0001683168-22-004704 | 10-K | XBRL Viewer

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Apr. 30, 2022	Jun. 17, 2022	Oct. 31, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--04-30
Entity File Number	001-32839
Entity Registrant Name	AVID BIOSERVICES, INC.
Entity Central Index Key	0000704562
Entity Tax Identification Number	95-3698422
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2642 Michelle Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Tustin
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92780
City Area Code	(714)
Local Phone Number	508-6100
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	CDMO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,900
Entity Common Stock, Shares Outstanding		61,834,710
ICFR Auditor Attestation Flag	true
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021
Current assets:
Cash and cash equivalents	$ 126,166	$ 169,915
Accounts receivable, net	20,547	18,842
Contract assets	5,369	6,112
Inventory	26,062	11,871
Prepaid expenses	1,879	1,064
Total current assets	180,023	207,804
Property and equipment, net	92,955	37,455
Operating lease right-of-use assets	36,806	18,691
Deferred tax assets	115,082	0
Other assets	4,627	1,210
Restricted cash	350	350
Total assets	429,843	265,510
Current liabilities:
Accounts payable	9,504	9,257
Accrued compensation and benefits	8,418	8,794
Contract liabilities	53,798	50,769
Current portion of operating lease liabilities	2,969	1,355
Other current liabilities	1,072	761
Total current liabilities	75,761	70,936
Convertible senior notes, net	139,577	96,949
Operating lease liabilities, less current portion	37,886	19,889
Finance lease liabilities, less current portion	2,093	0
Total liabilities	255,317	187,774
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0	0
Common stock, $0.001 par value; 150,000 shares authorized; 61,807 and 61,069 shares issued and outstanding at respective dates	62	61
Additional paid-in capital	605,841	637,534
Accumulated deficit	(431,377)	(559,859)
Total stockholders’ equity	174,526	77,736
Total liabilities and stockholders’ equity	$ 429,843	$ 265,510

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Apr. 30, 2022	Apr. 30, 2021
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	0	0
Preferred stock, shares outstanding	0	0
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000	150,000
Common stock, shares issued	61,807	61,069
Common stock, shares outstanding	61,807	61,069

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Income Statement [Abstract]
Revenues	$ 119,597	$ 95,868	$ 59,702
Cost of revenues	82,949	66,561	55,770
Gross profit	36,648	29,307	3,932
Operating expenses:
Selling, general and administrative	21,226	17,064	14,517
Loss on lease termination	0	0	355
Total operating expenses	21,226	17,064	14,872
Operating income (loss)	15,422	12,243	(10,940)
Interest expense	(2,680)	(1,164)	(8)
Other income (expense), net	(81)	133	482
Net income (loss) before income taxes	12,661	11,212	(10,466)
Income tax benefit	115,011	0	0
Net income (loss)	127,672	11,212	(10,466)
Comprehensive income (loss)	127,672	11,212	(10,466)
Series E preferred stock accumulated dividends	0	(4,455)	(4,686)
Impact of Series E preferred stock redemption	0	(3,439)	0
Net income (loss) attributable to common stockholders	$ 127,672	$ 3,318	$ (15,152)
Net income (loss) per share attributable to common stockholders:
Basic	$ 2.08	$ 0.06	$ (0.27)
Diluted	$ 1.84	$ 0.06	$ (0.27)
Weighted average common shares outstanding:
Basic	61,484	58,222	56,326
Diluted	70,474	59,426	56,326

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2019	$ 2	$ 56	$ 613,615	$ (560,605)	$ 53,068
Beginning balance, shares at Apr. 30, 2019	1,648	56,135
Series E preferred stock dividends paid ($2.705 per share)			(4,325)		(4,325)
Common stock issued under equity compensation plans			1,120		1,120
Common stock issued under equity compensation plans, shares		348
Stock-based compensation expense			2,499		2,499
Net income				(10,466)	(10,466)
Ending balance, value at Apr. 30, 2020	$ 2	$ 56	612,909	(571,071)	41,896
Ending balance, shares at Apr. 30, 2020	1,648	56,483
Series E preferred stock dividends paid ($2.705 per share)			$ (4,455)		$ (4,455)
Conversion of Series E preferred stock to common stock
Conversion of Series E preferred stock to common stock, shares converted	(28)	34
Redemption of Series E preferred stock	$ (2)		$ (40,488)		$ (40,490)
Redemption of Series E preferred stock, shares	(1,620)
Common stock issued, net of issuance costs of $2,359		$ 4	32,137		32,141
Common stock issued, net of issuance costs, shares		3,833
Common stock issued under equity compensation plans		$ 1	3,983		3,984
Common stock issued under equity compensation plans, shares		719
Equity component of convertible senior notes			42,431		42,431
Purchase of capped calls related to convertible senior notes			(12,837)		(12,837)
Stock-based compensation expense			3,854		3,854
Net income				11,212	11,212
Ending balance, value at Apr. 30, 2021		$ 61	637,534	(559,859)	77,736
Ending balance, shares at Apr. 30, 2021		61,069
Cumulative-effect adjustment from modified retrospective adoption of ASU 2020-06			(42,431)	810	(41,621)
Common stock issued under equity compensation plans		$ 1	3,358		3,359
Common stock issued under equity compensation plans, shares		738
Stock-based compensation expense			7,380		7,380
Net income				127,672	127,672
Ending balance, value at Apr. 30, 2022		$ 62	$ 605,841	$ (431,377)	$ 174,526
Ending balance, shares at Apr. 30, 2022		61,807

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Common Stock [Member]
Payment of stock issuance costs	$ 2,359
Series E Preferred Stock [Member]
Dividends paid	$ 2.705	$ 2.625

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 127,672	$ 11,212	$ (10,466)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	7,380	3,854	2,499
Depreciation and amortization	4,480	3,453	3,091
Amortization of debt discount and issuance costs	1,030	916	0
Loss on disposal of property and equipment	381	0	13
Deferred income taxes	(115,082)	0	0
Changes in operating assets and liabilities:
Accounts receivable, net	(1,705)	(10,236)	(1,232)
Contract assets	743	(2,812)	1,027
Inventory	(14,191)	(988)	(4,326)
Prepaid expenses and other assets	(4,232)	(1,260)	(3)
Accounts payable	(943)	(608)	802
Accrued compensation and benefits	(376)	5,775	(521)
Contract liabilities	3,029	21,649	14,469
Other accrued expenses and liabilities	1,279	227	474
Net cash provided by operating activities	9,465	31,182	5,827
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(56,411)	(9,864)	(3,812)
Net cash used in investing activities	(56,411)	(9,864)	(3,812)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity compensation plans	3,359	3,984	1,120
Proceeds from issuance of common stock, net of issuance costs	0	32,141	0
Proceeds from issuance of convertible senior notes, net of issuance costs	0	138,464	0
Purchases of capped calls related to convertible senior notes	0	(12,837)	0
(Repayment of) proceeds from note payable	0	(4,379)	4,379
Dividends paid on preferred stock	0	(4,455)	(4,325)
Redemption of preferred stock	0	(37,051)	0
Impact of preferred stock redemption	0	(3,439)	0
Principal payments on finance lease	(162)	(93)	(78)
Net cash provided by financing activities	3,197	112,335	1,096
Net (decrease) increase in cash, cash equivalents and restricted cash	(43,749)	133,653	3,111
Cash, cash equivalents and restricted cash, beginning of period	170,265	36,612	33,501
Cash, cash equivalents and restricted cash, end of period	126,516	170,265	36,612
Supplemental disclosures of cash flow information:
Cash paid for interest	1,670	5	8
Cash paid for income taxes	64	0	0
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment in accounts payable	1,190	3,939	772
Right-of-use assets obtained upon operating lease modification, net	4,554	0	0
Right-of-use assets obtained in exchange for operating lease obligations	16,093	0	0
Property and equipment obtained in exchange for finance lease obligation	2,760	0	0
Decapitalization of right-of-use assets upon lease termination and/or modification	$ 0	$ 0	$ 1,469

Description of Company and Basis of Presentation

12 Months Ended

Apr. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 development and CGMP manufacturing of biologics for the biotechnology and biopharmaceutical industries.

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 subsidiary.

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 subsidiary. 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 our 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, our contract manufacturing and development services segment. Accordingly, we reported our financial results for one reportable segment. All our identifiable assets are in the United States.

Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2022

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 an operating lease related to one of our facilities (Note 4), we are required to maintain a letter of credit as collateral. Accordingly, at April 30, 2022 and 2021, restricted cash of $0.350.4 million was pledged as collateral under the letter 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):

Schedule of Restricted Cash
	As of April 30,
	2022		2021		2020
Cash and cash equivalents	$	126,166	$	169,915	$	36,262
Restricted cash		350		350		350
Total cash, cash equivalents and restricted cash	$	126,516	$	170,265	$	36,612

Revenue Recognition

We recognize revenue in accordance with the authoritative guidance of ASC 606, Revenue from Contracts with Customers. 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 to 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 are ordered at a specified scale with prescribed dates, where the product is manufactured according to the customer’s specifications and typically includes only one performance obligation. 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 includes only one performance obligation. 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 streams (in thousands):

Disaggregation of revenue
	Fiscal Year Ended April 30,
	2022		2021		2020
Manufacturing revenues	$	99,282	$	83,678	$	52,046
Process development revenues		20,315		12,190		7,656
Total revenues	$	119,597	$	95,868	$	59,702

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, 2022 and 2021, we recognized revenue of $34.0 million and $27.3 million, respectively, for which the contract liability was recorded in a prior period.

The transaction price for services provided under our customer contracts reflects our best estimates of the amount of consideration to which we are entitled in exchange for providing goods and services to our customers. For contracts with multiple performance obligations, we allocate transaction price to each performance obligation identified in a contract on a relative standalone selling price basis. We generally determine relative standalone selling prices based on the price observed in the customer contract for each distinct performance obligation. If observable standalone selling prices are not available, we may estimate the applicable standalone selling price based on the pricing of other comparable services or on a price that we believe the market is willing to pay for the applicable service.

