Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Apr. 30, 2019	Jun. 14, 2019	Oct. 31, 2018
Document And Entity Information
Entity Registrant Name	Avid Bioservices, Inc.
Entity Central Index Key	0000704562
Document Type	10-K
Document Period End Date	Apr. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 293,016,000
Entity Common Stock, Shares Outstanding		56,137,724
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Emerging Growth Company	false
Small Business	true
Entity Shell Company	false
Interactive Data Current	Yes
Incorporation State Country Name	DE
Entity File Number	001-32839

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 32,351	$ 42,265
Accounts receivable	7,374	3,754
Contract assets	4,327	0
Inventories	6,557	16,129
Prepaid expenses	709	679
Assets of discontinued operations	0	5,000
Total current assets	51,318	67,827
Property and equipment, net	25,625	26,479
Restricted cash	1,150	1,150
Other assets	302	304
TOTAL ASSETS	78,395	95,760
CURRENT LIABILITIES:
Accounts payable	4,352	1,909
Accrued payroll and related costs	3,540	2,564
Contract liabilities	14,651	27,935
Other current liabilities	619	905
Liabilities of discontinued operations	0	4,550
Total current liabilities	23,162	37,863
Deferred rent, less current portion	2,072	2,159
Capital lease, less current portion	93	0
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,647,760 shares issued and outstanding at respective dates	2	2
Common stock, $0.001 par value; 150,000,000 shares authorized; 56,135,697 and 55,689,222 shares issued and outstanding at respective dates	56	55
Additional paid-in-capital	613,615	614,810
Accumulated deficit	(560,605)	(559,129)
Total stockholders' equity	53,068	55,738
Total liabilities and stockholders' equity	$ 78,395	$ 95,760

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2019	Apr. 30, 2018
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	1,647,760	1,647,760
Preferred stock, shares outstanding	1,647,760	1,647,760
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	56,135,697	55,689,222
Common stock, shares outstanding	56,135,697	55,689,222

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Income Statement [Abstract]
Revenues	$ 53,603	$ 53,621	$ 57,630
Cost of revenues	46,379	56,545	38,259
Gross profit (loss)	7,224	(2,924)	19,371
Operating expenses:
Selling, general and administrative	12,846	16,456	18,079
Restructuring charges	0	1,258	0
Total operating expenses	12,846	17,714	18,079
Operating (loss) income	(5,622)	(20,638)	1,292
Interest and other income, net	282	75	101
(Loss) income from continuing operations before income taxes	(5,340)	(20,563)	1,393
Income tax benefit	284	0	0
(Loss) income from continuing operations	(5,056)	(20,563)	1,393
Income (loss) from discontinued operations, net of tax	841	(1,250)	(29,552)
Net Loss	(4,215)	(21,813)	(28,159)
Comprehensive loss	(4,215)	(21,813)	(28,159)
Series E preferred stock accumulated dividends	(4,686)	(4,686)	(4,640)
Net loss attributable to common stockholders	$ (8,901)	$ (26,499)	$ (32,799)
Basic and diluted net (loss) income per common share attributable to common stockholders - Continuing operations	$ (0.17)	$ (0.53)	$ (0.09)
Basic and diluted net (loss) income per common share attributable to common stockholders - Discontinued operations	0.01	(0.03)	(0.79)
Net loss per share attributable to common stockholders	$ (0.16)	$ (0.56)	$ (0.88)
Basic and diluted weighted average common shares outstanding	55,981,060	47,063,020	37,109,493

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Apr. 30, 2016	1,577,440	33,847,213
Beginning balance, value at Apr. 30, 2016	$ 2	$ 34	$ 559,314	$ (509,276)	$ 50,074
Series E preferred stock issued, net of issuance costs, shares	70,230
Series E preferred stock issued, net of issuance costs, value			1,576		1,576
Series E preferred stock dividends			(4,279)		(4,279)
Common stock issued, net of issuance costs, shares		9,887,726
Common stock issued, net of issuance costs, value		$ 10	30,440		30,450
Common stock issued under Employee Stock Purchase Plan, shares		270,075
Common stock issued under Employee Stock Purchase Plan, value			526		526
Exercise of stock options, shares		9,026
Exercise of stock options, value			31		31
Share-based compensation expense			3,363		3,363
Net loss				(28,159)	(28,159)
Ending balance, shares at Apr. 30, 2017	1,647,760	44,014,040
Ending balance, value at Apr. 30, 2017	$ 2	$ 44	590,971	(537,435)	53,582
Series E preferred stock dividends			(4,325)		(4,325)
Cumulative-effect adjustment to accumulated deficit pursuant to adoption of ASU			(119)	119
Common stock issued, net of issuance costs, shares		11,345,704
Common stock issued, net of issuance costs, value		$ 11	25,676		25,687
Common stock issued under Employee Stock Purchase Plan, shares		88,327
Common stock issued under Employee Stock Purchase Plan, value			317		317
Exercise of stock options, shares		222,255
Exercise of stock options, value			752		752
Fractional shares issued pursuant to reverse stock split		18,896
Share-based compensation expense			1,538		1,538
Net loss				(21,813)	(21,813)
Ending balance, shares at Apr. 30, 2018	1,647,760	55,689,222
Ending balance, value at Apr. 30, 2018	$ 2	$ 55	614,810	(559,129)	55,738
Series E preferred stock dividends			(4,325)		(4,325)
Cumulative-effect adjustment to accumulated deficit pursuant to adoption of ASU				2,739	2,739
Common stock issued under Employee Stock Purchase Plan, shares		75,148
Common stock issued under Employee Stock Purchase Plan, value			258		258
Exercise of stock options, shares		371,327
Exercise of stock options, value		$ 1	1,277		1,278
Share-based compensation expense			1,595		1,595
Net loss				(4,215)	(4,215)
Ending balance, shares at Apr. 30, 2019	1,647,760	56,135,697
Ending balance, value at Apr. 30, 2019	$ 2	$ 56	$ 613,615	$ (560,605)	$ 53,068

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,215)	$ (21,813)	$ (28,159)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,746	2,562	2,463
Stock-based compensation	1,595	1,538	3,363
Loss on disposal of assets	127	1,692	1
Gain on sale of research and development assets	(1,000)	(8,000)	0
Changes in operating assets and liabilities:
Accounts receivable	(3,620)	3,988	(4,883)
Contract asssets	(1,439)	0	0
Inventories	1,701	16,970	(16,913)
Prepaid expenses and other assets	(28)	153	434
Accounts payable	2,125	(1,271)	(3,804)
Accrued payroll and related costs	976	(2,491)	372
Contract liabilities	(5,371)	(17,582)	11,275
Other accrued expenses and current liabilities	(642)	1,009	(407)
Assets and liabilities of discontinued operations	(4,550)	(2,747)	(2,911)
Net cash used in operating activities	(11,595)	(25,992)	(39,169)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,502)	(3,793)	(3,627)
Decrease in other assets	0	0	568
Proceeds from sale of property and equipment	46	0	0
Proceeds from sale of research and development assets	6,000	3,000	0
Net cash provided by (used in) investing activities	4,544	(793)	(3,059)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	0	25,687	30,450
Proceeds from issuance of preferred stock, net of issuance costs	0	0	1,576
Proceeds from issuance of common stock under employee stock purchase plan	258	317	526
Proceeds from exercise of stock options	1,278	752	31
Dividends paid on preferred stock	(4,325)	(4,325)	(4,279)
Principal payments on capital leases	(74)	(180)	(139)
Net cash (used in) provided by financing activities	(2,863)	22,251	28,165
Change in cash, cash equivalents and restricted cash	(9,914)	(4,534)	(14,063)
Cash, cash equivalents and restricted cash, beginning of period	43,415	47,949	62,012
Cash, cash equivalents and restricted cash, end of period	33,501	43,415	47,949
SUPPLEMENTAL INFORMATION:
Interest paid	11	4	6
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Unpaid purchases of property and equipment	318	180	658
Property and equipment acquired under capital lease	245	0	319
Receivable related to the sale of research and development assets	$ 0	$ 5,000	$ 0

RECONCILIATION OF CASH - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2016
Statement of Financial Position [Abstract]
Cash and cash equivalents, end of period	$ 32,351	$ 42,265	$ 46,799
Restricted cash, end of period	1,150	1,150	1,150
Cash, cash equivalents and restricted cash, end of period	$ 33,501	$ 43,415	$ 47,949	$ 62,012

1. Description of Company and Basis of Presentation

12 Months Ended

Apr. 30, 2019

Organization And Business Description

Description of Company and Basis of Presentation

Note 1 – Description of Company and Basis of Presentation

We are a contract development and manufacturing organization (“CDMO”) that provides a comprehensive range of services from process development to Current Good Manufacturing Practices (“CGMP”) commercial manufacturing focused on biopharmaceutical products derived from mammalian cell culture for biotechnology and pharmaceutical companies.

Effective January 5, 2018, we changed our name to Avid Bioservices, Inc. from Peregrine Pharmaceuticals, Inc. in connection with our transition to a dedicated CDMO and the discontinuation of our research and development activities. Except where specifically noted or the context otherwise requires, references to “Avid,” “the Company,” “we,” “us,” and “our,” in this Annual Report refer to Avid Bioservices, Inc. and its subsidiaries.

Basis of Presentation and Preparation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of Avid Bioservices, Inc. and its subsidiaries. All intercompany accounts and transactions among the consolidated entities have been eliminated in the consolidated financial statements. The preparation of our financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.

The financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. At April 30, 2019, we had $32,351 in cash and cash equivalents. Our ability to fund our operations is dependent on the amount of cash on hand and our ability to generate positive cash flow to sustain our current operations. We have expended substantial funds on our contract manufacturing business and, historically, on our legacy research and development of pharmaceutical product candidates. As a result, we have historically experienced losses and negative cash flows from operations since our inception and expect negative cash flows from operations to continue until we can generate sufficient revenue to generate positive cash flow from operations. We plan to fund our operations using our existing cash and cash equivalents and cash generated from services provided under our customer contracts. In the event we are unable to secure sufficient business to support our current operations, we may need to raise additional capital in the future. There can be no assurance that equity financing will be available on acceptable terms or at all. Our ability to raise additional capital in the equity markets to fund our future operations is dependent on a number of factors, including, but not limited to, the market demand for our common stock. The market demand or liquidity of our common stock is subject to a number of risks and uncertainties, including but not limited to, our financial results and economic and market conditions. If we are unable to fund our continuing operations through these sources we may need to further restructure, or cease, our operations. In addition, even if we are able to raise additional capital, it may not be at a price or on terms that are favorable to us. Any of these actions could materially harm our business, results of operations, and future prospects. Further, we performed an analysis and concluded that based on our cash and cash equivalents as of April 30, 2019 in conjunction with cash generated from services provided under our customer contracts will provide us with adequate cash on hand to support our operations for at least one year from the date that our consolidated financial statements are issued.

Certain prior year amounts related to deferred revenue and customer deposits have been reclassified to contract liabilities to conform to the current period’s presentation. This reclassification had no effect on previously reported net loss.

Discontinued Operations

For all periods presented, the operating results of our former research and development segment have been excluded from continuing operations and reported as income (loss) from discontinued operations, net of tax, in the accompanying consolidated financial statements. In addition, the assets and liabilities related to our discontinued research and development segment are reported as assets and liabilities of discontinued operations in the accompanying Consolidated Balance Sheet at April 30, 2018. For additional information on the discontinuation of our research and development segment, refer to Note 10, “Sale of Research and Development Assets”.

Segment Reporting

Our business had historically been organized into two reportable operating segments: (i) contract manufacturing services and (ii) research and development. However, as a result of the aforementioned discontinuation of our research and development segment, management has determined that the Company operates in only one operating segment. Accordingly, we reported our financial results for one reportable segment.

2. Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Cash and Cash Equivalents

We consider all short-term investments readily convertible to cash, without notice or penalty, with an initial maturity of 90 days or less to be cash equivalents.

