Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2019 | Dec. 06, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | CHAMPIONS ONCOLOGY, INC. | |
Entity Central Index Key | 0000771856 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 11,620,163 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Current assets: | ||
Cash | $ 2,784 | $ 3,237 |
Accounts receivable, net | 3,918 | 4,377 |
Prepaid expenses and other current assets | 363 | 308 |
Total current assets | 7,065 | 7,922 |
Operating lease right-of-use assets, net | 3,004 | 0 |
Property and equipment, net | 3,081 | 2,546 |
Other long term assets | 128 | 128 |
Goodwill | 669 | 669 |
Total assets | 13,947 | 11,265 |
Current liabilities: | ||
Accounts payable | 2,787 | 2,807 |
Accrued liabilities | 841 | 1,180 |
Current portion of finance lease | 2 | 16 |
Current portion of operating lease liabilities | 477 | 0 |
Deferred revenue | 4,146 | 4,022 |
Total current liabilities | 8,253 | 8,025 |
Deferred rent | 851 | |
Non-current operating lease liabilities | 3,429 | 0 |
Other non-current liabilities | 151 | 151 |
Total liabilities | 11,833 | 9,027 |
Stockholders’ equity: | ||
Common stock, $.001 par value; 200,000,000 shares authorized; 11,620,163 and 11,619,538 shares issued and outstanding as of October 31, 2019 and April 30, 2019, respectively | 12 | 12 |
Additional paid-in capital | 73,134 | 72,924 |
Accumulated deficit | (71,032) | (70,698) |
Total stockholders’ equity | 2,114 | 2,238 |
Total liabilities and stockholders’ equity | $ 13,947 | $ 11,265 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Oct. 31, 2019 | Apr. 30, 2019 |
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 | 11,620,163 | 11,619,538 |
Common Stock, shares outstanding | 11,620,163 | 11,619,538 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Income Statement [Abstract] | ||||
Oncology services revenue | $ 7,625 | $ 6,693 | $ 14,362 | $ 12,919 |
Costs and operating expenses: | ||||
Cost of oncology services | 3,881 | 3,451 | 7,633 | 6,533 |
Research and development | 1,341 | 1,193 | 2,644 | 2,282 |
Sales and marketing | 977 | 740 | 1,847 | 1,259 |
General and administrative | 1,135 | 1,034 | 2,561 | 2,088 |
Total costs and operating expenses | 7,334 | 6,418 | 14,685 | 12,162 |
Income (loss) from operations | 291 | 275 | (323) | 757 |
Other income (expense): | ||||
Other income (expense) | 27 | (7) | 15 | (6) |
Income (loss) before provision for income taxes | 318 | 268 | (308) | 751 |
Provision for income taxes | 11 | 1 | 26 | 1 |
Net income (loss) | $ 307 | $ 267 | $ (334) | $ 750 |
Net income (loss) per common share outstanding | ||||
Net income (loss) per common share outstanding, basic (in dollars per share) | $ 0.03 | $ 0.02 | $ (0.03) | $ 0.07 |
Net income (loss) per common share outstanding, diluted (in dollars per share) | $ 0.02 | $ 0.02 | $ (0.03) | $ 0.06 |
Weighted average common shares outstanding | ||||
Weighted average common shares outstanding, basic (in shares) | 11,619,686 | 11,278,312 | 11,619,569 | 11,135,358 |
Weighted average common shares outstanding, diluted (in shares) | 12,964,792 | 14,037,090 | 11,619,569 | 13,491,502 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance (shares) at Apr. 30, 2018 | 11,003,228 | 269,685 | |||
Beginning balance at Apr. 30, 2018 | $ 3 | $ 11 | $ (1,252) | $ 72,070 | $ (70,826) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 75 | 75 | |||
Issuance of common stock for services (in shares) | 4,762 | ||||
Issuance of common stock on exercise of stock options (in shares) | 20,000 | ||||
Issuance of common stock on exercise of stock options | 42 | 42 | |||
Net income (loss) | 483 | 483 | |||
Ending balance (shares) at Jul. 31, 2018 | 11,027,990 | 269,685 | |||
Ending balance at Jul. 31, 2018 | 603 | $ 11 | $ (1,252) | 72,187 | (70,343) |
Beginning balance (shares) at Apr. 30, 2018 | 11,003,228 | 269,685 | |||
Beginning balance at Apr. 30, 2018 | 3 | $ 11 | $ (1,252) | 72,070 | (70,826) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 750 | ||||
Ending balance (shares) at Oct. 31, 2018 | 11,474,805 | 0 | |||
Ending balance at Oct. 31, 2018 | 1,992 | $ 11 | $ 0 | 72,057 | (70,076) |
Beginning balance (shares) at Jul. 31, 2018 | 11,027,990 | 269,685 | |||
Beginning balance at Jul. 31, 2018 | 603 | $ 11 | $ (1,252) | 72,187 | (70,343) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 88 | 88 | |||
Issuance of common stock on exercise of stock options (in shares) | 446,815 | 269,685 | |||
Issuance of common stock on exercise of stock options | 1,034 | $ 1,252 | (218) | ||
Net income (loss) | 267 | 267 | |||
Ending balance (shares) at Oct. 31, 2018 | 11,474,805 | 0 | |||
Ending balance at Oct. 31, 2018 | 1,992 | $ 11 | $ 0 | 72,057 | (70,076) |
Beginning balance (shares) at Apr. 30, 2019 | 11,619,538 | 0 | |||
Beginning balance at Apr. 30, 2019 | 2,238 | $ 12 | $ 0 | 72,924 | (70,698) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 131 | 131 | |||
Net income (loss) | (641) | (641) | |||
Ending balance (shares) at Jul. 31, 2019 | 11,619,538 | 0 | |||
Ending balance at Jul. 31, 2019 | 1,728 | $ 12 | $ 0 | 73,055 | (71,339) |
Beginning balance (shares) at Apr. 30, 2019 | 11,619,538 | 0 | |||
Beginning balance at Apr. 30, 2019 | 2,238 | $ 12 | $ 0 | 72,924 | (70,698) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (334) | ||||
Ending balance (shares) at Oct. 31, 2019 | 11,620,163 | 0 | |||
Ending balance at Oct. 31, 2019 | 2,114 | $ 12 | $ 0 | 73,134 | (71,032) |
Beginning balance (shares) at Jul. 31, 2019 | 11,619,538 | 0 | |||
Beginning balance at Jul. 31, 2019 | 1,728 | $ 12 | $ 0 | 73,055 | (71,339) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 77 | 77 | |||
Issuance of common stock on exercise of stock options (in shares) | 625 | ||||
Issuance of common stock on exercise of stock options | 2 | 2 | |||
Net income (loss) | 307 | 307 | |||
Ending balance (shares) at Oct. 31, 2019 | 11,620,163 | 0 | |||
Ending balance at Oct. 31, 2019 | $ 2,114 | $ 12 | $ 0 | $ 73,134 | $ (71,032) |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Operating activities: | ||
Net (loss) income | $ (334) | $ 750 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Stock-based compensation | 208 | 163 |
Issuance of common stock for services | 0 | 8 |
Depreciation and amortization expense | 360 | 269 |
Gain on disposal of equipment | (52) | 0 |
Operating lease right-of use assets | 198 | 0 |
Provision for doubtful accounts | 34 | 0 |
Deferred rent | 0 | 216 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 425 | (786) |
Prepaid expenses and other current assets | (55) | 25 |
Accounts payable | (341) | (141) |
Accrued liabilities | (339) | (228) |
Operating lease liabilities | (147) | 0 |
Deferred revenue | 124 | 124 |
Net cash provided by operating activities | 81 | 400 |
Investing activities: | ||
Purchase of property and equipment | (522) | (486) |
Net cash used in investing activities | (522) | (486) |
Financing activities: | ||