In determining the transaction price, we also 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.

In addition, our customer contracts generally include provisions entitling us to a cancellation or postponement fee when a customer cancels or postpones its commitments prior to our initiation of services, therefore not utilizing their reserved capacity. The determination of such cancellation and postponement fees are based on the terms stated in the related customer contract but are generally considered substantive for accounting purposes and create an enforceable right and obligation due to us when the cancellation or postponement occurs. Accordingly, we recognize such fees, subject to variable consideration, as revenue upon the cancellation or postponement date utilizing the most likely method.

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, estimating variable consideration, 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.

During the fiscal year ended April 30, 2022, changes in estimates for variable consideration resulted in a decrease in revenues of $14.7 million. These changes in estimates for variable consideration can primarily be attributed to a dispute with a customer over the payment of certain cancellation fees due to us under the terms of the related customer contract which resulted in a decrease in revenues of $11.7 million for the fiscal year ended April 30, 2022. We believe we have a contractual right to the disputed amount, but as this contractual right is being disputed and therefore may be uncollectible, we have not recorded revenue associated with the disputed amount.

During the fiscal years ended April 30, 2021 and 2020, changes in estimates for variable consideration resulted in an increase in revenues of $1.1 million and a decrease in revenues of $1.5 million, respectively.

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, 2022, we do not have any unsatisfied performance obligations for contracts greater than one year.

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

Accounts Receivable, Net

Accounts receivable is primarily comprised of amounts owed to us for 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 balance as of April 30, 2022, we determined an allowance for doubtful accounts of $18.4 million was deemed necessary, which amount is primarily due to a dispute with a customer over the payment of certain cancellation fees due to us under the terms of the related customer contract. We believe we have a contractual right to this amount, but as this contractual right is being disputed and therefore may be uncollectible, we have chosen to reserve the disputed amount.

Based on our analysis of our accounts receivable balance as of April 30, 2021, we determined no allowance for doubtful accounts was necessary.

Concentrations of Credit Risk and Customer Base

Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, accounts receivable, net and contract assets. As of April 30, 2022 and 2021, we maintain our cash balances primarily with one and two major commercial banks, respectively, and our deposits held with the banks 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 banks 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 services provided under customer contracts are derived from a limited number of customers. Most customer 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, 2022 and 2021, approximately 84% and 98%, respectively, of our accounts receivable, net were due from six customers. Our contract assets are reclassified to accounts receivable when our rights to consideration become unconditional. At April 30, 2022 and 2021, approximately 88% and 97%, respectively, of our contract assets were attributable to six customers.

Our revenues are derived from a limited number of customers. 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, 2022, 2021 and 2020:

Concentration of revenues
Customer	Geographic Location	2022			2021			2020

Halozyme Therapeutics, Inc.⁽¹⁾	U.S.		41	%		51	%		28	%
IGM Biosciences, Inc.	U.S.		11			*			11
Gilead Sciences, Inc.	U.S.		*			16			24
Acumen Pharmaceuticals, Inc.	U.S.		*			*			11
Coherus BioSciences, Inc.	U.S.		*			*			10

______________

	⁽¹⁾	Revenues are derived from the manufacture of multiple therapeutics that our customer uses in various products and product candidates.
	*	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 approximately 100% for fiscal years ended April 30, 2022 and 2021 and approximately 99% for the fiscal year ended April 30, 2020.

Leases

We account for our leases in accordance with the authoritative guidance of ASC 842, Leases. 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 (“ROU”) assets, operating lease liabilities and operating lease liabilities, less current portion in our consolidated balance sheets. ROU 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 ROU 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.

Our finance lease with a term greater than one year is included as an asset within property and equipment, net and a lease liability equal to the present value of the minimum lease payments is included in other current liabilities and finance lease liabilities, less current portion in our consolidated balance sheets. The present value of the finance lease payments are calculated using the implicit interest rate in the lease. Finance lease ROU assets are amortized on a straight-line basis over the expected useful life of the asset and the carrying amount of the lease liability is adjusted to reflect interest, which is recorded as interest expense.

Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets and lease expense for these short-term leases is recognized on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease components from non-lease components.

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

Costs for property and equipment net yet placed into service have been capitalized as construction-in-progress. These costs are primarily related to equipment and leasehold improvements associated with our manufacturing facilities, and will be depreciated in accordance with the above guidelines once placed into service. Interest costs incurred during construction of major capital projects are capitalized as construction-in-progress until the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the life of the underlying asset. Interest capitalized as construction-in-progress was $0.2 million for the fiscal year ended April 30, 2022. No interest was capitalized for the fiscal year ended April 30, 2021. All of our property and equipment are located in the United States. Property and equipment consist of the following (in thousands):

Schedule of property and equipment
	April 30,
	2022			2021
Leasehold improvements	$	37,345		$	23,000
Laboratory and manufacturing equipment		30,089			20,793
Computer equipment and software		5,326			5,541
Furniture, fixtures and office equipment		843			843
Construction-in-progress		43,809			8,372
Total property and equipment, gross		117,412			58,549
Less: accumulated depreciation and amortization		(24,457	)		(21,094	)
Total property and equipment, net	$	92,955		$	37,455

Depreciation and amortization expense for the fiscal years ended April 30, 2022, 2021 and 2020 was 4,480$4.5 million, 3,453$3.5 million and 3,091$3.1 million, respectively.

Capitalized Software Implementation Costs

We capitalize certain implementation costs incurred under cloud computing hosting arrangements. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within other assets on the accompanying consolidated balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. As of April 30, 2022 and 2021, we had capitalized software implementation costs of $3.5 million and $0.9 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. If such events or changes in circumstances arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the long-lived assets are determined to be impaired, any excess of the carrying value of the long-lived assets over its estimated fair value is recognized as an impairment loss. For the fiscal years ended April 30, 2022 and 2021, there were no indicators of impairment of the value of our long-lived assets and no cumulative impairment losses were recognized as of April 30, 2022.

Fair Value of Financial Instruments

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

Fair Value Measurements

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

	·	Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities.
	·	Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets.
	·	Level 3 – Unobservable inputs that are supported by little or no market activity and significant to the overall fair value measurement of the assets or liabilities; therefore requiring the company to develop its own valuation techniques and assumptions.

As of April 30, 2022 and 2021, we did not have any Level 2 or Level 3 financial assets and our cash equivalents of $116.3 million and $158.8 million, respectively, were invested in money market funds with one and two major commercial banks, respectively, and carried at fair value based on quoted market prices for identical securities (Level 1 inputs). We consider the fair value of our convertible senior notes to be a Level 2 financial liability due to limited trading activity of the senior convertible notes. Refer to Note 3, Debt, of the notes to the consolidated financial statements for further details. We did not have any other Level 2 or Level 3 financial liabilities as of April 30, 2022 and 2021.

Stock-Based Compensation

We account for stock options, restricted stock units, performance stock units and other stock-based awards granted under our equity compensation plans in accordance with the authoritative guidance of ASC 718, Compensation – Stock 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 and performance stock units is measured at the grant date based on the closing market price of our common stock on the date of grant. For restricted stock units, the fair value is recognized as expense on a straight-line basis over the requisite service periods. For performance stock units, which are subject to performance conditions, the fair value is recognized as expense on a straight-line basis over the requisite service periods when the achievement of such performance condition is determined to be probable. If a performance condition is not determined to be probable or is not met, no stock-based compensation expense is recognized, and any previously recognized expense is reversed. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur.

Debt Discount and Issuance Costs

Debt discount and issuance costs related to convertible senior notes are recorded as deductions that net against the principal value of the debt and are amortized to interest expense over the contractual term of the debt using the effective interest method (Note 3). Upon the adoption of ASU 2020-06 on May 1, 2021, the unamortized debt discount balance was derecognized as of the adoption date (Note 2).

Advertising Costs

Advertising costs are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). For the fiscal years ended April 30, 2022, 2021 and 2020, advertising costs were $0.6 million, $0.3 million, and $0.2 million, respectively.

Income Taxes

We utilize the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under the liability method, deferred taxes are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance when it is more likely than not that our deferred tax assets will not be realized. On a periodic basis, we reassess the valuation allowance on our deferred tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets. In the fourth quarter of fiscal 2022, we reassessed the valuation allowance noting the shift of positive evidence outweighing negative evidence, including significant revenue growth, continued profitability, and expectations regarding future profitability. After assessing both the positive evidence and negative evidence, we determined it was more likely than not that our deferred tax assets would be realized and therefore released our valuation allowance related to federal and state deferred tax assets as of April 30, 2022, resulting in a benefit from income taxes of $115.0 million.

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.

Comprehensive Income (Loss)

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

Recently Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board (“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. We adopted ASU 2019-12 on May 1, 2021, and the adoption of this standard did not have a material impact on our consolidated financial statements.

In August 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The amendments in this ASU will eliminate the beneficial conversion and cash conversion accounting models for convertible instruments, as well as, amend the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. The ASU will also modify how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share calculation. ASU 2020-06 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2021, which will be our fiscal year 2023 beginning May 1, 2022. Early adoption is permitted.

We elected to early adopt ASU 2020-06 on May 1, 2021, using a modified retrospective transition method. Under this transition method, prior period financial information and disclosures are not adjusted and continue to be reported under the accounting standards that were in effect prior to our adoption of ASU 2020-06.

The adoption of ASU 2020-06 resulted in the re-combination of the debt and equity components of our convertible senior notes (Note 3) into a single debt instrument, which resulted in a $42.4 million decrease in additional paid-in capital from the derecognition of the bifurcated equity component, a $41.6 million increase in convertible senior notes from the derecognition of the discount associated with the bifurcated equity component, or debt discount, and $0.8 million decrease to the opening balance of accumulated deficit, representing the cumulative non-cash interest expense recognized related to the amortization of the debt discount associated with the bifurcated equity component of our convertible senior notes. The adoption of this standard also reduces the non-cash interest expense recognized in future periods due to the derecognition of the debt discount associated with the bifurcated equity component of our convertible senior notes. When calculating net income per share of common stock attributable to common stockholders, we use the if-converted method as required under ASU 2020-06 to determine the dilutive effect of our convertible senior notes.

