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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Apr. 30, 2020	Jun. 19, 2020	Oct. 31, 2019
Cover [Abstract]
Entity Registrant Name	Avid Bioservices, Inc.
Entity Central Index Key	0000704562
Document Type	10-K
Document Period End Date	Apr. 30, 2020
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	Non-accelerated Filer
Entity Public Float			$ 300,503,000
Entity Common Stock, Shares Outstanding		56,511,294
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
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, 2020	Apr. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 36,262	$ 32,351
Accounts receivable	8,606	7,374
Contract assets	3,300	4,327
Inventory	10,883	6,557
Prepaid expenses	712	709
Total current assets	59,763	51,318
Property and equipment, net	27,105	25,625
Operating lease right-of-use assets	20,100	0
Restricted cash	350	1,150
Other assets	302	302
TOTAL ASSETS	107,620	78,395
CURRENT LIABILITIES:
Accounts payable	5,926	4,352
Accrued payroll and related costs	3,019	3,540
Note payable	4,379	0
Contract liabilities	29,120	14,651
Operating lease liabilities	1,228	0
Other current liabilities	808	619
Total current liabilities	44,480	23,162
Operating lease liabilities, less current portion	21,244	0
Deferred rent, less current portion	0	2,072
Other long-term liabilities	0	93
Total liabilities	65,724	25,327
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value; 5,000 shares authorized; 1,648 shares issued and outstanding at respective dates	2	2
Common stock, $0.001 par value; 150,000 shares authorized; 56,483 and 56,135 shares issued and outstanding at respective dates	56	56
Additional paid-in-capital	612,909	613,615
Accumulated deficit	(571,071)	(560,605)
Total stockholders' equity	41,896	53,068
Total liabilities and stockholders' equity	$ 107,620	$ 78,395

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Apr. 30, 2020	Apr. 30, 2019
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	1,648	1,648
Preferred stock, shares outstanding	1,648	1,648
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000	150,000
Common stock, shares issued	56,483	56,135
Common stock, shares outstanding	56,483	56,135

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Income Statement [Abstract]
Revenues	$ 59,702	$ 53,603	$ 53,621
Cost of revenues	55,770	46,379	56,545
Gross profit (loss)	3,932	7,224	(2,924)
Operating expenses:
Selling, general and administrative	14,517	12,846	16,456
Loss on lease termination	355	0	0
Restructuring charges	0	0	1,258
Total operating expenses	14,872	12,846	17,714
Operating loss	(10,940)	(5,622)	(20,638)
Interest and other income, net	474	282	75
Loss from continuing operations before income taxes	(10,466)	(5,340)	(20,563)
Income tax benefit	0	284	0
Loss from continuing operations, net of tax	(10,466)	(5,056)	(20,563)
Income (loss) from discontinued operations, net of tax	0	841	(1,250)
Net Loss	(10,466)	(4,215)	(21,813)
Comprehensive loss	(10,466)	(4,215)	(21,813)
Series E preferred stock accumulated dividends	(4,686)	(4,686)	(4,686)
Net loss attributable to common stockholders	$ (15,152)	$ (8,901)	$ (26,499)
Basic and diluted net (loss) income per common share attributable to common stockholders - Continuing operations	$ (0.27)	$ (0.17)	$ (0.53)
Basic and diluted net (loss) income per common share attributable to common stockholders - Discontinued operations	0.00	0.01	(0.03)
Net loss per share attributable to common stockholders	$ (0.27)	$ (0.16)	$ (0.56)
Basic and diluted weighted average common shares outstanding	56,326	55,981	47,063

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Apr. 30, 2017	1,648	44,014
Beginning 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		11,346
Common stock issued, net of issuance costs, value		$ 11	25,676		25,687
Common stock issued under Employee Stock Purchase Plan, shares		88
Common stock issued under Employee Stock Purchase Plan, value			317		317
Fractional shares issued pursuant to reverse stock split		19
Exercise of stock options, shares		222
Exercise of stock options, value			752		752
Vesting of restricted stock units, shares
Stock-based compensation expense			1,538		1,538
Net loss				(21,813)	(21,813)
Ending balance, shares at Apr. 30, 2018	1,648	55,689
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
Common stock issued under Employee Stock Purchase Plan, value			258		258
Exercise of stock options, shares		371
Exercise of stock options, value		$ 1	1,277		1,278
Stock-based compensation expense			1,595		1,595
Net loss				(4,215)	(4,215)
Ending balance, shares at Apr. 30, 2019	1,648	56,135
Ending balance, value at Apr. 30, 2019	$ 2	$ 56	613,615	(560,605)	53,068
Series E preferred stock dividends			(4,325)		(4,325)
Common stock issued under Employee Stock Purchase Plan, shares		48
Common stock issued under Employee Stock Purchase Plan, value			187		187
Exercise of stock options, shares		251
Exercise of stock options, value			933		933
Vesting of restricted stock units, shares		49
Stock-based compensation expense			2,499		2,499
Net loss				(10,466)	(10,466)
Ending balance, shares at Apr. 30, 2020	1,648	56,483
Ending balance, value at Apr. 30, 2020	$ 2	$ 56	$ 612,909	$ (571,071)	$ 41,896

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Common Stock
Payment of stock issuance costs			$ 1,780
Series E Preferred Stock [Member]
Dividends paid	$ 2.625	$ 2.625	$ 2.625

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (10,466)	$ (4,215)	$ (21,813)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,091	2,746	2,562
Stock-based compensation	2,499	1,595	1,538
Loss on disposal of assets	13	127	1,692
Gain on sale of research and development assets	0	(1,000)	(8,000)
Changes in operating assets and liabilities:
Accounts receivable	(1,232)	(3,620)	3,988
Contract asssets	1,027	(1,439)	0
Inventory	(4,326)	1,701	16,970
Prepaid expenses and other assets	(3)	(28)	153
Accounts payable	802	2,125	(1,271)
Accrued payroll and related costs	(521)	976	(2,491)
Contract liabilities	14,469	(5,371)	(17,582)
Other accrued expenses and current liabilities	474	(642)	1,009
Assets and liabilities of discontinued operations	0	(4,550)	(2,747)
Net cash provided by (used in) operating activities	5,827	(11,595)	(25,992)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(3,812)	(1,502)	(3,793)
Proceeds from sale of property and equipment	0	46	0
Proceeds from sale of research and development assets	0	6,000	3,000
Net cash (used in) provided by investing activities	(3,812)	4,544	(793)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	0	0	25,687
Proceeds from exercise of stock options	933	1,278	752
Proceeds from issuance of common stock under employee stock purchase plan	187	258	317
Proceeds from note payable	4,379	0	0
Dividends paid on preferred stock	(4,325)	(4,325)	(4,325)
Principal payments on finance lease	(78)	(74)	(180)
Net cash provided by (used in) financing activities	1,096	(2,863)	22,251
Net increase (decrease) in cash, cash equivalents and restricted cash	3,111	(9,914)	(4,534)
Cash, cash equivalents and restricted cash, beginning of period	33,501	43,415	47,949
Cash, cash equivalents and restricted cash, end of period	36,612	33,501	43,415
Supplemental disclosures of cash flow information
Interest paid	8	11	4
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Decapitalization of right-of-use assets upon lease termination and/or modification	1,469	0	0
Unpaid purchases of property and equipment	772	318	180
Property and equipment acquired under finance lease	0	245	0
Receivable related to the sale of research and development assets	$ 0	$ 0	$ 5,000

1. Description of Company and Basis of Presentation

12 Months Ended

Apr. 30, 2020

Organization And Business Description

Description of Company and Basis of Presentation

Note 1 – Description of Company and Basis of Presentation

We are a dedicated contract development and manufacturing organization (“CDMO”) that provides a comprehensive range of services from process development to Current Good Manufacturing Practices (“CGMP”) clinical and commercial manufacturing, focused on biopharmaceutical drug substances 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. For the fiscal 2019 and 2018 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 Consolidated Statements of Operations and Comprehensive Loss. For additional information on the discontinuation of our research and development segment, refer to Note 11, “Sale of Research and Development Assets”. 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 our subsidiaries. All intercompany accounts and transactions among the consolidated entities have been eliminated in the consolidated financial statements. The preparation of our consolidated 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. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and on various other assumptions that are believed to be reasonable under the circumstances. Accounting estimates and judgements are inherently uncertain and actual results could differ materially from these estimates.

Segment Reporting

Our business operates in one operating segment. Accordingly, we reported our financial results for one reportable segment. All of our identifiable assets are in the United States.

2. Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2020

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 (Note 4), we pledged, as collateral, letters of credit. During the fiscal year ended April 30, 2020, an aggregate amount of $0.8 million of restricted cash that was pledged as collateral under two such letters of credit was released back to us. Accordingly, at April 30, 2020 and 2019, restricted cash of $0.4 million and $1.2 million, respectively, was pledged as collateral under letters of credit.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows (in thousands):

	As of April 30,
	2020		2019		2018
Cash and cash equivalents	$	36,262	$	32,351	$	42,265
Restricted cash		350		1,150		1,150
Total cash, cash equivalents and restricted cash	$	36,612	$	33,501	$	43,415

Revenue Recognition

On May 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), and its subsequent updates (codified as “ASC 606”), to all contracts that had not been completed as of May 1, 2018 using the modified retrospective method. Accordingly, results for reporting periods 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 prior to our adoption of ASC 606. The cumulative effect of adopting ASC 606 resulted in a one-time adjustment of $2.7 million to the opening balance of accumulated deficit as of May 1, 2018 which is reflected in the Consolidated Statements of Stockholders’ Equity for the fiscal year ended April 30, 2019.

Under ASC 606, we recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers, we perform the following five steps: (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) we satisfy a performance obligation.

Revenue recognized from services provided under our customer contracts are disaggregated into manufacturing and process development revenue streams.

Manufacturing revenue

Manufacturing revenue generally represents revenue from the manufacturing of customer products 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. Under a manufacturing contract, a quantity of manufacturing runs is 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 products are manufactured exclusively for a specific customer and have no alternative use. The customer retains control of its product during the entire manufacturing process and can make changes to the process or specifications at its request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin.

Process development revenue

Process development revenue generally represents revenue from services associated with the custom development of a manufacturing process and analytical methods for a customer’s product. Process development revenue 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. 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 its 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 its product as the product is being created or enhanced by our services and can make changes to its process or specifications upon request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin.

The following table summarizes our manufacturing and process development revenue for the fiscal years ended April 30, 2020, 2019 and 2018 (in thousands). Revenue for the fiscal year ended April 30, 2018 has not been adjusted in accordance with our modified retrospective adoption of ASC 606 and continues to be reported under the accounting standards that were in effect prior to our adoption of ASC 606:

	Fiscal Year Ended April 30,
	2020		2019		2018
Manufacturing revenues	$	52,046	$	43,432	$	47,437
Process development revenues		7,656		10,171		6,184
Total Revenues	$	59,702	$	53,603	$	53,621

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, 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 accounts receivable on the consolidated 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.

During the fiscal years ended April 30, 2020 and 2019, we recognized revenue of $13.6 million and $14.3 million, respectively, for which the contract liability was recorded in a prior period.

The transaction price for services provided under our customer contracts reflect our best estimates of the amount of consideration to which we are entitled in exchange for providing goods and services to our customers. In determining the transaction price, we considered the different sources of variable consideration including, but not limited to, discounts, credits, refunds, price concessions or other similar items. We have included in the transaction price some or all of an amount of variable consideration, utilizing the most likely method, only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The actual amount of consideration ultimately received may differ.

Management may be required to exercise judgement in estimating revenue to be recognized. Judgement is required in identifying performance obligations, estimating the transaction price, estimating the stand-alone selling prices of identified performance obligations, and estimating the progress towards the satisfaction of performance obligations. If actual results in the future vary from our estimates, the estimates will be adjusted, which will affect revenues in the period that such variances become known.

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. As of April 30, 2020, we do not have any unsatisfied performance obligations for contracts greater than one year.

Prior to the adoption of ASC 606 on May 1, 2018, revenue was generally recognized when all of the following criteria were met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the seller’s price to the buyer is fixed or determinable, and (iv) collectability is reasonably assured.

Accounts Receivable

Accounts receivable generally represent amounts billed for contract manufacturing and process development services provided under our customer contracts and are recorded at the invoiced amount net of an allowance for doubtful accounts, if necessary. 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 our receivables, historical experience, and the financial condition of our customers. Based on our analysis of our accounts receivable balances as of April 30, 2020 and 2019, 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, accounts receivable and contract assets. We maintain our 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 balances to the extent of the cash amounts recorded on the accompanying Consolidated Balance Sheets exceed the amount of government insurance limits provided on our deposits.

Our accounts receivable from amounts billed for contract manufacturing and process development services are 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, 2020 and 2019, approximately 98% and 95%, respectively, of our accounts receivable were due from six customers. Our contract assets are reclassified to accounts receivable when our rights to consideration become unconditional. At April 30, 2020 and 2019, approximately 96% and 87% of our contract assets were attributable to six customers and eight customers, respectively.

Our revenues are 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 table below identifies each of our customers that accounted for 10% or more of our total revenues during any of the fiscal years ended April 30, 2020, 2019 and 2018:

Customer

Geographc

Location

2020

2019

2018

Halozyme Therapeutics, Inc.

U.S.

28%

30%

55%

Gilead Sciences, Inc.

U.S.

–

Acumen Pharmaceuticals, Inc.

U.S.

–

IGM Biosciences, Inc.

U.S.

–

Coherus BioSciences, Inc.

U.S.

ADC Therapeutics America Inc.

U.S.

______________

* Represents a percentage less than 10% of our total revenues.

We attribute revenue to the individual countries where the customer is headquartered. Revenues derived from U.S. based customers were 99%, 95% and 99% for the fiscal years ended April 30, 2020, 2019 and 2018, respectively.

Inventory

Inventory consists of raw materials inventory and is valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. 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 deemed 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, which are generally as follows:

Description		Estimated Useful Life
Leasehold improvements		Shorter of estimated useful life or lease term
Laboratory and manufacturing equipment		5 – 10 years
Computer equipment and software		3 – 5 years
Furniture, fixtures and office equipment		5 – 10 years

Construction-in-progress, which represents direct costs related to the construction of various equipment and leasehold improvements primarily associated with our manufacturing facilities, is 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, 2020 and 2019. All of our property and equipment are located in the U.S. Property and equipment consist of the following (in thousands):

	April 30,
	2020			2019
Leasehold improvements	$	21,130		$	20,574
Laboratory and manufacturing equipment		15,033			12,858
Computer equipment and software		5,334			4,644
Furniture, fixtures and office equipment		685			528
Construction-in-progress		2,564			1,590
Total property and equipment, gross		44,746			40,194
Less: accumulated depreciation and amortization		(17,641	)		(14,569	)
Total property and equipment, net	$	27,105		$	25,625

Depreciation and amortization expense for the years ended April 30, 2020, 2019 and 2018 was $3.1 million, $2.7 million and $2.6 million, 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 if impairment indicators exist. For the fiscal years ended April 30, 2020 and 2019, there were no indicators of impairment of the value of our long-lived assets and no cumulative impairment losses recognized as of April 30, 2020.

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, accrued liabilities and note payable 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, 2020 and 2019, 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 inputs). In addition, there were no transfers between any Levels of the fair value hierarchy during the fiscal years ended April 30, 2020 and 2019.

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 10). 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, 2020 and 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 Accounting Standards Codification (“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 7). 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 and state 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 11).

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.

Recently Adopted Accounting Standards

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 and its related amendments which introduced Leases (Topic 842) (“ASC 842”), a new comprehensive lease accounting model that superseded the lease guidance under Leases (Topic 840). The new accounting standard requires lessees to recognize right-of-use assets and corresponding lease liabilities for all leases with lease terms of greater than 12 months. It also changed the definition of a lease and expanded the disclosure requirements of lease arrangements. In July 2018, the FASB added a transition option for implementation that allowed companies to continue to use the legacy guidance in ASC 840, Leases, including its disclosure requirements, in the comparative periods presented in the year of adoption.

On May 1, 2019, we adopted ASC 842 using the modified retrospective approach. Accordingly, prior period financial information and disclosures have not been adjusted and continue to be reported in accordance with our historical accounting under the previous lease standard. In addition, we elected the package of practical expedients available for existing contracts, which allowed us to carry forward our historical assessments of lease identification, lease classification, and initial direct costs. As a result of adopting ASC 842, we recognized right-of-use assets and lease liabilities of $23.3 million and $25.5 million, respectively, on May 1, 2019, which are primarily related to our facility operating leases (Note 4). The difference between the right-of-use assets and lease liabilities is primarily attributed to the elimination of deferred rent. There was no adjustment to the opening balance of accumulated deficit as a result of the adoption of ASC 842.

We determine if an arrangement is or contains a lease at inception. Our operating leases with a term greater than one year are included in operating lease right-of-use assets, operating lease liabilities and operating lease liabilities, less current portion in our Consolidated Balance Sheet at April 30, 2020. Right-of-use assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date, based on the present value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date.

Our operating leases may include options to extend the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense is recognized on a straight-line basis over the expected lease term.

We elected the post-transition practical expedient to not separate lease components from non-lease components for all existing leases. We also elected a policy to not apply the recognition requirements of ASC 842 for short-term leases.

