Leases

9 Months Ended

Jan. 31, 2024

Presentation of leases for lessee [abstract]

The Company has leases for lab and office space and automobiles. Each lease is reflected in the consolidated statement of financial position as a right-of-use asset and a lease liability. The Company classifies right-of-use assets in a consistent manner to its property and equipment. The following is a schedule of the Company’s future minimum lease payments related to the equipment and automobiles under finance lease and the office lease obligation:


(in thousands)	$
2024 (remainder)		440
2025		1,659
2026		1,620
2027		1,616
2028		1,610
More than 5 years		3,151
Total minimum lease payments		10,096
Less: imputed interest		4,295
Total present value of minimum lease payments		14,391
Less: Current portion		(1,768	)
Non-current portion		12,623

Total cash outflow for leases during the nine months ended January 31, 2024 was $1.0 million (2023 - $1.0 million).

The nature of the Company’s leases by type of right-of-use asset as of January 31, 2024 is as follows:


Right-of-use asset type	No. of right-of-use assets leased		Range of remaining term	Average remaining lease term	No. of leases with extension options		No. of leases with options to purchase		No. of leases with variable payments linked to an index		No. of leases with termination options
Lab and office facilities		4	0.5 - 10.5 years	5.0 years		3		—		2		2
Automobiles		6	1.0 - 3.5 years	2 years		—		—		6		6

Right-of-use assets

The changes in the value of right-of-use assets during the nine months ended January 31, 2024 and the year ended April 30, 2023 are as follows:


(in thousands)	Building $			Automobile $			Lab Equipment $			Total $
Cost:
Balance, April 30, 2022		2,586			239			651			3,476
Additions		7,593			—			—			7,593
Disposals		(1,290	)		(95	)		(687	)		(2,072	)
Foreign exchange		196			23			36			255
Balance, April 30, 2023		9,085			167			—			9,252
Additions		7,963			—			—			7,963
Disposals		(88	)		—			—			(88	)
Foreign exchange		(245	)		(4	)		—			(249	)
Balance, January 31, 2024		16,715			163			—			16,878

Accumulated Depreciation:
Balance, April 30, 2022		1,736			46			460			2,242
Depreciation		1,109			58			198			1,365
Disposals		(1,274	)		(57	)		(507	)		(1,838	)
Foreign exchange		181			10			(151	)		40
Balance, April 30, 2023		1,752			57			—			1,809
Depreciation		1,094			42			—			1,136
Disposals		(61	)		—			—			(61	)
Foreign exchange		(48	)		(2	)		—			(50	)
Balance, January 31, 2024		2,737			97			—			2,834

Net Book Value:
April 30, 2023		7,333			110			—			7,443
January 31, 2024		13,978			66			—			14,044

Lease payments not recognized as a liability

The Company has elected not to recognize a lease liability for leases with an expected term of 12 months or less. Additionally, certain variable lease payments are not permitted to be recognized as lease liabilities and are recognized in profit and loss as incurred. The expense relating to payments not included in the measurement of the lease liability during the nine months ended January 31, 2024 and 2023 are as follows:


(in thousands)	2024 $		2023 $
Leases of low value assets		4		30
Variable lease payments		370		169
		374		199