Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2022 | Sep. 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-11504 | |
Entity Registrant Name | CHAMPIONS ONCOLOGY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-1401755 | |
Entity Address, Address Line One | One University Plaza, Suite 307 | |
Entity Address, Postal Zip Code | 07601 | |
Entity Address, City or Town | Hackensack | |
Entity Address, State or Province | NJ | |
City Area Code | 201 | |
Local Phone Number | 808-8400 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CSBR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,522,441 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000771856 | |
Current Fiscal Year End Date | --04-30 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Current assets: | ||
Cash | $ 8,058 | $ 9,007 |
Accounts receivable, net | 9,355 | 9,513 |
Prepaid expenses and other current assets | 958 | 1,144 |
Total current assets | 18,371 | 19,664 |
Operating lease right-of-use assets, net | 7,971 | 8,230 |
Property and equipment, net | 7,698 | 7,134 |
Other long-term assets | 15 | 15 |
Goodwill | 335 | 335 |
Total assets | 34,390 | 35,378 |
Current liabilities: | ||
Accounts payable | 2,537 | 2,868 |
Accrued liabilities | 1,957 | 2,414 |
Current portion of operating lease liabilities | 1,099 | 1,054 |
Other current liability | 142 | 72 |
Deferred revenue | 10,885 | 11,071 |
Total current liabilities | 16,620 | 17,479 |
Non-current operating lease liabilities | 8,127 | 8,412 |
Other non-current liabilities | 660 | 391 |
Total liabilities | 25,407 | 26,282 |
Stockholders’ equity: | ||
Common stock, $.001 par value; 200,000,000 shares authorized; 13,522,441 shares issued and outstanding as of July 31, 2022 and April 30, 2022, respectively | 14 | 14 |
Additional paid-in capital | 81,270 | 81,064 |
Accumulated deficit | (72,301) | (71,982) |
Total stockholders’ equity | 8,983 | 9,096 |
Total liabilities and stockholders’ equity | $ 34,390 | $ 35,378 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Jul. 31, 2022 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 13,522,441 | 13,522,441 |
Common stock, shares outstanding (in shares) | 13,522,441 | 13,522,441 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||
Oncology services revenue | $ 13,745 | $ 11,253 |
Costs and operating expenses: | ||
Cost of oncology services | 7,052 | 5,396 |
Research and development | 2,887 | 2,304 |
Sales and marketing | 1,692 | 1,574 |
General and administrative | 2,398 | 2,154 |
Total costs and operating expenses | 14,029 | 11,428 |
Loss from operations | (284) | (175) |
Other income (loss) | (18) | 17 |
Loss before provision for income taxes | (302) | (158) |
Provision for income taxes | 17 | 14 |
Net loss | $ (319) | $ (172) |
Net loss per common share outstanding | ||
Net loss per common share outstanding, basic (in dollars per share) | $ (0.02) | $ (0.01) |
Net loss per common share outstanding, diluted (in dollars per share) | $ (0.02) | $ (0.01) |
Weighted average common shares outstanding | ||
Weighted average common shares outstanding, basic (in shares) | 13,522,433 | 13,401,929 |
Weighted average common shares outstanding, diluted (in shares) | 13,522,433 | 13,401,929 |
Revenue, Product and Service [Extensible List] | Service [Member] | Service [Member] |
Cost, Product and Service [Extensible List] | Service [Member] | Service [Member] |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance (shares) at Apr. 30, 2021 | 13,414,066 | |||
Beginning balance at Apr. 30, 2021 | $ 7,428 | $ 13 | $ 79,945 | $ (72,530) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 280 | 280 | ||
Issuance of common stock on exercise of stock options (in shares) | 1,000 | |||
Issuance of common stock on exercise of stock options | 2 | 2 | ||
Net loss | (172) | (172) | ||
Ending balance (shares) at Jul. 31, 2021 | 13,415,066 | |||
Ending balance at Jul. 31, 2021 | $ 7,538 | $ 13 | 80,227 | (72,702) |
Beginning balance (shares) at Apr. 30, 2022 | 13,522,441 | 13,522,441 | ||
Beginning balance at Apr. 30, 2022 | $ 9,096 | $ 14 | 81,064 | (71,982) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 206 | 206 | ||
Net loss | $ (319) | (319) | ||
Ending balance (shares) at Jul. 31, 2022 | 13,522,441 | 13,522,441 | ||
Ending balance at Jul. 31, 2022 | $ 8,983 | $ 14 | $ 81,270 | $ (72,301) |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Operating activities: | ||
Net loss | $ (319) | $ (172) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 206 | 280 |
Depreciation and amortization expense | 528 | 317 |
Net gain on disposal of equipment | 0 | (4) |
Operating lease right-of use assets | 269 | 245 |
Provision for doubtful accounts | 0 | 78 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 158 | (825) |
Prepaid expenses and other current assets | 186 | 93 |
Other long term assets | 0 | (70) |
Accounts payable | (331) | 1,372 |
Accrued liabilities | (456) | (250) |
Other current liabilities | 0 | 15 |
Other non-current liabilities | 0 | 62 |
Operating lease liabilities | (250) | (150) |
Deferred revenue | (186) | (775) |
Net cash (used in) provided by operating activities | (195) | 216 |
Investing activities: | ||
Purchase of property and equipment | (754) | (907) |
Net cash used in investing activities | (754) | (907) |
Financing activities: | ||
Proceeds from exercise of options | 0 | 2 |
Net cash provided by financing activities | 0 | 2 |
Decrease in cash | (949) | (689) |
Cash at beginning of period | 9,007 | 4,687 |
Cash at end of period | $ 8,058 | $ 3,998 |
Organization, Use of Estimates
Organization, Use of Estimates and Basis of Presentation | 3 Months Ended |