Proceeds from exercise of options and warrants | 2 | 1,076 |
Finance lease payments | (14) | (40) |
Net cash (used in) provided by financing activities | (12) | 1,036 |
(Decrease)/increase in cash | (453) | 950 |
Cash at beginning of period | 3,237 | 1,006 |
Cash at end of period | 2,784 | 1,956 |
Non-cash investing activities: | ||
Purchase equipment under finance lease | 0 | 235 |
Purchase of equipment | 160 | 0 |
Unpaid portion of property and equipment purchase | $ 321 | $ 0 |
Organization, Use of Estimates
Organization, Use of Estimates and Basis of Presentation | 6 Months Ended |
Oct. 31, 2019 | |
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 an end-to-end range of research and development technology solutions and services to improve 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: Translational Oncology Solutions (“TOS”) and Personalized Oncology Solutions (“POS”). 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. 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 has two operating subsidiaries: Champions Oncology (Israel), Limited and Champions Biotechnology U.K., Limited. For the three and six months ended October 31, 2019 and 2018 , 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, 2019 , as filed on Form 10-K, except effective May 1, 2019, the Company accounts for its leases under Accounting Standards Codification (“ASC”) Topic 842, Leases. 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, 2019 . The results of operations for the interim periods are not necessarily indicative of the results of operations for a full fiscal year. 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. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and with original maturities of three months or less to be cash equivalents. As of October 31, 2019 and April 30, 2019 the Company had no cash equivalents. 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, working capital management, proceeds from certain private placements and public offerings of our securities and sales of products and services. For the six months ended October 31, 2019 , the Company had a net loss of approximately $334,000 and cash flow from operations of $81,000 . For the three months ended October 31, 2019 , the Company had net income of $307,000 and cash flow from operations of $360,000 . As of October 31, 2019 , the Company had an accumulated deficit of approximately $71.0 million , a working capital deficit of $1.2 million and cash of $2.8 million . We believe that our cash on hand, together with expected positive cash flows from operations for fiscal year 2020, are adequate to fund operations through at least 12 months from the filing of this 10-Q. 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. Leases Effective May 1, 2019, the Company accounts for its leases under ASC Topic 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. The Company continues to account for leases in the prior period financial statements in accordance with ASC Topic 840. Earnings Per Share Basic net income or loss per share is computed by dividing the net income or loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing the net income or 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. Three Months Ended Six Months Ended October 31, 2019 2018 2019 2018 Basic and diluted net (loss) income per share computation (dollars in thousands): Net income (loss) attributable to common stockholders $ 307 $ 267 $ (334 ) $ 750 Weighted Average common shares – basic 11,619,686 11,278,312 11,619,569 11,135,358 Basic net income (loss) per share $ 0.03 $ 0.02 $ (0.03 ) $ 0.07 Diluted income (loss) per share computation: Net income (loss) attributable to common stockholders $ 307 $ 267 $ (334 ) $ 750 Income (loss) available to common stockholders $ 307 $ 267 $ (334 ) $ 750 Weighted Average common shares 11,619,686 11,278,312 11,619,569 11,135,358 Incremental shares from assumed exercise of warrants and stock options 1,345,106 2,758,778 — 2,356,144 Adjusted weighted average share – diluted 12,964,792 14,037,090 11,619,569 13,491,502 Diluted net income (loss) per share $ 0.02 $ 0.02 $ (0.03 ) $ 0.06 The following table reflects the total potential share-based instruments outstanding at October 31, 2019 and 2018 that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive: October 31, 2019 2018 Stock options 2,453,874 2,466,877 Warrants 1,669,773 1,878,219 Total common stock equivalents 4,123,647 4,345,096 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. Our ability to utilize net operating losses (“NOL”) carryforwards to offset our future taxable income would be limited if we have undergone or were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code (the “IRC”). The Company performed a Section 382 study and concluded that there are adequate NOL's available to offset any net income generated during the fiscal year ending April 30, 2020. The Company adjusts the valuation allowance in the period management determines it is more likely than not that 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, 2019 and April 30, 2019 , 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 the Company 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 recorded $151,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of October 31, 2019 and April 30, 2019 . 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, 2019 and April 30, 2019 , 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 provision for the income taxes for the three months ended October 31, 2019 and 2018 was $11,000 and $1,000 . The provision for income taxes for the six months ended October 31, 2019 and 2018 was $26,000 and $1,000 , respectively. Revenue Recognition All revenue is generated from contracts with customers. The Company's arrangements are service type contracts that mainly have a duration of less than a year. The Company recognizes revenue when control of these services is transferred to the customer in an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions. Pharmacology Study, POS Services and Other Services The Company generally enters into contracts with customers to provide oncology services with payments based on fixed-fee arrangements. At contract inception, the Company assesses the services promised in the contracts with customers to identify the performance obligations in the arrangement. The Company's fixed-fee arrangements for oncology services are considered a single performance obligation because the Company provides a highly-integrated service. The Company recognizes revenue over time using a progress-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Revenue is recognized for the single performance obligation over time due to the Company's right to payment for work performed to date and the performance does not create an asset with an alternative use. The Company recognizes revenue as portions of the overall performance obligation are completed as this best depicts the progress of the performance obligation. Variable Consideration In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as the success of the initial performance obligation. Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. Trade Receivables, Unbilled Services and Deferred Revenue In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company's services under the contract. In general, the Company's intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract. Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from timing of payment terms and when an input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Deferred revenue consists of unearned payments received in excess of revenue recognized. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of the revenue recognized during the period. Deferred revenue is classified as a current liability on the condensed consolidated balance sheet as the Company expects to recognize the associated revenue in less than one year. Accounting Pronouncements Being Evaluated In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, which amends ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software, to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement ("CCA") that is a service contract. This update aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The update is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period. We are currently assessing the impact of this update on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses". This update requires immediate recognition of management’s estimates of current expected credit losses ("CECL"). Under the prior model, losses were recognized only as they were incurred. The new model is applicable to all financial instruments that are not accounted for at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2019 for public entities. Early adoption is permitted. We are currently assessing the impact of this update on our consolidated financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases", (Topic 842), which required the Company to recognize lease assets and lease liabilities (related to leases previously classified as operating under previous U.S. GAAP) on its consolidated balance sheet for all leases in excess of one year in duration. The ASU was effective for the Company on May 1, 2019. The Company elected to adopt ASU 2016-02 using the modified retrospective method and, therefore, have not recast comparative periods presented in its unaudited consolidated financial statements. As permitted under ASU 2016-02, the Company elected to account for the non-lease components together with the lease components as a single lease component. The Company recorded an operating lease right-of-use ("ROU") asset of $3.2 million , net of deferred rent of $900,000 and an operating lease liability of $4.1 million as of May 1, 2019. See Note 8 of this Form 10-Q for additional information and required disclosures. Under Topic 842, the Company determined if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments of $4.1 million over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In June 2018, the FASB issued ASU 2018-07, "Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting". This ASU expands the scope of Topic 718, Compensation—Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Under the new guidance, the existing employee guidance will apply to nonemployee share based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. The new accounting guidance was effective for the Company on May 1, 2019. The Company has adopted this new rule beginning with its financial reporting for the quarter ended January 31, 2019. The adoption had no material impact on our consolidated financial statements. |
Accounts Receivable, Unbilled S
Accounts Receivable, Unbilled Services and Deferred Revenue | 6 Months Ended |
Oct. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable, Unbilled Services and Deferred Revenue | Accounts Receivable, Unbilled Services and Deferred Revenue Accounts receivable and unbilled services were as follows (in thousands): October 31, 2019 April 30, 2019 (unaudited) Accounts receivable $ 2,298 $ 1,982 Unbilled services 1,676 2,417 Total accounts receivable and unbilled services 3,974 4,399 Less allowance for doubtful accounts (56 ) (22 ) Total accounts receivable, net $ 3,918 $ 4,377 Deferred revenue was as follows (in thousands): October 31, 2019 April 30, 2019 (unaudited) Deferred revenue $ 4,146 $ 4,022 Deferred revenue is shown as a current liability on the Company's balance sheet. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Oct. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Oncology Services Revenue The Company adopted ASC 606, Revenue Recognition - Revenue from Customers ("ASC 606") on May 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for both the three months ended October 31, 2019 and 2018 reflect the application of ASC 606. In accordance with ASC 606, revenue is now recognized when, or as, a customer obtains control of promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. A performance obligation is a promise (or a combination of promises) in a contract to transfer distinct goods or services to a customer and is the unit of accounting under ASC 606 for the purposes of revenue recognition. A contract's transaction price is allocated to each separate performance obligation based upon the standalone selling price and is recognized as revenue, when, or as, the performance obligation is satisfied. The majority of the Company's contracts have a single performance obligation because the promise to transfer individual services is not separately identifiable from other promises in the contracts, and therefore, is not distinct. The majority of the Company's revenue arrangements are service contracts that are complete within a year or less. There are a few contracts that range in duration between 1 and 3 years. Substantially all of the Company's performance obligations, and associated revenue, are transferred to the customer over time. Most of the Company's contracts can be terminated by the customer without cause. In the event of termination, the Company's contracts provide that the customer pay the Company for services rendered through the termination date. The Company generally receives compensation based on a predetermined invoicing schedule relating to specific milestones for that contract. In addition, in certain instances a customer contract may include forms of variable consideration such as performance increases or other provisions that can increase or decrease the transaction price. This variable consideration is generally awarded upon achievement of certain performance metrics. For the purposes of revenue recognition, variable consideration is assessed on a contract-by-contract basis and the amount to be recorded is estimated based on the assessment of the Company's anticipated performance and consideration of all information that is reasonably available. Variable