April 30, 2019 | April 30, 2018 | ||||||
Accounts receivable | $ | 1,982 | $ | 1,837 | |||
Unbilled services | 2,417 | 2,093 | |||||
Total accounts receivable and unbilled services | 4,399 | 3,930 | |||||
Less allowance for doubtful accounts | (22 | ) | (13 | ) | |||
Total accounts receivable, net | $ | 4,377 | $ | 3,917 |
April 30, 2019 | April 30, 2018 | ||||||
Deferred revenue | $ | 4,022 | $ | 4,704 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2018 | 2,004,284 | $ | 5.57 | 1.8 | $ | — | |||||||
Granted | — | — | — | — | |||||||||
Exercised | (247,468 | ) | 5.28 | — | 905,000 | ||||||||
Forfeited | (85,376 | ) | 4.80 | — | 388,000 | ||||||||
Expired | — | — | — | — | |||||||||
Outstanding, April 30, 2019 | 1,671,440 | $ | 6.20 | 0.9 | $ | 5,730,000 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2017 | 2,004,284 | $ | 5.57 | 2.8 | $ | — | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | — | — | — | — | |||||||||
Outstanding, April 30, 2018 | 2,004,284 | $ | 5.57 | 1.8 | $ | — |
• | One University Plaza, Suite 307, Hackensack, New Jersey 07601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 2021. The Company recognized $91,000 and $90,000 of rental costs relative to this lease for fiscal 2019 and 2018, 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 was terminated in October 2017. The Company transitioned its activities from this location to 1330 Piccard Drive, Suite 025, Rockville, MD. The Company recognized nil and $59,000 of rental costs relative to the 855 North Wolfe Street location for fiscal 2019 and 2018, respectively. |
• | 450 East 29th Street, New York, New York, 10016, which was a laboratory facility. The Company recognized nil and $52,000 of rental expense for fiscal 2019 and 2018, respectively. This lease expired in May 2017 and was not renewed. |
• | 1330 Piccard Drive, Suite 025, Rockville, MD 20850, consists of laboratory and office space where the Company conducts operations related to its primary service offerings. The Company executed this lease on January 11, 2017. The operating commencement date was August 11, 2017. This lease expires in August 2028. The Company recognized $604,000 and $454,000 of rental expense for fiscal 2019 and 2018, respectively. |
• | 910 Clopper Road, Suites 260S and 280S, Gaithersburg, Maryland 20878, which consisted of laboratory and office space where the Company conducted operations related to its primary service offerings. The Company executed this lease on April 1, 2018. The operating commencement date was May 1, 2018. The Company transitioned its activities from this location to the New Location, as defined below, and terminated this lease seven days after the commencement date of the New Location. The Company recognized $41,000 and nil of rental expense for fiscal 2019 and 2018, respectively. |
• | 1405 Research Boulevard, Suite 125, Rockville, Maryland 20850 (“New Location”), which consists of laboratory and office space where the Company conducts operations related to its primary service offerings. The Company executed this lease on November 1, 2018. The operating commencement date was January 17, 2019. This lease expires in January 2024. The Company recognized $86,000 and nil of rental expense for fiscal 2019 and 2018, respectively. |
