Stock-Based Compensation (Tables)
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8 Months Ended |
Dec. 31, 2025 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Fair Value of Share-based Awards Granted Measured with Weighted-Average Assumptions |
The fair value of share-based awards granted during the periods indicated was measured with the following weighted-average assumptions for:
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Eight Months Ended
December 31, |
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Twelve Months Ended
April 30, |
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2025 |
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2025 |
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2024 |
Risk-free rate |
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3.85% |
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4.21% |
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4.29% |
Expected life of the options |
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6.25 years |
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6.25 years |
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6.25 years |
Expected volatility of the underlying stock |
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78.45% |
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79.85% |
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81.38% |
Expected dividend rate |
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0% |
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0% |
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0% |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation was reflected in the Company’s consolidated statements of operations and comprehensive loss for each of the periods indicated (in thousands):
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Eight Months Ended
December 31, |
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Twelve Months Ended
April 30, |
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2025 |
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2025 |
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2024 |
Cost of revenue |
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$ |
87 |
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$ |
— |
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$ |
— |
Research and development |
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3,896 |
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4,959 |
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9,305 |
Selling, general and administrative |
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7,432 |
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7,332 |
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12,610 |
Total stock-based compensation expense |
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$ |
11,415 |
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$ |
12,291 |
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$ |
21,915 |
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| Summary of Option Activity |
The following table summarizes option activity for the eight-month period ended December 31, 2025:
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Shares |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value (in thousands) |
Outstanding at April 30, 2025 |
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4,365,952 |
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$ |
13.08 |
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6.46 |
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$ |
12,612 |
Granted |
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836,920 |
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11.94 |
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Exercised |
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(215,698) |
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6.07 |
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Cancelled |
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(236,496) |
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12.13 |
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Outstanding at December 31, 2025 |
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4,750,678 |
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$ |
13.24 |
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6.61 |
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$ |
20,470 |
Exercisable at December 31, 2025 |
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2,819,490 |
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$ |
14.69 |
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4.97 |
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$ |
10,784 |
Vested and expected to vest at December 31, 2025 |
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4,750,678 |
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$ |
13.24 |
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6.61 |
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$ |
20,470 |
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| Restricted Stock Units |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of RSU Activity |
The following table summarizes RSU activity for the eight-month period ended December 31, 2025:
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Shares |
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Weighted Average Grant Date Fair Value |
Outstanding at April 30, 2025 |
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2,610,822 |
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$ |
10.13 |
Awarded |
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117,920 |
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12.53 |
Released |
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(600,364) |
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9.95 |
Forfeited |
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(105,646) |
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9.36 |
Outstanding at December 31, 2025 |
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2,022,732 |
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$ |
10.37 |
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| Performance Stock Units [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Performance Stock Units |
The following table summarizes Performance Stock Units (“PSUs”) for the eight-month period ended December 31, 2025:
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Shares |
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Weighted Average Grant Date Fair Value |
Outstanding at April 30, 2025 |
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238,250 |
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$ |
8.36 |
Awarded |
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— |
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— |
Released |
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(238,250) |
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8.36 |
Forfeited |
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— |
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— |
Outstanding at December 31, 2025 |
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— |
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$ |
— |
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