April 30, 2020 | April 30, 2019 | ||||||
Accounts receivable | $ | 2,655 | $ | 1,982 | |||
Unbilled services | 2,404 | 2,417 | |||||
Total accounts receivable and unbilled services | 5,059 | 4,399 | |||||
Less: allowance for doubtful accounts | (289 | ) | (22 | ) | |||
Total accounts receivable, net | $ | 4,770 | $ | 4,377 |
April 30, 2020 | April 30, 2019 | ||||||
Deferred revenue | $ | 5,815 | $ | 4,022 |
April 30, 2020 | May 1, 2019 | |||
Operating lease right-of-use assets, net | 2,798 | 3,201 | ||
Current portion of operating lease liabilities | 503 | 438 | ||
Non-current portion of operating lease liabilities | 3,170 | 3,709 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2019 | 1,671,440 | $ | 6.20 | 0.9 | $ | 5,730,000 | |||||||
Granted | — | — | — | — | |||||||||
Exercised | (858,695 | ) | 5.62 | — | 10,045,000 | ||||||||
Forfeited | (760,601 | ) | 5.76 | — | 8,587,000 | ||||||||
Expired | (52,144 | ) | 4.85 | — | 700,000 | ||||||||
Outstanding, April 30, 2020 | — | $ | — | — | $ | — |
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 |
April 30, 2020 | April 30, 2019 | ||||||
Deferred revenue | $ | 5,815 | $ | 4,022 |
Year Ended April 30, | ||||||||
2020 | 2019 | |||||||
Pharmacology services | $ | 31,262 | $ | 25,484 | ||||
Personalized oncology services | 790 | 1,277 | ||||||
Other TOS revenue | 71 | 306 | ||||||
Total oncology services revenue | $ | 32,123 | $ | 27,067 |
Year Ended April 30, | |||||||
2020 | 2019 | ||||||
General and administrative | $ | 328 | $ | 458 | |||
Sales and marketing | 237 | 91 | |||||
Research and development | 13 | 14 | |||||
TOS cost of sales | 21 | 86 | |||||
POS cost of sales | 1 | — | |||||
Total stock-based compensation expense | $ | 600 | $ | 649 |
Year Ended April 30, | |||
2020 | 2019 | ||
Expected term in years | 3 - 6 | 3 - 6 | |
Risk-free interest rates | 1.3% - 1.8% | 2.6% - 3.0% | |
Volatility | 69% - 71% | 65% - 85% | |
Dividend yield | —% | —% |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2019 | 50,000 | 2,373,626 | 2,423,626 | $ | 3.19 | 5.3 | $ | 14,557,000 | ||||||||||
Granted | — | 229,833 | 229,833 | 5.33 | 8.1 | $ | 544,000 | |||||||||||
Exercised | — | (248,495 | ) | (248,495 | ) | 2.31 | ||||||||||||
Canceled | — | (11,824 | ) | (11,824 | ) | 7.96 | ||||||||||||
Forfeited | — | (44,813 | ) | (44,813 | ) | 7.85 | ||||||||||||
Expired | (6,668 | ) | (70,001 | ) | (76,669 | ) | 8.04 | |||||||||||
Outstanding, April 30, 2020 | 43,332 | 2,228,326 | 2,271,658 | 3.23 | 5.0 | $ | 10,663,000 | |||||||||||
Vested and expected to vest as of April 30, 2020 | 43,332 | 2,228,326 | 2,271,658 | 3.23 | 5.0 | $ | 10,663,000 | |||||||||||
Vested as of April 30, 2020 | 17,501 | 1,926,117 | 1,943,618 | 2.83 | 4.5 | $ | 9,898,000 |
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 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2019 | 1,671,440 | $ | 6.20 | 0.9 | $ | 5,730,000 | |||||||
Granted | — | — | — | — | |||||||||
Exercised | (858,695 | ) | 5.62 | — | 10,045,000 | ||||||||
Forfeited | (760,601 | ) | 5.76 | — | 8,587,000 | ||||||||
Expired | (52,144 | ) | 4.85 | — | 700,000 | ||||||||
Outstanding, April 30, 2020 | — | $ | — | — | $ | — |
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 |
Year Ended April 30, | |||||||
2020 | 2019 | ||||||
Basic and diluted net loss per share computation (dollars in thousands): | |||||||
Net income (loss) attributable to common stockholders | $ | (1,975 | ) | $ | 128 | ||
Weighted Average common shares - basic | 11,843,463 | 11,340,184 | |||||
Basic net income (loss) per share | $ | (0.17 | ) | $ | 0.01 | ||
