Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2015 | 2,109,840 | $ | 5.54 | 4.6 | $ | 3,248 | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | — | — | — | — | |||||||||
Outstanding, April 30, 2016 | 2,109,840 | $ | 5.54 | 3.6 | $ | — |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2014 | 273,055 | $ | 7.32 | 2.9 | $ | 984 | |||||||
Granted | 1,849,285 | 5.64 | 4.9 | 3,108 | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | (12,500 | ) | — | — | — | ||||||||
Outstanding, April 30, 2015 | 2,109,840 | $ | 5.54 | 4.6 | $ | 3,248 |
• | One University Plaza, Suite 307, Hackensack, New Jersey 7601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 30, 2016. The Company recognized $85,000 of rental costs relative to this lease for both fiscal 2016 and 2015, respectively. |
• | 855 North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of laboratories and office space where the Company conducts operations related to its primary service offerings. This lease expires in December 30, 2017. The Company recognized $83,000 and $86,000 of rental costs relative to this lease for fiscal 2016 and 2015, respectively. |
• | 450 East 29th Street, New York, New York, 10016, which is a laboratory at which we implant tumors. This lease expires in September 30, 2016 and can be renewed by the Company for subsequent one year terms. The Company recognized $136,000 and $47,000 of rental costs relative to this lease for fiscal 2016 and 2015, respectively. |
2017 | $ | 248,904 | |
2018 | 71,007 | ||
Total | $ | 319,911 |
Year Ended April 30, | |||||||
2016 | 2015 | ||||||
General and administrative | $ | 2,035 | $ | 2,204 | |||
Sales and marketing | 198 | 561 | |||||
Research and development | 308 | 352 | |||||
TOS cost of sales | 31 | 23 | |||||
POS cost of sales | 27 | 22 | |||||
Total stock-based compensation expense | $ | 2,599 | $ | 3,162 |
Year Ended April 30, | |||
2016 | 2015 | ||
Expected term in years | 2.5 - 6.0 | 2.5 - 6.0 | |
Risk-free interest rates | 0.6% - 1.8% | 0.8% - 1.9% | |
Volatility | 83% - 93% | 86% - 102% | |
Dividend yield | —% | —% |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2015 | 57,917 | 1,946,085 | 2,004,002 | $ | 5.74 | 6.7 | $ | 4,166,000 | ||||||||||
Granted | — | 343,749 | 343,749 | 5.33 | ||||||||||||||
Exercised | — | — | — | — | ||||||||||||||
Canceled | — | — | — | — | ||||||||||||||
Forfeited | — | (42,515 | ) | (42,515 | ) | 6.90 | ||||||||||||
Expired | (6,667 | ) | (85,812 | ) | (92,479 | ) | 6.97 | |||||||||||
Outstanding, April 30, 2016 | 51,250 | 2,161,507 | 2,212,757 | 5.58 | 6.1 | $ | 10,000 | |||||||||||
Vested and expected to vest as of April 30, 2016 | 51,250 | 2,161,507 | 2,212,757 | 6.1 | $ | 10,000 | ||||||||||||
Vested as of April 30, 2016 | 34,271 | 1,703,035 | 1,737,306 | 5.71 | 5.6 | $ | 9,000 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2014 | 63,750 | 1,882,170 | 1,945,920 | $ | 12.12 | 7.5 | $ | 985,000 | ||||||||||
Granted | 6,667 | 1,756,714 | 1,763,381 | 7.92 | ||||||||||||||
Exercised | — | (313 | ) | (313 | ) | 5.88 | ||||||||||||
Canceled | — | (1,656,073 | ) | (1,656,073 | ) | 12.48 | ||||||||||||
Forfeited | — | (12,604 | ) | (12,604 | ) | 11.52 | ||||||||||||
Expired | (12,500 | ) | (23,809 | ) | (36,309 | ) | 11.88 | |||||||||||
Outstanding, April 30, 2015 | 57,917 | 1,946,085 | 2,004,002 | 5.74 | 6.7 | $ | 4,166,000 | |||||||||||
Vested and expected to vest as of April 30, 2015 | 57,917 | 1,946,085 | 2,004,002 | 6.7 | $ | 4,166,000 | ||||||||||||
