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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2023
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file number: 001-32839
AVID BIOSERVICES, INC.
(Exact name of Registrant as specified in its
charter)
Delaware
(State or other jurisdiction of incorporation
or organization) |
95-3698422
(I.R.S. Employer Identification No.) |
14191 Myford Road, Tustin, California, 92780
(Address of principal executive offices, Zip Code)
(714) 508-6100
(Registrant’s telephone number, including
area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, $0.001 par value per share |
CDMO |
The NASDAQ Stock Market LLC |
Indicate by check
mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check
mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit such files). Yes ☒ No
☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ |
|
|
Accelerated filer ☐ |
Non-accelerated filer ☐ |
|
|
Smaller reporting company ☐ |
|
|
|
Emerging growth company ☐ |
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
63,112,934 shares of registrant’s common stock were outstanding
as of August 18, 2023.
AVID BIOSERVICES, INC.
Form 10-Q
For the Fiscal Quarter Ended July 31, 2023
TABLE OF CONTENTS
Page
As used
in this Quarterly Report on Form 10-Q, except where the context otherwise requires or where otherwise indicated, the terms “we,”
“us,” “our,” and the “Company” refer to Avid Bioservices, Inc. and its subsidiary.
PART I—FINANCIAL
INFORMATION
| Item 1. | Condensed Consolidated Financial Statements |
avid bioservices,
INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In
thousands, except par value)
| |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 24,898 | | |
$ | 38,542 | |
Accounts receivable, net | |
| 16,209 | | |
| 18,298 | |
Contract assets | |
| 14,454 | | |
| 9,609 | |
Inventory | |
| 40,866 | | |
| 43,908 | |
Prepaid expenses and other current assets | |
| 1,892 | | |
| 2,094 | |
Total current assets | |
| 98,319 | | |
| 112,451 | |
Property and equipment, net | |
| 182,299 | | |
| 177,369 | |
Operating lease right-of-use assets | |
| 42,374 | | |
| 42,772 | |
Deferred tax assets | |
| 114,238 | | |
| 113,639 | |
Other assets | |
| 4,757 | | |
| 4,473 | |
Restricted cash | |
| 350 | | |
| 350 | |
Total assets | |
$ | 442,337 | | |
$ | 451,054 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 22,813 | | |
$ | 24,593 | |
Accrued compensation and benefits | |
| 4,667 | | |
| 8,780 | |
Contract liabilities | |
| 33,019 | | |
| 37,352 | |
Current portion of operating lease liabilities | |
| 1,262 | | |
| 1,358 | |
Other current liabilities | |
| 2,296 | | |
| 1,626 | |
Total current liabilities | |
| 64,057 | | |
| 73,709 | |
Convertible senior notes, net | |
| 140,888 | | |
| 140,623 | |
Operating lease liabilities, less current portion | |
| 45,370 | | |
| 45,690 | |
Finance lease liabilities, less current portion | |
| 1,424 | | |
| 1,562 | |
Total liabilities | |
| 251,739 | | |
| 261,584 | |
| |
| | | |
| | |
Commitments and contingencies | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates | |
| – | | |
| – | |
Common stock, $0.001 par value; 150,000 shares authorized; 63,111 and 62,692 shares issued and outstanding at respective dates | |
| 63 | | |
| 63 | |
Additional paid-in capital | |
| 623,445 | | |
| 620,224 | |
Accumulated deficit | |
| (432,910 | ) | |
| (430,817 | ) |
Total stockholders’ equity | |
| 190,598 | | |
| 189,470 | |
Total liabilities and stockholders’ equity | |
$ | 442,337 | | |
$ | 451,054 | |
See accompanying notes to condensed consolidated
financial statements.
avid bioservices,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS) AND COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In
thousands, except per share information)
| |
| | |
| |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Revenues | |
$ | 37,726 | | |
$ | 36,692 | |
Cost of revenues | |
| 33,626 | | |
| 27,575 | |
Gross profit | |
| 4,100 | | |
| 9,117 | |
Operating expenses: | |
| | | |
| | |
Selling, general and administrative | |
| 6,263 | | |
| 6,382 | |
Total operating expenses | |
| 6,263 | | |
| 6,382 | |
Operating income (loss) | |
| (2,163 | ) | |
| 2,735 | |
Interest expense | |
| (775 | ) | |
| (518 | ) |
Other income (expense), net | |
| 258 | | |
| 50 | |
Income tax expense (benefit) | |
| (587 | ) | |
| 703 | |
Net income (loss) | |
$ | (2,093 | ) | |
$ | 1,564 | |
Comprehensive income (loss) | |
$ | (2,093 | ) | |
$ | 1,564 | |
| |
| | | |
| | |
Net income (loss) per share: | |
| | | |
| | |
Basic | |
$ | (0.03 | ) | |
$ | 0.03 | |
Diluted | |
$ | (0.03 | ) | |
$ | 0.02 | |
| |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | |
Basic | |
| 62,838 | | |
| 61,905 | |
Diluted | |
| 62,838 | | |
| 63,333 | |
See accompanying notes to condensed consolidated
financial statements.
avid bioservices,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY (Unaudited)
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended July 31, 2023 | |
| |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Paid-In | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance at April 30, 2023 | |
| 62,692 | | |
$ | 63 | | |
$ | 620,224 | | |
$ | (430,817 | ) | |
$ | 189,470 | |
Common stock issued under equity compensation plans | |
| 419 | | |
| – | | |
| 878 | | |
| – | | |
| 878 | |
Stock-based compensation expense | |
| – | | |
| – | | |
| 2,343 | | |
| – | | |
| 2,343 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| (2,093 | ) | |
| (2,093 | ) |
Balance at July 31, 2023 | |
| 63,111 | | |
$ | 63 | | |
$ | 623,445 | | |
$ | (432,910 | ) | |
$ | 190,598 | |
|
|
Three Months Ended July 31, 2022 |
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
Balance at April 30, 2022 |
|
|
61,807 |
|
|
$ |
62 |
|
|
$ |
605,841 |
|
|
$ |
(431,377 |
) |
|
$ |
174,526 |
|
Common stock issued under equity compensation plans |
|
|
358 |
|
|
|
– |
|
|
|
1,012 |
|
|
|
– |
|
|
|
1,012 |
|
Stock-based compensation expense |
|
|
– |
|
|
|
– |
|
|
|
1,897 |
|
|
|
– |
|
|
|
1,897 |
|
Net income |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
1,564 |
|
|
|
1,564 |
|
Balance at July 31, 2022 |
|
|
62,165 |
|
|
$ |
62 |
|
|
$ |
608,750 |
|
|
$ |
(429,813 |
) |
|
$ |
178,999 |
|
See accompanying notes to condensed consolidated
financial statements.
avid
bioservices, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited)
(In thousands)
| |
| | |
| |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash flows from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | (2,093 | ) | |
$ | 1,564 | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
Stock-based compensation | |
| 2,343 | | |
| 1,897 | |
Depreciation and amortization | |
| 2,649 | | |
| 1,590 | |
Amortization of debt issuance costs | |
| 339 | | |
| 260 | |
Deferred income taxes | |
| (599 | ) | |
| 610 | |
Loss on disposal of property and equipment | |
| 46 | | |
| 34 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable, net | |
| 2,089 | | |
| (5,398 | ) |
Contract assets | |
| (4,845 | ) | |
| (1,709 | ) |
Inventory | |
| 3,042 | | |
| (4,292 | ) |
Prepaid expenses and other assets | |
| (131 | ) | |
| (355 | ) |
Accounts payable | |
| 4,684 | | |
| 4,242 | |
Accrued compensation and benefits | |
| (4,113 | ) | |
| (3,118 | ) |
Contract liabilities | |
| (4,333 | ) | |
| (1,023 | ) |
Other accrued expenses and liabilities | |
| 644 | | |
| 664 | |
Net cash used in operating activities | |
| (278 | ) | |
| (5,034 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (14,114 | ) | |
| (6,924 | ) |
Net cash used in investing activities | |
| (14,114 | ) | |
| (6,924 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from issuance of common stock under equity compensation plans | |
| 878 | | |
| 1,012 | |
Principal payments on finance lease | |
| (130 | ) | |
| (83 | ) |
Net cash provided by financing activities | |
| 748 | | |
| 929 | |
| |
| | | |
| | |
Net decrease in cash, cash equivalents and restricted cash | |
| (13,644 | ) | |
| (11,029 | ) |
Cash, cash equivalents and restricted cash, beginning of period | |
| 38,892 | | |
| 126,516 | |
Cash, cash equivalents and restricted cash, end of period | |
$ | 25,248 | | |
$ | 115,487 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 27 | | |
$ | 23 | |
Cash paid for income taxes | |
$ | 12 | | |
$ | 40 | |
| |
| | | |
| | |
Supplemental disclosures of non-cash activities: | |
| | | |
| | |
Unpaid purchases of property and equipment | |
$ | 7,636 | | |
$ | 16,674 | |
See accompanying notes to condensed consolidated
financial statements.
avid bioservices,
INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (Unaudited)
Note 1 – Description of Company and Basis
of Presentation
We are a dedicated contract development and manufacturing
organization (“CDMO”) that provides a comprehensive range of services from process development to Current Good Manufacturing
Practices (“CGMP”) clinical and commercial manufacturing of biologics for the biotechnology and biopharmaceutical industries.
Basis of Presentation
The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
(“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related
to quarterly reports on Form 10-Q, and accordingly, they do not include all the information and disclosures required by U.S. GAAP for
annual financial statements. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction
with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended
April 30, 2023, as filed with the SEC on June 21, 2023. The unaudited financial information for the interim periods presented herein reflects
all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operations
for the periods presented, with such adjustments consisting only of normal recurring adjustments. Results of operations for interim periods
covered by this Quarterly Report on Form 10-Q may not necessarily be indicative of results of operations for the full fiscal year or any
other interim period.
The unaudited condensed consolidated
financial statements include the accounts of Avid Bioservices, Inc. and its subsidiary. All intercompany accounts and transactions among
the consolidated entities have been eliminated in the unaudited condensed consolidated financial statements.
The preparation of financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts, as well
as disclosures of commitments and contingencies in the financial statements and accompanying notes. Actual results could differ materially
from those estimates and assumptions.
Note 2 – Summary of Significant Accounting Policies
Information regarding our significant accounting
policies is contained in Note 2, “Summary of Significant Accounting Policies,” of the consolidated financial statements in
our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
Revenue Recognition
Revenue recognized from services provided under
our customer contracts is disaggregated into manufacturing and process development revenue streams.
Manufacturing revenue
Manufacturing revenue generally represents revenue
from the manufacturing of customer products recognized over time utilizing an input method that compares the cost of cumulative work-in-process
to date to the most current estimates for the entire cost of the performance obligation. Under a manufacturing contract, a quantity of
manufacturing runs are ordered at a specified scale with prescribed dates, where the product is manufactured according to the customer’s
specifications and typically includes only one performance obligation. Each manufacturing run represents a distinct service that is sold
separately and has stand-alone value to the customer. The products are manufactured exclusively for a specific customer and have no alternative
use. The customer retains control of its product during the entire manufacturing process and can make changes to the process or specifications
at its request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin.
Process development revenue
Process development revenue generally represents
revenue from services associated with the custom development of a manufacturing process and analytical methods for a customer’s
product. Process development revenue is recognized over time utilizing an input method that compares the cost of cumulative work-in-process
to date to the most current estimates for the entire cost of the performance obligation. Under a process development contract, the customer
owns the product details and process, which has no alternative use. These process development projects are customized to each customer
to meet its specifications and typically includes only one performance obligation. Each process represents a distinct service that is
sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created
or enhanced by our services and can make changes to its process or specifications upon request. Under these agreements, we are entitled
to consideration for progress to date that includes an element of profit margin.
The following table summarizes our revenue streams
(in thousands):
Schedule of revenues | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Manufacturing revenues | |
$ | 33,420 | | |
$ | 31,481 | |
Process development revenues | |
| 4,306 | | |
| 5,211 | |
Total revenues | |
$ | 37,726 | | |
$ | 36,692 | |
The timing of revenue recognition, billings and
cash collections results in billed accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer deposits
and deferred revenue). Contract assets are recorded when our right to consideration is conditioned on something other than the passage
of time. Contract assets are reclassified to accounts receivable on the consolidated balance sheet when our rights become unconditional.
Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of our fulfillment of performance
obligations. Contract liabilities convert to revenue as we perform our obligations under the contract.
During the three months ended July 31, 2023 and
2022, we recognized revenue of $16.8 million and $18.6 million, respectively, for which the contract liability was recorded in a prior
period.
The transaction price for services provided under
our customer contracts reflects our best estimates of the amount of consideration to which we are entitled in exchange for providing goods
and services to our customers. For contracts with multiple performance obligations, we allocate transaction price to each performance
obligation identified in a contract on a relative standalone selling price basis. We generally determine relative standalone selling prices
based on the price observed in the customer contract for each distinct performance obligation. If observable standalone selling prices
are not available, we may estimate the applicable standalone selling price based on the pricing of other comparable services or on a price
that we believe the market is willing to pay for the applicable service.
In determining the transaction price, we also
considered the different sources of variable consideration including, but not limited to, discounts, credits, refunds, price concessions
or other similar items. We have included in the transaction price some or all of an amount of variable consideration, utilizing the most
likely method, only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will
not occur when the uncertainty associated with the variable consideration is subsequently resolved. The actual amount of consideration
ultimately received may differ.
In addition, our customer contracts generally
include provisions entitling us to a cancellation or postponement fee when a customer cancels or postpones its commitments prior to our
initiation of services, therefore not utilizing their reserved capacity. The determination of such cancellation and postponement fees
are based on the terms stated in the related customer contract but are generally considered substantive for accounting purposes and create
an enforceable right and obligation due to us when the cancellation or postponement occurs. Accordingly, we recognize such fees, subject
to variable consideration, as revenue upon the cancellation or postponement date utilizing the most likely method.
Management may be required to exercise judgement
in estimating revenue to be recognized. Judgement is required in identifying performance obligations, estimating the transaction price,
estimating the stand-alone selling prices of identified performance obligations, estimating variable consideration, and estimating the
progress towards the satisfaction of performance obligations. If actual results in the future vary from our estimates, the estimates will
be adjusted, which will affect revenues in the period that such variances become known.
During the three months ended July 31, 2023, changes
in estimates for variable consideration resulted in a decrease in revenues of $1.4 million. The changes in estimates for variable consideration
were a result of an insolvent customer. There were no material adjustments in estimates for variable consideration for the three months
ended July 31, 2022.
We apply the practical expedient available under
ASC 606 that permits us not to disclose the value of unsatisfied performance obligations for contracts with an original expected length
of one year or less. As of July 31, 2023, we do not have any unsatisfied performance obligations for contracts greater than one year.
Costs incurred to obtain a contract are not material.
These costs are generally employee sales commissions, which are expensed as incurred and included in selling, general and administrative
expense in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss).
Restricted Cash
Under the terms of an operating lease related
to one of our facilities (Note 4), we are required to maintain a letter of credit as collateral. Accordingly, at July 31, 2023 and April
30, 2023, restricted cash of $0.4 million was pledged as collateral under the letter of credit.
The following table provides a reconciliation
of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total
of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):
Schedule of cash | |
| | |
| | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | | |
July 31, 2022 | | |
April 30, 2022 | |
Cash and cash equivalents | |
$ | 24,898 | | |
$ | 38,542 | | |
$ | 115,137 | | |
$ | 126,166 | |
Restricted cash | |
| 350 | | |
| 350 | | |
| 350 | | |
| 350 | |
Total cash, cash equivalents and restricted cash | |
$ | 25,248 | | |
$ | 38,892 | | |
$ | 115,487 | | |
$ | 126,516 | |
Accounts Receivable, Net
Accounts receivable is primarily comprised of
amounts owed to us for services provided under our customer contracts and are recorded at the invoiced amount net of an allowance for
doubtful accounts, if necessary. We apply judgement in assessing the ultimate realization of our receivables, that includes an assessment
of expected credit losses, and we estimate our allowance for doubtful accounts based on various factors, including our historical collection
experience, aging of our customer receivable balances, current and future economic market conditions, and the financial condition of our
customers.
Based on our analysis of our accounts receivable
balance as of July 31, 2023 and April 30, 2023, we determined an allowance for doubtful accounts of $2.2 million and $0.5 million, respectively,
was deemed necessary.
Inventory
Inventory consists of raw materials inventory
and is valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. We periodically review raw
materials inventory for potential impairment and adjust inventory to its net realizable value based on the estimate of future use and
reduce the carrying value of inventory as deemed necessary.
