4. Leases

12 Months Ended

Apr. 30, 2021

Lessee Disclosure [Abstract]

Leases

Note 4 – Leases

We currently lease office, manufacturing, laboratory and warehouse space in four buildings under three separate non-cancellable operating lease agreements. Our leased facilities are located in close proximity in Tustin, California, have original lease terms ranging from 7 to 12 years, contain two multi-year renewal options, and scheduled rent increases of 3% on either an annual or biennial basis. A multi-year renewal option was included in determining the ROU asset and lease liability for two of our leases, as we considered it reasonably certain that we would exercise such renewal options. In addition, two of our leases provide for periods of free rent, lessor improvements and tenant improvement allowances, of which certain of these improvements have been classified as leasehold improvements and are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the lease. The operating lease ROU assets and liabilities on our Consolidated Balance Sheets for the fiscal years ended April 30, 2021 and 2020 primarily relate to these facility leases.

In September 2019, we terminated an operating lease for one of our non-manufacturing facilities that was primarily utilized for warehouse space. In connection with the termination of this lease, we removed the corresponding operating lease right-of-use asset and liability balances from our Consolidated Balance Sheet and recognized a loss of $0.4 million, which amount is included in loss on lease termination in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the fiscal year ended April 30, 2020.

Certain of our facility leases require us to pay property taxes, insurance and common area maintenance. While these payments are not included as part of our lease liabilities, they are recognized as variable lease cost in the period they are incurred.

The components of lease cost for the fiscal years ended April 30, 2021 and 2020, were as follows (in thousands):

	April 30,
	2021		2020
Operating lease cost	$	3,151	$	3,339
Variable lease cost		676		603
Short-term lease cost		388		171
Total lease cost	$	4,215	$	4,113

Operating lease expense under the prior lease standard was $2.9 million for the fiscal year ended April 30, 2019.

Supplemental consolidated balance sheet and other information related to our operating leases as of April 30, 2021 and 2020 were as follows (in thousands, expect weighted average data):

	April 30,
	2021		2020
Assets
Operating lease ROU assets	$	18,691	$	20,100
Liabilities
Current portion of operating lease liabilities	$	1,355	$	1,228
Operating lease liabilities, less current portion		19,889		21,244
Total operating lease liabilities	$	21,244	$	22,472
Weighted average remaining lease term		9.6 years		10.5 years
Weighted average discount rate		8.0%		8.0%

Cash paid for amounts included in the measurement of lease liabilities for the fiscal years ended April 30, 2021 and 2020 was $3.0 million and $3.1 million, respectively, and is included in net cash used in operating activities in our Consolidated Statements of Cash Flows.

As of April 30, 2021, the maturities of our operating lease liabilities, which includes those derived from lease renewal options that we considered it reasonably certain that we would exercise, were as follows (in thousands):

Fiscal Year	Total
2022	$	2,995
2023		3,010
2024		3,086
2025		3,171
2026		3,250
Thereafter		15,517
Total lease payments		31,029
Less: imputed interest		(9,785	)
Total operating lease liabilities	$	21,244