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v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2025
Apr. 30, 2025
Current assets:    
Cash and cash equivalents $ 15,406,017 $ 15,172,163
Marketable equity securities 201,190 366,316
Warrant asset – QCLS - current 1,912,000 2,917,000
Convertible Note receivable – Femasys - current 5,000,000 3,696,000
Prepaid expenses and other current assets 503,147 223,759
Total current assets 23,022,354 22,375,238
Other assets:    
Intangible asset 1,549,427 1,549,427
Investment in preferred stock – QCLS 20,747,000 22,474,000
Warrant asset – QCLS - non current 9,530,000 5,701,000
Warrant asset – Femasys 1,120,000 3,061,000
Other assets 7,688 7,688
Total other assets 32,954,115 32,793,115
Total Assets 55,976,469 55,168,353
Current liabilities:    
Accounts payable 1,021,339 399,204
Accrued expenses 520,656 2,515,080
Accrued Series C dividends 35,389 0
Total current liabilities 1,577,384 2,914,284
Other liabilities:    
Long-term portion of accrued expenses 0 25,000
Warrant liabilities 16,152,000 338,000
Derivative liabilities 1,693,000 0
Total other liabilities 17,845,000 363,000
Total Liabilities 19,422,384 3,277,284
Commitments and Contingencies (Note 8)  
Temporary Equity:    
Contingently redeemable warrants 417,000 0
Total temporary equity 1,318,996 0
Stockholders’ equity:    
Common stock: authorized 200,000,000 shares, $0.0001 par value; 21,672,095 shares issued and 6,795,779 shares outstanding as of October 31, 2025 and April 30, 2025, respectively. 2,167 2,167
Additional paid-in capital 180,611,996 181,489,647
Accumulated deficit (100,747,031) (84,968,960)
Treasury stock, at cost, 14,876,316 shares as of October 31, 2025, and April 30, 2025, respectively (44,607,916) (44,607,916)
Accumulated other comprehensive loss (24,127) (23,869)
Total stockholders’ equity 35,235,089 51,891,069
Total Liabilities, Temporary Equity and Stockholders’ Equity 55,976,469 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 901,996 0
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock value $ 0 $ 0

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v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
 3 Months Ended 6 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Oct. 31, 2025
Oct. 31, 2024
Income Statement [Abstract]        
Revenue $ 0 $ 0 $ 0 $ 0
Operating expenses:        
Research and development costs 141,085 97,470 236,242 193,486
General and administrative 1,234,966 1,008,590 1,988,114 2,181,461
Total operating expenses 1,376,051 1,106,060 2,224,356 2,374,947
Loss from operations (1,376,051) (1,106,060) (2,224,356) (2,374,947)
Other income (expenses):        
Interest income 206,387 382,562 424,180 929,994
Change in fair value of warrant liability (10,474,000) 1,829,000 (10,231,000) 3,913,000
Change in fair value of derivative liability 302,000 980,000 302,000 2,184,000
Change in fair value of convertible note receivable - Femasys 392,000 435,000 1,304,000 680,000
Change in fair value of warrant asset - Femasys (726,000) 276,000 (1,941,000) (1,234,000)
Change in fair value of investment - QCLS (2,371,000) (4,265,000) (5,210,000) (3,540,734)
Change in fair value of warrants - QCLS 6,050,000 0 1,218,000 0
Gain on legal settlement – re-fair value of warrants 0 0 106,000 0
Gain on related party investment - QCLS 2,089,000 0 2,089,000 21,395,734
Issuance costs – Series C convertible preferred stock and warrants (1,234,553) 0 (1,234,553) 0
Loss on issuance of Series C convertible preferred stock (215,000) 0 (215,000) 0
Unrealized loss on marketable securities (60,663) 0 (165,126) 0
Other expense (95) (1,062) (216) (1,252)
Total other income and (expense), net (6,041,924) (363,500) (13,553,715) 24,326,742
Net income (loss) (7,417,975) (1,469,560) (15,778,071) 21,951,795
Preferred stock dividends (96,639) (443,958) (96,639) (1,129,759)
Preferred stock accretion (901,996) (1,045,357) (901,996) (3,193,404)
Net income (loss) attributable to common stockholders $ (8,416,610) $ (2,958,875) $ (16,776,706) $ 17,628,632
Basic income (loss) per share attributable to common stockholders $ (1.24) $ (0.39) $ (2.47) $ 1.83
Diluted income (loss) per share attributable to common stockholders $ (1.24) $ (0.39) $ (2.47) $ 1.83
Weighted average shares outstanding basic 6,795,779 7,637,034 6,795,779 7,751,708
Weighted average shares outstanding diluted 6,795,779 7,637,034 6,795,779 7,751,708

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v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 6 Months Ended
Oct. 31, 2025
Oct. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (15,778,071) $ 21,951,795
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)
Adjustment from accrued liabilities to warrant liabilities (469,000) 0
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
Stock-based compensation 120,984 341,832
Unrealized loss on marketable equity securities 165,126 0
Change in fair value of warrant liabilities 10,231,000 (3,913,000)
Change in fair value of derivative liability (302,000) (2,184,000)
Change in fair value of convertible note receivable - Femasys (1,304,000) (680,000)
Change in fair value of warrant asset – Femasys 1,941,000 1,234,000
Change in fair value of investment – QCLS 5,210,000 3,540,734
Change in fair value of warrants - QCLS (1,218,000) 0
Change in assets and liabilities:    
Increase in prepaid expenses and other current assets (279,388) (233,413)
Increase (decrease) in accounts payable 535,716 (40,775)
Decrease in accrued expenses (1,081,424) (49,471)
Net cash and cash equivalents used in operating activities (2,973,504) (1,428,032)
Cash flows from investing activities:    
Investment in preferred stock and warrants (3,000,000) (7,000,000)
Net cash and cash equivalents used in investing activities (3,000,000) (7,000,000)
Cash flows from financing activities:    
Repurchase of common stock, net 0 (2,145,708)
Redemption of preferred stock 0 (18,766,416)
Net proceeds from issuance of Series C convertible preferred stock 6,268,866 0
Accrued Series C convertible preferred stock and dividends (61,250) 0
Net cash and cash equivalents used in financing activities 6,207,616 (20,912,124)
Effect of currency rate exchange on cash and cash equivalents (258) 244
Net increase (decrease) in cash and cash equivalents 233,854 (29,339,912)
Cash and cash equivalents at beginning of the period 15,172,163 50,179,968
Cash and cash equivalents at end of the period 15,406,017 20,840,056
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 96,639 0
Accrual of Series C Convertible Preferred Stock issuance costs 86,419 0
Accretion of discounts to redemption value of Series C Preferred Stock 901,996 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
Fair value of contingently redeemable placement agent warrants 417,000 0
Excise tax accrued on repurchase of common stock $ 0 $ 21,457

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