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| | | | | 69 | | | |
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| | | | | 86 | | | |
| | | | | 86 | | | |
| | | | | F-1 | | |
| | |
Number of Patents
|
| | | | | | | |
Number of Patent
Applications |
| ||||||||||||||||||
| | |
U.S.
|
| |
International
|
| |
Expiration Dates(1)
|
| |
U.S.
|
| |
International
|
| |||||||||||||||
Leronlimab (PRO 140) product candidate(2)
|
| | | | 2 | | | | | | 16 | | | | | | 2024 – 2032 | | | | | | 1 | | | | | | 3 | | |
Methods of treatment by indication (e.g., HIV-1; COVID-19; GvHD)(2)
|
| | | | 3 | | | | | | 9 | | | | | | 2035 – 2040 | | | | | | 1 | | | | | | 10 | | |
Methods of treatment – Cancer; NASH
|
| | | | — | | | | | | — | | | | | | | | | | | | 9 | | | | | | 29 | | |
| | |
Three months ended
February 28, |
| |
Change
|
| |
Nine months ended
February 28, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
(in thousands, except for per share data)
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| ||||||||||||||||||||||||
| | | | | | | | |
(Restated)(1)
|
| | | | | | | | | | | | | | | | | | | |
(Restated)(1)
|
| | | | | | | | | | | | | ||||||
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | $ | 266 | | | | | $ | (266) | | | | | | (100)% | | |
Cost of goods sold
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 53 | | | | | | (53) | | | | | | (100) | | |
Gross profit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 213 | | | | | | (213) | | | | | | (100) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 2,971 | | | | | | 10,140 | | | | | | (7,169) | | | | | | (71) | | | | | | 14,347 | | | | | | 33,960 | | | | | | (19,613) | | | | | | (58) | | |
Research and development
|
| | | | 938 | | | | | | 3,569 | | | | | | (2,631) | | | | | | (74) | | | | | | 1,651 | | | | | | 23,036 | | | | | | (21,385) | | | | | | (93) | | |
Amortization and
depreciation |
| | | | 12 | | | | | | 129 | | | | | | (117) | | | | | | (91) | | | | | | 165 | | | | | | 657 | | | | | | (492) | | | | | | (75) | | |
Inventory charge
|
| | | | — | | | | | | 5,559 | | | | | | (5,559) | | | | | | (100) | | | | | | 20,633 | | | | | | 8,916 | | | | | | 11,717 | | | | | | 131 | | |
Total operating expenses
|
| | | | 3,921 | | | | | | 19,397 | | | | | | (15,476) | | | | | | (80) | | | | | | 36,796 | | | | | | 66,569 | | | | | | (29,773) | | | | | | (45) | | |
Operating loss
|
| | | | (3,921) | | | | | | (19,397) | | | | | | 15,476 | | | | | | 80 | | | | | | (36,796) | | | | | | (66,356) | | | | | | 29,560 | | | | | | 45 | | |
Interest and other expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on convertible notes
|
| | | | (1,142) | | | | | | (1,187) | | | | | | 45 | | | | | | 4 | | | | | | (3,447) | | | | | | (4,299) | | | | | | 852 | | | | | | 20 | | |
Amortization of discount on convertible notes
|
| | | | (565) | | | | | | (637) | | | | | | 72 | | | | | | 11 | | | | | | (1,721) | | | | | | (2,382) | | | | | | 661 | | | | | | 28 | | |
Amortization of debt issuance
costs |
| | | | (17) | | | | | | (19) | | | | | | 2 | | | | | | 11 | | | | | | (51) | | | | | | (70) | | | | | | 19 | | | | | | 27 | | |
Loss on induced conversion
|
| | | | (2,018) | | | | | | (12,066) | | | | | | 10,048 | | | | | | 83 | | | | | | (2,656) | | | | | | (37,381) | | | | | | 34,725 | | | | | | 93 | | |
Finance charges
|
| | | | (5,884) | | | | | | (7,025) | | | | | | 1,141 | | | | | | 16 | | | | | | (7,761) | | | | | | (8,084) | | | | | | 323 | | | | | | 4 | | |
Inducement interest expense
|
