Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2016

Accounting Policies [Abstract]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents information about our warrant liability, which was our only financial instrument measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended April 30, 2015 (dollars in thousands):

	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	$	—

Public Utility Property, Plant, and Equipment

Property and equipment consisted of the following (in thousands):

	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

Schedule of Future Minimum Lease Payments for Capital Leases

The following is a schedule by years of future minimum lease payments under this capital lease together with the present value of the net minimum lease payments as of April 30, 2016 (table in thousands):

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

Schedule of Earnings Per Share, Basic and Diluted

	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	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table reflects the total potential stock-based instruments outstanding at April 30, 2016 and 2015 that could have an effect on the future computation of dilution per common share:

	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