Property and Equipment
Property and equipment is recorded
at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over
the estimated useful lives of the related asset, which are generally as follows:
Schedule of estimated useful lives of property |
|
|
Description |
|
Estimated Useful Life |
Leasehold improvements |
|
Shorter of estimated useful life or lease term |
Laboratory and manufacturing equipment |
|
5 – 15 years |
Computer equipment and software |
|
3 – 5 years |
Furniture, fixtures and office equipment |
|
5 – 10 years |
Costs for property and equipment
not yet placed into service have been capitalized as construction-in-progress. These costs are primarily related to equipment and leasehold
improvements associated with our manufacturing facilities and will be depreciated in accordance with the above guidelines once placed
into service. Interest costs incurred during construction of major capital projects are capitalized as construction-in-progress until
the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the
life of the underlying asset. Interest capitalized as construction-in-progress for the three months ended July 31, 2023 and 2022 was
de minimis and $0.2 million,
respectively. All of our property and equipment are located in the United States. Property and equipment consist of the following (in
thousands):
Schedule of property and equipment | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | |
Leasehold improvements | |
$ | 101,310 | | |
$ | 97,514 | |
Laboratory and manufacturing equipment | |
| 42,369 | | |
| 35,501 | |
Computer equipment and software | |
| 5,045 | | |
| 5,028 | |
Furniture, fixtures and office equipment | |
| 1,894 | | |
| 1,681 | |
Construction-in-progress | |
| 64,573 | | |
| 68,013 | |
Total property and equipment, gross | |
| 215,191 | | |
| 207,737 | |
Less: accumulated depreciation and amortization | |
| (32,892 | ) | |
| (30,368 | ) |
Total property and equipment, net | |
$ | 182,299 | | |
$ | 177,369 | |
Depreciation and amortization
expense for the three months ended July 31, 2023 and 2022 was $2.6 million and $1.6 million, respectively.
Leases
We determine if an arrangement is or contains
a lease at inception. Our operating leases with a term greater than one year are included in operating lease right-of-use (“ROU”)
assets, operating lease liabilities and operating lease liabilities, less current portion in our consolidated balance sheets. ROU assets
represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments
arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date, based on the present
value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing
rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at
the lease commencement date.
Our operating leases may include options to extend
the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense
is recognized on a straight-line basis over the expected lease term.
Our finance lease with a term greater than one
year is included as an asset within property and equipment, net and a lease liability equal to the present value of the minimum lease
payments is included in other current liabilities and finance lease liabilities, less current portion in our consolidated balance sheets.
The present value of the finance lease payments is calculated using the implicit interest rate in the lease. Finance lease ROU assets
are amortized on a straight-line basis over the expected useful life of the asset and the carrying amount of the lease liability is adjusted
to reflect interest, which is recorded as interest expense.
Leases with an initial term
of 12 months or less are not recorded on our consolidated balance sheets and lease expense for these short-term leases is recognized on
a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease components from non-lease
components.
Impairment
Long-lived assets are reviewed
for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed
for events or changes in circumstances that indicate that their carrying value may not be recoverable. If such events or changes in circumstances
arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated
by the long-lived assets. If the long-lived assets are determined to be impaired, any excess of the carrying value of the long-lived assets
over its estimated fair value is recognized as an impairment loss. For the three months ended July 31, 2023 and 2022, there were no indicators
of impairment of the value of our long-lived assets and no cumulative impairment losses were recognized as of July 31, 2023.
Stock-Based Compensation
We account for stock options,
restricted stock units, performance stock units and other stock-based awards granted under our equity compensation plans in accordance
with the authoritative guidance of ASC 718, Compensation – Stock Compensation. The estimated fair value of stock options
granted to employees in exchange for services is measured at the grant date, using a fair value-based method, such as a Black-Scholes
option valuation model, and is recognized as an expense on a straight-line basis over the requisite service periods. The fair value of
restricted stock units and performance stock units is measured at the grant date based on the closing market price of our common stock
on the date of grant. For restricted stock units, the fair value is recognized as an expense on a straight-line basis over the requisite
service periods. For performance stock units, which are subject to performance conditions, the fair value is recognized as expense on
a straight-line basis over the requisite service periods when the achievement of such performance condition is determined to be probable.
If a performance condition is not determined to be probable or is not met, no stock-based compensation expense is recognized, and any
previously recognized expense is reversed. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur.
Debt Issuance Costs
Debt issuance costs related
to convertible senior notes are recorded as a deduction that is netted against the principal value of the debt and are amortized to interest
expense using the effective interest method over the contractual term of the debt (Note 3).
Debt issuance costs related
to the revolving credit facility are included in prepaid expenses and other current assets in the consolidated balance sheet and are amortized
to interest expense over the contractual term of the revolving credit facility (Note 3).
Comprehensive Income (Loss)
Comprehensive income (loss)
is the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income
(loss) is equal to our net income (loss) for all periods presented.
Fair Value Measurements
Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy:
| · | Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. |
| · | Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities
whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices
of instruments with similar attributes in active markets. |
| · | Level 3 – Unobservable inputs that are supported by little or no market activity and significant
to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques
and assumptions. |
As of July 31, 2023 and April
30, 2023, we did not have any Level 2 or Level 3 financial assets and our cash equivalents of $15.6 million and $28.7 million, respectively,
were invested in money market funds with no more than two commercial banks and carried at fair value based on quoted market prices for
identical securities (Level 1 input). We consider the fair value of our convertible senior notes to be a Level 2 financial liability due
to limited trading activity of the senior convertible notes (Note 3). We did not have any other Level 2 or Level 3 financial liabilities
as of July 31, 2023 and April 30, 2023.
Recently Adopted Accounting
Standard
In June 2016, the Financial Accounting
Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement
of Credit Losses of Financial Instruments (“ASU 2016-13”). The standard amends the impairment model by requiring
entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain
other instruments. We adopted ASU 2016-13 on May 1, 2023, and the adoption of this standard did not have a material impact on our
unaudited condensed consolidated financial statements.
Note 3 – Debt
Convertible Senior Notes
Due 2026
In March 2021, we issued $143.8 million in aggregate
principal amount of 1.25% exchangeable senior notes due 2026 (“Convertible Notes”) in a private offering to qualified institutional
buyers pursuant to Rule 144A under the Securities Act. The net proceeds we received from the issuance of Convertible Notes was $138.5
million, after deducting initial purchaser discounts and other debt issuance related expenses of $5.3 million.
The Convertible Notes are senior unsecured obligations
and accrue interest at a rate of 1.25% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. The Convertible
Notes mature on March 15, 2026, unless earlier redeemed or repurchased by us or converted at the option of the holders. The Convertible
Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election in
the manner and subject to the terms and conditions provided in the indenture (the “Indenture”) governing the Convertible Notes.
The initial conversion rate for the Convertible
Notes is approximately 47.1403 shares of our common stock per $1,000 principal amount, which represents an initial conversion price of
approximately $21.21 per share of our common stock. The conversion rate is subject to adjustments upon the occurrence of certain events
in accordance with the terms of the Indenture. In addition, following certain corporate events that occur prior to the maturity date,
we will, in certain circumstances, increase the conversion rate for a holder who elects to convert their Convertible Notes in connection
with such a fundamental change, as defined in the Indenture.
Holders of the Convertible Notes may convert their
Convertible Notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025,
only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending July 31, 2021, if the
last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading
days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the
conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period
(the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the Convertible
Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock
and the exchange rate on each such trading day; (3) if we call any or all of the Convertible Notes for redemption, at any time prior to
the close of business on the second scheduled trading day immediately preceding the redemption date; and (4) upon the occurrence of specified
corporate events as described in the Indenture.
On or after September 15, 2025, until the close
of business on the second scheduled trading day immediately preceding the maturity date, holders at their option may convert their Convertible
Notes at any time, regardless of the foregoing circumstances.
We may not redeem the Convertible Notes prior
to March 20, 2024. On or after March 20, 2024, the Convertible Notes are redeemable for cash, whole or in part, at our option, if the
last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days
(whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and
including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100%
of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
If we undergo a fundamental change (as defined
in the Indenture), holders may require us to repurchase for cash all or any portion of their Convertible Notes at a fundamental change
repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to,
but excluding the redemption date.
The Indenture contains customary terms and covenants,
including that upon certain events of default occurring and continuing, the trustee or the holders of at least 25% in aggregate principal
amount of the outstanding Convertible Notes may declare the entire principal of all the Convertible Notes plus accrued and unpaid interest
to be immediately due and payable.
As of July 31, 2023, the conditions allowing holders
of the Convertible Notes to convert had not been met and, therefore, the Convertible Notes are classified as a long-term liability on
the unaudited condensed consolidated balance sheets at July 31, 2023 and April 30, 2023.
The net carrying amount of the Convertible Notes
is as follows (in thousands):
Schedule of net carrying amount of the debt component | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | |
Principal | |
$ | 143,750 | | |
$ | 143,750 | |
Unamortized issuance costs | |
| (2,862 | ) | |
| (3,127 | ) |
Net carrying amount | |
$ | 140,888 | | |
$ | 140,623 | |
As of July 31, 2023, the estimated fair value
of the Convertible Notes was approximately $133.5 million. The fair value was determined based on the last actively traded price per $100
of the Convertible Notes for the period ended July 31, 2023 (Level 2).
The following table summarizes the interest expense
recognized related to the Convertible Notes for the three months ended July 31, 2023 and 2022 (in thousands).
Schedule of interest expenses | |
| | |
| |
| |
Three Months Ended July 31, 2023 | | |
Three Months Ended July 31, 2022 | |
Contractual interest expense | |
$ | 408 | | |
$ | 224 | |
Amortization of issuance costs | |
| 265 | | |
| 260 | |
Total interest expense associated with Convertible Notes | |
$ | 673 | | |
$ | 484 | |
Capped Call Transactions
In connection with the issuance of the Convertible
Notes, we entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institution
counterparties (the “Option Counterparties”). We used $12.8 million of the net proceeds from the issuance of the Convertible
Notes to pay the cost of the Capped Calls. The Capped Calls cover, subject to customary anti-dilution adjustments, the aggregate number
of shares of our common stock that initially underlie the Convertible Notes, and are generally expected to reduce the potential dilution
of our common stock upon any conversion of the Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap,
based on the cap price of the Capped Calls. The cap share price of the Capped Calls is approximately $28.02 per share, which represents
a premium of 75% over the last reported sale price of our common stock on March 9, 2021 and is subject to certain adjustments under the
terms of the Capped Calls. However, there would nevertheless be dilution upon conversion of the Convertible Notes to the extent that such
market price exceeds the capped share price as measured under the terms of the Capped Calls.
We evaluated the Capped Calls under ASC 815-10
and determined that they should be accounted for as a separate transaction from the Convertible Notes and that the Capped Calls met the
criteria for equity classification. Therefore, the cost of $12.8 million to purchase the Capped Calls was recorded as a reduction to additional
paid-in capital. The Capped Calls will not be subsequently remeasured as long as the conditions for equity classification continue to
be met. As of July 31, 2023 and April 30, 2023, there were no conversions of our Convertible Notes, and therefore, there was no activity
with respect to the Capped Calls. We believe the conditions for equity classification continue to be met as of July 31, 2023 and April
30, 2023.
Revolving Credit Facility
On March 14, 2023, we entered into a credit agreement
with Bank of America, N.A., as administrative agent and letter of credit issuer (the “Credit Agreement”). The Credit Agreement
provides for a revolving credit facility (the “Revolving Credit Facility”) in an amount equal to the lesser of (i) $50 million,
and (ii) a borrowing base calculated as the sum of (a) 80% of the value of certain of our eligible accounts receivable, plus (b) up to
100% of the value of eligible cash collateral. The Revolving Credit Facility will mature on March 13, 2024 and is secured by substantially
all of our assets. As of July 31, 2023, there were no outstanding loans under the Revolving Credit Facility.
Loans under the Revolving Credit Facility will
bear interest at either a term Secured Overnight Financing Rate (“SOFR”) rate for a specified interest period plus a SOFR
adjustment (equal to 0.10%) plus a margin of 1.40% or base rate plus a margin of 0.40% at our option. Interest on any outstanding loans
is due and payable monthly and the principal balance is due at maturity. In addition, we pay a quarterly unused revolving line facility
fee of 0.20% per annum on the average unused facility.
The Credit Agreement includes certain customary
affirmative and negative covenants, including limitations on mergers, consolidations and sales of assets, limitations on liens, limitations
on certain restricted payments and investments, limitations on transactions with affiliates and limitations on incurring additional indebtedness.
In addition, the Credit Agreement requires maintenance of a minimum consolidated EBITDA, as defined in the Credit Agreement, of $15 million
for the most recently completed four fiscal quarters as measured at the end of each fiscal quarter. As of July 31, 2023, we were in compliance
with the Credit Agreement’s financial covenant.
The Credit Agreement also provides for certain
customary events of defaults, including, among others, failure to make payments, breach of representations and warranties, and default
of covenants.
Note 4 – Leases
We currently lease certain office, manufacturing,
laboratory and warehouse space located in Orange County, California under operating lease agreements. Our leased facilities have original
lease terms ranging from 7 to 12 years, contain multi-year renewal options, and scheduled rent increases of 3% on either an annual or
biennial basis. Multi-year renewal options were included in determining the right-of-use asset and lease liability for three of our leases
as we considered it reasonably certain that we would exercise such renewal options. In addition, certain 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/or are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the
lease.
Certain of our operating 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.
We also lease certain manufacturing equipment
under a 5-year finance lease that commenced in the second quarter of fiscal year 2022.
The components of our lease costs for the three
months ended July 31, 2023 and 2022 were as follows (in thousands):
Schedule of lease costs | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Operating lease cost | |
$ | 1,140 | | |
$ | 1,083 | |
Variable lease cost | |
| 351 | | |
| 389 | |
Short-term lease cost | |
| 36 | | |
| 130 | |
Finance lease costs: | |
| | | |
| | |
Amortization of right-of-use assets | |
| 54 | | |
| 54 | |
Interest on lease liabilities | |
| 27 | | |
| 33 | |
Total lease costs | |
$ | 1,608 | | |
$ | 1,689 | |
Supplemental consolidated balance sheet and other information related
to our leases as of July 31, 2023 and April 30, 2023 were as follows (in thousands, expect weighted average data):
Schedule of balance sheet classification of leases | |
| |
| | | |
| | |
Leases | |
Classification | |
July 31, 2023 | | |
April 30, 2023 | |
Assets | |
| |
| | | |
| | |
Operating | |
Operating lease right-of-use assets | |
$ | 42,374 | | |
$ | 42,772 | |
Finance | |
Property and equipment, net | |
| 2,460 | | |
| 2,529 | |
Total leased assets | |
| |
$ | 44,834 | | |
$ | 45,301 | |
| |
| |
| | | |
| | |
Liabilities | |
| |
| | | |
| | |
Current: | |
| |
| | | |
| | |
Operating | |
Current portion of operating lease liabilities | |
$ | 1,262 | | |
$ | 1,358 | |
Finance | |
Other current liabilities | |
| 539 | | |
| 531 | |
Non-current: | |
| |
| | | |
| | |
Operating | |
Operating lease liabilities, less current portion | |
| 45,370 | | |
| 45,690 | |
Finance | |
Finance lease liabilities, less current portion | |
| 1,424 | | |
| 1,562 | |
Total lease liabilities | |
| |
$ | 48,595 | | |
$ | 49,141 | |
Schedule of operating and finance leases | |
| |
| | | |
| | |
Weighted average remaining lease term (years): | |
| | | |
| | |
Operating leases | |
| |
| 16.4 | | |
| 16.6 | |
Finance lease | |
| |
| 3.4 | | |
| 3.7 | |
Weighted average discount rate: | |
| |
| | | |
| | |
Operating leases | |
| |
| 6.0% | | |
| 6.0% | |
Finance lease | |
| |
| 5.3% | | |
| 5.3% | |
Supplemental cash flow information related to our leases for the three
months ended July 31, 2023 and 2022 were as follows (in thousands):
Schedule of supplemental cash flow information related to leases | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from operating leases | |
$ | 1,119 | | |
$ | 963 | |
Operating cash flows from finance lease | |
| 27 | | |
| 22 | |
Financing cash flows from finance lease | |
| 130 | | |
| 83 | |
Non-cash transaction: | |
| | | |
| | |
Unpaid finance lease obligation | |
$ | – | | |
$ | 41 | |
As of July 31, 2023, the maturities of our 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):
Schedule of maturities of lease
liabilities | |
| | | |
| | | |
| | |
Fiscal Year Ending April 30, | |
Operating Leases | | |
Finance Lease | | |
Total | |
2024 (remaining period) | |
$ | 3,021 | | |
$ | 472 | | |
$ | 3,493 | |
2025 | |
| 4,060 | | |
| 629 | | |
| 4,689 | |
2026 | |
| 4,167 | | |
| 629 | | |
| 4,796 | |
2027 | |
| 4,199 | | |
| 419 | | |
| 4,618 | |
2028 | |
| 4,036 | | |
| – | | |
| 4,036 | |
Thereafter | |
| 56,418 | | |
| – | | |
| 56,418 | |
Total lease payments | |
$ | 75,901 | | |
$ | 2,149 | | |
$ | 78,050 | |
Less: imputed interest | |
| (29,269 | ) | |
| (186 | ) | |
| (29,455 | ) |
Total lease liabilities | |
$ | 46,632 | | |
$ | 1,963 | | |
$ | 48,595 | |
Note
5 – Equity Compensation Plans
Stock Incentive Plans
As of July 31, 2023, we had
an aggregate of 7,806,772 shares of our common stock reserved for issuance under our stock incentive plans, of which 4,642,661 shares
were subject to outstanding stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”)
and 3,164,111 shares were available for future grants of stock-based awards.