2020 | $ | 1,388 | |
2021 | 1,471 | ||
2022 | 1,445 | ||
2023 | 1,404 | ||
2024 | 1,419 | ||
Thereafter | 4,400 | ||
Total | $ | 11,527 |
April 30, 2019 | April 30, 2018 | ||||||
Deferred revenue | $ | 4,022 | $ | 4,704 |
Year Ended April 30, | ||||||||
2019 | 2018 | |||||||
Pharmacology services | $ | 25,484 | $ | 18,026 | ||||
Personalized oncology services | 1,277 | 1,455 | ||||||
Other TOS revenue | 306 | 760 | ||||||
Total oncology services revenue | $ | 27,067 | $ | 20,241 |
Year Ended April 30, | |||||||
2019 | 2018 | ||||||
General and administrative | $ | 458 | $ | 689 | |||
Sales and marketing | 91 | 112 | |||||
Research and development | 14 | 166 | |||||
TOS cost of sales | 86 | 65 | |||||
POS cost of sales | — | 2 | |||||
Total stock-based compensation expense | $ | 649 | $ | 1,034 |
Year Ended April 30, | |||
2019 | 2018 | ||
Expected term in years | 3 - 6 | 3 - 6 | |
Risk-free interest rates | 2.6% - 3.0% | 1.8% - 2.6% | |
Volatility | 65% - 85% | 84% - 88% | |
Dividend yield | —% | —% |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2018 | 50,000 | 2,655,845 | 2,705,845 | $ | 2.85 | 5.9 | $ | 5,265,000 | ||||||||||
Granted | — | 206,790 | 206,790 | 9.86 | 7.9 | $ | 77,000 | |||||||||||
Exercised | — | (363,383 | ) | (363,383 | ) | 2.22 | ||||||||||||
Canceled | — | (49,766 | ) | (49,766 | ) | 3.20 | ||||||||||||
Forfeited | — | (9,750 | ) | (9,750 | ) | 3.50 | ||||||||||||
Expired | — | (66,110 | ) | (66,110 | ) | 15.10 | ||||||||||||
Outstanding, April 30, 2019 | 50,000 | 2,373,626 | 2,423,626 | 3.19 | 5.3 | $ | 14,557,000 | |||||||||||
Vested and expected to vest as of April 30, 2019 | 50,000 | 2,373,626 | 2,423,626 | 3.19 | 5.3 | $ | 14,557,000 | |||||||||||
Vested as of April 30, 2019 | 18,335 | 2,115,585 | 2,133,920 | 2.70 | 4.9 | $ | 13,785,000 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2017 | 50,000 | 2,258,704 | 2,308,704 | $ | 2.86 | 6.1 | $ | 1,282,000 | ||||||||||
Granted | — | 455,310 | 455,310 | 3.01 | 9.6 | 603,000 | ||||||||||||
Exercised | — | (12,500 | ) | (12,500 | ) | 3.00 | ||||||||||||
Canceled | — | — | — | — | ||||||||||||||
Forfeited | — | (7,042 | ) | (7,042 | ) | 6.86 | ||||||||||||
Expired | — | (38,627 | ) | (38,627 | ) | 5.21 | ||||||||||||
Outstanding, April 30, 2018 | 50,000 | 2,655,845 | 2,705,845 | 2.85 | 5.9 | $ | 5,265,000 | |||||||||||
Vested and expected to vest as of April 30, 2018 | 50,000 | 2,655,845 | 2,705,845 | 2.85 | 5.9 | $ | 5,265,000 | |||||||||||
Vested as of April 30, 2018 | 25,836 | 2,436,263 | 2,462,099 | 2.79 | 5.6 | $ | 5,036,000 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2018 | 2,004,284 | $ | 5.57 | 1.8 | $ | — | |||||||
Granted | — | — | — | — | |||||||||
Exercised | (247,468 | ) | 5.28 | — | 905,000 | ||||||||
Forfeited | (85,376 | ) | 4.80 | — | 388,000 | ||||||||
Expired | — | — | — | — | |||||||||
Outstanding, April 30, 2019 | 1,671,440 | $ | 6.20 | 0.9 | $ | 5,730,000 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2017 | 2,004,284 | $ | 5.57 | 2.8 | $ | — | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | — | — | — | — | |||||||||
Outstanding, April 30, 2018 | 2,004,284 | $ | 5.57 | 1.8 | $ | — |
Year Ended April 30, | |||||||
