Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2017 | Dec. 09, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | 10,988,347 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2017 | Apr. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 660 | $ 3,295 |
Accounts receivable, net | 2,578 | 2,274 |
Prepaid expenses and other current assets | 303 | 300 |
Total current assets | 3,541 | 5,869 |
Restricted cash | 150 | 150 |
Property and equipment, net | 2,026 | 1,216 |
Other Long Term Assets | 107 | 107 |
Goodwill | 669 | 669 |
Total assets | 6,493 | 8,011 |
Current liabilities: | ||
Accounts payable | 1,549 | 1,852 |
Accrued liabilities | 390 | 685 |
Deferred revenue | 3,879 | 4,910 |
Total current liabilities | 5,818 | 7,447 |
Other non-current liabilities | 302 | 164 |
Total liabilities | 6,120 | 7,611 |
Stockholders’ equity: | ||
Common stock, $.001 par value; 200,000,000 shares authorized; 11,265,175 and 11,251,844 shares issued and 10,988,347 and 10,982,159 shares outstanding as of October 31, 2017 and April 30, 2017, respectively | 11 | 11 |
Treasury stock, at cost, 269,685 common shares as of October 31, 2017 and April 30, 2017 | (1,252) | (1,252) |
Additional paid-in capital | 71,732 | 70,991 |
Accumulated deficit | (70,118) | (69,350) |
Total stockholders’ equity | 373 | 400 |
Total liabilities and stockholders’ equity | $ 6,493 | $ 8,011 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Oct. 31, 2017 | Apr. 30, 2017 |
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 | 11,265,175 | 11,251,844 |
Common Stock, shares outstanding | 10,988,347 | 10,982,159 |
Treasury Stock, common shares | 269,685 | 269,685 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Operating revenue: | ||||
Personalized oncology solutions | $ 378,000 | $ 497,000 | $ 818,000 | $ 1,007,000 |
Translational oncology solutions | 4,825,000 | 3,960,000 | 9,419,000 | 7,119,000 |
Total operating revenue | 5,203,000 | 4,457,000 | 10,237,000 | 8,126,000 |
Costs and operating expenses: | ||||
Cost of personalized oncology solutions | 259,000 | 374,000 | 646,000 | 847,000 |
Cost of translational oncology solutions | 2,394,000 | 1,829,000 | 4,648,000 | 3,879,000 |
Research and development | 1,115,000 | 1,008,000 | 2,233,000 | 2,219,000 |
Sales and marketing | 551,000 | 717,000 | 1,235,000 | 1,643,000 |
General and administrative | 954,000 | 1,022,000 | 2,164,000 | 2,555,000 |
Total costs and operating expenses | 5,273,000 | 4,950,000 | 10,926,000 | 11,143,000 |
Loss from operations | (70,000) | (493,000) | (689,000) | (3,017,000) |
Other (expense): | ||||
Other (expense) | (13,000) | (16,000) | (64,000) | (25,000) |
Total other (expense) | (13,000) | (16,000) | (64,000) | (25,000) |
Loss before provision for income taxes | (83,000) | (509,000) | (753,000) | (3,042,000) |
Provision for (Benefit from) income taxes | 11,000 | (5,000) | 15,000 | 9,000 |
Net loss | $ (94,318) | $ (504,000) | $ (768,475) | $ (3,051,000) |
Net loss per common share outstanding | ||||
Net loss per common share outstanding, basic and diluted (in dollars per share) | $ (0.01) | $ (0.05) | $ (0.07) | $ (0.32) |
Weighted average common shares outstanding | ||||
Weighted average common shares outstanding, basic and diluted (in shares) | 10,988,321 | 10,967,491 | 10,984,703 | 9,560,088 |
UNAUDITED CONDENSED CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Operating activities: | ||
Net loss | $ (768,475) | $ (3,051,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 711,000 | 1,664,000 |
Depreciation expense | 132,000 | 87,000 |
Reversal of allowance for doubtful accounts | (41,000) | (2,000) |
Issuance of common stock for services | 30,000 | 15,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (263,000) | (577,000) |
Prepaid expenses and other current assets | (3,000) | (3,000) |
Accounts payable | (303,000) | (744,000) |
Accrued liabilities | (295,000) | 31,000 |
Other non-current liability | 151,000 | 20,000 |
Deferred revenue | (1,031,000) | 5,000 |
Net cash used in operating activities | (1,680,000) | (2,555,000) |
Investing activities: | ||
Purchase of property and equipment | (942,000) | (30,000) |
Net cash used in investing activities | (942,000) | (30,000) |
Financing activities: | ||
Proceeds from June 2016 Public Offering, net of financing costs of $742 | 0 | 4,340,000 |
Capital lease payments | (13,000) | (12,000) |
Net cash (used in)/provided by financing activities | (13,000) | 4,328,000 |
(Decrease)/Increase in cash and cash equivalents. | (2,635,000) | 1,743,000 |
Cash and cash equivalents, beginning of period | 3,295,000 | 2,585,000 |
Cash and cash equivalents, end of period | $ 660,000 | $ 4,328,000 |
UNAUDITED CONDENSED CONSOLIDAT6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) $ in Thousands | 6 Months Ended |
Oct. 31, 2016USD ($) | |
Statement of Cash Flows [Abstract] | |
Payments of financing costs | $ 742 |
