017 and 2016 , respectively. 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, 2017 and 2016 , and has not recognized interest and/or penalties in the statement of operations for either period. We do not anticipate any significant unrecognized tax benefits will be recorded during the next 12 months. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers”, on revenue recognition. The new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. As amended by ASU No. 2015-14 issued in August 2015, this ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. We do not intend to early adopt and are currently assessing the impact of this update, but preliminarily believe that its adoption will not have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The amendments in this update state that in connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued, when applicable). The amendments in this update are effective for the annual reporting period beginning after December 15, 2016 and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this update is not expected to have a material impact on our consolidated financial statements. In February 2016, the FASB ASU No. 2016-02, Leases. The new standard will require most leases to be recognized on the balance sheet which will increase reported assets and liabilities. Lessor accounting remains substantially similar to current guidance. The new standard is effective for annual and interim periods in fiscal years beginning after December 15, 2018, which for us is the first quarter of fiscal 2019 and mandates a modified retrospective transition method. We are currently assessing the impact of this update on our consolidated financial statements. In April 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting”. The new standard simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU No. 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted for financial statements that have not already been issued. We do not intend to early adopt but preliminarily believe the adoption of this update is not expected to have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments” . The new standard attempts to reduce diversity in practice in how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 provides guidance on eight specific cash flow issues. The new guidance will be effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted including adoption in an interim period. We do not intend to early adopt and we are currently assessing the impact of adoption of this update will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment”. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. It affects public entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. A public entity that is a U.S. Securities and Exchange Commission ("SEC") filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. For the Company, the amendments are effective January 1, 2020. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. |
Teva Agreement
Teva Agreement | 12 Months Ended |
Apr. 30, 2017 | |
Research and Development [Abstract] | |
Teva Agreement | 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 years ended April 30, 2017 and 2016 , revenue of $0 and $40,000 , respectively, were recognized relating to this agreement. |
Significant Customers
Significant Customers | 12 Months Ended |
Apr. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Significant Customers | Significant Customers For the year ended April 30, 2017 , one of our customers accounted for more than 10.0% of our total revenue in the amount of $3.3 million , or 21.3% . The revenue from this customer is captured in the TOS revenue line item within the income statement. For the year ended April 30, 2016 , one of our customers accounted for more than 10.0% of our total revenue in the amount of $2.0 million , or 17.6% . The revenue from this customer was captured in the TOS revenue line item within the income statement. As of April 30, 2017 , two of our customers accounted for more than 10.0% of our total accounts receivable balance in the amount of $994,095 and $256,022 , or 43.7% and 11.3% , respectively. As of April 30, 2016 , two of our customers accounted for more than 10.0% of our total accounts receivable balance in the amount of $401,654 and $161,150 , or 30.7% and 12.3% , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company currently leases its office facilities. Rent expenses totaled $398,000 and $304,000 for the years ended April 30, 2017 and 2016, respectively. The Company considers its facilities adequate for our current operational needs. The Company leases the following facilities under non-cancelable operating lease agreements: • One University Plaza, Suite 307, Hackensack, New Jersey 7601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 2021 . The Company recognized $86,000 and $85,000 of rental costs relative to this lease for fiscal 2017 and 2016 , 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 expires in December 30, 2017 . The Company will be transitioning its activities from this location to the new location in Rockville, MD. The Company recognized $105,000 and $83,000 of rental costs relative to this lease for fiscal 2017 and 2016 , respectively. • 450 East 29t h Street, New York, New York, 10016, which is a laboratory at which we implant tumors. This lease expires in July 2017 and it's not anticipated to be renewed. The Company recognized $207,000 and $136,000 of rental costs relative to this lease for fiscal 2017 and 2016 , respectively. • 1330 Piccard Drive, Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company will conduct operations related to its primary service offerings. The Company executed this lease on January 11, 2017. The operating commencement date is August 11, 2017 . This lease expires in August 31, 2028 . The Company did not recognize any rental costs associated with this lease for fiscal 2017. Future minimum lease payments due each fiscal year are as follows (in thousands): 2018 $ 177,126 2019 382,650 2020 683,256 2021 759,161 2022 729,780 Thereafter $ 4,482,027 Total $ 7,214,000 Included in the table above are future minimum lease payments relating to Rockville, MD lease noted above. 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 March 2015 Private Placement. 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 has not accrued any liquidated damages associated with the Amended and Restated Registration Right Agreement as the Company has filed the required registration statement and anticipates continued compliance with the agreement. |
Stock-based Payments
Stock-based Payments | 12 Months Ended |
Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Payments | Stock-based Payments Stock-based compensation in the amount of $2.7 million and $2.6 million was recognized for years ended April 30, 2017 and 2016 , respectively. Included in 2017 stock-based compensation expense under “general and administrative” line item is the option modification charge of $612,534 . Stock-based compensation costs were recorded as follows (in thousands): Year Ended April 30, 2017 2016 General and administrative $ 2,193 $ 2,035 Sales and marketing 201 198 Research and development 216 308 TOS cost of sales 50 31 POS cost of sales 2 27 Total stock-based compensation expense $ 2,662 $ 2,599 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 stock-based payments to non-employee consultants under both the 2010 and 2008 Equity Incentive Plan, the fair value of the stock-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 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 8,333 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 years option to purchase 16,667 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 1,667 shares of the Company’s 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 October 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. Options issued under the Director Plan are issued pursuant to the 2010 Equity Plan. Stock Option Grants Black-Scholes assumptions used to calculate the fair value of options granted during the years ended April 30, 2017 and 2016 were as follows: Year Ended April 30, 2017 2016 Expected term in years 3 - 6 2.5 - 6.0 Risk-free interest rates 0.6% - 1.9% 0.6% - 1.8% Volatility 72% - 88% 83% - 93% Dividend yield —% —% The weighted average fair value of stock options granted during the years ending April 30, 2017 and 2016 , was $1.71 and $3.54 , respectively. The Company’s stock options activity and related information as of and for the years ended April 30, 2017 and 2016 is as follows: Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2016 51,250 2,161,507 2,212,757 $ 5.58 6.1 $ 10,000 Granted — 2,420,681 2,420,681 1.99 Exercised — — — — Canceled — (1,793,779 ) (1,793,779 ) 4.92 Forfeited — (421,487 ) (421,487 ) 2.03 Expired (1,250 ) (108,218 ) (109,468 ) 7.86 Outstanding, April 30, 2017 50,000 2,258,704 2,308,704 2.86 6.1 $ 1,282,000 Vested and expected to vest as of April 30, 2017 50,000 2,258,704 2,308,704 6.1 $ 1,282,000 Vested as of April 30, 2017 33,336 2,028,469 2,061,805 2.93 5.9 $ 1,101,000 Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2015 57,917 1,946,085 2,004,002 $ 5.74 6.7 $ 4,166,000 Granted — 343,749 343,749 5.33 Exercised — — — — Canceled — — — — Forfeited — (42,515 ) (42,515 ) 6.90 Expired (6,667 ) (85,812 ) (92,479 ) 6.97 Outstanding, April 30, 2016 51,250 2,161,507 2,212,757 5.58 6.1 $ 10,000 Vested and expected to vest as of April 30, 2016 51,250 2,161,507 2,212,757 6.1 $ 10,000 Vested as of April 30, 2016 34,271 1,703,035 1,737,306 5.71 5.6 $ 9,000 Included in the forfeited balance in the fiscal 2017 table above are 203,043 options (which vest based on performance criteria) granted to each of the Company's Chief Executive Officer and its President as of November 5, 2013 as part of their employment agreements. Performance-based options are expensed on an accelerated basis once the Company determines it is probable that the performance-based conditions will be met. It was determined the performance conditions will not be set and as such the 203,043 options have been forfeited. Additionally, included in the forfeited balance in the table above are 209,383 options which were granted to the previous Chief Executive Officer as part of his yearly compensation beginning in November 2016. The Chief Executive Officer has transitioned to Chairman of the Board of Directors as of January 31, 2017. On April 24, 2017, the Board of Directors extended the expiration terms of the previous Chief Executive Officer's vested grants to its contractual life. As a result of this modification, the Company had an additional stock option expense of $612,534 which was expensed under the "General and Administrative" line item on the income statement. On July 21, 2016, the Company and certain members of its senior management team agreed to exchange existing options to purchase shares of the Company's common stock with new options. The new options have a lower exercise price for fewer shares and have the same vesting schedules and the same termination expiration dates as the existing options. The Company used the Black Scholes valuation method to determine if the modification created additional stock option expense. As a result of the option exchange, an aggregate of 1,793,781 existing options with exercise prices ranging from $4.55 to $6.96 per share were exchanged for an aggregate of 1,568,191 new options with exercise prices of $2.10 per share. Due to the modification the Company had an additional stock option expense of $414,756 of which $39,920 related to the performance awards that have been forfeited as noted above, $373,069 of which was recognized during the current fiscal year and $1,767 of which will be recognized over the next year as the options continue to vest. Stock Purchase Warrants As of April 30, 2017 , the Company had warrants outstanding for the purchase of 2,004,284 shares of its common stock, all of which were exercisable. Of these warrants, 1,849,285 were issued in connection with the March 2015 Private Placement. Activity related to these warrants, which expire at various dates through January 2019, is summarized as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2016 2,109,840 $ 5.54 3.6 $ — Granted — — — — Exercised — — — — Forfeited — — — — Expired (105,556 ) 4.80 — — Outstanding, April 30, 2017 2,004,284 $ 5.57 2.8 $ — Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2015 2,109,840 $ 5.54 4.6 $ 3,248 Granted — — 0 — Exercised — — — — Forfeited — — — — Expired — — — — Outstanding, April 30, 2016 2,109,840 $ 5.54 3.6 $ — |
Common Stock
Common Stock | 12 Months Ended |
Apr. 30, 2017 | |
Equity [Abstract] | |
Common Stock | Common Stock On June 15, 2016, the Company closed a public offering ("The June 2016 Public Offering") of 2,000,000 registered shares of its common stock at an offering price of $2.25 per share. In addition, the underwriter exercised a partial exercise of the over-allotment option granted to the underwriter to purchase an additional 258,749 shares of its common stock at the public offering price. All of the shares have been offered by the Company. The net proceeds from The June 2016 Public Offering, including the partial exercise of the over-allotment option, was $4.3 million , after deducting the underwriting discount and offering-related expenses of $742,000 . The Company is using the net proceeds of this offering for research and development to grow the TumorGraft platform, and the balance of the net proceeds for working capital and general corporate purposes. The Company issued 3,807 shares valued at $7,500 on April 27, 2017, 7,614 shares valued at $15,000 on February 22, 2017, 3,247 shares valued at $11,852 on January 24, 2017 and 3,896 shares valued at $8,688 on July 6, 2016 of common stock in consideration for consulting services. |