Stock Options
The following summarizes our
stock option transaction activity for the three months ended July 31, 2023:
Schedule of stock option activity | |
| | | |
| | |
| |
Stock Options | | |
Grant Date Weighted Average Exercise Price | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 2,079 | | |
$ | 6.76 | |
Granted | |
| – | | |
$ | – | |
Exercised | |
| (41 | ) | |
$ | 8.46 | |
Canceled or expired | |
| (8 | ) | |
$ | 13.15 | |
Outstanding at July 31, 2023 | |
| 2,030 | | |
$ | 6.70 | |
Restricted Stock Units
The following summarizes our
RSUs transaction activity for the three months ended July 31, 2023:
Schedule of RSU activity | |
| | | |
| | |
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 1,006 | | |
$ | 16.83 | |
Granted | |
| 661 | | |
$ | 14.05 | |
Vested | |
| (170 | ) | |
$ | 11.29 | |
Forfeited | |
| (19 | ) | |
$ | 17.89 | |
Outstanding at July 31, 2023 | |
| 1,478 | | |
$ | 16.21 | |
Performance Stock Units
The Compensation Committee of
the Board of Directors grants PSUs to our executives. The PSUs are subject to annual vesting over three consecutive fiscal year performance
periods with the first one-third vesting on April 30 of the year following the grant date, and each successive one-third vesting on April
30 of the following two years respectively (each a “Performance Period”). Each PSU that vests represent the right to receive
one share of our common stock. The number of shares that will vest for each Performance Period, if any, is based upon the attainment of
certain predetermined financial metrics for each such Performance Period. Depending on the actual financial metrics achieved relative
to the target financial metrics for such Performance Periods, the number of PSUs issued could range from 0% to 200% of the target amount.
The number of granted shares included in the table below is based on a maximum 200% achievement of each financial metric during each Performance
Period (the “Maximum Performance Target”). If a financial metric is achieved at a rate below the Maximum Performance Target,
or is not achieved, the corresponding portions of the PSUs that do not vest are forfeited.
The following summarizes our
PSUs transaction activity for the three months ended July 31, 2023:
Schedule of PSU activity | |
| | | |
| | |
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 522 | | |
$ | 19.70 | |
Granted | |
| 613 | | |
$ | 13.92 | |
Vested | |
| – | | |
$ | – | |
Forfeited | |
| – | | |
$ | – | |
Outstanding at July 31, 2023 | |
| 1,135 | | |
$ | 16.58 | |
Employee Stock Purchase Plan
The Avid Bioservices, Inc. 2010
Employee Stock Purchase Plan (the “ESPP”) is a stockholder-approved plan under which 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 six-month offering period or on the last trading day
of the six-month offering period. During the three months ended July 31, 2023, a total of 46,224 shares of our common stock were purchased
under the ESPP at a purchase price of $11.46 per share. As of July 31, 2023, we had 917,092 shares of our common stock reserved for issuance
under the ESPP.
Stock-Based Compensation
Stock-based compensation expense included in
our unaudited condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended July 31,
2023 and 2022 was comprised of the following (in thousands):
Schedule of share-based compensation expense | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Cost of revenues | |
$ | 954 | | |
$ | 687 | |
Selling, general and administrative | |
| 1,389 | | |
| 1,210 | |
Total | |
$ | 2,343 | | |
$ | 1,897 | |
As of July 31, 2023, the total estimated unrecognized
compensation cost related to non-vested stock options and RSUs was $0.9 million and $22.6 million, respectively. These costs are expected
to be recognized over weighted average vesting periods of 0.91 and 3.12 years, respectively. As of July 31, 2023, there was $10.6 million
of total estimated unrecognized compensation cost related to non-vested PSUs associated with the Performance Periods ending April 30,
2024, 2025 and 2026. This cost is expected to be recognized over the weighted average vesting period of 1.47 years, however, we will assess
the likelihood of achieving the predetermined financial metrics associated with each Performance Period on a quarterly basis and the expense
recognized, if any, will be adjusted accordingly.
Note 6 – Income Taxes
We are subject to taxation in the United States
and various states jurisdictions in which we conduct our business.
Our tax provision for interim periods is determined
using an estimate of our annual effective tax rate, adjusted for discrete items arising in that quarter. On a quarterly basis, we update
our estimate of the annual effective tax rate, and if the estimated annual tax rate changes, we make a cumulative adjustment in that quarter.
For the three months ended July 31, 2023 and
2022, we recorded an income tax (benefit) of $(0.6)
million and an income tax expense of $0.7
million, respectively, resulting in an effective tax rate of approximately 22%
and 30%,
respectively.
The provision for income taxes recorded for
the three months ended July 31, 2023 and 2022 differs from the U.S. federal statutory tax rate of 21% due primarily to the tax
impact of stock-based compensation, non-deductible officers’ compensation, and transportation fringe benefits.
We have no
material uncertain tax position liabilities as of July 31, 2023 and April 30, 2023. It is our policy to recognize interest and penalties
related to income tax matters in interest expense and other income (expense), net, respectively, in our unaudited condensed
consolidated statements of income (loss) and comprehensive income (loss). There was no
accrued interest or penalties associated with uncertain tax positions as of July 31, 2023 and April 30, 2023.
Note 7 – Net Income (Loss) Per Common Share
Basic net income (loss) per
common share is computed by dividing our net income (loss) by the weighted average number of shares of common stock outstanding during
the period. Diluted net income (loss) per common share is computed by dividing our net income (loss) by the sum of the weighted average
number of shares of common stock outstanding during the period plus the potential dilutive effects of stock options, unvested RSUs, unvested
PSUs, shares of common stock expected to be issued under our ESPP, and Convertible Notes.
The potential dilutive effect
of stock options, unvested RSUs, unvested PSUs, and shares of common stock expected to be issued under our ESPP during the period are
calculated in accordance with the treasury stock method but are excluded if their effect is anti-dilutive. The potential dilutive effect
of our Convertible Notes is calculated using the if-converted method assuming the conversion of our Convertible Notes as of the earliest
period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. A reconciliation of the numerators
and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands, except per
share amounts):
Schedule of earnings per share, basic and diluted | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Numerator: | |
| | |
| |
Net income (loss) | |
$ | (2,093 | ) | |
$ | 1,564 | |
Denominator: | |
| | | |
| | |
Weighted average basic common shares outstanding | |
| 62,838 | | |
| 61,905 | |
Effect of dilutive securities: | |
| | | |
| | |
Stock options | |
| – | | |
| 1,195 | |
RSUs and ESPP | |
| – | | |
| 233 | |
Weighted average dilutive common shares outstanding | |
| 62,838 | | |
| 63,333 | |
| |
| | | |
| | |
Net income (loss) per share: | |
| | | |
| | |
Basic | |
$ | (0.03 | ) | |
$ | 0.03 | |
Diluted | |
$ | (0.03 | ) | |
$ | 0.02 | |
The following table presents
the potential dilutive securities excluded from the calculation of diluted net income (loss) per share for the periods presented as the
effect of their inclusion would have been anti-dilutive (in thousands):
Schedule of antidilutive shares | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Stock options | |
| 1,138 | | |
| 55 | |
RSUs, PSUs and ESPP | |
| 907 | | |
| 466 | |
Convertible Notes | |
| 6,776 | | |
| 6,776 | |
Total | |
| 8,821 | | |
| 7,297 | |
Note 8 – Commitments and Contingencies
In the ordinary course of business, we are at
times subject to various legal proceedings and disputes. We make provisions for liabilities when it is both probable that a liability
has been incurred and the amount of the loss can be reasonably estimated. Such provisions, if any, are reviewed at least quarterly
and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other
information and events pertaining to a particular case. We currently are not a party to any legal proceedings, the adverse outcome of
which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our consolidated financial
condition or results of operations.
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
The following discussion and analysis of the
financial condition and results of our operations should be read together with the unaudited condensed consolidated financial statements
and related notes of Avid Bioservices, Inc. included in Part I Item 1 of this Quarterly Report on Form 10-Q and with our audited
consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended April 30,
2023.
Cautionary Statement Regarding Forward-Looking Statements
This Quarterly Report
on Form 10-Q contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize
or prove incorrect, could cause our results of operations to differ materially from those expressed or implied by such forward-looking
statements. The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). Forward-looking statements are often identified by the use of words such as, but
not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “project,” “seek,” “should,”
“target,” “will,” “would” and similar expressions or variations intended to identify forward-looking
statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management.
These forward-looking statements are subject to numerous risks and uncertainties, including the risks and uncertainties described under
the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023, those identified
in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this
Quarterly Report on Form 10-Q, and in other filings we may make with the Securities and Exchange Commission from time to time. Moreover,
we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management
to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
We qualify all of our forward-looking statements by these cautionary statements and, except as required by law, assume no obligation and
do not intend to update these forward-looking statements.
Overview
We are a dedicated contract
development and manufacturing organization (“CDMO”) that provides a comprehensive range of services from process development
to Current Good Manufacturing Practices (“CGMP”) clinical and commercial manufacturing of biologics for the biotechnology
and biopharmaceutical industries. With 30 years of experience producing biologics, our services include clinical and commercial product
manufacturing, bulk packaging, release and stability testing and regulatory submissions support. We also provide a variety of process
development services, including upstream and downstream development and optimization, analytical methods development, cell line development,
testing and characterization.
Strategic Objectives
We have a growth strategy that seeks to align with the growth of the
biopharmaceutical drug substance contract services market. That strategy encompasses the following objectives:
| · | Invest in additional manufacturing capacity, capabilities and resources required for us to achieve our
long-term growth strategy and meet the growth-demand of our customers’ programs, moving from development through to commercial manufacturing; |
| · | Broaden our market awareness through a diversified yet flexible marketing strategy; |
| · | Continue to expand our customer base and programs with existing customers for both process development
and manufacturing service offerings; |
| · | Explore strategic opportunities both within our core business as well as in adjacent and/or synergistic
service offerings in order to enhance and/or broaden our capabilities; and |
| · | Increase our operating profit margin to best in class industry standards. |
First Quarter Highlights
The following summarizes select highlights from
our first quarter ended July 31, 2023:
| · | Reported revenues of $37.7 million, an increase of 3%, or $1.0 million, compared to the same prior year
period; |
| · | Expanded programs with existing customers and ended the quarter with a backlog of approximately $189
million; and |
| · | Continued to advance the build-out of CGMP manufacturing suites in our cell and gene therapy facility,
which remains expected to be online by the end of the third quarter of calendar 2023. |
Facility Expansion
During fiscal year 2022, we announced plans to
expand our CDMO service offerings into viral vector development and manufacturing services for the rapidly growing cell and gene therapy
(“CGT”) market. This expansion consists of a two-phased approach to the construction of a world-class, single purpose-built
CGT development and CGMP manufacturing facility in Costa Mesa, California (the “CGT Facility”). In June 2022, we completed
the first phase with the opening of our new analytical and process development laboratories. The second phase of construction is the build
out of CGMP manufacturing suites, which is expected to be online by the end of the third quarter of calendar 2023. We estimate that as
of July 31, 2023, the remaining cost to complete our CGT Facility construction is approximately $8 million.
Upon completion of this expansion project, we
estimate that our combined facilities will have the potential to bring our total revenue generating capacity to up to approximately $400
million annually, depending on the mix of future customer projects.
Performance and Financial Measures
In assessing the performance of our business,
we consider a variety of performance and financial measures. The key indicators of the financial condition and operating performance of
our business are revenues, gross profit, selling, general and administrative expenses, operating income, interest expense, other income
(expense), net, and income tax expense (benefit).
We intend for this discussion to provide the reader
with information that will assist in understanding our consolidated financial statements, the changes in certain key items in those consolidated
financial statements from period to period and the primary factors that accounted for those changes.
Revenues
Revenues are derived from services provided under
our customer contracts and are disaggregated into manufacturing and process development revenue streams. Manufacturing revenue generally
represents revenue from the manufacturing of customer products derived from mammalian cell culture covering clinical through commercial
manufacturing runs. Process development revenue generally represents revenue from services associated with the custom development of a
manufacturing process and analytical methods for a customer’s product.
Gross Profit
Gross profit is equal to revenues less cost of
revenues. Cost of revenues reflects the direct cost of labor, overhead and material costs. Direct labor costs include compensation, benefits,
recruiting fees, and stock-based compensation within the manufacturing, process and analytical development, quality assurance, quality
control, validation, supply chain, project management and facilities functions. Overhead costs primarily include the rent, common area
maintenance, utilities, property taxes, security, materials and supplies, software, small equipment and deprecation costs incurred at
all of our manufacturing and laboratory locations.
Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”)
expenses are composed of corporate-level expenses, including compensation, benefits, recruiting fees, and stock-based compensation of
corporate functions such as executive management, finance and accounting, business development, legal, human resources, information technology,
and other centralized services. SG&A expenses also include corporate legal fees, audit and accounting fees, investor relation expenses,
non-employee director fees, corporate facility related expenses, and other expenses relating to our general management, administration,
and business development activities.
Interest Expense
Interest expense consists of interest costs related
to our outstanding convertible senior notes, revolving credit facility and finance lease, including amortization of debt issuance costs.
Other Income (Expense), Net
Other income (expense), net primarily consists
of interest earned on our cash and cash equivalents, net of gains (losses) from the disposal of long-live assets.
Income Tax Expense (Benefit)
We are subject to taxation in the United States
and various states jurisdictions in which we conduct our business. We prepare our income tax provision based on our interpretation of
the income tax accounting rules and each jurisdiction’s enacted tax laws and regulations. For additional information refer to Note
6, Income Taxes, of the notes to unaudited condensed consolidated financial statements.
Results of Operations
The following table compares
the results of our operations for the three months ended July 31, 2023 and 2022 (in thousands):
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | | |
$ Change | |
Revenues | |
$ | 37,726 | | |
$ | 36,692 | | |
$ | 1,034 | |
Cost of revenues | |
| 33,626 | | |
| 27,575 | | |
| 6,051 | |
Gross profit | |
| 4,100 | | |
| 9,117 | | |
| (5,017 | ) |
Operating expenses: | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 6,263 | | |
| 6,382 | | |
| (119 | ) |
Total operating expenses | |
| 6,263 | | |
| 6,382 | | |
| (119 | ) |
Operating income (loss) | |
| (2,163 | ) | |
| 2,735 | | |
| (4,898 | ) |
Interest expense | |
| (775 | ) | |
| (518 | ) | |
| (257 | ) |
Other income (expense), net | |
| 258 | | |
| 50 | | |
| 208 | |
Net income (loss) before income taxes | |
| (2,680 | ) | |
| 2,267 | | |
| (4,947 | ) |
Income tax expense (benefit) | |
| (587 | ) | |
| 703 | | |
| (1,290 | ) |
Net income (loss) | |
$ | (2,093 | ) | |
$ | 1,564 | | |
$ | (3,657 | ) |
Three
Months Ended July 31, 2023 Compared to Three Months Ended July 31, 2022
Revenues
Revenues
for the three months ended July 31, 2023 were $37.7 million compared to $36.7 million for the same period in the prior year, an increase
of $1.0 million, or 3%. The increase was primarily attributed to an increase in manufacturing revenues from late-stage programs. The following
table compares revenues by revenue stream for the three months ended July 31, 2023 and 2022 (in thousands):
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | | |
Change | |
Manufacturing revenues | |
$ | 33,420 | | |
$ | 31,481 | | |
$ | 1,939 | |
Process development revenues | |
| 4,306 | | |
| 5,211 | | |
| (905 | ) |
Total revenues | |
$ | 37,726 | | |
$ | 36,692 | | |
$ | 1,034 | |
Gross Profit
Gross profit for the three
months ended July 31, 2023 was $4.1 million (11% gross margin) compared to a gross profit of $9.1 million (25% gross margin) for the
same period in the prior year. The decrease in gross margin during the three months ended July 31, 2023, as compared to the same
prior year period was primarily driven by costs related to ongoing expansions of both our capacity and our technological
capabilities. This included adding staff and associated overhead, including depreciation expense, that will provide critical
capacity for near and medium-term growth. Margins during the current quarter were also impacted by a terminated project relating to
the insolvency of one of our smaller customers and a delay in our ability to recognize the revenues of one product pending the
implementation of a process change.
We expect our gross profit will
continue to be impacted in the near-term due to our increased fixed cost base related to the additional personnel, additional facility
and equipment related costs, and increased depreciation expense from our expansions of both our capacity and our technological capabilities.
Selling, General and Administrative Expenses
SG&A expenses were $6.3
million for the three months ended July 31, 2023 compared to $6.4 million for the same period in the prior year, a decrease of approximately
$0.1 million, or 2%. The net decrease in SG&A expenses was attributed to the following components:
| |
$ millions | |
Increase in compensation and benefit related expenses | |
$ | 0.3 | |
Decrease in consulting and other professional fees | |
| (0.2 | ) |
Net decrease in all other SG&A expenses | |
| (0.2 | ) |
Total decrease in SG&A expenses | |
$ | (0.1 | ) |
As a percentage of revenues,
SG&A expenses for the three months ended July 31, 2023 and 2022 were both 17%. SG&A expenses are generally not directly proportional
to revenues, but we expect such expenses to increase over time to support the needs of our growing company.
