Income Taxes (Tables)
|
12 Months Ended |
Apr. 30, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Net Loss Before Provision for Income Taxes |
The components of net loss before provision for income taxes are as follows:
|
|
|
|
|
|
|
|
|
April 30, |
|
|
2025 |
|
|
2024 |
|
U.S. operations |
$ |
(105,417 |
) |
|
$ |
(75,374 |
) |
Foreign operations |
|
(8,262 |
) |
|
|
(18,722 |
) |
Net loss before provision for income taxes |
$ |
(113,679 |
) |
|
$ |
(94,096 |
) |
|
| Summary of Reconciliation Between Provision (Benefit) for Income Taxes |
|
|
|
|
|
|
|
|
|
April 30, |
|
|
2025 |
|
|
2024 |
|
Tax benefit at U.S. statutory rate |
$ |
(28,420 |
) |
|
$ |
(19,760 |
) |
Non-taxable foreign income |
|
4,719 |
|
|
|
(373 |
) |
State tax (net of federal tax benefit) |
|
(4,110 |
) |
|
|
(2,325 |
) |
Non-deductible expenses |
|
3,561 |
|
|
|
719 |
|
R&D credit (net of reserve) |
|
(402 |
) |
|
|
(704 |
) |
Other |
|
— |
|
|
|
23 |
|
Change in valuation allowance |
|
24,787 |
|
|
|
22,444 |
|
Provision for income taxes |
$ |
135 |
|
|
$ |
24 |
|
|
| Summary of Components of Deferred Tax Assets and Liabilities |
Significant components of the deferred tax assets and liabilities are as follows:
|
|
|
|
|
|
|
|
|
April 30, |
|
|
2025 |
|
|
2024 |
|
Deferred tax assets |
|
|
|
|
|
Loss carryforwards |
$ |
52,281 |
|
|
$ |
34,572 |
|
Interest carryforward |
|
7,211 |
|
|
|
5,786 |
|
Accrued liabilities |
|
4,553 |
|
|
|
2,261 |
|
Operating lease liability |
|
539 |
|
|
|
354 |
|
Disposable medical equipment supplies |
|
224 |
|
|
|
161 |
|
U.S. research and development credits |
|
5,517 |
|
|
|
5,116 |
|
Intangible asset |
|
35,375 |
|
|
|
35,375 |
|
Share-based compensation |
|
4,998 |
|
|
|
— |
|
Total deferred tax assets |
$ |
110,698 |
|
|
$ |
83,625 |
|
Less: valuation allowance for deferred tax assets |
|
(103,815 |
) |
|
|
(79,028 |
) |
Net deferred tax assets |
$ |
6,883 |
|
|
$ |
4,597 |
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
Property and equipment |
$ |
(6,233 |
) |
|
$ |
(4,161 |
) |
Prepaid expenses |
|
(533 |
) |
|
|
(228 |
) |
Right-of-use assets |
|
(257 |
) |
|
|
(284 |
) |
Total deferred tax liabilities |
$ |
(7,023 |
) |
|
$ |
(4,673 |
) |
Net deferred tax liabilities |
$ |
(140 |
) |
|
$ |
(76 |
) |
|
| Summary of Net Operating Losses and Tax Credit Carryforwards |
Net operating losses and tax credit carryforwards as of April 30, 2025 are as follows:
|
|
|
|
|
|
|
2025 |
|
|
Expiration Years |
Net operating losses, federal |
$ |
201,189 |
|
|
Indefinite |
Net operating losses, state |
|
110,475 |
|
|
Various |
Tax credits, federal |
|
6,336 |
|
|
2039 - 2043 |
Net operating losses, foreign |
|
34,307 |
|
|
Indefinite |
|
| Summary of Activity Related to Unrecognized Tax Benefits |
The following table summarized the activity related to unrecognized tax benefits for the years ended:
|
|
|
|
|
|
|
|
|
April 30, |
|
|
2025 |
|
|
2024 |
|
Unrecognized tax benefits at beginning of year |
$ |
(774 |
) |
|
$ |
(696 |
) |
Additions based on tax positions taken in the current year |
|
(45 |
) |
|
|
(78 |
) |
Additions based on tax positions taken in the prior year |
|
— |
|
|
|
— |
|
Decreases based on tax positions taken in prior years |
|
— |
|
|
|
— |
|
Unrecognized tax benefits at end of year |
$ |
(819 |
) |
|
$ |
(774 |
) |
|