Champions Oncology (CSBR) 10-Q 13 Dec 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 31, 2022	Dec. 09, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 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		13,558,650
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000771856
Current Fiscal Year End Date	--04-30

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Current assets:
Cash	$ 10,826	$ 9,007
Accounts receivable, net	8,948	9,513
Prepaid expenses and other current assets	834	1,144
Total current assets	20,608	19,664
Operating lease right-of-use assets, net	7,698	8,230
Property and equipment, net	7,708	7,134
Other long-term assets	15	15
Goodwill	335	335
Total assets	36,364	35,378
Current liabilities:
Accounts payable	4,605	2,868
Accrued liabilities	1,670	2,414
Current portion of operating lease liabilities	1,133	1,054
Other current liability	143	72
Deferred revenue	11,185	11,071
Total current liabilities	18,736	17,479
Non-current operating lease liabilities	7,832	8,412
Other non-current liabilities	624	391
Total liabilities	27,192	26,282
Stockholders’ equity:
Common stock, $.001 par value; 200,000,000 shares authorized; 13,558,650 shares issued and outstanding as of October 31, 2022 and April 30, 2022, respectively	14	14
Additional paid-in capital	81,475	81,064
Accumulated deficit	(72,317)	(71,982)
Total stockholders’ equity	9,172	9,096
Total liabilities and stockholders’ equity	$ 36,364	$ 35,378

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Oct. 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)	13,558,650	13,558,650
Common stock, shares outstanding (in shares)	13,558,650	13,558,650

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Income Statement [Abstract]
Oncology services revenue	$ 14,281	$ 11,786	$ 28,026	$ 23,039
Costs and operating expenses:
Cost of oncology services	7,443	5,609	14,495	11,005
Research and development	2,604	2,299	5,491	4,603
Sales and marketing	1,700	1,640	3,392	3,214
General and administrative	2,527	1,975	4,925	4,129
Total costs and operating expenses	14,274	11,523	28,303	22,951
Income (loss) from operations	7	263	(277)	88
Other income (loss)	(9)	26	(27)	43
Income (loss) before provision for income taxes	(2)	289	(304)	131
Provision for income taxes	14	12	31	26
Net income (loss)	$ (16)	$ 277	$ (335)	$ 105
Net (income) loss per common share outstanding
Net (income) loss per common share outstanding, basic (in dollars per share)	$ 0	$ 0.02	$ (0.02)	$ 0.01
Net (income) loss per common share outstanding, diluted (in dollars per share)	$ 0	$ 0.02	$ (0.02)	$ 0.01
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in shares)	13,528,643	13,428,508	13,521,496	13,145,930
Weighted average common shares outstanding, diluted (in shares)	13,528,643	14,549,136	13,521,496	14,213,450
Revenue, Product and Service [Extensible List]	Service [Member]	Service [Member]	Service [Member]	Service [Member]
Cost, Product and Service [Extensible List]	Service [Member]	Service [Member]	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 (in 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 income (loss)	(172)			(172)
Ending balance (in shares) at Jul. 31, 2021		13,415,066
Ending balance at Jul. 31, 2021	7,538	$ 13	80,227	(72,702)
Beginning balance (in 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]
Net income (loss)	105
Ending balance (in shares) at Oct. 31, 2021		13,496,144
Ending balance at Oct. 31, 2021	8,071	$ 14	80,482	(72,425)
Beginning balance (in shares) at Jul. 31, 2021		13,415,066
Beginning balance at Jul. 31, 2021	7,538	$ 13	80,227	(72,702)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	134		134
Issuance of common stock on exercise of stock options (in shares)		81,078
Issuance of common stock on exercise of stock options	122	$ 1	121
Net income (loss)	277			277
Ending balance (in shares) at Oct. 31, 2021		13,496,144
Ending balance at Oct. 31, 2021	$ 8,071	$ 14	80,482	(72,425)
Beginning balance (in shares) at Apr. 30, 2022	13,558,650	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 income (loss)	(319)			(319)
Ending balance (in shares) at Jul. 31, 2022		13,522,441
Ending balance at Jul. 31, 2022	$ 8,983	$ 14	81,270	(72,301)
Beginning balance (in shares) at Apr. 30, 2022	13,558,650	13,522,441
Beginning balance at Apr. 30, 2022	$ 9,096	$ 14	81,064	(71,982)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (335)
Ending balance (in shares) at Oct. 31, 2022	13,558,650	13,558,650
Ending balance at Oct. 31, 2022	$ 9,172	$ 14	81,475	(72,317)
Beginning balance (in shares) at Jul. 31, 2022		13,522,441
Beginning balance at Jul. 31, 2022	8,983	$ 14	81,270	(72,301)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	119		119
Issuance of common stock on exercise of stock options (in shares)		36,209
Issuance of common stock on exercise of stock options	86		86
Net income (loss)	$ (16)			(16)
Ending balance (in shares) at Oct. 31, 2022	13,558,650	13,558,650
Ending balance at Oct. 31, 2022	$ 9,172	$ 14	$ 81,475	$ (72,317)

