Marketable Securities

3 Months Ended

Jul. 31, 2020

Investments Debt And Equity Securities [Abstract]

3.	Marketable Securities

The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by financial institutions, commercial companies, and government agencies that management believes to be of high credit quality in order to limit the amount of its credit exposure. The Company has not realized any losses from its investments.

The Company classifies all of its debt securities as available-for-sale. Unrealized gains and losses on investments are recognized in accumulated comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in other income in the consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis.

The following tables summarize marketable securities held at July 31, 2020 and April 30, 2020 (in thousands):

	July 31, 2020
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	34,154	$	268	$	(5	)	$	34,417
Obligations of the U.S. Government and its agencies		11,770		130		—			11,900
Total	$	45,924	$	398	$	(5	)	$	46,317

	April 30, 2020
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	38,922	$	295	$	(1	)	$	39,216
Obligations of the U.S. Government and its agencies		12,534		175		—			12,709
Total	$	51,456	$	470	$	(1	)	$	51,925

The following table summarizes the scheduled maturity for the Company’s marketable securities at July 31, 2020 (in thousands):

	July 31, 2020
Maturing in one year or less	$	28,895
Maturing after one year through two years		7,570
Maturing after two years		9,852
Total	$	46,317