consideration is recognized as revenue if and when it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved in the future. Amendments to contracts are common. The Company evaluates each amendment which meets the criteria of a contract modification under ASC 606. Each modification is further evaluated to determine whether the contract modification should be accounted for as a separate contract or as a continuation of the original agreement. The Company accounts for amendments as a separate contract if they meet the criteria under ASC 606-10-25-12. Other TOS revenue represents services provided to the pharmaceutical and biotechnology companies. The Company does not consider these services part of their core product offerings. The following tables represents disaggregated revenue for the three and six months ended October 31, 2019 and 2018 : Three Months Ended Six Months Ended October 31, 2019 2018 2019 2018 Pharmacology services $ 7,358 $ 6,236 $ 13,888 $ 12,013 Personalized oncology services 232 249 412 609 Other 35 208 62 297 Total oncology services revenue $ 7,625 $ 6,693 $ 14,362 $ 12,919 Contract Balances Contract assets include unbilled amounts typically resulting from revenue recognized in excess of the amounts billed to the customer for which the right to payment is subject to factors other than the passage of time. These amounts may not exceed their net realizable value. Contract assets are classified as current. Contract liabilities consist of customer payments received in advance of performance and billings in excess of revenue recognized, net of revenue recognized from the balance at the beginning of the period. Contract assets and liabilities are presented on the balance sheet on a net contract-by-contract basis at the end of each reporting period. There were no material contract assets or liabilities recorded on the condensed consolidated balance sheet as of October 31, 2019 and April 30, 2019. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Oct. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, 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 $ 180 $ 142 Computer equipment and software 1,174 1,104 Laboratory equipment 4,034 3,358 Assets in progress — 16 Total property and equipment 5,388 4,620 Less: Accumulated depreciation (2,307 ) (2,074 ) Property and equipment, net $ 3,081 $ 2,546 Depreciation and amortization expense, excluding expense recorded under the finance lease, was $162,000 and $115,000 for the three months ended October 31, 2019 and 2018 , respectively, and $307,000 and $226,000 for the six months ended October 31, 2019 and 2018 . As of October 31, 2019 and April 30, 2019 , property, plant and equipment included assets held under the finance lease of $366,000 and $130,000 , respectively. Related depreciation expense was $16,000 and $36,000 for the three months ended October 31, 2019 and 2018 , and $53,000 and $43,000 for the six months ended October 31, 2019 and 2018 . During the quarter the Company traded in and disposed of $235,000 leased asset that was included in the laboratory equipment category. The accumulated depreciation written off during the disposal related to that asset was $127,000 . Finance Lease In November 2014, the Company entered into a finance lease for laboratory equipment. The lease has costs of approximately $149,000 , at inception, through November 2019. The current monthly finance lease payment is approximately $3,000 . The future minimum lease payments remaining under this finance lease is $2,000 , which will be paid during fiscal year 2020. The present value of minimum future obligations is calculated based on interest rate of 5% . In July 2018, the Company entered into a second finance lease for laboratory equipment. The lease had total costs of approximately $266,000 , inclusive of interest and taxes, with a monthly payment of approximately $11,000 . Although the lease was originally due to mature in July 2020, the Company decided to pay the outstanding balance on February 1, 2019. As a result, the entire outstanding balance is nil as of October 31, 2019. During the quarter, the Company traded in this asset and received a $160,000 reduction in the purchase price of two newly acquired assets. The net book value of the asset traded in at the time of trade in was $108,000 , which resulted in the gain on the disposal of the asset of $52,000 , which is included in the other income (expense) line in the Company's statement of operations. The net book value of the asset is nil at October 31, 2019. |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Oct. 31, 2019 | |
Share-based Payment Arrangement [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 $77,000 and $88,000 was recognized for the three months ended October 31, 2019 and 2018 , respectively. Stock-based compensation in the amount of $208,000 and $171,000 was recognized for the six months ended October 31, 2019 and 2018, respectively. Included in 2018 stock-based compensation expense for the six months October 31, 2018 under general and administrative line item is $7,500 issuance of common stock as compensation for services performed. During the six months ended October 31, 2019 there were 40,000 unvested options that were forfeited at employee's termination date, which resulted in a negative expense of $37,000 included in the cost of oncology services. Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 General and administrative $ 39 $ 23 $ 171 $ 83 Sales and marketing 27 40 49 47 Research and development 2 5 5 9 Cost of oncology services 9 20 (17 ) 32 Total stock-based compensation expense $ 77 $ 88 $ 208 $ 171 Stock Option Grants Black-Scholes assumptions used to calculate the fair value of options granted during the three and six months ended October 31, 2019 and 2018 were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Expected term in years 6 6 6 6 Risk-free interest rates 1.57% 2.78% 1.57 2.78%-2.82% Volatility 71.11% 83.88% 71.11% 83.88%-84.35% Dividend yield —% —% —% —% The weighted average fair value of stock options granted during the three months ended October 31, 2019 and 2018 was $3.32 and $6.17 , respectively, and $3.32 and $6.16 was recognized for the six months ended October 31, 2019 and 2018 , respectively. The Company’s stock options activity for the six months ended October 31, 2019 was as follows: Directors Non- Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2019 2,373,626 50,000 2,423,626 $ 3.19 5.3 $ 14,557,000 Granted 154,000 — 154,000 5.23 Exercised (625 ) — (625 ) 5.81 Forfeited (41,875 ) — (41,875 ) 7.99 Canceled (4,583 ) — (4,583 ) 11.90 Expired (70,001 ) (6,668 ) (76,669 ) 8.04 Outstanding, October 31, 2019 2,410,542 43,332 2,453,874 3.07 5.1 $ 6,216,000 Vested and expected to vest as of October 31, 2019 2,410,542 43,332 2,453,874 3.07 5.1 $ 6,216,000 Exercisable as of October 31, 2019 2,068,437 17,501 2,085,938 2.64 4.4 $ 6,004,000 Stock Purchase Warrants As of October 31, 2019 and April 30, 2019 , the Company had warrants outstanding for the purchase of 1,669,773 and 1,671,440 , respectively, 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, 2019 1,671,440 $ 6.20 0.9 $ 5,730,000 Granted — — — — Exercised — — — — Canceled — — — — Expired (1,667 ) 4.80 — — Outstanding, October 31, 2019 1,669,773 $ 5.66 0.4 $ 76,000 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Oct. 31, 2019 | |
