Income Taxes (Tables)

12 Months Ended

Apr. 30, 2026

Schedule of Components of Net Loss Before Income Taxes

The components of the Company’s net loss before provision for income taxes for the fiscal years ended April 30, 2026, 2025 and 2024 were as follows (in thousands):


	Fiscal Year Ended April 30,
	2026		2025		2024
Domestic	$	(473,506)	$	(291,153)	$	(282,036)
Foreign	3,959		3,427		3,132
Net loss before provision for income taxes	$	(469,547)	$	(287,726)	$	(278,904)

Schedule of Provision for Income Tax Expenses

The components of the Company’s provision for income taxes for the fiscal years ended April 30, 2026, 2025 and 2024 were as follows (in thousands):


	Fiscal Year Ended April 30,
	2026		2025		2024
Current expense
Federal	$	—	$	—	$	—
State	30		273		293
Foreign	792		670		499
Total	822		943		792
Deferred expense
Federal	—		—		—
State	—		—		—
Foreign	—		33		—
Total	—		33		—
Total provision for income taxes	$	822	$	976	$	792

Schedule of Federal Statutory Rate to Effective Tax Rate Reconciliation

The reconciliation of U.S. federal statutory rate to the Company’s effective tax rate was follows (in thousands):


	Fiscal Year Ended April 30, 2026
	Amount		Percent
Expected benefit at federal statutory rate	$	(98,605)	21.00	%
State tax expense—net of federal benefit	30		(0.01)
Impact of foreign operations	(169)		0.04
Federal research and development credit	(4,042)		0.86
Change in valuation allowance	70,323		(14.98)
Stock-based compensation†	29,614		(6.31)
Other permanent items	1,520		(0.32)
Changes in Unrecognized Tax Benefits (Gross)	2,151		(0.46)
Total provision for income taxes	$	822	(0.18)	%

For the fiscal year ended April 30, 2026, state taxes in Texas comprise the majority of the domestic state and local income taxes, net of federal benefit.

The difference in the Company’s effective tax rate and the U.S. federal statutory tax rate is primarily due to recording a full valuation allowance and the increase of disallowed stock based compensation on the Company’s U.S. deferred tax assets.

A reconciliation of the expected tax provision at the statutory federal income tax rate to the Company’s recorded tax provision consisted of the following, prior to the adoption of ASU 2023-09 (in thousands):


	Fiscal Year Ended April 30,
		2025		2024
Expected benefit at federal statutory rate		$	(60,422)	$	(58,570)
State tax expense—net of federal benefit		272		292
Impact of foreign operations		(156)		(158)
Federal research and development credit		(3,562)		(3,087)
Change in valuation allowance		64,770		66,556
Stock-based compensation		(1,072)		(5,001)
Meals and entertainment		228		207
ASC 740-10 Reserve		140		—
Other permanent items		778		553
Total provision for income taxes		$	976	$	792

Schedule of Cash Flow, Supplemental Disclosures

The following table presents the required disclosures pursuant to ASU 2023-09 regarding the amount of income taxes paid, net of refunds received (in thousands):


	Fiscal Year Ended April 30, 2026
Taxes paid (net of refunds)
Federal	$	—
State
Texas	197
Other	12
Total US and Local	209
Foreign
France	104
Mexico	434
Netherlands	90
Other Foreign	1
Total Foreign	629
Total	$	838

For the tax year end April 30, 2026, state taxes in Texas comprise the majority of the domestic state and local income taxes, net of federal benefit.

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of April 30, 2026 and 2025 were as follows (in thousands):


	As of April 30,
	2026		2025
Deferred tax assets
Accrued payroll	$	7,165	$	7,483
Other accruals & reserves	2,909		3,423
Operating lease liability	13,625		13,696
Deferred revenue	3,368		1,354

Net operating losses	243,715		179,554
R&D tax credit	24,156		20,396
Stock based compensation	15,201		15,710
Capitalized R&D expenditure	105,857		93,759
Other	361		362
Gross deferred tax assets	416,357		335,737
Valuation allowance	(400,447)		(320,939)
Total deferred tax assets	15,910		14,798
Deferred tax liabilities
Prepaid expenses	(4,523)		(1,774)
Depreciation	(7,025)		(8,635)
Operating lease right-of-use assets	(4,362)		(4,389)
Total deferred tax liabilities	(15,910)		(14,798)
Net deferred tax assets (liabilities)	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in thousands):


	As of April 30,
	2026		2025
Balance as of May 1	$	22,561	$	16,548
Increases for tax positions related to the prior year	66		70
Increases for tax positions related to the current year	4,318		5,943
Balance as of April 30	$	26,945	$	22,561