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Property and Equipment
 3 Months Ended
Jul. 31, 2026
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):
July 31,
2026		April 30,
2026
Furniture and fixtures$246 $246 
Computer equipment and software2,248 2,248 
Capitalized software development costs1,888 1,888 
Laboratory equipment12,132 11,465 
Assets in progress116 210 
Leasehold improvements361 361 
Total property and equipment16,991 16,418 
Less: Accumulated depreciation and amortization(13,204)(12,892)
Property and equipment, net$3,787 $3,526 
Depreciation and amortization expense was $314,000 and $358,000 for the three months ended July 31, 2026 and 2025, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $295,000 and $320,000 for the three months ended July 31, 2026 and 2025, respectively.

As of July 31, 2026 and April 30, 2026, property, plant and equipment included gross assets held under finance leases of $1.0 million. Related depreciation expense was approximately $19,000 and $38,000 for the three months ended July 31, 2026 and 2025.

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, resulting in a loss on disposal of equipment of $20,000. During the three months ended July 31, 2026, the Company did not dispose of any equipment.

Equipment Financing Arrangements

During the three months ended July 31, 2026, the Company received and placed into service laboratory equipment acquired under a vendor-financed purchase arrangement. The equipment is payable in 36 monthly installments through December 2028. The present value of the contractual payments, or cash-equivalent acquisition cost, was approximately $464,000 and was calculated using an imputed interest rate of 8.75%, resulting in an initial debt discount of approximately $65,000. Approximately $5,000 of qualifying interest incurred while the equipment was being prepared for its intended use was capitalized, resulting in an initial depreciable basis of approximately $469,000. As of July 31, 2026, the net equipment financing liability was approximately $383,000, of which approximately $168,000 and $215,000 were classified within other current liabilities and other non-current liabilities, respectively. In addition, approximately $29,000 of amounts previously invoiced by the vendor remained outstanding and were included in accounts payable. No depreciation expense related to the equipment was recognized during the three months ended July 31, 2026 as depreciation commences in the month following the equipment's July 24, 2026 placed-in-service date under the Company's depreciation convention.

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 for both the three months ended July 31, 2026 and 2025, respectively. Interest on the related finance lease liability was less than $1,000 and approximately $1,300 for the three months ended July 31, 2026 and 2025, 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 were 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 $0 and $19,000 for the three months ended July 31, 2026 and 2025, respectively. Interest on the related finance lease liability was $0 and less than $1,000, respectively, for the three months ended July 31, 2026 and 2025. This lease concluded during fiscal 2026.
As noted above, the Company's vendor-financed purchase arrangement and finance leases relate to laboratory equipment. The associated financing obligations are classified on the condensed consolidated balance sheets within other current liabilities and other non-current liabilities, as applicable. The weighted-average remaining lease term of the Company's finance lease and vendor-financed purchase arrangement is 0.83 years and 2.42 years, respectively.

Laboratory equipment assets and related financing obligations are as follows (in thousands):

July 31, 2026April 30, 2026
Finance lease equipment, net$66 $85 
Vendor-financed equipment, net$469 $— 
Current portion of financing lease liabilities
$66 $79 
Current equipment financing liability$168 $— 
Total current equipment financing arrangements$234 $79 
Non-current portion of financing lease liabilities$— $7 
Non-current equipment financing liability$215 $— 
Total non-current equipment financing arrangements$215 $7 
                                                                                    

Future minimum lease payments related to the Company's finance leases due each fiscal year as follows (in thousands):
2027 remaining$67 
Thereafter— 
 Total undiscounted liabilities67 
Less: Imputed interest(1)
Present value of minimum lease payments$66 

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

Future payments under the Company's vendor-financed equipment purchase arrangement as of July 31, 2026 were as follows (in thousands):