| | | | — | | | | | | (954) | | | | | | 954 | | | | | | 100 | | | | | | — | | | | | | (6,186) | | | | | | 6,186 | | | | | | 100 | | |
Legal settlement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,941) | | | | | | 1,941 | | | | | | 100 | | |
Loss on derivatives
|
| | | | (155) | | | | | | — | | | | | | (155) | | | | | | (100) | | | | | | (8,756) | | | | | | — | | | | | | (8,756) | | | | | | (100) | | |
Total interest and other
expenses |
| | | | (9,781) | | | | | | (21,888) | | | | | | 12,107 | | | | | | 55 | | | | | | (24,392) | | | | | | (60,343) | | | | | | 35,951 | | | | | | 60 | | |
Loss before income taxes
|
| | | | (13,702) | | | | | | (41,285) | | | | | | 27,583 | | | | | | 67 | | | | | | (61,188) | | | | | | (126,699) | | | | | | 65,511 | | | | | | 52 | | |
Income tax benefit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (13,702) | | | | | $ | (41,285) | | | | | $ | 27,583 | | | | | | 67% | | | | | $ | (61,188) | | | | | $ | (126,699) | | | | | $ | 65,511 | | | | | | 52% | | |
Basic and diluted: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 832,215 | | | | | | 695,614 | | | | | | 136,601 | | | | | | 20 | | | | | | 810,986 | | | | | | 663,373 | | | | | | 147,613 | | | | | | 22 | | |
Loss per share
|
| | | $ | (0.02) | | | | | $ | (0.06) | | | | | $ | 0.04 | | | | | | 67 | | | | | $ | (0.08) | | | | | $ | (0.19) | | | | | $ | 0.11 | | | | | | 58 | | |
| | |
Three months ended
February 28, |
| |
Change
|
| |
Nine months ended
February 28, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| ||||||||||||||||||||||||
Salaries, benefits, and other compensation
|
| | | $ | 918 | | | | | $ | 3,227 | | | | | $ | (2,309) | | | | | | (72)% | | | | | $ | 3,175 | | | | | $ | 5,463 | | | | | $ | (2,288) | | | | | | (42)% | | |
Stock-based compensation
|
| | | | 419 | | | | | | (438) | | | | | | 857 | | | | | | 196 | | | | | | 3,537 | | | | | | 4,219 | | | | | | (682) | | | | | | (16) | | |
Legal fees
|
| | | | 255 | | | | | | 5,161 | | | | | | (4,906) | | | | | | (95) | | | | | | 2,752 | | | | | | 16,718 | | | | | | (13,966) | | | | | | (84) | | |
Other
|
| | | | 1,379 | | | | | | 2,190 | | | | | | (811) | | | | | | (37) | | | | | | 4,883 | | | | | | 7,560 | | | | | | (2,677) | | | | | | (35) | | |
Total general and administrative
|
| | | $ | 2,971 | | | | | $ | 10,140 | | | | | $ | (7,169) | | | | | | (71)% | | | | | $ | 14,347 | | | | | $ | 33,960 | | | | | $ | (19,613) | | | | | | (58)% | | |
| | |
Three months ended
February 28, |
| |
Change
|
| |
Nine months ended
February 28, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| |
2023(1)
|
| |
2022
|
| |
$
|
| |
%
|
| ||||||||||||||||||||||||
Clinical
|
| | | $ | 486 | | | | | $ | 2,612 | | | | | $ | (2,126) | | | | | | (81)% | | | | | $ | (145) | | | | | $ | 17,273 | | | | | $ | (17,418) | | | | | | (101)% | | |
Non-clinical
|
| | | | 4 | | | | | | 203 | | | | | | (199) | | | | | | (98) | | | | | | 31 | | | | | | 878 | | | | | | (847) | | | | | | (96) | | |
CMC
|
| | | | 203 | | | | | | 508 | | | | | | (305) | | | | | | (60) | | | | | | 1,122 | | | | | | 4,170 | | | | | | (3,048) | | | | | | (73) | | |
License and patent fees
|
| | | | 245 | | | | | | 246 | | | | | | (1) | | | | | | (0) | | | | | | 643 | | | | | | 715 | | | | | | (72) | | | | | | (10) | | |
Total research and development
|
| | | $ | 938 | | | | | $ | 3,569 | | | | | $ | (2,631) | | | | | | (74)% | | | | | $ | 1,651 | | | | | $ | 23,036 | | | | | $ | (21,385) | | | | | | (93)% | | |
| | |
Three months ended
February 28, |
| |
Change
|
| |
Nine months ended
February 28, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| ||||||||||||||||||||||||