Recently Issued Accounting Standards Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU 2016-13”). The standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. As a smaller reporting company, ASU 2016-13 and its subsequent updates are effective for fiscal years beginning after December 15, 2022, which will be our fiscal year 2024 beginning May 1, 2023; however, early adoption is permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds and modifies certain disclosure requirements of fair value measurements. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. 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. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions and improving consistent application in certain areas of Topic 740. ASU 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, which will be our fiscal year 2022 beginning May 1, 2021. Early adoption is permitted. We are currently evaluating the timing and impact of adopting ASU 2019-12 on our consolidated financial statements and related disclosures.

3. Note Payable

12 Months Ended

Apr. 30, 2020

Debt Disclosure [Abstract]

Note Payable

Note 3 – Note Payable

On April 17, 2020, we entered into a promissory note (the “Note”) with City National Bank, the lender, evidencing an unsecured loan pursuant to the U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) of approximately $4.4 million (the “PPP Loan”). We applied for and received the PPP Loan pursuant to the then published PPP qualification and certification requirements.

On April 23, 2020, the SBA, in consultation with the Department of Treasury, issued new guidance that created uncertainty regarding the qualification requirements for a PPP Loan (the “New Guidance”). In light of the New Guidance, we determined it appropriate to pay off the entire amount of the PPP Loan. Accordingly, on May 12, 2020, we paid off in full the principal and interest on the PPP Loan, resulting in the termination of the Note. The PPP Loan was scheduled to mature on April 21, 2022 and had a fixed interest rate of 1.00% per annum.

4. Leases

12 Months Ended

Apr. 30, 2020

Lessee Disclosure [Abstract]

Leases

Note 4 – Leases

Operating Leases

We currently lease office, manufacturing, laboratory and warehouse space in four buildings under three 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. With respect to multi-year renewal options, a multi-year renewal option was included in determining the right-of-use asset and lease liability for two of our leases, as we considered it reasonably certain that we would exercise such renewal options. In addition, two 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. The operating lease right-of-use assets and liabilities on our Consolidated Balance Sheet for the fiscal year ended April 30, 2020 primarily relate to these facility leases.

In September 2019, we terminated an operating lease for one of our non-manufacturing facilities that was primarily utilized for warehouse space. In connection with the termination of this lease, we removed the corresponding operating lease right-of-use asset and liability balances from our Consolidated Balance Sheet and recognized a loss of $0.4 million, which is included in loss on lease termination in the Consolidated Statements of Operations and Comprehensive Loss for the fiscal year ended April 30, 2020. Additionally, the lease termination released $0.3 million of restricted cash that was pledged as collateral under a letter of credit required by the terminated lease.

Lease Costs

Certain of our facility leases require us to pay property taxes, insurance and common area maintenance. While these payments are not included as part of our lease liabilities, they are recognized as variable lease cost in the period they are incurred.

The components of lease cost for the fiscal year ended April 30, 2020, were as follows (in thousands):

	April 30, 2020
Operating lease cost	$	3,339
Variable lease cost		603
Short-term lease cost		171
Total lease cost	$	4,113

Operating lease expense under the prior lease standard was $2.9 million for each of the fiscal years ended April 30, 2019 and 2018.

Supplemental Information

Supplemental consolidated balance sheet and other information related to our operating leases as of April 30, 2020 were as follows (in thousands, expect weighted average data):

	April 30, 2020
Assets
Operating lease right-of-use assets	$	20,100
Liabilities
Operating lease liabilities	$	1,228
Operating lease liabilities, less current portion		21,244
Total operating lease liabilities	$	22,472
Weighted average remaining lease term		10.5 years
Weighted average discount rate		8.0%

Cash paid for amounts included in the measurement of lease liabilities for the fiscal year ended April 30, 2020 was $3.1 million and is included in net cash used in operating activities in our Consolidated Statements of Cash Flows.

Undiscounted Cash Flows

As of April 30, 2020, the maturities of our operating lease liabilities, which includes those derived from lease renewal options that we considered it reasonably certain that we would exercise, were as follows (in thousands):

Fiscal Year	Total
2021	$	2,972
2022		2,995
2023		3,010
2024		3,086
2025		3,171
Thereafter		18,767
Total lease payments		34,001
Less: imputed interest		(11,529	)
Total operating lease liabilities	$	22,472

5. Stockholders' Equity

12 Months Ended

Apr. 30, 2020

Equity [Abstract]

Stockholders' Equity

Note 5 – Stockholders’ Equity

Termination of Rights Agreement (Series D Preferred Stock)

On March 16, 2006, we entered into a Rights Agreement with Rights Agent named therein, which agreement was subsequently amended and restated on March 16, 2016 (as amended, the “Rights Agreement”). The Rights Agreement was designed to strengthen the ability of our Board of Directors to protect the interests of our stockholders against potential abusive or coercive takeover tactics and to enable all stockholders to receive the full and fair value of their investment in the event that an unsolicited attempt is made to acquire us. Under the Rights Agreement, our Board of Directors declared a dividend of one preferred share purchase right (the “Right”) for each share of our common stock held by our stockholders of record as of the close of business on March 27, 2006, each of which Right entitled the holder thereof to purchase a fraction of a share of our Series D Participating Preferred Stock, par value $0.001 per share, at the price specified in the Rights Agreement. The Rights were only exercisable if a person or group acquired 15% or more of our outstanding common stock or announced a tender offer or exchange offer which, if consummated, would have resulted in ownership by a person or group of 15% or more of our outstanding stock.

On September 23, 2019, the Rights Agreement was further amended to accelerate the scheduled expiration date of the Rights Agreement from the close of business on March 16, 2021 to the close of business on September 23, 2019, and effectively terminate the Rights Agreement and the Rights granted thereunder as of such expiration date. Our Board of Directors elected to terminate the Rights Agreement and the Rights granted thereunder based on their recent evaluation of the effectiveness of, and the need for, a stockholder rights plan and consideration of current corporate governance practices and proxy advisory guidelines. In connection with the termination of the Rights Agreement, we filed a Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act on Form 25 with the SEC on September 23, 2019, in order to withdraw the Rights from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended, which deregistration was effective 90 days after the filing date.

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, 2020 and 2019, there were 1,647,760 shares of our Series E Preferred Stock issued and outstanding.

Each share of issued and outstanding Series E Preferred Stock is convertible at any time, at the option of the holder, into a number of shares of our common stock determined by dividing the liquidation preference of $25.00 per share Series E Preferred Stock by the then-current conversion price per share, currently $21.00 per share, rounded down to the nearest whole number. As of April 30, 2020, if all of our issued and outstanding shares of Series E Preferred Stock were converted at the conversion price of $21.00 per share, the holders of our Series E Preferred Stock would receive an aggregate of 1,961,619 shares of our common stock. However, because the conversion price of our Series E Preferred Stock is subject to adjustment from time to time in accordance with the applicable provisions of our certificate of incorporation, we have reserved the maximum number of shares of our common stock that could be issued upon the conversion of our Series E Preferred Stock 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 would be converted into 4.14 shares of our common stock, or 6,826,435 shares in the aggregate.

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, or $2.625 per annum per share, and are payable quarterly in cash, on or about the first day of each January, April, July, and October. For each of the fiscal years ended April 30, 2020, 2019, and 2018, we paid aggregate cash dividends of $4.3 million for issued and outstanding shares of our Series E Preferred Stock.

Sale of Common Stock

During the fiscal years ended April 30, 2020 and 2019, we had no offerings of our common 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 $23.2 million, before deducting underwriting discounts and commissions and other offering related expenses of $1.7 million.

During the fiscal year ended April 30, 2018, we sold an aggregate of 1,051,259 shares of our common stock pursuant to an At Market Issuance Sales Agreement (“AMI Sales Agreement”) for aggregate gross proceeds of $4.3 million. 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, or $0.1 million. As of April 30, 2018, we had raised the full amount of gross proceeds available to us under the AMI Sales Agreement.

Warrants

As of April 30, 2020 and 2019, we had no warrants issued and outstanding.