Restricted Cash

Under the terms of three separate operating leases related to our facilities, we are required to maintain, as collateral, letters of credit during the terms of such leases (Note 3). At April 30, 2019 and 2018, restricted cash of $1,150 was pledged as collateral under these letters of credit.

Revenue Recognition

We derive revenue from contract manufacturing services provided under our customer contracts, which we have disaggregated into the following revenue streams:

Manufacturing revenue

The manufacturing revenue stream generally represents revenue from the manufacturing of customer product(s) derived from mammalian cell culture covering clinical through commercial manufacturing runs. Under a manufacturing contract, a quantity of manufacturing runs are ordered and the product is manufactured according to the customer’s specifications and typically only one performance obligation is included. Each manufacturing run represents a distinct service that is sold separately and has stand-alone value to the customer. The product(s) are manufactured exclusively for a specific customer and have no alternative use. The customer retains control of their product during the entire manufacturing process and can make changes to the process or specifications at their request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. Revenue associated with this stream is recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation.

Process development revenue

The process development revenue stream generally represents revenue from non-manufacturing related services associated with the custom development of a manufacturing process and analytical methods for a customer’s product. Under a process development contract, the customer owns the product details and process, which has no alternative use. These process development projects are customized to each customer to meet their specifications and typically only one performance obligation is included. Each process represents a distinct service that is sold separately and has stand-alone value to the customer. The customer also retains control of their product as the product is being created or enhanced by our services and can make changes to their process or specifications upon request. Revenue associated with this stream is recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation.

The following table disaggregates our revenue for the fiscal years ended April 30, 2019, 2018 and 2017 by revenue stream.

	Fiscal Year Ended April 30,
	2019		2018		2017
Manufacturing revenue	$	43,432	$	47,437	$	52,215
Process development revenue		10,171		6,184		5,415
Total Revenues	$	53,603	$	53,621	$	57,630

Revenues for the fiscal years ended April 30, 2018 and 2017 have not been adjusted in accordance with our modified retrospective adoption of Accounting Standards Concepts (“ASC”) 606 Revenue from Contracts with Customers (“ASC 606”) as of May 1, 2018, and continues to be reported under the accounting standards that were in effect prior to our adoption of ASC 606 as further discussed below under the section, “Accounting Standards Adopted in Fiscal Year 2019”.

The timing of revenue recognition, billings and cash collections results in billed trade receivables, contract assets (unbilled receivables), and contract liabilities (customer deposits and deferred revenue). Contract assets are recorded when our right to consideration is conditioned on something other than the passage of time. Contract assets are reclassified to trade receivables on the balance sheet when our rights become unconditional. Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of our fulfillment of performance obligations. Contract liabilities convert to revenue as we perform our obligations under the contract.

Payment terms can vary by the type of contract manufacturing services offered, however, the term between invoicing and when payment is due is not significant. For certain services, payment prior to satisfaction of a performance obligation can be required, and results in recording a contract liability.

During the fiscal year ended April 30, 2019, we recognized revenue of $14,312 for which the contract liability was recorded in the prior year.

We apply the practical expedient available under ASC 606 that permits us not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. In addition, we currently do not have any unsatisfied performance obligations for contracts greater than one year.

Costs incurred to obtain a contract are not material. These costs are generally employee sales commissions, which are expensed when incurred and included in selling, general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss.

Accounts Receivable

Accounts receivable generally represent trade amounts billed for contract manufacturing services and are recorded at the invoiced amount net of an allowance for doubtful accounts, if necessary. Accounts receivable consisted of the following:

	April 30,
	2019		2018
Trade receivables	$	7,374	$	3,539
Other receivables		–		215
Total Accounts receivable	$	7,374	$	3,754

We continually monitor our allowance for doubtful accounts for all receivables. We apply judgment in assessing the ultimate realization of our receivables and we estimate an allowance for doubtful accounts based on various factors, such as the aging of accounts receivable balances, historical experience, and the financial condition of our customers. Based on our analysis of our receivables as of April 30, 2019 and 2018, we determined no allowance for doubtful accounts was necessary.

Concentrations of Credit Risk and Customer Base

Financial instruments that potentially subject us to a significant concentration of credit risk consist of cash and cash equivalents, restricted cash, trade receivables and contract assets. We maintain our cash and restricted cash balances primarily with one major commercial bank and our deposits held with the bank exceed the amount of government insurance limits provided on our deposits. We are exposed to credit risk in the event of default by the major commercial bank holding our cash and restricted cash balances to the extent of the cash and restricted cash amounts recorded on the accompanying consolidated balance sheet.

Our trade receivables from amounts billed for contract manufacturing services have historically been derived from a small customer base. Most contracts require up-front payments and installment payments during the service period. We perform periodic evaluations of the financial condition of our customers and generally do not require collateral, but we can terminate any contract if a material default occurs. At April 30, 2019 and 2018, approximately 95% and 93%, respectively, of our trade receivables were due from six customers. Our contract assets are reclassified to trade receivables when our rights to consideration become unconditional. At April 30, 2019 approximately 87% of our contract assets were attributable to eight customers.

Our revenues have historically been derived from a small customer base. Historically, these customers have not entered into long-term contracts because their need for drug supply depends on a variety of factors, including a product’s stage of development, the timing of regulatory filings and approvals, the product needs of their collaborators, if applicable, their financial resources and the market demand with respect to a commercial product.

The percentages below represent revenues derived from each customer as a percentage of total revenues during the fiscal years ended April 30, 2019, 2018 and 2017:

Customer	Geographic Location	2019	2018	2017
Halozyme Therapeutics, Inc.	U.S.	30%	55%	58%
ADC Therapeutics America Inc.	U.S.	21	9	–
Coherus BioSciences, Inc.	U.S.	13	22	26
Other customers	U.S./non-U.S.	36	14	16
Total		100%	100%	100%

We attribute revenue to the individual countries where the customer is headquartered. Revenues derived from U.S. based customers were 95%, 99% and 100% for the fiscal years ended April 30, 2019, 2018 and 2017, respectively.

Inventories

Inventories are valued at the lower of cost or net realizable value, determined by the first-in, first-out method. Subsequent to the adoption of ASC 606 (Note 2), manufacturing costs associated with work-in-process inventory (comprised of raw materials, direct labor and overhead costs associated with in-process manufacturing services) are recorded to cost of revenues in the accompanying consolidated financial statements as incurred. Overhead costs allocated to work-in-process inventory are based on the normal capacity of our production facilities and do not include costs from under absorption of overhead costs or idle capacity, which are expensed directly to cost of revenues in the period incurred. Inventories consist of the following:

	April 30,
	2019		2018
Raw materials	$	6,557	$	8,165
Work-in-process		–		7,964
Total Inventories	$	6,557	$	16,129

We periodically review raw materials inventory for potential impairment and adjust inventory to its net realizable value based on the estimate of future use and reduce the carrying value of inventory as determined necessary.

Property and Equipment

Property and equipment is recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related asset, generally ranging from three to ten years. Amortization of leasehold improvements is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Construction-in-progress, which represents direct costs related to the construction of various equipment and leasehold improvements primarily associated with our manufacturing facilities, are not depreciated until the asset is completed and placed into service. No interest was incurred or capitalized as construction-in-progress as of April 30, 2019 and 2018. All of our property and equipment are located in the U.S. Property and equipment consist of the following:

	April 30,
	2019			2018
Leasehold improvements	$	20,574		$	20,686
Laboratory and manufacturing equipment		12,858			10,258
Computer equipment and software		4,644			4,087
Furniture, fixtures and office equipment		528			510
Construction-in-progress		1,590			3,310
Total Property and equipment, gross		40,194			38,851
Less: Accumulated depreciation and amortization		(14,569	)		(12,372	)
Total Property and equipment, net	$	25,625		$	26,479

Depreciation and amortization expense for the years ended April 30, 2019, 2018 and 2017 was $2,746, $2,562 and $2,463, respectively.

Impairment

Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. For the fiscal years ended April 30, 2019 and 2018, there were no indicators of impairment of the value of our long-lived assets.

Fair Value of Financial Instruments

The carrying amounts in the accompanying Consolidated Balance Sheets for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their short-term maturities.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy:

Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets.

Level 3 – Unobservable inputs that are supported by little or no market activity and significant to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques and assumptions.

As of April 30, 2019 and 2018, we do not have any Level 2 or Level 3 financial assets or liabilities and our cash equivalents, which are primarily invested in money market funds with one major commercial bank, are carried at fair value based on quoted market prices for identical securities (Level 1 input). In addition, there were no transfers between any Levels of the fair value hierarchy during the fiscal years ended April 30, 2019 and 2018.

Deferred Rent

Rent expense is recorded on a straight-line basis over the initial term of our operating lease agreements and the difference between rent expense and the amounts paid is recorded as a deferred rent liability. Incentives granted under our operating leases, including tenant improvements and landlord-funded lease incentives, are recorded as a deferred rent liability, which is amortized as a reduction to rent expense over the term of the operating lease (Note 3).

Restructuring Charges

Restructuring charges consist of one-time termination benefits, including severance and other employee-related costs related to a workforce reduction pursuant to a restructuring plan we implemented and completed during the fiscal year ended April 30, 2018 (Note 9). One-time termination benefits were expensed at the date we notified the employee, unless the employee was required to provide future service, in which case the benefits were expensed ratably over the future service period.

Stock-Based Compensation

We account for stock options, restricted stock units and other stock-based awards granted under our equity compensation plans in accordance with the authoritative guidance for stock-based compensation. The estimated fair value of stock options granted to employees in exchange for services is measured at the grant date, using a fair value based method, such as a Black-Scholes option valuation model, and is recognized as expense on a straight-line basis over the requisite service periods. The fair value of restricted stock units is measured at the grant date based on the closing market price of our common stock on the date of grant, and is recognized as expense on a straight-line basis over the period of vesting. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur. As of April 30, 2019, there were no outstanding stock-based awards with market or performance conditions.

Income Taxes

We utilize the liability method of accounting for income taxes in accordance with ASC 740: Income Taxes (“ASC 740”). Under the liability method, deferred taxes are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized (Note 6). In addition, we recognize the impact of an uncertain tax position only when it is more likely than not the tax position will be sustained upon examination by the tax authorities. We are required to file federal, state and foreign income tax returns in various jurisdictions. The preparation of these returns requires us to interpret the applicable tax laws in effect in such jurisdictions, which could affect the amount paid by us

The income tax benefit recognized in the accompanying Consolidated Statements of Operations and Comprehensive Loss for the year ended April 30, 2019 resulted from the “Intraperiod Tax Allocation” rules under ASC 740, which requires the allocation of an entity’s total annual income tax provision among continuing operations and, in our case, discontinued operations. Accordingly, a tax benefit was recorded in continuing operations with an offsetting tax expense recorded in discontinued operations (Note 10).

Comprehensive Loss

Comprehensive loss is the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss is equal to our net loss for all periods presented.

Accounting Standards Adopted in Fiscal Year 2019

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (codified as ASC 606), which, along with subsequent amendments issued after May 2014, replaced substantially all the relevant U.S. GAAP revenue recognition guidance. ASC 606, as amended, is based on the principle that revenue is recognized to depict the contractual transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services utilizing a new five-step revenue recognition model, which steps include (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

On May 1, 2018, we adopted ASC 606, as amended, to all contracts that had not been completed as of May 1, 2018 using the modified retrospective method. Accordingly, results for the reporting period beginning after May 1, 2018 are presented in accordance with ASC 606, while prior period amounts have not been adjusted and continue to be reported under the accounting standards that were in effect for the prior periods.

