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Stock-Based Payments
 3 Months Ended
Jul. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Payments Stock-Based Payments
 
Stock-based compensation expense was recognized as follows (table in thousands):
 
Three Months Ended
July 31,
 20252024
General and administrative$148 $185 
Sales and marketing12 40 
Research and development32 4 
Cost of oncology revenue16 29 
Total stock-based compensation expense$208 $258 

For the three months ended July 31, 2025, stock-based compensation expense for research and development includes approximately $30,000 for options granted by the Company's wholly-owned subsidiary, Corellia, to certain of its employees.

The Company has in place a 2021 Equity Incentive Plan and 2010 Equity Incentive Plan as well as the 2023 Global Equity Incentive Plan which is specific to Corellia AI (collectively, the "Plans"). In general, these Plans provide for stock-based compensation to the Company’s employees, directors and non-employees. The 2010 and 2021 Plans also provide for limits on the aggregate number of shares that may be granted, the term of grants and the strike price of option awards.

2021 Equity Incentive Plan
As part of the 2021 Annual Shareholders Meeting, shareholders approved the adoption of the 2021 Equity Incentive Plan (“2021 Equity Plan”). The purpose of the 2021 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Incentive Stock Options; (iii) Restricted Stock Awards; and/or (iv) Stock Appreciation Rights (collectively, stock-based compensation) to its
employees, directors and non-employees. Total stock awards under the 2021 Equity Plan shall not exceed 2 million shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Company's Board of Directors. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. As of July 31, 2025, approximately 342,000 shares were available for issue under this plan.

2010 Equity Incentive Plan
On February 18, 2011, shareholders owning a majority of the issued and outstanding shares of the Company executed a written consent approving the 2010 Equity Incentive Plan (“2010 Equity Plan”). The purpose of the 2010 Equity Plan is to grant (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights (collectively, stock-based compensation) to its employees, directors and non-employees. Total stock awards under the 2010 Equity Plan shall not exceed 30,000,000 shares of common stock. Options and Stock Appreciation Rights expire no later than ten years from the date of grant and the awards vest as determined by the Board. Options and Stock Appreciation Rights have a strike price not less than 100% of the fair market value of the common stock subject to the option or right at the date of grant. After February 2021, no more shares were available to be issued from this plan. As of July 31, 2025, approximately 885,000 options granted under the 2010 plan were still outstanding.

2023 Global Equity Incentive Plan
As part of the establishment of Corellia, the subsidiary's Board of Directors approved the adoption of the 2023 Global Equity Incentive Plan ("the Plan"). The purpose of the Plan is to grant (i) Non-statutory Stock Options; (ii) Incentive Stock Options; and/or (iii) Restricted Stock Awards (collectively, stock-based compensation) to its employees, directors and non-employees. Options expire no later than ten years from the date of grant. Options awards vest as follows, unless otherwise determined by the subsidiary's Board or Plan Administrator, twenty-five percent (25%) of the options grant on the first anniversary of the vesting commencement date (and in the absence of such determination, of date on which such Options were granted), and six and one-quarter percent (6.25%) of the options grant at the end of each subsequent three-month period thereafter over the course of the following three (3) years.

Stock Option Grants
 
Black-Scholes and Monte Carlo assumptions used to calculate the fair value of Champions options granted by the Company during the three months ended July 31, 2025 and 2024 were as follows:
Three Months Ended
July 31,
 20252024
Expected term in years
6
6
Risk-free interest rates
4.08% - 4.50%
4.48%
Volatility
55.65% - 62.00%
62.72%
Dividend yield—%—%
 
The weighted average fair value of stock options granted during the three months ended July 31, 2025 and 2024 was $4.33 and $3.02, respectively.

Black-Scholes assumptions used to calculate the fair value of Corellia options granted by Corellia during the three months ended July 31, 2025 and 2024 were as follows:

Three Months Ended
July 31,
 20252024
Expected term in years60
Risk-free interest rates4.15%—%
Volatility65%—%
Dividend yield—%—%
The weighted average fair value of stock options granted during the three months ended July 31, 2025 was $1,364.00. There have been no Corellia stock options granted prior to the first quarter of fiscal 2026.

Due to the absence of an active market for the Corellia's common stock, Corellia utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. In determining the exercise prices for stock options granted, Corellia has considered the estimated fair value of the common stock as of the measurement date. The estimated fair value of the common stock has been determined at each grant date based upon a variety of factors, including the illiquid nature of the common stock. Among other factors are Corellia's financial position and historical financial performance, the status of technological developments within its' research, the composition and ability of the current research and management team, an evaluation or benchmark of the Company’s competition and the current business climate in the marketplace. Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

The Company’s stock options activity for the 2021 and 2010 equity incentive plans for the three months ended July 31, 2025 was as follows:
 
Directors
and
Employees		Non-
Employees		TotalWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
Outstanding, April 30, 20251,642,351 36,331 1,678,682 $4.98 4.9$4,434,000 
Granted874,000 — 874,000 7.39 9.9
Exercised(11,251)— (11,251)2.10 
Forfeited(9,625)— (9,625)7.90   
Outstanding, July 31, 20252,495,475 36,331 2,531,806 $5.81 6.5$3,514,000 
Vested and expected to vest as of July 31, 20252,495,475 36,331 2,531,806 $5.81 6.5$3,514,000 
Exercisable as of July 31, 20251,504,457 5,625 1,510,082 $4.90 4.2$3,259,000 
    


The stock options activity for the Corellia 2023 Global equity incentive plan for the three months ended July 31, 2025 was as follows:
Directors
and
Employees		Non-
Employees		TotalWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
Outstanding, April 30, 2025— — — $— 0$— 
Granted300 — 300 1,682.00 9.81
Outstanding, July 31, 2025300 — 300 $1,682.00 9.81$110,000 
Vested and expected to vest as of July 31, 2025300 — 300 $1,682.00 9.81$110,000 
Exercisable as of July 31, 2025— — — $— — $— 


Share Repurchase Program

On March 29, 2023, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to an aggregate of $5.0 million of the Company’s common stock. The share repurchase program is designed in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The shares may be purchased from time to time in the open market, as permitted under applicable rules and regulations, at prevailing market prices. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The program does not obligate the Company to acquire a minimum number of shares. As of July 31, 2025, the Company had purchased 120,300 shares of its common stock, at an average price of $5.73 per share, totaling approximately $708,000 and leaving an available balance of approximately $4.3 million authorized by the Board for use in the program as of that date. The last purchase was made during fiscal year 2024.