Diluted income (loss) per share computation | |||||||
Net income (loss) attributable to common stockholders | $ | (1,975 | ) | $ | 128 | ||
Income (loss) available to common stockholders | $ | (1,975 | ) | $ | 128 | ||
Weighted Average common shares | 11,843,463 | 11,340,184 | |||||
Incremental shares from assumed exercise of warrants and stock options | — | 2,755,933 | |||||
Adjusted weighted average share – diluted | 11,843,463 | 14,096,117 | |||||
Diluted net income (loss) per share | $ | (0.17 | ) | $ | 0.01 |
Year Ended April 30 | |||||
2020 | 2019 | ||||
Stock options | 2,271,658 | 2,423,626 | |||
Warrants | — | 1,671,440 | |||
Total common stock equivalents | 2,271,658 | 4,095,066 |
• | 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, 2020 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 3 | $ | 127 | $ | 130 | |||||||
Total | $ | — | $ | 3 | $ | 127 | $ | 130 |
Year Ended April 30, 2019 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 2 | $ | 101 | $ | 103 | |||||||
Total | $ | — | $ | 2 | $ | 101 | $ | 103 |
Year Ended April 30, | |||||
2020 | 2019 | ||||
Federal income tax at statutory rate | 21.0 | % | 21.0 | % | |
US vs. foreign tax rate difference | (0.5 | ) | 1.1 | ||
State income tax, net of federal benefit | (0.2 | ) | 0.9 | ||
Permanent differences | (15.0 | ) | (25.4 | ) | |
Increase in uncertain tax position | (1.5 | ) | — | ||
Goodwill impairment | (3.8 | ) | — | ||
Change in valuation allowance | (7.1 | ) | 41.0 | ||
Changes in tax rates | — | 6.1 | |||
Income tax expense | (7.1 | )% | 44.7 | % |
As of April 30, | |||||||
2020 | 2019 | ||||||
Accrued liabilities | $ | 303 | $ | 385 | |||
Depreciation and amortization | (175 | ) | (99 | ) | |||
Stock-based compensation expense | 4,109 | 4,207 | |||||
Net operating loss carry-forward | 11,174 | 10,460 | |||||
Total deferred tax assets | 15,411 | 14,953 | |||||
Less: Valuation allowance | (15,411 | ) | (14,953 | ) | |||
Net deferred tax asset | $ | — | $ | — |
Year Ended April 30, | |||||||
2020 | 2019 | ||||||
Balance, beginning of the year | $ | 151 | $ | 151 | |||
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 | 27 | — | |||||
Balance, end of year | $ | 178 | $ | 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. |
2021 | $ | 1,697 | |
2022 | 1,851 | ||
2023 | 1,818 | ||
2024 | 1,844 | ||
2025 | 1,867 | ||
Thereafter | 7,268 | ||
Total | $ | 16,345 |
• | 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 $94,000 and $91,000 of rental costs relative to this lease for fiscal 2020 and 2019, respectively. |
• | 1330 Piccard Drive, Suite 025, Rockville, MD 20850, which 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 of rental expense for both fiscal 2020 and 2019. On March 30, 2020, the Company executed the first amendment to this lease to expand the existing premises at 1330 Piccard Drive, Suite 025 (\"Expansion Premises\") to Suites 050 and 104. This amendment also extended the current lease term by six months. The Expansion Premises operating lease commencement date was June 1, 2020 and the lease expires February 28, 2029. In accordance with ASC 842, \"Leases\", the Company evaluated the first amendment and also performed a reassessment of the existing lease to determine the impact of the six-month term extension. The Company did not recognize rental expense under this amendment during fiscal 2020 as the Expansion Premises operating lease commencement date is during fiscal 2021. Upon the Expansion Premises operating lease commencement date, the Company will recognize an operating ROU asset and related operating lease liability of $3.8 million, each, respectively. The Company will also recognize an operating ROU asset and related operating lease liability of approximately $118,000 and $125,000, respectively, related to the extension of the current lease, as well as interest and amortization expense of $7,000. |