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. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which required entities to make a one-time determination of whether an entity is eligible to be a smaller reporting company as of November 15, 2019 for the purpose of determining the effective date of ASU 2016-13. We determined that we were eligible to be a smaller reporting company as of November 15, 2019, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, which will be our fiscal year 2024 beginning May 1, 2023. Early adoption is permitted. We are currently evaluating the timing and impact the adoption of this standard will have on our consolidated financial statements.

Debt

12 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 3 – Debt

Convertible Senior Notes Due 2026

In March 2021, we issued $143.8 million in aggregate principal amount of 1.25% exchangeable senior notes due 2026 (“Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds we received from the issuance of Convertible Notes was $138.5 million, after deducting initial purchaser discounts and other debt issuance related expenses of $5.3 million.

The Convertible Notes are senior unsecured obligations and accrue interest at a rate of 1.25% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2021. The Convertible Notes mature on March 15, 2026, unless earlier redeemed or repurchased by us or converted at the option of the holders. The Convertible Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election in the manner and subject to the terms and conditions provided in the indenture (the “Indenture”) governing the Convertible Notes.

The initial conversion rate for the Convertible Notes is approximately 47.1403 shares of our common stock per $1,000 principal amount, which represents an initial conversion price of approximately $21.21 per share of our common stock. The conversion rate is subject to adjustments upon the occurrence of certain events in accordance with the terms of the Indenture. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert their Convertible Notes in connection with such a fundamental change, as defined in the Indenture.

Holders of the Convertible Notes may convert their Convertible Notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025, only under the following circumstances: (1) During any fiscal quarter commencing after the fiscal quarter ending July 31, 2021, if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) During the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the exchange rate on each such trading day; (3) If we call any or all of the Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (4) Upon the occurrence of specified corporate events as described in the Indenture.

On or after September 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders at their option may convert their Convertible Notes at any time, regardless of the foregoing circumstances.

We may not redeem the Convertible Notes prior to March 20, 2024. On or after March 20, 2024, the Convertible Notes are redeemable for cash, whole or in part, at our option, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding the redemption date.

The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding Convertible Notes may declare the entire principal of all the Convertible Notes plus accrued and unpaid interest to be immediately due and payable.

As of April 30, 2022, the conditions allowing holders of the Convertible Notes to convert had not been met and, therefore, the Convertible Notes are classified as a long-term liability on the consolidated balance sheets at April 30, 2022 and 2021.

In accounting for the issuance of the Convertible Notes, prior to the adoption of ASU 2020-06, we separated the Convertible Notes into debt and equity components. The carrying amount of the debt component on the date of the issuance was $99.7 million and was determined based on a binomial lattice model, which yielded an effective discount rate of 8.78% and was derived with the assistance of a third-party valuation. The equity component was allocated a value of $44.1 million, representing the difference between the par value of the Convertible Notes and the fair value of the debt component. The equity component was not remeasured as long as it continued to meet the conditions for equity classification, and the equity component was recorded as additional paid-in capital within stockholders’ equity on the consolidated balance sheet at April 30, 2021. The difference between the principal amount of the Convertible Notes and the debt component, or the debt discount, was amortized to interest expense using the effective interest method over the contractual term of the Convertible Notes.

In accounting for the issuance costs related to the Convertible Notes, prior to the adoption of ASU 2020-06, we allocated the total amount incurred to the debt and equity components of the Convertible Notes based on their relative values. Issuance costs attributable to the debt component were $3.7 million and are being amortized to interest expense using the effective interest method over the contractual term of the Convertible Notes. Issuance costs attributable to the equity component were $1.6 million and were netted with the equity component in additional paid-in capital within stockholders’ equity on the consolidated balance sheet at April 30, 2021.

On May 1, 2021, we elected to early adopt ASU 2020-06 using the modified retrospective transition method. Under such transition method, prior period financial information and disclosures are not adjusted and continue to be reported under the accounting standards that were in effect prior to our adoption of ASU 2020-06.

The adoption of ASU 2020-06 resulted in the re-combination of the debt and equity components of the Convertible Notes into a single debt instrument, which resulted in a $42.4 million decrease in additional paid-in capital from the derecognition of the bifurcated equity component, a $41.6 million increase in convertible senior notes, net from the derecognition of the discount associated with the bifurcated equity component, or debt discount, and $0.8 million decrease to the May 1, 2021 opening balance of accumulated deficit, representing the cumulative non-cash interest expense recognized related to the amortization of the debt discount associated with the bifurcated equity component of the Convertible Notes. Additionally, we derecognized the allocation of the issuance costs to the equity component and all issuance costs related to the Convertible Notes are being amortized to interest expense using the effective interest method over the contractual term of the Convertible Notes which is included in the cumulative adjustment to the opening balance of accumulated deficit.

The net carrying amount of the Convertible Notes is as follows (in thousands):


	April 30, 2022			April 30, 2021
Principal	$	143,750		$	143,750
Unamortized debt discount ⁽¹⁾		–			(43,189	)
Unamortized issuance costs		(4,173	)		(3,612	)
Net carrying amount	$	139,577		$	96,949

The net carrying amount of the equity component of the Convertible Notes is as follows (in thousands):


	April 30, 2022		April 30, 2021
Equity component (debt discount)	$	–	$	44,051
Issuance costs		–		(1,620	)
Net carrying amount ⁽¹⁾	$	–	$	42,431

________________

(1)

As discussed above, the adoption of ASU 2020-06 on May 1, 2021 resulted in the re-combination of the debt and equity components of the Convertible Notes into a single debt instrument. Accordingly, the unamortized debt discount balance and the net carrying amount of the equity component were derecognized.

As of April 30, 2022, the estimated fair value of the Convertible Notes was approximately $167.1 million. The fair value was determined based on the last actively traded price per $100 of the Convertible Notes for the period ended April 30, 2022 (Level 2).

The following table summarizes the interest expense recognized related to the Convertible Notes for the fiscal years ended April 30, 2022 and 2021 (in thousands).

Schedule of Interest expense
	Year Ended April 30, 2022		Year Ended April 30, 2021
Contractual interest expense	$	1,603	$	245
Amortization of debt discount		–		862
Amortization of issuance costs		1,030		54
Total interest expense	$	2,633	$	1,161

Capped Call Transactions

In connection with the issuance of the Convertible Notes, we entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institution counterparties (the “Option Counterparties”). We used $12,83712.8 million of the net proceeds from the issuance of the Convertible Notes to pay the cost of the Capped Calls. The Capped Calls cover, subject to customary anti-dilution adjustments, the aggregate number of shares of our common stock that initially underlie the Convertible Notes, and are generally expected to reduce the potential dilution of our common stock upon any conversion of the Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Calls. The cap share price of the Capped Calls is approximately $28.02 per share, which represents a premium of 75% over the last reported sale price of our common stock on March 9, 2021 and is subject to certain adjustments under the terms of the Capped Calls. However, there would nevertheless be dilution upon conversion of the Convertible Notes to the extent that such market price exceeds the capped share price as measured under the terms of the Capped Calls.

We evaluated the Capped Calls under ASC 815-10 and determined that they should be accounted for as a separate transaction from the Convertible Notes and that the Capped Calls met the criteria for equity classification. Therefore, the cost of $12.8 million to purchase the Capped Calls was recorded as a reduction to additional paid-in capital in the consolidated balance sheet at April 30, 2021. The Capped Calls will not be subsequently remeasured as long as the conditions for equity classification continue to be met. During fiscal years 2022 and 2021, there were no conversions of our Convertible Notes, and therefore, there was no activity with respect to the Capped Calls. We believe the conditions for equity classification continue to be met as of April 30, 2022 and 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Leases

12 Months Ended

Apr. 30, 2022

Leases

Leases

Note 4 – Leases

We currently lease certain office, manufacturing, laboratory and warehouse space located in Orange County, California under operating lease agreements. Our leased facilities have original lease terms ranging from 7 to 12 years, contain multi-year renewal options, and scheduled rent increases of 3% on either an annual or biennial basis. A multi-year renewal option was included in determining the right-of-use asset and lease liability for one of our leases as we considered it reasonably certain that we would exercise such renewal option. In addition, three of our leases provide for periods of free rent, lessor improvements and tenant improvement allowances, of which certain of these improvements have been classified as leasehold improvements and/or are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the lease.

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 $0.3550.4 million, which amount is included in loss on lease termination in the consolidated statements of operations and comprehensive income (loss) for the fiscal year ended April 30, 2020.

Certain of our operating 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 operating lease costs for the fiscal years ended April 30, 2022, 2021 and 2020, were as follows (in thousands):

Schedule of lease costs
	Fiscal Year Ended April 30,
	2022		2021		2020
Operating lease cost	$	3,872	$	3,151	$	3,339
Variable lease cost		944		676		603
Short-term lease cost		515		388		171
Total operating lease cost	$	5,331	$	4,215	$	4,113

We also lease certain manufacturing equipment under a 5-year finance lease that commenced in October 2021. Finance lease costs were immaterial for the fiscal years ended April 30, 2022, 2021 and 2020.