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Operating activities:
Net income (loss)	$ (335)	$ 105
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	325	414
Depreciation and amortization expense	1,088	663
Net gain on disposal of equipment	0	(4)
Operating lease right-of use assets	542	519
Provision for doubtful accounts	130	117
Changes in operating assets and liabilities:
Accounts receivable	434	(1,321)
Prepaid expenses and other current assets	310	226
Accounts payable	1,737	1,506
Accrued liabilities	(743)	(320)
Other current liabilities	0	15
Other non-current liabilities	0	54
Operating lease liabilities	(511)	(406)
Deferred revenue	114	(124)
Net cash provided by operating activities	3,091	1,444
Investing activities:
Purchase of property and equipment	(1,358)	(1,473)
Net cash used in investing activities	(1,358)	(1,473)
Financing activities:
Proceeds from exercise of options	86	123
Net cash provided by financing activities	86	123
Increase in cash	1,819	94
Cash at beginning of period	9,007	4,687
Cash at end of period	$ 10,826	$ 4,781

Organization, Use of Estimates

Organization, Use of Estimates and Basis of Presentation	6 Months Ended
	Oct. 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 and six months ended October 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	6 Months Ended
	Oct. 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 October 31, 2022 and April 30, 2022 the Company had no cash equivalents. Liquidity The Company's 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, the Company has met these cash requirements through cash on hand, working capital management, and sales of products and services. In the past, the Company has also received proceeds from certain private placements and public offerings of our securities. For the six months ended October 31, 2022, the Company had a net loss of approximately $335,000 and cash provided by operations of $3.1 million. As of October 31, 2022, the Company had an accumulated deficit of approximately $72.3 million, working capital of $1.9 million and cash on hand of $10.8 million. The Company believes that 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 the Company's revenue expectations not materialize, the Company believes it has 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 ("ROU") 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 October 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 October 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: October 31, 2022 2021 Total common stock equivalents 1,675,447 1,634,928 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 October 31, 2022 and April 30, 2022, the Company provided a valuation allowance for all net deferred tax assets as it is more likely than not that the assets will not be recovered 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 October 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 or six-month periods ended October 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 October 31, 2022 and 2021 was $14,000 and $12,000, respectively. The provision for income taxes for the six months ended October 31, 2022 and 2021 was $31,000 and $26,000, respectively. The provision is 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 the fiscal year beginning May 1, 2023 for the Company. The Company is currently assessing the impact of this update on our consolidated financial statements and does not anticipate a significant impact.

Accounts Receivable, Unbilled S

Accounts Receivable, Unbilled Services and Deferred Revenue	6 Months Ended
	Oct. 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) October 31, 2022 April 30, 2022 Accounts receivable $ 5,392 $ 6,037 Unbilled services 4,316 4,106 Total accounts receivable and unbilled services 9,708 10,143 Less allowance for doubtful accounts (760) (630) Total accounts receivable, net $ 8,948 $ 9,513 Deferred revenue was as follows (in thousands): October 31, 2022 April 30, 2022 Deferred revenue $ 11,185 $ 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	6 Months Ended
	Oct. 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 and six months ended October 31, 2022 and 2021: Three Months Ended Six Months Ended October 31, 2022 2021 2022 2021 Pharmacology services $ 13,480 $ 11,143 $ 26,236 $ 21,846 Other TOS revenue 731 643 1,679 1,169 Personalized oncology services 70 — 111 24 Total oncology services revenue $ 14,281 $ 11,786 $ 28,026 $ 23,039 Other TOS revenue represents additional services provided to the Company's pharmaceutical and biotechnology customers, specifically flow cytometry services and software-as-a-service ("SaaS") provided via our Lumin Bioinformatics software ("Lumin"). Contract Balances

