v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Apr. 30, 2025
Apr. 30, 2024
Current assets:      
Cash and cash equivalents $ 229,342 $ 131,615 $ 31,789
Marketable securities 70,872 89,002 178,612
Accounts receivable, net 2,593    
Inventory 3,428    
Research and development tax credit receivable 6,200 1,383 8,439
Prepaid expenses and other current assets 7,712 19,690 6,850
Total current assets 320,147 241,690 225,690
Property and equipment, net 3,034 1,988 2,227
Right of use assets 9,825 5,544 6,920
Other assets 2,369 1,548 567
Total assets 335,375 250,770 235,404
Current liabilities:      
Accounts payable 8,268 4,883 9,107
Accrued expenses and other current liabilities 33,897 27,307 12,398
Deferred revenue - current portion   11,000  
Lease liability - current portion 1,621 1,977 1,302
Royalty obligation - current portion 13,569    
Total current liabilities 57,355 45,167 22,807
Long-term liabilities:      
Deferred revenue - net of current portion 11,714    
Lease liability - net of current portion 10,727 4,330 6,015
Royalty obligation - net of current portion 119,063 105,882  
Convertible notes 139,227    
Total liabilities 338,086 155,379 28,822
Commitments and Contingencies (Note 11)
Stockholders' (deficit) equity:      
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2025, April 30, 2025 and April 30, 2024; 50,900,777, 49,762,048 and 42,521,975 shares issued and outstanding at December 31, 2025, April 30, 2025 and April 30, 2024, respectively 51 50 42
Additional paid-in capital 767,061 753,725 679,754
Accumulated deficit (762,694) (653,170) (469,726)
Accumulated other comprehensive loss (7,129) (5,214) (3,488)
Total stockholders' (deficit) equity (2,711) 95,391 206,582
Total liabilities and stockholders' (deficit) equity $ 335,375 $ 250,770 $ 235,404