4. PROPERTY AND EQUIPMENT

9 Months Ended

Jan. 31, 2015

Property, Plant and Equipment [Abstract]

4. PROPERTY AND EQUIPMENT

Property and equipment is recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related asset, generally ranging from three to ten years. Amortization of leasehold improvements is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Construction-in-progress is not depreciated until the asset is completed and placed into service.

Property and equipment, net, consists of the following:

	January 31, 2015			April 30, 2014
Leasehold improvements	$	1,538,000		$	1,538,000
Laboratory equipment		5,898,000			5,646,000
Furniture, fixtures, office equipment and software		3,891,000			2,679,000
Construction-in-progress (1)		5,582,000			–
		16,909,000			9,863,000
Less accumulated depreciation and amortization		(7,951,000	)		(7,416,000	)
Property and equipment, net	$	8,958,000		$	2,447,000

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(1) Construction-in-progress represents direct costs of construction for a manufacturing cleanroom and related equipment. No interest was incurred or capitalized as construction-in-progress as of January 31, 2015.

Depreciation and amortization expense for three and nine months ended January 31, 2015 was $261,000 and $803,000, respectively, and $244,000 and $737,000, for the three and nine months ended January 31, 2014, respectively.