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v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2026
Apr. 30, 2025
Current assets:    
Cash and cash equivalents $ 20,165,535 $ 15,172,163
Marketable equity securities 372,251 366,316
Warrant asset – QCLS - current 0 2,917,000
Convertible Note receivable – Femasys - current 0 3,696,000
Prepaid expenses and other current assets 158,664 223,759
Total current assets 20,696,450 22,375,238
Other assets:    
Intangible asset 1,549,427 1,549,427
Investment in preferred stock – QCLS 22,472,000 22,474,000
Warrant asset – QCLS – non current 10,242,000 5,701,000
Warrant asset – Femasys 906,000 3,061,000
Other assets 7,688 7,688
Total other assets 35,177,115 32,793,115
Total Assets 55,873,565 55,168,353
Current liabilities:    
Accounts payable 1,200,082 399,204
Accrued expenses 445,656 2,515,080
Accrued Series C dividends 32,491 0
Total current liabilities 1,678,229 2,914,284
Other liabilities:    
Long-term portion of accrued expenses 0 25,000
Warrant liabilities 13,657,000 338,000
Derivative liabilities 1,136,000 0
Total other liabilities 14,793,000 363,000
Total Liabilities 16,471,229 3,277,284
Commitments and Contingencies (Note 8)  
Temporary Equity:    
Contingently redeemable warrants 417,000 0
Total temporary equity 1,289,323 0
Stockholders’ equity:    
Common stock: authorized 200,000,000 shares, $0.0001 par value; 26,005,715 and 21,672,095 shares issued and 10,735,649 and 6,795,779 shares outstanding as of January 31, 2026 and April 30, 2025, respectively. 2,602 2,167
Additional paid-in capital 183,141,663 181,489,647
Accumulated deficit (100,000,171) (84,968,960)
Treasury stock, at cost, 15,270,066 and 14,876,316 shares as of January 31, 2026, and April 30, 2025, respectively. (45,009,541) (44,607,916)
Accumulated other comprehensive loss (21,540) (23,869)
Total stockholders’ equity 38,113,013 51,891,069
Total Liabilities, Temporary Equity and Stockholders’ Equity 55,873,565 55,168,353
Series B Preferred Stock [Member]    
Temporary Equity:    
Convertible preferred stock 0 0
Series C Preferred Stock [Member]    
Temporary Equity:    
Convertible preferred stock 872,323 0
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock value $ 0 $ 0

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v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Income Statement [Abstract]        
Revenue $ 0 $ 0 $ 0 $ 0
Operating expenses:        
Research and development costs 93,113 118,196 329,355 311,682
General and administrative 2,024,989 842,056 4,013,103 3,024,316
Total operating expenses 2,118,102 960,252 4,342,458 3,335,998
Loss from operations (2,118,102) (960,252) (4,342,458) (3,335,998)
Other income (expenses):        
Interest income 230,668 255,692 654,848 1,185,686
Change in fair value of warrant liability 1,895,865 4,487,000 (8,335,135) 8,400,000
Change in fair value of derivative liability 557,000 0 859,000 2,184,000
Change in fair value of convertible note receivable - Femasys 0 (79,000) 1,304,000 601,000
Change in fair value of warrant asset - Femasys (214,000) (596,000) (2,155,000) (1,830,000)
Change in fair value of investment - QCLS 1,725,000 (3,031,000) (3,485,000) (1,642,050)
Change in fair value of warrants - QCLS (1,200,000) (3,194,000) 18,000 (8,123,684)
Gain on legal settlement – re-fair value of warrants 0 0 106,000 0
Gain on related party investment - QCLS 0 0 2,089,000 21,395,734
Issuance costs – Series C convertible preferred stock and warrants 0 0 (1,234,553) 0
Loss on issuance of Series C convertible preferred stock 0 0 (215,000) 0
Unrealized loss on marketable securities (128,939) 72,632 (294,065) 72,632
Other expense (632) (400) (848) (852)
Total other income and (expense), net 2,864,962 (2,085,076) (10,688,753) 22,242,466
Net income (loss) 746,860 (3,045,328) (15,031,211) 18,906,468
Preferred stock dividends (98,458) 0 (195,097) (1,129,759)
Preferred stock accretion (2,204,657) 0 (3,106,653) (3,193,404)
Net income (loss) attributable to common stockholders $ (1,556,255) $ (3,045,328) $ (18,332,961) $ 14,583,305
Basic income (loss) per share attributable to common stockholders $ (0.17) $ (0.44) $ (2.41) $ 1.67
Diluted income (loss) per share attributable to common stockholders $ (0.17) $ (0.44) $ (2.41) $ 1.67
Weighted average shares outstanding basic 9,262,829 6,960,014 7,618,128 7,487,813
Weighted average shares outstanding diluted 9,262,829 6,960,014 7,618,128 7,487,813