Supplemental consolidated balance sheet and other information related to our operating and finance leases as of April 30, 2022 and 2021 were as follows (in thousands, expect weighted average data):


		April 30,
Leases	Classification	2022		2021
Assets
Operating	Operating lease right-of-use assets	$	36,806	$	18,691
Finance	Property and equipment, net		2,728		–
Total leased assets		$	39,534	$	18,691

Liabilities
Current:
Operating	Current portion of operating lease liabilities	$	2,969	$	1,355
Finance	Other current liabilities		505		–
Non-current:
Operating	Operating lease liabilities, less current portion		37,886		19,889
Finance	Finance lease liabilities, less current portion		2,093		–
Total lease liabilities		$	43,453	$	21,244

Weighted average remaining lease term (years):
Operating leases	12.4	9.6
Finance lease	4.7	–
Weighted average discount rate
Operating leases	3.3%	8.0%
Finance lease	5.3%	–

Cash paid for amounts included in the measurement of operating lease liabilities for the fiscal years ended April 30, 2022, 2021 and 2020 was $2.4 million, $3.0 million and $3.1 million, respectively, and is included in net cash used in operating activities in our consolidated statements of cash flows. Cash paid for amounts included in the measurement of finance lease liabilities was immaterial for the fiscal years ended April 30, 2022, 2021 and 2020.

As of April 30, 2022, the maturities of our 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 Ending April 30,	Operating Leases			Finance Lease			Total
2023	$	4,279		$	629		$	4,908
2024		4,140			629			4,769
2025		4,060			629			4,689
2026		4,167			629			4,796
2027		4,199			419			4,618
Thereafter		28,709			–			28,709
Total lease payments	$	49,554		$	2,935		$	52,489
Less: imputed interest		(8,699	)		(337	)		(9,036	)
Total lease liabilities	$	40,855		$	2,598		$	43,453

Stockholders’ Equity

12 Months Ended

Apr. 30, 2022

Equity [Abstract]

Stockholders’ Equity

Note 5 – Stockholders’ Equity

Series E Preferred Stock Redemption and Dividends

During the fourth quarter of fiscal 2021 and prior to the redemption discussed below, holders of our 10.50% Series E Convertible Preferred Stock (the “Series E Preferred Stock”) converted an aggregate of 28,168 shares of Series E Preferred Stock into 33,514 shares of our common stock determined by dividing the liquidation amount of $25.00 per share by the conversion price of $21.00 per share, rounded down to the nearest whole number.

On April 12, 2021 (the “Redemption Date”), we redeemed all then current remaining outstanding shares of our Series E Preferred Stock at a per share price equal to the $25.00 liquidation amount plus accrued and unpaid dividends up to, but excluding, the Redemption Date. In connection with the completed redemption, we incurred a charge of $3.4 million related to the excess of the redemption value paid upon redemption over the carrying value of our Series E Preferred Stock which is included in impact of preferred stock redemption in the consolidated statements of operations and comprehensive income (loss) for the fiscal year ended April 30, 2021. As a result of the completed redemption, our Series E Preferred Stock is no longer issued and outstanding.

Holders of our Series E Preferred Stock were 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 were payable quarterly in cash, on or about the first day of each January, April, July, and October. In addition, in April 2021, accrued and unpaid dividends of $0.08021 per share was paid to holders of Series E Preferred Stock in connection with the redemption of our Series E Preferred Stock discussed above. For the fiscal years ended April 30, 2021 and 2020, we paid aggregate cash dividends of $4.5 million and $4.3 million, respectively for issued and outstanding shares of our Series E Preferred Stock. No cash dividend amounts were paid for the fiscal year ended April 30, 2022.

Sale of Common Stock

In December 2020, we completed an underwritten public offering pursuant to which we sold 3,833,335 shares of our common stock at the public offering price of $9.00 per share, including 500,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The aggregate gross proceeds we received from the public offering were $34.5 million, before deducting underwriting discounts and commissions and other offering related expenses of $2.4 million.

During the fiscal years ended April 30, 2022 and 2020, we had no offerings of our common stock.

Shares of Common Stock Authorized and Reserved for Future Issuance

As of April 30, 2022, 61,807,261 shares of our common stock were issued and outstanding.

Our common stock outstanding as of April 30, 2022 excluded the following shares of common stock reserved for future issuance (in thousands):


	Shares
Stock Incentive Plans		9,028
Employee Stock Purchase Plan		1,032
Conversion of Convertible Notes		6,776
Total common stock reserved for future issuance		16,836

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
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-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

Equity Compensation Plans

12 Months Ended

Apr. 30, 2022

Share-Based Payment Arrangement [Abstract]

Equity Compensation Plans

Note 6 – Equity Compensation 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, performance 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 continue to 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 automatically become available for issuance under the 2018 Plan. In October 2021, our stockholders approved an amendment to the 2018 Plan to increase the number of authorized shares reserved for issuance under the 2018 plan by 3.4 million shares.

The 2018 Plan and the Prior Plans are collectively referred to as the “Stock Plans”. As of April 30, 2022, we had an aggregate of 9,027,886 shares of our common stock reserved for issuance under the Stock Plans, of which 3,496,494 shares were subject to outstanding stock options, restricted stock units and performance stock units and 5,531,392 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 over a four-year period from 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 granted under the 2018 Plan 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 is 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 were as follows:

Fair value assumptions for options
	Fiscal Year Ended April 30,
	2022		2021		2020
Risk-free interest rate		0.86%		0.32%		1.86%
Expected life (in years)		4.37		4.69		5.06
Expected volatility		68.64%		81.42%		77.45%
Expected dividend yield		–		–		–

The following summarizes our stock option transaction activity for the fiscal year ended April 30, 2022:

Schedule of stock option activity
	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, 2021		3,130		$	6.56
Granted		35		$	24.42
Exercised		(470	)	$	5.80
Canceled or expired		(190	)	$	7.64
Outstanding at April 30, 2022		2,505		$	6.88		4.48	$	16,934
Vested and expected to vest		2,505		$	6.88		4.48	$	16,934
Exercisable at April 30, 2022		1,536		$	6.70		4.15	$	10,432

______________

⁽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 29, 2022 (the last trading day of fiscal year 2022), which was $13.46 per share.

The weighted-average grant date fair value of options granted during the fiscal years ended April 30, 2022, 2021 and 2020 was $13.09, $4.74 and $3.74 per share, respectively.

The aggregate intrinsic value of stock options exercised during the fiscal years ended April 30, 2022, 2021 and 2020 was $8.1 million, $3.9 million and $0.7 million, respectively. Cash received from stock options exercised during fiscal years ended April 30, 2022, 2021 and 2020 totaled $2.7 million, $3.6 million and $0.9 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, 2022, the total estimated unrecognized compensation cost related to non-vested stock options was $3.0 million. This cost is expected to be recognized over a weighted average vesting period of 1.74 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 such unit. RSUs granted to employees generally vest over a four-year period from the date of grant and RSUs granted to non-employee directors generally vest over a period of one to three years from 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, 2022:

Schedule of RSU activity
	Shares (in thousands)			Weighted Average Grant Date Fair Value
Outstanding at May 1, 2021		560		$	6.52
Granted		360		$	25.20
Vested		(224	)	$	10.33
Forfeited		(54	)	$	15.87
Outstanding at April 30, 2022		642		$	14.89

The weighted-average grant date fair value of RSUs granted during the fiscal years ended April 30, 2022, 2021 and 2020 was $25.20, $7.29 and $5.91 per share, respectively.

The total fair value of RSUs vested during the fiscal years ended April 30, 2022, 2021 and 2020 was $5.5 million, $0.7 million and $0.3 million, respectively.

As of April 30, 2022, the total estimated unrecognized compensation cost related to non-vested RSUs was $8.3 million. This cost is expected to be recognized over a weighted average vesting period of 2.34 years.

Performance Stock Units

During the fiscal year ended April 30, 2022, the Compensation Committee of the Board of Directors granted performance stock units (“PSUs”) to our officers. The PSUs are subject to annual vesting, as to one-third of the PSUs, over our three fiscal years ending April 30, 2022, 2023 and 2024 (each a “Performance Period”) based upon our attainment of certain predetermined financial metrics for each such Performance Period. Each PSU that vests represents the right to receive one share of our common stock. Depending on the actual financial metrics achieved relative to the target financial metrics for such Performance Periods, the number of PSUs issued could range from 0% to 200% of the target amount. The number of granted shares included in the table below is based on a maximum 200% achievement of each financial metric during each Performance Period (the “Maximum Performance Target”). In the event that a financial metric is achieved at a rate below the Maximum Performance Target, or is not achieved, the corresponding portion of the PSUs that do not vest will be forfeited. The estimated fair value of PSUs is based on the closing market value of our common stock on the date of grant.

The following summarizes our PSUs transaction activity for the fiscal year ended April 30, 2022:

Schedule of PSU activity
	Shares			Weighted Average Grant Date Fair Value
		(in thousands)
Outstanding at May 1, 2021		–		$	–
Granted		380		$	25.36
Vested		(84	)	$	25.31
Forfeited		(63	)	$	25.66
Outstanding at April 30, 2022		233		$	25.31

The weighted-average grant date fair value of PSUs granted during the fiscal year ended April 30, 2022, was $25.36 per share. There were no PSUs granted during the fiscal years ended April 30, 2021 and 2020.

The total fair value of PSUs vested during the fiscal year ended April 30, 2022 was $2.1 million. No PSUs vested during the fiscal years ended April 30, 2021 and 2020.

As of April 30, 2022, there was $5.9 million of total estimated unrecognized compensation cost related to non-vested PSUs associated with the Performance Periods ending April 30, 2023 and 2024 based on the Maximum Performance Target achievement of each financial metric during such Performance Periods. This cost is expected to be recognized over a weighted average vesting period of 1.5 years, however, we will assess the likelihood of achieving the predetermined financial metrics associated with each Performance Period on a quarterly basis and the expense recognized, if any, will be adjusted accordingly.