Provision for Income Taxes
Provision for Income Taxes | 12 Months Ended |
Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Provision for Income Taxes The components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended April 30, 2017 Federal State Foreign Total Current $ (14 ) $ — $ 33 $ 19 Total $ (14 ) $ — $ 33 $ 19 Year Ended April 30, 2016 Federal State Foreign Total Current $ — $ — $ 92 $ 92 Total $ — $ — $ 92 $ 92 A reconciliation between the Company’s effective tax rate and the United States statutory tax rate for the years ended April 30, 2017 and 2016 is as follows: Year Ended April 30, 2017 2016 Federal income tax at statutory rate 34.0 % 34.0 % State income tax, net of federal benefit 3.9 3.1 Permanent differences (0.2 ) (0.2 ) Increase in uncertain tax position 1.6 (0.6 ) Other (0.3 ) (2.2 ) Change in valuation allowance (39.8 ) (37.2 ) Changes in tax rates 0.5 2.2 Income tax expense (0.3 )% (0.9 )% 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, 2017 and 2016 consist of the following (in thousands): As of April 30, 2017 2016 Accrued liabilities $ 103 $ 21 State taxes 22 12 Stock-based compensation expense 6,503 5,528 Capitalized research and development costs 195 316 Foreign net operating loss carry-forward 214 224 Net operating loss carry-forward 14,786 12,970 Total deferred tax assets 21,823 19,071 Less: Valuation allowance (21,779 ) (19,071 ) Net deferred tax asset $ 44 $ — 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, 2017 and 2016 . For the years ended April 30, 2017 and 2016 , the Company recorded a valuation allowance of $21.8 million and $19.1 million , respectively. As of April 30, 2017 and 2016 , the Company’s estimated U.S. net operating loss carry-forwards were approximately $41 million and $36 million , respectively, which will begin expiring in 2025 for federal and 2031 for state purposes. As of April 30, 2017 and 2016 , the Company’s foreign net operating loss carry-forward was approximately $890,000 and $900,000 , respectively, which have an unlimited carryforward period. A valuation allowance has been recorded against all of these losses due to continued overall losses. The Company may be subject to the net operating loss provisions of Section 382 of the Internal Revenue Code. Due to the company's funding transaction, the company may have triggered a net operating loss limitation under Internal Revenue Code §382. The company has not calculated if an ownership change has occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of NOL carryforwards attributable to periods before the change. The amount of the annual limitation depends upon the value of the Company immediately before the change, changes to the Company’s capital during a specified period, and the federal published interest rate. The Company has made no provision for U.S. taxes on the cumulative earnings of foreign subsidiaries as those earnings are intended to be reinvested for an indefinite period of time. Upon distribution of these earnings in the form of dividends or otherwise, the Company may be subject to U.S. income taxes and foreign withholding taxes. It is not practical, however, to estimate the amount of taxes that may be payable on the eventual repatriation of these earnings. The Company files income tax returns in various jurisdictions with varying statues of limitations. As of April 30, 2017 , the earliest tax year still subject to examination for state purposes is fiscal 2013. The Company’s tax years for periods ending April 30, 2001 and forward are subject to examination by the United States and certain states due to the carry-forward of unutilized net operating losses. The following table indicates the changes to the Company’s uncertain tax positions for the period and years ended April 30, 2017 and 2016 in thousands: Year Ended April 30, 2017 2016 Balance, beginning of the year $ 165 $ 100 Addition based on tax positions related to prior years — 42 Payment made on tax positions related to prior years (84 ) — Addition based on tax positions related to current year 40 23 Balance, end of year $ 121 $ 165 As of April 30, 2017 the above amount of $121,000 was included in other long-term liabilities. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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 For both years ended April 30, 2017 and 2016 , the Company paid a member of its Board of Directors $72,000 for consulting services unrelated to his duties as board member. During the years ended April 30, 2017 and 2016 , the Company paid a board member’s company $0 and $8,800 , respectively, for consulting services unrelated to his duties as a board member. During the year ended April 30, 2017, the Company paid a board member $48,214 and granted 45,000 options that vest annually over a three year period and have a fair value of $94,192 for consulting services unrelated to his duties as a board member. All of the amounts paid to these related parties have been recognized in expense in the period the services were performed. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Apr. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | 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, 2017 Personalized Oncology Solutions (POS) Translational Oncology Solutions (TOS) Unallocated Corporate Overhead Consolidated Net revenue $ 1,720 $ 13,691 $ — $ 15,411 Direct cost of services (1,431 ) (8,218 ) — (9,649 ) Sales and marketing costs (540 ) (2,520 ) — (3,060 ) Other operating expenses — (4,077 ) (2,772 ) (6,849 ) Stock compensation expense (1) — — (2,662 ) (2,662 ) Segment loss $ (251 ) $ (1,124 ) $ (5,434 ) $ (6,809 ) Year Ended April 30, 2016 Personalized Oncology Solutions (POS) Translational Oncology Solutions (TOS) Unallocated Corporate Overhead Consolidated Net revenue $ 1,972 $ 9,210 $ — $ 11,182 Direct cost of services (2,075 ) (6,553 ) — (8,628 ) Sales and marketing costs (833 ) (2,414 ) — (3,247 ) Other operating expenses — (3,886 ) (3,138 ) (7,024 ) Stock compensation expense (1) — — (2,599 ) (2,599 ) Segment loss $ (936 ) $ (3,643 ) $ (5,737 ) $ (10,316 ) (1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses in the table above, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. See Note 6 for the allocation of stock compensation expense relative to the individual line items as it is reported on the Company's Consolidated Statement of Operations. 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 Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 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 | 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 | 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 | 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. |
