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Share-Based Payments
 9 Months Ended
Jan. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based Payments
 
Stock-based compensation expense was recognized as follows (table in thousands):
 
Three Months Ended
January 31,		Nine Months Ended
January 31,
 2024202320242023
General and administrative$272 $235 $487 $380 
Sales and marketing73 50 160 148 
Research and development5 6 17 13 
Cost of oncology services29 40 191 115 
Total stock-based compensation expense$379 $331 $855 $656 

The Company has in place a 2021 Equity Incentive Plan and 2010 Equity Incentive Plan (collectively, the "Plans"). In general, these Plans provide for stock-based compensation 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.

2021 Equity Incentive Plan
As part of the 2021 Annual Shareholders Meeting, shareholders approved the adoption of the 2021 Equity Incentive Plan (“2021 Equity Plan”). The purpose of the 2021 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Incentive Stock Options; (iii) Restricted Stock Awards; and/or (iv) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2021 Equity Plan shall not exceed 2 million shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Company's Board of Directors. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. As of January 31, 2024, approximately 1.3 million shares were available for issue under this plan.

2010 Equity Incentive Plan
On February 18, 2011, shareholders owning a majority of the issued and outstanding shares of the Company executed a written consent approving the 2010 Equity Incentive Plan (“2010 Equity Plan”). The purpose of the 2010 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2010 Equity Plan shall not exceed 30 million shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Board of Directors. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. After February 2021, no more shares were available to be issued from this plan.

Stock Option Grants
 
Black-Scholes assumptions used to calculate the fair value of options granted during the three and nine months ended January 31, 2024 and 2023 were as follows:
 
Three Months Ended
January 31,		Nine Months Ended
January 31,
 2024202320242023
Expected term in years
6
6
6
6
Risk-free interest rates
4.49%
3.70%
3.95% - 4.49%
2.87% - 3.70%
Volatility
63.41%
61.88%
62.83% - 63.41%
 61.88% - 62.58%
Dividend yield—%—%—%—%
 
The weighted average fair value of stock options granted during the three months ended January 31, 2024 and 2023 was $3.41 and $4.20, respectively. The weighted average fair value of stock options granted during the nine months ended January 31, 2024 and 2023 was $3.77 and $4.33, respectively.
The Company’s stock options activity for the nine months ended January 31, 2024 was as follows:
 
Directors
and
Employees		Non-
Employees		TotalWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
Outstanding, April 30, 20231,739,336 36,331 1,775,667 $4.80 4.6$2,683,000 
Granted419,730 — 419,730 6.10 9.7
Exercised(155,449)— (155,449)2.31 
Forfeited(40,750)— (40,750)6.21   
Canceled(41,285)— (41,285)4.44 
Expired(54,166)— (54,166)12.78   
Outstanding, January 31, 20241,867,416 36,331 1,903,747 5.04 5.4$3,068,000 
Vested and expected to vest as of January 31, 20241,867,416 36,331 1,903,747 5.04 5.4$3,068,000 
Exercisable as of January 31, 20241,453,363 3,750 1,457,113 4.63 4.3$3,011,000 

Share Repurchase Program

On March 29, 2023, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to an aggregate of $5.0 million of the Company’s common stock. The share repurchase program is designed in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The shares may be purchased from time to time in the open market, as permitted under applicable rules and regulations, at prevailing market prices. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The program does not obligate the Company to acquire a minimum number of shares. As of January 31, 2024, the Company had purchased approximately 120,300 shares of its common stock, at an average price of $5.73 per share, totaling approximately $708,000 and leaving an available balance of approximately $4.3 million authorized by the Board for use in the program as of that date.