Income Taxes (Tables)

12 Months Ended

Apr. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

Loss before income taxes for the years ended April 30, 2026 and 2025 consisted of the following components:

		April 30, 2026				April 30, 2025
		(in thousands)
Domestic		$	(48,915	)		$	(25,500	)
Foreign			-				-
Total loss before income taxes		$	(48,915	)		$	(25,500	)

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, 2026 and 2025 to loss before income taxes as a result of the following:

		Amount (in thousands)			Percentage
		April 30, 2026
		Amount (in thousands)			Percentage
Computed expected tax benefit		$	(10,272	)		(21.0	)%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit (a)			186			0.4	%
Expiration of tax credits			513			1.1	%
Federal research and development tax credits
Foreign rate differential
Change in valuation allowance			6,087			12.5	%
Non-deductible/non-taxable items:
Stock compensation			757			1.6	%
Change in fair value of derivative			1,195			2.5	%
Other non-deductible expenses			320			0.7	%
Proceeds of sale of New Jersey tax benefits
Other Adjustments
Deferred true-up			8			—	%
Expiration of net operating loss due to dissolution of subsidiary
Expiration of net operating loss			1,206			2.5	%
Income tax (benefit)			—			0.0	%

(a)

For the year ended April 30, 2026, state taxes in the following states listed below made up the majority (greater than 50% of the tax effect):

●

New Jersey

As previously disclosed for the years ended April 30, 2025, prior to the adoption of ASU 2023-09, the table below is a reconciliation of the components that caused the Company’s (provision) benefit for income taxes to differ from amounts computed by applying the U.S. federal statutory rate:

		April 30, 2025
Computed expected tax benefit			(21.0	)%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit			(3.7	)%
Federal research and development tax credits			—	%
Foreign rate differential			—	%
Other non-deductible expenses			(0.1	)%
Proceeds of sale of New Jersey tax benefits			(3.6	)%
Expiration of net operating loss due to dissolution of subsidiary			8.8	%
Other expiration of net operating loss			6.7	%
Increase in valuation allowance			8.3	%
Income tax (benefit)			(4.6	)%

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, 2026				April 30, 2025
		(in thousands)
Deferred tax assets:
Federal net operating loss carryforwards		$	57,269			$	52,496
Foreign net operating loss carryforwards			—				—
State operating loss carryforwards			2,630				1,950
Federal and New Jersey research and development tax credits			4,859				5,553
Stock compensation			993				378
Accrued expenses			769				188
Research and experimentation expenses			1,971				2,259
Other			1,655				337
Net deferred tax assets before valuation allowance		$	70,146			$	63,161
Valuation allowance		$	(69,162	)		$	(62,192	)
Deferred tax assets		$	982			$	969
Deferred tax liabilities:
Intangibles		$	(737	)		$	(788	)
Lease liabilities			(448	)			(384	)
Net deferred tax liabilities		$	(203	)		$	(203	)