The cumulative effect of adopting ASC 606 resulted in a one-time adjustment of $2,739 to the opening balance of accumulated deficit which is reflected in the accompanying Consolidated Statements of Stockholders’ Equity for the fiscal year ended April 30, 2019. The cumulative effect adjustment relates to the recognition of revenue and related costs for customer contracts that transfer goods or services over time. Under ASC 606, the timing of the recognition of revenue and the related cost of revenue associated with goods or services provided to customers with no alternative use are recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation. By contrast, in the prior periods, revenue and the related costs were recognized upon completion of the performance obligation in accordance with accounting standards that were in effect in the prior periods. Under these customer contracts the customer retains control of the product as it is being created or enhanced by our services and/or we are entitled to compensation for progress to date that includes an element of profit margin.

The cumulative effect of the adoption of ASC 606 on amounts previously reported on the Consolidated Balance Sheet at April 30, 2018 was as follows:

	As Reported April 30, 2018			ASC 606 Transition Adjustment			Balance at May 1, 2018

Contract assets	$	–		$	2,888		$	2,888
Inventories		16,129			(7,871	)		8,258
Contract liabilities		27,935			(7,913	)		20,022
Other current liabilities		905			191			1,096
Accumulated deficit		(559,129	)		2,739			(556,390	)

The impact of the adoption of ASC 606 on the Consolidated Balance Sheet at April 30, 2019 was as follows:

	As Reported		Effect of Adoption Increase/(Decrease)			Balance Without Adoption of ASC 606
Contract assets	$	4,327	$	4,327		$	–
Inventories		6,557		(18,293	)		24,850
Contract liabilities		14,651		(19,771	)		34,422

The impact of the adoption of ASC 606 on the Consolidated Statements of Operations and Comprehensive Loss for the fiscal year ended April 30, 2019 was as follows:

	As Reported			Effect of Adoption Increase/(Decrease)		Balance Without Adoption of ASC 606
Revenues	$	53,603		$	13,243	$	40,360
Cost of revenues		46,379			9,743		36,636
Gross profit		7,224			3,500		3,724
Operating loss		(5,622	)		3,500		(9,122	)
Loss from continuing operations		(5,056	)		3,500		(8,556	)

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies the presentation requirements of restricted cash within the statement of cash flows. ASU 2016-18 will require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. We adopted ASU 2016-18 on May 1, 2018 and the cash and cash equivalents at the beginning-of-period and end-of-period total amounts in our consolidated statements of cash flows have been adjusted to include restricted cash for each of the periods presented.

In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which provides guidance about which changes to the terms or conditions of a stock-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual reporting periods beginning after December 15, 2017. We adopted ASU 2017-09 on May 1, 2018. The adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures.

New Accounting Standards Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases and its related amendments (collectively referred to as Topic 842) (codified as “ASC 842”). The new standard requires lessees to recognize right-of-use assets and corresponding lease liabilities for leases with durations of greater than 12 months on the balance sheet as well as provide disclosures with respect to certain qualitative and quantitative information regarding the amount, timing and uncertainty of cash flows arising from leases. The right-of-use assets and lease liabilities will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance lease or an operating lease. ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, which will be our fiscal year 2020 beginning May 1, 2019.

On May 1, 2019, we adopted ASC 842 and have elected the optional transition method to apply the standard as of the effective date and therefore, we will not apply the standard to the comparative periods presented in the consolidated financial statements. We have elected the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification, and initial direct costs. Further, we have elected a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e., leases with terms of 12 months or less) and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. While we are finalizing our evaluation of the impact of the adoption of ASC 842 on our consolidated financial statements and related disclosures, we expect to recognize on our balance sheet right-of-use assets ranging from $22,000 to $25,000, in aggregate, and lease liabilities ranging from $24,000 to $27,000, in aggregate, which are primarily related to our facility operating leases (Note 3). The difference between the right-of-use assets and lease liabilities is primarily attributed to the elimination of deferred rent. The adoption of ASC 842 is also expected to impact our consolidated financial statement disclosures. We do not anticipate the adoption of ASC 842 will have a material impact to our Consolidated Statements of Operations and Comprehensive Loss or to require a cumulative-effect adjustment to the opening balance of accumulated deficit.

The estimated impact of adopting ASC 842 is based on our best estimates at the time of the preparation of this Annual Report. The actual impact is subject to change prior to our first quarterly filing of our fiscal year 2020. We are finalizing our implementation related to policies, processes and internal controls to comply with this guidance.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard update requires that certain financial assets be measured at amortized cost net of an allowance for estimated credit losses such that the net receivable represents the present value of expected cash collection. In addition, this standard update requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses must be based on all relevant information including historical information, current conditions and reasonable and supportable forecasts that affect the collectability of the amounts. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, which will be our fiscal year 2021 beginning May 1, 2020; however, early adoption is permitted. We are currently evaluating the timing and impact of adopting ASU 2016-13 on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements in Topic 820 by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, primarily surrounding Level 3 fair value measurements and transfers between Level 1 and Level 2. ASU 2018-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, which will be our fiscal year 2021 beginning May 1, 2020. Early adoption is permitted for any removed or modified disclosures. We are currently evaluating the new guidance and do not expect the adoption of ASU 2018-13 to have a material impact on our consolidated financial statements and related disclosures.

3. Leases

12 Months Ended

Apr. 30, 2019

Lessee Disclosure [Abstract]

Leases

Note 3 – Leases

Operating Leases

We currently lease office, manufacturing and warehouse space in five buildings under four separate non-cancellable operating lease agreements. All of our leased facilities are located in close proximity in Tustin, California, have original lease terms ranging from 7 to 12 years, contain two multi-year renewal options, and scheduled rent increases of 3% on either an annual or biennial basis. Three of our leases provide for periods of free rent, lessor improvements and tenant improvement allowances, of which, certain of these improvements have been classified as leasehold improvements and are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the lease. As collateral for three of our leases we are required to maintain letters of credit, which in aggregate is $1,150 and is included in restricted cash in the accompanying Consolidated Balance Sheets as of April 30, 2019 and 2018.

Future minimum lease payments under our non-cancelable operating leases as of April 30, 2019 are as follows:

Fiscal Year		Total
	2020	$	3,032
	2021		3,116
	2022		3,193
	2023		3,281
	2024		2,789
	Thereafter		8,062
	Total	$	23,473

We record rent expense on a straight-line basis over the initial term of the lease. The difference between rent expense and the amounts paid under the operating leases is recorded as a deferred rent liability in the accompanying consolidated financial statements. Annual rent expense under facility operating lease agreements totaled $2,869, $2,935, and $2,180 for the fiscal years ended April 30, 2019, 2018, and 2017, respectively.

4. Stockholders' Equity

12 Months Ended

Apr. 30, 2019

Equity [Abstract]

Stockholders' Equity

Note 4 – Stockholders’ Equity

Stockholder Rights Agreement

On March 16, 2006, our Board of Directors adopted a Stockholder Rights Agreement, which was amended and restated on March 16, 2016 (the “Rights Agreement”), that is designed to strengthen the ability of the Board of Directors to protect the interests of our stockholders against potential abusive or coercive takeover tactics and to enable all stockholders the full and fair value of their investment in the event that an unsolicited attempt is made to acquire Avid. The Rights Agreement is not intended to prevent an offer the Board of Directors concludes is in the best interest of Avid and its stockholders.

Under the Rights Agreement, the Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each share of our common stock held by stockholders of record as of the close of business on March 27, 2006. Each Right entitles holders of each share of our common stock to buy seven one thousandths (7/1,000th) of a share of Avid’s Series D Participating Preferred Stock, par value $0.001 per share, at an exercise price of $77.00 per share, subject to adjustment. The Rights are neither exercisable nor traded separately from our common stock. The Rights will become exercisable and will detach from the common shares if a person or group acquires 15% or more of our outstanding common stock, without prior approval from our Board of Directors, or announces a tender or exchange offer that would result in that person or group owning 15% or more of our common stock. Each Right, when exercised, entitles the holder (other than the acquiring person or group) to receive our common stock (or in certain circumstances, voting securities of the acquiring person or group) with a value of twice the Rights’ exercise price upon payment of the exercise price of the Rights.

Avid will be entitled to redeem the Rights at $0.007 per Right at any time prior to a person or group achieving the 15% threshold. The Rights will expire on March 16, 2021.

Series E Preferred Stock

On February 12, 2014, we filed with the Secretary of State of the State of Delaware a Certificate of Designations of Rights and Preferences (the “Certificate of Designations”) to designate the 10.50% Series E Convertible Preferred Stock (the “Series E Preferred Stock”). The Certificate of Designations designated 2,000,000 shares of Series E Preferred Stock out of our 5,000,000 shares of authorized but unissued shares of preferred stock. The Series E Preferred Stock is classified as permanent equity in accordance with FASB ASC Topic 480, Distinguishing Liabilities from Equity. As of April 30, 2019, 1,647,760 shares of our Series E Preferred Stock were issued and outstanding.

Each share of Series E Preferred Stock is convertible at any time, at the option of the holder, into a number of whole shares of our common stock at an initial conversion price of $21.00. The Series E Preferred Stock is also subject to conversion upon certain events constituting a change of control and a market trigger conversion, at our option, as defined in the Certificate of Designations. The Series E Preferred Stock has no stated maturity date or mandatory redemption and is senior to all of our other securities. We may redeem the Series E Preferred Stock for cash, in whole or in part, by paying the redemption price of $25.00 per share, plus any accrued and unpaid dividends to the redemption date. Holders of the Series E Preferred Stock have no voting rights, except as defined in the Certificate of Designations.

Holders of our Series E Preferred Stock are entitled to receive cumulative dividends at the rate of 10.50% per annum based on the liquidation preference of $25.00 per share, and are payable quarterly in cash, on or about the 1^st day of each January, April, July, and October. The Series E Preferred Stock dividend for all issued and outstanding shares is set at $2.625 per annum per share. For the fiscal years ended April 30, 2019, 2018, and 2017, we paid aggregate cash dividends of $4,325, $4,325, and $4,279, respectively, for issued and outstanding shares of our Series E Preferred Stock.

Sales of Common Stock and Series E Preferred Stock

During the fiscal year ended April 30, 2019, we had no offerings of our common stock or Series E Preferred Stock.

During February 2018, we completed an underwriting public offering pursuant to which we sold 10,294,445 shares of our common stock at the public offering price of $2.25 per share. The aggregate gross proceeds we received from the public offering was $23,163, before deducting underwriting discounts and commissions and other offering related expenses of $1,669.

During the fiscal years ended April 30, 2018 and 2017, we sold an aggregate of 1,051,259 and 6,137,403 shares of our common stock, respectively, pursuant to an At Market Issuance Sales Agreement (“AMI Sales Agreement) for aggregate gross proceeds of $4,304 and $18,246, respectively. We paid a commission equal to 2.5% of the gross proceeds from the sale of our common stock pursuant to the AMI Sales Agreement. As of April 30, 2018, we had raised the full amount of gross proceeds available to us under the AMI Sales Agreement.

During the fiscal year ended April 30, 2017, we sold an aggregate of 3,750,323 shares of our common stock pursuant to an Equity Distribution Agreement for aggregate gross proceeds of $13,031. We paid a commission equal to 2.5% of the gross proceeds from the sale of our common stock pursuant to the Equity Distribution Agreement. As of April 30, 2017, we had raised the full amount of gross proceeds available to us under the Equity Distribution Agreement.

During the fiscal year ended April 30, 2017, we sold an aggregate of 70,320 shares of our Series E Preferred Stock pursuant to an At Market Issuance Sales Agreement (“Series E AMI Sales Agreement) for aggregate gross proceeds of $1,634. We paid a commission of up to 5% of the gross proceeds from the sale of our Series E Preferred Stock pursuant to the Series E AMI Sales Agreement. As of April 30, 2017, we are no longer issuing shares of our Series E Preferred Stock under the Series E AMI Sales Agreement.

Warrants

On August 30, 2018, warrants to purchase 39,040 shares of our common stock expired unexercised. As of April 30, 2019, we had no warrants issued and outstanding.