Organization, Use of Estimates
Organization, Use of Estimates and Basis of Presentation | 6 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Use of Estimates and Basis of Presentation | Organization, Use of Estimates and Basis of Presentation 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 three and six months ended October 31, 2017 and 2016 , there were no revenues earned by these subsidiaries. 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. These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. All significant intercompany transactions and accounts have been eliminated. Certain information related to the Company’s organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, has been condensed or omitted. The accounting policies followed in the preparation of these unaudited condensed consolidated financial statements are consistent with those followed in the Company’s annual consolidated financial statements for the year ended April 30, 2017 , as filed on Form 10-K. In the opinion of management, these unaudited condensed consolidated financial statements contain all material adjustments necessary to fairly state our financial position, results of operations and cash flows for the periods presented and the presentations and disclosures herein are adequate when read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2017 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 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 strategic initiatives. In the past, we have met these cash requirements through our sales of products and services, working capital management, and proceeds from certain private and public offerings of our securities. For the six months ended October 31, 2017 , we had a net loss of $768,000 and net operating cash outflows of $1.7 million . In addition, as of October 31, 2017 , we had negative working capital of $2.3 million and cash and cash equivalents on hand of $660,000 . The reduction of cash from year-end was mainly due to the $910,000 investment in equipment for our new lab facility along with the timing of accounts receivable collections and expense payments in the normal course of business. Additionally, we incurred approximately $100,000 of non-capitalized, non-recurring costs related to the new lab set-up. Finally, we closed on a line of credit ("LOC") agreement which provides that the Company may borrow up to $1.5 million. The Company does not plan to utilize the LOC as we believe that our cash and cash equivalents on hand at October 31, 2017 and future revenue are adequate to fund our operations through at least December 2018. However, in order for us to continue our operations beyond December 2018, we need to continue to increase revenues while managing increases in expense levels. If we are unable to maintain our operating levels, we may need to obtain capital from external sources. If we could not obtain additional financing, we may be required to reduce the scope of, or delay or eliminate, some of our research and development and other activities, which could harm our financial condition and operating results. Financing may not be available on acceptable terms or at all, and our failure to raise capital when needed could negatively impact our growth plans and our financial condition and results of operations. Additional equity financing may be dilutive to the holders of our common stock and debt financing, if available, may involve significant cash payment obligations and covenants and/or financial ratios that could restrict our ability to operate our business. Earnings Per 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 six months ended October 31, 2017 and 2016 , basic and dilutive loss per share were the same, as the potentially dilutive securities did not have a dilutive effect. Three Months Ended Six Months Ended 2017 2016 2017 2016 Basic and diluted net loss per share computation: Net loss attributable to common stockholders $ (94,318 ) $ (504,000 ) $ (768,475 ) $ (3,051,000 ) Weighted Average common shares – basic 10,988,321 10,967,491 10,984,703 9,560,088 Basic and diluted net loss per share $ (0.01 ) $ (0.05 ) $ (0.07 ) $ (0.32 ) The following table reflects the total potential share-based instruments outstanding at October 31, 2017 and 2016 that could have an effect on the future computation of dilution per common share: October 31, 2017 2016 Stock options 2,494,930 2,449,753 Warrants 2,004,284 2,109,840 Total common stock equivalents 4,499,214 4,559,593 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 October 31, 2017 and April 30, 2017 , the Company provided a valuation allowance for all net deferred tax assets, as recovery is 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 of liabilities related to uncertain tax positions relative to one of its foreign operations as of October 31, 2017 and April 30, 2017 . 