Vested as of April 30, 2015 | 40,625 | 1,385,298 | 1,425,923 | 5.88 | 5.9 | $ | 2,879,000 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2015 | 2,109,840 | $ | 5.54 | 4.6 | $ | 3,248 | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | — | — | — | — | |||||||||
Outstanding, April 30, 2016 | 2,109,840 | $ | 5.54 | 3.6 | $ | — |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2014 | 273,055 | $ | 7.32 | 2.9 | $ | 984 | |||||||
Granted | 1,849,285 | 5.64 | 4.9 | 3,108 | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | (12,500 | ) | — | — | — | ||||||||
Outstanding, April 30, 2015 | 2,109,840 | $ | 5.54 | 4.6 | $ | 3,248 |
2015 | ||||
Balance beginning of year | $ | (2,011 | ) | |
Transfers to (from) Level 3 | — | |||
Change in fair value included in earnings | 981 | |||
Modification Charge | (586 | ) | ||
Reclassification to equity | 1,616 | |||
Balance end of year | $ | — |
• | Level one — Quoted market prices in active markets for identical assets or liabilities; |
• | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and |
• | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
Year Ended April 30, 2016 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | — | $ | 92 | $ | 92 | |||||||
Deferred | (3,322 | ) | (537 | ) | 11 | (3,848 | ) | ||||||||
Change in valuation allowance | 3,322 | 537 | (11 | ) | 3,848 | ||||||||||
Total | $ | — | $ | — | $ | 92 | $ | 92 |
Year Ended April 30, 2015 | |||||||||||||||
Federal * | State * | Foreign | Total | ||||||||||||
Current | $ | — | $ | 3 | $ | 124 | $ | 127 | |||||||
Deferred | (3,912 | ) | (287 | ) | 8 | (4,191 | ) | ||||||||
Change in valuation allowance | 3,912 | 287 | (8 | ) | 4,191 | ||||||||||
Total | $ | — | $ | 3 | $ | 124 | $ | 127 |
Year Ended April 30, | |||||
2016 | 2015 | ||||
Federal income tax at statutory rate | 34.0 | % | 34.0 | % | |
State income tax, net of federal benefit | 3.1 | 2.6 | |||
Permanent differences | (0.2 | ) | 0.9 | ||
Increase in uncertain tax position | (0.6 | ) | (0.8 | ) | |
Other | (2.2 | ) | (6.9 | ) | |
Change in valuation allowance | (37.2 | ) | (30.8 | ) | |
Changes in tax rates | 2.2 | — | |||
Income tax expense | (0.9 | )% | (1.0 | )% |
As of April 30, | |||||||
2016 | 2015 | ||||||
Accrued liabilities | $ | 21 | $ | 21 | |||
State taxes | 12 | 1 | |||||
Stock-based compensation expense | 5,528 | 4,803 | |||||
Capitalized research and development costs | 316 | 433 | |||||
Foreign net operating loss carry-forward | 224 | 235 | |||||
Net operating loss carry-forward | 12,970 | 9,719 | |||||
Total deferred tax assets | 19,071 | 15,212 | |||||
Less: Valuation allowance | (19,071 | ) | (15,212 | ) | |||
Net deferred tax asset | $ | — | $ | — |
Year Ended April 30, | |||||||
2016 | 2015 | ||||||
Balance, beginning of the year | $ | 100 | $ | — | |||
Addition based on tax positions related to prior years | 42 | 21 | |||||
Addition based on tax positions related to current year | 23 | 79 | |||||
Balance, end of year | $ | 165 | $ | 100 |
• | An allocation or shift of income between taxing jurisdictions; |
• | The characterization of income or a decision to exclude reportable taxable income in a tax return; or |
• | A decision to classify a transaction, entity or other position in a tax return as tax exempt. |
Year Ended April 30 | |||||
2016 | 2015 | ||||
Stock options | 2,212,757 | 2,004,002 | |||
Warrants | 2,109,840 | 2,109,840 | |||
Total common stock equivalents | 4,322,597 | 4,113,842 |
Year Ended April 30, 2016 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | — | $ | 92 | $ | 92 | |||||||