Shares of Common Stock Authorized and Reserved for Future Issuance

As of April 30, 2020, 56,483,065 shares of our common stock were issued and outstanding. Our common stock outstanding as of April 30, 2020 excluded the following shares of common stock reserved for future issuance (in thousands):

	Shares
Stock Incentive Plans		6,941
Employee Stock Purchase Plan		1,149
Conversion of our outstanding Series E Preferred Stock		6,826
Total common stock reserved for future issuance		14,916

6. Benefit Plans

12 Months Ended

Apr. 30, 2020

Share-based Payment Arrangement [Abstract]

Benefit Plans

Note 6 – Benefit Plans

Stock Incentive Plans

The Avid Bioservices, Inc. 2018 Omnibus Incentive Plan (the “2018 Plan”) is a stockholder-approved 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 2018 Plan replaced our 2009, 2010 and 2011 Stock Incentive Plans (the “Prior Plans”). However, any awards outstanding under the Prior Plans as of the 2018 Plan’s 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, 2020, we had an aggregate of 6,941,049 shares of our common stock reserved for issuance under the Stock Plans, of which 3,203,034 shares were subject to outstanding stock options and restricted stock units and 3,738,015 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. Stock options generally have a contractual term of seven years; however, 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, 2020, 2019 and 2018, were as follows:

	Fiscal Year Ended April 30,
	2020		2019		2018
Risk-free interest rate		1.86%		2.81%		2.21%
Expected life (in years)		5.06		5.57		6.19
Expected volatility		77.45%		76.56%		110.43%
Expected dividend yield		–		–		–

The following summarizes our stock option transaction activity for the fiscal year ended April 30, 2020:

	Stock Options (in thousands)			Grant Date Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value ⁽¹⁾ (in thousands)
Outstanding at May 1, 2019		3,274		$	7.51
Granted		887		$	5.91
Exercised		(251	)	$	3.73
Canceled or expired		(1,014	)	$	10.79
Outstanding at April 30, 2020		2,896		$	6.20		5.76	$	2,457
Vested and expected to vest		2,896		$	6.20		5.76	$	2,457
Exercisable at April 30, 2020		1,530		$	6.77		4.89	$	1,566

______________

⁽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, 2020, which was $6.10 per share.

The weighted-average grant date fair value of options granted during the fiscal years ended April 30, 2020, 2019 and 2018 was $3.74, $3.30 and $3.50 per share, respectively.

The aggregate intrinsic value of stock options exercised during the fiscal years ended April 30, 2020, 2019 and 2018 was $0.7 million, $0.5 million and $0.2 million, respectively. Cash received from stock options exercised during fiscal years ended April 30, 2020, 2019 and 2018 totaled $0.9 million, $1.3 million and $0.8 million, 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, 2020, the total estimated unrecognized compensation cost related to non-vested stock options was $4.1 million. This cost is expected to be recognized over a weighted average vesting period of 2.66 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 the fiscal year ended April 30, 2020:

	Shares (in thousands)			Weighted Average Grant Date Fair Value
Outstanding at May 1, 2019		200		$	4.32
Granted		194			5.91
Vested		(49	)		4.30
Forfeited		(38	)		5.07
Outstanding at April 30, 2020		307		$	5.23

The weighted-average grant date fair value of RSUs granted during the fiscal years ended April 30, 2020 and 2019 was $5.91 and $4.28 per share, respectively. No RSUs were granted during the fiscal year ended April 30, 2018.

The total fair value of RSUs vested during the fiscal year ended April 30, 2020 was $0.3 million. No RSUs vested during the fiscal years ended April 30, 2019 and 2018.

As of April 30, 2020, the total estimated unrecognized compensation cost related to non-vested RSUs was $1.3 million. This cost is expected to be recognized over a weighted average vesting period of 2.82 years.

Employee Stock Purchase Plan

The Avid Bioservices, Inc. 2010 Employee Stock Purchase Plan (the “ESPP”) is a stockholder-approved plan under which employees can purchase shares of our common stock, based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of our common stock on the first trading day of the offering period or on the last trading day of the six-month offering period. On October 9, 2019, our stockholders approved an amendment to the ESPP to extend its term for an additional five years to October 21, 2025 and to change the commencement dates of the six-month offering periods from May 1 and November 1 of each year to January 1 and July 1 of each year.

During the fiscal years ended April 30, 2020, 2019 and 2018, a total of 47,526, 75,148 and 88,327 shares of our common stock were purchased, respectively, under the ESPP at a weighted average purchase price per share of $3.94, $3.44 and $3.59, respectively. As of April 30, 2020, we had 1,148,735 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 valuation 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, 2020, 2019 and 2018 was $1.81, $1.49 and $1.65, respectively, based on the following weighted-average Black-Scholes option valuation model inputs:

	Fiscal Year Ended April 30,
	2020		2019		2018
Risk-free interest rate		2.08%		2.26%		1.10%
Expected life (in years)		0.50		0.50		0.50
Expected volatility		56.71%		71.10%		75.18%
Expected dividend yield		–		–		–

401(k) Plan

We maintain a 401(k) Plan pursuant to section 401(k) of the Internal Revenue Code that allows participating employees to defer a portion 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 401(k) Plan was $0.5 million, $0.4 million and $0.6 million for the fiscal years ended April 30, 2020, 2019 and 2018, respectively.

Stock-based Compensation Expense

Stock-based compensation expense for the fiscal years ended April 30, 2020, 2019 and 2018 was comprised of the following (in thousands):

	Fiscal Year Ended April 30,
	2020		2019		2018
Cost of revenues	$	922	$	474	$	378
Selling, general and administrative expense		1,577		1,121		820
Discontinued operations		–		–		340
Total	$	2,499	$	1,595	$	1,538

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

7. Income Taxes

12 Months Ended

Apr. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 – Income Taxes

We are primarily subject to U.S. federal and California state jurisdictions. All tax years with tax attributes carrying forward 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, 2020 and 2019. 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, 2020, 2019, and 2018, and we did not accrue for interest or penalties as of April 30, 2020 and 2019.

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, 2020, we had net deferred tax assets of $118.1 million. 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, 2019 and we subsequently reviewed ownership activity through April 30, 2020, which it was determined that no significant change in ownership had occurred. However, ownership changes occurring subsequent to April 30, 2020 may impact the utilization of net operating loss carry forwards and other tax attributes.

At April 30, 2020, we had federal net operating loss carry forwards of approximately $427 million. The federal net operating loss carry forwards generated prior to January 1, 2018 expire in fiscal years 2021 through 2038. The federal net operating loss generated after January 1, 2018 of $19.8 million can be carried forward indefinitely. Net operating losses generated after 2017 through 2020 may offset future taxable income without limitation. Utilization of net operating losses generated subsequent to 2020 are limited to 80% of future taxable income. We also have California state net operating loss carry forwards of approximately $277 million at April 30, 2020, 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, 2020, 2019 and 2018 is comprised of the following (in thousands):

	2020			2019			2018
Federal income taxes at statutory rate	$	(2,197	)	$	(1,120	)	$	(6,112	)
State income taxes		–			(48	)		155
Expiration of deferred tax assets		2,588			2,507			1,840
Change in valuation allowance		(1,664	)		(2,480	)		(57,599	)
Stock-based compensation		1,138			1,309			1,584
Other, net		135			(452	)		6
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, 2020 and 2019 are as follows:

	2020			2019
Net operating losses	$	114,105		$	113,612
Stock-based compensation		2,573			3,416
Deferred revenue		810			1,610
Deferred rent		–			555
Lease liabilities		6,324			–
Other		1,197			1,256
Total deferred tax assets		125,009			120,449
Less valuation allowance		(118,137	)		(119,516	)
Total deferred tax assets, net of valuation allowance		6,872			933

Deferred tax liabilities:
Fixed assets		(1,216	)		(933	)
Right-of-use assets		(5,656	)		–
Total deferred tax liabilities		(6,872	)		(933	)
Net deferred tax assets	$	–		$	–

On March 27, 2020, the CARES Act was signed into law. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, the creation of certain refundable employee retention credits, and technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property. Due to our loss position, many of the provisions of the CARES Act do not impact us and the CARES Act does not have a significant impact on our income tax provision for the fiscal year ended April 30, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

8. Net Loss per Common Share

12 Months Ended

Apr. 30, 2020

Earnings Per Share [Abstract]

Net Loss per Common Share

Note 8 – 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. 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 is 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. Since the impact of potentially dilutive securities are anti-dilutive during periods of net loss, there was no difference between basic and diluted loss per common share amounts for the fiscal years ended April 30, 2020, 2019 and 2018.

The calculation of weighted average diluted shares outstanding excludes the dilutive effect of the following weighted average securities, as their effect is anti-dilutive during periods of net loss (in thousands):

	2020		2019		2018
Stock options		145		139		54
RSUs		76		34		–
ESPP		7		11		2
Total		228		184		56

The calculation of weighted average diluted shares outstanding also excludes the following weighted average securities, 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 (in thousands):

	2020		2019		2018
Stock options		2,650		2,712		3,637
RSUs		7		34		–
Warrants		–		13		39
Series E Preferred Stock		1,979		1,979		1,979
Total		4,636		4,738		5,655

9. Commitments and Contingencies

12 Months Ended

Apr. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9 – Commitments and Contingencies

In the ordinary course of business, we are at times subject to various legal proceedings and disputes. We make provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Such provisions, if any, are reviewed at least quarterly and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. We currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our consolidated financial condition or results of operations.

