Share-Based Payments

3 Months Ended

Jul. 31, 2024

Share-Based Payment Arrangement [Abstract]

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


	Three Months Ended July 31,
	2024		2023
General and administrative	$	185	$	184
Sales and marketing	40		66
Research and development	4		11
Cost of oncology services	29		162
Total stock-based compensation expense	$	258	$	423

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 July 31, 2024, approximately 1.3 million shares were available for issue under this plan.

Stock Option Grants

Black-Scholes assumptions used to calculate the fair value of options granted during the three months ended July 31, 2024 and 2023 were as follows:


	Three Months Ended July 31,
	2024	2023
Expected term in years	6	6
Risk-free interest rates	4.48%	3.95%
Volatility	62.72%	62.83%
Dividend yield	—%	—%

The weighted average fair value of stock options granted during the three months ended July 31, 2024 and 2023 was $3.02 and $3.72, respectively.

The Company’s stock options activity for the three months ended July 31, 2024 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, 2024	1,883,166	36,331	1,919,497	$	5.04	5.2	$	2,172,000
Granted	1,000	—	1,000	4.90		9.8
Exercised	—	—	—	—
Forfeited	—	—	—	—
Canceled	(500)	—	(500)	6.11
Expired	—	—	—	—

Outstanding, July 31, 2024	1,883,666	36,331	1,919,997	5.04		5.0	$	2,125,000

Vested and expected to vest as of July 31, 2024	1,883,666	36,331	1,919,997	5.04		5.0	$	2,125,000

Exercisable as of July 31, 2024	1,551,829	3,750	1,555,579	4.74		4.1	$	2,125,000

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 July 31, 2024, the Company had purchased 120,333 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.