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 both six months ended October 31, 2019 and 2018 , the Company paid an affiliate of a board member $ 36,000 for consulting services unrelated to his duty as a board member. During both three months ended October 31, 2019 and 2018 , the Company paid an affiliate of a board member $ 18,000 for consulting services unrelated to his duty as a board member. During the six months ended October 31, 2019 and 2018 , the Company paid an affiliate of another board member $ 29,250 and $37,261 , respectively, for consulting services unrelated to their duties as board members. During the three months ended October 31, 2019 and 2018 , the Company paid an affiliate of another board member $14,089 and $ 16,575 . As of October 31, 2019 , $15,311 was due to these related parties. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases In connection with the Company's adoption of ASC 842, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the consolidated balance sheet as both an operating lease ROU asset and operating lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred. The Company has elected to apply the short-term lease exemption practical expedient for each class of underlying assets and excludes short-term leases having initial terms of 12 months or less. The Company recognizes rent expense on a straight-line basis over the lease term for these short-term leases. The Company has determined that no material embedded leases exist. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments, which was 7.25% . The weighted average remaining lease term and the weighted average discount rate at the adoption date were 7.68 years and 7.25% , respectively. The Company currently leases certain office equipment and its office and laboratory facilities under non-cancelable operating leases. Rent expense for operating leases is recognized on a straight-line basis over the lease term from the lease commencement date through the scheduled expiration date. Rent expenses under the office and laboratory facilities totaled $477,000 and $375,000 for the six months ended October 31, 2019 and 2018 , respectively. The Company considers its facilities adequate for its current operational needs. The Company leases the following facilities: • 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 $47,000 and $45,000 of rental costs relative to this lease for the six months ended October 31, 2019 and 2018 , respectively. • 1330 Piccard Drive, Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company conducts 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 $302,000 of rental expense for the six months ended October 31, 2019 and 2018 , respectively. • 910 Clopper Road, Suites 260S and 280S, Gaithersburg, Maryland 20878, which consists of laboratory and office space where the Company conducted operations related to its primary service offerings. The Company executed this lease on April 1, 2018. The operating commencement date was May 1, 2018. The Company transitioned its activities from this location to the New Location, as defined below, and terminated this lease seven days after the commencement date of the New Location. The Company recognized nil and $28,000 of rental expense for six months ended October 31, 2019 and 2018 , respectively. • 1405 Research Boulevard, Suites 125, Rockville, Maryland 20850 (“New Location”), which consists of laboratory and office space where the Company conducts operations related to its primary service offerings. The Company executed this lease on November 1, 2018. The operating commencement date was January 17, 2019. This lease expires in January 2024 . The Company recognized $ 128,000 and nil of rental expense for the six months ended October 31, 2019 and 2018 , respectively. Future minimum lease payments due each fiscal year as follows (in thousands): 2020 (remaining) $ 694 2021 1,471 2022 1,445 2023 1,404 2024 1,419 Thereafter 4,400 Total $ 10,833 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and with original maturities of three months or less to be cash equivalents. |
Leases | Leases Effective May 1, 2019, the Company accounts for its leases under ASC Topic 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. The Company continues to account for leases in the prior period financial statements in accordance with ASC Topic 840. |
Earnings Per Share | Earnings Per Share Basic net income or loss per share is computed by dividing the net income or loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing the net income or 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. |
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. Our ability to utilize net operating losses (“NOL”) carryforwards to offset our future taxable income would be limited if we have undergone or were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code (the “IRC”). The Company performed a Section 382 study and concluded that there are adequate NOL's available to offset any net income generated during the fiscal year ending April 30, 2020. The Company adjusts the valuation allowance in the period management determines it is more likely than not that 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, 2019 and April 30, 2019 , 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 the Company 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 recorded $151,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of October 31, 2019 and April 30, 2019 . 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, 2019 and April 30, 2019 , 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. |