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 six-month offering period or on the last trading day of the six-month offering period. In October 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, 2022, 2021 and 2020, a total of 44,364, 72,409 and 47,526 shares of our common stock were purchased, respectively, under the ESPP at a weighted average purchase price per share of $14.50, $5.84 and $3.94, respectively. As of April 30, 2022, we had 1,031,962 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, 2022, 2021 and 2020 was $8.62, $3.17 and $1.81, respectively, based on the following weighted-average Black-Scholes option valuation model inputs:

ESPP Fair value assumptions
	Fiscal Year Ended April 30,
	2022		2021		2020
Risk-free interest rate		0.15%		0.14%		2.08%
Expected life (in years)		0.50		0.50		0.50
Expected volatility		59.91%		75.50%		56.71%
Expected dividend yield		–		–		–

Stock-based Compensation Expense

Stock-based compensation expense included in our consolidated statements of operations and comprehensive income (loss) was comprised of the following (in thousands):

Share-based compensation expense
	Fiscal Year Ended April 30,
	2022		2021		2020
Cost of revenues	$	2,540	$	1,404	$	922
Selling, general and administrative expense		4,840		2,450		1,577
Total	$	7,380	$	3,854	$	2,499

Due to the utilization of our tax carryforward attributes, no tax benefits have been recognized in the consolidated statements of cash flows.

Income Taxes

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 – Income Taxes

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.

At April 30, 2022, management assessed the realizability of deferred tax assets and evaluated the need for a valuation allowance for deferred tax assets on a jurisdictional basis. This evaluation utilizes the framework contained in ASC 740 wherein management analyzes all positive and negative evidence available at the balance sheet date to determine whether all or some portion of our deferred tax assets will not be realized. Under this guidance, a valuation allowance must be established for deferred tax assets when it is more-likely-than-not that the asset will not be realized. In assessing the realization of our deferred tax assets, management considers all available evidence, both positive and negative. Management’s evaluation placed significant emphasis on guidance in ASC 740, which states that “a cumulative loss in recent years is a significant piece of negative evidence that is difficult to overcome.” As of April 30, 2022, we have transitioned from a cumulative loss in recent years to cumulative income. This transition coupled with additional positive evidence enabled us to fully release our valuation allowance.

The valuation allowance decreased by $111.4 million and $6.7 million for the fiscal years ended April 30, 2022 and 2021, respectively. $122.7 million was released through our consolidated statements of operations and comprehensive income (loss) for the fiscal year ended April 30, 2022 and $(11.3) million was recognized related to the valuation adjustments for the adoption of ASU 2020-06, which was reflected as an adjustment to our opening consolidated balance sheet on May 1, 2022.

We are subject to taxation in the United States and various states jurisdictions. We have not been notified that we are under audit by the IRS or any state taxing authorities and our federal and state returns from April 30, 2019 and April 30, 2018, respectively, remain open for examination. Due to the presence of net operating loss net operating loss (“NOL”) carryforwards the tax authorities can also examine prior year returns.

At April 30, 2022, we had federal NOL carry forwards of approximately $383.7 million. The federal NOL carry forwards generated prior to January 1, 2018 expire in fiscal years 2024 through 2038, unless previously utilized. The federal NOL generated after January 1, 2018 of $19.6 million can be carried forward indefinitely. Utilization of NOLs generated subsequent to 2020 are limited to 80% of future taxable income. We also have California state NOL carry forwards of approximately $312.2 million at April 30, 2022, which begin to expire in fiscal year 2023. We also have other state NOL carry forwards of approximately $0.3 million at April 30, 2022, which begin to expire in fiscal year 2037.

Additionally, the future utilization of our NOL 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. A Section 382 analysis has been completed through April 30, 2022, and it was determined that no significant change in ownership had occurred. However, ownership changes occurring subsequent to April 30, 2022 may impact the utilization of NOL carry forwards and other tax attributes in future periods.

At April 30, 2022, we had $5.8 million and $1.5 million of federal and California research and development credit carry forwards. The California research credits do not expire and the federal credits begin to expire in fiscal year 2026.

The provision for income taxes on our net income (loss) before income taxes for the fiscal years ended April 30, 2022, 2021 and 2020 is comprised of the following (in thousands):

Provision for income taxes
	2022			2021			2020
Federal income taxes at statutory rate	$	2,659		$	2,355		$	(2,197	)
State income taxes, net of valuation allowance		605			–			–
Expiration and adjustments of deferred tax assets		–			451			2,588
Change in federal valuation allowance		(122,703	)		2,450			(1,664	)
Stock-based compensation		(1,153	)		(240	)		1,138
Research and development credits		–			(4,958	)		–
Adjustment for federal benefit of state		5,326			–			–
Other, net		255			(58	)		135
Income tax expense (benefit)	$	(115,011	)	$	–		$	–

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, 2022 and 2021 are as follows (in thousands):

Deferred income taxes
	2022			2021
Net operating losses	$	99,710		$	109,663
Research and development credits		5,550			7,566
Stock-based compensation		2,710			2,776
Deferred revenue		5,494			1,086
Lease liabilities		11,107			6,260
Debt issuance costs		–			470
Accrued liabilities and other		785			942
Accrued compensation		1,705			2,263
Total deferred tax assets		127,061			131,026
Less valuation allowance		–			(111,388	)
Total deferred tax assets, net of valuation allowance		127,061			19,638
Deferred tax liabilities:
Fixed assets		(1,972	)		(1,404	)
ROU assets		(10,007	)		(5,508	)
Beneficial conversion feature		–			(12,726	)
Total deferred tax liabilities		(11,979	)		(19,638	)
Net deferred tax assets	$	115,082		$	–

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. Unrecognized tax positions at April 30, 2022 and 2021 are as follows (in thousands):

Schedule of unrecognized tax positions
	2022		2021
Unrecognized tax positions, beginning of year	$	1,600	$	–
Gross increase – prior period tax positions		3,553		1,600
Unrecognized tax positions, end of year	$	5,133	$	1,600

If recognized, the unrecognized tax positions will impact our income tax benefit or effective tax rate. We do not expect any significant increases or decreases to our unrecognized tax positions within the next 12 months.

It is our policy to recognize interest and penalties related to income tax matters in interest expense and other income (expense), net, respectively, in our consolidated statements of operations and comprehensive income (loss). For the fiscal year ended April 30, 2022, we recognized an immaterial amount of interest and penalties. For the fiscal years ended April 30, 2021 and 2020, we did not incur any interest or penalties.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Income (Loss) Per Common Share

12 Months Ended

Apr. 30, 2022

Net income (loss) per share attributable to common stockholders:

Net Income (Loss) Per Common Share

Note 8 – Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing our net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing our net income (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 and PSUs, shares of common stock expected to be issued under our ESPP, Convertible Notes and Series E Preferred Stock outstanding during the period.

Net income attributable to common stockholders represents our net income less Series E Preferred Stock accumulated dividends and impact of Series E Preferred Stock redemption. 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 and PSUs, and shares of common stock expected to be issued under our ESPP 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 Convertible Notes and Series E Preferred Stock outstanding during the period are calculated using the if-converted method assuming the conversion of our Convertible Notes and 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. A reconciliation of the numerators and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands, expect per share amounts):


	Fiscal Year Ended April 30,
	2022		2021			2020
Numerator
Net income (loss)	$	127,672	$	11,212		$	(10,466	)
Series E preferred stock accumulated dividends		–		(4,455	)		(4,686	)
Impact of Series E preferred stock redemption		–		(3,439	)		–
Net income (loss) attributable to common stockholders, basic	$	127,672	$	3,318		$	(15,152	)
Add interest expense on Convertible Notes, net of tax		1,954		–			–
Net income (loss) attributable to common stockholders, diluted	$	129,626	$	3,318		$	(15,152	)
Denominator
Weighted average basic common shares outstanding		61,484		58,222			56,326
Effect of dilutive securities:
Stock options		1,830		909			–
RSUs, PSUs and ESPP		384		295			–
Convertible Notes		6,776		–			–
Weighted average dilutive common shares outstanding		70,474		59,426			56,326

Net income (loss) per share attributable to common stockholders:
Basic	$	2.08	$	0.06		$	(0.27	)
Diluted	$	1.84	$	0.06		$	(0.27	)

The following table presents the potential dilutive securities excluded from the calculation of diluted net income (loss) per share for the periods presented as the effect of their inclusion would have been anti-dilutive (in thousands):

Antidilutive shares
	Fiscal Year Ended April 30,
	2022		2021		2020
Stock options		43		829		2,795
RSUs, PSUs and ESPP		9		–		90
Convertible Notes		–		928		–
Series E Preferred Stock		–		1,864		1,979
Total		52		3,621		4,864

Employee Benefit Plan

12 Months Ended

Apr. 30, 2022

Retirement Benefits [Abstract]

Employee Benefit Plan

Note 9 – Employee Benefit 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. Total expense recognized by us for matching contributions to the 401(k) Plan for the fiscal years ended April 30, 2022, 2021 and 2020 was $0.6 million, $0.5 million and $0.5 million, respectively.

Commitments and Contingencies

12 Months Ended

Apr. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10 – 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. Since the announcement we have been 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 may impact 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 the extent to which normal economic and operating conditions can resume.

Sale of Research and Development Assets

12 Months Ended

Apr. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Sale of Research and Development Assets

Note 11 – Sale of Research and Development Assets

During fiscal year 2018, we entered into an Asset Assignment and Purchase Agreement (the “Fiscal Year 2018 Purchase Agreement”) with OncXerna Therapeutics, Inc. (“OncXerna”) (formerly known as Oncologie, Inc.), pursuant to which we sold to OncXerna certain 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 Fiscal Year 2018 Purchase Agreement, we are eligible to receive up to $95.0 million in the event that OncXerna 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 if OncXerna commercializes and sells products utilizing bavituximab or the other transferred assets. As of April 30, 2022, no development, regulatory or commercialization milestones have been achieved by OncXerna under the Fiscal Year 2018 Purchase Agreement.