In March 2020, the World Health Organization declared the global novel coronavirus disease (“COVID-19”) outbreak a pandemic and recommended containment and mitigation measures worldwide. We are monitoring this closely, and although the COVID-19 pandemic has not had a significant impact on our operations to date, the ultimate duration and severity of the outbreak and its impact on the economic environment and our business is highly uncertain. Accordingly, we cannot provide any assurance that the COVID-19 pandemic will not have a material adverse impact on our operations or future results. The extent to which the COVID-19 pandemic impacts our future business, strategic initiatives, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity and resurgence of the COVID-19 pandemic, the effects of the COVID-19 pandemic on our customers, vendors, and employees and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume.

10. Restructuring Charges

12 Months Ended

Apr. 30, 2020

Restructuring Costs [Abstract]

Restructuring Charges

Note 10 – 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 $1.6 million in restructuring costs consisting of termination benefits, including severance, and other employee-related costs, of which $0.3 million is from discontinued operations and $1.3 million is from continuing operations. The restructuring costs from discontinued operations are included in loss from discontinued operations, net of tax, in the accompanying Consolidated Financial Statements for the fiscal year ended April 30, 2018 (Note 11). The restructuring costs from continuing operations 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.

11. Sale of Research and Development Assets

12 Months Ended

Apr. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Sale of Research and Development Assets

Note 11 – Sale of Research and Development Assets

In February 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 $8.0 million from Oncologie, of which $3.0 million was received in fiscal year 2018 and $5.0 million was received in fiscal year 2019. We are also eligible to receive up to an additional $95.0 million 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, 2020, no development, regulatory or commercialization milestones have been achieved by Oncologie under the February 2018 Purchase Agreement. 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.

In September 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 $1.0 million from Oncologie, which amount was paid in fiscal year 2019. We are also eligible to receive up to an additional $21.0 million 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, 2020, no development, regulatory or commercialization milestones have been achieved by Oncologie under the September 2018 Purchase Agreement. 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.

Discontinued Operations

As a result of the sale of our PS-targeting and r84 technologies, 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 have been excluded from continuing operations and 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 $1.0 million and $8.0 million, 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.

There were no operating results from discontinued operations for the fiscal year ended April 30, 2020.

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

	Fiscal Year Ended April 30,
	2019		2018
License revenue	$	–	$	25
Operating expenses:
Research and development		–		6,782
Selling, general and administrative		–		2,163
Restructuring charges		–		330
Total operating expenses		–		9,275

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	)

12. Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Apr. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Note 12 – Selected Quarterly Financial Data (Unaudited)

The following is a summary of our unaudited quarterly results for each of the two most recent fiscal years (in thousands, except per share amounts):

	Fiscal Year Ended April 30, 2020
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues ^(a)	$	15,254		$	18,313		$	13,585		$	12,550
Gross profit (loss)	$	1,086		$	3,360		$	785		$	(1,299	)
Loss from continuing operations, net of tax ^(b)	$	(3,164	)	$	(430	)	$	(2,104	)	$	(4,768	)
Net loss	$	(3,164	)	$	(430	)	$	(2,104	)	$	(4,768	)
Net loss attributable to common stockholders	$	(4,606	)	$	(1,872	)	$	(3,546	)	$	(6,210	)
Basic and diluted net loss per common share attributable to common stockholders ^(c)	$	(0.08	)	$	(0.03	)	$	(0.06	)	$	(0.11	)

		Fiscal Year Ended April 30, 2019
		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, net of tax	$	(1,961	)	$	(2,190	)	$	(1,139	)	$	234
Income from discontinued operations, net of tax ^(d)(e)	$	–		$	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 ^(c)
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	)

________________

	(a)	Revenues for the fourth quarter of fiscal year ended April 30, 2020, includes a $1.5 million reduction due to changes in estimates for variable consideration as compared to the third quarter of fiscal year ended April 30, 2020.
	(b)	Loss from continuing operations for the second quarter of fiscal year ended April 30, 2020 includes a loss on lease termination of $0.4 million (Note 4)
	(c)	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 (loss) income per common share amount for the fiscal year.

(d)

For the fiscal year ended April 30, 2019, the operating results of our former research and development segment are reported as income from discontinued operations, net of tax (Note 1). There were no operating results from discontinued operations for the fiscal year ended April 30, 2020.

(e)

Income from discontinued operations, net of tax, for the second quarter of fiscal year ended April 30, 2019 includes a gain on sale of research and development assets before tax of $1.0 million (Note 11).

13. Subsequent Events

12 Months Ended

Apr. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 13 – Subsequent Events

Repayment of PPP Loan

On May 12, 2020, we paid off in full the principal and interest on the PPP Loan, resulting in the termination of the Note (Note 3).

Series E Preferred Stock Dividend

On June 3, 2020, our Board of Directors declared a quarterly cash dividend of $0.65625 per share on our Series E Preferred Stock. The dividend payment is equivalent to an annualized 10.50% per share, based on the $25.00 per share stated liquidation preference, accruing from April 1, 2020 through June 30, 2020. The cash dividend of $1.1 million is payable on July 1, 2020 to holders of the Series E Preferred Stock of record on June 15, 2020.

2. Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

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

	As of April 30,
	2020		2019		2018
Cash and cash equivalents	$	36,262	$	32,351	$	42,265
Restricted cash		350		1,150		1,150
Total cash, cash equivalents and restricted cash	$	36,612	$	33,501	$	43,415

Revenue Recognition

Revenue Recognition

Revenue recognized from services provided under our customer contracts are disaggregated into manufacturing and process development revenue streams.

Manufacturing revenue

Process development revenue

	Fiscal Year Ended April 30,
	2020		2019		2018
Manufacturing revenues	$	52,046	$	43,432	$	47,437
Process development revenues		7,656		10,171		6,184
Total Revenues	$	59,702	$	53,603	$	53,621

During the fiscal years ended April 30, 2020 and 2019, we recognized revenue of $13.6 million and $14.3 million, respectively, for which the contract liability was recorded in a prior period.

Accounts Receivable

Accounts Receivable

Concentrations of Credit Risk and Customer Base

Concentrations of Credit Risk and Customer Base

The table below identifies each of our customers that accounted for 10% or more of our total revenues during any of the fiscal years ended April 30, 2020, 2019 and 2018:

Customer

Geographc

Location

2020

2019

2018

Halozyme Therapeutics, Inc.

U.S.

28%

30%

55%

Gilead Sciences, Inc.

U.S.

–

Acumen Pharmaceuticals, Inc.

U.S.

–

IGM Biosciences, Inc.

U.S.

–

Coherus BioSciences, Inc.

U.S.

ADC Therapeutics America Inc.

U.S.

______________

* Represents a percentage less than 10% of our total revenues.

Inventories

Inventory

Property and Equipment, net

Property and Equipment

Description		Estimated Useful Life
Leasehold improvements		Shorter of estimated useful life or lease term
Laboratory and manufacturing equipment		5 – 10 years
Furniture, fixtures and office equipment		5 – 10 years
Computer equipment and software		3 – 5 years

	April 30,
	2020			2019
Leasehold improvements	$	21,130		$	20,574
Laboratory and manufacturing equipment		15,033			12,858
Computer equipment and software		5,334			4,644
Furniture, fixtures and office equipment		685			528
Construction-in-progress		2,564			1,590
Total property and equipment, gross		44,746			40,194
Less: accumulated depreciation and amortization		(17,641	)		(14,569	)
Total property and equipment, net	$	27,105		$	25,625

Depreciation and amortization expense for the years ended April 30, 2020, 2019 and 2018 was $3.1 million, $2.7 million and $2.6 million, 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.

·	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.

Restructuring Charges

Restructuring Charges

Stock-Based Compensation

Stock-Based Compensation

Income Taxes

Income Taxes

Comprehensive Loss

Comprehensive Loss

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

2. Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

Schedule of Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows (in thousands):

	As of April 30,
	2020		2019		2018
Cash and cash equivalents	$	36,262	$	32,351	$	42,265
Restricted cash		350		1,150		1,150
Total cash, cash equivalents and restricted cash	$	36,612	$	33,501	$	43,415

Disaggregation of revenue

	Fiscal Year Ended April 30,
	2020		2019		2018
Manufacturing revenues	$	52,046	$	43,432	$	47,437
Process development revenues		7,656		10,171		6,184
Total Revenues	$	59,702	$	53,603	$	53,621

Concentration of revenues

Customer

Geographc

Location

2020

2019

2018

Halozyme Therapeutics, Inc.

U.S.

28%

30%

55%

Gilead Sciences, Inc.

U.S.

–

Acumen Pharmaceuticals, Inc.

U.S.

–

IGM Biosciences, Inc.

U.S.

–

Coherus BioSciences, Inc.

U.S.

ADC Therapeutics America Inc.

U.S.