Revenue Recognition | Revenue Recognition All revenue is generated from contracts with customers. The Company's arrangements are service type contracts that mainly have a duration of less than a year. The Company recognizes revenue when control of these services is transferred to the customer in an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions. Pharmacology Study, POS Services and Other Services The Company generally enters into contracts with customers to provide oncology services with payments based on fixed-fee arrangements. At contract inception, the Company assesses the services promised in the contracts with customers to identify the performance obligations in the arrangement. The Company's fixed-fee arrangements for oncology services are considered a single performance obligation because the Company provides a highly-integrated service. The Company recognizes revenue over time using a progress-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Revenue is recognized for the single performance obligation over time due to the Company's right to payment for work performed to date and the performance does not create an asset with an alternative use. The Company recognizes revenue as portions of the overall performance obligation are completed as this best depicts the progress of the performance obligation. Variable Consideration In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as the success of the initial performance obligation. Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. Trade Receivables, Unbilled Services and Deferred Revenue In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company's services under the contract. In general, the Company's intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract. Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from timing of payment terms and when an input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Deferred revenue consists of unearned payments received in excess of revenue recognized. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of the revenue recognized during the period. Deferred revenue is classified as a current liability on the condensed consolidated balance sheet as the Company expects to recognize the associated revenue in less than one year. |
Accounting Pronouncements Being Evaluated/Recently Adopted Accounting Pronouncements | Accounting Pronouncements Being Evaluated In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, which amends ASC 350-40, Intangibles—Goodwill and Other—Internal-Use Software, to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement ("CCA") that is a service contract. This update aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The update is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period. We are currently assessing the impact of this update on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses". This update requires immediate recognition of management’s estimates of current expected credit losses ("CECL"). Under the prior model, losses were recognized only as they were incurred. The new model is applicable to all financial instruments that are not accounted for at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2019 for public entities. Early adoption is permitted. We are currently assessing the impact of this update on our consolidated financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases", (Topic 842), which required the Company to recognize lease assets and lease liabilities (related to leases previously classified as operating under previous U.S. GAAP) on its consolidated balance sheet for all leases in excess of one year in duration. The ASU was effective for the Company on May 1, 2019. The Company elected to adopt ASU 2016-02 using the modified retrospective method and, therefore, have not recast comparative periods presented in its unaudited consolidated financial statements. As permitted under ASU 2016-02, the Company elected to account for the non-lease components together with the lease components as a single lease component. The Company recorded an operating lease right-of-use ("ROU") asset of $3.2 million , net of deferred rent of $900,000 and an operating lease liability of $4.1 million as of May 1, 2019. See Note 8 of this Form 10-Q for additional information and required disclosures. Under Topic 842, the Company determined if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments of $4.1 million over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In June 2018, the FASB issued ASU 2018-07, "Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting". This ASU expands the scope of Topic 718, Compensation—Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Under the new guidance, the existing employee guidance will apply to nonemployee share based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. The new accounting guidance was effective for the Company on May 1, 2019. The Company has adopted this new rule beginning with its financial reporting for the quarter ended January 31, 2019. The adoption had no material impact on our consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of the Calculation of Earnings per Share, Basic and Diluted | Three Months Ended Six Months Ended October 31, 2019 2018 2019 2018 Basic and diluted net (loss) income per share computation (dollars in thousands): Net income (loss) attributable to common stockholders $ 307 $ 267 $ (334 ) $ 750 Weighted Average common shares – basic 11,619,686 11,278,312 11,619,569 11,135,358 Basic net income (loss) per share $ 0.03 $ 0.02 $ (0.03 ) $ 0.07 Diluted income (loss) per share computation: Net income (loss) attributable to common stockholders $ 307 $ 267 $ (334 ) $ 750 Income (loss) available to common stockholders $ 307 $ 267 $ (334 ) $ 750 Weighted Average common shares 11,619,686 11,278,312 11,619,569 11,135,358 Incremental shares from assumed exercise of warrants and stock options 1,345,106 2,758,778 — 2,356,144 Adjusted weighted average share – diluted 12,964,792 14,037,090 11,619,569 13,491,502 Diluted net income (loss) per share $ 0.02 $ 0.02 $ (0.03 ) $ 0.06 |
Summary of Antidilutive Securities Excluded from Earnings Per Share Calculations | The following table reflects the total potential share-based instruments outstanding at October 31, 2019 and 2018 that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive: October 31, 2019 2018 Stock options 2,453,874 2,466,877 Warrants 1,669,773 1,878,219 Total common stock equivalents 4,123,647 4,345,096 |
Accounts Receivable, Unbilled_2
Accounts Receivable, Unbilled Services and Deferred Revenue (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Receivables [Abstract] | |
Summary of accounts receivable, unbilled services, and advanced billings | Accounts receivable and unbilled services were as follows (in thousands): October 31, 2019 April 30, 2019 (unaudited) Accounts receivable $ 2,298 $ 1,982 Unbilled services 1,676 2,417 Total accounts receivable and unbilled services 3,974 4,399 Less allowance for doubtful accounts (56 ) (22 ) Total accounts receivable, net $ 3,918 $ 4,377 |
Summary of advanced billings | Deferred revenue was as follows (in thousands): October 31, 2019 April 30, 2019 (unaudited) Deferred revenue $ 4,146 $ 4,022 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables represents disaggregated revenue for the three and six months ended October 31, 2019 and 2018 : Three Months Ended Six Months Ended October 31, 2019 2018 2019 2018 Pharmacology services $ 7,358 $ 6,236 $ 13,888 $ 12,013 Personalized oncology services 232 249 412 609 Other 35 208 62 297 Total oncology services revenue $ 7,625 $ 6,693 $ 14,362 $ 12,919 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