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 October 31, 2017 and April 30, 2017 , 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. The income tax provision for the six months ended October 31, 2017 and 2016 was $15,000 and $9,000 , respectively. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Oct. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, leasehold improvements, furniture and fixtures, and computer equipment and software. 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 (table in thousands): October 31, April 30, (unaudited) Furniture and fixtures $ 73 $ 74 Computer equipment and software 956 872 Laboratory equipment 2,232 918 Assets in progress 19 472 Leasehold improvements — 2 Total property and equipment 3,280 2,338 Less: Accumulated depreciation (1,254 ) (1,122 ) Property and equipment, net $ 2,026 $ 1,216 Depreciation and amortization expense, excluding expense recorded under capital lease, was $97,000 and $34,000 for the three months ended October 31, 2017 and 2016 , respectively, and $119,000 and $74,000 for the six months ended October 31, 2017 and 2016 , respectively. As of October 31, 2017 and April 30, 2017 , property, plant and equipment included assets held under capital lease of $124,000 . Related depreciation expense was $7,000 and $6,000 , respectively, for the three months ended October 31, 2017 and 2016 , and $13,000 and $12,000 for the six months ended October 31, 2017 and 2016 , respectively. Capital Lease In November 2014, the Company entered into a capital lease for laboratory equipment. The lease has costs of approximately $149,000 and matures on 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 October 31, 2017 (table in thousands): For the Years Ended April 30, Total 2018 (remaining) $ 14 2019 28 2020 16 Total minimum payments 58 Less: amount representing interest (3 ) Present value of minimum payments 55 Less: current portion (26 ) $ 29 The present value of minimum future obligations shown above is calculated based on an 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 October 31, 2017 and April 30, 2017 . |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Share-Based Payments The Company has in place a 2010 Equity Incentive Plan and a 2008 Equity Incentive Plan. In general, these plans provide for stock-based compensation in the form of (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights to the Company’s employees, directors and non-employees. The plans also provide for limits on the aggregate number of shares that may be granted, the term of grants and the strike price of option awards. Stock-based compensation in the amount of $148,000 and $535,000 was recognized for the three months ended October 31, 2017 and 2016 , respectively, and $ 711,000 and $ 1.7 million was recognized for the six months ended October 31, 2017 and 2016 , respectively. Included in stock-based compensation expense for the the six months ended October 31, 2017 under general and administrative line item is an option modification charge of $56,529 . Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 General and administrative $ 96 $ 469 $ 519 $ 1,298 Sales and marketing 7 18 41 187 Research and development 42 45 122 130 TOS cost of sales 3 3 28 47 POS cost of sales — — 1 2 Total stock-based compensation expense $ 148 $ 535 $ 711 $ 1,664 On October 31, 2017 , there was $160,365 in unrecognized stock based compensation which will be recognized as expense over 2.5 years. Stock Option Grants Black-Scholes assumptions used to calculate the fair value of options granted during the three and six months ended October 31, 2017 and 2016 were as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Expected term in years 6 6 6 2.6 - 6 Risk-free interest rates 1.98% 1.48% 1.98% 0.75% - 1.48% Volatility 87.1% 87.32% 87.1% 73.2% - 95.6% Dividend yield —% —% —% —% The weighted average fair value of stock options granted during the three months ended October 31, 2017 and 2016 was $0.00 and $1.16 , respectively, and $1.84 and $1.73 was recognized for the six months ended October 31, 2017 and 2016 , respectively. The Company’s stock options activity for the six months ended October 31, 2017 was as follows: Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2017 50,000 2,258,704 2,308,704 $ 2.86 6.1 $ 1,282,000 Granted — 194,977 194,977 2.51 9.7 Exercised — — — — Forfeited — (6,042 ) (6,042 ) 7.58 Canceled — — — — Expired — (2,709 ) (2,709 ) 8.44 Outstanding, October 31, 2017 50,000 2,444,930 2,494,930 2.82 5.9 $ 2,512,000 Vested and expected to vest as of October 31, 2017 50,000 2,444,930 2,494,930 2.82 5.9 $ 2,512,000 Exercisable as of October 31, 2017 33,336 2,391,889 2,425,225 2.81 5.9 $ 2,484,000 Stock Purchase Warrants As of October 31, 2017 and 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. Activity related to these warrants, which expire at various dates through March 2020, is summarized