Shares of Common Stock Authorized and Reserved for Future Issuance

On October 4, 2018, our stockholders approved an amendment to our Certificate of Incorporation to decrease our authorized number of shares of common stock from 500,000,000 shares to 150,000,000 shares (the “Certificate of Amendment”). The Certificate of Amendment became effective upon filing with the Secretary of State of the State of Delaware on October 4, 2018.

As of April 30, 2019, 56,135,697 shares of our common stock were issued and outstanding. Our common stock outstanding as of April 30, 2019 excluded the following shares of common stock reserved for future issuance:

	Shares
Stock Incentive Plans	7,264,713
Employee Stock Purchase Plan	1,196,261
Conversion of our outstanding Series E Preferred Stock⁽¹⁾	6,826,435

_____________

⁽¹⁾The Series E Preferred Stock is convertible into a number of shares of our common stock determined by dividing the liquidation preference of $25.00 per share by the conversion price, currently $21.00 per share. If all of our outstanding Series E Preferred Stock were converted at the $21.00 per share conversion price, the holders of our Series E Preferred Stock would receive an aggregate of 1,961,619 shares of our common stock. However, we have reserved the maximum number of shares of our common stock that could be issued upon a change of control event assuming our shares of common stock are acquired for consideration of $5.985 per share or less. In this scenario, each outstanding share of our Series E Preferred Stock could be converted into 4.18 shares of our common stock.

5. Benefit Plans

12 Months Ended

Apr. 30, 2019

Share-based Payment Arrangement [Abstract]

Benefit Plans

Note 5 – Benefit Plans

Stock Incentive Plans

On October 4, 2018 (the “Effective Date”), our stockholders approved the Avid Bioservices, Inc. 2018 Omnibus Incentive Plan (the “2018 Plan”) which provides, among other things, the ability for us to grant stock options, restricted stock units and other forms of stock-based awards.

The number of shares of our common stock authorized for issuance under the 2018 Plan is the sum of (A) 2,350,000 and (B) the aggregate number of shares of common stock available for the grant of awards under our 2009, 2010, and 2011 Stock Incentive Plans (the “Prior Plans”) as of the Effective Date. The 2018 Plan replaced the Prior Plans, and no new awards will be granted under the Prior Plans as of the Effective Date. However, any awards outstanding under the Prior Plans on the Effective Date will remain subject to and be paid under the applicable Prior Plan, and any shares subject to outstanding awards under the Prior Plans that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the 2018 Plan.

In addition, we currently maintain three expired stock incentive plans referred to as the 2005, 2003 and 2002 Stock Incentive Plans (collectively, the “Expired Plans”). No future grants of stock-based awards can be issued from the Expired Plans, however, all outstanding awards granted under the Expired Plans will remain subject to the terms of the Expired Plans until they are exercised, canceled or expired.

The 2018 Plan, the Prior Plans, and the Expired Plans are collectively referred to as the “Stock Plans”. As of April 30, 2019, we had an aggregate of 7,264,713 shares of our common stock reserved for issuance under the Stock Plans, of which, 3,474,590 shares were subject to outstanding stock options and restricted stock units and 3,790,123 shares were available for future grants of stock-based awards.

Stock Options

Stock options granted under our Stock Plans are granted at an exercise price not less than the fair market value of our common stock on the date of grant. Stock option grants to employees generally vest 25% on each of the first, second, third and fourth anniversaries of the date of grant, and stock option grants to non-employee directors generally vest over a period of one to three years from the date of grant. The maximum contractual term of any stock option granted under the Stock Plans is ten years.

The estimated fair value of stock options are measured at the grant date, using a fair value based method, such as a Black-Scholes option valuation model, and is amortized as stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period. The use of a valuation model requires us to make certain estimates and assumptions with respect to selected model inputs. The expected volatility is based on the daily historical volatility of our common stock covering the estimated expected term. The expected term of options granted reflects actual historical exercise activity and assumptions regarding future exercise activity of unexercised, outstanding options. The risk-free interest rate is based on U.S. Treasury notes with terms within the contractual life of the option at the time of grant. The expected dividend yield assumption is based on our expectation of future dividend payouts. We have never declared or paid any cash dividends on our common stock and currently do not anticipate paying such cash dividends.

The fair value of stock options on the date of grant and the weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model for fiscal years ended April 30, 2019, 2018 and 2017, were as follows:

	Fiscal Year Ended April 30,
	2019		2018		2017
Risk-free interest rate		2.81%		2.21%		1.32%
Expected life (in years)		5.57		6.19		6.12
Expected volatility		76.56%		110.43%		111.30%
Expected dividend yield		–		–		–

The following summarizes our stock option transaction activity for fiscal year ended April 30, 2019:

	Stock Options			Grant Date Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value ⁽¹⁾
Outstanding at May 1, 2018		3,597,738		$	8.74
Granted		973,614		$	5.00
Exercised		(371,327	)	$	3.45
Canceled or expired		(925,810	)	$	11.28
Outstanding at April 30, 2019		3,274,215		$	7.51		5.53	$	1,238
Vested and expected to vest		3,274,215		$	7.51		5.53	$	1,238
Exercisable at April 30, 2019		1,932,527		$	9.45		3.87	$	700

______________

⁽¹⁾

Aggregate intrinsic value represents the difference between the exercise price of an option and the closing market price of our common stock on April 30, 2019, which was $4.79 per share.

The weighted-average grant date fair value of options granted to employees during the fiscal years ended April 30, 2019, 2018 and 2017 was $3.30, $3.50 and $2.86 per share, respectively.

The aggregate intrinsic value of stock options exercised during the fiscal years ended April 30, 2019, 2018 and 2017 was $547, $173 and $11, respectively. Cash received from stock options exercised during fiscal years ended April 30, 2019, 2018 and 2017, totaled $1,278, $752 and $31, respectively.

We issue shares of common stock that are reserved for issuance under the Stock Plans upon the exercise of stock options, and we do not expect to repurchase shares of common stock from any source to satisfy our obligations under our compensation plans.

As of April 30, 2019, the total estimated unrecognized compensation cost related to non-vested employee stock options was $3,880. This cost is expected to be recognized over a weighted average vesting period of 2.70 years based on current assumptions.

Restricted Stock

A restricted stock unit (“RSU”) represents the right to receive one share of our common stock upon the vesting of each unit. RSUs generally vest over four years at the rate of one-fourth of the shares granted on each anniversary of the date of grant. The estimated fair value of RSUs is based on the closing market value of our common stock on the date of grant, and is amortized as stock-based compensation expense on a straight-line basis over the period of vesting.

The following summarizes our RSUs transaction activity for fiscal year ended April 30, 2019:

	Shares			Weighted Average Grant Date Fair Value
Outstanding at May 1, 2018		–		$	–
Granted		217,200			4.28
Vested		–			–
Forfeited		(16,825	)		3.78
Outstanding at April 30, 2019		200,375		$	4.32

There were no RSUs granted during the fiscal years ended April 30, 2018 and 2017. As of April 30, 2019, the total estimated unrecognized compensation cost related to non-vested RSUs was $733. This cost is expected to be recognized over a weighted average vesting period of 3.34 years.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (the “ESPP”) is a stockholders’-approved plan under which allows eligible employees to purchase shares of our common stock through payroll deductions at a price equal to 85% of the lower of the fair market value our common stock as of the first trading day of the offering period or on the last trading day of the six-month offering period. Employee participants are limited to purchase no more than $25,000 of stock in any one calendar year. During the fiscal years ended April 30, 2019, 2018 and 2017, a total of 75,148, 88,327 and 270,075 shares of our common stock were purchased, respectively, under the ESPP at a weighted average purchase price per share of $3.44, $3.59 and $1.95, respectively. As of April 30, 2019, we had 1,196,261 shares of our common stock reserved for issuance under the ESPP.

The fair value of the shares purchased under the ESPP was determined using a Black-Scholes option pricing model (see explanation of valuation model inputs above under “Stock Options”), and is recognized as expense on a straight-line basis over the requisite service period (or six-month offering period).

The weighted average grant date fair value of purchase rights under the ESPP during fiscal years ended April 30, 2019, 2018 and 2017 was $1.49, $1.65 and $1.07, respectively, based on the following Black-Scholes option valuation model inputs:

	Fiscal Year Ended April 30,
	2019		2018		2017
Risk-free interest rate		2.26%		1.10%		0.46%
Expected life (in years)		0.50		0.50		0.50
Expected volatility		71.10%		75.18%		105.27%
Expected dividend yield		–		–		–

401(k) Plan

We have a 401(k) Plan (the “Plan”) pursuant to section 401(k) of the Internal Revenue Code that allows participating employees to contribute up to 100% of their compensation on a tax deferred basis up to the maximum amount permitted by the Internal Revenue Code. We match 50% of employee contributions of up to 6% of their annual eligible compensation. The expense related to our matching contributions to the Plan was $377, $564 and $845 for the fiscal years ended April 30, 2019, 2018 and 2017, respectively.

Stock-based Compensation Expense

Stock-based compensation expense for the fiscal years ended April 30, 2019, 2018 and 2017 was comprised of the following:

	Fiscal Year Ended April 30,
	2019		2018		2017
Cost of revenues	$	474	$	378	$	108
Selling, general and administrative expense		1,121		820		1,553
Discontinued operations		–		340		1,702
Total	$	1,595	$	1,538	$	3,363

Due to our net loss position, no tax benefits have been recognized in the Consolidated Statements of Cash Flows.

6. Income Taxes

12 Months Ended

Apr. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 6 – Income Taxes

We are primarily subject to U.S. federal and California state jurisdictions. To our knowledge, all tax years remain open to examination by U.S. federal and state authorities.

In accordance with ASC 740, we are required to recognize the impact of an uncertain tax position in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained upon examination by the tax authorities. We had no unrecognized tax benefits from uncertain tax positions as of April 30, 2019 and 2018. It is also our policy, in accordance with authoritative guidance, to recognize interest and penalties related to income tax matters in interest and other expense in our consolidated statements of operations and comprehensive loss. We did not recognize interest or penalties related to income taxes for fiscal years ended April 30, 2019, 2018, and 2017, and we did not accrue for interest or penalties as of April 30, 2019 and 2018.

Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. As a result of our cumulative losses, management has concluded that a full valuation allowance against our net deferred tax assets is appropriate.

At April 30, 2019, we had net deferred tax assets of $119,516. Due to uncertainties surrounding our ability to generate future taxable income to realize these tax assets, a full valuation has been established to offset our net deferred tax assets. Additionally, the future utilization of our net operating loss carry forwards to offset future taxable income may be subject to an annual limitation, pursuant to Internal Revenue Code Section 382, as a result of ownership changes that may have occurred previously or that could occur in the future. A Section 382 analysis was completed as of the fiscal year ended April 30, 2018 and we subsequently reviewed ownership activity through April 30, 2019, which it was determined that no significant change in ownership had occurred. However, ownership changes occurring subsequent to April 30, 2019 may impact the utilization of net operating loss carry forwards and other tax attributes.

At April 30, 2019, we had federal net operating loss carry forwards of approximately $425,841. The federal net operating loss carry forwards generated prior to January 1, 2018 expire in fiscal years 2020 through 2038. The federal net operating loss generated after January 1, 2018 of $6,609 can be carried forward indefinitely and be available to offset up to 80% of future taxable income each year. We also have California state net operating loss carry forwards of approximately $273,581 at April 30, 2019, which begin to expire in fiscal year 2029.