Property and Equipment

Property and Equipment	6 Months Ended
	Oct. 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 October 31, April 30, Furniture and fixtures $ 246 $ 246 Computer equipment and software 1,967 1,667 Capitalized software development costs 1,888 1,888 Laboratory equipment 9,654 8,618 Assets in progress 507 181 Leasehold improvements 111 111 Total property and equipment 14,373 12,711 Less: Accumulated depreciation and amortization (6,665) (5,577) Property and equipment, net $ 7,708 $ 7,134 Depreciation and amortization expense was $560,000 and $346,000 for the three months ended October 31, 2022 and 2021, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $525,000 and $346,000 for the three months ended October 31, 2022 and 2021, respectively. Depreciation and amortization expense was $1.1 million and $663,000 for the six months ended October 31, 2022 and 2021, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $1.0 million and $663,000 for the six months ended October 31, 2022 and 2021, respectively. As of October 31, 2022 and April 30, 2022, property, plant and equipment included gross assets held under finance leases of $1.1 million and $713,000, respectively. Related depreciation expense was approximately $35,000 and $0 for the three months ended October 31, 2022 and 2021, respectively, and approximately $64,000 and $0 for the six months ended October 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 SaaS. 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 October 31, 2022, the carrying value of the asset net of accumulated amortization was $1.1 million. Amortization expense related to this asset was $157,000 and $40,000 for the three months ended October 31, 2022 and 2021, respectively, and, $314,000 and $81,000 for the six months ended October 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 October 31, 2022 and 2021, respectively, and $36,000 and zero for the six months ended October 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 $17,000 and zero for the three months ended October 31, 2022 and 2021, respectively, and $28,000 and zero for the six months ended October 31, 2022 and 2021, respectively.

Share-Based Payments

Share-Based Payments	6 Months Ended
	Oct. 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 Six Months Ended 2022 2021 2022 2021 General and administrative $ 23 $ 48 $ 146 $ 219 Sales and marketing 49 45 97 96 Research and development 4 8 7 14 Cost of oncology services 43 33 75 85 Total stock-based compensation expense $ 119 $ 134 $ 325 $ 414 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 October 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 There were no options granted during the three months ended October 31, 2022 and 2021. Black-Scholes assumptions used to calculate the fair value of options granted during the six months ended October 31, 2022 and 2021 were as follows: Six 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 six months ended October 31, 2022 and 2021 was $4.50 and $5.33, respectively. The Company’s stock options activity for the six months ended October 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 80,500 — 80,500 7.57 9.7 Exercised (36,209) — (36,209) 3.21 Forfeited (9,125) — (9,125) 7.94 Canceled (13,374) — (13,374) 3.74 Expired — (4,584) (4,584) 5.40 Outstanding, October 31, 2022 1,639,116 36,331 1,675,447 4.67 4.8 $ 4,989,000 Vested and expected to vest as of October 31, 2022 1,639,116 36,331 1,675,447 4.67 4.8 $ 4,989,000 Exercisable as of October 31, 2022 1,363,447 — 1,363,447 4.18 4.1 $ 4,788,000

