4. PROPERTY AND EQUIPMENT

9 Months Ended

Jan. 31, 2016

Property, Plant and Equipment [Abstract]

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 represents expenditures related to a new manufacturing facility we constructed to support the anticipated growth of our contract manufacturing business while also providing sufficient manufacturing capacity to support our internal product development efforts. The construction of the manufacturing facility was completed and placed into service during the quarter ended January 31, 2016, and, accordingly, the construction costs were transferred from construction-in-progress to leasehold improvements and equipment. No interest was incurred or capitalized as construction-in-progress as of January 31, 2016 and depreciation was not recorded until the asset was placed into service.

Property and equipment, net, consists of the following:

	January 31, 2016			April 30, 2015
Leasehold improvements	$	18,946,000		$	1,538,000
Laboratory equipment		9,912,000			5,965,000
Furniture, fixtures, office equipment and software		3,984,000			3,991,000
Construction-in-progress		–			11,819,000
		32,842,000			23,313,000
Less accumulated depreciation and amortization		(8,996,000	)		(8,189,000	)
Property and equipment, net	$	23,846,000		$	15,124,000

Depreciation and amortization expense for the three and nine months ended January 31, 2016 was $464,000 and $921,000, respectively. Depreciation and amortization expense for the three and nine months ended January 31, 2015 was $261,000 and $803,000, respectively.