Accounts Receivable | 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. For April 30, 2017 and 2016 , the allowance for these accounts was $56,000 and $32,000 , 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. |
Restricted Cash | Restricted Cash As of April 30, 2017 and 2016 , the Company has restricted cash of $150,000 and $150,000 , respectively, which is classified as a noncurrent asset on the consolidated balance sheets. This restricted cash serves primarily 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 2018, 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. |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, furniture and fixtures, and computer hardware and software. Assets in progress include equipment not yet placed in service for the new laboratory facility. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to seven years. |
Capital Lease | The short-term and long-term components of the capital lease obligation are included in accrued liabilities and other non-current liabilities, respectively at April 30, 2017 and 2016 . Capital Lease In November 2014, the Company entered into a lease for laboratory equipment. |
Impairment of Long-Lived Assets | 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. |
Other Long Term Assets | Other long term assets Other long term assets represents amount relating to lease deposits for our Hackensack, New Jersey and Rockville, Maryland locations. |
Goodwill | 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 reporting unit segment level. |
Deferred Revenue | 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. |
Revenue Recognition | 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. |
Cost of Personalized Oncology Solutions | 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 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. All costs of performing studies from external sources, if any, are expensed when incurred. |
Research and Development | 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 | 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 and Dilutive Loss Per Common Share Basic net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss for the period by the weighted-average number of shares of common stock plus dilutive potential common stock considered outstanding during the period. Such dilutive shares consist of incremental shares that would be issued upon exercise of the Company’s common stock purchase warrants and stock options. For the three and twelve months ended April 30, 2017 and 2016, basic and dilutive loss per share were the same, as the potentially dilutive securities did not have a dilutive effect. |
Stock-based Payments | Stock-based Payments The Company typically recognizes expense for stock-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 stock-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. Estimated volatility is based upon the historical volatility of the Company's common stock. The Company does not anticipate paying a dividend, and therefore, no expected dividend yield was used. The Company expenses stock-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 expenses modification charges in the period of modification and, if required, over the remaining period the awards are expected to vest. 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 | 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. Changes in valuation allowances from period to period are included in the tax provision in the period of change. As of April 30, 2017 and 2016 , 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 recorded $121,000 and $165,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of April 30, 2017 and 2016 , respectively. 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, 2017 and 2016 , and has not recognized interest and/or penalties in the statement of operations for either period. We do not anticipate any significant unrecognized tax benefits will be recorded during the next 12 months. |
New Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers”, on revenue recognition. The new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. As amended by ASU No. 2015-14 issued in August 2015, this ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. We do not intend to early adopt and are currently assessing the impact of this update, but preliminarily believe that its adoption will not have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The amendments in this update state that in connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued, when applicable). The amendments in this update are effective for the annual reporting period beginning after December 15, 2016 and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this update is not expected to have a material impact on our consolidated financial statements. In February 2016, the FASB ASU No. 2016-02, Leases. The new standard will require most leases to be recognized on the balance sheet which will increase reported assets and liabilities. Lessor accounting remains substantially similar to current guidance. The new standard is effective for annual and interim periods in fiscal years beginning after December 15, 2018, which for us is the first quarter of fiscal 2019 and mandates a modified retrospective transition method. We are currently assessing the impact of this update on our consolidated financial statements. In April 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting”. The new standard simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU No. 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted for financial statements that have not already been issued. We do not intend to early adopt but preliminarily believe the adoption of this update is not expected to have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments” . The new standard attempts to reduce diversity in practice in how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 provides guidance on eight specific cash flow issues. The new guidance will be effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted including adoption in an interim period. We do not intend to early adopt and we are currently assessing the impact of adoption of this update will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment”. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. It affects public entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. A public entity that is a U.S. Securities and Exchange Commission ("SEC") filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. For the Company, the amendments are effective January 1, 2020. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Public Utility Property, Plant, and Equipment | Property and equipment consisted of the following (in thousands): April 30, 2017 2016 Furniture and fixtures $ 74 $ 73 Computer equipment and software 872 715 Laboratory equipment 918 782 Assets in progress 472 — Leasehold improvements 2 2 Total property and equipment 2,338 1,572 Less: Accumulated depreciation and amortization (1,122 ) (954 ) Property and equipment, net $ 1,216 $ 618 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following is a schedule by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments as of April 30, 2017 (table in thousands): For the Years Ended April 30, 2018 $ 25 2019 27 2020 16 Total minimum lease payments 68 Less: amount representing interest (5 ) Present value of minimum payments 63 Less: current portion (25 ) $ 38 |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended April 30, 2017 2016 Basic and diluted net loss per share computation Net loss attributable to common stockholders $ (6,883,882 ) $ (10,445,537 ) Weighted Average common shares 10,684,395 8,695,199 Basic and diluted net loss per share $ (0.64 ) $ (1.20 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table reflects the total potential stock-based instruments outstanding at April 30, 2017 and 2016 that could have an effect on the future computation of dilution per common share: Year Ended April 30 2017 2016 Stock options 2,308,704 2,212,757 Warrants 2,004,284 2,109,840 Total common stock equivalents 4,312,988 4,322,597 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments due each fiscal year are as follows (in thousands): 2018 $ 177,126 2019 382,650 2020 683,256 2021 759,161 2022 729,780 Thereafter $ 4,482,027 Total $ 7,214,000 |
Stock-based Payments (Tables)
Stock-based Payments (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Stock-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation costs were recorded as follows (in thousands): Year Ended April 30, 2017 2016 General and administrative $ 2,193 $ 2,035 Sales and marketing 201 198 Research and development 216 308 TOS cost of sales 50 31 POS cost of sales 2 27 Total stock-based compensation expense $ 2,662 $ 2,599 |
Schedule of Stock-based Payment Award, Stock Options, Valuation Assumptions | Black-Scholes assumptions used to calculate the fair value of options granted during the years ended April 30, 2017 and 2016 were as follows: Year Ended April 30, 2017 2016 Expected term in years 3 - 6 2.5 - 6.0 Risk-free interest rates 0.6% - 1.9% 0.6% - 1.8% Volatility 72% - 88% 83% - 93% Dividend yield —% —% |
Schedule of Stock-based Compensation, Stock Options, Activity | The Company’s stock options activity and related information as of and for the years ended April 30, 2017 and 2016 is as follows: Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2016 51,250 2,161,507 2,212,757 $ 5.58 6.1 $ 10,000 Granted — 2,420,681 2,420,681 1.99 Exercised — — — — Canceled — (1,793,779 ) (1,793,779 ) 4.92 Forfeited — (421,487 ) (421,487 ) 2.03 Expired (1,250 ) (108,218 ) (109,468 ) 7.86 Outstanding, April 30, 2017 50,000 2,258,704 2,308,704 2.86 6.1 $ 1,282,000 Vested and expected to vest as of April 30, 2017 50,000 2,258,704 2,308,704 6.1 $ 1,282,000 Vested as of April 30, 2017 33,336 2,028,469 2,061,805 2.93 5.9 $ 1,101,000 Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2015 57,917 1,946,085 2,004,002 $ 5.74 6.7 $ 4,166,000 Granted — 343,749 343,749 5.33 Exercised — — — — Canceled — — — — Forfeited — (42,515 ) (42,515 ) 6.90 Expired (6,667 ) (85,812 ) (92,479 ) 6.97 Outstanding, April 30, 2016 51,250 2,161,507 2,212,757 5.58 6.1 $ 10,000 Vested and expected to vest as of April 30, 2016 51,250 2,161,507 2,212,757 6.1 $ 10,000 Vested as of April 30, 2016 34,271 1,703,035 1,737,306 5.71 5.6 $ 9,000 |
Schedule Of Stock-based Compensation Warrants Activity | Activity related to these warrants, which expire at various dates through January 2019, is summarized as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2016 2,109,840 $ 5.54 3.6 $ — Granted — — — — Exercised — — — — Forfeited — — — — Expired (105,556 ) 4.80 — — Outstanding, April 30, 2017 2,004,284 $ 5.57 2.8 $ — Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2015 2,109,840 $ 5.54 4.6 $ 3,248 Granted — — 0 — Exercised — — — — Forfeited — — — — Expired — — — — Outstanding, April 30, 2016 2,109,840 $ 5.54 3.6 $ — |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended April 30, 2017 Federal State Foreign Total Current $ (14 ) $ — $ 33 $ 19 Total $ (14 ) $ — $ 33 $ 19 Year Ended April 30, 2016 Federal State Foreign Total Current $ — $ — $ 92 $ 92 Total $ — $ — $ 92 $ 92 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the Company’s effective tax rate and the United States statutory tax rate for the years ended April 30, 2017 and 2016 is as follows: Year Ended April 30, 2017 2016 Federal income tax at statutory rate 34.0 % 34.0 % State income tax, net of federal benefit 3.9 3.1 Permanent differences (0.2 ) (0.2 ) Increase in uncertain tax position 1.6 (0.6 ) Other (0.3 ) (2.2 ) Change in valuation allowance (39.8 ) (37.2 ) Changes in tax rates 0.5 2.2 Income tax expense (0.3 )% (0.9 )% |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of April 30, 2017 and 2016 consist of the following (in thousands): As of April 30, 2017 2016 Accrued liabilities $ 103 $ 21 State taxes 22 12 Stock-based compensation expense 6,503 5,528 Capitalized research and development costs 195 316 Foreign net operating loss carry-forward 214 224 Net operating loss carry-forward 14,786 12,970 Total deferred tax assets 21,823 19,071 Less: Valuation allowance (21,779 ) (19,071 ) Net deferred tax asset $ 44 $ — |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table indicates the changes to the Company’s uncertain tax positions for the period and years ended April 30, 2017 and 2016 in thousands: Year Ended April 30, 2017 2016 Balance, beginning of the year $ 165 $ 100 Addition based on tax positions related to prior years — 42 Payment made on tax positions related to prior years (84 ) — Addition based on tax positions related to current year 40 23 Balance, end of year $ 121 $ 165 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize, for the periods indicated, operating results by business segment (in thousands): Year Ended April 30, 2017 Personalized Oncology Solutions (POS) Translational Oncology Solutions (TOS) Unallocated Corporate Overhead Consolidated Net revenue $ 1,720 $ 13,691 $ — $ 15,411 