• | 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 $0 and $41,000 of rental expense for fiscal 2020 and 2019, 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 April 2024. The Company recognized $257,000 and $86,000 of rental expense for fiscal 2020 and 2019, respectively. The Company terminated this lease on June 30, 2020 and transition its activities from this location to the Expansion Premises, as defined above, during the first quarter of fiscal 2021. Upon lease termination, the Company will recognize a decrease in the related operating ROU asset and operating lease liability of approximately $850,000 and 926,000, respectively, as well as a gain on lease termination of $76,000. |
April 30, 2020 | May 1, 2019 | |||
Operating lease right-of-use assets, net | 2,798 | 3,201 | ||
Current portion of operating lease liabilities | 503 | 438 | ||
Non-current portion of operating lease liabilities | 3,170 | 3,709 |
2021 | $ | 1,697 | |
2022 | 1,851 | ||
2023 | 1,818 | ||
2024 | 1,844 | ||
2025 | 1,867 | ||
Thereafter | 7,268 | ||
Total | $ | 16,345 |
2021 | $ | 1,471 | |
2022 | 1,445 | ||
2023 | 1,404 | ||
2024 | 1,419 | ||
2025 | 1,002 | ||
Thereafter | 3,398 | ||
Total | $10,139 |
April 30, | |||||||
2020 | 2019 | ||||||
Furniture and fixtures | $ | 181 | $ | 142 | |||
Computer equipment and software | 1,551 | 1,104 | |||||
Laboratory equipment | 4,475 | 3,358 | |||||
Assets in progress | 554 | 16 | |||||
Leasehold improvements | 4 | — | |||||
Total property and equipment | 6,765 | 4,620 | |||||
Less: Accumulated depreciation and amortization | (2,772 | ) | (2,074 | ) | |||
Property and equipment, net | $ | 3,993 | $ | 2,546 |
April 30, | |||||||
2020 | 2019 | ||||||
Furniture and fixtures | $ | 181 | $ | 142 | |||
Computer equipment and software | 1,551 | 1,104 | |||||
Laboratory equipment | 4,475 | 3,358 | |||||
Assets in progress | 554 | 16 | |||||
Leasehold improvements | 4 | — | |||||
Total property and equipment | 6,765 | 4,620 | |||||
Less: Accumulated depreciation and amortization | (2,772 | ) | (2,074 | ) | |||
Property and equipment, net | $ | 3,993 | $ | 2,546 |
Year Ended April 30, | ||||||||
2020 | 2019 | |||||||
Pharmacology services | $ | 31,262 | $ | 25,484 | ||||
Personalized oncology services | 790 | 1,277 | ||||||
Other TOS revenue | 71 | 306 | ||||||
Total oncology services revenue | $ | 32,123 | $ | 27,067 |
April 30, 2020 | April 30, 2019 | ||||||
Accounts receivable | $ | 2,655 | $ | 1,982 | |||
Unbilled services | 2,404 | 2,417 | |||||
Total accounts receivable and unbilled services | 5,059 | 4,399 | |||||
Less: allowance for doubtful accounts | (289 | ) | (22 | ) | |||
Total accounts receivable, net | $ | 4,770 | $ | 4,377 |
Year Ended April 30 | |||||
2020 | 2019 | ||||
Stock options | 2,271,658 | 2,423,626 | |||
Warrants | — | 1,671,440 | |||
Total common stock equivalents | 2,271,658 | 4,095,066 |
Year Ended April 30, 2020 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 3 | $ | 127 | $ | 130 | |||||||
Total | $ | — | $ | 3 | $ | 127 | $ | 130 |
Year Ended April 30, 2019 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 2 | $ | 101 | $ | 103 | |||||||
Total | $ | — | $ | 2 | $ | 101 | $ | 103 |
As of April 30, | |||||||
2020 | 2019 | ||||||
Accrued liabilities | $ | 303 | $ | 385 | |||
Depreciation and amortization | (175 | ) | (99 | ) | |||
