4. PROPERTY AND EQUIPMENT

6 Months Ended

Oct. 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, which represents direct costs related to the construction of a manufacturing facility, is not depreciated until the asset is completed and placed into service. No interest was incurred or capitalized as construction-in-progress as of October 31, 2015.

Property and equipment, net, consists of the following:

	October 31, 2015			April 30, 2015
Leasehold improvements	$	1,657,000		$	1,538,000
Laboratory equipment		6,171,000			5,965,000
Furniture, fixtures, office equipment and software		4,023,000			3,991,000
Construction-in-progress		18,559,000			11,819,000
		30,410,000			23,313,000
Less accumulated depreciation and amortization		(8,646,000	)		(8,189,000	)
Property and equipment, net	$	21,764,000		$	15,124,000

Depreciation and amortization expense for the three and six months ended October 31, 2015 was $223,000 and $457,000, respectively. Depreciation and amortization expense for the three and six months ended October 31, 2014 was $265,000 and $542,000, respectively.