The provision for income taxes on our loss from continuing operations for the fiscal years ended April 30, 2019, 2018 and 2017 are comprised of the following:

	2019			2018			2017
Federal income taxes at statutory rate	$	(1,120	)	$	(6,112	)	$	475
State income taxes		(48	)		155			309
Expiration and adjustments of deferred tax assets		2,507			1,840			1,693
Change in valuation allowance		(2,480	)		(57,599	)		(2,616	)
Stock-based compensation		1,309			1,584			–
Other, net		(452	)		6			139
Tax Cuts and Jobs Act		–			60,126			–
Income tax benefit	$	(284	)	$	–		$	–

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and deferred tax liabilities at April 30, 2019 and 2018 are as follows:

	2019			2018
Net operating losses	$	113,612		$	115,236
Stock-based compensation		3,416			4,828
Deferred revenue		1,610			2,852
Deferred rent		555			568
Other		1,256			879
Total deferred tax assets		120,449			124,363
Less valuation allowance		(119,516	)		(123,555	)
Total deferred tax assets, net of valuation allowance	$	933		$	808
Deferred tax liabilities:
Fixed assets		(933	)		(808	)
Total deferred tax liabilities		(933	)		(808	)
Net deferred tax assets	$	–		$	–

On May 1, 2018, we adopted ASC 606 (Note 2). Upon adoption, no change in retained earnings was recorded related to income taxes as we maintain a full valuation allowance. However, an adjustment of approximately $700 was recorded as a deferred tax liability and a corresponding reduction to the valuation allowance.

On May 1, 2017, we adopted ASU 2016-09. Upon adoption, we have excess tax benefits for which a benefit could not previously be recognized of approximately $2,400. The balance of the unrecognized excess tax benefits has been reversed with the impact recorded to retained earnings including any change to the valuation allowance as a result of the adoption. Due to the full valuation allowance on the U.S. deferred tax assets, there was no impact to the accompanying consolidated financial statements as a result of adopting ASU 2016-09 other than what is reflected in the accompanying Consolidated Statements of Stockholders’ Equity for the fiscal year ended April 30, 2018.

In December 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act includes a number of changes to existing U.S. tax laws that impact us, most notably a reduction of the U.S. corporate income tax rate from 35% to 21% for tax years, effective January 1, 2018. We performed a review of the Tax Act for the fiscal year ended April 30, 2018, and based on the information available at that time, we recorded a provisional increase in tax expense and a corresponding decrease in net deferred tax assets of $60,126, which were fully offset by a valuation allowance.

We applied the guidance under Staff Accounting Bulletin No. 118 when accounting for the enactment-date effects of the Tax Act for the fiscal year ended April 30, 2018 as we had not completed our accounting for all the enactment-date income tax effects of the Tax Act under ASC 740 for the remeasurement of deferred tax assets and liabilities. We completed our accounting for the enactment-date income tax effects of the Tax Act during the quarter ended January 31, 2019. Upon further analyses of the Tax Act and Notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service provisional amount recognized for the fiscal year ended April 30, 2018 did not change; therefore, there was no adjustment to tax expense.

7. Net Loss per Common Share

12 Months Ended

Apr. 30, 2019

Earnings Per Share [Abstract]

Net Loss per Common Share

Note 7 – Net Loss per Common Share

Basic net loss per common share is computed by dividing our net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, excluding the dilutive effects of stock options, unvested RSUs, shares of common stock expected to be issued under our ESPP, warrants, and Series E Preferred Stock outstanding during the period. Diluted net loss per common share is computed by dividing our net loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding during the period plus the potential dilutive effects of stock options, unvested RSUs, shares of common stock expected to be issued under our ESPP, warrants, and Series E Preferred Stock outstanding during the period. Net loss attributable to common stockholders represents our net loss plus Series E Preferred Stock accumulated dividends. Series E Preferred Stock accumulated dividends include dividends declared for the period (regardless of whether or not the dividends have been paid) and dividends accumulated for the period (regardless of whether or not the dividends have been declared).

The potential dilutive effect of stock options, unvested RSUs, shares of common stock expected to be issued under our ESPP, and warrants outstanding during the period are calculated in accordance with the treasury stock method, but are excluded if their effect is anti-dilutive. The potential dilutive effect of our Series E Preferred Stock outstanding during the period was calculated using the if-converted method assuming the conversion of Series E Preferred Stock as of the earliest period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. However, because the impact of stock options, unvested RSUs, shares of common stock expected to be issued under our ESPP, warrants, and Series E Preferred Stock are anti-dilutive during periods of net loss, there was no difference between basic and diluted loss per common share amounts for the three years ended April 30, 2019.

The calculation of weighted average diluted shares outstanding excludes the dilutive effect of the following weighted average outstanding stock options, unvested RSUs and shares of common stock expected to be issued under our ESPP as their impact is anti-dilutive during periods of net loss:

	2019		2018		2017
Stock options		138,822		53,978		–
RSUs		34,122		–		–
ESPP		10,589		1,972		45,767
Total		183,533		55,950		45,767

The calculation of weighted average diluted shares outstanding also excludes the following weighted average outstanding stock options, unvested RSUs, warrants, and Series E Preferred Stock (assuming the if-converted method), as their exercise prices or conversion price were greater than the average market price of our common stock during the respective periods, resulting in an anti-dilutive effect:

	2019		2018		2017
Stock options		2,712,454		3,636,699		4,156,421
RSUs		33,532		–		–
Warrants		12,942		39,040		39,040
Series E Preferred Stock		1,978,783		1,978,783		1,955,588
Total		4,737,711		5,654,522		6,151,049

9. Restructuring Charges

12 Months Ended

Apr. 30, 2019

Restructuring Costs [Abstract]

Restructuring Charges

Note 9 – Restructuring Charges

In August 2017, we implemented a restructuring plan intended to reduce operating costs and improve cost efficiencies while we pursued strategic options for our research and development assets and focused our efforts on growing our CDMO business. Under this restructuring plan, which we completed in October 2017, we reduced our overall workforce by 57 employees. As a result, during the fiscal quarter ended October 31, 2017, we incurred an aggregate of $1,588 in restructuring costs consisting of termination benefits, including severance, and other employee-related costs, of which $330 related to our discontinued research and development segment and $1,258 related to our contract manufacturing services segment. The restructuring costs associated with our discontinued research and development segment are included in income (loss) from discontinued operations, net of tax, in the accompanying consolidated financial statements for the fiscal year ended April 30, 2018 (Note 10). The restructuring costs associated with our contract manufacturing services segment are included in operating expenses in the accompanying consolidated financial statements for the fiscal year ended April 30, 2018. All restructuring costs were paid in full during fiscal year 2018.

10. Sale of Research and Development Assets

12 Months Ended

Apr. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Sale of Research and Development Assets

Note 10 – Sale of Research and Development Assets

On February 12, 2018, we entered into an Asset Assignment and Purchase Agreement (the “February 2018 Purchase Agreement”) with Oncologie, Inc. (“Oncologie”) pursuant to which we sold to Oncologie the majority of our research and development assets, which included the assignment of certain exclusive licenses related to our former phosphatidylserine (PS)-targeting program, as well as certain other licenses and assets useful and/or necessary for the potential commercialization of bavituximab.

Pursuant to the February 2018 Purchase Agreement, we received an aggregate of $8,000 from Oncologie, of which $3,000 was received in fiscal year 2018 and $5,000 was received in fiscal year 2019. We are also eligible to receive up to an additional $95,000 in the event that Oncologie achieves certain development, regulatory and commercialization milestones with respect to bavituximab. In addition, we are eligible to receive royalties on net sales that are upward tiering into the mid-teens in the event that Oncologie commercializes and sells products utilizing bavituximab or the other transferred assets. As of April 30, 2019, no development, regulatory or commercialization milestones have been achieved by Oncologie. Oncologie is responsible for all future research, development and commercialization of bavituximab, including all related intellectual property costs and all other future liabilities and obligations arising out of the ownership of the transferred assets (i.e., we remain obligated for all liabilities associated with the research and development assets associated with the February 2018 Purchase Agreement incurred or arising prior to February 12, 2018).

On September 13, 2018, we entered into a separate Asset Assignment and Purchase Agreement (the “September 2018 Purchase Agreement”) with Oncologie pursuant to which we sold to Oncologie our r84 technology, which included the assignment of certain licenses, patents and other assets useful and/or necessary for the potential commercialization of the r84 technology.

Pursuant to the September 2018 Purchase Agreement, we received $1,000 from Oncologie, which amount was paid to us in October 2018. We are also eligible to receive up to an additional $21,000 in the event that Oncologie achieves certain development, regulatory and commercialization milestones with respect to r84. In addition, we are eligible to receive royalties on net sales ranging from the low to mid-single digits in the event that Oncologie commercializes and sells products utilizing the r84 technology. As of April 30, 2019, no development, regulatory or commercialization milestones have been achieved by Oncologie. Oncologie is responsible for all future research, development and commercialization of r84, including all related intellectual property costs and all other future liabilities and obligations arising out of the ownership of the transferred assets (i.e., we remain obligated for all liabilities associated with the research and development assets associated with the September 2018 Purchase Agreement incurred or arising prior to September 13, 2018).

Discontinued Operations

As a result of the sale of our PS-targeting program and our r84 technology, the abandonment of our remaining research and development assets, and the strategic shift in our corporate direction to focus solely on our CDMO business, the operating results from our former research and development segment and the related assets and liabilities have been presented as discontinued operations in the accompanying consolidated financial statements for all periods presented. During the fiscal years ended April 30, 2019 and 2018, we recorded a gain of $1,000 and $8,000, respectively, upon the completion of the September 2018 Purchase Agreement and the February 2018 Purchase Agreement, which amounts are included in income (loss) from discontinued operations, net of tax, in the accompanying Consolidated Statements of Operations and Comprehensive Loss for the fiscal years ended April 30, 2019 and 2018, respectively. The results of operations from discontinued operations presented below include certain allocations that management believes fairly reflect the utilization of services provided to the former research and development segment. The allocations do not include amounts related to general corporate administrative expenses or interest expense. Therefore, these results of operations do not necessarily reflect what the results of operations would have been had the former research and development segment operated as a stand-alone segment.

The following table summarizes the results of discontinued operations for the fiscal years ended April 30, 2019, 2018 and 2017:

	2019		2018			2017

License revenue	$	–	$	25		$	–

Operating expenses:
Research and development		–		6,782			27,992
Selling, general and administrative		–		2,163			1,560
Restructuring charges		–		330			–
Total operating expenses		–		9,275			29,552

Other income		125		–			–
Gain on sale of research and development assets before income taxes		1,000		8,000			–
Income tax expense		284		–			–
Income (loss) from discontinued operations, net of tax	$	841	$	(1,250	)	$	(29,552	)

The following table includes the assets and liabilities of discontinued operations as of April 30, 2018. There were no assets or liabilities related to discontinued operations as of April 30, 2019:

	2018
Assets:
Other receivables	$	5,000

Total assets of discontinued operations	$	5,000

Liabilities:
Accounts payable	$	32
Accrued clinical trial and related fees		3,613
Accrued payroll and related costs		614
Other liabilities		291
Total liabilities of discontinued operations	$	4,550

The carrying value of the assets and liabilities deemed a component of the discontinued research and development segment were not classified as “held for sale” in the accompanying Consolidated Balance Sheet at April 30, 2018 as Oncologie did not purchase or assume any of the reported assets or liabilities under the aforementioned February 2018 Purchase Agreement and September 2018 Purchase Agreement.

11. Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Apr. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Note 11 – Selected Quarterly Financial Data (Unaudited)

Selected quarterly financial information for each of the two most recent fiscal years is as follows:

	Fiscal Year Ended April 30, 2019 ^(a)
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	12,589		$	10,178		$	13,781		$	17,055
Gross profit	$	1,192		$	334		$	2,050		$	3,648
(Loss) income from continuing operations	$	(1,961	)	$	(2,190	)	$	(1,139	)	$	234
Income from discontinued operations, net of tax ^(b)(c)	$	–		$	739		$	–		$	102
Net (loss) income	$	(1,961	)	$	(1,451	)	$	(1,139	)	$	336
Net loss attributable to common stockholders	$	(3,403	)	$	(2,893	)	$	(2,581	)	$	(1,106	)
Basic and diluted net (loss) income per common share attributable to common stockholders ^(d)
Continuing operations	$	(0.06	)	$	(0.06	)	$	(0.05	)	$	(0.02	)
Discontinued operations	$	–		$	0.01		$	–		$	–
Net loss per common share attributable to common stockholders	$	(0.06	)	$	(0.05	)	$	(0.05	)	$	(0.02	)

	Fiscal Year Ended April 30, 2018 ^(a)
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	27,077		$	12,782		$	6,819		$	6,943
Gross profit (loss)	$	6,629		$	(3,460	)	$	(4,132	)	$	(1,961	)
Income (loss) from continuing operations	$	2,800		$	(8,301	)	$	(8,928	)	$	(6,134	)
(Loss) income from discontinued operations, net of tax ^(b)(c)	$	(4,005	)	$	(4,323	)	$	(2,076	)	$	9,154
Net (loss) income	$	(1,205	)	$	(12,624	)	$	(11,004	)	$	3,020
Net (loss) income attributable to common stockholders	$	(2,647	)	$	(14,066	)	$	(12,446	)	$	1,578
Basic and diluted net income (loss) per common share attributable to common stockholders ^(d)
Continuing operations	$	0.03		$	(0.21	)	$	(0.23	)	$	(0.14	)
Discontinued operations	$	(0.09	)	$	(0.10	)	$	(0.05	)	$	0.17
Net (loss) income per common share attributable to common stockholders	$	(0.06	)	$	(0.31	)	$	(0.28	)	$	0.03

________________

(a)

On May 1, 2018, we adopted ASC 606 using the modified retrospective method applied to all contracts not completed as of May 1, 2018 (Note 2). Under the modified retrospective method, results for the reporting periods beginning on or after May 1, 2018 are presented in accordance with ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards that were in effect prior to May 1, 2018.

(b)

For all periods presented, the operating results of our former research and development segment are reported as income (loss) from discontinued operations, net of tax (Note 1).

(c)

Income from discontinued operations, net of tax, for the quarters ended October 31, 2018 and April 30, 2018 include a gain on sale of research and development assets before tax of $1,000 and $8,000, respectively (Note 10).

(d)

Basic and diluted net income (loss) per common share attributable to common stockholders calculations for each of the quarters are based on the basic and diluted weighted average common shares outstanding for each period. As such, the sum of the quarters may not necessarily equal the basic and diluted net income (loss) per common share amount for the fiscal year.

2. Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation and Preparation

Basis of Presentation and Preparation

Discontinued Operations

Discontinued Operations

For all periods presented, the operating results of our former research and development segment have been excluded from continuing operations and reported as income (loss) from discontinued operations, net of tax in the accompanying consolidated financial statements. In addition, the assets and liabilities related to our discontinued research and development segment are reported as assets and liabilities of discontinued operations in the accompanying Consolidated Balance Sheet at April 30, 2018. For additional information on the discontinuation of our research and development segment, refer to Note 10, “Sale of Research and Development Assets”.

Segment Reporting

Segment Reporting

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider all short-term investments readily convertible to cash, without notice or penalty, with an initial maturity of 90 days or less to be cash equivalents.

Restricted cash

Restricted Cash

Revenue Recognition

Revenue Recognition

We derive revenue from contract manufacturing services provided under our customer contracts, which we have disaggregated into the following revenue streams:

Manufacturing revenue

Process development revenue

The following table disaggregates our revenue for the fiscal years ended April 30, 2019, 2018 and 2017 by revenue stream.

	Fiscal Year Ended April 30,
	2019		2018		2017
Manufacturing revenue	$	43,432	$	47,437	$	52,215
Process development revenue		10,171		6,184		5,415
Total Revenues	$	53,603	$	53,621	$	57,630

During the fiscal year ended April 30, 2019, we recognized revenue of $14,312 for which the contract liability was recorded in the prior year.

Accounts Receivable

Accounts Receivable

	April 30,
	2019		2018
Trade receivables	$	7,374	$	3,539
Other receivables		–		215
Total Accounts receivable	$	7,374	$	3,754

Concentrations of Credit Risk and Customer Base

Concentrations of Credit Risk and Customer Base

The percentages below represent revenues derived from each customer as a percentage of total revenues during the fiscal years ended April 30, 2019, 2018 and 2017:

Customer	Geographic Location	2019	2018	2017
Halozyme Therapeutics, Inc.	U.S.	30%	55%	58%
ADC Therapeutics America Inc.	U.S.	21	9	–
Coherus BioSciences, Inc.	U.S.	13	22	26
Other customers	U.S./non-U.S.	36	14	16
Total		100%	100%	100%

Inventories

Inventories

	April 30,
	2019		2018
Raw materials	$	6,557	$	8,165
Work-in-process		–		7,964
Total Inventories	$	6,557	$	16,129

Property and Equipment, net

Property and Equipment

	April 30,
	2019			2018
Leasehold improvements	$	20,574		$	20,686
Laboratory and manufacturing equipment		12,858			10,258
Computer equipment and software		4,644			4,087
Furniture, fixtures and office equipment		528			510
Construction-in-progress		1,590			3,310
Total Property and equipment, gross		40,194			38,851
Less: Accumulated depreciation and amortization		(14,569	)		(12,372	)
Total Property and equipment, net	$	25,625		$	26,479

Depreciation and amortization expense for the years ended April 30, 2019, 2018 and 2017 was $2,746, $2,562 and $2,463, respectively.

Impairment

Impairment

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair Value Measurements

Fair Value Measurements

Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities.

Deferred Rent

Deferred Rent

Restructuring Charges

Restructuring Charges

Stock-Based Compensation

Stock-Based Compensation

Income Taxes

Income Taxes

Comprehensive Loss

Comprehensive Loss

Accounting Standards Adopted in Fiscal Year 2019

Accounting Standards Adopted in Fiscal Year 2019

The cumulative effect of the adoption of ASC 606 on amounts previously reported on the Consolidated Balance Sheet at April 30, 2018 was as follows:

	As Reported April 30, 2018			ASC 606 Transition Adjustment			Balance at May 1, 2018

Contract assets	$	–		$	2,888		$	2,888
Inventories		16,129			(7,871	)		8,258
Contract liabilities		27,935			(7,913	)		20,022
Other current liabilities		905			191			1,096
Accumulated deficit		(559,129	)		2,739			(556,390	)

The impact of the adoption of ASC 606 on the Consolidated Balance Sheet at April 30, 2019 was as follows:

	As Reported		Effect of Adoption Increase/(Decrease)			Balance Without Adoption of ASC 606
Contract assets	$	4,327	$	4,327		$	–
Inventories		6,557		(18,293	)		24,850
Contract liabilities		14,651		(19,771	)		34,422

The impact of the adoption of ASC 606 on the Consolidated Statements of Operations and Comprehensive Loss for the fiscal year ended April 30, 2019 was as follows:

	As Reported			Effect of Adoption Increase/(Decrease)		Balance Without Adoption of ASC 606
Revenues	$	53,603		$	13,243	$	40,360
Cost of revenues		46,379			9,743		36,636
Gross profit		7,224			3,500		3,724
Operating loss		(5,622	)		3,500		(9,122	)
Loss from continuing operations		(5,056	)		3,500		(8,556	)

New Accounting Standards Not Yet Adopted

New Accounting Standards Not Yet Adopted

2. Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2019

Accounting Policies [Abstract]

Disaggregation of revenue

	Fiscal Year Ended April 30,
	2019		2018		2017
Manufacturing revenue	$	43,432	$	47,437	$	52,215
Process development revenue		10,171		6,184		5,415
Total Revenues	$	53,603	$	53,621	$	57,630

Schedule of accounts receivable

	April 30,
	2019		2018
Trade receivables	$	7,374	$	3,539
Other receivables		–		215
Total Accounts receivable	$	7,374	$	3,754

Concentration of revenues

Customer	Geographic Location	2019	2018	2017
Halozyme Therapeutics, Inc.	U.S.	30%	55%	58%
ADC Therapeutics America Inc.	U.S.	21	9	–
Coherus BioSciences, Inc.	U.S.	13	22	26
Other customers	U.S./non-U.S.	36	14	16
Total		100%	100%	100%

Inventories

	April 30,
	2019		2018
Raw materials	$	6,557	$	8,165
Work-in-process		–		7,964
Total Inventories	$	6,557	$	16,129

Schedule of property and equipment

	April 30,
	2019			2018
Leasehold improvements	$	20,574		$	20,686
Laboratory and manufacturing equipment		12,858			10,258
Computer equipment and software		4,644			4,087
Furniture, fixtures and office equipment		528			510
Construction-in-progress		1,590			3,310
Total Property and equipment, gross		40,194			38,851
Less: Accumulated depreciation and amortization		(14,569	)		(12,372	)
Total Property and equipment, net	$	25,625		$	26,479

Impact of the adoption of ASC 606

The cumulative effect of the adoption of ASC 606 on amounts previously reported on the Consolidated Balance Sheet at April 30, 2018 was as follows:

	As Reported April 30, 2018			ASC 606 Transition Adjustment			Balance at May 1, 2018

Contract assets	$	–		$	2,888		$	2,888
Inventories		16,129			(7,871	)		8,258
Contract liabilities		27,935			(7,913	)		20,022
Other current liabilities		905			191			1,096
Accumulated deficit		(559,129	)		2,739			(556,390	)

The impact of the adoption of ASC 606 on the Consolidated Balance Sheet at April 30, 2019 was as follows:

	As Reported		Effect of Adoption Increase/(Decrease)			Balance Without Adoption of ASC 606
Contract assets	$	4,327	$	4,327		$	–
Inventories		6,557		(18,293	)		24,850
Contract liabilities		14,651		(19,771	)		34,422

The impact of the adoption of ASC 606 on the Consolidated Statements of Operations and Comprehensive Loss for the fiscal year ended April 30, 2019 was as follows:

	As Reported			Effect of Adoption Increase/(Decrease)		Balance Without Adoption of ASC 606
Revenues	$	53,603		$	13,243	$	40,360
Cost of revenues		46,379			9,743		36,636
Gross profit		7,224			3,500		3,724
Operating loss		(5,622	)		3,500		(9,122	)
Loss from continuing operations		(5,056	)		3,500		(8,556	)

5. Benefit Plans (Tables)

12 Months Ended

Apr. 30, 2019

Schedule of stock option activity

	Stock Options			Grant Date Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value ⁽¹⁾
Outstanding at May 1, 2018		3,597,738		$	8.74
Granted		973,614		$	5.00
Exercised		(371,327	)	$	3.45
Canceled or expired		(925,810	)	$	11.28
Outstanding at April 30, 2019		3,274,215		$	7.51		5.53	$	1,238
Vested and expected to vest		3,274,215		$	7.51		5.53	$	1,238
Exercisable at April 30, 2019		1,932,527		$	9.45		3.87	$	700

______________

⁽¹⁾

Aggregate intrinsic value represents the difference between the exercise price of an option and the closing market price of our common stock on April 30, 2019, which was $4.79 per share.