Operating Income (Loss)
Operating loss was $2.2 million for the three
months ended July 31, 2023 compared to operating income of $2.7 million for the same period in the prior year. This $4.9 million decrease
in year-over-year operating income (loss) can be attributed to the $5.0 million decrease in gross profit described above, offset by the
$0.1 million decrease in SG&A expenses described above.
Interest Expense
Interest expense was $0.8 million for the three
months ended July 31, 2023 compared to $0.5 million for the same period in the prior year. This $0.3 million increase can primarily be
attributed to a de minimis amount of interest expense capitalized as construction-in-progress during the current year period compared
to $0.2 million of interest capitalized during the same prior year period, combined with an increase of $0.1 million of interest expense
associated with the revolving credit facility we entered into in March 2023.
Other Income (Expense), net
Other income (expense), net (“OI&E”)
was $0.3 million for the three months ended July 31, 2023 compared to $0.1 million for the same period in the prior year, an increase
of $0.2 million. This year-over-year increase in OI&E can primarily be attributed to an increase in interest income of $0.2 million.
Income Tax Expense (Benefit)
Income tax benefit was $0.6 million for the three
months ended July 31, 2023 compared to income tax expense of $0.7 million for the same period in the prior year. This $1.3 million decrease
in our provision for income taxes can primarily be attributed to our pre-tax net loss for the current year period. Our effective tax rate
for the current year period was approximately 22% and was computed based on the U.S. federal statutory rate of 21% adjusted primarily for the tax impact of stock-based compensation,
non-deductible officers’ compensation, and transportation fringe benefits.
Liquidity and Capital Resources
Our principal sources of liquidity are our existing
cash and cash equivalents on hand. As of July 31, 2023, we had cash and cash equivalents of $24.9 million. We believe that our existing
cash on hand and our anticipated cash flows from operating activities will be sufficient to fund our operations for at least the next
12 months from the date of this Quarterly Report.
If our existing cash on hand
and our anticipated cash flows from operations are not sufficient to support our operations or capital requirements, including our cell
and gene therapy facility expansion, then we may, in the future, draw on our existing revolving credit facility, which is subject to covenant
compliance and availability (as described in Note 3 of the notes to unaudited condensed consolidated financial statements) and/or obtain
additional debt or equity financing to fund our future operations and/or such expansion. We may raise these funds at the appropriate time,
accessing the form of capital that we determine is most appropriate considering the markets available to us and their respective costs
of capital, such as through the issuance of debt or through the public offering of securities. These financings may not be available on
acceptable terms, or at all. Our ability to raise additional capital in the equity and debt markets is dependent on several factors including,
but not limited to, the market demand for our common stock. The market demand or liquidity of our common stock is subject to a number
of risks and uncertainties including, but not limited to, our financial results, economic and market conditions, and global financial
crises and economic downturns, which may cause extreme volatility and disruptions in capital and credit markets. In addition, even if
we are able to raise additional capital, it may not be at a price or on terms that are favorable to us, or it may contain restrictions
on the operations of our business.
Cash Flows
The following table compares
our cash flow activities for the three months ended July 31, 2023 and 2022 (in thousands):
| |
Three Months Ended July 31, | | |
| |
| |
2023 | | |
2022 | | |
$ Change | |
Net cash used in operating activities | |
$ | (278 | ) | |
$ | (5,034 | ) | |
$ | 4,756 | |
Net cash used in investing activities | |
$ | (14,114 | ) | |
$ | (6,924 | ) | |
$ | (7,190 | ) |
Net cash provided by financing activities | |
$ | 748 | | |
$ | 929 | | |
$ | (181 | ) |
Net Cash Used in Operating Activities
Net cash used in operating activities for the
three months ended July 31, 2023 was a result of a $2.1 million net loss combined with a reduction in working capital as a result of a
net change in operating assets and liabilities of $3.0 million, offset by non-cash adjustments to net loss of $4.8 million primarily related
to stock-based compensation, depreciation and amortization expense, amortization of debt issuance costs, and deferred income taxes.
Net cash used in operating activities for the
three months ended July 31, 2022 was a result of a net change in operating assets and liabilities of $11.0 million, offset by $1.6 million
of net income and non-cash adjustments to net income of $4.4 million primarily related to stock-based compensation and depreciation and
amortization expense.
Net Cash Used in Investing Activities
Net cash used in investing activities for the
three months ended July 31, 2023 and 2022 consisted of $14.1 million and $6.9 million, respectively, used to acquire property and equipment
primarily related to the expansion of our mammalian facilities and the construction of our cell and gene therapy facility.
Net Cash Provided by Financing Activities
Net cash provided by financing activities for
the three months ended July 31, 2023 consisted of $0.9 million in net proceeds from the issuance of common stock under our equity compensation
plans, offset by $0.1 million in principal payments on a finance lease.
Net cash provided by financing activities for
the three months ended July 31, 2022 consisted of $1.0 million in net proceeds from the issuance of common stock under our equity compensation
plans, offset by $0.1 million in principal payments on a finance lease.
Cash Requirements
Our material cash requirements include the following
contractual and other obligations:
Convertible Senior Notes
In March 2021, we issued $143.8 million in aggregate
principal amount of 1.25% exchangeable senior notes due 2026 (“Convertible Notes”) in a private offering to qualified institutional
buyers pursuant to Rule 144A under the Securities Act. The net proceeds we received from the issuance of Convertible Notes was $138.5
million, after deducting initial purchaser discounts and other debt issuance related expenses of $5.3 million.
The Convertible Notes are senior unsecured obligations
and accrue at a rate of 1.25% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. The Convertible Notes mature on March 15, 2026, unless earlier redeemed or repurchased by us or converted at the option of the
holders. The Convertible Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common
stock, at our election in the manner and subject to the terms and conditions provided in the indenture governing the Convertible Notes.
As of July 31, 2023, the aggregate principal amount
outstanding on our Convertible Notes was $143.8 million. For additional information regarding the Convertible Notes, see Note 3 of the
notes to unaudited condensed consolidated financial statements.
Leases
We lease certain office, manufacturing, laboratory,
and warehouse space located in Orange County, California under operating lease agreements. Our leased facilities have original lease terms
ranging from 7 to 12 years, contain multi-year renewal options, and scheduled rent increases of 3% on either an annual or biennial basis.
We also lease certain manufacturing equipment under a 5-year finance lease that expires in December 2026. As of July 31, 2023, we had
outstanding lease payment obligations of approximately $78.0 million, of which $3.5 million is payable in the remainder of fiscal 2024,
$4.7 million is payable in fiscal 2025, $4.8 million is payable in fiscal 2026, $4.6 million is payable in fiscal 2027, $4.0 million is
payable in fiscal 2028, and $56.4 million is payable thereafter.
Capital Expenditures
Our fiscal year 2024 capital expenditures primarily
relate to the facility expansions. During the three months ended July 31, 2023, our capital expenditures were $14.1 million, and $7.6
million were incurred and accrued as of July 31, 2023, for a total of $21.7 million. We currently anticipate that our total capital expenditures
for fiscal year 2024 will be approximately $30 million.
Revolving Credit Facility
In March 2023, we entered into a credit agreement
with Bank of America, N.A., as administrative agent and letter of credit issuer (the “Credit Agreement”). The Credit Agreement
provides for a revolving credit facility (the “Revolving Credit Facility”) in an amount equal to the lesser of (i) $50 million,
and (ii) a borrowing base calculated as the sum of (a) 80% of the value of certain of our eligible accounts receivable, plus (b) up to
100% of the value of eligible cash collateral. The Revolving Credit Facility will mature on March 13, 2024, and is secured by substantially
all of our assets. As of July 31, 2023, there were no outstanding loans under the Revolving Credit Facility.
Loans under the Revolving Credit Facility will
bear interest at either a term Secured Overnight Financing Rate (“SOFR”) rate for a specified interest period plus a SOFR
adjustment (equal to 0.10%) plus a margin of 1.40% or base rate plus a margin of 0.40% at our option. Interest on any outstanding loans
is due and payable monthly and the principal balance is due at maturity. In addition, we pay a quarterly unused revolving line facility
fee of 0.20% per annum on the average unused facility.
The Credit Agreement includes certain customary
affirmative and negative covenants, including limitations on mergers, consolidations and sales of assets, limitations on liens, limitations
on certain restricted payments and investments, limitations on transactions with affiliates and limitations on incurring additional indebtedness.
In addition, the Credit Agreement requires maintenance of a minimum consolidated EBITDA, as defined in the Credit Agreement, of $15 million
for the most recently completed four fiscal quarters as measured at the end of each fiscal quarter. As of July 31, 2023, we were in
compliance with the Credit Agreement’s financial covenant.
The Credit Agreement also provides for certain
customary events of defaults, including, among others, failure to make payments, breach of representations and warranties, and default
of covenants.
Critical Accounting Policies and Estimates
Our discussion and analysis
of our consolidated financial condition and results of operations are based on our consolidated financial statements, which have been
prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of
our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities,
revenues, expenses, and related disclosures. We review our estimates and assumptions on an ongoing basis. We base our estimates on historical
experience and on assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for our judgments
about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may vary from what
we anticipate and different assumptions or estimates about the future could change our reported results. During the three months ended
July 31, 2023, there were no significant changes in our critical accounting policies as previously disclosed by us in Part II, Item 7
of our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
Recent Accounting Pronouncements
For a discussion of recent accounting
pronouncements applicable to us, please refer to Note 2, Summary of Significant Accounting Policies, in the accompanying notes
to our unaudited condensed consolidated financial statements.
Backlog
Our backlog represents, as of
a point in time, expected future revenue from contracted work not yet completed. As of July 31, 2023, our backlog was approximately $189
million, as compared to approximately $191 million as of April 30, 2023. While we anticipate a significant amount of our backlog will
be recognized as revenue over the next five fiscal quarters, our backlog is subject to a number of risks and uncertainties, including
but not limited to: (i) the risk that a customer timely cancels its commitments prior to our initiation of services, in which case we
may be required to refund some or all of the amounts paid to us in advance under those canceled commitments; (ii) the risk that a customer
may experience delays in its program(s) or otherwise, which could result in the postponement of anticipated services; (iii) the risk that
we may not successfully execute on all customer projects; and (iv) the risk that commencement of customer projects may be postponed due
to supply chain delays, any of which could have a negative impact on our liquidity, reported backlog and future revenues and profitability.
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
During the three months ended
July 31, 2023, there were no material changes in the market risks described in the “Quantitative and Qualitative Disclosures About
Market Risk” section of our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
| Item 4. | Controls and Procedures |
Evaluation of Disclosure
Controls and Procedures
We maintain disclosure controls
and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) under the Exchange Act that are designed to ensure that information
required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our
Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing
and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required
to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
We carried out an evaluation,
under the supervision and with the participation of management, including our principal executive officer and principal financial officer,
of the effectiveness of the design and operation of our disclosure controls and procedures as of July 31, 2023, the end of the period
covered by this Quarterly Report. Based on that evaluation, our principal executive officer and principal financial officer concluded
that our disclosure controls and procedures were effective as of July 31, 2023.
Changes in Internal Control
over Financial Reporting
There were no significant changes
in our internal control over financial reporting, during the quarter ended July 31, 2023, that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
PART II—OTHER
INFORMATION
In the ordinary course of business,
we are at times subject to various legal proceedings and disputes. We make provisions for liabilities when it is both probable that a
liability has been incurred and the amount of the loss can be reasonably estimated. Such provisions, if any, are reviewed at least
quarterly and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel,
and other information and events pertaining to a particular case. We currently are not a party to any legal proceedings, the adverse outcome
of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our consolidated financial
condition or results of operations.
We operate in a rapidly changing
environment that involves a number of risks that could materially and adversely affect our business, financial condition, results of operations
and cash flows. For a detailed discussion of the risks that affect our business, please refer to Part I, Item IA, “Risk Factors”
in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023. There have been no material changes to the risk factors as
previously disclosed in our Annual Report on Form 10-K.
During the three months ended
July 31, 2023, none of our directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1
trading arrangement, as such terms are defined under Item 408(a) of Regulation S-K.
__________________
| (1) | Incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed
with the Securities and Exchange Commission on June 23, 2023. |
| (2) | Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed
with the Securities and Exchange Commission on July 13, 2023. |
| (3) | Incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed
with the Securities and Exchange Commission on July 13, 2023. |
| † | Indicates management contract or compensatory plan. |
| * | Filed herewith. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
|
AVID BIOSERVICES, INC. |
|
|
|
|
|
|
Date: September 7, 2023 |
By: /s/ Nicholas S. Green |
|
Nicholas S. Green |
|
President and Chief Executive Officer |
|
(Principal Executive Officer) |
|
|
|
|
Date: September 7, 2023 |
By: /s/ Daniel R. Hart |
|
Daniel R. Hart |
|
Chief Financial Officer |
|
(signed both as an officer duly authorized to sign on behalf of the Registrant and Principal Financial Officer and Principal Accounting Officer) |
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES
EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Nicholas S. Green, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Avid Bioservices, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the periods covered
by this report based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board
of directors (or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report
financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Dated: September 7, 2023 |
Signed: /s/ Nicholas S. Green |
Nicholas S. Green
President and Chief Executive Officer
(Principal Executive Officer)
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES
EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Daniel R. Hart, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Avid Bioservices, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the periods covered
by this report based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board
of directors (or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report
financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Dated: September 7, 2023 |
Signed: /s/ Daniel R. Hart |
Daniel R. Hart
Chief Financial
Officer
(Principal Financial
Officer)
Exhibit 32
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND
CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Nicholas S. Green, certify,
as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
the Quarterly Report of Avid Bioservices, Inc. on Form 10-Q for the quarter ended July 31, 2023 fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report of Avid Bioservices,
Inc. on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Avid Bioservices, Inc.
at the dates and for the periods indicated.
Dated: September 7, 2023 |
Signed: /s/ Nicholas S. Green |
Nicholas S. Green
President and Chief Executive Officer
(Principal Executive Officer)
I, Daniel R. Hart, certify,
as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
the Quarterly Report of Avid Bioservices, Inc. on Form 10-Q for the quarter ended July 31, 2023 fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report of Avid Bioservices,
Inc. on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Avid Bioservices, Inc.
at the dates and for the periods indicated.
Dated: September 7, 2023 |
Signed: /s/ Daniel R. Hart |
Daniel R. Hart
Chief Financial
Officer
(Principal Financial
Officer)
A signed original of this written statement
required by Section 906 has been provided to Avid Bioservices, Inc. and will be retained by Avid Bioservices, Inc. and furnished to the
Securities and Exchange Commission or its staff upon request.
v3.23.2
Cover - shares
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Aug. 18, 2023 |
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Entity File Number |
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Entity Registrant Name |
AVID BIOSERVICES, INC.