Deferred | (3,322 | ) | (537 | ) | 11 | (3,848 | ) | ||||||||
Change in valuation allowance | 3,322 | 537 | (11 | ) | 3,848 | ||||||||||
Total | $ | — | $ | — | $ | 92 | $ | 92 |
Year Ended April 30, 2015 | |||||||||||||||
Federal * | State * | Foreign | Total | ||||||||||||
Current | $ | — | $ | 3 | $ | 124 | $ | 127 | |||||||
Deferred | (3,912 | ) | (287 | ) | 8 | (4,191 | ) | ||||||||
Change in valuation allowance | 3,912 | 287 | (8 | ) | 4,191 | ||||||||||
Total | $ | — | $ | 3 | $ | 124 | $ | 127 |
As of April 30, | |||||||
2016 | 2015 | ||||||
Accrued liabilities | $ | 21 | $ | 21 | |||
State taxes | 12 | 1 | |||||
Stock-based compensation expense | 5,528 | 4,803 | |||||
Capitalized research and development costs | 316 | 433 | |||||
Foreign net operating loss carry-forward | 224 | 235 | |||||
Net operating loss carry-forward | 12,970 | 9,719 | |||||
Total deferred tax assets | 19,071 | 15,212 | |||||
Less: Valuation allowance | (19,071 | ) | (15,212 | ) | |||
Net deferred tax asset | $ | — | $ | — |
Year Ended April 30, | |||||||
2016 | 2015 | ||||||
Basic loss per share computation | |||||||
Net loss attributable to common stockholders | $ | (10,445,537 | ) | $ | (13,139,820 | ) | |
Weighted Average common shares - basic | 8,695,199 | 5,985,346 | |||||
Basic net loss per share | $ | (1.20 | ) | $ | (2.20 | ) | |
Diluted loss per share computation | |||||||
Net loss attributable to common stockholders | $ | (10,445,537 | ) | $ | (13,139,820 | ) | |
Less: Gain on derivative warrant liability | — | 980,519 | |||||
Loss available to common stockholders | $ | (10,445,537 | ) | $ | (14,120,339 | ) | |
Weighted Average common shares | 8,695,199 | 5,985,346 | |||||
Incremental shares from assumed exercise of warrants and stock options | — | 439,065 | |||||
Adjusted weighted average share – diluted | 8,695,199 | 6,424,411 | |||||
Diluted net loss per share | $ | (1.20 | ) | $ | (2.20 | ) |
Year Ended April 30, | |||||
2016 | 2015 | ||||
Federal income tax at statutory rate | 34.0 | % | 34.0 | % | |
State income tax, net of federal benefit | 3.1 | 2.6 | |||
Permanent differences | (0.2 | ) | 0.9 | ||
Increase in uncertain tax position | (0.6 | ) | (0.8 | ) | |
Other | (2.2 | ) | (6.9 | ) | |
Change in valuation allowance | (37.2 | ) | (30.8 | ) | |
Changes in tax rates | 2.2 | — | |||
Income tax expense | (0.9 | )% | (1.0 | )% |
Year Ended April 30, | |||||||
2016 | 2015 | ||||||
General and administrative | $ | 2,035 | $ | 2,204 | |||
Sales and marketing | 198 | 561 | |||||
Research and development | 308 | 352 | |||||
TOS cost of sales | 31 | 23 | |||||
POS cost of sales | 27 | 22 | |||||
Total stock-based compensation expense | $ | 2,599 | $ | 3,162 |
For the Years Ended April 30, | 2017 | $ | 24 | ||
2018 | 25 | ||||
2019 | 27 | ||||
2020 | 16 | ||||
Total minimum lease payments | 92 | ||||
Less: amount representing interest | (9 | ) | |||
Present value of minimum payments | 83 | ||||
Less: current portion | (24 | ) | |||
$ | 59 |
2017 | $ | 248,904 | |
2018 | 71,007 | ||
Total | $ | 319,911 |
April 30, | |||||||
2016 | 2015 | ||||||
Furniture and fixtures | $ | 73 | $ | 70 | |||
Computer equipment and software | 715 | 685 | |||||
Laboratory equipment | 782 | 493 | |||||
Leasehold improvements | 2 | 2 | |||||
Total property and equipment | 1,572 | 1,250 | |||||
Less: Accumulated depreciation and amortization | (954 | ) | (798 | ) | |||
Property and equipment, net | $ | 618 | $ | 452 |