Jul. 31, 2022 | |
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 is a technology-enabled research organization engaged in creating transformative technology solutions to be utilized in drug discovery and development. The Company's research center operates in both regulatory and non-regulatory environments and consists of a comprehensive set of computational and experimental research platforms. Its pharmacology, biomarker, and data platforms are designed to facilitate drug discovery and development at lower costs and increased speeds. The Company has three operating subsidiaries: Champions Oncology (Israel), Limited, Champions Biotechnology U.K., Limited, and Champions Oncology, S.R.L. (Italy). For the three months ended July 31, 2022 and 2021, 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, 2022, 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, 2022. 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 | 3 Months Ended |
Jul. 31, 2022 | |
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 July 31, 2022 and April 30, 2022 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. Recently, we have met these cash requirements through our cash on hand, working capital management, and sales of products and services. In the past, we have also received proceeds from certain private placements and public offerings of our securities. For the three months ended July 31, 2022, the Company had a net loss of approximately $319,000 and cash used in operations of $195,000. As of July 31, 2022, the Company had an accumulated deficit of approximately $72.3 million, working capital of $1.8 million and cash of $8.1 million. We believe that our cash on hand, together with expected net positive cash provided by operations for fiscal year 2023, are adequate to fund operations through at least 12 months from the filing of this 10-Q. However, should our revenue expectations not materialize, we believe we have cost reduction strategies that could be implemented without disrupting the business or restructuring the Company. 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 The Company accounts for its leases under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("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, if applicable, 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 the lease 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. 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 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 options. As of July 31, 2022 and 2021, all of the Company's potential common stock is considered anti-dilutive. The following table reflects the total potential share-based instruments outstanding at July 31, 2022 and 2021 that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive: July 31, 2022 2021 Total common stock equivalents 1,722,155 1,734,428 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 earnings history, a valuation allowance is established. The Company's ability to utilize net operating losses (“NOL”) carryforwards to offset future taxable income would be limited if the Company had undergone or were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code (the “IRC”). 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 July 31, 2022 and April 30, 2022, 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. 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 $181,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of July 31, 2022 and April 30, 2022. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company did not recognize interest or penalties on its consolidated statements of operations during the three-month periods ended July 31, 2022 and 2021. The Company does not anticipate unrecognized tax benefits will be recorded during the next 12 months. The provision for income taxes for the three months ended July 31, 2022 and 2021 was $17,000 and $14,000, respectively, mainly attributable to taxable income earned in Israel and/or Italy relating to transfer pricing. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The objective of the standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under this standard, companies recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. 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. The majority of the Company's revenue arrangements are service contracts that are completed 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. 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 as they meet the criteria under ASC 606-10-25-12. Pharmacology Study 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. Incremental Costs of Obtaining a Contract (Sales Commissions) Under ASC 606, the costs of obtaining a contract can be expensed immediately, rather than capitalized and amortized, if the amortization period is one year or shorter. Sales commissions for the Company represent contract costs with a term of one year or less. Therefore, under ASC 606, the Company elected the practical expedient to expense these costs as incurred. 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 when the revenue recognized exceeds the amount billed to the customer. Such situations occur due to divergences between revenue recognition and the invoicing milestones which are based on predetermined payment terms. 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 June 2016, the FASB issued Accounting Standards Update ("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, 2022 for public entities qualifying as small reporting companies. Early adoption is permitted. The Company is currently assessing the impact of this update on our consolidated financial statements and do not anticipate a significant impact. |