Schedule of estimated useful lives of property

Description		Estimated Useful Life
Leasehold improvements		Shorter of estimated useful life or lease term
Laboratory and manufacturing equipment		5 – 10 years
Furniture, fixtures and office equipment		5 – 10 years
Computer equipment and software		3 – 5 years

Schedule of property and equipment

All of our property and equipment are located in the U.S. Property and equipment consist of the following (in thousands):

	April 30,
	2020			2019
Leasehold improvements	$	21,130		$	20,574
Laboratory and manufacturing equipment		15,033			12,858
Computer equipment and software		5,334			4,644
Furniture, fixtures and office equipment		685			528
Construction-in-progress		2,564			1,590
Total property and equipment, gross		44,746			40,194
Less: accumulated depreciation and amortization		(17,641	)		(14,569	)
Total property and equipment, net	$	27,105		$	25,625

4. Leases (Tables)

12 Months Ended

Apr. 30, 2020

Lessee Disclosure [Abstract]

Schedule of lease costs

	April 30, 2020
Operating lease cost	$	3,339
Variable lease cost		603
Short-term lease cost		171
Total lease cost	$	4,113

Balance sheet classification of operating lease liabilities

	April 30, 2020
Assets
Operating lease right-of-use assets	$	20,100
Liabilities
Operating lease liabilities	$	1,228
Operating lease liabilities, less current portion		21,244
Total operating lease liabilities	$	22,472
Weighted average remaining lease term		10.5 years
Weighted average discount rate		8.0%

Schedule of maturities of operating lease liabilities

As of April 30, 2020, the maturities of our operating lease liabilities were as follows (in thousands):

Fiscal Year	Total
2021	$	2,972
2022		2,995
2023		3,010
2024		3,086
2025		3,171
Thereafter		18,767
Total lease payments		34,001
Less: imputed interest		(11,529	)
Total operating lease liabilities	$	22,472

5. Stockholders' Equity (Tables)

12 Months Ended

Apr. 30, 2020

Equity [Abstract]

Schedule of common stock reserved for future issuance

	Shares
Stock Incentive Plans		6,941
Employee Stock Purchase Plan		1,149
Conversion of our outstanding Series E Preferred Stock		6,826
Total common stock reserved for future issuance		14,916

6. Benefit Plans (Tables)

12 Months Ended

Apr. 30, 2020

Schedule of stock option activity

The following summarizes our stock option transaction activity for fiscal year ended April 30, 2020:

	Stock Options (in thousands)			Grant Date Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value ⁽¹⁾ (in thousands)
Outstanding at May 1, 2019		3,274		$	7.51
Granted		887		$	5.91
Exercised		(251	)	$	3.73
Canceled or expired		(1,014	)	$	10.79
Outstanding at April 30, 2020		2,896		$	6.20		5.76	$	2,457
Vested and expected to vest		2,896		$	6.20		5.76	$	2,457
Exercisable at April 30, 2020		1,530		$	6.77		4.89	$	1,566

______________

⁽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, 2020, which was $6.10 per share.

Schedule of RSU activity

The following summarizes our RSUs transaction activity for fiscal year ended April 30, 2020:

	Shares (in thousands)			Weighted Average Grant Date Fair Value
Outstanding at May 1, 2019		200		$	4.32
Granted		194			5.91
Vested		(49	)		4.30
Forfeited		(38	)		5.07
Outstanding at April 30, 2020		307		$	5.23

Share-based compensation expense

Stock-based compensation expense for the fiscal years ended April 30, 2020, 2019 and 2018 was comprised of the following (in thousands):

	Fiscal Year Ended April 30,
	2020		2019		2018
Cost of revenues	$	922	$	474	$	378
Selling, general and administrative expense		1,577		1,121		820
Discontinued operations		–		–		340
Total	$	2,499	$	1,595	$	1,538

Equity Option [Member]

Fair value valuation assumptions

	Fiscal Year Ended April 30,
	2020		2019		2018
Risk-free interest rate		1.86%		2.81%		2.21%
Expected life (in years)		5.06		5.57		6.19
Expected volatility		77.45%		76.56%		110.43%
Expected dividend yield		–		–		–

Employee Stock Purchase Plan [Member]

Fair value valuation assumptions

	Fiscal Year Ended April 30,
	2020		2019		2018
Risk-free interest rate		2.08%		2.26%		1.10%
Expected life (in years)		0.50		0.50		0.50
Expected volatility		56.71%		71.10%		75.18%
Expected dividend yield		–		–		–

7. Income Taxes (Tables)

12 Months Ended

Apr. 30, 2020

Income Tax Disclosure [Abstract]

Provision for income taxes

	2020			2019			2018
Federal income taxes at statutory rate	$	(2,197	)	$	(1,120	)	$	(6,112	)
State income taxes		–			(48	)		155
Expiration of deferred tax assets		2,588			2,507			1,840
Change in valuation allowance		(1,664	)		(2,480	)		(57,599	)
Stock-based compensation		1,138			1,309			1,584
Other, net		135			(452	)		6
Tax Cuts and Jobs Act		–			–			60,126
Income tax benefit	$	–		$	(284	)	$	–

Deferred income taxes

	2020			2019
Net operating losses	$	114,105		$	113,612
Stock-based compensation		2,573			3,416
Deferred revenue		810			1,610
Deferred rent		–			555
Lease liabilities		6,324			–
Other		1,197			1,256
Total deferred tax assets		125,009			120,449
Less valuation allowance		(118,137	)		(119,516	)
Total deferred tax assets, net of valuation allowance		6,872			933

Deferred tax liabilities:
Fixed assets		(1,216	)		(933	)
Right-of-use assets		(5,656	)		–
Total deferred tax liabilities		(6,872	)		(933	)
Net deferred tax assets	$	–		$	–

8. Net Loss per Common Share (Tables)

12 Months Ended

Apr. 30, 2020

Earnings Per Share [Abstract]

Antidilutive shares

The calculation of weighted average diluted shares outstanding excludes the dilutive effect of the following weighted average securities as their effect is anti-dilutive during periods of net loss (in thousands):

	2020		2019		2018
Stock options		145		139		54
RSUs		76		34		–
ESPP		7		11		2
Total		228		184		56

The calculation of weighted average diluted shares outstanding also excludes the following weighted average securities 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 (in thousands):

	2020		2019		2018
Stock options		2,650		2,712		3,637
RSUs		7		34		–
Warrants		–		13		39
Series E Preferred Stock		1,979		1,979		1,979
Total		4,636		4,738		5,655

11. Sale of Research and Development Assets (Tables)

12 Months Ended

Apr. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations summary

	Fiscal Year Ended April 30,
	2019		2018
License revenue	$	–	$	25
Operating expenses:
Research and development		–		6,782
Selling, general and administrative		–		2,163
Restructuring charges		–		330

Total operating expenses		–		9,275

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	)

- 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
-Paragraph 3A
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Reference 2: 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=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-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
-Paragraph 11
-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
-Paragraph 4B
-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
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

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

12 Months Ended

Apr. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

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

The following is a summary of our unaudited quarterly results for each of the two most recent fiscal years (in thousands, except per share amounts):

	Fiscal Year Ended April 30, 2020
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues ^(a)	$	15,254		$	18,313		$	13,585		$	12,550
Gross profit (loss)	$	1,086		$	3,360		$	785		$	(1,299	)
Loss from continuing operations, net of tax ^(b)	$	(3,164	)	$	(430	)	$	(2,104	)	$	(4,768	)
Net loss	$	(3,164	)	$	(430	)	$	(2,104	)	$	(4,768	)
Net loss attributable to common stockholders	$	(4,606	)	$	(1,872	)	$	(3,546	)	$	(6,210	)
Basic and diluted net loss per common share attributable to common stockholders ^(c)	$	(0.08	)	$	(0.03	)	$	(0.06	)	$	(0.11	)

		Fiscal Year Ended April 30, 2019
		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, net of tax	$	(1,961	)	$	(2,190	)	$	(1,139	)	$	234
Income from discontinued operations, net of tax ^(d)(e)	$	–		$	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 ^(c)
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	)

________________

	(a)	Revenues for the fourth quarter of fiscal year ended April 30, 2020, includes a $1.5 million reduction due to changes in estimates for variable consideration as compared to the third quarter of fiscal year ended April 30, 2020.
	(b)	Loss from continuing operations for the second quarter of fiscal year ended April 30, 2020 includes a loss on lease termination of $0.4 million (Note 4)
	(c)	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 (loss) income per common share amount for the fiscal year.