as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2017 2,004,284 $ 5.57 2.8 $ — Granted — — — — Exercised — — — — Expired — — — — Outstanding, October 31, 2017 2,004,284 $ 5.57 2.3 $ — |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Oct. 31, 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 and recorded at the exchange amount, which is the amount of consideration established and agreed to by the parties. Consulting Services During the six months ended October 31, 2017 and 2016 , the Company paid a member of its Board of Directors $36,000 and $36,000 , respectively, for consulting services unrelated to his duties as a board member. During the six months ended October 31, 2017 and 2016 , the Company paid an affiliate of a board member $ 48,718 and $0 , respectively, for consulting services unrelated to their duties as board members. As of October 31, 2017 , no amounts were due to these related parties. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company currently leases its office facilities. Rent expenses totaled $306,000 and $198,000 for the six months ended October 31, 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 07601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 2021 . The Company recognized $45,000 and $43,000 of rental costs relative to this lease for the six months ended October 31, 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 December 2017 . The Company recognized $58,000 and $52,000 of rental costs relative to this lease for the six months ended October 31, 2017 and 2016 , respectively. • 450 East 29t h Street, New York, New York, 10016, which is a laboratory facility. The Company recognized $52,000 and $103,000 of rental expense for the six months ended October 31, 2017 and 2016 , respectively. The lease expired in May 2017 and was not renewed. • 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 was August 11, 2017. This lease expires in August 2028 . The Company recognized $151,000 and nil of rental expense for the six months ended October 31, 2017 and 2016 , respectively. 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 and is discussed more fully in Note 7 in the Company’s Form 10-K for the fiscal year ended April 30, 2017 . 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. |
Segment Information
Segment Information | 6 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company operates in two reportable segments, POS and TOS. The accounting policies of the Company’s segments are the same as those described in Note 2 of the Company’s annual financial statements for the year ended April 30, 2017 , as filed on Form 10-K. 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 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 reportable segment (table in thousands): Three months ended October 31, 2017 Personalized Oncology Solutions (POS) Translational Oncology Solutions (TOS) Unallocated Corporate Overhead Consolidated Net revenue $ 378 $ 4,825 $ — $ 5,203 Direct cost of services (259 ) (2,392 ) — (2,651 ) Sales and marketing costs (85 ) (459 ) — (544 ) Other operating expenses — (1,073 ) (857 ) (1,930 ) Stock- based compensation expense (1) — — (148 ) (148 ) Segment profit (loss) $ 34 $ 901 $ (1,005 ) $ (70 ) Three months ended October 31, 2016 Personalized Oncology Solutions (POS) Translational Oncology Solutions (TOS) Unallocated Corporate Overhead Consolidated Net revenue $ 497 $ 3,960 $ — $ 4,457 Direct cost of services (374 ) (1,826 ) — (2,200 ) Sales and marketing costs (128 ) (571 ) — (699 ) Other operating expenses — (964 ) (552 ) (1,516 ) Stock- based compensation expense (1) — — (535 ) (535 ) Segment profit (loss) $ (5 ) $ 599 $ (1,087 ) $ (493 ) Six Months Ended October 31, 2017 Personalized Translational Unallocated Consolidated Net revenue $ 818 $ 9,419 $ — $ 10,237 Direct cost of services (645 ) (4,620 ) — (5,265 ) Sales and marketing costs (171 ) (1,023 ) — (1,194 ) Other operating expenses — (2,111 ) (1,645 ) (3,756 ) Stock- based compensation expense (1) — — (711 ) (711 ) Segment profit (loss) $ 2 $ 1,665 $ (2,356 ) $ (689 ) Six Months Ended October 31, 2016 Personalized Translational Unallocated Consolidated Net revenue $ 1,007 $ 7,119 $ — $ 8,126 Direct cost of services (845 ) (3,832 ) — (4,677 ) Sales and marketing costs (269 ) (1,187 ) — (1,456 ) Other operating expenses — (2,090 ) (1,256 ) (3,346 ) Stock- based compensation expense (1) — — (1,664 ) (1,664 ) Segment profit (loss) $ (107 ) $ 10 $ (2,920 ) $ (3,017 ) (1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. See Note 3 for the allocation of stock compensation expense relative to the individual line items as it is reported on the Company's Consolidated Statements 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. |
Lines of Credit