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 $ 180 $ 142 Computer equipment and software 1,174 1,104 Laboratory equipment 4,034 3,358 Assets in progress — 16 Total property and equipment 5,388 4,620 Less: Accumulated depreciation (2,307 ) (2,074 ) Property and equipment, net $ 3,081 $ 2,546 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Allocation of Share Based Compensation Expense | Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 General and administrative $ 39 $ 23 $ 171 $ 83 Sales and marketing 27 40 49 47 Research and development 2 5 5 9 Cost of oncology services 9 20 (17 ) 32 Total stock-based compensation expense $ 77 $ 88 $ 208 $ 171 |
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, 2019 and 2018 were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Expected term in years 6 6 6 6 Risk-free interest rates 1.57% 2.78% 1.57 2.78%-2.82% Volatility 71.11% 83.88% 71.11% 83.88%-84.35% Dividend yield —% —% —% —% |
Summary of Stock Option Activity | The Company’s stock options activity for the six months ended October 31, 2019 was as follows: Directors Non- Employees Total Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding, May 1, 2019 2,373,626 50,000 2,423,626 $ 3.19 5.3 $ 14,557,000 Granted 154,000 — 154,000 5.23 Exercised (625 ) — (625 ) 5.81 Forfeited (41,875 ) — (41,875 ) 7.99 Canceled (4,583 ) — (4,583 ) 11.90 Expired (70,001 ) (6,668 ) (76,669 ) 8.04 Outstanding, October 31, 2019 2,410,542 43,332 2,453,874 3.07 5.1 $ 6,216,000 Vested and expected to vest as of October 31, 2019 2,410,542 43,332 2,453,874 3.07 5.1 $ 6,216,000 Exercisable as of October 31, 2019 2,068,437 17,501 2,085,938 2.64 4.4 $ 6,004,000 |
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, 2019 1,671,440 $ 6.20 0.9 $ 5,730,000 Granted — — — — Exercised — — — — Canceled — — — — Expired (1,667 ) 4.80 — — Outstanding, October 31, 2019 1,669,773 $ 5.66 0.4 $ 76,000 |
Commitments and Contingencies
Commitments and Contingencies (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Operating Lease Payments | Future minimum lease payments due each fiscal year as follows (in thousands): 2020 (remaining) $ 694 2021 1,471 2022 1,445 2023 1,404 2024 1,419 Thereafter 4,400 Total $ 10,833 |
Organization, Use of Estimate_2
Organization, Use of Estimates and Basis of Presentation - Narrative (Details) | 6 Months Ended |
Oct. 31, 2019subsidiary | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating subsidiaries | 2 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Oct. 31, 2019 | Jul. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | May 01, 2019 | Apr. 30, 2019 | |
Accounting Policies [Abstract] | ||||||||
Net (loss) income | $ 307 | $ (641) | $ 267 | $ 483 | $ (334) | $ 750 | ||
Net cash used in operating activities | (360) | (81) | (400) | |||||
Accumulated deficit | 71,032 | 71,032 | $ 70,698 | |||||
Working capital deficit | 1,200 | 1,200 | ||||||
Cash and cash equivalents | 2,784 | 2,784 | 3,237 | |||||
Unrecognized tax benefits | 151 | 151 | 151 | |||||
Provision for income taxes | 11 | $ 1 | 26 | $ 1 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Operating lease right-of-use assets, net | 3,004 | 3,004 | $ 0 | |||||
Present value of minimum payments due | $ 10,833 | $ 10,833 | ||||||
Accounting Standards Update 2016-02 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Operating lease right-of-use assets, net | $ 3,200 | |||||||
Deferred rent | 900 | |||||||
Operating lease liability | 4,100 | |||||||
Present value of minimum payments due | $ 4,100 |
Significant Accounting Polici_5
Significant Accounting Policies - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Oct. 31, 2019 | Jul. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Basic loss per share computation | ||||||
Net income (loss) attributable to common stockholders | $ 307 | $ (641) | $ 267 | $ 483 | $ (334) | $ 750 |
Weighted Average common shares - basic (in shares) | 11,619,686 | 11,278,312 | 11,619,569 | 11,135,358 | ||
Basic net income (loss) per share (in dollars per share) | $ 0.03 | $ 0.02 | $ (0.03) | $ 0.07 | ||
Income (loss) available to common stockholders | $ 307 | $ 267 | $ (334) | $ 750 | ||
Incremental shares from assumed exercise of warrants and stock options (in shares) | 1,345,106 | 2,758,778 | 0 | 2,356,144 | ||
Adjusted weighted average share - diluted (in shares) | 12,964,792 | 14,037,090 | 11,619,569 | 13,491,502 | ||
Diluted net income (loss) per share (in usd per share) | $ 0.02 | $ 0.02 | $ (0.03) | $ 0.06 |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Potentially Antidilutive Securities (Details) - shares | 6 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 4,123,647 | 4,345,096 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 2,453,874 | 2,466,877 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 1,669,773 | 1,878,219 |
Accounts Receivable, Unbilled_3
Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Accounts Receivable and Unbilled Services (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Receivables [Abstract] | ||
Accounts receivable | $ 2,298 | $ 1,982 |
Unbilled services | 1,676 | 2,417 |
Total accounts receivable and unbilled services | 3,974 | 4,399 |
Less allowance for doubtful accounts | (56) | (22) |
Total accounts receivable, net | $ 3,918 | $ 4,377 |
Accounts Receivable, Unbilled_4
Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Receivables [Abstract] | ||
Deferred revenue | $ 4,146 | $ 4,022 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Oncology services revenue | $ 7,625 | $ 6,693 | $ 14,362 | $ 12,919 |
Pharmacology services | ||||
Disaggregation of Revenue [Line Items] | ||||
Oncology services revenue | 7,358 | 6,236 | 13,888 | 12,013 |
Personalized oncology services | ||||
Disaggregation of Revenue [Line Items] | ||||
Oncology services revenue | 232 | 249 | 412 | 609 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Oncology services revenue | $ 35 | $ 208 | $ 62 | $ 297 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2018 | Nov. 30, 2014 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2019 | Apr. 30, 2019 | |
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation | $ 162,000 | $ 115,000 | $ 307,000 | $ 226,000 | ||||
Assets under finance lease | 366,000 | 366,000 | $ 130,000 | |||||
Finance lease, liability | $ 266,000 | $ 149,000 | 0 | 0 | ||||
Finance leases monthly payments | $ 11,000 | $ 3,000 | ||||||
Future minimum lease payments remaining | $ 2,000 | $ 2,000 | ||||||
Discount rate | 5.00% | 5.00% | ||||||
Property, Plant and Equipment, Net | $ 3,081,000 | $ 3,081,000 | $ 2,546,000 | |||||
Gain on disposal of equipment | 52,000 | 0 | ||||||
Finance Leased Assets | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation | 16,000 | $ 36,000 | 53,000 | $ 43,000 | ||||
Laboratory Equipment [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Finance leased assets traded in | 235,000 | |||||||
Accumulated depreciation written off | 127,000 | |||||||
Traded-in Assets [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from trade in of equipment | 160,000 | |||||||
Property, Plant and Equipment, Net | 0 | $ 0 | $ 108,000 | |||||
Gain on disposal of equipment | $ 52,000 | |||||||