2019 | 2018 | ||||||
Basic and diluted net loss per share computation (dollars in thousands): | |||||||
Net income (loss) attributable to common stockholders | $ | 128 | $ | (1,476 | ) | ||
Weighted Average common shares - basic | 11,340,184 | 10,991,105 | |||||
Basic net income (loss) per share | $ | 0.01 | $ | (0.13 | ) | ||
Diluted income (loss) per share computation | |||||||
Net income (loss) attributable to common stockholders | $ | 128 | $ | (1,476 | ) | ||
Income (loss) available to common stockholders | $ | 128 | $ | (1,476 | ) | ||
Weighted Average common shares | 11,340,184 | 10,991,105 | |||||
Incremental shares from assumed exercise of warrants and stock options | 2,755,933 | — | |||||
Adjusted weighted average share – diluted | 14,096,117 | 10,991,105 | |||||
Diluted net income (loss) per share | $ | 0.01 | $ | (0.13 | ) |
Year Ended April 30 | |||||
2019 | 2018 | ||||
Stock options | 2,423,626 | 2,705,845 | |||
Warrants | 1,671,440 | 2,004,284 | |||
Total common stock equivalents | 4,095,066 | 4,710,129 |
• | 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, 2019 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 2 | $ | 101 | $ | 103 | |||||||
Total | $ | — | $ | 2 | $ | 101 | $ | 103 |
Year Ended April 30, 2018 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 3 | $ | 30 | $ | 33 | |||||||
Total | $ | — | $ | 3 | $ | 30 | $ | 33 |
Year Ended April 30, | |||||
2019 | 2018 | ||||
Federal income tax at statutory rate | 21.0 | % | 29.7 | % | |
US vs. foreign tax rate difference | 1.1 | 0.1 | |||
State income tax, net of federal benefit | 0.9 | (0.2 | ) | ||
Permanent differences | (25.4 | ) | 0.5 | ||
Increase in uncertain tax position | — | (2.1 | ) | ||
Other | — | — | |||
Change in valuation allowance | 41.0 | 498.0 | |||
Changes in tax rates | 6.1 | (528.4 | ) | ||
Income tax expense | 44.7 | % | (2.4 | )% |
As of April 30, | |||||||
2019 | 2018 | ||||||
Accrued liabilities | $ | 385 | $ | 71 | |||
Depreciation and amortization | (99 | ) | (58 | ) | |||
State taxes | — | 1 | |||||
Stock-based compensation expense | 4,207 | 4,466 | |||||
Capitalized research and development costs | — | 43 | |||||
Foreign net operating loss carry-forward | — | 208 | |||||
Net operating loss carry-forward | 10,460 | 9,678 | |||||
Total deferred tax assets | 14,953 | 14,409 | |||||
Less: Valuation allowance | (14,953 | ) | (14,409 | ) | |||
Net deferred tax asset | $ | — | $ | — |
Year Ended April 30, | |||||||
2019 | 2018 | ||||||
Balance, beginning of the year | $ | 151 | $ | 121 | |||
Addition based on tax positions related to prior years | — | — | |||||
Payment made on tax positions related to prior years | — | — | |||||
Addition based on tax positions related to current year | — | 30 | |||||
Balance, end of year | $ | 151 | $ | 151 |
• | 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. |
April 30, | |||||||
2019 | 2018 | ||||||
Furniture and fixtures | $ | 142 | $ | 73 | |||
Computer equipment and software | 1,104 | 973 | |||||
Laboratory equipment | 3,358 | 2,490 | |||||
Assets in progress | 16 | 15 | |||||
Total property and equipment | 4,620 | 3,551 | |||||
Less: Accumulated depreciation and amortization | (2,074 | ) | (1,468 | ) | |||