Leases

Leases	6 Months Ended
	Oct. 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 $466,000 and $467,000 for the three months ended October 31, 2022 and 2021, respectively, and $934,000 and $932,000 for the six months ended October 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 October 31, 2022 and 2021, respectively, and $42,000 and $47,000 for the six months ended October 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 in rent expense for the three months ended October 31, 2022 and 2021, respectively, and $844,000 and $850,000 in rent expense for the six months ended October 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 a lease for its office space on October 1, 2021. This lease was set to expire 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 $21,000 for the three months ended October 31, 2022 and 2021, respectively, and $48,000 and $34,000 for the six months ended October 31, 2022 and 2021, respectively. ◦ The Company executed a new lease for office and laboratory space in November 2022. This new agreement has an effective date of November 1, 2022 and is set to expire October 31, 2028. ROU assets and lease liabilities related to our current operating leases are as follows (in thousands): October 31, 2022 April 30, 2022 Operating lease right-of-use assets, net $ 7,698 $ 8,230 Current portion of operating lease liabilities 1,133 1,054 Non-current portion of operating lease liabilities 7,832 8,412 As of October 31, 2022, the weighted average remaining operating lease term and the weighted average discount rate were 6.18 years and 5.73%, respectively. Future minimum lease payments due each fiscal year as follows (in thousands): Remainder of 2023 $ 1,395 2024 2,847 2025 2,888 2026 2,937 2027 2,903 Thereafter 5,243 Total undiscounted liabilities 18,213 Less: Imputed interest (9,248) Present value of minimum lease payments $ 8,965 Refer to Note 5, Property and Equipment, for information on financing leases.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Oct. 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 During the three months ended October 31, 2022 and 2021, the Company paid an affiliate of a board member $9,000 and $9,000, respectively, for consulting services unrelated to his duty as a board member. During the six months ended October 31, 2022 and 2021, the Company paid the same affiliate of a board member $18,000 and $18,000, respectively, for consulting services unrelated to his duty as a board member.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 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 ("ROU") 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
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	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 the fiscal year beginning May 1, 2023 for the Company. The Company is currently assessing the impact of this update on our consolidated financial statements and does not anticipate a significant impact.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 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 October 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: October 31, 2022 2021 Total common stock equivalents 1,675,447 1,634,928

Accounts Receivable, Unbilled_2

Accounts Receivable, Unbilled Services and Deferred Revenue (Tables)	6 Months Ended
	Oct. 31, 2022
Receivables [Abstract]
Summary of accounts receivable, unbilled services, and advanced billings	Accounts receivable and unbilled services were as follows (in thousands) October 31, 2022 April 30, 2022 Accounts receivable $ 5,392 $ 6,037 Unbilled services 4,316 4,106 Total accounts receivable and unbilled services 9,708 10,143 Less allowance for doubtful accounts (760) (630) Total accounts receivable, net $ 8,948 $ 9,513
Summary of advanced billings	Deferred revenue was as follows (in thousands): October 31, 2022 April 30, 2022 Deferred revenue $ 11,185 $ 11,071

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Oct. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of disaggregation of revenue	The following tables represents disaggregated revenue for the three and six months ended October 31, 2022 and 2021: Three Months Ended Six Months Ended October 31, 2022 2021 2022 2021 Pharmacology services $ 13,480 $ 11,143 $ 26,236 $ 21,846 Other TOS revenue 731 643 1,679 1,169 Personalized oncology services 70 — 111 24 Total oncology services revenue $ 14,281 $ 11,786 $ 28,026 $ 23,039

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Oct. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of property and equipment	Property and equipment consisted of the following (table in thousands): October 31, April 30, Furniture and fixtures $ 246 $ 246 Computer equipment and software 1,967 1,667 Capitalized software development costs 1,888 1,888 Laboratory equipment 9,654 8,618 Assets in progress 507 181 Leasehold improvements 111 111 Total property and equipment 14,373 12,711 Less: Accumulated depreciation and amortization (6,665) (5,577) Property and equipment, net $ 7,708 $ 7,134

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Oct. 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 Six Months Ended 2022 2021 2022 2021 General and administrative $ 23 $ 48 $ 146 $ 219 Sales and marketing 49 45 97 96 Research and development 4 8 7 14 Cost of oncology services 43 33 75 85 Total stock-based compensation expense $ 119 $ 134 $ 325 $ 414
Summary of valuation assumptions for stock options	Black-Scholes assumptions used to calculate the fair value of options granted during the six months ended October 31, 2022 and 2021 were as follows: Six 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 six months ended October 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 80,500 — 80,500 7.57 9.7 Exercised (36,209) — (36,209) 3.21 Forfeited (9,125) — (9,125) 7.94 Canceled (13,374) — (13,374) 3.74 Expired — (4,584) (4,584) 5.40 Outstanding, October 31, 2022 1,639,116 36,331 1,675,447 4.67 4.8 $ 4,989,000 Vested and expected to vest as of October 31, 2022 1,639,116 36,331 1,675,447 4.67 4.8 $ 4,989,000 Exercisable as of October 31, 2022 1,363,447 — 1,363,447 4.18 4.1 $ 4,788,000

Leases (Tables)

