v3.26.1
Income Taxes
 12 Months Ended
Apr. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

The components of loss before income taxes are as follows:

 

 

2026

 

 

2025

 

U.S. Operations

$

(116,148

)

 

$

(105,417

)

Foreign Operations

 

(15,171

)

 

 

(8,262

)

   Total

$

(131,318

)

 

$

(113,679

)

 

In 2025, the Company completed its restructuring in connection with its initial public offering. The Company’s parent company is based in Bermuda and is a resident for Irish tax purposes. Its subsidiaries are in the Cayman Islands, Ireland, and the U.S. Under the current laws of Bermuda and the Cayman Islands, the Company is not subject to tax on income. However, the Company and its subsidiaries are subject to taxation in Ireland, the U.S. federal government, and various states.

As a result of the restructuring completed in connection with the initial public offering, the Company’s effective tax rate varies from the statutory Irish tax rate due to the effect of U.S. federal income taxes, state income taxes and research and development credits. The Company’s effective tax rate could fluctuate from quarter to quarter based on variations in the estimated and actual level of pre-tax income or loss by jurisdiction, changes in enacted tax laws and regulations, and changes in estimates regarding the realizability of deferred tax assets. As of April 30, 2026 and 2025, the Company provided a full valuation allowance against its net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized.

Income tax expense for the year ended April 30, 2026 differs from the amount of income tax determined by applying the applicable Irish statutory tax rate to pretax income as a result of the following differences. For purposes of the reconciliation between the provision (benefit) for income taxes at the statutory rate and the effective tax rate, an Irish 12.5% rate is applied to pretax income as a result of the following for the year ended April 30, 2026:

 

 

Year Ended April 30, 2026

 

 

Amount

 

 

Percentage

 

Irish Statutory Tax Rate

$

(16,415

)

 

 

12.5

%

Foreign Tax Effects

 

 

 

 

 

   US

 

(9,873

)

 

 

7.5

%

   State Tax Provision (net of Federal Benefit)

 

(2,871

)

 

 

2.2

%

   Other

 

503

 

 

 

(0.4

%)

Non-deductible Expenses

 

 

 

 

 

   Stock-Based Compensation

 

6,656

 

 

 

(5.1

%)

   Other

 

696

 

 

 

(0.5

%)

Tax Credits

 

 

 

 

 

   R&D Credit

 

(395

)

 

 

0.3

%

Other

 

(155

)

 

 

0.1

%

Change in Valuation Allowance

 

22,148

 

 

 

(16.9

%)

 

$

294

 

 

 

(0.2

%)

 

As previously disclosed for the year ended April 30, 2025, prior to the adoption of ASU 2023-09, income tax expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences:

 

 

2025

 

Tax provision (benefit) at statutory rate

$

(28,420

)

Foreign Rate Differential

 

4,719

 

State Tax Provision (net of Federal Benefit)

 

(4,110

)

Non-deductible Expenses

 

3,561

 

R&D Credit

 

(402

)

Other

 

-

 

Change in Valuation Allowance

 

24,787

 

 

$

135