Accounts Receivable, Unbilled S
Accounts Receivable, Unbilled Services and Deferred Revenue | 3 Months Ended |
Jul. 31, 2022 | |
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): July 31, 2022 April 30, 2022 Accounts receivable $ 5,619 $ 6,037 Unbilled services 4,366 4,106 Total accounts receivable and unbilled services 9,985 10,143 Less allowance for doubtful accounts (630) (630) Total accounts receivable, net $ 9,355 $ 9,513 Deferred revenue was as follows (in thousands): July 31, 2022 April 30, 2022 Deferred revenue $ 10,885 $ 11,071 Deferred revenue is shown as a current liability on the Company's condensed consolidated balance sheets. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Jul. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Oncology Services Revenue The following tables represents disaggregated revenue for the three months ended July 31, 2022 and 2021: Three Months Ended 2022 2021 Pharmacology services $ 12,756 $ 10,703 Other TOS revenue 948 526 Personalized oncology services 41 24 Total oncology services revenue $ 13,745 $ 11,253 Other TOS revenue represents additional services provided to the Company's pharmaceutical and biotechnology customers, specifically flow cytometry services and SaaS provided via our Lumin Bioinformatics software ("Lumin"). Contract Balances |
Property and Equipment
Property and Equipment | 3 Months Ended |
Jul. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and primarily consists of laboratory equipment, computer equipment and software, capitalized software development costs, and furniture and fixtures. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three July 31, April 30, Furniture and fixtures $ 246 $ 246 Computer equipment and software 1,953 1,667 Capitalized software development costs 1,888 1,888 Laboratory equipment 9,073 8,618 Assets in progress 532 181 Leasehold improvements 111 111 Total property and equipment 13,803 12,711 Less: Accumulated depreciation (6,105) (5,577) Property and equipment, net $ 7,698 $ 7,134 Depreciation and amortization expense was $528,000 and $317,000 for the three months ended July 31, 2022 and 2021, respectively. Depreciation and amortization expense, excluding expense recorded under finances leases, was $499,000 and $317,000 for the three months ended July 31, 2022 and 2021, respectively. As of July 31, 2022 and April 30, 2022, property, plant and equipment included gross assets held under finance leases of $1,081,000 and $713,000, respectively. Related depreciation expense was approximately $29,000 and $0 for the three months ended July 31, 2022 and 2021, respectively. Capitalized software development costs under a hosting arrangement The Company accounts for the cost of computer software obtained or developed for internal use as well as the software development and implementation costs associated with a hosting arrangement ("internal-use software") that is a service contract in accordance and with ASC 350, Intangibles - Goodwill and Other ("ASC-350"). We capitalize certain costs in the development of our internal-use software when the preliminary project stage is completed and it is probable that the project itself will be completed and the software will perform as intended. These capitalized costs include personnel and related expenses for employees and costs of third-party consultants who are directly associated with and who devote time to these internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Costs incurred for significant upgrades, increased functionality, and enhancements to the Company's internal-use software solutions are also capitalized. Costs incurred for training, maintenance, and minor modifications are expensed as incurred. Capitalized software development costs are amortized using the straight-line method over an estimated useful economic life of three years. The Company has capitalized development and implementation costs in accordance with accounting guidance for its Lumin platform. Lumin is the Company's oncology data-driven software program and data tool which operates as Software as a Service. These capitalized costs represent salaries, including direct payroll-related costs, certain software development consultant expenses and molecular sequencing programming costs incurred in the engineering and coding of the software development. Capitalized costs are classified as assets in progress during the development process until development is complete and the asset is available for sale. The initial version of the Lumin platform was launched during fiscal year 2021, at which time initial capitalization ceased and amortization commenced. The Company continued to develop increased functionality, expand product design and usability, and add enhancements to the Lumin platform. In accordance with accounting guidance, these costs were capitalized. This developmental work did not render the initial released version to be obsolete or diminished in value but, rather, added to the base functionality of the existing platform. During the third quarter of fiscal year 2022, these capitalized costs were placed into service as the enhanced version was launched and made available for sale. The total cost of the Lumin asset placed into service and available for sale was $1.9 million. As of July 31, 2022, the carrying value of the asset net of accumulated amortization was $1.3 million. Amortization expense related to this asset was $157,000 and $40,000 for the three months ended July 31, 2022 and 2021, respectively. Finance Lease During fiscal year 2022, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $370,000 at inception through December 2025. