Income Taxes (Tables)

12 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

Loss before income taxes for the years ended April 30, 2024 and 2023 consisted of the following components:

	April 30, 2024			April 30, 2023
	(in thousands)
Domestic	$	(28,737	)	$	(26,578	)
Foreign		-			(26	)
Total loss before income taxes	$	(28,737	)	$	(26,604	)

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, 2024 and 2023 to loss before income taxes as a result of the following:

	April 30, 2024			April 30, 2023
Computed expected tax benefit		(21.0	)%		(21.0	)%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		(3.5	)%		4.0	%
Federal research and development tax credits		(1.1	)%		1.9	%
Foreign rate differential		—	%		—	%
Other non-deductible expenses		0.4	%		(1.1	)%
Proceeds of sale of New Jersey tax benefits		(3.4	)%		(7.0	)%
Other		4.5	%		1.3	%
Increase in valuation allowance		19.8	%		22.9	%
Income tax (benefit)		(4.3	)%		1.0	%

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, 2024			April 30, 2023
	(in thousands)
Deferred tax assets:
Federal net operating loss carryforwards	$	48,745		$	43,788
Foreign net operating loss carryforwards		2,059			2,059
State operating loss carryforwards		1,934			1,578
Federal and New Jersey research and development tax credits		5,404			5,143
Stock compensation		470			662
Accrued expenses		312			474
Other		2,578			1,977
Net deferred tax assets before valuation allowance	$	61,502		$	55,681
Valuation allowance	$	(60,322	)	$	(54,644	)
Deferred tax assets	$	1,180		$	1,037
Deferred tax liabilities:
Intangibles	$	793		$	792
Lease liabilities		590			448
Net deferred tax liabilities	$	(203	)	$	(203	)