Year Ended April 30, 2016 | Personalized Oncology Solutions (POS) | Translational Oncology Solutions (TOS) | Unallocated Corporate Overhead | Consolidated | |||||||||||
Net revenue | $ | 1,972 | $ | 9,210 | $ | — | $ | 11,182 | |||||||
Direct cost of services | (2,075 | ) | (6,553 | ) | — | (8,628 | ) | ||||||||
Sales and marketing costs | (833 | ) | (2,414 | ) | — | (3,247 | ) | ||||||||
Other operating expenses | — | (3,886 | ) | (3,138 | ) | (7,024 | ) | ||||||||
Stock compensation expense (1) | — | — | (2,599 | ) | (2,599 | ) | |||||||||
Segment profit (loss) | $ | (936 | ) | $ | (3,643 | ) | $ | (5,737 | ) | $ | (10,316 | ) |
Year Ended April 30, 2015 | Personalized Oncology Solutions (POS) | Translational Oncology Solutions (TOS) | Unallocated Corporate Overhead | Consolidated | |||||||||||
Net revenue | $ | 1,663 | $ | 7,200 | $ | — | $ | 8,863 | |||||||
Direct cost of services | (2,711 | ) | (4,877 | ) | — | (7,588 | ) | ||||||||
Sales and marketing costs | (1,514 | ) | (2,208 | ) | — | (3,722 | ) | ||||||||
Other operating expenses | — | (4,493 | ) | (3,136 | ) | (7,629 | ) | ||||||||
Stock compensation expense (1) | — | — | (3,162 | ) | (3,162 | ) | |||||||||
Segment loss | $ | (2,562 | ) | $ | (4,378 | ) | $ | (6,298 | ) | $ | (13,238 | ) |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2015 | 57,917 | 1,946,085 | 2,004,002 | $ | 5.74 | 6.7 | $ | 4,166,000 | ||||||||||
Granted | — | 343,749 | 343,749 | 5.33 | ||||||||||||||
Exercised | — | — | — | — | ||||||||||||||
Canceled | — | — | — | — | ||||||||||||||
Forfeited | — | (42,515 | ) | (42,515 | ) | 6.90 | ||||||||||||
Expired | (6,667 | ) | (85,812 | ) | (92,479 | ) | 6.97 | |||||||||||
Outstanding, April 30, 2016 | 51,250 | 2,161,507 | 2,212,757 | 5.58 | 6.1 | $ | 10,000 | |||||||||||
Vested and expected to vest as of April 30, 2016 | 51,250 | 2,161,507 | 2,212,757 | 6.1 | $ | 10,000 | ||||||||||||
Vested as of April 30, 2016 | 34,271 | 1,703,035 | 1,737,306 | 5.71 | 5.6 | $ | 9,000 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2014 | 63,750 | 1,882,170 | 1,945,920 | $ | 12.12 | 7.5 | $ | 985,000 | ||||||||||
Granted | 6,667 | 1,756,714 | 1,763,381 | 7.92 | ||||||||||||||
Exercised | — | (313 | ) | (313 | ) | 5.88 | ||||||||||||
Canceled | — | (1,656,073 | ) | (1,656,073 | ) | 12.48 | ||||||||||||
Forfeited | — | (12,604 | ) | (12,604 | ) | 11.52 | ||||||||||||
Expired | (12,500 | ) | (23,809 | ) | (36,309 | ) | 11.88 | |||||||||||
Outstanding, April 30, 2015 | 57,917 | 1,946,085 | 2,004,002 | 5.74 | 6.7 | $ | 4,166,000 | |||||||||||
Vested and expected to vest as of April 30, 2015 | 57,917 | 1,946,085 | 2,004,002 | 6.7 | $ | 4,166,000 | ||||||||||||
Vested as of April 30, 2015 | 40,625 | 1,385,298 | 1,425,923 | 5.88 | 5.9 | $ | 2,879,000 |
Year Ended April 30, | |||
2016 | 2015 | ||
Expected term in years | 2.5 - 6.0 | 2.5 - 6.0 | |
Risk-free interest rates | 0.6% - 1.8% | 0.8% - 1.9% | |
Volatility | 83% - 93% | 86% - 102% | |
Dividend yield | —% | —% |
Year Ended April 30, | |||||||
2016 | 2015 | ||||||
Balance, beginning of the year | $ | 100 | $ | — | |||
Addition based on tax positions related to prior years | 42 | 21 | |||||
Addition based on tax positions related to current year | 23 | 79 | |||||
Balance, end of year | $ | 165 | $ | 100 |
Year Ended April 30, 2016 | Personalized Oncology Solutions (POS) | Translational Oncology Solutions (TOS) | Unallocated Corporate Overhead | Consolidated | |||||||||||
Net revenue | $ | 1,972 | $ | 9,210 | $ | — | $ | 11,182 | |||||||