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. At the commencement of the commitment, the present value of the minimum future obligations of $370,000 was calculated based on an interest rate of 3.25%. Depreciation and amortization expense related to this finance lease was $18,000 and zero for the three months ended July 31, 2022 and 2021, respectively. During the first quarter of fiscal year 2023, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $368,000 at inception through June 2027. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. The present value of the minimum future obligations of $368,000 was calculated based on an interest rate of 3.5%. Depreciation and amortization expense related to this finance lease was $11,250 and zero for the three months ended July 31, 2022 and 2021, respectively. |
Share-Based Payments
Share-Based Payments | 3 Months Ended |
Jul. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payments | Share-Based Payments Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended 2022 2021 General and administrative $ 123 $ 171 Sales and marketing 48 51 Research and development 3 6 Cost of oncology services 32 52 Total stock-based compensation expense $ 206 $ 280 The Company has in place a 2021 Equity Incentive Plan and 2010 Equity Incentive Plan ("the Plans"). In general, these plans provide for stock-based compensation 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. 2021 Equity Incentive Plan As part of the 2021 Annual Shareholders Meeting, shareholders approved the adoption of the 2021 Equity Incentive Plan (“2021 Equity Plan”). The purpose of the 2021 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Incentive Stock Options; (iii) Restricted Stock Awards; and/or (iv) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2021 Equity Plan shall not exceed 2 million shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Board of Directors. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. As of July 31, 2022, approximately 1.7 million shares were left to issue under this plan. 2010 Equity Incentive Plan On February 18, 2011, shareholders owning a majority of the issued and outstanding shares of the Company executed a written consent approving the 2010 Equity Incentive Plan (“2010 Equity Plan”). The purpose of the 2010 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2010 Equity Plan shall not exceed 30 million shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Board of Directors. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. After February 2021, no more shares were available to be issued from this plan. Stock Option Grants Black-Scholes assumptions used to calculate the fair value of options granted during the three months ended July 31, 2022 and 2021 were as follows: Three Months Ended 2022 2021 Expected term in years 6 6 Risk-free interest rates 2.87% 0.82% Volatility 62.58% 65.94% - 66.21% Dividend yield —% —% The weighted average fair value of stock options granted during the three months ended July 31, 2022 and 2021 was $4.50 and $5.33, respectively. The Company’s stock options activity for the three months ended July 31, 2022 was a s follows: Directors Non- Total Weighted Weighted Aggregate Outstanding, April 30, 2022 1,617,324 40,915 1,658,239 $ 4.51 4.9 $ 6,131,000 Granted 78,000 — 78,000 7.57 9.90 Forfeited (7,625) — (7,625) 7.73 Canceled — (1,875) (1,875) 4.63 Expired (4,584) — (4,584) 5.40 Outstanding, July 31, 2022 1,683,115 39,040 1,722,155 4.64 4.9 $ 7,462,000 Vested and expected to vest as of July 31, 2022 1,683,115 39,040 1,722,155 4.64 4.9 $ 7,462,000 Exercisable as of July 31, 2022 1,380,775 — 1,380,775 4.06 4.1 $ 6,846,000 |
Leases
Leases | 3 Months Ended |
Jul. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Operating Leases 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 expense totaled $467,000 and $452,000 for the three months ended July 31, 2022 and 2021, 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 was renewed during fiscal year 2022 and expires in November 2026. The Company recognized $21,000 and $24,000 of rent expense relative to this lease for the three months ended July 31, 2022 and 2021, 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 (the "Original Premises") on January 11, 2017. The operating commencement date was August 11, 2017. This lease was originally set to expire in August 2028. ◦ On March 30, 2020, the Company executed the first amendment to this lease to expand the existing premises at 1330 Piccard Drive, Suite 025 ("Expansion Premises") to add on Suites 050 and 104. This amendment also extended the current lease term by six months. The Expansion Premises operating lease commencement date was June 1, 2020 and, under the amendment, both leases expire February 28, 2029. ◦ In accordance with ASC 842, "Leases", the Company evaluated the first amendment and also performed a reassessment of the existing lease for Suite 025 to determine the impact of the six-month term extension. As a result of this assessment, the Company recognized an additional operating ROU asset and related operating lease liability for Suite 025 of $118,000 and $125,000, respectively, as well as an incremental net rent expense of $8,000 during the three months ended July 31, 2020 related to fiscal year 2021. ◦ Upon the Expansion Premises operating lease commencement date (June 1, 2020), the Company recognized an operating ROU asset and related operating lease liability for Suites 050 and 104 of $3.8 million, each, respectively. ◦ On December 22, 2020, the Company