5. Equity Compensation Plans

6 Months Ended

Oct. 31, 2019

Share-based Payment Arrangement [Abstract]

Equity Compensation Plans

Note 5 – Equity Compensation Plans

Stock Incentive Plans

As of October 31, 2019, we had an aggregate of 7,106,600 shares of our common stock reserved for issuance under our stock incentive plans, of which 3,906,628 shares were subject to outstanding stock options and restricted stock units (“RSUs”) and 3,199,972 shares were available for future grants of stock-based awards.

Stock Options

The following summarizes our stock option transaction activity for the six months ended October 31, 2019:

	Stock Options			Grant Date Weighted Average Exercise Price
		(in thousands)
Outstanding at May 1, 2019		3,274		$	7.51
Granted		683		$	5.74
Exercised		(127	)	$	3.42
Canceled or expired		(278	)	$	4.35
Outstanding at October 31, 2019		3,552		$	7.57

Restricted Stock Units

The following summarizes our RSUs transaction activity for the six months ended October 31, 2019:

	Shares			Weighted Average Grant Date Fair Value
		(in thousands)
Outstanding at May 1, 2019		200		$	4.32
Granted		194		$	5.91
Vested		(28	)	$	3.62
Forfeited		(11	)	$	4.48
Outstanding at October 31, 2019		355		$	5.24

Employee Stock Purchase Plan

The Avid Bioservices, Inc. 2010 Employee Stock Purchase Plan (the “ESPP”) is a stockholder-approved plan under which eligible employees are allowed to purchase shares of our common stock through payroll deductions at a price equal to 85% of the lower of the fair market value our common stock as of the first trading day of the offering period or on the last trading day of the six-month offering period. Employee participants are limited to purchase no more than $25,000 of stock in any one calendar year. On October 9, 2019, our stockholders approved an amendment to the ESPP to extend its term for an additional five years to October 21, 2025 and to change the commencement dates of the offering periods from May 1 and November 1 of each year, to January 1 and July 1 of each year.

During the six months ended October 31, 2019, 47,526 shares of our common stock were purchased under the ESPP at a purchase price of $3.94 per share. As of October 31, 2019, we had 1,148,735 shares of our common stock reserved for issuance under the ESPP.

Stock-Based Compensation

Stock-based compensation expense for the three and six months ended October 31, 2019 and 2018 was comprised of the following (in thousands):

	Three Months Ended October 31,				Six Months Ended October 31,
	2019		2018		2019		2018
Cost of revenues	$	245	$	85	$	431	$	170
Selling, general and administrative		406		240		823		452
Total stock-based compensation	$	651	$	325	$	1,254	$	622

As of October 31, 2019, the total estimated unrecognized compensation cost related to non-vested employee stock options and non-vested RSUs was $4.6 million and $1.6 million, respectively. These costs are expected to be recognized over weighted average vesting periods of 2.90 years and 3.31 years, respectively.