Share-Based Payments

9 Months Ended

Jan. 31, 2022

Share-based Payment Arrangement [Abstract]

The Company has in place a 2021 Equity Incentive Plan, 2010 Equity Incentive Plan and 2008 Equity Incentive Plan. In general, these plans provide for stock-based compensation in the form of (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights to the Company’s employees, directors and non-employees. The plans also provide for limits on the aggregate number of shares that may be granted, the term of grants and the strike price of option awards.

Stock-based compensation expense was recognized as follows (table in thousands):


	Three Months Ended January 31,				Nine Months Ended January 31,
	2022		2021		2022		2021
General and administrative	$	223	$	149	$	442	$	206
Sales and marketing	53		51		149		148
Research and development	3		7		17		16
Cost of oncology services	31		25		116		67
Total stock-based compensation expense	$	310	$	232	$	724	$	437

Stock Option Grants

Black-Scholes assumptions used to calculate the fair value of options granted during the three and nine months ended January 31, 2022 and 2021 were as follows:


	Three Months Ended January 31,		Nine Months Ended January 31,
	2022	2021	2022	2021
Expected term in years	6	3	6	3-6
Risk-free interest rates	1.11%-1.20%	0.12%	0.82%-1.20%	0.12%-0.39%
Volatility	64.37%-64.62%	74.98%	64.37%-66.21%	72.64%-74.98%
Dividend yield	—%	—%	—%	—%

The weighted average fair value of stock options granted during the three months ended January 31, 2022 and 2021 was $5.80, respectively, and, $5.56 and $5.08 for the nine months ended January 31, 2022 and 2021, respectively.

The Company’s stock options activity for the nine months ended January 31, 2022 was as follows:


	Directors and Employees	Non- Employees	Total	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding, April 30, 2021	1,618,231	35,415	1,653,646	$	3.96	5.42	$	11,384,000
Granted	155,552	10,500	166,052	9.44		9.59
Exercised	(103,875)	—	(103,875)	2.24
Forfeited	(20,500)	—	(20,500)	7.14
Canceled	(8,875)	—	(8,875)	4.83
Expired	—	(5,000)	(5,000)	9.60

Outstanding, January 31, 2022	1,640,533	40,915	1,681,448	4.54		5.22	$	6,611,000

Vested and expected to vest as of January 31, 2022	1,640,533	40,915	1,681,448	4.54		5.22	$	6,611,000

Exercisable as of January 31, 2022	1,288,349	4,584	1,292,933	3.77		4.31	$	6,057,000