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Jul. 31, 2023 |
Apr. 30, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 24,898
|
$ 38,542
|
Accounts receivable, net |
16,209
|
18,298
|
Contract assets |
14,454
|
9,609
|
Inventory |
40,866
|
43,908
|
Prepaid expenses and other current assets |
1,892
|
2,094
|
Total current assets |
98,319
|
112,451
|
Property and equipment, net |
182,299
|
177,369
|
Operating lease right-of-use assets |
42,374
|
42,772
|
Deferred tax assets |
114,238
|
113,639
|
Other assets |
4,757
|
4,473
|
Restricted cash |
350
|
350
|
Total assets |
442,337
|
451,054
|
Current liabilities: |
|
|
Accounts payable |
22,813
|
24,593
|
Accrued compensation and benefits |
4,667
|
8,780
|
Contract liabilities |
33,019
|
37,352
|
Current portion of operating lease liabilities |
1,262
|
1,358
|
Other current liabilities |
2,296
|
1,626
|
Total current liabilities |
64,057
|
73,709
|
Convertible senior notes, net |
140,888
|
140,623
|
Operating lease liabilities, less current portion |
45,370
|
45,690
|
Finance lease liabilities, less current portion |
1,424
|
1,562
|
Total liabilities |
251,739
|
261,584
|
Commitments and contingencies |
|
|
Stockholders’ equity: |
|
|
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates |
0
|
0
|
Common stock, $0.001 par value; 150,000 shares authorized; 63,111 and 62,692 shares issued and outstanding at respective dates |
63
|
63
|
Additional paid-in capital |
623,445
|
620,224
|
Accumulated deficit |
(432,910)
|
(430,817)
|
Total stockholders’ equity |
190,598
|
189,470
|
Total liabilities and stockholders’ equity |
$ 442,337
|
$ 451,054
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands |
Jul. 31, 2023 |
Apr. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock par value (in Dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
5,000
|
5,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock par value (in Dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
150,000
|
150,000
|
Common stock, shares issued |
63,111
|
62,692
|
Common stock, shares outstanding |
63,111
|
62,692
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Income Statement [Abstract] |
|
|
Revenues |
$ 37,726
|
$ 36,692
|
Cost of revenues |
33,626
|
27,575
|
Gross profit |
4,100
|
9,117
|
Operating expenses: |
|
|
Selling, general and administrative |
6,263
|
6,382
|
Total operating expenses |
6,263
|
6,382
|
Operating income (loss) |
(2,163)
|
2,735
|
Interest expense |
(775)
|
(518)
|
Other income (expense), net |
258
|
50
|
Net income (loss) before income taxes |
(2,680)
|
2,267
|
Income tax expense (benefit) |
(587)
|
703
|
Net income (loss) |
(2,093)
|
1,564
|
Comprehensive income (loss) |
$ (2,093)
|
$ 1,564
|
Net income (loss) per share: |
|
|
Basic |
$ (0.03)
|
$ 0.03
|
Diluted |
$ (0.03)
|
$ 0.02
|
Weighted average common shares outstanding: |
|
|
Basic |
62,838
|
61,905
|
Diluted |
62,838
|
63,333
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Apr. 30, 2022 |
$ 62
|
$ 605,841
|
$ (431,377)
|
$ 174,526
|
Beginning balance, shares at Apr. 30, 2022 |
61,807
|
|
|
|
Common stock issued under equity compensation plans |
|
1,012
|
|
1,012
|
Common stock issued under equity compensation plans, shares |
358
|
|
|
|
Stock-based compensation expense |
|
1,897
|
|
1,897
|
Net income |
|
|
1,564
|
1,564
|
Ending balance, value at Jul. 31, 2022 |
$ 62
|
608,750
|
(429,813)
|
178,999
|
Ending balance, shares at Jul. 31, 2022 |
62,165
|
|
|
|
Beginning balance, value at Apr. 30, 2023 |
$ 63
|
620,224
|
(430,817)
|
189,470
|
Beginning balance, shares at Apr. 30, 2023 |
62,692
|
|
|
|
Common stock issued under equity compensation plans |
|
878
|
|
878
|
Common stock issued under equity compensation plans, shares |
419
|
|
|
|
Stock-based compensation expense |
|
2,343
|
|
2,343
|
Net income |
|
|
(2,093)
|
(2,093)
|
Ending balance, value at Jul. 31, 2023 |
$ 63
|
$ 623,445
|
$ (432,910)
|
$ 190,598
|
Ending balance, shares at Jul. 31, 2023 |
63,111
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ (2,093)
|
$ 1,564
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Stock-based compensation |
2,343
|
1,897
|
Depreciation and amortization |
2,649
|
1,590
|
Amortization of debt issuance costs |
339
|
260
|
Deferred income taxes |
(599)
|
610
|
Loss on disposal of property and equipment |
46
|
34
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable, net |
2,089
|
(5,398)
|
Contract assets |
(4,845)
|
(1,709)
|
Inventory |
3,042
|
(4,292)
|
Prepaid expenses and other assets |
(131)
|
(355)
|
Accounts payable |
4,684
|
4,242
|
Accrued compensation and benefits |
(4,113)
|
(3,118)
|
Contract liabilities |
(4,333)
|
(1,023)
|
Other accrued expenses and liabilities |
644
|
664
|
Net cash used in operating activities |
(278)
|
(5,034)
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(14,114)
|
(6,924)
|
Net cash used in investing activities |
(14,114)
|
(6,924)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of common stock under equity compensation plans |
878
|
1,012
|
Principal payments on finance lease |
(130)
|
(83)
|
Net cash provided by financing activities |
748
|
929
|
Net decrease in cash, cash equivalents and restricted cash |
(13,644)
|
(11,029)
|
Cash, cash equivalents and restricted cash, beginning of period |
38,892
|
126,516
|
Cash, cash equivalents and restricted cash, end of period |
25,248
|
115,487
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for interest |
27
|
23
|
Cash paid for income taxes |
12
|
40
|
Supplemental disclosures of non-cash activities: |
|
|
Unpaid purchases of property and equipment |
$ 7,636
|
$ 16,674
|
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v3.23.2
Description of Company and Basis of Presentation
|
3 Months Ended |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
Description of Company and Basis of Presentation |
Note 1 – Description of Company and Basis
of Presentation
We are a dedicated contract development and manufacturing
organization (“CDMO”) that provides a comprehensive range of services from process development to Current Good Manufacturing
Practices (“CGMP”) clinical and commercial manufacturing of biologics for the biotechnology and biopharmaceutical industries.
Basis of Presentation
The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
(“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related
to quarterly reports on Form 10-Q, and accordingly, they do not include all the information and disclosures required by U.S. GAAP for
annual financial statements. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction
with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended
April 30, 2023, as filed with the SEC on June 21, 2023. The unaudited financial information for the interim periods presented herein reflects
all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operations
for the periods presented, with such adjustments consisting only of normal recurring adjustments. Results of operations for interim periods
covered by this Quarterly Report on Form 10-Q may not necessarily be indicative of results of operations for the full fiscal year or any
other interim period.
The unaudited condensed consolidated
financial statements include the accounts of Avid Bioservices, Inc. and its subsidiary. All intercompany accounts and transactions among
the consolidated entities have been eliminated in the unaudited condensed consolidated financial statements.
The preparation of financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts, as well
as disclosures of commitments and contingencies in the financial statements and accompanying notes. Actual results could differ materially
from those estimates and assumptions.
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v3.23.2
Summary of Significant Accounting Policies
|
3 Months Ended |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 2 – Summary of Significant Accounting Policies
Information regarding our significant accounting
policies is contained in Note 2, “Summary of Significant Accounting Policies,” of the consolidated financial statements in
our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
Revenue Recognition
Revenue recognized from services provided under
our customer contracts is disaggregated into manufacturing and process development revenue streams.
Manufacturing revenue
Manufacturing revenue generally represents revenue
from the manufacturing of customer products recognized over time utilizing an input method that compares the cost of cumulative work-in-process
to date to the most current estimates for the entire cost of the performance obligation. Under a manufacturing contract, a quantity of
manufacturing runs are ordered at a specified scale with prescribed dates, where the product is manufactured according to the customer’s
specifications and typically includes only one performance obligation. Each manufacturing run represents a distinct service that is sold
separately and has stand-alone value to the customer. The products are manufactured exclusively for a specific customer and have no alternative
use. The customer retains control of its product during the entire manufacturing process and can make changes to the process or specifications
at its request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin.
Process development revenue
Process development revenue generally represents
revenue from services associated with the custom development of a manufacturing process and analytical methods for a customer’s
product. Process development revenue is recognized over time utilizing an input method that compares the cost of cumulative work-in-process
to date to the most current estimates for the entire cost of the performance obligation. Under a process development contract, the customer
owns the product details and process, which has no alternative use. These process development projects are customized to each customer
to meet its specifications and typically includes only one performance obligation. Each process represents a distinct service that is
sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created
or enhanced by our services and can make changes to its process or specifications upon request. Under these agreements, we are entitled
to consideration for progress to date that includes an element of profit margin.
The following table summarizes our revenue streams
(in thousands):
Schedule of revenues | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Manufacturing revenues | |
$ | 33,420 | | |
$ | 31,481 | |
Process development revenues | |
| 4,306 | | |
| 5,211 | |
Total revenues | |
$ | 37,726 | | |
$ | 36,692 | |
The timing of revenue recognition, billings and
cash collections results in billed accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer deposits
and deferred revenue). Contract assets are recorded when our right to consideration is conditioned on something other than the passage
of time. Contract assets are reclassified to accounts receivable on the consolidated balance sheet when our rights become unconditional.
Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of our fulfillment of performance
obligations. Contract liabilities convert to revenue as we perform our obligations under the contract.
During the three months ended July 31, 2023 and
2022, we recognized revenue of $16.8 million and $18.6 million, respectively, for which the contract liability was recorded in a prior
period.
The transaction price for services provided under
our customer contracts reflects our best estimates of the amount of consideration to which we are entitled in exchange for providing goods
and services to our customers. For contracts with multiple performance obligations, we allocate transaction price to each performance
obligation identified in a contract on a relative standalone selling price basis. We generally determine relative standalone selling prices
based on the price observed in the customer contract for each distinct performance obligation. If observable standalone selling prices
are not available, we may estimate the applicable standalone selling price based on the pricing of other comparable services or on a price
that we believe the market is willing to pay for the applicable service.
In determining the transaction price, we also
considered the different sources of variable consideration including, but not limited to, discounts, credits, refunds, price concessions
or other similar items. We have included in the transaction price some or all of an amount of variable consideration, utilizing the most
likely method, only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will
not occur when the uncertainty associated with the variable consideration is subsequently resolved. The actual amount of consideration
ultimately received may differ.
In addition, our customer contracts generally
include provisions entitling us to a cancellation or postponement fee when a customer cancels or postpones its commitments prior to our
initiation of services, therefore not utilizing their reserved capacity. The determination of such cancellation and postponement fees
are based on the terms stated in the related customer contract but are generally considered substantive for accounting purposes and create
an enforceable right and obligation due to us when the cancellation or postponement occurs. Accordingly, we recognize such fees, subject
to variable consideration, as revenue upon the cancellation or postponement date utilizing the most likely method.
Management may be required to exercise judgement
in estimating revenue to be recognized. Judgement is required in identifying performance obligations, estimating the transaction price,
estimating the stand-alone selling prices of identified performance obligations, estimating variable consideration, and estimating the
progress towards the satisfaction of performance obligations. If actual results in the future vary from our estimates, the estimates will
be adjusted, which will affect revenues in the period that such variances become known.
During the three months ended July 31, 2023, changes
in estimates for variable consideration resulted in a decrease in revenues of $1.4 million. The changes in estimates for variable consideration
were a result of an insolvent customer. There were no material adjustments in estimates for variable consideration for the three months
ended July 31, 2022.
We apply the practical expedient available under
ASC 606 that permits us not to disclose the value of unsatisfied performance obligations for contracts with an original expected length
of one year or less. As of July 31, 2023, we do not have any unsatisfied performance obligations for contracts greater than one year.
Costs incurred to obtain a contract are not material.
These costs are generally employee sales commissions, which are expensed as incurred and included in selling, general and administrative
expense in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss).
Restricted Cash
Under the terms of an operating lease related
to one of our facilities (Note 4), we are required to maintain a letter of credit as collateral. Accordingly, at July 31, 2023 and April
30, 2023, restricted cash of $0.4 million was pledged as collateral under the letter of credit.
The following table provides a reconciliation
of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total
of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):
Schedule of cash | |
| | |
| | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | | |
July 31, 2022 | | |
April 30, 2022 | |
Cash and cash equivalents | |
$ | 24,898 | | |
$ | 38,542 | | |
$ | 115,137 | | |
$ | 126,166 | |
Restricted cash | |
| 350 | | |
| 350 | | |
| 350 | | |
| 350 | |
Total cash, cash equivalents and restricted cash | |
$ | 25,248 | | |
$ | 38,892 | | |
$ | 115,487 | | |
$ | 126,516 | |
Accounts Receivable, Net
Accounts receivable is primarily comprised of
amounts owed to us for services provided under our customer contracts and are recorded at the invoiced amount net of an allowance for
doubtful accounts, if necessary. We apply judgement in assessing the ultimate realization of our receivables, that includes an assessment
of expected credit losses, and we estimate our allowance for doubtful accounts based on various factors, including our historical collection
experience, aging of our customer receivable balances, current and future economic market conditions, and the financial condition of our
customers.
Based on our analysis of our accounts receivable
balance as of July 31, 2023 and April 30, 2023, we determined an allowance for doubtful accounts of $2.2 million and $0.5 million, respectively,
was deemed necessary.
Inventory
Inventory consists of raw materials inventory
and is valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. We periodically review raw
materials inventory for potential impairment and adjust inventory to its net realizable value based on the estimate of future use and
reduce the carrying value of inventory as deemed necessary.
Property and Equipment
Property and equipment is recorded
at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over
the estimated useful lives of the related asset, which are generally as follows:
Schedule of estimated useful lives of property |
|
|
Description |
|
Estimated Useful Life |
Leasehold improvements |
|
Shorter of estimated useful life or lease term |
Laboratory and manufacturing equipment |
|
5 – 15 years |
Computer equipment and software |
|
3 – 5 years |
Furniture, fixtures and office equipment |
|
5 – 10 years |
Costs for property and equipment
not yet placed into service have been capitalized as construction-in-progress. These costs are primarily related to equipment and leasehold
improvements associated with our manufacturing facilities and will be depreciated in accordance with the above guidelines once placed
into service. Interest costs incurred during construction of major capital projects are capitalized as construction-in-progress until
the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the
life of the underlying asset. Interest capitalized as construction-in-progress for the three months ended July 31, 2023 and 2022 was
de minimis and $0.2 million,
respectively. All of our property and equipment are located in the United States. Property and equipment consist of the following (in
thousands):
Schedule of property and equipment | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | |
Leasehold improvements | |
$ | 101,310 | | |
$ | 97,514 | |
Laboratory and manufacturing equipment | |
| 42,369 | | |
| 35,501 | |
Computer equipment and software | |
| 5,045 | | |
| 5,028 | |
Furniture, fixtures and office equipment | |
| 1,894 | | |
| 1,681 | |
Construction-in-progress | |
| 64,573 | | |
| 68,013 | |
Total property and equipment, gross | |
| 215,191 | | |
| 207,737 | |
Less: accumulated depreciation and amortization | |
| (32,892 | ) | |
| (30,368 | ) |
Total property and equipment, net | |
$ | 182,299 | | |
$ | 177,369 | |
Depreciation and amortization
expense for the three months ended July 31, 2023 and 2022 was $2.6 million and $1.6 million, respectively.
Leases
We determine if an arrangement is or contains
a lease at inception. Our operating leases with a term greater than one year are included in operating lease right-of-use (“ROU”)
assets, operating lease liabilities and operating lease liabilities, less current portion in our consolidated balance sheets. ROU assets
represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments
arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date, based on the present
value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing
rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at
the lease commencement date.
Our operating leases may include options to extend
the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense
is recognized on a straight-line basis over the expected lease term.
Our finance lease with a term greater than one
year is included as an asset within property and equipment, net and a lease liability equal to the present value of the minimum lease
payments is included in other current liabilities and finance lease liabilities, less current portion in our consolidated balance sheets.
The present value of the finance lease payments is calculated using the implicit interest rate in the lease. Finance lease ROU assets
are amortized on a straight-line basis over the expected useful life of the asset and the carrying amount of the lease liability is adjusted
to reflect interest, which is recorded as interest expense.
Leases with an initial term
of 12 months or less are not recorded on our consolidated balance sheets and lease expense for these short-term leases is recognized on
a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease components from non-lease
components.
Impairment
Long-lived assets are reviewed
for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed
for events or changes in circumstances that indicate that their carrying value may not be recoverable. If such events or changes in circumstances
arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated
by the long-lived assets. If the long-lived assets are determined to be impaired, any excess of the carrying value of the long-lived assets
over its estimated fair value is recognized as an impairment loss. For the three months ended July 31, 2023 and 2022, there were no indicators
of impairment of the value of our long-lived assets and no cumulative impairment losses were recognized as of July 31, 2023.
Stock-Based Compensation
We account for stock options,
restricted stock units, performance stock units and other stock-based awards granted under our equity compensation plans in accordance
with the authoritative guidance of ASC 718, Compensation – Stock Compensation. The estimated fair value of stock options
granted to employees in exchange for services is measured at the grant date, using a fair value-based method, such as a Black-Scholes
option valuation model, and is recognized as an expense on a straight-line basis over the requisite service periods. The fair value of
restricted stock units and performance stock units is measured at the grant date based on the closing market price of our common stock
on the date of grant. For restricted stock units, the fair value is recognized as an expense on a straight-line basis over the requisite
service periods. For performance stock units, which are subject to performance conditions, the fair value is recognized as expense on
a straight-line basis over the requisite service periods when the achievement of such performance condition is determined to be probable.
If a performance condition is not determined to be probable or is not met, no stock-based compensation expense is recognized, and any
previously recognized expense is reversed. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur.
Debt Issuance Costs
Debt issuance costs related
to convertible senior notes are recorded as a deduction that is netted against the principal value of the debt and are amortized to interest
expense using the effective interest method over the contractual term of the debt (Note 3).
Debt issuance costs related
to the revolving credit facility are included in prepaid expenses and other current assets in the consolidated balance sheet and are amortized
to interest expense over the contractual term of the revolving credit facility (Note 3).
Comprehensive Income (Loss)
Comprehensive income (loss)
is the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income
(loss) is equal to our net income (loss) for all periods presented.
Fair Value Measurements
Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy:
| · | Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. |
| · | Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities
whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices
of instruments with similar attributes in active markets. |
| · | Level 3 – Unobservable inputs that are supported by little or no market activity and significant
to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques
and assumptions. |
As of July 31, 2023 and April
30, 2023, we did not have any Level 2 or Level 3 financial assets and our cash equivalents of $15.6 million and $28.7 million, respectively,
were invested in money market funds with no more than two commercial banks and carried at fair value based on quoted market prices for
identical securities (Level 1 input). We consider the fair value of our convertible senior notes to be a Level 2 financial liability due
to limited trading activity of the senior convertible notes (Note 3). We did not have any other Level 2 or Level 3 financial liabilities
as of July 31, 2023 and April 30, 2023.