(d)

(e)

1. Description of Company and Basis of Presentation (Details Narrative)	12 Months Ended
	Apr. 30, 2020 Number
Organization And Business Description
Segments	1

2. Summary of Significant Accounting Policies (Details - Restricted Cash) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 36,262	$ 32,351	$ 42,265
Restricted cash	350	1,150	1,150
Total cash, cash equivalents and restricted cash	$ 36,612	$ 33,501	$ 43,415	$ 47,949

2. Summary of Significant Accounting Policies (Details - Revenue) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Revenues	$ 59,702	$ 53,603	$ 53,621
Manufacturing Revenue [Member]
Revenues	52,046	43,432	47,437
Process Development Revenue [Member]
Revenues	$ 7,656	$ 10,171	$ 6,184

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-Name Accounting Standards Codification
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+ Details

2. Summary of Significant Accounting Policies (Details - Percentage breakdown)

12 Months Ended

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Halozyme Therapeutics, Inc [Member]

Customer revenue as a percentage of revenue

28.00%

30.00%

55.00%

Gilead Sciences, Inc. [Member]

Customer revenue as a percentage of revenue

24.00%

0.00%

Acumen Pharmaceuticals, Inc. [Member]

Customer revenue as a percentage of revenue

11.00%

0.00%

^[1]

0.00%

IGM Biosciences, Inc. [Member]

Customer revenue as a percentage of revenue

11.00%

^[1]

0.00%

Coherus BioSciences, Inc.

Customer revenue as a percentage of revenue

10.00%

ADC Therapeutics America [Member]

Customer revenue as a percentage of revenue

^[1]

21.00%

^[1]

Coherus Biosciences, Inc. [Member]

Customer revenue as a percentage of revenue

13.00%

22.00%

[1]	Represents a percentage less than 10% of our total revenues.

2. Summary of Significant Accounting Policies (Details - Property and Equipment) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Property and equipment, gross	$ 44,746	$ 40,194
Less: Accumulated depreciation and amortization	(17,641)	(14,569)
Total property and equipment, net	27,105	25,625
Leasehold Improvements [Member]
Property and equipment, gross	21,130	20,574
Laboratory and manufacturing equipment [Member]
Property and equipment, gross	15,033	12,858
Computer Equipment and software [Member]
Property and equipment, gross	5,334	4,644
Furniture, fixtures and office equipment [Member]
Property and equipment, gross	685	528
Construction in Progress [Member]
Property and equipment, gross	$ 2,564	$ 1,590

2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018	May 02, 2019	May 02, 2018
Restricted cash	$ 350	$ 1,150	$ 1,150
Restricted cash pledged as collateral	800
Adjustment to accumulated deficit	(571,071)	(560,605)
Revenue recognized for which the contract liability was recorded in the prior year	13,600	14,300
Allowance for doubtful accounts	0	0
Interest expense on construction in progress	0	0
Depreciation and amortization	3,091	2,746	$ 2,562
Impairment of long-lived assets	0	0
Operating lease right-of-use assets	20,100	$ 0
Operating lease liabilities	$ 22,472
Adoption of ASC 606 [Member]
Adjustment to accumulated deficit					$ 2,700
Sales Revenue Net [Member] \| UNITED STATES
Concentration risk percentage	99.00%	95.00%	99.00%
Accounts Receivable [Member] \| Six Customers [Member]
Concentration risk percentage	98.00%	95.00%
Contract Assets [Member] \| Six Customers [Member]
Concentration risk percentage	96.00%
Contract Assets [Member] \| Eight Customers [Member]
Concentration risk percentage		87.00%
ASC 842 [Member]
Operating lease right-of-use assets				$ 23,300
Operating lease liabilities				$ 25,500

3. Note Payable (Details Narrative) - Promissory note [Member] $ in Thousands	12 Months Ended
	Apr. 30, 2020 USD ($)
Proceeds from loan	$ 4,379
Maturity date	Apr. 21, 2022
Interest rate	1.00%

4. Leases (Details - Components of lease) $ in Thousands	12 Months Ended
4. Leases (Details - Components of lease) $ in Thousands	Apr. 30, 2020 USD ($)
Lessee Disclosure [Abstract]
Operating lease cost	$ 3,339
Variable lease cost	603
Short-term lease cost	171
Total lease cost	$ 4,113

4. Leases (Details - Operating leases assets and liabilities) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Lessee Disclosure [Abstract]
Operating lease right-of-use assets	$ 20,100	$ 0
Operating lease liabilities	1,228	0
Operating lease liabilities, less current portion	21,244	$ 0
Total operating lease liabilities	$ 22,472
Weighted average lease term	10 years 6 months
Weighted average discount rate	8.00%

4. Leases (Details - Maturities of Operating Lease Liabilities) $ in Thousands	Apr. 30, 2020 USD ($)
Lessee Disclosure [Abstract]
2021	$ 2,972
2022	2,995
2023	3,010
2024	3,086
2025	3,171
Thereafter	18,767
Total lease payments	34,001
Less: imputed interest	(11,529)
Total operating lease liabilities	$ 22,472

4. Leases (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
4. Leases (Details Narrative) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Lessee Disclosure [Abstract]
Annual rent expense		$ 2,900	$ 2,900
Operating lease payments	$ 3,100

5. Stockholders' Equity (Details - Common stock outstanding) shares in Thousands	Apr. 30, 2020 shares
Common stock reserved for future issuance	14,916
Series E Preferred Stock [Member]
Common stock reserved for future issuance	6,826
Stock Incentive Plans [Member]
Common stock reserved for future issuance	6,941
Employee Stock Purchase Plan [Member]
Common stock reserved for future issuance	1,149

5. Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
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	1,648,000	1,648,000
Preferred stock, shares outstanding	1,648,000	1,648,000
Dividends paid	$ 4,325	$ 4,325	$ 4,325
Proceeds from sale of common stock	$ 0	0	25,687
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	$ 4,300	$ 4,300	4,300
Common stock to be issued if Series E stock is converted	6,826,435
Each outstanding share that could be converted into common shares	4.14
Common Stock
Payment of stock issuance costs			$ 1,780
Common Stock \| Public Offering [Member]
Stock issued new, shares			10,294,445
Proceeds from sale of common stock			$ 23,200
Payment of stock issuance costs			$ 1,700
Common Stock \| AMI Sales Agreement [Member]
Stock issued new, shares			1,051,259
Proceeds from sale of common stock			$ 4,300
Warrants [Member]
Warrants issued	0
Warrants outstanding	0	0

6. Benefit Plans (Details - Assumptions) - Equity Option [Member]	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Risk-free interest rate	1.86%	2.81%	2.21%
Expected life (in years)	5 years 22 days	5 years 6 months 25 days	6 years 2 months 8 days
Expected volatility	77.45%	76.56%	110.43%
Expected dividend yield	0.00%	0.00%	0.00%

6. Benefit Plans (Details - Option activity) - Equity Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2020 USD ($) $ / shares shares
Number of Options
Number of Options Outstanding, Beginning \| shares	3,274
Number of Options Granted \| shares	887
Number of Options Exercised \| shares	(251)
Number of Options Cancelled or Expired \| shares	(1,014)
Number of Options Outstanding, Ending \| shares	2,896
Exercisable and expected to vest \| shares	2,896
Exercisable at period end \| shares	1,530
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$ 7.51
Weighted Average Exercise Price Granted	5.91
Weighted Average Exercise Price Exercised	3.73
Weighted Average Exercise Price Canceled	10.79
Weighted Average Exercise Price Outstanding, Ending	6.2
Weighted Average Exercise Price, Exercisable and expected to vest	6.2
Weighted Average Exercise Price Exercisable, at period end	$ 6.77
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years) Outstanding	5 years 9 months 3 days
Weighted Average Remaining Contractual Life (in years) Vested and expected to vest	5 years 9 months 3 days
Weighted Average Remaining Contractual Life (in years) Exercisable, at period end	4 years 10 months 21 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding \| $	$ 2,457
Aggregate Intrinsic Value vested and expected to vest \| $	2,457
Aggregate Intrinsic Value Exercisable at period end \| $	$ 1,566
Aggregate intrinsic value per share	$ 6.10

6. Benefit Plans (Details - RSU Activity) - RSUs [Member] - $ / shares shares in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
RSU Shares
RSUs outstanding, beginning balance	200
RSUs granted	194
RSUs vested	(49)
RSUs forfeited	(38)
RSUs outstanding, ending balance	307	200
Weighted Average Grant Date Fair Value
RSUs outstanding, beginning balance	$ 4.32
RSUs granted	5.91	$ 4.28
RSUs vested	4.3
RSUs forfeited	5.07
RSUs outstanding, ending balance	$ 5.23	$ 4.32

6. Benefit Plans (Details - Assumptions ESPP) - Employee Stock Purchase Plan [Member]	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Risk-free interest rate	2.08%	2.26%	1.10%
Expected life (in years)	6 months	6 months	6 months
Expected volatility	56.71%	71.10%	75.18%
Expected dividend yield	0.00%	0.00%	0.00%

6. Benefit Plans (Details - Share based compensation) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Share based compensation	$ 2,499	$ 1,595	$ 1,538
Cost of revenues [Member]
Share based compensation	922	474	378
Selling, general and administrative
Share based compensation	1,577	1,121	820
Discontinued operations
Share based compensation	$ 0	$ 0	$ 340