Stock-based compensation expense | 4,109 | 4,207 | |||||
Net operating loss carry-forward | 11,174 | 10,460 | |||||
Total deferred tax assets | 15,411 | 14,953 | |||||
Less: Valuation allowance | (15,411 | ) | (14,953 | ) | |||
Net deferred tax asset | $ | — | $ | — |
Year Ended April 30, | |||||||
2020 | 2019 | ||||||
Basic and diluted net loss per share computation (dollars in thousands): | |||||||
Net income (loss) attributable to common stockholders | $ | (1,975 | ) | $ | 128 | ||
Weighted Average common shares - basic | 11,843,463 | 11,340,184 | |||||
Basic net income (loss) per share | $ | (0.17 | ) | $ | 0.01 | ||
Diluted income (loss) per share computation | |||||||
Net income (loss) attributable to common stockholders | $ | (1,975 | ) | $ | 128 | ||
Income (loss) available to common stockholders | $ | (1,975 | ) | $ | 128 | ||
Weighted Average common shares | 11,843,463 | 11,340,184 | |||||
Incremental shares from assumed exercise of warrants and stock options | — | 2,755,933 | |||||
Adjusted weighted average share – diluted | 11,843,463 | 14,096,117 | |||||
Diluted net income (loss) per share | $ | (0.17 | ) | $ | 0.01 |
Year Ended April 30, | |||||
2020 | 2019 | ||||
Federal income tax at statutory rate | 21.0 | % | 21.0 | % | |
US vs. foreign tax rate difference | (0.5 | ) | 1.1 | ||
State income tax, net of federal benefit | (0.2 | ) | 0.9 | ||
Permanent differences | (15.0 | ) | (25.4 | ) | |
Increase in uncertain tax position | (1.5 | ) | — | ||
Goodwill impairment | (3.8 | ) | — | ||
Change in valuation allowance | (7.1 | ) | 41.0 | ||
Changes in tax rates | — | 6.1 | |||
Income tax expense | (7.1 | )% | 44.7 | % |
Year Ended April 30, | |||||||
2020 | 2019 | ||||||
General and administrative | $ | 328 | $ | 458 | |||
Sales and marketing | 237 | 91 | |||||
Research and development | 13 | 14 | |||||
TOS cost of sales | 21 | 86 | |||||
POS cost of sales | 1 | — | |||||
Total stock-based compensation expense | $ | 600 | $ | 649 |
2021 | $ | 1,471 | |
2022 | 1,445 | ||
2023 | 1,404 | ||
2024 | 1,419 | ||
2025 | 1,002 | ||
Thereafter | 3,398 | ||
Total | $10,139 |
2021 | $ | 1,471 | |
2022 | 1,445 | ||
2023 | 1,404 | ||
2024 | 1,419 | ||
2025 | 1,002 | ||
Thereafter | 3,398 | ||
Total | $10,139 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2019 | 50,000 | 2,373,626 | 2,423,626 | $ | 3.19 | 5.3 | $ | 14,557,000 | ||||||||||
Granted | — | 229,833 | 229,833 | 5.33 | 8.1 | $ | 544,000 | |||||||||||
Exercised | — | (248,495 | ) | (248,495 | ) | 2.31 | ||||||||||||
Canceled | — | (11,824 | ) | (11,824 | ) | 7.96 | ||||||||||||
Forfeited | — | (44,813 | ) | (44,813 | ) | 7.85 | ||||||||||||
Expired | (6,668 | ) | (70,001 | ) | (76,669 | ) | 8.04 | |||||||||||
Outstanding, April 30, 2020 | 43,332 | 2,228,326 | 2,271,658 | 3.23 | 5.0 | $ | 10,663,000 | |||||||||||
Vested and expected to vest as of April 30, 2020 | 43,332 | 2,228,326 | 2,271,658 | 3.23 | 5.0 | $ | 10,663,000 | |||||||||||
Vested as of April 30, 2020 | 17,501 | 1,926,117 | 1,943,618 | 2.83 | 4.5 | $ | 9,898,000 |
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 |
Year Ended April 30, | |||
2020 | 2019 | ||
Expected term in years | 3 - 6 | 3 - 6 | |
Risk-free interest rates | 1.3% - 1.8% | 2.6% - 3.0% | |
Volatility | 69% - 71% | 65% - 85% | |
Dividend yield | —% | —% |
Year Ended April 30, | |||||||
2020 | 2019 | ||||||
Balance, beginning of the year | $ | 151 | $ | 151 | |||
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 | 27 | — | |||||
Balance, end of year | $ | 178 | $ | 151 |
• | 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. |