LIQUIDITY AND GOING CONCERN |
3 Months Ended | |||
|---|---|---|---|---|
Jul. 31, 2026 | ||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
| LIQUIDITY AND GOING CONCERN |
The accompanying condensed financial statements have been prepared on the basis that the Company will continue as a going concern. As of July 31, 2026, the Company had cash of $7.6 million, working capital of $5.5 million, an accumulated deficit of $70.3 million and stockholders’ equity of $5.8 million. For the three months ended July 31, 2026, the Company had a net loss of $3.0 million. For the three months ended July 31, 2026, cash used in operating activities was $1.1 million. Historically, the Company has financed its operations principally through issuances of equity and debt instruments.
The Company expects to continue to incur losses for the foreseeable future and will need to continue raising capital until it is able to generate revenues from operations sufficient to fund its development and commercial operations during the twelve-month period subsequent to the issuance of the financial statements included in this Quarterly Report. These factors create substantial doubt about the Company’s ability to continue as a going concern. In order to continue as a going concern, the Company will need to raise additional funds. The Company plans to seek additional funding through equity and debt financings. The terms of any additional financing may adversely affect the holdings or rights of the Company’s stockholders. If the Company is unable to obtain funding, it could be required to delay, reduce or eliminate research and development programs and planned clinical trials, which could adversely affect the Company’s business operations and future prospects. |