6. Equity Compensation Plans

9 Months Ended

Jan. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity Compensation Plans

Note 6 – Equity Compensation Plans

Stock Incentive Plans

As of January 31, 2021, we had an aggregate of 6,497,353 shares of our common stock reserved for issuance under our stock incentive plans, of which 3,894,933 shares were subject to outstanding stock options and restricted stock units (“RSUs”) and 2,602,420 shares were available for future grants of stock-based awards.

Stock Options

The following summarizes our stock option transaction activity for the nine months ended January 31, 2021:

	Stock Options			Grant Date Weighted Average Exercise Price
	(in thousands)
Outstanding at May 1, 2020		2,896		$6.20
Granted		893		$7.43
Exercised		(353	)	$6.18
Canceled or expired		(105	)	$7.20
Outstanding at January 31, 2021		3,331		$6.50

Restricted Stock Units

The following summarizes our RSUs transaction activity for the nine months ended January 31, 2021:

	Shares			Weighted Average Grant Date Fair Value
	(in thousands)
Outstanding at May 1, 2020		307		$5.23
Granted		355		$7.29
Vested		(86	)	$5.12
Forfeited		(12	)	$5.58
Outstanding at January 31, 2021		564		$6.54

Employee Stock Purchase Plan

The Avid Bioservices, Inc. 2010 Employee Stock Purchase Plan (the “ESPP”) is a stockholder-approved plan under which eligible employees can purchase shares of our common stock, based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of our common stock on the first trading day of the offering period or on the last trading day of the six-month offering period.

During the nine months ended January 31, 2021, a total of 72,409 shares of our common stock were purchased under the ESPP at a weighted average purchase price of $5.84 per share. As of January 31, 2021, we had 1,076,326 shares of our common stock reserved for issuance under the ESPP.

Stock-Based Compensation

Stock-based compensation expense for the three and nine months ended January 31, 2021 and 2020 was comprised of the following (in thousands):

	Three Months Ended January 31,				Nine Months Ended January 31,
	2021		2020		2021		2020
Cost of revenues	$	386	$	248	$	1,035	$	679
Selling, general and administrative		613		347		1,719		1,170
Total stock-based compensation	$	999	$	595	$	2,754	$	1,849

As of January 31, 2021, the total estimated unrecognized compensation cost related to non-vested stock options and non-vested RSUs was $6.0 million and $3.1 million, respectively. These costs are expected to be recognized over weighted average vesting periods of 2.76 years and 2.88 years, respectively.