Direct cost of services | (2,075 | ) | (6,553 | ) | — | (8,628 | ) | ||||||||
Sales and marketing costs | (833 | ) | (2,414 | ) | — | (3,247 | ) | ||||||||
Other operating expenses | — | (3,886 | ) | (3,138 | ) | (7,024 | ) | ||||||||
Stock compensation expense (1) | — | — | (2,599 | ) | (2,599 | ) | |||||||||
Segment profit (loss) | $ | (936 | ) | $ | (3,643 | ) | $ | (5,737 | ) | $ | (10,316 | ) |
Year Ended April 30, 2015 | Personalized Oncology Solutions (POS) | Translational Oncology Solutions (TOS) | Unallocated Corporate Overhead | Consolidated | |||||||||||
Net revenue | $ | 1,663 | $ | 7,200 | $ | — | $ | 8,863 | |||||||
Direct cost of services | (2,711 | ) | (4,877 | ) | — | (7,588 | ) | ||||||||
Sales and marketing costs | (1,514 | ) | (2,208 | ) | — | (3,722 | ) | ||||||||
Other operating expenses | — | (4,493 | ) | (3,136 | ) | (7,629 | ) | ||||||||
Stock compensation expense (1) | — | — | (3,162 | ) | (3,162 | ) | |||||||||
Segment loss | $ | (2,562 | ) | $ | (4,378 | ) | $ | (6,298 | ) | $ | (13,238 | ) |
• | Level one — Quoted market prices in active markets for identical assets or liabilities; |
• | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and |
• | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
2015 | ||||
Balance beginning of year | $ | (2,011 | ) | |
Transfers to (from) Level 3 | — | |||
Change in fair value included in earnings | 981 | |||
Modification Charge | (586 | ) | ||
Reclassification to equity | 1,616 | |||
Balance end of year | $ | — |
April 30, | |||||||
2016 | 2015 | ||||||
Furniture and fixtures | $ | 73 | $ | 70 | |||
Computer equipment and software | 715 | 685 | |||||
Laboratory equipment | 782 | 493 | |||||
Leasehold improvements | 2 | 2 | |||||
Total property and equipment | 1,572 | 1,250 | |||||
Less: Accumulated depreciation and amortization | (954 | ) | (798 | ) | |||
Property and equipment, net | $ | 618 | $ | 452 |
For the Years Ended April 30, | 2017 | $ | 24 | ||
2018 | 25 | ||||
2019 | 27 | ||||
2020 | 16 | ||||
Total minimum lease payments | 92 | ||||
Less: amount representing interest | (9 | ) | |||
Present value of minimum payments | 83 | ||||
Less: current portion | (24 | ) | |||
$ | 59 |
Year Ended April 30, | |||||||
2016 | 2015 | ||||||
Basic loss per share computation | |||||||
Net loss attributable to common stockholders | $ | (10,445,537 | ) | $ | (13,139,820 | ) | |
Weighted Average common shares - basic | 8,695,199 | 5,985,346 | |||||
Basic net loss per share | $ | (1.20 | ) | $ | (2.20 | ) | |
Diluted loss per share computation | |||||||
Net loss attributable to common stockholders | $ | (10,445,537 | ) | $ | (13,139,820 | ) | |
Less: Gain on derivative warrant liability | — | 980,519 | |||||
Loss available to common stockholders | $ | (10,445,537 | ) | $ | (14,120,339 | ) | |
Weighted Average common shares | 8,695,199 | 5,985,346 | |||||
Incremental shares from assumed exercise of warrants and stock options | — | 439,065 | |||||
Adjusted weighted average share – diluted | 8,695,199 | 6,424,411 | |||||
Diluted net loss per share | $ | (1.20 | ) | $ | (2.20 | ) |
Year Ended April 30 | |||||
2016 | 2015 | ||||
Stock options | 2,212,757 | 2,004,002 | |||
Warrants | 2,109,840 | 2,109,840 | |||
Total common stock equivalents | 4,322,597 | 4,113,842 |
• | An allocation or shift of income between taxing jurisdictions; |
• | The characterization of income or a decision to exclude reportable taxable income in a tax return; or |
• | A decision to classify a transaction, entity or other position in a tax return as tax exempt. |