executed the second amendment to this lease to expand the existing premises at 1330 Piccard Drive, Suites 025, 050, and 104 ("Additional Expansion Premises") to add on Suite 201. The Additional Expansion Premises operating lease commencement date is April 1, 2021 and, under the second amendment, reaffirms that all three leases expire February 28, 2029. Upon the Additional Expansion Premises operating lease commencement date (April 1, 2021), the Company also recognized an operating ROU asset and related operating lease liability for Suite 201 of $3.3 million, each, respectively. ◦ For the leases related to the premises at Piccard Drive, the Company recognized $422,000 for the three months ended July 31, 2022 and 2021, respectively. • VIA LEONE XIII, 14, Milan, Italy, which consists of laboratory and office space where the Company conducts operations related to its flow cytometry service offerings. The Company executed the lease for its laboratory space in June 2021, and commenced occupancy during the three months ended October 31, 2021. This lease expires May 2023. The Company executed the lease for its office space on October 1, 2021. This lease expires September 2027. ◦ The Company recognized an operating ROU asset and related operating lease liability for the lab and office space of $205,000 each, respectively. ◦ The Company recognized rent expense associated with these leases of $23,000 and zero for the three months ended July 31, 2022 and 2021, respectively. ROU assets and lease liabilities related to our current operating leases are as follows (in thousands): July 31, 2022 April 30, 2022 Operating lease right-of-use assets, net $ 7,971 $ 8,230 Current portion of operating lease liabilities 1,099 1,054 Non-current portion of operating lease liabilities 8,127 8,412 As of July 31, 2022, the weighted average remaining operating lease term and the weighted average discount rate were 6.42 years and 5.73%, respectively. Future minimum lease payments due each fiscal year as follows (in thousands): Remainder of 2023 $ 2,060 2024 2,811 2025 2,850 2026 2,896 2027 2,860 Thereafter 5,164 Total undiscounted liabilities 18,641 Less: Imputed interest (9,415) Present value of minimum lease payments $ 9,226 Refer to Note 5, Property and Equipment, for information on financing leases. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jul. 31, 2022 | |
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 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Matters The Company is not currently party to any legal matters to its knowledge. The Company is not aware of any other matters that would have a material impact on the Company’s financial position or results of operations. Registration Payment Arrangements The Company has entered into an Amended and Restated Registration Rights Agreement in connection with the March 2015 Private Placement. This Amended and Restated Registration Rights Agreement contains provisions that may call for the Company to pay penalties in certain circumstances. This registration payment arrangement primarily relates to the Company’s ability to file a registration statement within a particular time period, have a registration statement declared effective within a particular time period and to maintain the effectiveness of the registration statement for a particular time period. The Company has not accrued any liquidated damages associated with the Amended and Restated Registration Right Agreement as the Company has filed the required registration statement and anticipates continued compliance with the agreement. Royalties The Company contracts with third-party vendors to license tumor samples for development into PDX models and use in our TOS business. These types of arrangements have an upfront fee ranging from nil to $30,000 per tumor sample depending on the successful growth of the tumor model and ability to develop them into a sellable product. The upfront costs are expensed as incurred. In addition, under certain agreements, for a limited period of time, the Company is subject to royalty payments if the licensed tumor models are used for sale in our TOS business, ranging from 2% to 20% of the contract price after recouping certain initiation costs. Some of these arrangements also set forth an annual minimum royalty due regardless of tumor models used for sale. For the quarter ended July 31, 2022 and 2021, we have recognized approximately $76,000 and $44,000 in expense related to these royalty arrangements, respectively. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe 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 | LeasesThe Company accounts for its leases under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("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, if applicable, 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 the lease 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. |
Earnings Per Share | Earnings Per Share |