| | | | | | | | |
(Restated)(1)
|
| | | | | | | | | | | | | |
(Restated)(1)
|
| | | | | | | | | | | | | | | | | | | ||||||
Interest on convertible notes payable
|
| | | $ | 1,142 | | | | | $ | 1,187 | | | | | $ | (45) | | | | | | (4)% | | | | | $ | 3,447 | | | | | $ | 4,299 | | | | | $ | (852) | | | | | | (20)% | | |
Amortization of discount on convertible notes
|
| | | | 565 | | | | | | 637 | | | | | | (72) | | | | | | (11) | | | | | | 1,721 | | | | | | 2,382 | | | | | | (661) | | | | | | (28) | | |
Amortization of debt issuance
costs |
| | | | 17 | | | | | | 19 | | | | | | (2) | | | | | | (11) | | | | | | 51 | | | | | | 70 | | | | | | (19) | | | | | | (27) | | |
Loss on induced conversion
|
| | | | 2,018 | | | | | | 12,066 | | | | | | (10,048) | | | | | | (83) | | | | | | 2,656 | | | | | | 37,381 | | | | | | (34,725) | | | | | | (93) | | |
Finance charges
|
| | | | 5,884 | | | | | | 7,025 | | | | | | (1,141) | | | | | | (16) | | | | | | 7,761 | | | | | | 8,084 | | | | | | (323) | | | | | | (4) | | |
Inducement interest expense
|
| | | | — | | | | | | 954 | | | | | | (954) | | | | | | (100) | | | | | | — | | | | | | 6,186 | | | | | | (6,186) | | | | | | (100) | | |
Legal settlement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,941 | | | | | | (1,941) | | | | | | (100) | | |
Loss on derivatives
|
| | | | 155 | | | | | | — | | | | | | 155 | | | | | | — | | | | | | 8,756 | | | | | | — | | | | | | 8,756 | | | | | | 100 | | |
Total interest and other expenses
|
| | | $ | 9,781 | | | | | $ | 21,888 | | | | | $ | (12,107) | | | | | | (55)% | | | | | $ | 24,392 | | | | | $ | 60,343 | | | | | $ | (35,951) | | | | | | (60)% | | |
| | |
Years ended May 31,
|
| |
2022/2021 Change
|
| ||||||||||||||||||
(in thousands, except for per share data)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
| | | | | | | | |
(Restated)(1)
|
| | | | | | | | | | | | | |||
Revenue
|
| | | $ | 266 | | | | | $ | — | | | | | $ | 266 | | | | | | 100 | | |
Cost of goods sold
|
| | | | 53 | | | | | | — | | | | | | 53 | | | | | | 100 | | |
Gross margin
|
| | | | 213 | | | | | | — | | | | | | 213 | | | | | | 100 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 44,303 | | | | | | 34,320 | | | | | | 9,983 | | | | | | 29 | | |
Research and development
|
| | | | 27,043 | | | | | | 53,403 | | | | | | (26,360) | | | | | | (49) | | |
Amortization and depreciation
|
| | | | 781 | | | | | | 1,797 | | | | | | (1,016) | | | | | | (57) | | |
Intangible asset impairment charge
|
| | | | — | | | | | | 10,049 | | | | | | (10,049) | | | | | | (100) | | |
Inventory charge
|
| | | | 73,490 | | | | | | 5,027 | | | | | | 68,463 | | | | | | 1,362 | | |
Total operating expenses
|
| | | | 145,617 | | | | | | 104,596 | | | | | | 41,021 | | | | | | 39 | | |
Operating loss
|
| | | | (145,404) | | | | | | (104,596) | | | | | | (40,808) | | | | | | 39 | | |
Interest and other expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on convertible notes
|
| | | | (5,417) | | | | | | (4,387) | | | | | | (1,030) | | | | | | 23 | | |
Amortization of discount on convertible notes
|
| | | | (2,958) | | | | | | (3,591) | | | | | | 633 | | | | | | (18) | | |
Amortization of debt issuance costs
|
| | | | (87) | | | | | | (65) | | | | | | (22) | | | | | | 34 | | |
Loss on induced conversion
|
| | | | (37,381) | | | | | | (39,131) | | | | | | 1,750 | | | | | | (4) | | |
Finance charges
|
| | | | (9,029) | | | | | | (145) | | | | | | (8,884) | | | | | | 6,127 | | |
Inducement interest expense
|
| | | | (6,691) | | | | | | (13,922) | | | | | | 7,231 | | | | | | (52) | | |