Leases (Tables)	6 Months Ended
	Oct. 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): October 31, 2022 April 30, 2022 Operating lease right-of-use assets, net $ 7,698 $ 8,230 Current portion of operating lease liabilities 1,133 1,054 Non-current portion of operating lease liabilities 7,832 8,412
Schedule of future operating lease payments	Future minimum lease payments due each fiscal year as follows (in thousands): Remainder of 2023 $ 1,395 2024 2,847 2025 2,888 2026 2,937 2027 2,903 Thereafter 5,243 Total undiscounted liabilities 18,213 Less: Imputed interest (9,248) Present value of minimum lease payments $ 8,965

Organization, Use of Estimate_2

Organization, Use of Estimates and Basis of Presentation (Details)	6 Months Ended
	Oct. 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 ($)	3 Months Ended				6 Months Ended
	Oct. 31, 2022	Jul. 31, 2022	Oct. 31, 2021	Jul. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Apr. 30, 2022
Accounting Policies [Abstract]
Cash equivalents	$ 0				$ 0		$ 0
Net income (loss)	(16,000)	$ (319,000)	$ 277,000	$ (172,000)	(335,000)	$ 105,000
Cash used in operations					3,091,000	1,444,000
Accumulated deficit	(72,317,000)				(72,317,000)		(71,982,000)
Working capital	1,900,000				1,900,000
Cash and cash equivalents	10,826,000				10,826,000		9,007,000
Unrecognized tax benefits	181,000				181,000		$ 181,000
Income tax penalties and interest expense	0	$ 0	0	$ 0
Unrecognized tax benefits anticipated during the next 12 months	0				0
Provision for income taxes	$ 14,000		$ 12,000		$ 31,000	$ 26,000

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]: 2022-11-01	Oct. 31, 2022
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue arrangements by service contract period	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue arrangements by service contract period	3 years

Significant Accounting Polici_5

Significant Accounting Policies - Summary of Potentially Antidilutive Securities (Details) - shares	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Accounting Policies [Abstract]
Total common stock equivalents (in shares)	1,675,447	1,634,928

Accounts Receivable, Unbilled_3

Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Accounts Receivable and Unbilled Services (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Receivables [Abstract]
Accounts receivable	$ 5,392	$ 6,037
Unbilled services	4,316	4,106
Total accounts receivable and unbilled services	9,708	10,143
Less allowance for doubtful accounts	(760)	(630)
Total accounts receivable, net	$ 8,948	$ 9,513

Accounts Receivable, Unbilled_4

Accounts Receivable, Unbilled Services and Deferred Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Receivables [Abstract]
Deferred revenue	$ 11,185	$ 11,071

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Disaggregation of Revenue [Line Items]
Oncology services revenue	$ 14,281	$ 11,786	$ 28,026	$ 23,039
Pharmacology services
Disaggregation of Revenue [Line Items]
Oncology services revenue	13,480	11,143	26,236	21,846
Other TOS revenue
Disaggregation of Revenue [Line Items]
Oncology services revenue	731	643	1,679	1,169
Personalized oncology services
Disaggregation of Revenue [Line Items]
Oncology services revenue	$ 70	$ 0	$ 111	$ 24

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Oct. 31, 2022	Jul. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Apr. 30, 2022	Jan. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 560,000		$ 346,000	$ 1,100,000	$ 663,000
Depreciation and amortization, excluding finance leases	525,000		346,000	1,000,000	663,000
Finance lease, asset, gross	1,100,000			1,100,000		$ 713,000
Finance lease, depreciation and amortization	35,000		0	64,000	0
Servicing asset							$ 1,900,000
Carrying value of servicing asset	1,100,000			1,100,000
Hosting arrangement, amortization expense	157,000		40,000	314,000	81,000
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	36,000	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	$ 17,000		$ 0	$ 28,000	$ 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	Oct. 31, 2022	Apr. 30, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 14,373	$ 12,711
Less: Accumulated depreciation and amortization	(6,665)	(5,577)
Property and equipment, net	$ 7,708	$ 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	1,967	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	9,654	8,618
Assets in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	507	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		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 119	$ 134	$ 325	$ 414
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	23	48	146	219
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	49	45	97	96
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	4	8	7	14
Cost of oncology services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 43	$ 33	$ 75	$ 85