Lines of Credit | 6 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Lines of Credit | Lines of Credit On October 30, 2017, the Company entered into a line of credit agreement with a national bank which provides that the Company may borrow up to $1.5 million. Borrowings under the line bear interest payable monthly at the Wall Street Journal Prime Rate plus 1.5% to 2.0% and are secured by all assets of the Company. The balances payable under this arrangement are due on demand. As of October 31, 2017 , there were no outstanding borrowings. The revolving line maturity date is October 29, 2018. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Oct. 31, 2017 | |
Accounting Policies [Abstract] | |
Recent 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 did not 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. The adoption of this update did not 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. |
Organization, Use of Estimate15
Organization, Use of Estimates and Basis of Presentation (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of the Calculation of Earnings per Share, Basic and Diluted | For the three and six months ended October 31, 2017 and 2016 , basic and dilutive loss per share were the same, as the potentially dilutive securities did not have a dilutive effect. Three Months Ended Six Months Ended 2017 2016 2017 2016 Basic and diluted net loss per share computation: Net loss attributable to common stockholders $ (94,318 ) $ (504,000 ) $ (768,475 ) $ (3,051,000 ) Weighted Average common shares – basic 10,988,321 10,967,491 10,984,703 9,560,088 Basic and diluted net loss per share $ (0.01 ) $ (0.05 ) $ (0.07 ) $ (0.32 ) |
Summary of Antidilutive Securities Excluded from Earnings Per Share Calculations | The following table reflects the total potential share-based instruments outstanding at October 31, 2017 and 2016 that could have an effect on the future computation of dilution per common share: October 31, 2017 2016 Stock options 2,494,930 2,449,753 Warrants 2,004,284 2,109,840 Total common stock equivalents 4,499,214 4,559,593 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following (table in thousands): October 31, April 30, (unaudited) Furniture and fixtures $ 73 $ 74 Computer equipment and software 956 872 Laboratory equipment 2,232 918 Assets in progress 19 472 Leasehold improvements — 2 Total property and equipment 3,280 2,338 Less: Accumulated depreciation (1,254 ) (1,122 ) Property and equipment, net $ 2,026 $ 1,216 |
Schedule of Future Minimum Payment 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 October 31, 2017 (table in thousands): For the Years Ended April 30, Total 2018 (remaining) $ 14 2019 28 2020 16 Total minimum payments 58 Less: amount representing interest (3 ) Present value of minimum payments 55 Less: current portion (26 ) $ 29 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Allocation of Share Based Compensation Expense | Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 General and administrative $ 96 $ 469 $ 519 $ 1,298 Sales and marketing 7 18 41 187 Research and development 42 45 122 130 TOS cost of sales 3 3 28 47 POS cost of sales — — 1 2 Total stock-based compensation expense $ 148 $ 535 $ 711 $ 1,664 |
Valuation Assumptions for Stock Options | Black-Scholes assumptions used to calculate the fair value of options granted during the three and six months ended October 31, 2017 and 2016 were as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Expected term in years 6 6 6 2.6 - 6 Risk-free interest rates 1.98% 1.48% 1.98% 0.75% - 1.48% Volatility 87.1% 87.32% 87.1% 73.2% - 95.6% Dividend yield —% —% —% —% |
Summary of Stock Option Activity | The Company’s stock options activity for the six months ended October 31, 2017 was as follows: Non- Employees Directors and Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2017 50,000 2,258,704 2,308,704 $ 2.86 6.1 $ 1,282,000 Granted — 194,977 194,977 2.51 9.7 Exercised — — — — Forfeited — (6,042 ) (6,042 ) 7.58 Canceled — — — — Expired — (2,709 ) (2,709 ) 8.44 Outstanding, October 31, 2017 50,000 2,444,930 2,494,930 2.82 5.9 $ 2,512,000 Vested and expected to vest as of October 31, 2017 50,000 2,444,930 2,494,930 2.82 5.9 $ 2,512,000 Exercisable as of October 31, 2017 33,336 2,391,889 2,425,225 2.81 5.9 $ 2,484,000 |