Property and equipment, net | $ | 2,546 | $ | 2,083 |
April 30, | |||||||
2019 | 2018 | ||||||
Furniture and fixtures | $ | 142 | $ | 73 | |||
Computer equipment and software | 1,104 | 973 | |||||
Laboratory equipment | 3,358 | 2,490 | |||||
Assets in progress | 16 | 15 | |||||
Total property and equipment | 4,620 | 3,551 | |||||
Less: Accumulated depreciation and amortization | (2,074 | ) | (1,468 | ) | |||
Property and equipment, net | $ | 2,546 | $ | 2,083 |
Year Ended April 30, | ||||||||
2019 | 2018 | |||||||
Pharmacology services | $ | 25,484 | $ | 18,026 | ||||
Personalized oncology services | 1,277 | 1,455 | ||||||
Other TOS revenue | 306 | 760 | ||||||
Total oncology services revenue | $ | 27,067 | $ | 20,241 |
April 30, 2019 | April 30, 2018 | ||||||
Accounts receivable | $ | 1,982 | $ | 1,837 | |||
Unbilled services | 2,417 | 2,093 | |||||
Total accounts receivable and unbilled services | 4,399 | 3,930 | |||||
Less allowance for doubtful accounts | (22 | ) | (13 | ) | |||
Total accounts receivable, net | $ | 4,377 | $ | 3,917 |
Year Ended April 30 | |||||
2019 | 2018 | ||||
Stock options | 2,423,626 | 2,705,845 | |||
Warrants | 1,671,440 | 2,004,284 | |||
Total common stock equivalents | 4,095,066 | 4,710,129 |
April 30, 2019 | April 30, 2018 | ||||||
Cash | $ | 3,237 | $ | 856 | |||
Restricted cash | — | 150 | |||||
Total cash and restricted cash | $ | 3,237 | $ | 1,006 |
Year Ended April 30, 2019 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 2 | $ | 101 | $ | 103 | |||||||
Total | $ | — | $ | 2 | $ | 101 | $ | 103 |
Year Ended April 30, 2018 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 3 | $ | 30 | $ | 33 | |||||||
Total | $ | — | $ | 3 | $ | 30 | $ | 33 |
As of April 30, | |||||||
2019 | 2018 | ||||||
Accrued liabilities | $ | 385 | $ | 71 | |||
Depreciation and amortization | (99 | ) | (58 | ) | |||
State taxes | — | 1 | |||||
Stock-based compensation expense | 4,207 | 4,466 | |||||
Capitalized research and development costs | — | 43 | |||||
Foreign net operating loss carry-forward | — | 208 | |||||
Net operating loss carry-forward | 10,460 | 9,678 | |||||
Total deferred tax assets | 14,953 | 14,409 | |||||
Less: Valuation allowance | (14,953 | ) | (14,409 | ) | |||
Net deferred tax asset | $ | — | $ | — |
Year Ended April 30, | |||||||
2019 | 2018 | ||||||
Basic and diluted net loss per share computation (dollars in thousands): | |||||||
Net income (loss) attributable to common stockholders | $ | 128 | $ | (1,476 | ) | ||
Weighted Average common shares - basic | 11,340,184 | 10,991,105 | |||||
Basic net income (loss) per share | $ | 0.01 | $ | (0.13 | ) | ||
Diluted income (loss) per share computation | |||||||
Net income (loss) attributable to common stockholders | $ | 128 | $ | (1,476 | ) | ||
Income (loss) available to common stockholders | $ | 128 | $ | (1,476 | ) | ||
Weighted Average common shares | 11,340,184 | 10,991,105 | |||||
Incremental shares from assumed exercise of warrants and stock options | 2,755,933 | — | |||||
Adjusted weighted average share – diluted | 14,096,117 | 10,991,105 | |||||
Diluted net income (loss) per share | $ | 0.01 | $ | (0.13 | ) |
Year Ended April 30, | |||||
2019 | 2018 | ||||
Federal income tax at statutory rate | 21.0 | % | 29.7 | % | |