Legal settlement
|
| | | | (3,853) | | | | | | (10,628) | | | | | | 6,775 | | | | | | (64) | | |
Change in fair value of derivative liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total interest and other expense
|
| | | | (65,416) | | | | | | (71,869) | | | | | | 6,453 | | | | | | (9) | | |
Loss before income taxes
|
| | | | (210,820) | | | | | | (176,465) | | | | | | (34,355) | | | | | | 19 | | |
Income tax benefit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (210,820) | | | | | $ | (176,465) | | | | | $ | (34,355) | | | | | | 19 | | |
Basic and diluted:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 676,900 | | | | | | 587,590 | | | | | | 89,310 | | | | | | 15 | | |
Loss per share
|
| | | $ | (0.31) | | | | | $ | (0.30) | | | | | $ | (0.01) | | | | | | 4 | | |
| | |
Years ended May 31,
|
| |
2022/2021 Change
|
| ||||||||||||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Salaries, benefits, and other compensation
|
| | | $ | 6,336 | | | | | $ | 13,161 | | | | | $ | (6,825) | | | | | | (52)% | | |
Stock-based compensation
|
| | | | 6,263 | | | | | | 10,429 | | | | | | (4,166) | | | | | | (40) | | |
Legal fees
|
| | | | 21,993 | | | | | | 5,548 | | | | | | 16,445 | | | | | | 296 | | |
Other
|
| | | | 9,711 | | | | | | 5,182 | | | | | | 4,529 | | | | | | 87 | | |
Total general and administrative
|
| | | $ | 44,303 | | | | | $ | 34,320 | | | | | $ | 9,983 | | | | | | 29% | | |
| | |
Years ended May 31,
|
| |
2022/2021 Change
|
| ||||||||||||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Clinical
|
| | | $ | 20,347 | | | | | $ | 36,728 | | | | | $ | (16,381) | | | | | | (45)% | | |
Non-clinical
|
| | | | 986 | | | | | | 2,201 | | | | | | (1,215) | | | | | | (55) | | |
CMC
|
| | | | 4,995 | | | | | | 13,537 | | | | | | (8,542) | | | | | | (63) | | |
License and patent fees
|
| | | | 715 | | | | | | 937 | | | | | | (222) | | | | | | (24) | | |
Total research and development
|
| | | $ | 27,043 | | | | | $ | 53,403 | | | | | $ | (26,360) | | | | | | (49)% | | |
| | |
Years ended May 31,
|
| |
2022/2021 Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
(in thousands)
|
| | | | | | | |
(Restated)(1)
|
| | | | | | | | | | | | | |||
Interest on convertible notes payable
|
| | | $ | 5,417 | | | | | $ | 4,387 | | | | | $ | 1,030 | | | | | | 23% | | |
Amortization of discount on convertible notes
|
| | | | 2,958 | | | | | | 3,591 | | | | | | (633) | | | | | | (18) | | |
Amortization of debt issuance costs
|
| | | | 87 | | | | | | 65 | | | | | | 22 | | | | | | 34 | | |
Loss on induced conversion
|
| | | | 37,381 | | | | | | 39,131 | | | | | | (1,750) | | | | | | (4) | | |
Finance charges
|
| | | | 9,029 | | | | | | 145 | | | | | | 8,884 | | | | | | 6,127 | | |
Inducement interest expense
|
| | | | 6,691 | | | | | | 13,922 | | | | | | (7,231) | | | | | | (52) | | |
Legal settlement
|
| | | | 3,853 | | | | | | 10,628 | | | | | | (6,775) | | | | | | (64) | | |
Change in fair value of derivative liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total interest and other expense
|
| | | $ | 65,416 | | | | | $ | 71,869 | | | | | $ | (6,453) | | | | | | (9)% | | |
| | |
Nine months ended
February 28, |
| |
Change
|
| ||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
$
|
| |||||||||
Net cash (used in) provided by: | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | $ | (21,698) | | | | | $ | (71,679) | | | | | $ | 49,981 | | |
Net cash used in investing activities
|
| | | $ | — | | | | | $ | (30) | | | | | $ | 30 | | |
Net cash provided by financing activities
|