During fiscal year 2019, we entered into a separate Asset Assignment and Purchase Agreement (the “Fiscal Year 2019 Purchase Agreement”) with OncXerna, pursuant to which we sold to OncXerna 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 Fiscal Year 2019 Purchase Agreement, we are eligible to receive up to $21.0 million in the event that OncXerna 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 if OncXerna commercializes and sells products utilizing the r84 technology. As of April 30, 2022, no development, regulatory or commercialization milestones have been achieved by OncXerna under the Fiscal Year 2019 Purchase Agreement.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2022

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

Schedule of Restricted Cash
	As of April 30,
	2022		2021		2020
Cash and cash equivalents	$	126,166	$	169,915	$	36,262
Restricted cash		350		350		350
Total cash, cash equivalents and restricted cash	$	126,516	$	170,265	$	36,612

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

The following table summarizes our manufacturing and process development revenue streams (in thousands):

Disaggregation of revenue
	Fiscal Year Ended April 30,
	2022		2021		2020
Manufacturing revenues	$	99,282	$	83,678	$	52,046
Process development revenues		20,315		12,190		7,656
Total revenues	$	119,597	$	95,868	$	59,702

During the fiscal years ended April 30, 2022 and 2021, we recognized revenue of $34.0 million and $27.3 million, respectively, for which the contract liability was recorded in a prior period.

Accounts Receivable, Net

Accounts Receivable, Net

Based on our analysis of our accounts receivable balance as of April 30, 2021, we determined no allowance for doubtful accounts was necessary.

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, 2022, 2021 and 2020:

Concentration of revenues
Customer	Geographic Location	2022			2021			2020

Halozyme Therapeutics, Inc.⁽¹⁾	U.S.		41	%		51	%		28	%
IGM Biosciences, Inc.	U.S.		11			*			11
Gilead Sciences, Inc.	U.S.		*			16			24
Acumen Pharmaceuticals, Inc.	U.S.		*			*			11
Coherus BioSciences, Inc.	U.S.		*			*			10

______________

	⁽¹⁾	Revenues are derived from the manufacture of multiple therapeutics that our customer uses in various products and product candidates.
	*	Represents a percentage less than 10% of our total revenues.

Leases

Leases

Inventory

Inventory

Property and Equipment

Property and Equipment


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

Schedule of property and equipment
	April 30,
	2022			2021
Leasehold improvements	$	37,345		$	23,000
Laboratory and manufacturing equipment		30,089			20,793
Computer equipment and software		5,326			5,541
Furniture, fixtures and office equipment		843			843
Construction-in-progress		43,809			8,372
Total property and equipment, gross		117,412			58,549
Less: accumulated depreciation and amortization		(24,457	)		(21,094	)
Total property and equipment, net	$	92,955		$	37,455

Depreciation and amortization expense for the fiscal years ended April 30, 2022, 2021 and 2020 was 4,480$4.5 million, 3,453$3.5 million and 3,091$3.1 million, respectively.

Capitalized Software Implementation Costs

Capitalized Software Implementation Costs

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.

Stock-Based Compensation

Stock-Based Compensation

Debt Discount and Issuance Costs

Debt Discount and Issuance Costs

Advertising Costs

Advertising Costs

Income Taxes

Income Taxes

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

Accounting Standards Not Yet Adopted

Accounting Standards Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2022

Accounting Policies [Abstract]

Schedule of Restricted Cash

Schedule of Restricted Cash
	As of April 30,
	2022		2021		2020
Cash and cash equivalents	$	126,166	$	169,915	$	36,262
Restricted cash		350		350		350
Total cash, cash equivalents and restricted cash	$	126,516	$	170,265	$	36,612

Disaggregation of revenue

Disaggregation of revenue
	Fiscal Year Ended April 30,
	2022		2021		2020
Manufacturing revenues	$	99,282	$	83,678	$	52,046
Process development revenues		20,315		12,190		7,656
Total revenues	$	119,597	$	95,868	$	59,702

Concentration of revenues

Concentration of revenues
Customer	Geographic Location	2022			2021			2020

Halozyme Therapeutics, Inc.⁽¹⁾	U.S.		41	%		51	%		28	%
IGM Biosciences, Inc.	U.S.		11			*			11
Gilead Sciences, Inc.	U.S.		*			16			24
Acumen Pharmaceuticals, Inc.	U.S.		*			*			11
Coherus BioSciences, Inc.	U.S.		*			*			10

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
Computer equipment and software		3 – 5 years
Furniture, fixtures and office equipment		5 – 10 years

Schedule of property and equipment

Schedule of property and equipment
	April 30,
	2022			2021
Leasehold improvements	$	37,345		$	23,000
Laboratory and manufacturing equipment		30,089			20,793
Computer equipment and software		5,326			5,541
Furniture, fixtures and office equipment		843			843
Construction-in-progress		43,809			8,372
Total property and equipment, gross		117,412			58,549
Less: accumulated depreciation and amortization		(24,457	)		(21,094	)
Total property and equipment, net	$	92,955		$	37,455

Debt (Tables)

12 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Schedule of net carrying amount of the debt component


	April 30, 2022			April 30, 2021
Principal	$	143,750		$	143,750
Unamortized debt discount ⁽¹⁾		–			(43,189	)
Unamortized issuance costs		(4,173	)		(3,612	)
Net carrying amount	$	139,577		$	96,949

Schedule of net carrying amount of the equity component


	April 30, 2022		April 30, 2021
Equity component (debt discount)	$	–	$	44,051
Issuance costs		–		(1,620	)
Net carrying amount ⁽¹⁾	$	–	$	42,431

________________

(1)

Schedule of Interest expense

Schedule of Interest expense
	Year Ended April 30, 2022		Year Ended April 30, 2021
Contractual interest expense	$	1,603	$	245
Amortization of debt discount		–		862
Amortization of issuance costs		1,030		54
Total interest expense	$	2,633	$	1,161

Leases (Tables)

12 Months Ended

Apr. 30, 2022

Leases

Schedule of lease costs

Schedule of lease costs
	Fiscal Year Ended April 30,
	2022		2021		2020
Operating lease cost	$	3,872	$	3,151	$	3,339
Variable lease cost		944		676		603
Short-term lease cost		515		388		171
Total operating lease cost	$	5,331	$	4,215	$	4,113

Balance sheet classification of operating lease liabilities


		April 30,
Leases	Classification	2022		2021
Assets
Operating	Operating lease right-of-use assets	$	36,806	$	18,691
Finance	Property and equipment, net		2,728		–
Total leased assets		$	39,534	$	18,691

Liabilities
Current:
Operating	Current portion of operating lease liabilities	$	2,969	$	1,355
Finance	Other current liabilities		505		–
Non-current:
Operating	Operating lease liabilities, less current portion		37,886		19,889
Finance	Finance lease liabilities, less current portion		2,093		–
Total lease liabilities		$	43,453	$	21,244

Weighted average remaining lease term (years):
Operating leases	12.4	9.6
Finance lease	4.7	–
Weighted average discount rate
Operating leases	3.3%	8.0%
Finance lease	5.3%	–

Schedule of maturities of operating lease liabilities


Fiscal Year Ending April 30,	Operating Leases			Finance Lease			Total
2023	$	4,279		$	629		$	4,908
2024		4,140			629			4,769
2025		4,060			629			4,689
2026		4,167			629			4,796
2027		4,199			419			4,618
Thereafter		28,709			–			28,709
Total lease payments	$	49,554		$	2,935		$	52,489
Less: imputed interest		(8,699	)		(337	)		(9,036	)
Total lease liabilities	$	40,855		$	2,598		$	43,453

Stockholders’ Equity (Tables)

12 Months Ended

Apr. 30, 2022

Equity [Abstract]

Schedule of common stock reserved for future issuance


	Shares
Stock Incentive Plans		9,028
Employee Stock Purchase Plan		1,032
Conversion of Convertible Notes		6,776
Total common stock reserved for future issuance		16,836

Equity Compensation Plans (Tables)

12 Months Ended

Apr. 30, 2022

Share-Based Payment Arrangement [Abstract]

Fair value assumptions for options

Fair value assumptions for options
	Fiscal Year Ended April 30,
	2022		2021		2020
Risk-free interest rate		0.86%		0.32%		1.86%
Expected life (in years)		4.37		4.69		5.06
Expected volatility		68.64%		81.42%		77.45%
Expected dividend yield		–		–		–

Schedule of stock option activity

Schedule of stock option activity
	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, 2021		3,130		$	6.56
Granted		35		$	24.42
Exercised		(470	)	$	5.80
Canceled or expired		(190	)	$	7.64
Outstanding at April 30, 2022		2,505		$	6.88		4.48	$	16,934
Vested and expected to vest		2,505		$	6.88		4.48	$	16,934
Exercisable at April 30, 2022		1,536		$	6.70		4.15	$	10,432

______________

⁽¹⁾

Schedule of RSU activity

Schedule of RSU activity
	Shares (in thousands)			Weighted Average Grant Date Fair Value
Outstanding at May 1, 2021		560		$	6.52
Granted		360		$	25.20
Vested		(224	)	$	10.33
Forfeited		(54	)	$	15.87
Outstanding at April 30, 2022		642		$	14.89

Schedule of PSU activity

Schedule of PSU activity
	Shares			Weighted Average Grant Date Fair Value
		(in thousands)
Outstanding at May 1, 2021		–		$	–
Granted		380		$	25.36
Vested		(84	)	$	25.31
Forfeited		(63	)	$	25.66
Outstanding at April 30, 2022		233		$	25.31

ESPP Fair value assumptions

ESPP Fair value assumptions
	Fiscal Year Ended April 30,
	2022		2021		2020
Risk-free interest rate		0.15%		0.14%		2.08%
Expected life (in years)		0.50		0.50		0.50
Expected volatility		59.91%		75.50%		56.71%
Expected dividend yield		–		–		–

Share-based compensation expense

Share-based compensation expense
	Fiscal Year Ended April 30,
	2022		2021		2020
Cost of revenues	$	2,540	$	1,404	$	922
Selling, general and administrative expense		4,840		2,450		1,577
Total	$	7,380	$	3,854	$	2,499

