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Equity Incentive Plan (Tables) | 12 Months Ended
--- | ---
Apr. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Incentive Units/Stock Options Activity | The following table summarizes Incentive Units activity:
| Incentive Units |
Outstanding at April 30, 2023 |  | 2,087,651 |
Granted |  | 141,800 |
Forfeited / repurchased |  | (99,308 | )
Outstanding at April 30, 2024 |  | 2,130,143 |
Granted |  | 1,192,999 |
Forfeited / repurchased |  | (192,405 | )
Exchanged into Common Shares |  | (3,130,737 | )
Outstanding at April 30, 2025 |  | — |
Summary of Share-based Compensation Expense | The Company recorded share-based compensation in the following expense categories of its consolidated statements of operations and comprehensive loss:
| Year Ended April 30, |
| 2025 |  |  | 2024 |
Research and development | $ | 1,964 |  |  | $ | 174 |
Selling, general and administrative |  | 22,307 |  |  |  | 1,314 |
Total share-based compensation expense | $ | 24,271 |  |  | $ | 1,488 |
Summary of Weighted Average Significant Assumptions used in Calculations | The weighted average significant assumptions used in calculating the value of the Incentive Units were summarized as follows:
| April 30, 2024 |
Expected volatility |  | 90.0 | %
Expected term | 1.5 years |
Risk free rate |  | 4.04 | %
Dividend yield |  | 0.0 | %
Estimated fair value | $ | 5.27 |
Summary of Weighted Average Significant Assumptions Used in Calculating Value of Stock Options | The weighted average significant assumptions used in calculating the value of the Stock Options were summarized as follows:
| April 30, 2025 |
Expected volatility |  | 65.0 | %
Expected term | 5.41 years |
Risk free rate |  | 4.04 | %
Dividend yield |  | 0.0 | %
Stock Options |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Incentive Units/Stock Options Activity | Stock Options activity for the year ended April 30, 2025 is as follows:
| Number of options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual life (in years) |  |  | Aggregate intrinsic value (in thousands) |
Balance at April 30, 2024 |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Options granted |  | 4,658,300 |  |  |  | 17.04 |  |  |  |  |  |  |
Options forfeited |  | (9,200 | ) |  |  | 17.00 |  |  |  |  |  |  |
Balance at April 30, 2025 |  | 4,649,100 |  |  |  | 17.04 |  |  |  | 9.85 |  |  |  | 32,640 |
Options vested at April 30, 2025 |  | 1,658,100 |  |  |  | 17.07 |  |  |  | 9.85 |  |  |  | 11,600 |
Options exercisable at April 30, 2025 |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |

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