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 - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Property, Plant and Equipment [Abstract] | ||
Furniture and fixtures | $ 180 | $ 142 |
Computer equipment and software | 1,174 | 1,104 |
Laboratory equipment | 4,034 | 3,358 |
Assets in progress | 0 | 16 |
Total property and equipment | 5,388 | 4,620 |
Less: Accumulated depreciation | (2,307) | (2,074) |
Property and equipment, net | $ 3,081 | $ 2,546 |
Share-Based Payments - Narrativ
Share-Based Payments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |||||
Stock-based compensation expense | $ 77,000 | $ 88,000 | $ 208,000 | $ 171,000 | |
Option modification charge (reduction) | $ 7,500 | ||||
Unvested options forfeited (in shares) | 40,000 | ||||
Unvested options, negative expense | $ (37,000) | ||||
Weighted-average grant date fair value (in usd per share) | $ 3.32 | $ 6.17 | $ 3.32 | $ 6.16 | |
Warrants outstanding (in shares) | 1,669,773 | 1,669,773 | 1,671,440 |
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, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 77 | $ 88 | $ 208 | $ 171 |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 39 | 23 | 171 | 83 |
Sales and marketing | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 27 | 40 | 49 | 47 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 2 | 5 | 5 | 9 |
Cost of oncology services | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 9 | $ 20 | $ (17) | $ 32 |
Share-Based Payments - Valuatio
Share-Based Payments - Valuation Assumptions for Stock Options (Details) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term in years | 6 years | 6 years | 6 years | 6 years |
Risk-free interest rates | 1.57% | 2.78% | 1.57% | |
Volatility | 71.11% | 83.88% | 71.11% | |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rates | 2.78% | |||
Volatility | 83.88% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rates | 2.82% | |||
Volatility | 84.35% |
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, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Shares, Outstanding, Beginning Balance | 2,423,626 | |
Shares, Granted | 154,000 | |
Shares, Exercised | (625) | |
Shares, Forfeited | (41,875) | |
Shares, Canceled | (4,583) | |
Shares, Expired | (76,669) | |
Shares, Outstanding, Ending Balance | 2,453,874 | |
Shares, Vested and expected to vest | 2,453,874 | |
Shares, Exercisable | 2,085,938 | |
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) | $ 3.19 | |
Weighted Average Exercise Price, Granted (in usd per share) | 5.23 | |
Weighted Average Exercise Price, Exercised (in usd per share) | 5.81 | |
Weighted Average Exercise Price, Forfeited (in usd per share) | 7.99 | |
Weighted Average Exercise Price, Canceled (in usd per share) | 11.90 | |
Weighted Average Exercise Price, Expired (in usd per share) | 8.04 | |
Weighted Average Exercise Price, Outstanding, Ending Balance (in usd per share) | 3.07 | |
Weighted Average Exercise Price, Vested and expected to vest (in usd per share) | 3.07 | |
Weighted Average Exercise Price, Exercisable (in usd per share) | $ 2.64 | |
Weighted Average Remaining Contractual Term, Outstanding, Beginning Balance (in years) | 5 years 3 months 19 days | |
Weighted Average Remaining Contractual Term, Outstanding, Ending Balance (in years) | 5 years 1 month 6 days | |
Weighted Average Remaining Contractual Life, Vested and expected to vest (in years) | 5 years 1 month 6 days | |
Weighted Average Remaining Contractual Life, Exercisable (in years) | 4 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 14,557 | |
Aggregate Intrinsic Value, Outstanding, Ending Balance | 6,216 | |
Aggregate Intrinsic Value, Vested and expected to vest | 6,216 | |
Aggregate Intrinsic Value, Exercisable | $ 6,004 | |
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 | (6,668) | |
Shares, Outstanding, Ending Balance | 43,332 | |
Shares, Vested and expected to vest | 43,332 | |
Shares, Exercisable | 17,501 | |
Directors and employees | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Shares, Outstanding, Beginning Balance | 2,373,626 | |
Shares, Granted | 154,000 | |
Shares, Exercised | (625) | |
Shares, Forfeited | (41,875) | |
Shares, Canceled | (4,583) | |
Shares, Expired | (70,001) | |
Shares, Outstanding, Ending Balance | 2,410,542 | |
Shares, Vested and expected to vest | 2,410,542 | |
Shares, Exercisable | 2,068,437 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Aggregate Intrinsic Value, Exercised | $ 0 | |
Aggregate Intrinsic Value, Canceled | $ 0 | |
Warrants | ||
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 | 1,671,440 | |
Number of Shares, Granted | 0 | |
Number of Shares, Exercised | 0 | |
Number of Shares, Canceled | 0 | |
Number of Shares, Expired | (1,667) | |
Number of Shares, Ending Balance | 1,669,773 | |
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) | $ 6.20 | |
Weighted Average Exercise Price, Granted (in usd per share) | 0 | |
Weighted Average Exercise Price, Exercised (in usd per share) | 0 | |
Weighted Average Exercise Price, Canceled (in usd per share) | 0 | |
Weighted Average Exercise Price, Expired (in usd per share) | 4.80 | |
Weighted Average Exercise Price, Ending Balance (in usd per share) | $ 5.66 | |
Weighted Average Remaining Contractual Life (in years) | 5 months 4 days | 10 months 25 days |
Aggregate Intrinsic Value, Beginning Balance | $ 5,730 | |
Aggregate Intrinsic Value, Ending Balance | $ 76 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - Board Member - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Due to related parties | $ 15,311 | $ 15,311 | ||
Board Member One | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 18,000 | $ 18,000 | 36,000 | $ 36,000 |
Board Member Two | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | $ 14,089 | $ 16,575 | $ 29,250 | $ 37,261 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | May 01, 2019 | |
Commitments and Contingencies [Line Items] | |||
Discount rate | 7.25% | ||
Operating leases, rent expense | $ 477 | $ 375 | |
Corporate headquarters | |||
Commitments and Contingencies [Line Items] | |||
Operating leases, rent expense | 47 | 45 | |
Rockville, MD | |||
Commitments and Contingencies [Line Items] | |||
Operating leases, rent expense | 302 | 302 | |
Gaithersburg, MD | |||
Commitments and Contingencies [Line Items] | |||
Operating leases, rent expense | 0 | 28 | |
Rockville, MD New Location | |||
Commitments and Contingencies [Line Items] | |||
Operating leases, rent expense | $ 128 | $ 0 | |
Accounting Standards Update 2016-02 | |||
Commitments and Contingencies [Line Items] | |||
Weighted average remaining lease term | 7 years 8 months 5 days | ||
Weighted average discount rate | 7.25% |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Oct. 31, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 (remaining) | $ 694 |
2021 | 1,471 |
2022 | 1,445 |
2023 | 1,404 |
2024 | 1,419 |
Thereafter | 4,400 |
Total | $ 10,833 |