Schedule of RSU activity

	Shares			Weighted Average Grant Date Fair Value
Outstanding at May 1, 2018		–		$	–
Granted		217,200			4.28
Vested		–			–
Forfeited		(16,825	)		3.78
Outstanding at April 30, 2019		200,375		$	4.32

Share-based compensation expense

	Fiscal Year Ended April 30,
	2019		2018		2017
Cost of revenues	$	474	$	378	$	108
Selling, general and administrative expense		1,121		820		1,553
Discontinued operations		–		340		1,702
Total	$	1,595	$	1,538	$	3,363

Equity Option [Member]

Fair value valuation assumptions

	Fiscal Year Ended April 30,
	2019		2018		2017
Risk-free interest rate		2.81%		2.21%		1.32%
Expected life (in years)		5.57		6.19		6.12
Expected volatility		76.56%		110.43%		111.30%
Expected dividend yield		–		–		–

Employee Stock Purchase Plan [Member]

Fair value valuation assumptions

	Fiscal Year Ended April 30,
	2019		2018		2017
Risk-free interest rate		2.26%		1.10%		0.46%
Expected life (in years)		0.50		0.50		0.50
Expected volatility		71.10%		75.18%		105.27%
Expected dividend yield		–		–		–

6. Income Taxes (Tables)

12 Months Ended

Apr. 30, 2019

Income Tax Disclosure [Abstract]

Provision for income taxes

	2019			2018			2017
Federal income taxes at statutory rate	$	(1,120	)	$	(6,112	)	$	475
State income taxes		(48	)		155			309
Expiration and adjustments of deferred tax assets		2,507			1,840			1,693
Change in valuation allowance		(2,480	)		(57,599	)		(2,616	)
Stock-based compensation		1,309			1,584			–
Other, net		(452	)		6			139
Tax Cuts and Jobs Act		–			60,126			–
Income tax benefit	$	(284	)	$	–		$	–

Deferred income taxes

	2019			2018
Net operating losses	$	113,612		$	115,236
Stock-based compensation		3,416			4,828
Deferred revenue		1,610			2,852
Deferred rent		555			568
Other		1,256			879
Total deferred tax assets		120,449			124,363
Less valuation allowance		(119,516	)		(123,555	)
Total deferred tax assets, net of valuation allowance	$	933		$	808
Deferred tax liabilities:
Fixed assets		(933	)		(808	)
Total deferred tax liabilities		(933	)		(808	)
Net deferred tax assets	$	–		$	–

10. Sale of Research and Development Assets (Tables)

12 Months Ended

Apr. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations summary

The following table summarizes the results of discontinued operations for the fiscal years ended April 30, 2019, 2018 and 2017:

	2019		2018			2017

License revenue	$	–	$	25		$	–

Operating expenses:
Research and development		–		6,782			27,992
Selling, general and administrative		–		2,163			1,560
Restructuring charges		–		330			–
Total operating expenses		–		9,275			29,552

Other income		125		–			–
Gain on sale of research and development assets before income taxes		1,000		8,000			–
Income tax expense		284		–			–
Income (loss) from discontinued operations, net of tax	$	841	$	(1,250	)	$	(29,552	)

The following table includes only the assets and liabilities of discontinued operations as of April 30, 2018. There were no assets or liabilities related to discontinued operations as of April 30, 2019:

	2018
Assets:
Other receivables	$	5,000

Total assets of discontinued operations	$	5,000

Liabilities:
Accounts payable	$	32
Accrued clinical trial and related fees		3,613
Accrued payroll and related costs		614
Other liabilities		291
Total liabilities of discontinued operations	$	4,550

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
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-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

11. Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Apr. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected quarterly financial information for each of the two most recent fiscal

	Fiscal Year Ended April 30, 2019 ^(a)
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	12,589		$	10,178		$	13,781		$	17,055
Gross profit	$	1,192		$	334		$	2,050		$	3,648
(Loss) income from continuing operations	$	(1,961	)	$	(2,190	)	$	(1,139	)	$	234
Income from discontinued operations, net of tax ^(b)(c)	$	–		$	739		$	–		$	102
Net (loss) income	$	(1,961	)	$	(1,451	)	$	(1,139	)	$	336
Net loss attributable to common stockholders	$	(3,403	)	$	(2,893	)	$	(2,581	)	$	(1,106	)
Basic and diluted net (loss) income per common share attributable to common stockholders ^(d)
Continuing operations	$	(0.06	)	$	(0.06	)	$	(0.05	)	$	(0.02	)
Discontinued operations	$	–		$	0.01		$	–		$	–
Net loss per common share attributable to common stockholders	$	(0.06	)	$	(0.05	)	$	(0.05	)	$	(0.02	)

	Fiscal Year Ended April 30, 2018 ^(a)
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	27,077		$	12,782		$	6,819		$	6,943
Gross profit (loss)	$	6,629		$	(3,460	)	$	(4,132	)	$	(1,961	)
Income (loss) from continuing operations	$	2,800		$	(8,301	)	$	(8,928	)	$	(6,134	)
(Loss) income from discontinued operations, net of tax ^(b)(c)	$	(4,005	)	$	(4,323	)	$	(2,076	)	$	9,154
Net (loss) income	$	(1,205	)	$	(12,624	)	$	(11,004	)	$	3,020
Net (loss) income attributable to common stockholders	$	(2,647	)	$	(14,066	)	$	(12,446	)	$	1,578
Basic and diluted net income (loss) per common share attributable to common stockholders ^(d)
Continuing operations	$	0.03		$	(0.21	)	$	(0.23	)	$	(0.14	)
Discontinued operations	$	(0.09	)	$	(0.10	)	$	(0.05	)	$	0.17
Net (loss) income per common share attributable to common stockholders	$	(0.06	)	$	(0.31	)	$	(0.28	)	$	0.03

________________

(a)

(b)

For all periods presented, the operating results of our former research and development segment are reported as income (loss) from discontinued operations, net of tax (Note 1).

(c)

(d)

1. Description of Company and Basis of Presentation (Details Narrative) $ in Thousands	12 Months Ended
	Apr. 30, 2019 USD ($) Number	Apr. 30, 2018 USD ($)	Apr. 30, 2017 USD ($)
Organization And Business Description
Cash and cash equivalents \| $	$ 32,351	$ 42,265	$ 46,799
Segments \| Number	2

2. Summary of Significant Accounting Policies (Details - Receivables) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Accounting Policies [Abstract]
Trade receivables	$ 7,374	$ 3,539
Other receivables	0	215
Trade and other receivables	$ 7,374	$ 3,754

2. Summary of Significant Accounting Policies (Details - Percentage breakdown)	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Halozyme Therapeutics, Inc [Member]
Customer revenue as a percentage of revenue	30.00%	55.00%	58.00%
ADC Therapeutics America [Member]
Customer revenue as a percentage of revenue	21.00%	9.00%	0.00%
Coherus BioSciences, Inc.
Customer revenue as a percentage of revenue	13.00%
Other Customers
Customer revenue as a percentage of revenue	36.00%	14.00%	16.00%
Coherus Biosciences, Inc. [Member]
Customer revenue as a percentage of revenue		22.00%	26.00%

2. Summary of Significant Accounting Policies (Details - Inventories) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Accounting Policies [Abstract]
Raw materials	$ 6,557	$ 8,165
Work-in-process	0	7,964
Total inventories	$ 6,557	$ 16,129

2. Summary of Significant Accounting Policies (Details - Property and Equipment) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Property and equipment, gross	$ 40,194	$ 38,851
Less: Accumulated depreciation and amortization	(14,569)	(12,372)
Total property and equipment, net	25,625	26,479
Leasehold Improvements [Member]
Property and equipment, gross	20,574	20,686
Laboratory and manufacturing equipment [Member]
Property and equipment, gross	12,858	10,258
Computer Equipment and software [Member]
Property and equipment, gross	4,644	4,087
Furniture, fixtures and office equipment [Member]
Property and equipment, gross	528	510
Construction in Progress [Member]
Property and equipment, gross	$ 1,590	$ 3,310

2. Summary of Significant Accounting Policies (Details - Impact on Balance sheet ) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Contract assets	$ 4,327	$ 0
Inventories	6,557	16,129
Contract Liabilities	14,651	27,935
Other current liabilities	619	905
Accumulated deficit	(560,605)	(559,129)
Balance Without Adoption of ASC 606 [Member]
Contract assets	0	2,888
Inventories	24,850	8,258
Contract Liabilities	34,422	20,022
Other current liabilities		1,096
Accumulated deficit		(556,390)
Effect of Adoption [Member]
Contract assets	4,327	2,888
Inventories	(18,293)	(7,871)
Contract Liabilities	$ (19,771)	(7,913)
Other current liabilities		191
Accumulated deficit		$ 2,739

2. Summary of Significant Accounting Policies (Details - Impact on statement of operations and comprehensive loss ) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

^[1]

Jan. 31, 2019

^[1]

Oct. 31, 2018

^[1]

Jul. 31, 2018

^[1]

Apr. 30, 2018

^[1]

Jan. 31, 2018

^[1]

Oct. 31, 2017

^[1]

Jul. 31, 2017

^[1]

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

Revenues

$ 53,603

$ 53,621

$ 57,630

Cost of revenues

46,379

56,545

38,259

Gross profit

$ 3,648

$ 2,050

$ 334

$ 1,192

$ (1,961)

$ (4,132)

$ (3,460)

$ 6,629

7,224

(2,924)

19,371

Operating loss

(5,622)

(20,638)

1,292

Loss from continuing operations

(5,056)

$ (20,563)

$ 1,393

Balance Without Adoption of ASC 606 [Member]

40,360

36,636

3,724

(9,122)

Loss from continuing operations

(8,556)

Effect of Adoption [Member]

13,243

9,743

3,500

3,500

Loss from continuing operations

$ 3,500

[1]

2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Restricted cash pledged as collateral	$ 1,150	$ 1,150	$ 1,150
Revenue recognized for which the contract liability was recorded in the prior year	14,312
Allowance for doubtful accounts	0	0
Interest expense on construction in progress	0
Depreciation and amortization	2,746	2,562	$ 2,463
Impairment of long-lived assets	0	$ 0
Cumulative effect of ASC 606 adoption	$ 2,739
Sales Revenue Net [Member]
Concentration risk percentage	95.00%	99.00%	100.00%

3. Leases (Details - Future lease payments) $ in Thousands	Apr. 30, 2019 USD ($)
Lessee Disclosure [Abstract]
2020	$ 3,032
2021	3,116
2022	3,193
2023	3,281
2024	2,789
Thereafter	8,062
Operating Leases, Future Minimum Payments Due	$ 23,473

4. Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	1,647,760	1,647,760
Preferred stock, shares outstanding	1,647,760	1,647,760
Dividends paid	$ 4,325	$ 4,325	$ 4,279
Proceeds from sale of common stock	0	25,687	30,450
Proceeds from sale of preferred stock	$ 0	0	1,576
Series E Preferred Stock [Member]
Preferred stock, shares authorized	2,000,000
Preferred stock, shares issued	1,647,760
Preferred stock, shares outstanding	1,647,760
Conversion price per share	$ 21.00
Redemption price	25.00
Liquidation preference price per share	$ 2.625
Dividends paid	$ 4,325	4,325	$ 4,279
Common stock to be issued if Series E stock is converted	1,961,619
Each outstanding share that could be converted into common shares	4.18
Series E Preferred Stock [Member] \| AMI Sales Agreement [Member]
Stock issued new, shares			70,320
Proceeds from sale of preferred stock			$ 1,634
Common Stock
Payment of stock issuance costs		$ 1,780	$ 827
Common Stock \| Public Offering [Member]
Stock issued new, shares		10,294,445
Proceeds from sale of common stock		$ 23,163
Payment of stock issuance costs		$ 1,669
Common Stock \| AMI Sales Agreement [Member]
Stock issued new, shares		1,051,259	6,137,403
Proceeds from sale of common stock		$ 4,304	$ 18,246
Common Stock \| Equity Distribution Agreement [Member]
Stock issued new, shares			3,750,323
Proceeds from sale of common stock			$ 13,031
Warrants [Member]
Warrants expired	39,040
Warrants issued	0
Warrants outstanding	0

5.Benefit Plans (Details - Assumptions) - Equity Option [Member]	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Risk-free interest rate	2.81%	2.21%	1.32%
Expected life (in years)	5 years 6 months 25 days	6 years 2 months 8 days	6 years 1 month 13 days
Expected volatility	76.56%	110.43%	111.30%
Expected dividend yield