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v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (15,031,211) $ 18,906,468
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Gain on related party investment – QCLS (2,089,000) (21,395,734)
Issuance costs – Series C preferred stock and warrants 1,234,553 0
Loss on issuance of Series C preferred stock 215,000 0
Gain on re-fair value of warrants (106,000) 0
Non-cash interest income (300,000) (300,000)
Stock issued for compensation - RSUs 892,500 0
Stock-based compensation - options 181,476 414,693
Unrealized loss on marketable equity securities 294,065 (72,632)
Change in fair value of warrant liabilities 8,335,135 (8,400,000)
Change in fair value of derivative liability (859,000) (2,184,000)
Change in fair value of convertible note receivable - Femasys (1,304,000) (601,000)
Change in fair value of warrant asset – Femasys 2,155,000 1,830,000
Change in fair value of investment – QCLS 3,485,000 1,642,050
Change in fair value of warrants - QCLS (18,000) 8,123,684
Change in assets and liabilities:    
Decrease in prepaid expenses and other current assets 65,095 52,438
Increase in accounts payable 714,459 95,578
Decrease in accrued expenses (1,625,424) (49,470)
Net cash and cash equivalents used in operating activities (3,760,352) (1,937,925)
Cash flows from investing activities:    
Proceeds from investment - note receivable 5,000,000 0
Investment in preferred stock and warrants in QCLS (3,000,000) (7,000,000)
Net cash and cash equivalents provided by (used in) investing activities 2,000,000 (7,000,000)
Cash flows from financing activities:    
Repurchase of common stock, net (401,625) (2,370,733)
Redemption of preferred stock 0 (22,486,875)
Net proceeds from issuance of Series C convertible preferred stock 6,268,866 0
Net proceeds from exercises of warrants 1,046,760 0
Payment of Series C convertible preferred stock dividends (162,606) 0
Net cash and cash equivalents provided by (used in) financing activities 6,751,395 (24,857,608)
Effect of currency rate exchange on cash and cash equivalents 2,329 (975)
Net increase (decrease) in cash and cash equivalents 4,993,372 (33,796,508)
Cash and cash equivalents at beginning of the period 15,172,163 50,179,968
Cash and cash equivalents at end of the period 20,165,535 16,383,460
Supplemental disclosure of non-cash investing and financing activities:    
Reclassification of Series B Convertible Preferred Stock and dividends to current liability 0 16,190,179
Accretion of discounts to redemption value of Series B Preferred Stock 0 3,193,404
Accrual of Series C Convertible Preferred Stock dividends 195,097 0
Accrual of Series C Convertible Preferred Stock issuance costs 86,419 0
Accretion of discounts to redemption value of Series C Preferred Stock 3,106,653 0
Initial fair value of investment in QCLS Series H preferred shares 3,483,000 0
Initial fair value of investment in QCLS Series H warrants 1,606,000 0
Non-cash derivative liability at initial fair value 1,995,000 0
Non-cash warrant liability at initial fair value 5,220,000 0
Non-cash redemption of Series C convertible preferred stock 2,234,330 0
Change in fair value associated warrant exercises 599,135 0
Fair value of contingently redeemable placement agent warrants 417,000 0
Excise tax accrued on repurchase of common stock $ 0 $ 23,707

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