The Company adopted the 2015 Stock Plan (the “2015 Plan”) in February 2015. The 2015 Plan was an equity incentive program under which employees of the Company or its subsidiary corporations (including officers), non-employee members of the Board, and consultants to the Company or its subsidiary corporations were offered an opportunity to acquire the Company’s ordinary shares. The 2015 Plan provided both for the direct award or sale of ordinary shares (“RSAs”) and for the grant of options to

purchase ordinary shares. Options granted under the Plan were Incentive stock options (“ISOs”) intended to qualify under Code Section 422 or Nonstatutory Options (“NSOs”) which were not intended to so qualify. Only employees, outside directors and consultants of either the Company or a subsidiary of the Company, were eligible for the grant of NSO or the direct award or sale of ordinary shares. Only employees of either the Company or of a subsidiary of the Company, were eligible for the grant of ISOs.

As of January 27, 2022, the 2015 Plan has ceased to be available for grants of new awards. Prior to the aforementioned cessation of the 2015 Plan for new grants and as of April 30, 2021, 26,000,000 ordinary shares were authorized for issuance under the 2015 Plan. Options under the 2015 Plan may be granted for periods of up to ten years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the Board of Directors. Both RSAs and options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the issuance date and 1/48th per month thereafter.


	Options Outstanding
	Outstanding Share Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Balances as of April 30, 2020	10,776,188	$0.67	7.53	$	15,592
Options granted	6,325,510	$2.70
Options exercised and vested	(2,468,792)	$0.56
Options canceled/ forfeited	(512,727)	$1.72
Balances as of April 30, 2021	14,120,179	$1.57	7.87	$	62,613
Options granted	701,500	$6.11
Options exercised and vested	(2,924,410)	$1.04
Options canceled/ forfeited	(536,524)	$3.18
Balances as of April 30, 2022	11,360,745	$1.94	7.12	$	103,412
Vested or expected to vest as of April 30, 2022	11,360,745	$1.94	7.12	$	103,412
Exercisable as of April 30, 2022	10,934,625	$1.94	7.12	$	99,497

During the years ended April 30, 2022, 2021 and 2020, the total intrinsic value of options exercised, including options early exercised, was $28.4 million, $4.7 million and $1.4 million, respectively. The weighted-average grant date fair value of options vested was $1.36 per share for the year ended April 30, 2022. The weighted-average grant date fair value of options vested was $0.65 per share for the year ended April 30, 2021. The weighted-average grant date fair value of options vested was $0.39 per share for the year ended April 30, 2020.

The total grant date fair value of share options that vested was $4.5 million, $2.1 million and $1.2 million as of April 30, 2022, 2021 and 2020, respectively. As of April 30, 2022, the total unrecognized compensation cost was $9.8 million related to share options, which are expected to be recognized over a weighted-average period of 2.17 years.

The Company estimated the fair value of share options using the Black-Scholes option-pricing model. The fair value of employee share options is being amortized on a straight-line basis over the requisite

service period of the awards. The fair values of the employee share options granted in the years presented were estimated using the following weighted-average assumptions:


	Year Ended April 30,
	2022	2021	2020
Expected volatility	41.29% - 42.31%	40.12% - 42.84%	36.55% - 36.89%
Weighted-average expected term (in years)	5.96	5.97	5.91
Risk-free interest rate	0.69% - 1.23%	0.32% - 1.19%	1.68% - 1.75%
Dividend yield	—%	—%	—%
Weighted-average grant date fair value per share	$6.26	$1.86	$0.99

In December 2021, the Company adopted the 2021 long-term incentive plan (the “2021 Plan”). Upon the adoption, the 2021 Plan had 19,907,421 ordinary shares reserved for issuance. Awards granted under the 2021 Plan may include, but are not limited to, options and restricted stock units (“RSU”). Options granted under the 2021 Plan generally have a term of 10 years and generally must be issued at prices equal to the fair market value of the share on the date of grant. RSU awards are denominated in shares of ordinary shares, but may be settled in cash or shares upon vesting, as determined by the Company at the time of grant. None of the awards granted under the 2021 Plan as of April 30, 2022 allowed cash settlement. Awards under the 2021 Plan generally vest over 4 years.


	Number of shares	Weighted-Average Grant Date Fair Value	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Balances as of April 30, 2021	—	—	—	—
Granted	4,176,250	$10.25
Vested	(12,499)	$10.00
Canceled/ forfeited	(30,000)	$10.00
Balances as of April 30, 2022	4,133,751	$10.26	1.65	$	45,637
Expected to vest as of April 30, 2022	4,133,751	$10.26	1.65	$	45,637

As of April 30, 2022, unamortized compensation expense related to RSUs was $38.4 million. The unamortized compensation expense for RSUs will be amortized on a straight-line basis and is expected to be recognized over a weighted-average period of 3.43 years.

In January 2022, the Company adopted the Employee Stock Purchase Plan (the “ESPP”). Under the ESPP plan, a total of 3,800,508 shares have been authorized for the grant of options and participants can purchase the Company’s ordinary shares using payroll deductions, which may not exceed 15% of their total cash compensation. Pursuant to the terms of the ESPP, the “look-back” period for the stock purchase price is 24 months. Offering and purchase periods begin on January 1 and July 1 of each year. Participants will be granted the right to purchase ordinary shares at a price per share that is 85% of the lesser of the fair market value of the shares at (i) the participant’s entry date into the two-year offering period or (ii) the end of each six-month purchase period within the offering period.

The following weighted-average assumptions were used for the year ended April 30, 2022 to calculate the fair value of ordinary share to be issued under the ESPP on the date of grant using the Black-Scholes option pricing model:


			Year Ended April 30,
			2022
Estimated fair value			4.56
Expected volatility			33.00%
Expected term (in years)			1.17
Risk-free interest rate			1.41%
Expected dividend yield			—%


	Year Ended April 30,
	2022		2021		2020
Cost of revenue	$	220	$	183	$	33
Research and development	5,021		7,737		584
Selling, general and administrative	3,947		5,986		630
	$	9,188	$	13,906	$	1,247