Recently Adopted Accounting
Standard
In June 2016, the Financial Accounting
Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement
of Credit Losses of Financial Instruments (“ASU 2016-13”). The standard amends the impairment model by requiring
entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain
other instruments. We adopted ASU 2016-13 on May 1, 2023, and the adoption of this standard did not have a material impact on our
unaudited condensed consolidated financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
Debt
|
3 Months Ended |
Jul. 31, 2023 |
Debt Disclosure [Abstract] |
|
Debt |
Note 3 – Debt
Convertible Senior Notes
Due 2026
In March 2021, we issued $143.8 million in aggregate
principal amount of 1.25% exchangeable senior notes due 2026 (“Convertible Notes”) in a private offering to qualified institutional
buyers pursuant to Rule 144A under the Securities Act. The net proceeds we received from the issuance of Convertible Notes was $138.5
million, after deducting initial purchaser discounts and other debt issuance related expenses of $5.3 million.
The Convertible Notes are senior unsecured obligations
and accrue interest at a rate of 1.25% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. The Convertible
Notes mature on March 15, 2026, unless earlier redeemed or repurchased by us or converted at the option of the holders. The Convertible
Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election in
the manner and subject to the terms and conditions provided in the indenture (the “Indenture”) governing the Convertible Notes.
The initial conversion rate for the Convertible
Notes is approximately 47.1403 shares of our common stock per $1,000 principal amount, which represents an initial conversion price of
approximately $21.21 per share of our common stock. The conversion rate is subject to adjustments upon the occurrence of certain events
in accordance with the terms of the Indenture. In addition, following certain corporate events that occur prior to the maturity date,
we will, in certain circumstances, increase the conversion rate for a holder who elects to convert their Convertible Notes in connection
with such a fundamental change, as defined in the Indenture.
Holders of the Convertible Notes may convert their
Convertible Notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025,
only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending July 31, 2021, if the
last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading
days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the
conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period
(the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the Convertible
Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock
and the exchange rate on each such trading day; (3) if we call any or all of the Convertible Notes for redemption, at any time prior to
the close of business on the second scheduled trading day immediately preceding the redemption date; and (4) upon the occurrence of specified
corporate events as described in the Indenture.
On or after September 15, 2025, until the close
of business on the second scheduled trading day immediately preceding the maturity date, holders at their option may convert their Convertible
Notes at any time, regardless of the foregoing circumstances.
We may not redeem the Convertible Notes prior
to March 20, 2024. On or after March 20, 2024, the Convertible Notes are redeemable for cash, whole or in part, at our option, if the
last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days
(whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and
including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100%
of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
If we undergo a fundamental change (as defined
in the Indenture), holders may require us to repurchase for cash all or any portion of their Convertible Notes at a fundamental change
repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to,
but excluding the redemption date.
The Indenture contains customary terms and covenants,
including that upon certain events of default occurring and continuing, the trustee or the holders of at least 25% in aggregate principal
amount of the outstanding Convertible Notes may declare the entire principal of all the Convertible Notes plus accrued and unpaid interest
to be immediately due and payable.
As of July 31, 2023, the conditions allowing holders
of the Convertible Notes to convert had not been met and, therefore, the Convertible Notes are classified as a long-term liability on
the unaudited condensed consolidated balance sheets at July 31, 2023 and April 30, 2023.
The net carrying amount of the Convertible Notes
is as follows (in thousands):
Schedule of net carrying amount of the debt component | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | |
Principal | |
$ | 143,750 | | |
$ | 143,750 | |
Unamortized issuance costs | |
| (2,862 | ) | |
| (3,127 | ) |
Net carrying amount | |
$ | 140,888 | | |
$ | 140,623 | |
As of July 31, 2023, the estimated fair value
of the Convertible Notes was approximately $133.5 million. The fair value was determined based on the last actively traded price per $100
of the Convertible Notes for the period ended July 31, 2023 (Level 2).
The following table summarizes the interest expense
recognized related to the Convertible Notes for the three months ended July 31, 2023 and 2022 (in thousands).
Schedule of interest expenses | |
| | |
| |
| |
Three Months Ended July 31, 2023 | | |
Three Months Ended July 31, 2022 | |
Contractual interest expense | |
$ | 408 | | |
$ | 224 | |
Amortization of issuance costs | |
| 265 | | |
| 260 | |
Total interest expense associated with Convertible Notes | |
$ | 673 | | |
$ | 484 | |
Capped Call Transactions
In connection with the issuance of the Convertible
Notes, we entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institution
counterparties (the “Option Counterparties”). We used $12.8 million of the net proceeds from the issuance of the Convertible
Notes to pay the cost of the Capped Calls. The Capped Calls cover, subject to customary anti-dilution adjustments, the aggregate number
of shares of our common stock that initially underlie the Convertible Notes, and are generally expected to reduce the potential dilution
of our common stock upon any conversion of the Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap,
based on the cap price of the Capped Calls. The cap share price of the Capped Calls is approximately $28.02 per share, which represents
a premium of 75% over the last reported sale price of our common stock on March 9, 2021 and is subject to certain adjustments under the
terms of the Capped Calls. However, there would nevertheless be dilution upon conversion of the Convertible Notes to the extent that such
market price exceeds the capped share price as measured under the terms of the Capped Calls.
We evaluated the Capped Calls under ASC 815-10
and determined that they should be accounted for as a separate transaction from the Convertible Notes and that the Capped Calls met the
criteria for equity classification. Therefore, the cost of $12.8 million to purchase the Capped Calls was recorded as a reduction to additional
paid-in capital. The Capped Calls will not be subsequently remeasured as long as the conditions for equity classification continue to
be met. As of July 31, 2023 and April 30, 2023, there were no conversions of our Convertible Notes, and therefore, there was no activity
with respect to the Capped Calls. We believe the conditions for equity classification continue to be met as of July 31, 2023 and April
30, 2023.
Revolving Credit Facility
On March 14, 2023, we entered into a credit agreement
with Bank of America, N.A., as administrative agent and letter of credit issuer (the “Credit Agreement”). The Credit Agreement
provides for a revolving credit facility (the “Revolving Credit Facility”) in an amount equal to the lesser of (i) $50 million,
and (ii) a borrowing base calculated as the sum of (a) 80% of the value of certain of our eligible accounts receivable, plus (b) up to
100% of the value of eligible cash collateral. The Revolving Credit Facility will mature on March 13, 2024 and is secured by substantially
all of our assets. As of July 31, 2023, there were no outstanding loans under the Revolving Credit Facility.
Loans under the Revolving Credit Facility will
bear interest at either a term Secured Overnight Financing Rate (“SOFR”) rate for a specified interest period plus a SOFR
adjustment (equal to 0.10%) plus a margin of 1.40% or base rate plus a margin of 0.40% at our option. Interest on any outstanding loans
is due and payable monthly and the principal balance is due at maturity. In addition, we pay a quarterly unused revolving line facility
fee of 0.20% per annum on the average unused facility.
The Credit Agreement includes certain customary
affirmative and negative covenants, including limitations on mergers, consolidations and sales of assets, limitations on liens, limitations
on certain restricted payments and investments, limitations on transactions with affiliates and limitations on incurring additional indebtedness.
In addition, the Credit Agreement requires maintenance of a minimum consolidated EBITDA, as defined in the Credit Agreement, of $15 million
for the most recently completed four fiscal quarters as measured at the end of each fiscal quarter. As of July 31, 2023, we were in compliance
with the Credit Agreement’s financial covenant.
The Credit Agreement also provides for certain
customary events of defaults, including, among others, failure to make payments, breach of representations and warranties, and default
of covenants.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Leases
|
3 Months Ended |
Jul. 31, 2023 |
Leases [Abstract] |
|
Leases |
Note 4 – Leases
We currently lease certain office, manufacturing,
laboratory and warehouse space located in Orange County, California under operating lease agreements. Our leased facilities have original
lease terms ranging from 7 to 12 years, contain multi-year renewal options, and scheduled rent increases of 3% on either an annual or
biennial basis. Multi-year renewal options were included in determining the right-of-use asset and lease liability for three of our leases
as we considered it reasonably certain that we would exercise such renewal options. In addition, certain 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/or are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the
lease.
Certain of our operating 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.
We also lease certain manufacturing equipment
under a 5-year finance lease that commenced in the second quarter of fiscal year 2022.
The components of our lease costs for the three
months ended July 31, 2023 and 2022 were as follows (in thousands):
Schedule of lease costs | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Operating lease cost | |
$ | 1,140 | | |
$ | 1,083 | |
Variable lease cost | |
| 351 | | |
| 389 | |
Short-term lease cost | |
| 36 | | |
| 130 | |
Finance lease costs: | |
| | | |
| | |
Amortization of right-of-use assets | |
| 54 | | |
| 54 | |
Interest on lease liabilities | |
| 27 | | |
| 33 | |
Total lease costs | |
$ | 1,608 | | |
$ | 1,689 | |
Supplemental consolidated balance sheet and other information related
to our leases as of July 31, 2023 and April 30, 2023 were as follows (in thousands, expect weighted average data):
Schedule of balance sheet classification of leases | |
| |
| | | |
| | |
Leases | |
Classification | |
July 31, 2023 | | |
April 30, 2023 | |
Assets | |
| |
| | | |
| | |
Operating | |
Operating lease right-of-use assets | |
$ | 42,374 | | |
$ | 42,772 | |
Finance | |
Property and equipment, net | |
| 2,460 | | |
| 2,529 | |
Total leased assets | |
| |
$ | 44,834 | | |
$ | 45,301 | |
| |
| |
| | | |
| | |
Liabilities | |
| |
| | | |
| | |
Current: | |
| |
| | | |
| | |
Operating | |
Current portion of operating lease liabilities | |
$ | 1,262 | | |
$ | 1,358 | |
Finance | |
Other current liabilities | |
| 539 | | |
| 531 | |
Non-current: | |
| |
| | | |
| | |
Operating | |
Operating lease liabilities, less current portion | |
| 45,370 | | |
| 45,690 | |
Finance | |
Finance lease liabilities, less current portion | |
| 1,424 | | |
| 1,562 | |
Total lease liabilities | |
| |
$ | 48,595 | | |
$ | 49,141 | |
Schedule of operating and finance leases | |
| |
| | | |
| | |
Weighted average remaining lease term (years): | |
| | | |
| | |
Operating leases | |
| |
| 16.4 | | |
| 16.6 | |
Finance lease | |
| |
| 3.4 | | |
| 3.7 | |
Weighted average discount rate: | |
| |
| | | |
| | |
Operating leases | |
| |
| 6.0% | | |
| 6.0% | |
Finance lease | |
| |
| 5.3% | | |
| 5.3% | |
Supplemental cash flow information related to our leases for the three
months ended July 31, 2023 and 2022 were as follows (in thousands):
Schedule of supplemental cash flow information related to leases | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from operating leases | |
$ | 1,119 | | |
$ | 963 | |
Operating cash flows from finance lease | |
| 27 | | |
| 22 | |
Financing cash flows from finance lease | |
| 130 | | |
| 83 | |
Non-cash transaction: | |
| | | |
| | |
Unpaid finance lease obligation | |
$ | – | | |
$ | 41 | |
As of July 31, 2023, the maturities of our 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):
Schedule of maturities of lease
liabilities | |
| | | |
| | | |
| | |
Fiscal Year Ending April 30, | |
Operating Leases | | |
Finance Lease | | |
Total | |
2024 (remaining period) | |
$ | 3,021 | | |
$ | 472 | | |
$ | 3,493 | |
2025 | |
| 4,060 | | |
| 629 | | |
| 4,689 | |
2026 | |
| 4,167 | | |
| 629 | | |
| 4,796 | |
2027 | |
| 4,199 | | |
| 419 | | |
| 4,618 | |
2028 | |
| 4,036 | | |
| – | | |
| 4,036 | |
Thereafter | |
| 56,418 | | |
| – | | |
| 56,418 | |
Total lease payments | |
$ | 75,901 | | |
$ | 2,149 | | |
$ | 78,050 | |
Less: imputed interest | |
| (29,269 | ) | |
| (186 | ) | |
| (29,455 | ) |
Total lease liabilities | |
$ | 46,632 | | |
$ | 1,963 | | |
$ | 48,595 | |
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.2
Equity Compensation Plans
|
3 Months Ended |
Jul. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Equity Compensation Plans |
Note
5 – Equity Compensation Plans
Stock Incentive Plans
As of July 31, 2023, we had
an aggregate of 7,806,772 shares of our common stock reserved for issuance under our stock incentive plans, of which 4,642,661 shares
were subject to outstanding stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”)
and 3,164,111 shares were available for future grants of stock-based awards.
Stock Options
The following summarizes our
stock option transaction activity for the three months ended July 31, 2023:
Schedule of stock option activity | |
| | | |
| | |
| |
Stock Options | | |
Grant Date Weighted Average Exercise Price | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 2,079 | | |
$ | 6.76 | |
Granted | |
| – | | |
$ | – | |
Exercised | |
| (41 | ) | |
$ | 8.46 | |
Canceled or expired | |
| (8 | ) | |
$ | 13.15 | |
Outstanding at July 31, 2023 | |
| 2,030 | | |
$ | 6.70 | |
Restricted Stock Units
The following summarizes our
RSUs transaction activity for the three months ended July 31, 2023:
Schedule of RSU activity | |
| | | |
| | |
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 1,006 | | |
$ | 16.83 | |
Granted | |
| 661 | | |
$ | 14.05 | |
Vested | |
| (170 | ) | |
$ | 11.29 | |
Forfeited | |
| (19 | ) | |
$ | 17.89 | |
Outstanding at July 31, 2023 | |
| 1,478 | | |
$ | 16.21 | |
Performance Stock Units
The Compensation Committee of
the Board of Directors grants PSUs to our executives. The PSUs are subject to annual vesting over three consecutive fiscal year performance
periods with the first one-third vesting on April 30 of the year following the grant date, and each successive one-third vesting on April
30 of the following two years respectively (each a “Performance Period”). Each PSU that vests represent the right to receive
one share of our common stock. The number of shares that will vest for each Performance Period, if any, is based upon the attainment of
certain predetermined financial metrics for each such Performance Period. Depending on the actual financial metrics achieved relative
to the target financial metrics for such Performance Periods, the number of PSUs issued could range from 0% to 200% of the target amount.
The number of granted shares included in the table below is based on a maximum 200% achievement of each financial metric during each Performance
Period (the “Maximum Performance Target”). If a financial metric is achieved at a rate below the Maximum Performance Target,
or is not achieved, the corresponding portions of the PSUs that do not vest are forfeited.
The following summarizes our
PSUs transaction activity for the three months ended July 31, 2023:
Schedule of PSU activity | |
| | | |
| | |
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 522 | | |
$ | 19.70 | |
Granted | |
| 613 | | |
$ | 13.92 | |
Vested | |
| – | | |
$ | – | |
Forfeited | |
| – | | |
$ | – | |
Outstanding at July 31, 2023 | |
| 1,135 | | |
$ | 16.58 | |
Employee Stock Purchase Plan
The Avid Bioservices, Inc. 2010
Employee Stock Purchase Plan (the “ESPP”) is a stockholder-approved plan under which 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 six-month offering period or on the last trading day
of the six-month offering period. During the three months ended July 31, 2023, a total of 46,224 shares of our common stock were purchased
under the ESPP at a purchase price of $11.46 per share. As of July 31, 2023, we had 917,092 shares of our common stock reserved for issuance
under the ESPP.
Stock-Based Compensation
Stock-based compensation expense included in
our unaudited condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended July 31,
2023 and 2022 was comprised of the following (in thousands):
Schedule of share-based compensation expense | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Cost of revenues | |
$ | 954 | | |
$ | 687 | |
Selling, general and administrative | |
| 1,389 | | |
| 1,210 | |
Total | |
$ | 2,343 | | |
$ | 1,897 | |
As of July 31, 2023, the total estimated unrecognized
compensation cost related to non-vested stock options and RSUs was $0.9 million and $22.6 million, respectively. These costs are expected
to be recognized over weighted average vesting periods of 0.91 and 3.12 years, respectively. As of July 31, 2023, there was $10.6 million
of total estimated unrecognized compensation cost related to non-vested PSUs associated with the Performance Periods ending April 30,
2024, 2025 and 2026. This cost is expected to be recognized over the weighted average vesting period of 1.47 years, however, we will assess
the likelihood of achieving the predetermined financial metrics associated with each Performance Period on a quarterly basis and the expense
recognized, if any, will be adjusted accordingly.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
Income Taxes
|
3 Months Ended |
Jul. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 6 – Income Taxes
We are subject to taxation in the United States
and various states jurisdictions in which we conduct our business.
Our tax provision for interim periods is determined
using an estimate of our annual effective tax rate, adjusted for discrete items arising in that quarter. On a quarterly basis, we update
our estimate of the annual effective tax rate, and if the estimated annual tax rate changes, we make a cumulative adjustment in that quarter.
For the three months ended July 31, 2023 and
2022, we recorded an income tax (benefit) of $(0.6)
million and an income tax expense of $0.7
million, respectively, resulting in an effective tax rate of approximately 22%
and 30%,
respectively.