Share-Based Payments - Narrativ

Share-Based Payments - Narrative (Details) - $ / shares		6 Months Ended
	Feb. 18, 2011	Oct. 31, 2022	Oct. 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)	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates minimum (in percent)	2.87%	0.82%
Volatility (in percent)	62.58%
Volatility rate minimum (in percent)		65.94%
Volatility rate maximum (in percent)		66.21%
Dividend yield	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years	6 years

Share-Based Payments - Summary

Share-Based Payments - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2022	Apr. 30, 2022
Total
Outstanding, beginning balance (in shares)	1,658,239
Granted (in shares)	80,500
Exercised (in shares)	(36,209)
Forfeited (in shares)	(9,125)
Canceled (in shares)	(13,374)
Expired (in shares)	(4,584)
Outstanding, ending balance (in shares)	1,675,447	1,658,239
Vested and expected to vest (in shares)	1,675,447
Exercisable (in shares)	1,363,447
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 4.51
Granted (in dollars per share)	7.57
Exercised (in dollars per share)	3.21
Forfeited (in dollars per share)	7.94
Canceled (in dollars per share)	3.74
Expired (in dollars per share)	5.40
Outstanding, ending balance (in dollars per share)	4.67	$ 4.51
Vested and expected to vest (in dollars per share)	4.67
Exercisable (in dollars per share)	$ 4.18
Weighted Average Remaining Contractual Life (Years)
Outstanding (in years)	4 years 9 months 18 days	4 years 10 months 24 days
Outstanding, granted (in years)	9 years 8 months 12 days
Vested and expected to vest (in years)	4 years 9 months 18 days
Exercisable (in years)	4 years 1 month 6 days
Aggregate Intrinsic Value
Outstanding	$ 4,989	$ 6,131
Vested and expected to vest	4,989
Exercisable	$ 4,788
Directors and Employees
Total
Outstanding, beginning balance (in shares)	1,617,324
Granted (in shares)	80,500
Exercised (in shares)	(36,209)
Forfeited (in shares)	(9,125)
Canceled (in shares)	(13,374)
Expired (in shares)	0
Outstanding, ending balance (in shares)	1,639,116	1,617,324
Vested and expected to vest (in shares)	1,639,116
Exercisable (in shares)	1,363,447
Non- Employees
Total
Outstanding, beginning balance (in shares)	40,915
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Canceled (in shares)	0
Expired (in shares)	(4,584)
Outstanding, ending balance (in shares)	36,331	40,915
Vested and expected to vest (in shares)	36,331
Exercisable (in shares)	0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Jul. 31, 2020	Oct. 31, 2022	Oct. 31, 2021	Apr. 30, 2022	Apr. 01, 2021	Jun. 01, 2020	Mar. 30, 2020
Lessee, Lease, Description [Line Items]
Operating leases, rent expense	$ 466	$ 467		$ 934	$ 932
Extension term									6 months
Operating lease right-of-use assets, net	7,698			7,698		$ 8,230
Present value of minimum lease payments	$ 8,965			$ 8,965
Weighted average remaining lease term (in years)	6 years 2 months 4 days			6 years 2 months 4 days
Weighted average discount rate, percent	5.73%			5.73%
Corporate Headquarters
Lessee, Lease, Description [Line Items]
Operating leases, rent expense	$ 21	24		$ 42	47
Rockville, MD
Lessee, Lease, Description [Line Items]
Operating leases, rent expense	422	422		844	850
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	$ 21		48	$ 34
Operating lease right-of-use assets, net	205			205
Present value of minimum lease payments	$ 205			$ 205

Leases - ROU Assets and Lease L

Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Leases [Abstract]
Operating lease right-of-use assets, net	$ 7,698	$ 8,230
Current portion of operating lease liabilities	1,133	1,054
Non-current portion of operating lease liabilities	$ 7,832	$ 8,412

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Oct. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	$ 1,395
2024	2,847
2025	2,888
2026	2,937
2027	2,903
Thereafter	5,243
Total undiscounted liabilities	18,213
Less: Imputed interest	(9,248)
Present value of minimum lease payments	$ 8,965

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Related Party Transaction [Line Items]
Due to related parties	$ 0		$ 0
Board Member | Board Member One
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	9,000	$ 9,000	18,000	$ 18,000
Board Member | Board Member Two
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 0	$ 2,150	$ 0	$ 5,000

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Commitments and Contingencies [Line Items]
Royalty expense	$ 32,000	$ 147,000	$ 108,000	$ 199,000
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%