US vs. foreign tax rate difference | 1.1 | 0.1 | |||
State income tax, net of federal benefit | 0.9 | (0.2 | ) | ||
Permanent differences | (25.4 | ) | 0.5 | ||
Increase in uncertain tax position | — | (2.1 | ) | ||
Other | — | — | |||
Change in valuation allowance | 41.0 | 498.0 | |||
Changes in tax rates | 6.1 | (528.4 | ) | ||
Income tax expense | 44.7 | % | (2.4 | )% |
Year Ended April 30, | |||||||
2019 | 2018 | ||||||
General and administrative | $ | 458 | $ | 689 | |||
Sales and marketing | 91 | 112 | |||||
Research and development | 14 | 166 | |||||
TOS cost of sales | 86 | 65 | |||||
POS cost of sales | — | 2 | |||||
Total stock-based compensation expense | $ | 649 | $ | 1,034 |
2020 | $ | 1,388 | |
2021 | 1,471 | ||
2022 | 1,445 | ||
2023 | 1,404 | ||
2024 | 1,419 | ||
Thereafter | 4,400 | ||
Total | $ | 11,527 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2018 | 50,000 | 2,655,845 | 2,705,845 | $ | 2.85 | 5.9 | $ | 5,265,000 | ||||||||||
Granted | — | 206,790 | 206,790 | 9.86 | 7.9 | $ | 77,000 | |||||||||||
Exercised | — | (363,383 | ) | (363,383 | ) | 2.22 | ||||||||||||
Canceled | — | (49,766 | ) | (49,766 | ) | 3.20 | ||||||||||||
Forfeited | — | (9,750 | ) | (9,750 | ) | 3.50 | ||||||||||||
Expired | — | (66,110 | ) | (66,110 | ) | 15.10 | ||||||||||||
Outstanding, April 30, 2019 | 50,000 | 2,373,626 | 2,423,626 | 3.19 | 5.3 | $ | 14,557,000 | |||||||||||
Vested and expected to vest as of April 30, 2019 | 50,000 | 2,373,626 | 2,423,626 | 3.19 | 5.3 | $ | 14,557,000 | |||||||||||
Vested as of April 30, 2019 | 18,335 | 2,115,585 | 2,133,920 | 2.70 | 4.9 | $ | 13,785,000 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2017 | 50,000 | 2,258,704 | 2,308,704 | $ | 2.86 | 6.1 | $ | 1,282,000 | ||||||||||
Granted | — | 455,310 | 455,310 | 3.01 | 9.6 | 603,000 | ||||||||||||
Exercised | — | (12,500 | ) | (12,500 | ) | 3.00 | ||||||||||||
Canceled | — | — | — | — | ||||||||||||||
Forfeited | — | (7,042 | ) | (7,042 | ) | 6.86 | ||||||||||||
Expired | — | (38,627 | ) | (38,627 | ) | 5.21 | ||||||||||||
Outstanding, April 30, 2018 | 50,000 | 2,655,845 | 2,705,845 | 2.85 | 5.9 | $ | 5,265,000 | |||||||||||
Vested and expected to vest as of April 30, 2018 | 50,000 | 2,655,845 | 2,705,845 | 2.85 | 5.9 | $ | 5,265,000 | |||||||||||
Vested as of April 30, 2018 | 25,836 | 2,436,263 | 2,462,099 | 2.79 | 5.6 | $ | 5,036,000 |
Year Ended April 30, | |||
2019 | 2018 | ||
Expected term in years | 3 - 6 | 3 - 6 | |
Risk-free interest rates | 2.6% - 3.0% | 1.8% - 2.6% | |
Volatility | 65% - 85% | 84% - 88% | |
Dividend yield | —% | —% |
Year Ended April 30, | |||||||
2019 | 2018 | ||||||
Balance, beginning of the year | $ | 151 | $ | 121 | |||
Addition based on tax positions related to prior years | — | — | |||||
Payment made on tax positions related to prior years | — | — | |||||
Addition based on tax positions related to current year | — | 30 | |||||
Balance, end of year | $ | 151 | $ | 151 |
April 30, 2019 | April 30, 2018 | ||||||
Cash | $ | 3,237 | $ | 856 | |||
Restricted cash | — | 150 | |||||
Total cash and restricted cash | $ | 3,237 | $ | 1,006 |
• | 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. |
• | 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. |