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Provision for income taxes

Provision for income taxes
	2022			2021			2020
Federal income taxes at statutory rate	$	2,659		$	2,355		$	(2,197	)
State income taxes, net of valuation allowance		605			–			–
Expiration and adjustments of deferred tax assets		–			451			2,588
Change in federal valuation allowance		(122,703	)		2,450			(1,664	)
Stock-based compensation		(1,153	)		(240	)		1,138
Research and development credits		–			(4,958	)		–
Adjustment for federal benefit of state		5,326			–			–
Other, net		255			(58	)		135
Income tax expense (benefit)	$	(115,011	)	$	–		$	–

Deferred income taxes

Deferred income taxes
	2022			2021
Net operating losses	$	99,710		$	109,663
Research and development credits		5,550			7,566
Stock-based compensation		2,710			2,776
Deferred revenue		5,494			1,086
Lease liabilities		11,107			6,260
Debt issuance costs		–			470
Accrued liabilities and other		785			942
Accrued compensation		1,705			2,263
Total deferred tax assets		127,061			131,026
Less valuation allowance		–			(111,388	)
Total deferred tax assets, net of valuation allowance		127,061			19,638
Deferred tax liabilities:
Fixed assets		(1,972	)		(1,404	)
ROU assets		(10,007	)		(5,508	)
Beneficial conversion feature		–			(12,726	)
Total deferred tax liabilities		(11,979	)		(19,638	)
Net deferred tax assets	$	115,082		$	–

Schedule of unrecognized tax positions

Schedule of unrecognized tax positions
	2022		2021
Unrecognized tax positions, beginning of year	$	1,600	$	–
Gross increase – prior period tax positions		3,553		1,600
Unrecognized tax positions, end of year	$	5,133	$	1,600

Net Income (Loss) Per Common Share (Tables)

12 Months Ended

Apr. 30, 2022

Net income (loss) per share attributable to common stockholders:

Schedule of earnings per share, basic and diluted


	Fiscal Year Ended April 30,
	2022		2021			2020
Numerator
Net income (loss)	$	127,672	$	11,212		$	(10,466	)
Series E preferred stock accumulated dividends		–		(4,455	)		(4,686	)
Impact of Series E preferred stock redemption		–		(3,439	)		–
Net income (loss) attributable to common stockholders, basic	$	127,672	$	3,318		$	(15,152	)
Add interest expense on Convertible Notes, net of tax		1,954		–			–
Net income (loss) attributable to common stockholders, diluted	$	129,626	$	3,318		$	(15,152	)
Denominator
Weighted average basic common shares outstanding		61,484		58,222			56,326
Effect of dilutive securities:
Stock options		1,830		909			–
RSUs, PSUs and ESPP		384		295			–
Convertible Notes		6,776		–			–
Weighted average dilutive common shares outstanding		70,474		59,426			56,326

Net income (loss) per share attributable to common stockholders:
Basic	$	2.08	$	0.06		$	(0.27	)
Diluted	$	1.84	$	0.06		$	(0.27	)

Antidilutive shares

Antidilutive shares
	Fiscal Year Ended April 30,
	2022		2021		2020
Stock options		43		829		2,795
RSUs, PSUs and ESPP		9		–		90
Convertible Notes		–		928		–
Series E Preferred Stock		–		1,864		1,979
Total		52		3,621		4,864

Summary of Significant Accounting Policies (Details - Restricted Cash) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 126,166	$ 169,915	$ 36,262
Restricted cash	350	350	350
Total cash, cash equivalents and restricted cash	$ 126,516	$ 170,265	$ 36,612	$ 33,501

Summary of Significant Accounting Policies (Details - Revenue) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Product Information [Line Items]
Revenues	$ 119,597	$ 95,868	$ 59,702
Manufacturing Revenue [Member]
Product Information [Line Items]
Revenues	99,282	83,678	52,046
Process Development Revenue [Member]
Product Information [Line Items]
Revenues	$ 20,315	$ 12,190	$ 7,656

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary of Significant Accounting Policies (Details - Percentage breakdown) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Halozyme Therapeutics, Inc [Member]
Product Information [Line Items]
Customer revenue as a percentage of revenue	41.00%	51.00%	28.00%
I G M Biosciences [Member]
Product Information [Line Items]
Customer revenue as a percentage of revenue	11.00%		11.00%
Gilead Sciences [Member]
Product Information [Line Items]
Customer revenue as a percentage of revenue		16.00%	24.00%
Acumen Pharmaceuticals [Member]
Product Information [Line Items]
Customer revenue as a percentage of revenue			11.00%
Coherus Biosciences [Member]
Product Information [Line Items]
Customer revenue as a percentage of revenue			10.00%

Summary of Significant Accounting Policies (Details - Useful life)	12 Months Ended
	Apr. 30, 2022
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment	Shorter of estimated useful life or lease term
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment	5 – 10 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment	3 – 5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment	5 – 10 years

Summary of Significant Accounting Policies (Details - Property and Equipment) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 117,412	$ 58,549
Less: Accumulated depreciation and amortization	(24,457)	(21,094)
Total property and equipment, net	92,955	37,455
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,345	23,000
Manufactured Product, Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,089	20,793
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,326	5,541
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	843	843
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 43,809	$ 8,372

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Product Information [Line Items]
Restricted cash	$ 350	$ 350	$ 350
Revenue recognized for which the contract liability was recorded in the prior year	34,000	27,300
Increase decrease in revenues	14,700	1,100	1,500
Allowance for doubtful accounts	18,400	0
Capitalized Interest Costs, Including Allowance for Funds Used During Construction	200
Depreciation, Depletion and Amortization	4,480	3,453	3,091
Capitalized software implementation costs	3,500	900
Impairment of long-lived assets	0	0
Cash equivalents	116,300	158,800
Advertising Expense	600	$ 300	$ 200
Deferred tax assets	$ 115,000
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Six Customers [Member]
Product Information [Line Items]
Concentration risk percentage	84.00%	98.00%
Contract Assets [Member] \| Customer Concentration Risk [Member] \| Six Customers [Member]
Product Information [Line Items]
Concentration risk percentage	88.00%	97.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| UNITED STATES
Product Information [Line Items]
Concentration risk percentage	100.00%	100.00%	99.00%
Dispute Of Cancellation Fees [Member]
Product Information [Line Items]
Increase decrease in revenues	$ 11,700

Debt (Details - Debt component) - Debt Component [Member] - USD ($)
$ in Thousands

Apr. 30, 2022

Apr. 30, 2021

Offsetting Assets [Line Items]

Principal

$ 143,750

Unamortized debt discount

^[1]

(43,189)

Unamortized issuance costs

4,173

3,612

Net carrying amount

$ 139,577

$ 96,949

[1]

Debt (Details - Net carrying amount equity component) - Equity Component [Member] - USD ($)
$ in Thousands

Apr. 30, 2022

Apr. 30, 2021

Offsetting Assets [Line Items]

Equity component (debt discount)

$ 0

$ 44,051

Issuance costs

(1,620)

Net carrying amount

^[1]

$ 0

$ 42,431

[1]

Debt (Details - Interest expense) - USD ($) $ in Thousands	12 Months Ended
Debt (Details - Interest expense) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Amortization of debt discount	$ 1,030	$ 916	$ 0
Convertible Notes [Member]
Debt Instrument [Line Items]
Contractual interest expense	1,603	245
Amortization of debt discount	0	862
Amortization of issuance costs	1,030	54
Total interest expense	$ 2,633	$ 1,161

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	10 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 12, 2021	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Proceeds from convertible notes			$ 0	$ 138,464	$ 0
Purchase of capped calls related to convertible senior notes			(0)	$ 12,837	$ (0)
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt face amount		$ 143,800
Proceeds from convertible notes		138,500
Debt issuance costs		$ 5,300
Interest rate	1.25%
Maturity date	Mar. 15, 2026
Purchase of capped calls related to convertible senior notes	$ 12,837
Convertible Senior Notes [Member] \| Debt Component [Member]
Debt Instrument [Line Items]
Debt face amount	99,700
Debt issuance costs	$ 3,700
Effective discount rate	8.78%
Convertible Senior Notes [Member] \| Equity Component [Member]
Debt Instrument [Line Items]
Debt face amount	$ 44,100
Debt issuance costs	$ 1,600
Convertible Notes [Member]
Debt Instrument [Line Items]
Fair value of the Convertible Notes			$ 167,100
Trade price per share			$ 100

Leases (Details - Components of lease) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Leases
Operating lease cost	$ 3,872	$ 3,151	$ 3,339
Variable lease cost	944	676	603
Short-term lease cost	515	388	171
Total operating lease cost	$ 5,331	$ 4,215	$ 4,113

Leases (Details - Operating leases assets and liabilities) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021
Leases
Operating lease right-of-use assets	$ 36,806	$ 18,691
Finance lease right to use asset	2,728	0
Total leased assets	39,534	18,691
Operating lease liabilities	2,969	1,355
Finance lease liability	505	0
Operating lease liabilities, less current portion	37,886	19,889
Finance lease liabilities, less current portion	2,093	0
Total lease liabilities	$ 43,453	$ 21,244
Weighted average lease term, Operating leases	12 years 4 months 24 days	9 years 7 months 6 days
Weighted average lease term finance lease	4 years 8 months 12 days
Weighted average discount rate operating leases	3.30%	8.00%
Weighted average discount rate finance lease	5.30%	0.00%

Leases (Details - Maturities of Operating Lease Liabilities) $ in Thousands	Apr. 30, 2022 USD ($)
2023	$ 4,908
2024	4,769
2025	4,689
2026	4,796
2027	4,618
Thereafter	28,709
Total lease payments	52,489
Less: imputed interest	(9,036)
Total operating lease liabilities	43,453
Finance Lease [Member]
2023	629
2024	629
2025	629
2026	629
2027	419
Thereafter	0
Total lease payments	2,935
Less: imputed interest	(337)
Total Financing lease liabilities	2,598
Operating Lease [Member]
2023	4,279
2024	4,140
2025	4,060
2026	4,167
2027	4,199
Thereafter	28,709
Total lease payments	49,554
Less: imputed interest	(8,699)
Total operating lease liabilities	$ 40,855