| | | $ | 28,577 | | | | | $ | 40,129 | | | | | $ | (11,552) | | |
| | | | | |
Raw Materials
|
| |
Work-in-progress
|
| | | | | | | ||||||||||||||||||||||||||||||
(in thousands, Expiration
period ending February 28,) |
| |
Remaining
shelf-life (mos) |
| |
Specialized
|
| |
Resins
|
| |
Other
|
| |
Total Raw
Materials |
| |
Bulk drug
product |
| |
Finished
drug product |
| |
Total
inventories |
| |||||||||||||||||||||
2023
|
| |
0 to 12
|
| | | $ | 4,764 | | | | | $ | 16,264 | | | | | $ | 1,589 | | | | | $ | 22,617 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,617 | | |
2024
|
| |
13 to 24
|
| | | | 2,511 | | | | | | — | | | | | | — | | | | | | 2,511 | | | | | | 1,661 | | | | | | 29,142 | | | | | | 33,314 | | |
2025
|
| |
25 to 36
|
| | | | 884 | | | | | | — | | | | | | — | | | | | | 884 | | | | | | — | | | | | | 32,343 | | | | | | 33,227 | | |
2026
|
| |
37 to 48
|
| | | | 1,420 | | | | | | — | | | | | | — | | | | | | 1,420 | | | | | | — | | | | | | — | | | | | | 1,420 | | |
Thereafter
|
| |
49 or more
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Inventories, gross
|
| | | | | | | 9,579 | | | | | | 16,264 | | | | | | 1,589 | | | | | | 27,432 | | | | | | 1,661 | | | | | | 61,485 | | | | | | 90,578 | | |
Inventory charge
|
| | | | | | | (9,579) | | | | | | (16,264) | | | | | | (1,589) | | | | | | (27,432) | | | | | | (1,661) | | | | | | (61,485) | | | | | | (90,578) | | |
Inventories, net
|
| | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(in millions)
|
| |
As of
February 28, 2023 |
| |||
Issuable upon: | | | | | | | |
Warrants exercise
|
| | | | 179.9 | | |
Convertible preferred stock and undeclared dividends conversion
|
| | | | 33.3 | | |
Outstanding stock options exercise or vesting of outstanding RSUs and PSUs
|
| | | | 23.4 | | |
Reserved for issuance pursuant to future stock-based awards under equity incentive
plan |
| | | | 17.9 | | |
Reserved and issuable upon conversion of outstanding convertible notes
|
| | | | 12.0 | | |
Reserved for private placement of common stock and warrants through a placement
agent |
| | | | 141.1 | | |
Reserved for private placement of common stock and warrants
|
| | | | 0.8 | | |
Total shares reserved for future uses
|
| | | | 408.4 | | |
Common stock outstanding
|
| | | | 836.6 | | |
| | | | | | | | | | | |
Board committees
|
| ||||||
Director name
|
| |
Age
|
| |
Principal occupation
|
| |
Independent
|
| |
Audit
|
| |
Compensation
|
| |
Nom/Gov
|
|
Tanya D. Urbach,
Board Chair |
| |
56
|
| | Partner, Eagle Bay Advisors | | |
Yes
|
| |
M
|
| |
M
|
| |
C
|
|
Lishomwa C. Ndhlovu, M.D., Ph.D. | | |
53
|
| | Professor, Immunology in Medicine and Neuroscience, Cornell University | | |
Yes
|
| | | | | | | |
M
|
|
Karen J. Brunke, Ph.D. | | |
71
|
| | Executive Vice President, Corporate and Business Development, Jaguar Health, Inc. (NASDAQ: JAGX) | | |
Yes
|
| | | | |
M
|
| | | |
Ryan M. Dunlap | | |
53
|
| | Chief Financial Officer, Gurobi Optimization | | |
Yes
|
| |
C
|
| | | | |
M
|
|
Stephen M. Simes | | |
71
|
| | Independent advisor to companies and organizations in the pharmaceutical industry | | |
Yes
|
| |
M
|
| |
C
|
| | | |
Name
|
| |
Age
|
| |
Position
|
|
Antonio Migliarese | | | 40 | | | Interim President, Chief Financial Officer, Treasurer, and Secretary | |
Name and Principal Position(1)
|
| |
Year
|
| |
Salary
($)(2) |
| |
Bonus
($)(3) |
| |
Stock
awards ($)(4) |
| |
Stock
option awards ($)(5) |
| |
Non-equity
incentive plan compensation ($)(6) |
| |
All other
compensation ($)(7) |
| |
Total ($)
|
| ||||||||||||||||||||||||
Cyrus Arman, Ph.D.