6. Benefit Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Stock reserved for issuance	14,916,000
Proceeds from exercise of stock options	$ 933	$ 1,278	$ 752
Company matching contributions to 401(k) plan	$ 500	$ 400	$ 600
Employee Stock Purchase Plan [Member]
Stock issued during period, ESPP	47,526	75,148	88,327
ESPP weighted average purchase price	$ 3.94	$ 3.44	$ 3.59
Weighted average grant date fair value, other than options	1.81	1.49	1.65
Stock Option [Member]
Weighted-average grant date fair value of options granted	$ 3.74	$ 3.30	$ 3.50
Aggregate intrinsic value of stock options exercised	$ 700	$ 500	$ 200
Unrecognized compensation costs related to non-vested stock options	$ 4,100
Unrecognized compensation cost weighted average vesting period	2 years 7 months 28 days
RSUs [Member]
Unrecognized compensation cost weighted average vesting period	2 years 9 months 25 days
Fair value of RSUs vested	$ 300
Unrecognized compensation cost related to non-vested RSUs	$ 1,300
Weighted average grant date fair value, other than options	$ 5.91	$ 4.28
Stock Incentive Plans [Member]
Stock reserved for issuance	6,941,000
Stock Incentive Plans [Member] \| Options and RSU's [Member]
Stock reserved for issuance	3,203,034
Stock Incentive Plans [Member] \| Future Grants [Member]
Stock reserved for issuance	3,738,015
Employee Stock Purchase Plan [Member]
Stock reserved for issuance	1,149,000

7. Income Taxes (Details - Provision for Income taxes) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	$ (2,197)	$ (1,120)	$ (6,112)
State income taxes	0	(48)	155
Expiration of deferred tax assets	2,588	2,507	1,840
Change in valuation allowance	(1,664)	(2,480)	(57,599)
Share-based compensation	1,138	1,309	1,584
Other, net	135	(452)	6
Tax Cuts and Jobs Act	0	0	60,126
Income tax benefit	$ 0	$ (284)	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

7. Income Taxers (Details - Deferred income taxes) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Income Tax Disclosure [Abstract]
Net operating losses	$ 114,105	$ 113,612
Share-based compensation	2,573	3,416
Deferred revenue	810	1,610
Deferred rent	0	555
Lease liabilities	6,324	0
Other	1,197	1,256
Total deferred tax assets	125,009	120,449
Less valuation allowance	(118,137)	(119,516)
Net deferred tax assets	6,872	933
Deferred tax liabilities:
Fixed assets	(1,216)	(933)
Right-of-use assets	(5,656)	0
Total deferred tax liabilities	(6,872)	(933)
Net deferred tax assets	$ 0	$ 0

7. Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Unrecognized tax benefits from uncertain tax positions	$ 0	$ 0
Income tax penalties or interest	0	0	$ 0
Income tax penalties or interest accrued	0	$ 0
Federal [Member]
Net operating loss carry forward	$ 427,000
Operating loss carryforward expiration dates	2021 through 2038
California [Member]
Net operating loss carry forward	$ 277,000
Operating loss carryforward expiration dates	2020

8. Net Loss per Common Share (Details - Antidilutive shares) - shares shares in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Stock Options
Dilutive effect of shares on diluted shares outstanding	145	139	54
RSUs [Member]
Dilutive effect of shares on diluted shares outstanding	76	34	0
Employee Stock Purchase Plan [Member]
Dilutive effect of shares on diluted shares outstanding	7	11	2
Options, RSUs and ESPP [Member]
Dilutive effect of shares on diluted shares outstanding	228	184	56

8. Net Loss per Common Share (Details - Antidilutive shares, conversion price) - shares shares in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
RSUs [Member]
Dilutive effect of shares on diluted shares outstanding	76	34	0
If Converted Method [Member] \| Stock Options [Member]
Dilutive effect of shares on diluted shares outstanding	2,650	2,712	3,637
If Converted Method [Member] \| RSUs [Member]
Dilutive effect of shares on diluted shares outstanding	7	34	0
If Converted Method [Member] \| Warrants
Dilutive effect of shares on diluted shares outstanding	0	13	39
If Converted Method [Member] \| Series E Preferred Stock [Member]
Dilutive effect of shares on diluted shares outstanding	1,979	1,979	1,979
If Converted Method [Member] \| Option, RSUs, Warrants, Series E Preferred Stock [Member]
Dilutive effect of shares on diluted shares outstanding	4,636	4,738	5,655

10. Restructuring Charges (Details Narrative) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2017	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Aggregate restructuring costs		$ 0	$ 0	$ 1,258
Restructuring [Member]
Workforce reduction	We reduced our overall workforce by 57 employees
Aggregate restructuring costs	$ 1,300
Restructuring [Member] \| Contract Manufacturing Services Segment [Member]
Aggregate restructuring costs	1,600
Restructuring [Member] \| Research and Development Segment [Member]
Aggregate restructuring costs	$ 300

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

3 Months Ended

12 Months Ended

Apr. 30, 2019

^[1],[2]

Jan. 31, 2019

^[1],[2]

Oct. 31, 2018

^[1],[2]

Jul. 31, 2018

^[1],[2]

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Gain on sale of research and development assets before income taxes

$ 0

$ 1,000

$ 8,000

Income (loss) from discontinued operations, net of tax

$ 102

$ 0

$ 739

$ 0

841

(1,250)

Discontinued Operations [Member] [Default Label]

License revenue

Total operating expenses

9,275

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)

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

Total operating expenses

6,782

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

Total operating expenses

2,163

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

Total operating expenses

$ 0

$ 330

[1]	For the fiscal year ended April 30, 2019, the operating results of our former research and development segment are reported as income from discontinued operations, net of tax (Note 1). There we no operating results from discontinued operations for the fiscal year ended April 30, 2020.
[2]	Income from discontinued operations, net of tax, for the second quarter of fiscal year ended April 30, 2019 includes a gain on sale of research and development assets before tax of $1.0 million (Note 11).

11. Sale of Research and Development Assets (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Gain on sale of assets	$ (13)	$ (127)	$ (1,692)
Discontinued operations
Gain on sale of assets		$ 1,000	$ 8,000

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

3 Months Ended

12 Months Ended

Apr. 30, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Quarterly Financial Information Disclosure [Abstract]

Revenues

$ 12,550

^[1]

$ 13,585

^[1]

$ 18,313

^[1]

$ 15,254

^[1]

$ 17,055

$ 13,781

$ 10,178

$ 12,589

Gross profit (loss)

(1,299)

785

3,360

1,086

3,648

2,050

334

1,192

$ 3,932

$ 7,224

$ (2,924)

Income (loss) from continuing operations

(4,768)

^[2]

(2,104)

^[2]

(430)

^[2]

(3,164)

^[2]

234

(1,139)

(2,190)

(1,961)

Income from discontinued operations

102

^[3],[4]

739

^[3],[4]

841

(1,250)

Net (loss) income

(4,768)

(2,104)

(430)

(3,164)

336

(1,139)

(1,451)

(1,961)

(10,466)

(4,215)

(21,813)

Net loss attributable to common stockholders

$ (6,210)

$ (3,546)

$ (1,872)

$ (4,606)

$ (1,106)

$ (2,581)

$ (2,893)

$ (3,403)

$ (15,152)

$ (8,901)

$ (26,499)

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

$ (0.02)

^[5]

$ (0.05)

^[5]

$ (0.06)

^[5]

$ (0.06)

^[5]

$ (0.27)

$ (0.17)

$ (0.53)

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

^[5]

0.01

^[5]

0.00

0.01

(0.03)

Net loss per share attributable to common stockholders

$ (0.11)

^[5]

$ (0.06)

^[5]

$ (0.03)

^[5]

$ (0.08)

^[5]

$ (0.02)

^[5]

$ (0.05)

^[5]

$ (0.05)

^[5]

$ (0.06)

^[5]

$ (0.27)

$ (0.16)

$ (0.56)

[1]	Revenues for the fourth quarter of fiscal year ended April 30, 2020, include a $1.5 million reduction due to changes in estimates for variable consideration as compared to the third quarter of fiscal year ended April 30, 2020.
[2]	Loss from continuing operations for the second quarter of fiscal year ended April 30, 2020 includes a loss on lease termination of $0.4 million (Note 4)
[3]	For the fiscal year ended April 30, 2019, the operating results of our former research and development segment are reported as income from discontinued operations, net of tax (Note 1). There we no operating results from discontinued operations for the fiscal year ended April 30, 2020.
[4]	Income from discontinued operations, net of tax, for the second quarter of fiscal year ended April 30, 2019 includes a gain on sale of research and development assets before tax of $1.0 million (Note 11).
[5]	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 (loss) income per common share amount for the fiscal year.