The provision for income taxes recorded for
the three months ended July 31, 2023 and 2022 differs from the U.S. federal statutory tax rate of 21% due primarily to the tax
impact of stock-based compensation, non-deductible officers’ compensation, and transportation fringe benefits.
We have no
material uncertain tax position liabilities as of July 31, 2023 and April 30, 2023. It is our policy to recognize interest and penalties
related to income tax matters in interest expense and other income (expense), net, respectively, in our unaudited condensed
consolidated statements of income (loss) and comprehensive income (loss). There was no
accrued interest or penalties associated with uncertain tax positions as of July 31, 2023 and April 30, 2023.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
Net Income (Loss) Per Common Share
|
3 Months Ended |
Jul. 31, 2023 |
Net income (loss) per share: |
|
Net Income (Loss) Per Common Share |
Note 7 – Net Income (Loss) Per Common Share
Basic net income (loss) per
common share is computed by dividing our net income (loss) by the weighted average number of shares of common stock outstanding during
the period. Diluted net income (loss) per common share is computed by dividing our net income (loss) by the sum of the weighted average
number of shares of common stock outstanding during the period plus the potential dilutive effects of stock options, unvested RSUs, unvested
PSUs, shares of common stock expected to be issued under our ESPP, and Convertible Notes.
The potential dilutive effect
of stock options, unvested RSUs, unvested PSUs, and shares of common stock expected to be issued under our ESPP during the period are
calculated in accordance with the treasury stock method but are excluded if their effect is anti-dilutive. The potential dilutive effect
of our Convertible Notes is calculated using the if-converted method assuming the conversion of our Convertible Notes as of the earliest
period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. A reconciliation of the numerators
and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands, except per
share amounts):
Schedule of earnings per share, basic and diluted | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Numerator: | |
| | |
| |
Net income (loss) | |
$ | (2,093 | ) | |
$ | 1,564 | |
Denominator: | |
| | | |
| | |
Weighted average basic common shares outstanding | |
| 62,838 | | |
| 61,905 | |
Effect of dilutive securities: | |
| | | |
| | |
Stock options | |
| – | | |
| 1,195 | |
RSUs and ESPP | |
| – | | |
| 233 | |
Weighted average dilutive common shares outstanding | |
| 62,838 | | |
| 63,333 | |
| |
| | | |
| | |
Net income (loss) per share: | |
| | | |
| | |
Basic | |
$ | (0.03 | ) | |
$ | 0.03 | |
Diluted | |
$ | (0.03 | ) | |
$ | 0.02 | |
The following table presents
the potential dilutive securities excluded from the calculation of diluted net income (loss) per share for the periods presented as the
effect of their inclusion would have been anti-dilutive (in thousands):
Schedule of antidilutive shares | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Stock options | |
| 1,138 | | |
| 55 | |
RSUs, PSUs and ESPP | |
| 907 | | |
| 466 | |
Convertible Notes | |
| 6,776 | | |
| 6,776 | |
Total | |
| 8,821 | | |
| 7,297 | |
|
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v3.23.2
Commitments and Contingencies
|
3 Months Ended |
Jul. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note 8 – Commitments and Contingencies
In the ordinary course of business, we are at
times subject to various legal proceedings and disputes. We make provisions for liabilities when it is both probable that a liability
has been incurred and the amount of the loss can be reasonably estimated. Such provisions, if any, are reviewed at least quarterly
and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other
information and events pertaining to a particular case. We currently are not a party to any legal proceedings, the adverse outcome of
which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our consolidated financial
condition or results of operations.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
Revenue Recognition |
Revenue Recognition
Revenue recognized from services provided under
our customer contracts is disaggregated into manufacturing and process development revenue streams.
Manufacturing revenue
Manufacturing revenue generally represents revenue
from the manufacturing of customer products recognized over time utilizing an input method that compares the cost of cumulative work-in-process
to date to the most current estimates for the entire cost of the performance obligation. Under a manufacturing contract, a quantity of
manufacturing runs are ordered at a specified scale with prescribed dates, where the product is manufactured according to the customer’s
specifications and typically includes only one performance obligation. Each manufacturing run represents a distinct service that is sold
separately and has stand-alone value to the customer. The products are manufactured exclusively for a specific customer and have no alternative
use. The customer retains control of its product during the entire manufacturing process and can make changes to the process or specifications
at its request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin.
Process development revenue
Process development revenue generally represents
revenue from services associated with the custom development of a manufacturing process and analytical methods for a customer’s
product. Process development revenue is recognized over time utilizing an input method that compares the cost of cumulative work-in-process
to date to the most current estimates for the entire cost of the performance obligation. Under a process development contract, the customer
owns the product details and process, which has no alternative use. These process development projects are customized to each customer
to meet its specifications and typically includes only one performance obligation. Each process represents a distinct service that is
sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created
or enhanced by our services and can make changes to its process or specifications upon request. Under these agreements, we are entitled
to consideration for progress to date that includes an element of profit margin.
The following table summarizes our revenue streams
(in thousands):
Schedule of revenues | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Manufacturing revenues | |
$ | 33,420 | | |
$ | 31,481 | |
Process development revenues | |
| 4,306 | | |
| 5,211 | |
Total revenues | |
$ | 37,726 | | |
$ | 36,692 | |
The timing of revenue recognition, billings and
cash collections results in billed accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer deposits
and deferred revenue). Contract assets are recorded when our right to consideration is conditioned on something other than the passage
of time. Contract assets are reclassified to accounts receivable on the consolidated balance sheet when our rights become unconditional.
Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of our fulfillment of performance
obligations. Contract liabilities convert to revenue as we perform our obligations under the contract.
During the three months ended July 31, 2023 and
2022, we recognized revenue of $16.8 million and $18.6 million, respectively, for which the contract liability was recorded in a prior
period.
The transaction price for services provided under
our customer contracts reflects our best estimates of the amount of consideration to which we are entitled in exchange for providing goods
and services to our customers. For contracts with multiple performance obligations, we allocate transaction price to each performance
obligation identified in a contract on a relative standalone selling price basis. We generally determine relative standalone selling prices
based on the price observed in the customer contract for each distinct performance obligation. If observable standalone selling prices
are not available, we may estimate the applicable standalone selling price based on the pricing of other comparable services or on a price
that we believe the market is willing to pay for the applicable service.
In determining the transaction price, we also
considered the different sources of variable consideration including, but not limited to, discounts, credits, refunds, price concessions
or other similar items. We have included in the transaction price some or all of an amount of variable consideration, utilizing the most
likely method, only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will
not occur when the uncertainty associated with the variable consideration is subsequently resolved. The actual amount of consideration
ultimately received may differ.
In addition, our customer contracts generally
include provisions entitling us to a cancellation or postponement fee when a customer cancels or postpones its commitments prior to our
initiation of services, therefore not utilizing their reserved capacity. The determination of such cancellation and postponement fees
are based on the terms stated in the related customer contract but are generally considered substantive for accounting purposes and create
an enforceable right and obligation due to us when the cancellation or postponement occurs. Accordingly, we recognize such fees, subject
to variable consideration, as revenue upon the cancellation or postponement date utilizing the most likely method.
Management may be required to exercise judgement
in estimating revenue to be recognized. Judgement is required in identifying performance obligations, estimating the transaction price,
estimating the stand-alone selling prices of identified performance obligations, estimating variable consideration, and estimating the
progress towards the satisfaction of performance obligations. If actual results in the future vary from our estimates, the estimates will
be adjusted, which will affect revenues in the period that such variances become known.
During the three months ended July 31, 2023, changes
in estimates for variable consideration resulted in a decrease in revenues of $1.4 million. The changes in estimates for variable consideration
were a result of an insolvent customer. There were no material adjustments in estimates for variable consideration for the three months
ended July 31, 2022.
We apply the practical expedient available under
ASC 606 that permits us not to disclose the value of unsatisfied performance obligations for contracts with an original expected length
of one year or less. As of July 31, 2023, we do not have any unsatisfied performance obligations for contracts greater than one year.
Costs incurred to obtain a contract are not material.
These costs are generally employee sales commissions, which are expensed as incurred and included in selling, general and administrative
expense in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss).
|
Restricted Cash |
Restricted Cash
Under the terms of an operating lease related
to one of our facilities (Note 4), we are required to maintain a letter of credit as collateral. Accordingly, at July 31, 2023 and April
30, 2023, restricted cash of $0.4 million was pledged as collateral under the letter of credit.
The following table provides a reconciliation
of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total
of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):
Schedule of cash | |
| | |
| | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | | |
July 31, 2022 | | |
April 30, 2022 | |
Cash and cash equivalents | |
$ | 24,898 | | |
$ | 38,542 | | |
$ | 115,137 | | |
$ | 126,166 | |
Restricted cash | |
| 350 | | |
| 350 | | |
| 350 | | |
| 350 | |
Total cash, cash equivalents and restricted cash | |
$ | 25,248 | | |
$ | 38,892 | | |
$ | 115,487 | | |
$ | 126,516 | |
|
Accounts Receivable, Net |
Accounts Receivable, Net
Accounts receivable is primarily comprised of
amounts owed to us for services provided under our customer contracts and are recorded at the invoiced amount net of an allowance for
doubtful accounts, if necessary. We apply judgement in assessing the ultimate realization of our receivables, that includes an assessment
of expected credit losses, and we estimate our allowance for doubtful accounts based on various factors, including our historical collection
experience, aging of our customer receivable balances, current and future economic market conditions, and the financial condition of our
customers.
Based on our analysis of our accounts receivable
balance as of July 31, 2023 and April 30, 2023, we determined an allowance for doubtful accounts of $2.2 million and $0.5 million, respectively,
was deemed necessary.
|
Inventory |
Inventory
Inventory consists of raw materials inventory
and is valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. We periodically review raw
materials inventory for potential impairment and adjust inventory to its net realizable value based on the estimate of future use and
reduce the carrying value of inventory as deemed necessary.
|
Property and Equipment |
Property and Equipment
Property and equipment is recorded
at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over
the estimated useful lives of the related asset, which are generally as follows:
Schedule of estimated useful lives of property |
|
|
Description |
|
Estimated Useful Life |
Leasehold improvements |
|
Shorter of estimated useful life or lease term |
Laboratory and manufacturing equipment |
|
5 – 15 years |
Computer equipment and software |
|
3 – 5 years |
Furniture, fixtures and office equipment |
|
5 – 10 years |
Costs for property and equipment
not yet placed into service have been capitalized as construction-in-progress. These costs are primarily related to equipment and leasehold
improvements associated with our manufacturing facilities and will be depreciated in accordance with the above guidelines once placed
into service. Interest costs incurred during construction of major capital projects are capitalized as construction-in-progress until
the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the
life of the underlying asset. Interest capitalized as construction-in-progress for the three months ended July 31, 2023 and 2022 was
de minimis and $0.2 million,
respectively. All of our property and equipment are located in the United States. Property and equipment consist of the following (in
thousands):
Schedule of property and equipment | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | |
Leasehold improvements | |
$ | 101,310 | | |
$ | 97,514 | |
Laboratory and manufacturing equipment | |
| 42,369 | | |
| 35,501 | |
Computer equipment and software | |
| 5,045 | | |
| 5,028 | |
Furniture, fixtures and office equipment | |
| 1,894 | | |
| 1,681 | |
Construction-in-progress | |
| 64,573 | | |
| 68,013 | |
Total property and equipment, gross | |
| 215,191 | | |
| 207,737 | |
Less: accumulated depreciation and amortization | |
| (32,892 | ) | |
| (30,368 | ) |
Total property and equipment, net | |
$ | 182,299 | | |
$ | 177,369 | |
Depreciation and amortization
expense for the three months ended July 31, 2023 and 2022 was $2.6 million and $1.6 million, respectively.
|
Leases |
Leases
We determine if an arrangement is or contains
a lease at inception. Our operating leases with a term greater than one year are included in operating lease right-of-use (“ROU”)
assets, operating lease liabilities and operating lease liabilities, less current portion in our consolidated balance sheets. ROU assets
represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments
arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date, based on the present
value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing
rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at
the lease commencement date.
Our operating leases may include options to extend
the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense
is recognized on a straight-line basis over the expected lease term.
Our finance lease with a term greater than one
year is included as an asset within property and equipment, net and a lease liability equal to the present value of the minimum lease
payments is included in other current liabilities and finance lease liabilities, less current portion in our consolidated balance sheets.
The present value of the finance lease payments is calculated using the implicit interest rate in the lease. Finance lease ROU assets
are amortized on a straight-line basis over the expected useful life of the asset and the carrying amount of the lease liability is adjusted
to reflect interest, which is recorded as interest expense.
Leases with an initial term
of 12 months or less are not recorded on our consolidated balance sheets and lease expense for these short-term leases is recognized on
a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease components from non-lease
components.
|
Impairment |
Impairment
Long-lived assets are reviewed
for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed
for events or changes in circumstances that indicate that their carrying value may not be recoverable. If such events or changes in circumstances
arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated
by the long-lived assets. If the long-lived assets are determined to be impaired, any excess of the carrying value of the long-lived assets
over its estimated fair value is recognized as an impairment loss. For the three months ended July 31, 2023 and 2022, there were no indicators
of impairment of the value of our long-lived assets and no cumulative impairment losses were recognized as of July 31, 2023.
|
Stock-Based Compensation |
Stock-Based Compensation
We account for stock options,
restricted stock units, performance stock units and other stock-based awards granted under our equity compensation plans in accordance
with the authoritative guidance of ASC 718, Compensation – Stock Compensation. The estimated fair value of stock options
granted to employees in exchange for services is measured at the grant date, using a fair value-based method, such as a Black-Scholes
option valuation model, and is recognized as an expense on a straight-line basis over the requisite service periods. The fair value of
restricted stock units and performance stock units is measured at the grant date based on the closing market price of our common stock
on the date of grant. For restricted stock units, the fair value is recognized as an expense on a straight-line basis over the requisite
service periods. For performance stock units, which are subject to performance conditions, the fair value is recognized as expense on
a straight-line basis over the requisite service periods when the achievement of such performance condition is determined to be probable.
If a performance condition is not determined to be probable or is not met, no stock-based compensation expense is recognized, and any
previously recognized expense is reversed. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur.
|
Debt Issuance Costs |
Debt Issuance Costs
Debt issuance costs related
to convertible senior notes are recorded as a deduction that is netted against the principal value of the debt and are amortized to interest
expense using the effective interest method over the contractual term of the debt (Note 3).
Debt issuance costs related
to the revolving credit facility are included in prepaid expenses and other current assets in the consolidated balance sheet and are amortized
to interest expense over the contractual term of the revolving credit facility (Note 3).
|
Comprehensive Income (Loss) |
Comprehensive Income (Loss)
Comprehensive income (loss)
is the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income
(loss) is equal to our net income (loss) for all periods presented.
|
Fair Value Measurements |
Fair Value Measurements
Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy:
| · | Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. |
| · | Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities
whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices
of instruments with similar attributes in active markets. |
| · | Level 3 – Unobservable inputs that are supported by little or no market activity and significant
to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques
and assumptions. |
As of July 31, 2023 and April
30, 2023, we did not have any Level 2 or Level 3 financial assets and our cash equivalents of $15.6 million and $28.7 million, respectively,
were invested in money market funds with no more than two commercial banks and carried at fair value based on quoted market prices for
identical securities (Level 1 input). We consider the fair value of our convertible senior notes to be a Level 2 financial liability due
to limited trading activity of the senior convertible notes (Note 3). We did not have any other Level 2 or Level 3 financial liabilities
as of July 31, 2023 and April 30, 2023.
|
Recently Adopted Accounting Standard |
Recently Adopted Accounting
Standard
In June 2016, the Financial Accounting
Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement
of Credit Losses of Financial Instruments (“ASU 2016-13”). The standard amends the impairment model by requiring
entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain
other instruments. We adopted ASU 2016-13 on May 1, 2023, and the adoption of this standard did not have a material impact on our
unaudited condensed consolidated financial statements.
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of revenues |
Schedule of revenues | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Manufacturing revenues | |
$ | 33,420 | | |
$ | 31,481 | |
Process development revenues | |
| 4,306 | | |
| 5,211 | |
Total revenues | |
$ | 37,726 | | |
$ | 36,692 | |
|
Schedule of cash |
Schedule of cash | |
| | |
| | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | | |
July 31, 2022 | | |
April 30, 2022 | |
Cash and cash equivalents | |
$ | 24,898 | | |
$ | 38,542 | | |
$ | 115,137 | | |
$ | 126,166 | |
Restricted cash | |
| 350 | | |
| 350 | | |
| 350 | | |
| 350 | |
Total cash, cash equivalents and restricted cash | |
$ | 25,248 | | |
$ | 38,892 | | |
$ | 115,487 | | |
$ | 126,516 | |
|
Schedule of estimated useful lives of property |
Schedule of estimated useful lives of property |
|
|
Description |
|
Estimated Useful Life |
Leasehold improvements |
|
Shorter of estimated useful life or lease term |
Laboratory and manufacturing equipment |
|
5 – 15 years |
Computer equipment and software |
|
3 – 5 years |
Furniture, fixtures and office equipment |
|
5 – 10 years |
|
Schedule of property and equipment |
Schedule of property and equipment | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | |
Leasehold improvements | |
$ | 101,310 | | |
$ | 97,514 | |
Laboratory and manufacturing equipment | |
| 42,369 | | |
| 35,501 | |
Computer equipment and software | |
| 5,045 | | |
| 5,028 | |
Furniture, fixtures and office equipment | |
| 1,894 | | |
| 1,681 | |
Construction-in-progress | |
| 64,573 | | |
| 68,013 | |
Total property and equipment, gross | |
| 215,191 | | |
| 207,737 | |
Less: accumulated depreciation and amortization | |
| (32,892 | ) | |
| (30,368 | ) |
Total property and equipment, net | |
$ | 182,299 | | |
$ | 177,369 | |
|
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v3.23.2
Debt (Tables)
|
3 Months Ended |
Jul. 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of net carrying amount of the debt component |
Schedule of net carrying amount of the debt component | |
| | |
| |
| |
July 31, 2023 | | |
April 30, 2023 | |
Principal | |
$ | 143,750 | | |
$ | 143,750 | |
Unamortized issuance costs | |
| (2,862 | ) | |
| (3,127 | ) |
Net carrying amount | |
$ | 140,888 | | |
$ | 140,623 | |
|
Schedule of interest expenses |
Schedule of interest expenses | |
| | |
| |
| |
Three Months Ended July 31, 2023 | | |
Three Months Ended July 31, 2022 | |
Contractual interest expense | |
$ | 408 | | |
$ | 224 | |
Amortization of issuance costs | |
| 265 | | |
| 260 | |
Total interest expense associated with Convertible Notes | |
$ | 673 | | |
$ | 484 | |
|
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v3.23.2
Leases (Tables)
|
3 Months Ended |
Jul. 31, 2023 |
Leases [Abstract] |
|
Schedule of lease costs |
Schedule of lease costs | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Operating lease cost | |
$ | 1,140 | | |
$ | 1,083 | |
Variable lease cost | |
| 351 | | |
| 389 | |
Short-term lease cost | |
| 36 | | |
| 130 | |
Finance lease costs: | |
| | | |
| | |
Amortization of right-of-use assets | |
| 54 | | |
| 54 | |
Interest on lease liabilities | |
| 27 | | |
| 33 | |
Total lease costs | |
$ | 1,608 | | |
$ | 1,689 | |
|
Schedule of balance sheet classification of leases |
Schedule of balance sheet classification of leases | |
| |
| | | |
| | |
Leases | |
Classification | |
July 31, 2023 | | |
April 30, 2023 | |
Assets | |
| |
| | | |
| | |
Operating | |
Operating lease right-of-use assets | |
$ | 42,374 | | |
$ | 42,772 | |
Finance | |
Property and equipment, net | |
| 2,460 | | |
| 2,529 | |
Total leased assets | |
| |
$ | 44,834 | | |
$ | 45,301 | |
| |
| |
| | | |
| | |
Liabilities | |
| |
| | | |
| | |
Current: | |
| |
| | | |
| | |
Operating | |
Current portion of operating lease liabilities | |
$ | 1,262 | | |
$ | 1,358 | |
Finance | |
Other current liabilities | |
| 539 | | |
| 531 | |
Non-current: | |
| |
| | | |
| | |
Operating | |
Operating lease liabilities, less current portion | |
| 45,370 | | |
| 45,690 | |
Finance | |
Finance lease liabilities, less current portion | |
| 1,424 | | |
| 1,562 | |
Total lease liabilities | |
| |
$ | 48,595 | | |
$ | 49,141 | |
|
Schedule of operating and finance leases |
Schedule of operating and finance leases | |
| |
| | | |
| | |
Weighted average remaining lease term (years): | |
| | | |
| | |
Operating leases | |
| |
| 16.4 | | |
| 16.6 | |
Finance lease | |
| |
| 3.4 | | |
| 3.7 | |
Weighted average discount rate: | |
| |
| | | |
| | |
Operating leases | |
| |
| 6.0% | | |
| 6.0% | |
Finance lease | |
| |
| 5.3% | | |
| 5.3% | |
|
Schedule of supplemental cash flow information related to leases |
Schedule of supplemental cash flow information related to leases | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from operating leases | |
$ | 1,119 | | |
$ | 963 | |
Operating cash flows from finance lease | |
| 27 | | |
| 22 | |
Financing cash flows from finance lease | |
| 130 | | |
| 83 | |
Non-cash transaction: | |
| | | |
| | |
Unpaid finance lease obligation | |
$ | – | | |
$ | 41 | |
|
Schedule of maturities of lease liabilities |
Schedule of maturities of lease
liabilities | |
| | | |
| | | |
| | |
Fiscal Year Ending April 30, | |
Operating Leases | | |
Finance Lease | | |
Total | |
2024 (remaining period) | |
$ | 3,021 | | |
$ | 472 | | |
$ | 3,493 | |
2025 | |
| 4,060 | | |
| 629 | | |
| 4,689 | |
2026 | |
| 4,167 | | |
| 629 | | |
| 4,796 | |
2027 | |
| 4,199 | | |
| 419 | | |
| 4,618 | |
2028 | |
| 4,036 | | |
| – | | |
| 4,036 | |
Thereafter | |
| 56,418 | | |
| – | | |
| 56,418 | |
Total lease payments | |
$ | 75,901 | | |
$ | 2,149 | | |
$ | 78,050 | |
Less: imputed interest | |
| (29,269 | ) | |
| (186 | ) | |
| (29,455 | ) |
Total lease liabilities | |
$ | 46,632 | | |
$ | 1,963 | | |
$ | 48,595 | |
|
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v3.23.2
Equity Compensation Plans (Tables)
|
3 Months Ended |
Jul. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of stock option activity |
Schedule of stock option activity | |
| | | |
| | |
| |
Stock Options | | |
Grant Date Weighted Average Exercise Price | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 2,079 | | |
$ | 6.76 | |
Granted | |
| – | | |
$ | – | |
Exercised | |
| (41 | ) | |
$ | 8.46 | |
Canceled or expired | |
| (8 | ) | |
$ | 13.15 | |
Outstanding at July 31, 2023 | |
| 2,030 | | |
$ | 6.70 | |
|
Schedule of RSU activity |
Schedule of RSU activity | |
| | | |
| | |
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 1,006 | | |
$ | 16.83 | |
Granted | |
| 661 | | |
$ | 14.05 | |
Vested | |
| (170 | ) | |
$ | 11.29 | |
Forfeited | |
| (19 | ) | |
$ | 17.89 | |
Outstanding at July 31, 2023 | |
| 1,478 | | |
$ | 16.21 | |
|
Schedule of PSU activity |
Schedule of PSU activity | |
| | | |
| | |
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
| |
(in thousands) | | |
| |
Outstanding at May 1, 2023 | |
| 522 | | |
$ | 19.70 | |
Granted | |
| 613 | | |
$ | 13.92 | |
Vested | |
| – | | |
$ | – | |
Forfeited | |
| – | | |
$ | – | |
Outstanding at July 31, 2023 | |
| 1,135 | | |
$ | 16.58 | |
|
Schedule of share-based compensation expense |
Schedule of share-based compensation expense | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Cost of revenues | |
$ | 954 | | |
$ | 687 | |
Selling, general and administrative | |
| 1,389 | | |
| 1,210 | |
Total | |
$ | 2,343 | | |
$ | 1,897 | |
|
X |
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v3.23.2
Net Income (Loss) Per Common Share (Tables)
|
3 Months Ended |
Jul. 31, 2023 |
Net income (loss) per share: |
|
Schedule of earnings per share, basic and diluted |
Schedule of earnings per share, basic and diluted | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Numerator: | |
| | |
| |
Net income (loss) | |
$ | (2,093 | ) | |
$ | 1,564 | |
Denominator: | |
| | | |
| | |
Weighted average basic common shares outstanding | |
| 62,838 | | |
| 61,905 | |
Effect of dilutive securities: | |
| | | |
| | |
Stock options | |
| – | | |
| 1,195 | |
RSUs and ESPP | |
| – | | |
| 233 | |
Weighted average dilutive common shares outstanding | |
| 62,838 | | |
| 63,333 | |
| |
| | | |
| | |
Net income (loss) per share: | |
| | | |
| | |
Basic | |
$ | (0.03 | ) | |
$ | 0.03 | |
Diluted | |
$ | (0.03 | ) | |
$ | 0.02 | |
|
Schedule of antidilutive shares |
Schedule of antidilutive shares | |
| | | |
| | |
| |
Three Months Ended July 31, | |
| |
2023 | | |
2022 | |
Stock options | |
| 1,138 | | |
| 55 | |
RSUs, PSUs and ESPP | |
| 907 | | |
| 466 | |
Convertible Notes | |
| 6,776 | | |
| 6,776 | |
Total | |
| 8,821 | | |
| 7,297 | |
|
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v3.23.2
Summary of Significant Accounting Policies (Details - Cash) - USD ($) $ in Thousands |
Jul. 31, 2023 |
Apr. 30, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Cash and cash equivalents |
$ 24,898
|
$ 38,542
|
$ 115,137
|
$ 126,166
|
Restricted cash |
350
|
350
|
350
|
350
|
Total cash, cash equivalents and restricted cash |
$ 25,248
|
$ 38,892
|
$ 115,487
|
$ 126,516
|
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v3.23.2
Summary of Significant Accounting Policies (Details - Property and Equipment) - USD ($) $ in Thousands |
Jul. 31, 2023 |
Apr. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 215,191
|
$ 207,737
|
Less: Accumulated depreciation and amortization |
(32,892)
|
(30,368)
|
Total property and equipment, net |
182,299
|
177,369
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
101,310
|
97,514
|
Manufactured Product, Other [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
42,369
|
35,501
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
5,045
|
5,028
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,894
|
1,681
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 64,573
|
$ 68,013
|
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
|
Jul. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
Revenue recognized |
$ 16,800,000
|
$ 18,600,000
|
|
Change in revenue due to change in estimate |
1,400,000
|
|
|
Restricted cash |
400,000
|
|
$ 400,000
|
Allowance for doubtful accounts |
2,200,000
|
|
500,000
|
Capitalized Interest Costs, Including Allowance for Funds Used During Construction |
200,000
|
200,000
|
|
Depreciation and amortization |
2,600,000
|
1,600,000
|
|
Impairment of long-lived assets |
0
|
$ 0
|
|
Cash equivalents |
$ 15,600,000
|
|
$ 28,700,000
|
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Debt (Details Narrative) - USD ($)
|
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1 Months Ended |
3 Months Ended |
Mar. 14, 2023 |
Mar. 31, 2021 |
Jul. 31, 2023 |
Debt Instrument [Line Items] |
|
|
|
Payment of capped calls |
|
|
$ 12,800,000
|
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] |
|
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Revolving line facility fee |
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|
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|
|
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|
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|
Aggregate principal amount |
|
$ 143,800,000
|
|
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138,500,000
|
|
Debt issuance costs |
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$ 5,300,000
|
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1.25%
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Mar. 15, 2026
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Jul. 31, 2023 |
Apr. 30, 2023 |
Leases [Abstract] |
|
|
Operating lease right-of-use assets |
$ 42,374
|
$ 42,772
|
Finance Property and equipment, net |
2,460
|
2,529
|
Total leased assets |
44,834
|
45,301
|
Current portion of operating lease liabilities |
1,262
|
1,358
|
Finance other current liabilities |
539
|
531
|
Operating lease liabilities, less current portion |
45,370
|
45,690
|
Finance lease liabilities, less current portion |
1,424
|
1,562
|
Total lease liabilities |
$ 48,595
|
$ 49,141
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v3.23.2
Leases (Details - Maturities of Operating Lease Liabilities) $ in Thousands |
Jul. 31, 2023
USD ($)
|
2024 (remaining period) |
$ 3,493
|
2025 |
4,689
|
2026 |
4,796
|
2027 |
4,618
|
2028 |
4,036
|
Thereafter |
56,418
|
Total lease payments |
78,050
|
Less: imputed interest |
(29,455)
|
Total lease liabilities |
48,595
|
Finance Lease [Member] |
|
2024 (remaining period) |
472
|
2025 |
629
|
2026 |
629
|
2027 |
419
|
2028 |
0
|
Thereafter |
0
|
Total lease payments |
2,149
|
Less: imputed interest |
(186)
|
Total lease liabilities |
1,963
|
Operating Lease [Member] |
|
2024 (remaining period) |
3,021
|
2025 |
4,060
|
2026 |
4,167
|
2027 |
4,199
|
2028 |
4,036
|
Thereafter |
56,418
|
Total lease payments |
75,901
|
Less: imputed interest |
(29,269)
|
Total lease liabilities |
$ 46,632
|
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v3.23.2
Equity Compensation Plans (Details - Option activity) - Equity Option [Member] shares in Thousands |
3 Months Ended |
Jul. 31, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of options outstanding, beginning | shares |
2,079
|
Weighted average exercise price outstanding, beginning | $ / shares |
$ 6.76
|
Number of options, granted | shares |
0
|
Weighted average exercise price, granted | $ / shares |
$ 0
|
Number of options, exercised | shares |
(41)
|
Weighted average exercise price, exercised | $ / shares |
$ 8.46
|
Number of options, cancelled or expired | shares |
(8)
|
Weighted average exercise price, canceled or expired | $ / shares |
$ 13.15
|
Number of options outstanding,ending | shares |
2,030
|
Weighted average exercise price outstanding, ending | $ / shares |
$ 6.70
|
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v3.23.2
Equity Compensation Plans (Details - RSU Activity) - Restricted Stock Units (RSUs) [Member] shares in Thousands |
3 Months Ended |
Jul. 31, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Outstanding, beginning balance | shares |
1,006
|
Weighted average grant date fair value, beginning | $ / shares |
$ 16.83
|
RSUs, granted | shares |
661
|
RSUs weighted average grant date fair value, granted | $ / shares |
$ 14.05
|
RSUs, vested | shares |
(170)
|
RSUs weighted average grant date fair value, vested | $ / shares |
$ 11.29
|
RSUs, forfeited | shares |
(19)
|
RSUs weighted average grant date fair value, forfeited | $ / shares |
$ 17.89
|
Outstanding, ending balance | shares |
1,478
|
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$ 16.21
|
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v3.23.2
Equity Compensation Plans (Details - PSU Activity) - Performance Stock Units [Member] shares in Thousands |
3 Months Ended |
Jul. 31, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Outstanding, beginning balance | shares |
522
|
Weighted average grant date fair value, beginning | $ / shares |
$ 19.70
|
PSUs, granted | shares |
613
|
PSUs weighted average grant date fair value, granted | $ / shares |
$ 13.92
|
PSUs, vested | shares |
0
|
PSUs weighted average grant date fair value, vested | $ / shares |
$ 0
|
PSUs, forfeited | shares |
0
|
PSUs weighted average grant date fair value, forfeited | $ / shares |
$ 0
|
Outstanding, ending balance | shares |
1,135
|
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$ 16.58
|
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v3.23.2
Equity Compensation Plans (Details - Share based compensation) - USD ($) $ in Thousands |
3 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
Share based compensation |
$ 2,343
|
$ 1,897
|
Cost of Sales [Member] |
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
Share based compensation |
954
|
687
|
Selling, General and Administrative Expenses [Member] |
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
Share based compensation |
$ 1,389
|
$ 1,210
|
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v3.23.2
Equity Compensation Plans (Details Narrative)
|
3 Months Ended |
Jul. 31, 2023
USD ($)
$ / shares
shares
|
Performance Stock Units [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Unrecognized compensation costs | $ |
$ 10,600,000
|
Unrecognized compensation cost weighted average vesting period |
1 year 5 months 19 days
|
Equity Option [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Unrecognized compensation costs | $ |
$ 900,000
|
Unrecognized compensation cost weighted average vesting period |
10 months 28 days
|
Restricted Stock Units (RSUs) [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Unrecognized compensation costs | $ |
$ 22,600,000
|
Unrecognized compensation cost weighted average vesting period |
3 years 1 month 13 days
|
Stock Incentive Plans [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Stock reserved for issuance |
7,806,772
|
Stock Incentive Plans [Member] | Options And Restricted Stock [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Stock reserved for issuance |
4,642,661
|
Stock Incentive Plans [Member] | Performance Stock Units [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Stock reserved for issuance |
3,164,111
|
Employee Stock Purchase Plan [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Stock reserved for issuance |
917,092
|
Stock issued during period, ESPP |
46,224
|
ESPP weighted average purchase price | $ / shares |
$ 11.46
|
X |
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v3.23.2
Net Income (Loss) Per Common Share (Details - Reconciliation of per share) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Numerator: |
|
|
Net income (loss) |
$ (2,093)
|
$ 1,564
|
Denominator: |
|
|
Weighted average basic common shares outstanding |
62,838
|
61,905
|
Effect of dilutive securities: |
|
|
Stock options |
0
|
1,195
|
RSUs and ESPP |
0
|
233
|
Weighted average dilutive common shares outstanding |
62,838
|
63,333
|
Net income (loss) per share: |
|
|
Basic |
$ (0.03)
|
$ 0.03
|
Diluted |
$ (0.03)
|
$ 0.02
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