5. Benefit Plans (Details - Option activity) - Equity Option [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2019 USD ($) $ / shares shares
Number of Options
Number of Options Outstanding, Beginning \| shares	3,597,738
Number of Options Granted \| shares	973,614
Number of Options Exercised \| shares	(371,327)
Number of Options Cancelled or Expired \| shares	(925,810)
Number of Options Outstanding, Ending \| shares	3,274,215
Exercisable and expected to vest \| shares	3,274,215
Exercisable at period end \| shares	1,932,527
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$ 5.74
Weighted Average Exercise Price Granted	5.00
Weighted Average Exercise Price Exercised	3.45
Weighted Average Exercise Price Canceled	11.28
Weighted Average Exercise Price Outstanding, Ending	7.51
Weighted Average Exercise Price, Exercisable and expected to vest	7.51
Weighted Average Exercise Price Exercisable, at period end	$ 9.45
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years) Outstanding	5 years 6 months 10 days
Weighted Average Remaining Contractual Life (in years) Vested and expected to vest	5 years 6 months 10 days
Weighted Average Remaining Contractual Life (in years) Exercisable, at period end	3 years 10 months 14 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding \| $	$ 1,238
Aggregate Intrinsic Value vested and expected to vest \| $	1,238
Aggregate Intrinsic Value Exercisable at period end \| $	$ 700
Aggregate intrinsic value per share	$ 4.79

5. Benefit Plans (Details - Assumptions ESPP) - Employee Stock Purchase Plan [Member]	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Risk-free interest rate	2.26%	1.10%	0.46%
Expected life (in years)	6 months	6 months	6 months
Expected volatility	71.10%	75.18%	105.27%
Expected dividend yield	0.00%	0.00%	0.00%

5. Benefit Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Cash received from stock options exercised	$ 1,278	$ 752	$ 31
Company matching contributions to 401(k) plan	$ 377	$ 564	$ 845
Employee Stock Purchase Plan [Member]
Weighted average grant date fair value, other than options	$ 1.49	$ 1.65	$ 1.07
Stock issued during period, ESPP	75,148	88,327	270,075
ESPO weighted average purchase price	$ 3.44	$ 3.59	$ 1.95
Stock Option [Member]
Weighted-average grant date fair value of options granted	$ 3.30	$ 3.50	$ 2.86
Aggregate intrinsic value of stock options exercised	$ 547	$ 173	$ 11
Cash received from stock options exercised	1,278	$ 752	$ 31
Unrecognized compensation costs related to non-vested stock options	$ 3,880
Unrecognized compensation cost weighted average vesting period	2 years 8 months 12 days
RSUs [Member]
Unrecognized compensation cost weighted average vesting period	3 years 4 months 2 days
RSU's granted during period	0
Unrecognized compensation cost related to non-vested RSUs	$ 733
Stock Incentive Plans [Member]
Stock reserved for issuance	7,246,713
Stock Incentive Plans [Member] \| Options and RSU's [Member]
Stock reserved for issuance	3,474,590
Stock Incentive Plans [Member] \| Future Grants [Member]
Stock reserved for issuance	3,790,123
Employee Stock Purchase Plan [Member]
Stock reserved for issuance	1,196,261

6. Income Taxes (Details - Provision for Income taxes) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	$ (1,120)	$ (6,112)	$ 475
State income taxes	(48)	155	309
Expiration and adjustments of deferred tax assets	2,507	1,840	1,693
Change in valuation allowance	(2,480)	(57,599)	(2,616)
Share-based compensation	1,309	1,584	0
Other, net	(452)	6	139
Tax Cuts and Jobs Act	0	60,126	0
Income tax benefit	$ (284)	$ 0	$ 0

6. Income Taxers (Details - Deferred income taxes) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Income Tax Disclosure [Abstract]
Net operating losses	$ 113,612	$ 115,236
Share-based compensation	3,416	4,828
Deferred revenue	1,610	2,852
Deferred rent	555	568
Other	1,256	879
Total deferred tax assets	120,449	124,363
Less valuation allowance	(119,516)	(123,555)
Net deferred tax assets	933	808
Deferred tax liabilities:
Fixed assets	(933)	(808)
Total deferred tax liabilities	(933)	(808)
Net deferred tax assets	$ 0	$ 0

6. Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Unrecognized tax benefits from uncertain tax positions	$ 0	$ 0	$ 0
Income tax penalties or interest	0	0	$ 0
Income tax penalties or interest accrued	$ 0	$ 0
U.S. corporate income tax rate	21.00%
Federal [Member]
Net operating loss carry forward	$ 425,841
Operating loss carryforward expiration dates	2020 through 2038
California [Member]
Net operating loss carry forward	$ 273,581
Operating loss carryforward expiration dates	2029

7. Net Loss per Common Share (Details - Antidilutive shares, conversion price) - shares	12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
RSUs [Member]
Dilutive effect of shares on diluted shares outstanding	34,122	0	0
If Converted Method [Member] \| Stock Options [Member]
Dilutive effect of shares on diluted shares outstanding	2,712,454	3,636,699	4,156,421
If Converted Method [Member] \| RSUs [Member]
Dilutive effect of shares on diluted shares outstanding	33,532	0	0
If Converted Method [Member] \| Warrants
Dilutive effect of shares on diluted shares outstanding	12,942	39,040	39,040
If Converted Method [Member] \| Series E Preferred Stock [Member]
Dilutive effect of shares on diluted shares outstanding	1,978,783	1,978,783	1,955,588
If Converted Method [Member] \| Option, RSUs, Warrants, Series E Preferred Stock [Member]
Dilutive effect of shares on diluted shares outstanding	4,737,711	5,654,522	6,151,049

10. Sale of Research and Development Assets (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

^[1],[2],[3]

Jan. 31, 2019

^[1],[2],[3]

Oct. 31, 2018

^[1],[2],[3]

Jul. 31, 2018

^[1],[2],[3]

Apr. 30, 2018

^[1],[2],[3]

Jan. 31, 2018

^[1],[2],[3]

Oct. 31, 2017

^[1],[2],[3]

Jul. 31, 2017

^[1],[2],[3]

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

Gain on sale of research and development assets before income taxes

$ 1,000

$ 8,000

$ 0

Income (loss) from discontinued operations, net of tax

$ 102

$ 0

$ 739

$ 0

$ 9,154

$ (2,076)

$ (4,323)

$ (4,005)

841

(1,250)

(29,552)

Discontinued Operations [Member] [Default Label]

License revenue

Total operating expenses

9,275

29,552

Other income

125

Gain on sale of research and development assets before income taxes

1,000

8,000

Income tax expense

284

Income (loss) from discontinued operations, net of tax

841

(1,250)

(29,552)

Discontinued Operations [Member] [Default Label] | Research and Development Expense [Member]

Total operating expenses

6,782

27,992

Discontinued Operations [Member] [Default Label] | Selling, General and Administrative Expenses [Member]

Total operating expenses

2,163

1,560

Discontinued Operations [Member] [Default Label] | Restructuring Charges [Member]

Total operating expenses

$ 0

$ 330

$ 0

[1]	For all periods presented, the operating results of our former research and development segment are reported as income (loss) from discontinued operations, net of tax (Note 1).
[2]	Income from discontinued operations, net of tax, for the quarters ended October 31, 2018 and April 30, 2018 include a gain on sale of research and development assets before tax of $1,000 and $8,000, respectively (Note 10).
[3]	On May 1, 2018, we adopted ASC 606 using the modified retrospective method applied to all contracts not completed as of May 1, 2018 (Note 2). Under the modified retrospective method, results for the reporting periods beginning on or after May 1, 2018 are presented in accordance with ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards that were in effect prior to May 1, 2018.

10. Sale of Research and Development Assets (Details - Balance Sheet) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018
Assets:
Total assets of discontinued operations	$ 0	$ 5,000
Liabilities:
Accrued payroll and related costs	$ 3,540	2,564
Discontinued Operations [Member] [Default Label]
Assets:
Other receivables		5,000
Total assets of discontinued operations		5,000
Liabilities:
Accounts payable		32
Accrued clinical trial and related fees		3,613
Accrued payroll and related costs		614
Other liabilities		291
Total liabilities of discontinued operations		$ 4,550

11. Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jan. 31, 2018

Oct. 31, 2017

Jul. 31, 2017

Apr. 30, 2019

Apr. 30, 2018

Apr. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

Revenues

^[1]

$ 17,055

$ 13,781

$ 10,178

$ 12,589

$ 6,943

$ 6,819

$ 12,782

$ 27,077

Gross profit

3,648

^[1]

2,050

^[1]

334

^[1]

1,192

^[1]

(1,961)

^[1]

(4,132)

^[1]

(3,460)

^[1]

6,629

^[1]

$ 7,224

$ (2,924)

$ 19,371

Income (loss) from continuing operations

^[1]

234

(1,139)

(2,190)

(1,961)

(6,134)

(8,928)

(8,301)

2,800

Income (loss) from discontinued operations

102

^[1],[2],[3]

739

^[1],[2],[3]

9,154

^[1],[2],[3]

(2,076)

^[1],[2],[3]

(4,323)

^[1],[2],[3]

(4,005)

^[1],[2],[3]

841

(1,250)

(29,552)

Net income (loss)

336

^[1]

(1,139)

^[1]

(1,451)

^[1]

(1,961)

^[1]

3,020

^[1]

(11,004)

^[1]

(12,624)

^[1]

(1,205)

^[1]

(4,215)

(21,813)

(28,159)

Net income (loss) attributable to common stockholders

$ (1,106)

^[1]

$ (2,581)

^[1]

$ (2,893)

^[1]

$ (3,403)

^[1]

$ 1,578

^[1]

$ (12,446)

^[1]

$ (14,066)

^[1]

$ (2,647)

^[1]

$ (8,901)

$ (26,499)

$ (32,799)

Basic and diluted net income (loss) per common share attributable to common stockholders - Continuing operations

$ (0.02)

^[4]

$ (0.05)

^[4]

$ (0.06)

^[4]

$ (0.06)

^[4]

$ (0.14)

^[4]

$ (0.23)

^[4]

$ (0.21)

^[4]

$ 0.03

^[4]

$ (0.17)

$ (0.53)

$ (0.09)

Basic and diluted net income (loss) per common share attributable to common stockholders - Discontinued operations

0.01

0.17

(0.05)

(0.10)

(0.09)

0.01

(0.03)

(0.79)

Net loss per share attributable to common stockholders

$ (0.02)

$ (0.05)

$ 0.03

$ (0.28)

$ (0.31)

$ (0.06)

$ (0.16)

$ (0.56)

$ (0.88)

[1]	On May 1, 2018, we adopted ASC 606 using the modified retrospective method applied to all contracts not completed as of May 1, 2018 (Note 2). Under the modified retrospective method, results for the reporting periods beginning on or after May 1, 2018 are presented in accordance with ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards that were in effect prior to May 1, 2018.
[2]	For all periods presented, the operating results of our former research and development segment are reported as income (loss) from discontinued operations, net of tax (Note 1).
[3]	Income from discontinued operations, net of tax, for the quarters ended October 31, 2018 and April 30, 2018 include a gain on sale of research and development assets before tax of $1,000 and $8,000, respectively (Note 10).
[4]	Basic and diluted net income (loss) per common share attributable to common stockholders calculations for each of the quarters are based on the basic and diluted weighted average common shares outstanding for each period. As such, the sum of the quarters may not necessarily equal the basic and diluted net income (loss) per common share amount for the fiscal year.

9. Restructuring Charges (Details Narrative) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2017	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Aggregate restructuring costs		$ 0	$ 1,258	$ 0
Restructuring [Member]
Workforce reduction	We reduced our overall workforce by 57 employees
Aggregate restructuring costs	$ 1,588
Restructuring [Member] \| Contract Manufacturing Services Segment [Member]
Aggregate restructuring costs	1,258
Restructuring [Member] \| Research and Development Segment [Member]
Aggregate restructuring costs	$ 330

3. Leases (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
3. Leases (Details Narrative) - USD ($) $ in Thousands	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Lessee Disclosure [Abstract]
Annual rent expense	$ 2,869	$ 2,935	$ 2,180

4. Stockholders' Equity (Details - Common stock outstanding)	Apr. 30, 2019 shares
Series E Preferred Stock [Member]
Common stock reserved for future issuance	6,826,435
Stock Incentive Plans [Member]
Common stock reserved for future issuance	7,246,713
Employee Stock Purchase Plan [Member]
Common stock reserved for future issuance	1,196,261