Total remaining vendor payments$455 
Less: amounts included in accounts payable(29)
Less: unamortized discount(43)
Present value equipment financing liability$383 
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):
July 31,
2026		April 30,
2026
Furniture and fixtures$246 $246 
Computer equipment and software2,248 2,248 
Capitalized software development costs1,888 1,888 
Laboratory equipment12,132 11,465 
Assets in progress116 210 
Leasehold improvements361 361 
Total property and equipment16,991 16,418 
Less: Accumulated depreciation and amortization(13,204)(12,892)
Property and equipment, net$3,787 $3,526 
Depreciation and amortization expense was $314,000 and $358,000 for the three months ended July 31, 2026 and 2025, respectively. Depreciation and amortization expense, excluding expense recorded under finance leases, was $295,000 and $320,000 for the three months ended July 31, 2026 and 2025, respectively.

As of July 31, 2026 and April 30, 2026, property, plant and equipment included gross assets held under finance leases of $1.0 million. Related depreciation expense was approximately $19,000 and $38,000 for the three months ended July 31, 2026 and 2025.

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, resulting in a loss on disposal of equipment of $20,000. During the three months ended July 31, 2026, the Company did not dispose of any equipment.

Equipment Financing Arrangements

During the three months ended July 31, 2026, the Company received and placed into service laboratory equipment acquired under a vendor-financed purchase arrangement. The equipment is payable in 36 monthly installments through December 2028. The present value of the contractual payments, or cash-equivalent acquisition cost, was approximately $464,000 and was calculated using an imputed interest rate of 8.75%, resulting in an initial debt discount of approximately $65,000. Approximately $5,000 of qualifying interest incurred while the equipment was being prepared for its intended use was capitalized, resulting in an initial depreciable basis of approximately $469,000. As of July 31, 2026, the net equipment financing liability was approximately $383,000, of which approximately $168,000 and $215,000 were classified within other current liabilities and other non-current liabilities, respectively. In addition, approximately $29,000 of amounts previously invoiced by the vendor remained outstanding and were included in accounts payable. No depreciation expense related to the equipment was recognized during the three months ended July 31, 2026 as depreciation commences in the month following the equipment's July 24, 2026 placed-in-service date under the Company's depreciation convention.

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 for both the three months ended July 31, 2026 and 2025, respectively. Interest on the related finance lease liability was less than $1,000 and approximately $1,300 for the three months ended July 31, 2026 and 2025, 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 were 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 $0 and $19,000 for the three months ended July 31, 2026 and 2025, respectively. Interest on the related finance lease liability was $0 and less than $1,000, respectively, for the three months ended July 31, 2026 and 2025. This lease concluded during fiscal 2026.
As noted above, the Company's vendor-financed purchase arrangement and finance leases relate to laboratory equipment. The associated financing obligations are classified on the condensed consolidated balance sheets within other current liabilities and other non-current liabilities, as applicable. The weighted-average remaining lease term of the Company's finance lease and vendor-financed purchase arrangement is 0.83 years and 2.42 years, respectively.

Laboratory equipment assets and related financing obligations are as follows (in thousands):

July 31, 2026April 30, 2026
Finance lease equipment, net$66 $85 
Vendor-financed equipment, net$469 $— 
Current portion of financing lease liabilities
$66 $79 
Current equipment financing liability$168 $— 
Total current equipment financing arrangements$234 $79 
Non-current portion of financing lease liabilities$— $7 
Non-current equipment financing liability$215 $— 
Total non-current equipment financing arrangements$215 $7 
                                                                                    

Future minimum lease payments related to the Company's finance leases due each fiscal year as follows (in thousands):
2027 remaining$67 
Thereafter— 
 Total undiscounted liabilities67 
Less: Imputed interest(1)
Present value of minimum lease payments$66 

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

Future payments under the Company's vendor-financed equipment purchase arrangement as of July 31, 2026 were as follows (in thousands):

Total remaining vendor payments$455 
Less: amounts included in accounts payable(29)
Less: unamortized discount(43)
Present value equipment financing liability$383