Summary of Warrant Activity | Activity related to these warrants, which expire at various dates through March 2020, is summarized as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2017 2,004,284 $ 5.57 2.8 $ — Granted — — — — Exercised — — — — Expired — — — — Outstanding, October 31, 2017 2,004,284 $ 5.57 2.3 $ — |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Segment Activity | The following tables summarize, for the periods indicated, operating results by reportable segment (table in thousands): Three months ended October 31, 2017 Personalized Oncology Solutions (POS) Translational Oncology Solutions (TOS) Unallocated Corporate Overhead Consolidated Net revenue $ 378 $ 4,825 $ — $ 5,203 Direct cost of services (259 ) (2,392 ) — (2,651 ) Sales and marketing costs (85 ) (459 ) — (544 ) Other operating expenses — (1,073 ) (857 ) (1,930 ) Stock- based compensation expense (1) — — (148 ) (148 ) Segment profit (loss) $ 34 $ 901 $ (1,005 ) $ (70 ) Three months ended October 31, 2016 Personalized Oncology Solutions (POS) Translational Oncology Solutions (TOS) Unallocated Corporate Overhead Consolidated Net revenue $ 497 $ 3,960 $ — $ 4,457 Direct cost of services (374 ) (1,826 ) — (2,200 ) Sales and marketing costs (128 ) (571 ) — (699 ) Other operating expenses — (964 ) (552 ) (1,516 ) Stock- based compensation expense (1) — — (535 ) (535 ) Segment profit (loss) $ (5 ) $ 599 $ (1,087 ) $ (493 ) Six Months Ended October 31, 2017 Personalized Translational Unallocated Consolidated Net revenue $ 818 $ 9,419 $ — $ 10,237 Direct cost of services (645 ) (4,620 ) — (5,265 ) Sales and marketing costs (171 ) (1,023 ) — (1,194 ) Other operating expenses — (2,111 ) (1,645 ) (3,756 ) Stock- based compensation expense (1) — — (711 ) (711 ) Segment profit (loss) $ 2 $ 1,665 $ (2,356 ) $ (689 ) Six Months Ended October 31, 2016 Personalized Translational Unallocated Consolidated Net revenue $ 1,007 $ 7,119 $ — $ 8,126 Direct cost of services (845 ) (3,832 ) — (4,677 ) Sales and marketing costs (269 ) (1,187 ) — (1,456 ) Other operating expenses — (2,090 ) (1,256 ) (3,346 ) Stock- based compensation expense (1) — — (1,664 ) (1,664 ) Segment profit (loss) $ (107 ) $ 10 $ (2,920 ) $ (3,017 ) (1) Stock compensation expense is shown separately and is excluded from direct costs of services, sales and marketing costs, and other operating expenses, as it is managed on a consolidated basis and is not used by management to evaluate the performance of its segments. See Note 3 for the allocation of stock compensation expense relative to the individual line items as it is reported on the Company's Consolidated Statements of Operations. |
Organization, Use of Estimate19
Organization, Use of Estimates and Basis of Presentation - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||||
Oct. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2017USD ($)subsidiary | Oct. 31, 2016USD ($) | Oct. 30, 2017USD ($) | Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Number of operating subsidiaries | subsidiary | 2 | ||||||
Net loss | $ (94,318) | $ (504,000) | $ (768,475) | $ (3,051,000) | |||
Net cash used in operating activities | 1,680,000 | 2,555,000 | |||||
Positive working capital | 0 | 0 | |||||
Cash and cash equivalents | 660,000 | 4,328,000 | 660,000 | 4,328,000 | $ 3,295,000 | $ 2,585,000 | |
Investment in new lab equipment | 910,000 | ||||||
Capitalized, non-recurring costs | 100,000 | ||||||
Credit facility | $ 1,500,000 | ||||||
Unrecognized tax benefits | 121,000 | 121,000 | $ 121,000 | ||||
Provision for (Benefit from) income taxes | $ 11,000 | $ (5,000) | $ 15,000 | $ 9,000 |
Organization, Use of Estimate20
Organization, Use of Estimates and Basis of Presentation - Calculation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Basic loss per share computation | ||||
Net loss attributable to common stockholders | $ (94,318) | $ (504,000) | $ (768,475) | $ (3,051,000) |
Weighted average common shares outstanding, basic (in shares) | 10,988,321 | 10,967,491 | 10,984,703 | 9,560,088 |
Basic and diluted net loss per share (in dollars per share) | $ (0.01) | $ (0.05) | $ (0.07) | $ (0.32) |
Organization, Use of Estimate21
Organization, Use of Estimates and Basis of Presentation - Summary of Potentially Antidilutive Securities (Details) - shares | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 4,499,214 | 4,559,593 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 2,494,930 | 2,449,753 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 2,004,284 | 2,109,840 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2017 | Apr. 30, 2017 |
Property, Plant and Equipment [Abstract] | ||
Furniture and fixtures | $ 73 | $ 74 |
Computer equipment and software | 956 | 872 |
Laboratory equipment | 2,232 | 918 |
Assets in progress | 19 | 472 |
Leasehold improvements | 0 | 2 |
Total property and equipment | 3,280 | 2,338 |
Less: Accumulated depreciation | (1,254) | (1,122) |
Property and equipment, net | $ 2,026 | $ 1,216 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2014 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Apr. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||||||
Depreciation | $ 97 | $ 34 | $ 119 | $ 74 | ||
Capital leased assets, gross | $ 124 | $ 124 | $ 124 | |||
Capital leases monthly payments | $ 3 | |||||
Capital leases of lessee, contingent rentals, basis spread on variable rate | 5.00% | 5.00% | ||||
Assets Held under Capital Leases | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Depreciation | $ 7 | $ 6 | $ 13 | $ 12 | ||
Equipment Leased to Other Party | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Capital lease asset | $ 149 | |||||
Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful lives | 3 years | |||||
Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful lives | 7 years |
Property and Equipment - Schedu
Property and Equipment - Schedule of Future Minimum Payments for Capital Leases (Details) $ in Thousands | Oct. 31, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
2018 (remaining) | $ 14 |
2,019 | 28 |
2,020 | 16 |
Total minimum payments | 58 |
Less: amount representing interest | (3) |
Present value of minimum payments | 55 |
Less: current portion | (26) |
Capital Lease, noncurrent | $ 29 |
Share-Based Payments - Allocati
Share-Based Payments - Allocation of Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 148 | $ 535 | $ 711 | $ 1,664 |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 96 | 469 | 519 | 1,298 |
Sales and marketing | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 7 | 18 | 41 | 187 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 42 | 45 | 122 | 130 |
TOS cost of sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 3 | 3 | 28 | 47 |
POS cost of sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 0 | $ 1 | $ 2 |
Share-Based Payments - Valuatio
Share-Based Payments - Valuation Assumptions for Stock Options (Details) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term in years | 6 years | |||
Risk-free interest rates | 1.98% | |||
Risk-free interest rates maximum | 0.00% | 1.98% | 1.48% | |
Risk-free interest rates minimum | 0.75% | |||
Volatility | 87.10% | |||
Volatility maximum | 95.60% | 87.10% | 95.60% | |
Volatility minimum | 73.20% | |||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term in years | 2 years 7 months 6 days | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term in years | 6 years | 6 years | 6 years |
Share-Based Payments - Summary
Share-Based Payments - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2017 | Apr. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Shares, Outstanding, Beginning Balance | 2,308,704 | |
Shares, Granted | 194,977 | |
Shares, Exercised | 0 | |
Shares, Forfeited | (6,042) | |
Shares, Canceled | 0 | |
Shares, Expired | (2,709) | |
Shares, Outstanding, Ending Balance | 2,494,930 | 2,308,704 |
Shares, Vested and expected to vest | 2,494,930 | |
Shares, Exercisable | 2,425,225 | |
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) | $ 2.86 | |
Weighted Average Exercise Price, Granted (in usd per share) | 2.51 | |
Weighted Average Exercise Price, Exercised (in usd per share) | 0 | |
Weighted Average Exercise Price, Forfeited (in usd per share) | 7.58 | |
Weighted Average Exercise Price, Canceled (in usd per share) | 0 | |
Weighted Average Exercise Price, Expired (in usd per share) | 8.44 | |
Weighted Average Exercise Price, Outstanding, Ending Balance (in usd per share) | 2.82 | $ 2.86 |
Weighted Average Exercise Price, Vested and expected to vest (in usd per share) | 2.82 | |
Weighted Average Exercise Price, Exercisable (in usd per share) | $ 2.81 | |
Weighted Average Remaining Contractual Term, Outstanding, Beginning Balance (in years) | 6 years 1 month 6 days | |
Weighted Average Remaining Contractual Life, Granted (in years) | 9 years 8 months 12 days | |
Weighted Average Remaining Contractual Term, Outstanding, Ending Balance (in years) | 5 years 10 months 25 days | |
Weighted Average Remaining Contractual Life, Vested and expected to vest (in years) | 5 years 10 months 25 days | |
Weighted Average Remaining Contractual Life, Exercisable (in years) | 5 years 10 months 25 days | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 1,282 | |
Aggregate Intrinsic Value, Granted | ||
Aggregate Intrinsic Value, Outstanding, Ending Balance | 2,512 | $ 1,282 |
Aggregate Intrinsic Value, Vested and expected to vest | 2,512 | |
Aggregate Intrinsic Value, Exercisable | $ 2,484 | |
Non-employees | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Shares, Outstanding, Beginning Balance | 50,000 | |
Shares, Granted | 0 | |
Shares, Exercised | 0 | |
Shares, Forfeited | 0 | |
Shares, Canceled | 0 | |
Shares, Expired | 0 | |
Shares, Outstanding, Ending Balance | 50,000 | 50,000 |
Shares, Vested and expected to vest | 50,000 | |
Shares, Exercisable | 33,336 | |
Directors and employees | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Shares, Outstanding, Beginning Balance | 2,258,704 | |
Shares, Granted | 194,977 | |
Shares, Exercised | 0 | |
Shares, Forfeited | (6,042) | |
Shares, Canceled | 0 | |
Shares, Expired | (2,709) | |
Shares, Outstanding, Ending Balance | 2,444,930 | 2,258,704 |
Shares, Vested and expected to vest | 2,444,930 | |
Shares, Exercisable | 2,391,889 |
Share-Based Payments - Summar28
Share-Based Payments - Summary of Warrant Activity (Details) - Warrants - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2017 | Apr. 30, 2017 | |
