0000950170-22-018239 | 10-Q | XBRL Viewer | Kalvista Pharmaceuticals INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 31, 2022	Sep. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	KALV
Entity Registrant Name	KALVISTA PHARMACEUTICALS, INC.
Entity Central Index Key	0001348911
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Document Transition Report	false
Entity File Number	001-36830
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0915291
Entity Address, Address Line One	55 Cambridge Parkway
Entity Address, Address Line Two	Suite 901E
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	999-0075
Entity Common Stock, Shares Outstanding		24,602,023

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022	Apr. 30, 2021
Current assets:
Cash and cash equivalents	$ 37,863	$ 30,732
Marketable securities	104,212	135,470
Research and development tax credit receivable	17,248	14,098
Prepaid expenses and other current assets	11,084	13,347
Total current assets	170,407	193,647
Property and equipment, net	3,030	2,178
Right of use assets	8,664	7,862
Other assets	218	193
Total assets	182,319	203,880
Current liabilities:
Accounts payable	2,908	3,638
Accrued expenses	5,828	6,961
Lease liability - current portion	997	977
Total current liabilities	9,733	11,576
Long-term liabilities:
Lease liability - net of current portion	8,014	7,211
Total long-term liabilities	8,014	7,211
Commitments and contingencies (Note 6)
Stockholders’ equity
Common stock, $0.001 par value, 100,000,000 authorized Shares issued and outstanding: 24,570,872 at July 31, 2022 and 24,550,748 at April 30, 2022	25	25
Additional paid-in capital	441,914	439,104
Accumulated deficit	(273,217)	(250,175)
Accumulated other comprehensive loss	(4,150)	(3,861)
Total stockholders’ equity	164,572	185,093	$ 257,193
Total liabilities and stockholders’ equity	$ 182,319	$ 203,880

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 31, 2022	Apr. 30, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	24,570,872	24,550,748
Common stock, shares outstanding	24,570,872	24,550,748

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Operating expenses:
Research and development	$ 18,186	$ 13,669
General and administrative	8,130	5,847
Total operating expenses	26,316	19,516
Operating loss	(26,316)	(19,516)
Other income:
Interest income	242	274
Foreign currency exchange (loss) gain	(517)	(51)
Other income	3,549	3,184
Total other income	3,274	3,407
Net loss	(23,042)	(16,109)
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(403)	49
Unrealized holding (loss) gain from marketable securities	98	(129)
Reclassification adjustment for realized loss (gain) on marketable securities included in net loss	16	23
Other comprehensive loss	(289)	(57)
Comprehensive loss	$ (23,331)	$ (16,166)
Net loss per share to common stockholders, basic	$ (0.94)	$ (0.66)
Net loss per share to common stockholders, diluted	$ (0.94)	$ (0.66)
Weighted average common shares outstanding, basic	24,557,615	24,429,919
Weighted average common shares outstanding, diluted	24,557,615	24,429,919

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Apr. 30, 2021	$ 257,193	$ 24	$ 426,437	$ (167,836)	$ (1,432)
Balance, shares at Apr. 30, 2021		24,422,531
Issuance of common stock from equity incentive plans	608		608
Issuance of common stock from equity incentive plans, shares		14,984
Stock-based compensation expense	2,795		2,795
Net loss	(16,109)			(16,109)
Foreign currency translation (loss) gain	49				49
Unrealized holding (loss) gain from marketable securities	(129)				(129)
Reclassification adjustment for realized loss (gain) on marketable securities included in net loss	23				23
Balance at Jul. 31, 2021	244,430	$ 24	429,840	(183,945)	(1,489)
Balance, shares at Jul. 31, 2021		24,437,515
Balance at Apr. 30, 2022	185,093	$ 25	439,104	(250,175)	(3,861)
Balance, shares at Apr. 30, 2022		24,550,748
Issuance of common stock from equity incentive plans	168		168
Issuance of common stock from equity incentive plans, shares		20,124
Stock-based compensation expense	2,642		2,642
Net loss	(23,042)			(23,042)
Foreign currency translation (loss) gain	(403)				(403)
Unrealized holding (loss) gain from marketable securities	98				98
Reclassification adjustment for realized loss (gain) on marketable securities included in net loss	16				16
Balance at Jul. 31, 2022	$ 164,572	$ 25	$ 441,914	$ (273,217)	$ (4,150)
Balance, shares at Jul. 31, 2022		24,570,872

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Cash flows from operating activities
Net loss	$ (23,042)	$ (16,109)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	158	132
Stock-based compensation expense	2,642	2,795
Realized loss (gain) from sale of marketable securities	16	23
Non-cash operating lease expense	23	22
Amortization of premium on marketable securities	391	753
Foreign currency exchange loss (gain)	426	14
Changes in operating assets and liabilities:
Research and development tax credit receivable	(3,570)	(3,211)
Prepaid expenses and other assets	1,935	(625)
Accounts payable	(678)	(528)
Accrued expenses	(1,043)	(1,001)
Net cash used in operating activities	(22,742)	(17,735)
Cash flows from investing activities
Purchases of marketable securities	(10,102)	(19,036)
Sales and maturities of marketable securities	41,066	34,204
Acquisition of property and equipment	(920)	(287)
Net cash provided by investing activities	30,044	14,881
Cash flows from financing activities
Issuance of common stock from equity incentive plans	168	608
Net cash provided by financing activities	168	608
Effect of exchange rate changes on cash and cash equivalents	(339)	(3)
Net increase (decrease) in cash and cash equivalents	7,131	(2,249)
Cash and cash equivalents at beginning of period	30,732	50,592
Cash and cash equivalents at end of period	37,863	$ 48,343
Supplemental disclosures of non-cash activities:
Right of use assets obtained in exchange for operating lease liabilities	1,192
Property and equipment included in accounts payable and accrued expenses:	$ 144

The Company

3 Months Ended

Jul. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

Company Background

KalVista Pharmaceuticals, Inc. (“KalVista” or the “Company”) is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors for diseases with significant unmet need. The Company applies its insights into the chemistry and biology of proteases to develop orally delivered, small molecule inhibitors with high selectivity, potency, and bioavailability that it believes will make them successful treatments for disease. The Company has used these capabilities to develop a proprietary portfolio of novel, small molecule plasma kallikrein inhibitors targeting hereditary angioedema (HAE) and diabetic macular edema (DME).

In the first quarter of 2022, the Company initiated the Phase 3 KONFIDENT clinical trial to evaluate the safety and efficacy of sebetralstat (formerly known as KVD900) as the first potential oral, on-demand therapy for hereditary angioedema (HAE) attacks. This worldwide, double-blind, placebo-controlled crossover trial will evaluate the response of adolescents and adults experiencing acute HAE attacks with two different doses of sebetralstat and placebo. Sebetralstat is the most advanced potential oral therapy for acute HAE attacks in clinical development, and is intended to provide a substantial improvement over the current on-demand standard of care for HAE attacks, which currently are only treated with injectable or infused therapies. We currently expect data from KONFIDENT to be available in the second half of 2023. KVD824 is KalVista’s next oral program to be developed for HAE, currently being developed as a potential oral prophylactic treatment for HAE. This program is enrolling patients in the worldwide Phase 2 KOMPLETE clinical trial, with data anticipated in mid-2023. The Company’s next anticipated program is an oral inhibitor of Factor XIIa, which is currently in the research stage and is being advanced towards IND-enabling studies. Factor XIIa plays a significant role in HAE and also has the potential to be developed in additional indications over time.

The Company’s headquarters is located in Cambridge, Massachusetts, with additional offices located in Porton Down, United Kingdom, and Salt Lake City, Utah.

COVID-19

As a result of the ongoing coronavirus, SARS-CoV-2 (“COVID-19”) pandemic, the Company has experienced delays, with respect to the Company’s clinical trials, and may experience future delays in enrollment, site initiation, participant dosing, distribution of clinical trial materials, study monitoring and data analysis, any of which could materially adversely impact the Company’s business, results of operations and overall financial performance in future periods. Any such delays to the Company’s planned clinical timelines for sebetralstat and KVD824 could also impact the use and sufficiency of existing cash reserves, and the Company may be required to raise additional capital earlier than previously planned. The Company may be unable to raise additional capital if and when needed, which may result in further delays or suspension of development plans. The extent to which the COVID-19 pandemic may impact the Company’s financial condition, results of operations or cash flows is uncertain and will continue to be monitored closely.

Liquidity

The Company has devoted substantially all of its efforts to research and development, including preclinical and clinical trials of its product candidates. The Company has not completed the development of any product candidates or commenced commercial operations. Pharmaceutical drug product candidates, like those being developed by the Company, require approvals from the FDA or foreign regulatory agencies prior to commercial sales. There can be no assurance that any product candidates will receive the necessary approvals and any failure to receive approval or delay in approval may have a material adverse impact on the Company’s business and financial results. The Company is subject to a number of risks and uncertainties similar to those of other life science companies developing new products, including, among others, the risks related to the necessity to obtain adequate additional financing, to successfully develop product candidates, to obtain regulatory approval of product candidates, to comply with government regulations, to successfully commercialize its potential products, to the protection of proprietary technology and to the dependence on key individuals.

To date, the Company has not generated any product sales revenues and does not have any products that have been approved for commercialization. As of July 31, 2022, the Company had an accumulated deficit of $273.2 million and $142.1 million of cash, cash equivalents and marketable securities. The Company does not expect to generate significant revenue unless and until it obtains regulatory approval for, and commercializes, one of its current or future product candidates. The Company anticipates that it will continue to incur losses for the foreseeable future, and it expects those losses to increase as it continues the development of, and seeks regulatory approvals for, product candidates, and begins to commercialize any approved products. The Company is subject to all of the risks inherent in the development of new therapeutic products, and it may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect its business. The Company currently anticipates that, based upon its operating plans and existing capital resources, it has sufficient funding to operate for at least the next twelve months.

Until such time, if ever, as the Company can generate substantial revenues, it expects to finance its cash needs through a combination of equity or debt financings, collaborations, strategic partnerships and licensing arrangements. To the extent that additional capital is raised through the sale of stock or convertible debt securities, the ownership interest of existing stockholders may be diluted, and the terms of these newly issued securities may include liquidation or other preferences that adversely affect the rights of common stockholders. Debt financing, if available, may involve agreements that include increased fixed payment obligations and covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt, making capital expenditures, declaring dividends, selling or licensing intellectual property rights and other operating restrictions that could adversely impact its ability to conduct business. Additional fundraising through collaborations, strategic partnerships or licensing arrangements with third parties may require the Company to relinquish valuable rights to product candidates, including other technologies, future revenue streams or research programs, or grant licenses on terms that may not be favorable. If the Company is unable to raise additional funds when needed, it may be required to delay, limit, reduce or terminate product development or future commercialization efforts or grant rights to develop and commercialize other product candidates even if it would otherwise prefer to develop and commercialize such product candidates internally.

Summary of Significant Accounting Policies

3 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation: The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. There were no adjustments other than normal recurring adjustments. These unaudited interim condensed consolidated financial results are not necessarily indicative of the results to be expected for the year ending April 30, 2023, or for any other future annual or interim period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended April 30, 2022 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on July 7, 2022.

Segment Reporting: The chief operating decision maker, the CEO, manages the Company’s operations as a single operating segment for the purposes of assessing performance and making operating decisions.

Recent Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach on expected losses to estimate credit losses on certain financial instruments, including trade receivables and available-for-sale debt securities. The new guidance is effective for the Company as of May 1, 2023. The adoption of ASU 2016-13 is not expected to have a material impact on the Company’s financial position, results of operations, and cash flows.

Net Loss per Share: Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the number of potential dilutive common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of share options and awards.

Potential dilutive common share equivalents consist of:


	July 31,
	2022		2021
Stock options and awards		4,697,733		3,507,452

In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. As a result, there is no difference between the Company’s basic and diluted loss per share for the periods presented.

Fair Value Measurement: The Company classifies fair value measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. These fair values are obtained from independent pricing services which utilize Level 1 and Level 2 inputs.

The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis as of July 31, 2022 and April 30, 2022 (in thousands):


							Balance at
	Level 1		Level 2		Level 3		July 31, 2022
Cash equivalents	$	30,695	$	—	$	—	$	30,695
Marketable securities:
Corporate debt securities		—		88,268		—		88,268
U.S. government agency securities		—		15,944		—		15,944
	$	30,695	$	104,212	$	—	$	134,907


							Balance at
	Level 1		Level 2		Level 3		April 30, 2022
Cash equivalents	$	13,735	$	—	$	—	$	13,735
Marketable securities:
Corporate debt securities		—		112,005		—		112,005
U.S. government agency securities		—		23,465		—		23,465
	$	13,735	$	135,470	$	—	$	149,205

Marketable Securities

3 Months Ended

Jul. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by financial institutions, commercial companies, and government agencies that management believes to be of high credit quality in order to limit the amount of its credit exposure. The Company has not realized any material losses from its investments.

The Company classifies all of its debt securities as available-for-sale. Unrealized gains and losses on investments are recognized in accumulated comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in other income in the consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis.

The following tables summarize the fair values of the Company’s investments by type as of July 31, 2022 and April 30, 2022 (in thousands):


	July 31, 2022
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	89,149	$	15	$	(896	)	$	88,268
Obligations of the U.S. Government and its agencies		16,079		—		(135	)		15,944
Total	$	105,228	$	15	$	(1,031	)	$	104,212


	April 30, 2022
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	112,997	$	2	$	(994	)	$	112,005
Obligations of the U.S. Government and its agencies		23,602				(137	)		23,465
Total	$	136,599	$	2	$	(1,131	)	$	135,470

The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its condensed consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations.

As of July 31, 2022, unrealized losses related to individual securities that had been in a continuous loss position for 12 months or longer were insignificant.

The following table summarizes the scheduled maturity for the Company’s marketable securities at July 31, 2022 (in thousands):


	July 31, 2022
Maturing in one year or less	$	85,071
Maturing after one year through two years		13,265
Maturing after two years through four years		5,876
Total	$	104,212

Accrued Expenses

3 Months Ended

Jul. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

4. Accrued Expenses

Accrued expenses consisted of the following as of July 31, 2022 and April 30, 2022 (in thousands):


	July 31,		April 30,
	2022		2022
Compensation expense	$	2,064	$	4,168
Research expense		2,503		2,011
Professional fees		1,043		474
Other expenses		218		308
	$	5,828	$	6,961

Prepaid Expenses and Other Current Assets

3 Months Ended

Jul. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of July 31, 2022 and April 30, 2022 (in thousands):


	July 31,		April 30,
	2022		2022
Prepaid clinical expenses	$	6,709	$	8,404
Other prepaid expenses		2,334		2,234
Interest and other receivables		463		888
VAT receivable		1,578		1,821
Total prepaid expenses and other current assets	$	11,084	$	13,347

Commitments and Contingencies

3 Months Ended

Jul. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Clinical Studies: The Company enters into contractual agreements with contract research organizations in connection with preclinical and toxicology studies and clinical trials. Amounts due under these agreements are invoiced to the Company on predetermined schedules during the course of the studies and clinical trials and are not refundable regardless of the outcome. The Company has contractual obligations related to the expected future costs to be incurred to complete the ongoing preclinical studies and clinical trials. The remaining commitments, which have cancellation provisions, total $30.2 million at July 31, 2022.

Indemnification: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. No amounts associated with such indemnifications have been recorded to date.

Contingencies: From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. There were no contingent liabilities requiring accrual at July 31, 2022.

Leases

3 Months Ended

Jul. 31, 2022

Leases [Abstract]

Leases

7. Leases

The Company has a lease agreement for approximately 8,300 square feet of space for its headquarters located in Cambridge, Massachusetts that runs through September 2028.

The Company has lease agreements for approximately 13,400 square feet of office and research laboratory space located in Porton Down, United Kingdom that run through April 2028, with an option to terminate in April 2023. As of September 2022, the Company does not expect to exercise the option to terminate the leases. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew.

The Company has a lease agreement in Salt Lake City, Utah for approximately 6,200 square feet of office space that commenced in November 2021 and runs through February 2032.

The Company has a lease agreement for approximately 500 square feet of research laboratory space in Cambridge, Massachusetts that commenced in July 2022 with an option to renew annually.

Total rent expense was approximately $0.5 million and $0.4 million for the three months ended July 31, 2022 and 2021, respectively and is reflected in general and administrative expenses and research and development expenses as determined by the underlying activities.

The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of July 31, 2022 (in thousands):


Years ending April 30,	Operating Leases
2023	$	1,277
2024		1,741
2025		1,778
2026		1,815
2027		1,854
Thereafter		3,431
Total minimum lease payments		11,896
Less amounts representing interest		2,885
Present value of minimum payments		9,011
Current portion		997
Long-term portion	$	8,014

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Segment Reporting

Recent Accounting Pronouncements

Net Loss per Share

Potential dilutive common share equivalents consist of:


	July 31,
	2022		2021
Stock options and awards		4,697,733		3,507,452

Fair Value Measurement

The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis as of July 31, 2022 and April 30, 2022 (in thousands):


							Balance at
	Level 1		Level 2		Level 3		July 31, 2022
Cash equivalents	$	30,695	$	—	$	—	$	30,695
Marketable securities:
Corporate debt securities		—		88,268		—		88,268
U.S. government agency securities		—		15,944		—		15,944
	$	30,695	$	104,212	$	—	$	134,907


							Balance at
	Level 1		Level 2		Level 3		April 30, 2022
Cash equivalents	$	13,735	$	—	$	—	$	13,735
Marketable securities:
Corporate debt securities		—		112,005		—		112,005
U.S. government agency securities		—		23,465		—		23,465
	$	13,735	$	135,470	$	—	$	149,205

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

Schedule of Potential Dilutive Common Share Equivalents

Potential dilutive common share equivalents consist of:


	July 31,
	2022		2021
Stock options and awards		4,697,733		3,507,452

Schedule of Cash Equivalents and Marketable Securities Measured at Fair Value

The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis as of July 31, 2022 and April 30, 2022 (in thousands):


							Balance at
	Level 1		Level 2		Level 3		July 31, 2022
Cash equivalents	$	30,695	$	—	$	—	$	30,695
Marketable securities:
Corporate debt securities		—		88,268		—		88,268
U.S. government agency securities		—		15,944		—		15,944
	$	30,695	$	104,212	$	—	$	134,907


							Balance at
	Level 1		Level 2		Level 3		April 30, 2022
Cash equivalents	$	13,735	$	—	$	—	$	13,735
Marketable securities:
Corporate debt securities		—		112,005		—		112,005
U.S. government agency securities		—		23,465		—		23,465
	$	13,735	$	135,470	$	—	$	149,205

Marketable Securities (Tables)

3 Months Ended

Jul. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Fair Values of Company's Investments By Type

The following tables summarize the fair values of the Company’s investments by type as of July 31, 2022 and April 30, 2022 (in thousands):


	July 31, 2022
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	89,149	$	15	$	(896	)	$	88,268
Obligations of the U.S. Government and its agencies		16,079		—		(135	)		15,944
Total	$	105,228	$	15	$	(1,031	)	$	104,212


	April 30, 2022
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	112,997	$	2	$	(994	)	$	112,005
Obligations of the U.S. Government and its agencies		23,602				(137	)		23,465
Total	$	136,599	$	2	$	(1,131	)	$	135,470

Summary of Scheduled Maturity for Marketable Securities

The following table summarizes the scheduled maturity for the Company’s marketable securities at July 31, 2022 (in thousands):


	July 31, 2022
Maturing in one year or less	$	85,071
Maturing after one year through two years		13,265
Maturing after two years through four years		5,876
Total	$	104,212

Accrued Expenses (Tables)

3 Months Ended

Jul. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of July 31, 2022 and April 30, 2022 (in thousands):


	July 31,		April 30,
	2022		2022
Compensation expense	$	2,064	$	4,168
Research expense		2,503		2,011
Professional fees		1,043		474
Other expenses		218		308
	$	5,828	$	6,961

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Jul. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of July 31, 2022 and April 30, 2022 (in thousands):


	July 31,		April 30,
	2022		2022
Prepaid clinical expenses	$	6,709	$	8,404
Other prepaid expenses		2,334		2,234
Interest and other receivables		463		888
VAT receivable		1,578		1,821
Total prepaid expenses and other current assets	$	11,084	$	13,347

Leases (Tables)

3 Months Ended

Jul. 31, 2022

Leases [Abstract]

Summary of Maturity of Undiscounted Payments and Future Minimum Payments Due Under Lease Liabilities and Present Value of Liabilities

The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of July 31, 2022 (in thousands):


Years ending April 30,	Operating Leases
2023	$	1,277
2024		1,741
2025		1,778
2026		1,815
2027		1,854
Thereafter		3,431
Total minimum lease payments		11,896
Less amounts representing interest		2,885
Present value of minimum payments		9,011
Current portion		997
Long-term portion	$	8,014

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 273,217	$ 250,175
Cash, cash equivalents and marketable securities	$ 142,100

Summary of Significant Accounting Policies - Schedule of Potential Dilutive Common Share Equivalents (Detail) - shares	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Stock Options and Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of anti-dilutive potential common share equivalents outstanding	4,697,733	3,507,452

Summary of Significant Accounting Policies - Schedule of Cash Equivalents and Marketable Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 30,695	$ 13,735
Marketable securities	104,212	135,470
Cash equivalents and marketable securities	134,907	149,205
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	30,695	13,735
Cash equivalents and marketable securities	30,695	13,735
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	104,212	135,470
Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	88,268	112,005
Corporate Debt Securities [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	88,268	112,005
U.S. Government Agency Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	15,944	23,465
U.S. Government Agency Securities [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 15,944	$ 23,465

Marketable Securities - Summary of Fair Values of Company's Investments By Type (Detail) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 105,228	$ 136,599
Unrealized Gains	15	2
Unrealized Losses	(1,031)	(1,131)
Estimated Fair Value	104,212	135,470
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	89,149	112,997
Unrealized Gains	15	2
Unrealized Losses	(896)	(994)
Estimated Fair Value	88,268	112,005
Obligations of U.S. Government and Its Agencies [Member]
Marketable Securities [Line Items]
Amortized Cost	16,079	23,602
Unrealized Losses	(135)	(137)
Estimated Fair Value	$ 15,944	$ 23,465

Marketable Securities - Summary of Scheduled Maturity for Marketable Securities (Detail) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 85,071
Maturing after one year through two years	13,265
Maturing after two years through four years	5,876
Total	$ 104,212	$ 135,470

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Payables and Accruals [Abstract]
Compensation expense	$ 2,064	$ 4,168
Research expense	2,503	2,011
Professional fees	1,043	474
Other expenses	218	308
Total accrued expenses	$ 5,828	$ 6,961

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid clinical expenses	$ 6,709	$ 8,404
Other prepaid expenses	2,334	2,234
Interest and other receivables	463	888
VAT receivable	1,578	1,821
Total prepaid expenses and other current assets	$ 11,084	$ 13,347

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Jul. 31, 2022 USD ($)
Other Commitments [Line Items]
Contractual obligations remaining commitments including cancellation provisions	$ 30,200,000
Amounts associated with indemnifications	0
Indemnification Guarantee [Member]
Other Commitments [Line Items]
Contingent liabilities	$ 0

Leases - Additional Information (Detail) $ in Millions	3 Months Ended
Leases - Additional Information (Detail) $ in Millions	Jul. 31, 2022 USD ($) ft²	Jul. 31, 2021 USD ($)
General and Administrative Expenses and Research and Development Expenses [Member]
Lessee Lease Description [Line Items]
Rent expense \| $	$ 0.5	$ 0.4
Massachusetts [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	8,300
Massachusetts [Member] \| Research Laboratory [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	500
United Kingdom [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	13,400
Lease description option to extend	option to terminate in April 2023. As of September 2022, the Company does not expect to exercise the option to terminate the leases.
Utah [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	6,200

Leases - Summary of Maturity of Undiscounted Payments Due Under Lease Liabilities and Present Value of Liabilities (Detail) - USD ($) $ in Thousands	Jul. 31, 2022	Apr. 30, 2022
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 1,277
2024	1,741
2025	1,778
2026	1,815
2027	1,854
Thereafter	3,431
Total minimum lease payments	11,896
Less amounts representing interest	2,885
Present value of minimum payments	9,011
Current portion	997	$ 977
Long-term portion	$ 8,014	$ 7,211