v3.25.2
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Income Taxes

Loss before income taxes for the years ended April 30, 2025 and 2024 consisted of the following components:

 

   April 30, 2025   April 30, 2024 
   (in thousands) 
Domestic  $(22,545)  $(28,737)
Foreign   -    - 
Total loss before income taxes  $(22,545)  $(28,737)
Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the percentages computed by applying the U.S. federal income tax rate for the periods ended April 30, 2025 and 2024 to loss before income taxes as a result of the following:

 

   April 30, 2025   April 30, 2024 
Computed expected tax benefit   (21.0)%   (21.0)%
Increase (reduction) in income taxes resulting from:          
State income taxes, net of federal benefit   (3.7)%   (3.5)%
Federal research and development tax credits   —%   (1.1)%
Foreign rate differential   —%   —%
Other non-deductible expenses   (0.1)%   0.4%
Proceeds of sale of New Jersey tax benefits   (3.6)%   (3.4)%
Expiration of net operating loss due to dissolution of subsidiary   8.8%   —%
Other expiration of net operating loss   

6.7

%   

4.5

%
Increase in valuation allowance   8.3%   19.8%
Income tax (benefit)   (4.6)%   (4.3)%
Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and carry forwards that give rise to the Company’s deferred tax assets and deferred tax liabilities are presented below. 

  

   April 30, 2025   April 30, 2024 
   (in thousands) 
Deferred tax assets:          
Federal net operating loss carryforwards  $52,496   $48,745 
Foreign net operating loss carryforwards   —    2,059 
State operating loss carryforwards   1,950    1,934 
Federal and New Jersey research and development tax credits   5,553    5,404 
Stock compensation   378    470 
Accrued expenses   188    312 
Research and experimentation expenses   

2,259

    

1,977

 
Other   337    601 
Net deferred tax assets before valuation allowance  $63,161   $61,502 
Valuation allowance  $(62,192)  $(60,322)
Deferred tax assets  $969   $1,180 
Deferred tax liabilities:          
Intangibles  $(788)  $(793)
Lease liabilities   (384

)

   (590)
Net deferred tax liabilities  $(203)  $(203)