Leases (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
Leases (Details Narrative) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Leases
Loss on lease termination	$ 0	$ 0	$ 355
Operating Lease, Payments	$ 2,400	$ 3,000	$ 3,100

Stockholders' Equity (Details - Common stock outstanding) - shares shares in Thousands	Apr. 30, 2022	Oct. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	16,836
Convertible Senior Notes [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	6,776
Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	9,028	3,400
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	1,032

Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Class of Stock [Line Items]
Stock converted, shares issued
Dividends paid			$ 4,455	$ 4,325
Proceeds from sale of common stock		$ 0	32,141	$ 0
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Stock converted, shares converted	28,168
Redemption value		$ 3,400
Redemption price		$ 25.00
Liquidation preference price per share		2.625
Accrued and unpaid dividends per share		$ 0.08021
Dividends paid		$ 4,500	$ 4,300
Common Stock [Member]
Class of Stock [Line Items]
Stock converted, shares issued	33,514
Common Stock [Member] \| Public Offering [Member]
Class of Stock [Line Items]
Stock issued new, shares		3,833,335
Proceeds from sale of common stock		$ 34,500
Payment of stock issuance costs		$ 2,400

Equity Compensation Plans (Details - Fair value assumptions for options) - Equity Option [Member]	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	0.86%	0.32%	1.86%
Expected life (in years)	4 years 4 months 13 days	4 years 8 months 8 days	5 years 21 days
Expected volatility	68.64%	81.42%	77.45%
Expected dividend yield	0.00%	0.00%	0.00%

Equity Compensation Plans (Details - Option activity) - Equity Option [Member]
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Apr. 30, 2022

USD ($)

$ / shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of Options Outstanding, Beginning | shares

3,130

Weighted Average Exercise Price Outstanding, Beginning | $ / shares

$ 6.56

Number of Options Granted | shares

Weighted Average Exercise Price Granted | $ / shares

$ 24.42

Number of Options Exercised | shares

(470)

Weighted Average Exercise Price Exercised | $ / shares

$ 5.80

Number of Options Cancelled or Expired | shares

(190)

Weighted Average Exercise Price Canceled | $ / shares

$ 7.64

Number of Options Outstanding, Ending | shares

2,505

Weighted Average Exercise Price Outstanding, Ending | $ / shares

$ 6.88

Weighted Average Remaining Contractual Life (in years) Outstanding

4 years 5 months 23 days

Aggregate Intrinsic Value Outstanding | $

$ 16,934

^[1]

Exercisable and expected to vest | shares

2,505

Weighted Average Exercise Price, Exercisable and expected to vest | $ / shares

$ 6.88

Weighted Average Remaining Contractual Life (in years) Vested and expected to vest

4 years 5 months 23 days

Aggregate Intrinsic Value vested and expected to vest | $

$ 16,934

^[1]

Exercisable at period end | shares

1,536

Weighted Average Exercise Price Exercisable, at period end | $ / shares

$ 6.70

Weighted Average Remaining Contractual Life (in years) Exercisable, at period end

4 years 1 month 24 days

Aggregate Intrinsic Value Exercisable at period end | $

$ 10,432

^[1]

[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 29, 2022 (the last trading day of fiscal year 2022), which was $13.46 per share.

Equity Compensation Plans (Details - RSU Activity) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
outstanding, beginning balance	560
outstanding, beginning balance	$ 6.52
RSUs granted	360
RSUs granted	$ 25.20	$ 7.29	$ 5.91
RSUs vested	(224)
RSUs vested	$ 10.33
RSUs forfeited	(54)
RSUs forfeited	$ 15.87
outstanding, ending balance	642	560
outstanding, ending balance	$ 14.89	$ 6.52

Equity Compensation Plans (Details - PSU Activity) - Performance Stock Units [Member] shares in Thousands	12 Months Ended
	Apr. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
outstanding, beginning balance \| shares	0
outstanding, beginning balance \| $ / shares	$ 0
PSUs granted \| shares	380
Granted \| $ / shares	$ 25.36
PSUs vested \| shares	(84)
Vested \| $ / shares	$ 25.31
PSUs forfeited \| shares	(63)
Forfeited \| $ / shares	$ 25.66
outstanding, ending balance \| shares	233
outstanding, ending balance \| $ / shares	$ 25.31

Equity Compensation Plans (Details - ESPP Fair value assumptions) - Employee Stock Purchase Plan [Member]	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	0.15%	0.14%	2.08%
Expected life (in years)	6 months	6 months	6 months
Expected volatility	59.91%	75.50%	56.71%
Expected dividend yield	0.00%	0.00%	0.00%

Equity Compensation Plans (Details - Share based compensation) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	$ 7,380	$ 3,854	$ 2,499
Cost of Sales [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	2,540	1,404	922
Selling General And Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	$ 4,840	$ 2,450	$ 1,577

Equity Compensation Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020	Oct. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	16,836,000
Proceeds from exercise of stock options	$ 2,700	$ 3,600	$ 900
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted	$ 13.09	$ 4.74	$ 3.74
Aggregate intrinsic value of stock options exercised	$ 8,100	$ 3,900	$ 700
Unrecognized compensation cost weighted average vesting period	1 year 8 months 26 days
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost weighted average vesting period	2 years 4 months 2 days
Weighted average grant date fair value, other than options	$ 25.20	$ 7.29	$ 5.91
Fair value of RSUs vested	$ 5,500	$ 700	$ 300
Unrecognized compensation cost related to non-vested RSUs	$ 8,300
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted	$ 25.36	$ 0	$ 0
Unrecognized compensation cost weighted average vesting period	1 year 6 months
Weighted average grant date fair value, other than options	$ 25.36
Fair value of RSUs vested	$ 2,100	$ 0	$ 0
Unrecognized compensation costs related to non-vested stock options	$ 5,900
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, other than options	$ 8.62	$ 3.17	$ 1.81
Stock issued during period, ESPP	44,364	72,409	47,526
ESPP weighted average purchase price	$ 14.50	$ 5.84	$ 3.94
Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	9,028,000			3,400,000
Stock Incentive Plans [Member] \| Plan 2018 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	9,027,886
Stock Incentive Plans [Member] \| Options And Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	3,496,494
Stock Incentive Plans [Member] \| Future Grants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	5,531,392

Income Taxes (Details - Provision for Income taxes) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	$ 2,659	$ 2,355	$ (2,197)
State income taxes, net of valuation allowance	605	0	0
Expiration and adjustments of deferred tax assets	0	451	2,588
Change in federal valuation allowance	(122,703)	2,450	(1,664)
Stock-based compensation	(1,153)	(240)	1,138
Research and development credits	0	(4,958)	0
Adjustment for federal benefit of state	5,326	0	0
Other, net	255	(58)	135
Income tax expense (benefit)	$ (115,011)	$ (0)	$ (0)

Income Taxers (Details - Deferred income taxes) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021
Income Tax Disclosure [Abstract]
Net operating losses	$ 99,710	$ 109,663
Research and development credits	5,550	7,566
Stock-based compensation	2,710	2,776
Deferred revenue	5,494	1,086
Lease liabilities	11,107	6,260
Debt issuance costs	0	470
Accrued liabilities and other	785	942
Accrued compensation	1,705	2,263
Total deferred tax assets	127,061	131,026
Less valuation allowance	0	(111,388)
Total deferred tax assets, net of valuation allowance	127,061	19,638
Deferred tax liabilities:
Fixed assets	(1,972)	(1,404)
ROU assets	(10,007)	(5,508)
Beneficial conversion feature	0	(12,726)
Total deferred tax liabilities	(11,979)	(19,638)
Net deferred tax assets	$ 115,082	$ 0

Income Taxes (Details - Unrecognized tax positions) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax positions, beginning of year	$ 1,600	$ 0
Gross increase - prior period tax positions	3,553	1,600
Unrecognized tax positions, end of year	$ 5,133	$ 1,600

Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Operating Loss Carryforwards [Line Items]
Valuation allowance decreased	$ 111,400	$ 6,700
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	127,672	$ 11,212	$ (10,466)
Valuation adjustments	11,300
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry forward	383,700
Research and development credit carry forwards	5,800
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry forward	312,200
Research and development credit carry forwards	1,500
Other State [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry forward	$ 300

Net Income (Loss) Per Common Share (Details - Reconcilation of per share) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Numerator
Net income (loss)	$ 127,672	$ 11,212	$ (10,466)
Series E preferred stock accumulated dividends	0	(4,455)	(4,686)
Impact of Series E preferred stock redemption	0	(3,439)	0
Net income (loss) attributable to common stockholders, basic	127,672	3,318	(15,152)
Add interest expense on Convertible Notes, net of tax	1,954	0	0
Net income (loss) attributable to common stockholders, diluted	$ 129,626	$ 3,318	$ (15,152)
Denominator
Weighted average basic common shares outstanding	61,484	58,222	56,326
Effect of dilutive securities:
Stock options	1,830	909	0
RSUs, PSUs and ESPP	384	295	0
Convertible Notes	6,776	0	0
Weighted average dilutive common shares outstanding	70,474	59,426	56,326
Net income (loss) per share attributable to common stockholders:
Basic	$ 2.08	$ 0.06	$ (0.27)
Diluted	$ 1.84	$ 0.06	$ (0.27)

Net Income (Loss) Per Common Share (Details - Antidilutive shares) - shares shares in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	52	3,621	4,864
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	43	829	2,795
RSUs, PSUs and ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	9	0	90
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	0	928	0
Series E Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	0	1,864	1,979

Employee Benefit Plan (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Retirement Benefits [Abstract]
Company matching contributions to 401(k) plan	$ 600	$ 500	$ 500

Sale of Research and Development Assets (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets	$ (381)	$ (0)	$ (13)
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets			$ 21,000