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 earnings history, a valuation allowance is established. The Company's ability to utilize net operating losses (“NOL”) carryforwards to offset future taxable income would be limited if the Company had undergone or were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code (the “IRC”). 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 July 31, 2022 and April 30, 2022, 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. 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 $181,000 of liabilities related to uncertain tax positions relative to one of its foreign operations as of July 31, 2022 and April 30, 2022. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company did not recognize interest or penalties on its consolidated statements of operations during the three-month periods ended July 31, 2022 and 2021. The Company does not anticipate unrecognized tax benefits will be recorded during the next 12 months. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The objective of the standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under this standard, companies recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. 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. The majority of the Company's revenue arrangements are service contracts that are completed 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. 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 as they meet the criteria under ASC 606-10-25-12. Pharmacology Study 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. Incremental Costs of Obtaining a Contract (Sales Commissions) Under ASC 606, the costs of obtaining a contract can be expensed immediately, rather than capitalized and amortized, if the amortization period is one year or shorter. Sales commissions for the Company represent contract costs with a term of one year or less. Therefore, under ASC 606, the Company elected the practical expedient to expense these costs as incurred. 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 when the revenue recognized exceeds the amount billed to the customer. Such situations occur due to divergences between revenue recognition and the invoicing milestones which are based on predetermined payment terms. 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 June 2016, the FASB issued Accounting Standards Update ("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, 2022 for public entities qualifying as small reporting companies. Early adoption is permitted. The Company is currently assessing the impact of this update on our consolidated financial statements and do not anticipate a significant impact. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of antidilutive securities excluded from earnings per share calculations | The following table reflects the total potential share-based instruments outstanding at July 31, 2022 and 2021 that could have an effect on the future computation of dilution per common share, had their effect not been anti-dilutive: July 31, 2022 2021 Total common stock equivalents 1,722,155 1,734,428 |
Accounts Receivable, Unbilled_2
Accounts Receivable, Unbilled Services and Deferred Revenue (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Receivables [Abstract] | |
Summary of accounts receivable, unbilled services, and advanced billings | Accounts receivable and unbilled services were as follows (in thousands): July 31, 2022 April 30, 2022 Accounts receivable $ 5,619 $ 6,037 Unbilled services 4,366 4,106 Total accounts receivable and unbilled services 9,985 10,143 Less allowance for doubtful accounts (630) (630) Total accounts receivable, net $ 9,355 $ 9,513 |
Summary of advanced billings | Deferred revenue was as follows (in thousands): July 31, 2022 April 30, 2022 Deferred revenue $ 10,885 $ 11,071 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of disaggregation of revenue | The following tables represents disaggregated revenue for the three months ended July 31, 2022 and 2021: Three Months Ended 2022 2021 Pharmacology services $ 12,756 $ 10,703 Other TOS revenue 948 526 Personalized oncology services 41 24 Total oncology services revenue $ 13,745 $ 11,253 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of property and equipment | Property and equipment consisted of the following (table in thousands): July 31, April 30, Furniture and fixtures $ 246 $ 246 Computer equipment and software 1,953 1,667 Capitalized software development costs 1,888 1,888 Laboratory equipment 9,073 8,618 Assets in progress 532 181 Leasehold improvements 111 111 Total property and equipment 13,803 12,711 Less: Accumulated depreciation (6,105) (5,577) Property and equipment, net $ 7,698 $ 7,134 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of allocation of share based compensation expense | Stock-based compensation expense was recognized as follows (table in thousands): Three Months Ended 2022 2021 General and administrative $ 123 $ 171 Sales and marketing 48 51 Research and development 3 6 Cost of oncology services 32 52 Total stock-based compensation expense $ 206 $ 280 |
Summary of valuation assumptions for stock options | Black-Scholes assumptions used to calculate the fair value of options granted during the three months ended July 31, 2022 and 2021 were as follows: Three Months Ended 2022 2021 Expected term in years 6 6 Risk-free interest rates 2.87% 0.82% Volatility 62.58% 65.94% - 66.21% Dividend yield —% —% |
Summary of stock option activity | The Company’s stock options activity for the three months ended July 31, 2022 was a s follows: Directors Non- Total Weighted Weighted Aggregate Outstanding, April 30, 2022 1,617,324 40,915 1,658,239 $ 4.51 4.9 $ 6,131,000 Granted 78,000 — 78,000 7.57 9.90 Forfeited (7,625) — (7,625) 7.73 Canceled — (1,875) (1,875) 4.63 Expired (4,584) — (4,584) 5.40 Outstanding, July 31, 2022 1,683,115 39,040 1,722,155 4.64 4.9 $ 7,462,000 Vested and expected to vest as of July 31, 2022 1,683,115 39,040 1,722,155 4.64 4.9 $ 7,462,000 Exercisable as of July 31, 2022 1,380,775 — 1,380,775 4.06 4.1 $ 6,846,000 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Leases [Abstract] | |