Direct cost of services (1,431 ) (8,218 ) — (9,649 ) Sales and marketing costs (540 ) (2,520 ) — (3,060 ) Other operating expenses — (4,077 ) (2,772 ) (6,849 ) Stock compensation expense (1) — — (2,662 ) (2,662 ) Segment loss $ (251 ) $ (1,124 ) $ (5,434 ) $ (6,809 ) Year Ended April 30, 2016 Personalized Oncology Solutions (POS) Translational Oncology Solutions (TOS) Unallocated Corporate Overhead Consolidated Net revenue $ 1,972 $ 9,210 $ — $ 11,182 Direct cost of services (2,075 ) (6,553 ) — (8,628 ) Sales and marketing costs (833 ) (2,414 ) — (3,247 ) Other operating expenses — (3,886 ) (3,138 ) (7,024 ) Stock compensation expense (1) — — (2,599 ) (2,599 ) Segment loss $ (936 ) $ (3,643 ) $ (5,737 ) $ (10,316 ) (1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses in the table above, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. See Note 6 for the allocation of stock compensation expense relative to the individual line items as it is reported on the Company's Consolidated Statement of Operations. |
Organization and Basis of Pre25
Organization and Basis of Presentation - Narrative (Details) | Oct. 15, 2013 | Apr. 30, 2017USD ($)subsidiary | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of operating subsidiaries | subsidiary | 2 | |||
Reverse stock split conversion ratio | 0.0833 | |||
Net loss | $ 6,883,882 | $ 10,445,537 | ||
Accumulated deficit | 69,350,000 | 62,466,000 | ||
Negative working capital | 1,600,000 | |||
Cash and cash equivalents | $ 3,295,000 | $ 2,585,000 | $ 9,357,000 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Accounting Policies [Abstract] | ||
Furniture and fixtures | $ 74 | $ 73 |
Computer equipment and software | 872 | 715 |
Laboratory equipment | 918 | 782 |
Assets in progress | 472 | 0 |
Leasehold improvements | 2 | 2 |
Total property and equipment | 2,338 | 1,572 |
Less: Accumulated depreciation and amortization | (1,122) | (954) |
Property and equipment, net | $ 1,216 | $ 618 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Future Minimum Lease Payments for Capital Leases (Details) $ in Thousands | Apr. 30, 2017USD ($) |
Accounting Policies [Abstract] | |
2,017 | $ 25 |
2,018 | 27 |
2,019 | 16 |
Total minimum lease payments | 68 |
Less: amount representing interest | (5) |
Present value of minimum payments | 63 |
Less: current portion | (25) |
Capital Lease, noncurrent | $ 38 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Calculations of Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Basic and diluted net loss per share computation | ||
Net loss attributable to common stockholders | $ (6,883,882) | $ (10,445,537) |
Weighted Average common shares (in shares) | 10,684,395 | 8,695,199 |
Basic and diluted net loss per share (in dollars per share) | $ (0.64) | $ (1.20) |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Summary of Potentially Dilutive Stock-based Instruments (Details) - shares | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Class of Stock [Line Items] | ||
Total common stock equivalents | 4,312,988 | 4,322,597 |
Warrant | ||
Class of Stock [Line Items] | ||
Total common stock equivalents | 2,004,284 | 2,109,840 |
Employee Stock Option | ||
Class of Stock [Line Items] | ||
Total common stock equivalents | 2,308,704 | 2,212,757 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 12 Months Ended | |||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | Nov. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Allowance for doubtful accounts receivable | $ 56,000 | $ 32,000 | ||
Unbilled receivables, current | 1,600,000 | 617,000 | ||
Restricted cash | 150,000 | 150,000 | ||
Depreciation and amortization | 168,000 | 156,000 | ||
Capital lease asset | 124,000 | 124,000 | ||
Capital leases, income statement, amortization expense | $ 24,045 | 24,818 | ||
Capital leases, future minimum payments, executory costs | $ 149,000 | |||
Capital leases monthly payments | $ 3,000 | |||
Capital leases of lessee, contingent rentals, basis spread on variable rate | 5.00% | |||
Unrecognized tax benefits | $ 121,000 | $ 165,000 | $ 100,000 | |
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 3 years | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 7 years |
Teva Agreement - Narrative (Det
Teva Agreement - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Research and Development [Abstract] | ||
Deferred revenue, revenue recognized | $ 0 | $ 40 |
Significant Customers - Narrati
Significant Customers - Narrative (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Customer One | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 3,300,000 | $ 2,000,000 |
Accounts receivable, gross | $ 994,095 | $ 401,654 |
Customer One | Revenue | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 21.30% | 17.60% |
Customer One | Accounts Receivable | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 43.70% | 30.70% |
Customer Two | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable, gross | $ 256,022 | $ 161,150 |
Customer Two | Accounts Receivable | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 11.30% | 12.30% |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Apr. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 177,126 |
2,019 | 382,650 |
2,020 | 683,256 |
2,021 | 759,161 |
2,022 | 729,780 |
Thereafter | 4,482,027 |
Total | $ 7,214,000 |
Commitments and Contingencies34
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Commitments and Contingencies [Line Items] | |||
Operating leases, rent expense | $ 398 | $ 304 | |
Corporate Headquarters | |||
Commitments and Contingencies [Line Items] | |||
Operating leases, rent expense | $ 85 | 86 | |
Laboratories and Office Space | |||
Commitments and Contingencies [Line Items] | |||
Operating leases, rent expense | 105 | 83 | |
New York Laboratory | |||
Commitments and Contingencies [Line Items] | |||
Operating leases, rent expense | $ 207 | $ 136 |
Stock-based Payments - Allocati
Stock-based Payments - Allocation of Stock-based Compensation Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,662 | $ 2,599 |
General and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 2,193 | 2,035 |
Sales and marketing | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 201 | 198 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 216 | 308 |
TOS cost of sales | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 50 | 31 |
POS cost of sales | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2 | $ 27 |
Stock-based Payments - Stock Op
Stock-based Payments - Stock Option Grants Assumptions (Details) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates Minimum | 0.60% | 0.60% |
Risk-free interest rates Maximum | 1.90% | 1.80% |
Volatility Minimum | 72.00% | 83.00% |
Volatility Maximum | 88.00% | 93.00% |
Dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term in years | 3 years | 2 years 6 months |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term in years | 6 years | 6 years |
Stock-based Payments - Stock 37
Stock-based Payments - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 21, 2016 | Apr. 30, 2017 | Apr. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Outstanding, Beginning Balance | 2,212,757 | 2,004,002 | |
Shares, Granted | 1,568,191 | 2,420,681 | 343,749 |
Shares, Exercised | 0 | 0 | |
Shares, Canceled | (1,793,779) | 0 | |
Shares, Forfeited | (421,487) | (42,515) | |
Shares, Expired | (109,468) | (92,479) | |
Shares, Outstanding, Ending Balance | 2,308,704 | 2,212,757 | |
Shares, Vested and expected to vest | 2,308,704 | 2,212,757 | |
Shares, Vested | 2,061,805 | 1,737,306 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Outstanding, Beginning Balance (in usd per share) | $ 5.58 | $ 5.74 | |
Grants in period, weighted average exercise price (in usd per share) | $ 2.10 | 1.99 | 5.33 |
Weighted Average Exercise Price, Exercised (in usd per share) | 0 | 0 | |
Weighted Average Exercise Price, Canceled (in usd per share) | 4.92 | 0 | |
Weighted Average Exercise Price, Forfeited (in usd per share) | 2.03 | 6.90 | |
Weighted Average Exercise Price, Expired (in usd per share) | 7.86 | 6.97 | |
Weighted Average Exercise Price, Outstanding, Ending Balance (in usd per share) | 2.86 | 5.58 | |
Weighted Average Exercise Price, Vested (in usd per share) | $ 2.93 | $ 5.71 | |
Weighted Average Remaining Contractual Term, Outstanding, Beginning Balance (in years) | 6 years 1 month 6 days | 6 years 8 months 12 days | |
Weighted Average Remaining Contractual Term, Outstanding, Ending Balance (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | 6 years 1 month 6 days | 6 years 1 month 6 days | |
Weighted Average Remaining Contractual Life (Years), Vested | 5 years 10 months 25 days | 5 years 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 10 | $ 4,166 | |
Aggregate Intrinsic Value, Outstanding, Ending Balance | 1,282 | 10 | |
Aggregate Intrinsic Value, Vested and expected to vest | 1,282 | 10 | |
Aggregate Intrinsic Value, Vested | $ 1,101 | $ 9 | |
Non- Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Outstanding, Beginning Balance | 51,250 | 57,917 | |
Shares, Granted | 0 | 0 | |
Shares, Exercised | 0 | 0 | |
Shares, Canceled | 0 | 0 | |
Shares, Forfeited | 0 | 0 | |
Shares, Expired | (1,250) | (6,667) | |
Shares, Outstanding, Ending Balance | 50,000 | 51,250 | |
Shares, Vested and expected to vest | 50,000 | 51,250 | |
Shares, Vested | 33,336 | 34,271 | |
Directors and Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Outstanding, Beginning Balance | 2,161,507 | 1,946,085 | |
Shares, Granted | 2,420,681 | 343,749 | |
Shares, Exercised | 0 | 0 | |
Shares, Canceled | (1,793,779) | 0 | |
Shares, Forfeited | (421,487) | (42,515) | |
Shares, Expired | (108,218) | (85,812) | |
Shares, Outstanding, Ending Balance | 2,258,704 | 2,161,507 | |
Shares, Vested and expected to vest | 2,258,704 | 2,161,507 | |
Shares, Vested | 2,028,469 | 1,703,035 |
Stock-based Payments - Stock Pu
Stock-based Payments - Stock Purchase Warrants Activity (Details) - Warrant - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Beginning Balance | 2,109,840 | 2,109,840 | |
Number of Shares, Granted | 0 | 0 | |
Number of Shares, Exercised | 0 | 0 | |
Number of Shares, Forfeited | 0 | 0 | |
Number of Shares, Expired | (105,556) | 0 | |
Number of Shares, Ending Balance | 2,004,284 | 2,109,840 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Exercise Price, Beginning Balance (in usd per share) | $ 5.54 | $ 5.54 | |
Weighted Average Exercise Price, Granted (in usd per share) | 0 | 0 | |
Weighted Average Exercise Price, Exercised (in usd per share) | 0 | 0 | |
Weighted Average Exercise Price, Forfeited (in usd per share) | 0 | 0 | |
Weighted Average Exercise Price, Expired (in usd per share) | 4.80 | 0 | |
Weighted Average Exercise Price, Ending Balance (in usd per share) | $ 5.57 | $ 5.54 | |
Weighted Average Remaining Contractual Life (Years), Balance | 2 years 9 months 18 days | 3 years 7 months 6 days | 4 years 7 months 6 days |
Weighted Average Remaining Contractual Life (Years), Granted | 0 years | ||
Aggregate Intrinsic Value, Beginning Balance | $ 0 | $ 3 | |
Aggregate Intrinsic Value, Granted | 0 | 0 | |
Aggregate Intrinsic Value, Ending Balance | $ 0 | $ 0 |
Stock-based Payments - Narrativ
Stock-based Payments - Narrative (Details) - USD ($) | Apr. 24, 2017 | Jul. 21, 2016 | Dec. 12, 2013 | Feb. 18, 2011 | Jul. 31, 2016 | Jan. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 2,662,000 | $ 2,599,000 | ||||||
Stock options award shares to purchase common stock | 16,667 | |||||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 1.71 | $ 3.54 | ||||||
Shares granted (in shares) | 1,568,191 | 2,420,681 | 343,749 | |||||
Shares exchange during period (in shares) | 1,793,781 | |||||||
Grants in period, weighted average exercise price (in usd per share) | $ 2.10 | $ 1.99 | $ 5.33 | |||||
Warrants outstanding (in shares) | 2,004,284 | |||||||
General and administrative | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 2,193,000 | $ 2,035,000 | ||||||
Stock or unit option plan expense | $ 612,534,000 | |||||||
Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exchanges, weighted average exercise price (in dollars per share) | 4.55 | |||||||
Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exchanges, weighted average exercise price (in dollars per share) | $ 6.96 | |||||||
Equity Incentive Plan 2010 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration term of awards | 10 years | |||||||
Strike price as percent of market value | 100.00% | |||||||
Equity Incentive Plan 2010 | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted, net of forfeitures (in shares) | 30,000,000 | |||||||
2008 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration term of awards | 10 years | |||||||
Director Compensation Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock options award shares to purchase common stock | 8,333 | |||||||
Stock option award shares to purchase unregistered common stock | 1,667 | |||||||
Vested percent | 25.00% | |||||||
Board of Directors Chairman | Director Compensation Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Term of option to purchase | 5 years | |||||||
Chief Executive Officer and President | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted (in shares) | 203,043 | |||||||
March 2015 Private Placement | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Warrants issued during period for common stock (in shares) | 1,849,285 | |||||||