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 | 2,004,284 | |
Number of Shares, Granted | 0 | |
Number of Shares, Exercised | 0 | |
Number of Shares, Expired | 0 | |
Number of Shares, Ending Balance | 2,004,284 | 2,004,284 |
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) | $ 5.57 | |
Weighted Average Exercise Price, Granted (in usd per share) | 0 | |
Weighted Average Exercise Price, Exercised (in usd per share) | 0 | |
Weighted Average Exercise Price, Expired (in usd per share) | 0 | |
Weighted Average Exercise Price, Ending Balance (in usd per share) | $ 5.57 | $ 5.57 |
Weighted Average Remaining Contractual Life (in years) | 2 years 3 months 3 days | 2 years 9 months 6 days |
Aggregate Intrinsic Value, Beginning Balance | $ 0 | |
Aggregate Intrinsic Value, Ending Balance | $ 0 | $ 0 |
Share-Based Payments - Narrativ
Share-Based Payments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 148,000 | $ 535,000 | $ 711,000 | $ 1,664,000 |
Option modification charge | 56,529 | |||
Unrecognized compensation cost | $ 160,365 | $ 160,365 | ||
Period for recognition | 2 years 6 months | |||
Weighted-average grant date fair value (in usd per share) | $ 0 | $ 1.16 | $ 1.84 | $ 1.73 |
Shares granted (in shares) | 194,977 | |||
Grants in period, weighted average exercise price (in usd per share) | $ 2.51 | |||
Warrants outstanding (in shares) | 2,004,284 | 2,004,284 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Board of directors chairman | ||
Related Party Transaction [Line Items] | ||
Related related party transaction, amounts of transaction | $ 36,000 | $ 36,000 |
Substantial stockholders | ||
Related Party Transaction [Line Items] | ||
Related related party transaction, amounts of transaction | $ 48,718 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Commitments and Contingencies [Line Items] | ||
Operating leases, rent expense | $ 306,000 | $ 198,000 |
Corporate headquarters | ||
Commitments and Contingencies [Line Items] | ||
Operating leases, rent expense | $ 45,000 | 43,000 |
Lease expiration date | Nov. 30, 2021 | |
Laboratories and office space | ||
Commitments and Contingencies [Line Items] | ||
Operating leases, rent expense | $ 58,000 | 52,000 |
Lease expiration date | Dec. 30, 2017 | |
New York laboratory | ||
Commitments and Contingencies [Line Items] | ||
Operating leases, rent expense | $ 52,000 | 103,000 |
Lease expiration date | May 30, 2017 | |
Rockville, MD | ||
Commitments and Contingencies [Line Items] | ||
Operating leases, rent expense | $ 151,000 | $ 0 |
Segment Information - Summary o
Segment Information - Summary of Segment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 5,203 | $ 4,457 | $ 10,237 | $ 8,126 |
Sales and marketing costs | (551) | (717) | (1,235) | (1,643) |
Stock- based compensation expense | (148) | (535) | (711) | (1,664) |
Consolidated | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 5,203 | 4,457 | 10,237 | 8,126 |
Direct cost of services | (2,651) | (2,200) | (5,265) | (4,677) |
Sales and marketing costs | (544) | (699) | (1,194) | (1,456) |
Other operating expenses | (1,930) | (1,516) | (3,756) | (3,346) |
Stock- based compensation expense | (148) | (535) | (711) | (1,664) |
Segment profit (loss) | (70) | (493) | (689) | (3,017) |
Operating Segments | Personalized Oncology Solutions (POS) | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 378 | 497 | 818 | 1,007 |
Direct cost of services | (259) | (374) | (645) | (845) |
Sales and marketing costs | (85) | (128) | (171) | (269) |
Other operating expenses | 0 | 0 | 0 | 0 |
Stock- based compensation expense | 0 | 0 | 0 | 0 |
Segment profit (loss) | 34 | (5) | 2 | (107) |
Operating Segments | Translational Oncology Solutions (TOS) | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 4,825 | 3,960 | 9,419 | 7,119 |
Direct cost of services | (2,392) | (1,826) | (4,620) | (3,832) |
Sales and marketing costs | (459) | (571) | (1,023) | (1,187) |
Other operating expenses | (1,073) | (964) | (2,111) | (2,090) |
Stock- based compensation expense | 0 | 0 | 0 | 0 |
Segment profit (loss) | 901 | 599 | 1,665 | 10 |
Unallocated Corporate Overhead | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Direct cost of services | 0 | 0 | 0 | 0 |
Sales and marketing costs | 0 | 0 | 0 | 0 |
Other operating expenses | (857) | (552) | (1,645) | (1,256) |
Stock- based compensation expense | (148) | (535) | (711) | (1,664) |
Segment profit (loss) | $ (1,005) | $ (1,087) | $ (2,356) | $ (2,920) |
Lines of Credit - Narrative (De
Lines of Credit - Narrative (Details) - USD ($) | 6 Months Ended | |
Oct. 31, 2017 | Oct. 30, 2017 | |
Line of Credit Facility [Line Items] | ||
Credit facility | $ 1,500,000 | |
Minimum | Wall Street Journal Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Spread on variable rate | 1.50% | |
Maximum | Wall Street Journal Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Spread on variable rate | 2.00% |