Summary of assets and liabilities | ROU assets and lease liabilities related to our current operating leases are as follows (in thousands): July 31, 2022 April 30, 2022 Operating lease right-of-use assets, net $ 7,971 $ 8,230 Current portion of operating lease liabilities 1,099 1,054 Non-current portion of operating lease liabilities 8,127 8,412 |
Schedule of future operating lease payments | Future minimum lease payments due each fiscal year as follows (in thousands): Remainder of 2023 $ 2,060 2024 2,811 2025 2,850 2026 2,896 2027 2,860 Thereafter 5,164 Total undiscounted liabilities 18,641 Less: Imputed interest (9,415) Present value of minimum lease payments $ 9,226 |
Organization, Use of Estimate_2
Organization, Use of Estimates and Basis of Presentation (Details) | 3 Months Ended |
Jul. 31, 2022 subsidiary | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating subsidiaries | 3 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2022 | |
Accounting Policies [Abstract] | |||
Cash equivalents | $ 0 | $ 0 | |
Net loss | (319) | $ (172) | |
Net cash provided by (used in) operating activities | (195) | 216 | |
Accumulated deficit | 72,301 | 71,982 | |
Working capital | 1,800 | ||
Cash and cash equivalents | 8,058 | 9,007 | |
Unrecognized tax benefits | 181 | $ 181 | |
Income tax penalties and interest expense | 0 | 0 | |
Unrecognized tax benefits anticipated during the next 12 months | 0 | ||
Provision for income taxes | $ 17 | $ 14 |
Summary of Significant Accounti
Summary of Significant Accounting Policies - Revenue Recognition (Details) - Few Contracts - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | Jul. 31, 2022 |
Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue arrangements by service contract period | 3 years |
Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue arrangements by service contract period | 1 year |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Potentially Antidilutive Securities (Details) - shares | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Accounting Policies [Abstract] | ||
Total common stock equivalents (in shares) | 1,722,155 | 1,734,428 |
Accounts Receivable, Unbilled_3
Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Accounts Receivable and Unbilled Services (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Receivables [Abstract] | ||
Accounts receivable | $ 5,619 | $ 6,037 |
Unbilled services | 4,366 | 4,106 |
Total accounts receivable and unbilled services | 9,985 | 10,143 |
Less allowance for doubtful accounts | (630) | (630) |
Total accounts receivable, net | $ 9,355 | $ 9,513 |
Accounts Receivable, Unbilled_4
Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Receivables [Abstract] | ||
Deferred revenue | $ 10,885 | $ 11,071 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Oncology services revenue | $ 13,745 | $ 11,253 |
Pharmacology services | ||
Disaggregation of Revenue [Line Items] | ||
Oncology services revenue | 12,756 | 10,703 |
Other TOS revenue | ||
Disaggregation of Revenue [Line Items] | ||
Oncology services revenue | 948 | 526 |
Personalized oncology services | ||
Disaggregation of Revenue [Line Items] | ||
Oncology services revenue | $ 41 | $ 24 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2022 | Jan. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Total property and equipment | $ 528,000 | $ 317,000 | ||
Depreciation and amortization | 499,000 | 317,000 | ||
Finance lease, asset, gross | 1,081,000 | $ 713,000 | ||
Finance lease, depreciation and amortization | 29,000 | 0 | ||
Servicing asset | $ 1,900,000 | |||
Carrying value of servicing asset | 1,300,000 | |||
Hosting arrangement, amortization expense | 157,000 | 40,000 | ||
2022 Finance Lease | ||||
Property, Plant and Equipment [Line Items] | ||||
Finance lease costs | $ 370,000 | |||
Present value of minimum future obligations interest rate | 3.25% | |||
Finance lease, amortization | 18,000 | 0 | ||
2023 Finance Lease | ||||
Property, Plant and Equipment [Line Items] | ||||
Finance lease costs | $ 368,000 | |||
Present value of minimum future obligations interest rate | 3.50% | |||
Finance lease, amortization | $ 11,250 | $ 0 | ||
Capitalized software development costs | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful lives | 3 years | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful lives | 3 years | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful lives | 9 years |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 13,803 | $ 12,711 |
Less: Accumulated depreciation | (6,105) | (5,577) |
Property and equipment, net | $ 7,698 | $ 7,134 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 246 | $ 246 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,953 | 1,667 |
Capitalized software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,888 | 1,888 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 9,073 | 8,618 |
Assets in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 532 | 181 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 111 | $ 111 |
Share-Based Payments - Allocati
Share-Based Payments - Allocation of Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 206 | $ 280 |
General and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 123 | 171 |
Sales and marketing | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 48 | 51 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 3 | 6 |
Cost of oncology services | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 32 | $ 52 |
Share-Based Payments - Narrativ
Share-Based Payments - Narrative (Details) - $ / shares | 3 Months Ended | |||
Feb. 18, 2011 | Jul. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value (in dollars per share) | $ 4.50 | $ 5.33 | ||
Equity Incentive Plan 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant (in shares) | 1,700,000 | 2,000,000 | ||