November 2016 | Chief Executive Officer and President | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted (in shares) | 209,383 | |||||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Modification expense (in usd) | $ 414,756 | $ 373,069 | ||||||
Modification expense for future period (in usd) | 1,767 | |||||||
Employee Stock Option | Chief Executive Officer | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Modification expense (in usd) | $ 612,534 | |||||||
Employee Stock Options Forfeited | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Modification expense (in usd) | $ 39,920 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) | Apr. 27, 2017 | Feb. 22, 2017 | Jan. 24, 2017 | Jul. 06, 2016 | Jun. 15, 2016 | Apr. 30, 2017 | Apr. 30, 2016 |
Class of Stock [Line Items] | |||||||
Proceeds from June 2016 Public Offering | $ 4,300,000 | $ 4,340,000 | $ 0 | ||||
Payments of issuance costs | $ 742,000 | 0 | 18,000 | ||||
Issuance of common stock (in shares) | 3,807 | 7,614 | 3,247 | 3,896 | |||
Issuance of common stock for services | $ 7,500 | $ 15,000 | $ 11,852 | $ 8,688 | $ 44,000 | $ 44,000 | |
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Issuance of registered shares (in shares) | 2,000,000 | ||||||
Share Price | $ 2.25 | ||||||
Over-Allotment Option | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Issuance of registered shares (in shares) | 258,749 |
Provision for Income Taxes - Co
Provision for Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Federal Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Provision for Income Taxes, Current, Federal | $ (14) | $ 0 |
Provision for Income Taxes, Total, Federal | (14) | 0 |
State and Local Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Provision for Income Taxes, Current, State | 0 | 0 |
Provision for Income Taxes, Total, State | 0 | 0 |
Foreign Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Provision for Income Taxes, Current, Foreign | 33 | 92 |
Provision for Income Taxes, Total, Foreign | 33 | 92 |
Provision for Income Taxes, Current, Total | 19 | 92 |
Provision for Income Taxes, Total | $ 19 | $ 92 |
Provision for Income Taxes - Re
Provision for Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax at statutory rate | 34.00% | 34.00% |
State income tax, net of federal benefit | 3.90% | 3.10% |
Permanent differences | (0.20%) | (0.20%) |
Increase in uncertain tax position | 1.60% | (0.60%) |
Other | (0.30%) | (2.20%) |
Change in valuation allowance | (39.80%) | (37.20%) |
Changes in tax rates | 0.50% | 2.20% |
Income tax expense | (0.30%) | (0.90%) |
Provision for Income Taxes - 43
Provision for Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Apr. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Accrued liabilities | $ 103 | $ 21 |
State taxes | 22 | 12 |
Stock-based compensation expense | 6,503 | 5,528 |
Capitalized research and development costs | 195 | 316 |
Foreign net operating loss carry-forward | 214 | 224 |
Net operating loss carry-forward | 14,786 | 12,970 |
Total deferred tax assets | 21,823 | 19,071 |
Less: Valuation allowance | (21,779) | (19,071) |
Net deferred tax asset | $ 44 | $ 0 |
Provision for Income Taxes - Ch
Provision for Income Taxes - Change in Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance, beginning of the year | $ 165 | $ 100 |
Addition based on tax positions related to prior years | 0 | 42 |
Payment made on tax positions related to prior years | (84) | 0 |
Addition based on tax positions related to current year | 40 | 23 |
Balance, end of year | $ 121 | $ 165 |
Provision for Income Taxes - Na
Provision for Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Tax Credit Carryforward [Line Items] | ||
Deferred tax assets, valuation allowance | $ 21,779 | $ 19,071 |
Liabilities, other than long-term debt, noncurrent | 121 | |
Domestic Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Operating loss carryforwards | $ 41,000 | $ 36,000 |
Operating loss carryforwards, expiration year | 2,025 | |
Foreign Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Operating loss carryforwards | $ 900 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | Apr. 27, 2017 | Feb. 22, 2017 | Jan. 24, 2017 | Jul. 06, 2016 | Apr. 30, 2017 | Apr. 30, 2016 |
Related Party Transaction [Line Items] | ||||||
Stock issued during period for services (in shares) | 3,807 | 7,614 | 3,247 | 3,896 | ||
Issuance of common stock for services | $ 7,500 | $ 15,000 | $ 11,852 | $ 8,688 | $ 44,000 | $ 44,000 |
Board of Directors | ||||||
Related Party Transaction [Line Items] | ||||||
Bank servicing fees | 0 | $ 8,800 | ||||
Board Member One | Board of Directors | ||||||
Related Party Transaction [Line Items] | ||||||
Related related party transaction, amounts of transaction | 72,000 | |||||
Board Member Two | Board of Directors | ||||||
Related Party Transaction [Line Items] | ||||||
Related related party transaction, amounts of transaction | $ 48,214 | |||||
Stock issued during period for services (in shares) | 45,000 | |||||
Vesting period | 3 years | |||||
Issuance of common stock for services | $ 94,192 |
Business Segment Information -
Business Segment Information - Operating Results by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 15,411 | $ 11,182 |
Sales and marketing costs | (3,261) | (3,445) |
Stock compensation expense | (2,662) | (2,599) |
Consolidated | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 15,411 | 11,182 |
Direct cost of services | (9,649) | (8,628) |
Sales and marketing costs | (3,060) | (3,247) |
Other operating expenses | (6,849) | (7,024) |
Stock compensation expense | (2,662) | (2,599) |
Segment loss | (6,809) | (10,316) |
Operating Segments | Personalized Oncology Solutions (POS) | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 1,720 | 1,972 |
Direct cost of services | (1,431) | (2,075) |
Sales and marketing costs | (540) | (833) |
Other operating expenses | 0 | 0 |
Stock compensation expense | 0 | 0 |
Segment loss | (251) | (936) |
Operating Segments | Translational Oncology Solutions (TOS) | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 13,691 | 9,210 |
Direct cost of services | (8,218) | (6,553) |
Sales and marketing costs | (2,520) | (2,414) |
Other operating expenses | (4,077) | (3,886) |
Stock compensation expense | 0 | 0 |
Segment loss | (1,124) | (3,643) |
Unallocated Corporate Overhead | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 0 | 0 |
Direct cost of services | 0 | 0 |
Sales and marketing costs | 0 | 0 |
Other operating expenses | (2,772) | (3,138) |
Stock compensation expense | (2,662) | (2,599) |
Segment loss | $ (5,434) | $ (5,737) |
Business Segment Information 48
Business Segment Information - Narrative (Details) | 12 Months Ended |
Apr. 30, 2017segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |