Property and Equipment

6 Months Ended

Oct. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment is recorded at cost and primarily consists of laboratory equipment, computer equipment and software, capitalized software development costs, and furniture and fixtures. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to nine years. Property and equipment consisted of the following (table in thousands):

	October 31, 2025		April 30, 2025
Furniture and fixtures	$	246	$	246
Computer equipment and software	2,175		2,165
Capitalized software development costs	1,888		1,888
Laboratory equipment	11,655		11,323
Assets in progress	49		124
Leasehold improvements	317		317
Total property and equipment	16,330		16,063
Less: Accumulated depreciation and amortization	(12,379)		(11,688)
Property and equipment, net	$	3,951	$	4,375

Depreciation and amortization expense was $357,000 and $399,000 for the three months ended October 31, 2025 and 2024, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $318,000 and $362,000 for the three months ended October 31, 2025 and 2024, respectively.

Depreciation and amortization expense was $715,000 and $848,000 for the six months ended October 31, 2025 and 2024, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $638,000 and $774,000 for the six months ended October 31, 2025 and 2024, respectively.

As of October 31, 2025 and April 30, 2025, property, plant and equipment included gross assets held under finance leases of $1.0 million. Related depreciation expense was approximately $39,000 and $37,000 for the three months ended October 31, 2025 and 2024, respectively, and $77,000 and $74,000 for the six months ended October 31, 2025 and 2024, respectively.

During the three months ended July 31, 2025, the Company disposed of lab equipment with a cost of $44,000 and accumulated depreciation of $24,000 as of the disposal date, resulting in a loss on disposal of equipment recorded of $20,000. The Company did not dispose of any equipment during the three months ended October 31, 2025. During the three and six months ended October 31, 2024, the Company did not dispose of any equipment.

Finance Lease

During fiscal year 2023, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $368,000 at inception through June 2027. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. The present value of the minimum future obligations of $368,000 was calculated based on an interest rate of 3.5%. Depreciation and amortization expense related to this finance lease was $19,000 and $18,000 for the three months ended October 31, 2025 and 2024, respectively, and $38,000 and $36,000, for the six months ended October 31, 2025 and 2024, respectively. Interest on the related finance lease liability was approximately $1,100 and $1,800 for the three months ended October 31, 2025 and 2024, respectively. Interest on the related finance lease liability was approximately $2,400 and $3,700 for the six months ended October 31, 2025 and 2024, respectively.

During fiscal year 2022, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $370,000 at inception through December 2025. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. At the commencement of the commitment, the present value of the minimum future obligations of $370,000 was calculated based on an interest rate of 3.25%. Depreciation and amortization expense related to this finance lease was $20,000 and $19,000 for the three months ended October 31, 2025 and 2024, respectively, and $39,000 and $38,000, for six months ended October 31, 2025 and 2024, respectively. Interest on the related finance lease liability was less than $1,000 for the three and six months ended October 31, 2025. Interest on the related finance lease liability was less than $1,000 for the three months ended October 31, 2024 and approximately $1,900 for the six months ended October 31, 2024.

As noted above, the Company's financing leases are for laboratory equipment. The associated liabilities for these leases are classified on the condensed consolidated balance sheets within other current and other non-current liabilities. The weighted average remaining lease term of these leases is 1.40 years.

Financing lease assets (lab equipment) and lease liabilities related to our current financing leases are as follows (in thousands):

	October 31, 2025		April 30, 2025
Financing lease net asset	$	143	$	220
Current portion of financing lease liabilities	97		60
Non-current portion of financing lease liabilities	46		160

Future minimum lease payments due each fiscal year as follows (in thousands):

2026 (remaining)	$	60
2027	80
2028	7
Total undiscounted liabilities	147
Less: Imputed interest	(4)
Present value of minimum lease payments	$	143

Refer to Note 7, Leases, for information on operating leases.

Property and Equipment

Property and Equipment

Property and equipment is recorded at cost and primarily consists of laboratory equipment, computer equipment and software, capitalized software development costs, and furniture and fixtures. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the various assets ranging from three to nine years. Property and equipment consisted of the following (table in thousands):

	October 31, 2025		April 30, 2025
Furniture and fixtures	$	246	$	246
Computer equipment and software	2,175		2,165
Capitalized software development costs	1,888		1,888
Laboratory equipment	11,655		11,323
Assets in progress	49		124
Leasehold improvements	317		317
Total property and equipment	16,330		16,063
Less: Accumulated depreciation and amortization	(12,379)		(11,688)
Property and equipment, net	$	3,951	$	4,375

Depreciation and amortization expense was $357,000 and $399,000 for the three months ended October 31, 2025 and 2024, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $318,000 and $362,000 for the three months ended October 31, 2025 and 2024, respectively.

Depreciation and amortization expense was $715,000 and $848,000 for the six months ended October 31, 2025 and 2024, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $638,000 and $774,000 for the six months ended October 31, 2025 and 2024, respectively.

As of October 31, 2025 and April 30, 2025, property, plant and equipment included gross assets held under finance leases of $1.0 million. Related depreciation expense was approximately $39,000 and $37,000 for the three months ended October 31, 2025 and 2024, respectively, and $77,000 and $74,000 for the six months ended October 31, 2025 and 2024, respectively.

During the three months ended July 31, 2025, the Company disposed of lab equipment with a cost of $44,000 and accumulated depreciation of $24,000 as of the disposal date, resulting in a loss on disposal of equipment recorded of $20,000. The Company did not dispose of any equipment during the three months ended October 31, 2025. During the three and six months ended October 31, 2024, the Company did not dispose of any equipment.

Finance Lease

During fiscal year 2023, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $368,000 at inception through June 2027. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. The present value of the minimum future obligations of $368,000 was calculated based on an interest rate of 3.5%. Depreciation and amortization expense related to this finance lease was $19,000 and $18,000 for the three months ended October 31, 2025 and 2024, respectively, and $38,000 and $36,000, for the six months ended October 31, 2025 and 2024, respectively. Interest on the related finance lease liability was approximately $1,100 and $1,800 for the three months ended October 31, 2025 and 2024, respectively. Interest on the related finance lease liability was approximately $2,400 and $3,700 for the six months ended October 31, 2025 and 2024, respectively.

During fiscal year 2022, the Company recognized a finance lease for laboratory equipment. This equipment was obtained as the result of a laboratory supplies purchase commitment with costs of approximately $370,000 at inception through December 2025. Cash payments for this lease are in the form of consideration for purchasing lab supplies under a purchase commitment agreement. At the commencement of the commitment, the present value of the minimum future obligations of $370,000 was calculated based on an interest rate of 3.25%. Depreciation and amortization expense related to this finance lease was $20,000 and $19,000 for the three months ended October 31, 2025 and 2024, respectively, and $39,000 and $38,000, for six months ended October 31, 2025 and 2024, respectively. Interest on the related finance lease liability was less than $1,000 for the three and six months ended October 31, 2025. Interest on the related finance lease liability was less than $1,000 for the three months ended October 31, 2024 and approximately $1,900 for the six months ended October 31, 2024.

As noted above, the Company's financing leases are for laboratory equipment. The associated liabilities for these leases are classified on the condensed consolidated balance sheets within other current and other non-current liabilities. The weighted average remaining lease term of these leases is 1.40 years.

Financing lease assets (lab equipment) and lease liabilities related to our current financing leases are as follows (in thousands):

	October 31, 2025		April 30, 2025
Financing lease net asset	$	143	$	220
Current portion of financing lease liabilities	97		60
Non-current portion of financing lease liabilities	46		160

Future minimum lease payments due each fiscal year as follows (in thousands):

2026 (remaining)	$	60
2027	80
2028	7
Total undiscounted liabilities	147
Less: Imputed interest	(4)
Present value of minimum lease payments	$	143

Refer to Note 7, Leases, for information on operating leases.