Expiration term of awards | 10 years | |||
strike price as percent of market value | 100% | |||
Equity Incentive Plan 2010 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration term of awards | 10 years | |||
strike price as percent of market value | 100% | |||
Equity Incentive Plan 2010 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, net of forfeitures (in shares) | 30,000,000 |
Share-Based Payments - Valuatio
Share-Based Payments - Valuation Assumptions for Stock Options (Details) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Expected term (in years) | 6 years | 6 years |
Risk free interest rate (in percent) | 2.87% | 0.82% |
Volatility rate minimum (in percent) | 62.58% | 65.94% |
Volatility Rate maximum (in percent) | 66.21% | |
Dividend yield | 0% | 0% |
Share-Based Payments - Summary
Share-Based Payments - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 31, 2022 | Apr. 30, 2022 | |
Total | ||
Outstanding, beginning balance (in shares) | 1,658,239 | |
Granted (in shares) | 78,000 | |
Forfeited (in shares) | (7,625) | |
Canceled (in shares) | (1,875) | |
Expired (in shares) | (4,584) | |
Outstanding, ending balance (in shares) | 1,722,155 | 1,658,239 |
Vested and expected to vest (in shares) | 1,722,155 | |
Exercisable (in shares) | 1,380,775 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance (in dollars per share) | $ 4.51 | |
Granted (in dollars per share) | 7.57 | |
Forfeited (in dollars per share) | 7.73 | |
Canceled (in dollars per share) | 4.63 | |
Expired (in dollars per share) | 5.40 | |
Outstanding, ending balance (in dollars per share) | 4.64 | $ 4.51 |
Vested and expected to vest (in dollars per share) | 4.64 | |
Exercisable (in dollars per share) | $ 4.06 | |
Weighted Average Remaining Contractual Life (Years) | ||
Outstanding (in years) | 4 years 10 months 24 days | 4 years 10 months 24 days |
Outstanding, granted (in years) | 9 years 10 months 24 days | |
Vested and expected to vest (in years) | 4 years 10 months 24 days | |
Exercisable (in years) | 4 years 1 month 6 days | |
Aggregate Intrinsic Value | ||
Outstanding | $ 7,462 | $ 6,131 |
Vested and expected to vest | 7,462 | |
Exercisable | $ 6,846 | |
Directors and Employees | ||
Total | ||
Outstanding, beginning balance (in shares) | 1,617,324 | |
Granted (in shares) | 78,000 | |
Forfeited (in shares) | (7,625) | |
Canceled (in shares) | 0 | |
Expired (in shares) | (4,584) | |
Outstanding, ending balance (in shares) | 1,683,115 | 1,617,324 |
Vested and expected to vest (in shares) | 1,683,115 | |
Exercisable (in shares) | 1,380,775 | |
Non- Employees | ||
Total | ||
Outstanding, beginning balance (in shares) | 40,915 | |
Granted (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Canceled (in shares) | (1,875) | |
Expired (in shares) | 0 | |
Outstanding, ending balance (in shares) | 39,040 | 40,915 |
Vested and expected to vest (in shares) | 39,040 | |
Exercisable (in shares) | 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2022 | Apr. 01, 2021 | Jun. 01, 2020 | Mar. 30, 2020 | |
Lessee, Lease, Description [Line Items] | |||||||
Operating leases, rent expense | $ 467 | $ 452 | |||||
Extension term | 6 months | ||||||
Operating lease right-of-use assets, net | 7,971 | $ 8,230 | |||||
Present value of minimum lease payments | $ 9,226 | ||||||
Weighted average remaining lease term (in years) | 6 years 5 months 1 day | ||||||
Weighted average discount rate, percent | 5.73% | ||||||
Corporate Headquarters | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Operating leases, rent expense | $ 21 | 24 | |||||
Rockville, MD | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Operating leases, rent expense | 422 | 422 | |||||
Operating lease right-of-use assets, net | $ 118 | $ 3,800 | |||||
Present value of minimum lease payments | 125 | $ 3,800 | |||||
Incremental rent expense | $ 8 | ||||||
Additional Expansion Premises | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Operating lease right-of-use assets, net | $ 3,300 | ||||||
Present value of minimum lease payments | $ 3,300 | ||||||
Milan Italy | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Operating leases, rent expense | 23 | $ 0 | |||||
Operating lease right-of-use assets, net | 205 | ||||||
Present value of minimum lease payments | $ 205 |
Leases - ROU Assets and Lease L
Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 7,971 | $ 8,230 |
Current portion of operating lease liabilities | 1,099 | 1,054 |
Non-current portion of operating lease liabilities | $ 8,127 | $ 8,412 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jul. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Remainder of 2023 | $ 2,060 |
2024 | 2,811 |
2025 | 2,850 |
2026 | 2,896 |
2027 | 2,860 |
Thereafter | 5,164 |
Total undiscounted liabilities | 18,641 |
Less: Imputed interest | (9,415) |
Present value of minimum lease payments | $ 9,226 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 0 | |
Board Member | Board Member One | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | 9 | $ 9 |
Board Member | Board Member Two | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | $ 0 | $ 3 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Commitments and Contingencies [Line Items] | ||
Royalty expense | $ 76,000 | $ 44,000 |
Minimum | ||
Commitments and Contingencies [Line Items] | ||
Royalty fee per tumor sample | $ 0 | |
Royalty payment, as percent of contract price | 2% | |
Maximum | ||
Commitments and Contingencies [Line Items] | ||
Royalty fee per tumor sample | $ 30,000 | |
Royalty payment, as percent of contract price | 20% |