President |
| | | | 2023 | | | | | | 394,700 | | | | | | — | | | | | | 375,000 | | | | | | 750,000 | | | | | | — | | | | | | 8,711 | | | | | | 1,528,411 | | |
Antonio Migliarese
|
| | | | 2023 | | | | | | 428,418 | | | | | | — | | | | | | — | | | | | | 1,318,800 | | | | | | — | | | | | | 10,065 | | | | | | 1,757,283 | | |
Chief Financial Officer
and Interim President |
| | | | 2022 | | | | | | 433,182 | | | | | | — | | | | | | — | | | | | | 1,302,000 | | | | | | — | | | | | | 12,347 | | | | | | 1,747,529 | | |
Scott A. Kelly, M.D.
|
| | | | 2023 | | | | | | 299,822 | | | | | | — | | | | | | — | | | | | | 665,920 | | | | | | — | | | | | | 2,227 | | | | | | 967,969 | | |
Chief Medical Officer
|
| | | | 2022 | | | | | | 585,001 | | | | | | — | | | | | | — | | | | | | 1,877,750 | | | | | | — | | | | | | 16,636 | | | | | | 2,479,387 | | |
Name
|
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| |
Number of
shares or units of stock that have not vested (#)(1) |
| |
Value of
shares or units of stock that have not vested ($)(2) |
| |
Number of
unearned shares or units of stock that have not vested (#)(3) |
| |
Value of
unearned shares or units of stock that have not Vested ($)(2) |
| ||||||||||||||||||||||||
Cyrus Arman, Ph.D.
|
| | | | — | | | | | | 1,575,557(4) | | | | | $ | 0.58 | | | | | | 9/20/2032 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 646,552 | | | | | | 168,104 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 646,552 | | | | | | 168,104 | | |
Antonio Migliarese
|
| | | | 50,000 | | | | | | — | | | | | $ | 1.03 | | | | | | 1/16/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 50,000 | | | | | | — | | | | | $ | 1.10 | | | | | | 2/21/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 66,600 | | | | | | 33,400(5) | | | | | $ | 5.57 | | | | | | 7/22/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 33,300 | | | | | | 16,700(6) | | | | | $ | 5.54 | | | | | | 2/17/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 333,000 | | | | | | 667,000(7) | | | | | $ | 1.32 | | | | | | 8/6/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| |
Number of
shares or units of stock that have not vested (#)(1) |
| |
Value of
shares or units of stock that have not vested ($)(2) |
| |
Number of
unearned shares or units of stock that have not vested (#)(3) |
| |
Value of
unearned shares or units of stock that have not Vested ($)(2) |
| ||||||||||||
| | | | | 210,074 | | | | | | 420,148(8) | | | | | $ | 0.58 | | | | | | 9/20/2032 | | | | | | | | | | | | | | |
| | | | | 1,146,384 | | | | | | 3,439,152(9) | | | | | $ | 0.35 | | | | | | 11/28/2032 | | | | | | | | | | | | | | |
Scott A. Kelly, M.D.
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name of non-employee director
|
| |
Cash fees
|
| |
Stock option
awards(1)(2) |
| |
Total
|
| |||||||||
Tanya D. Urbach(3)
|
| | | $ | 100,389 | | | | | $ | 100,000 | | | | | $ | 200,389 | | |
Lishomwa C. Ndhlovu, M.D., Ph.D.
|
| | | $ | 52,748 | | | | | $ | 100,000 | | | | | $ | 152,748 | | |
Karen J. Brunke, Ph.D.
|
| | | $ | 62,077 | | | | | $ | 100,000 | | | | | $ | 162,077 | | |
Ryan M. Dunlap(4)
|
| | | $ | 47,703 | | | | | $ | 75,000 | | | | | $ | 122,703 | | |
Stephen M. Simes(4)
|
| | | $ | 34,180 | | | | | $ | 62,500 | | | | | $ | 96,680 | | |
Name of non-employee director
|
| |
Number of shares underlying
unexercised stock option awards |
| |||
Tanya D. Urbach
|
| | | | 359,611 | | |
Lishomwa C. Ndhlovu, M.D., Ph.D.
|
| | | | 459,611 | | |
Karen J. Brunke, Ph.D.
|
| | | | 284,611 | | |
Ryan M. Dunlap
|
| | | | 185,334 | | |
Stephen M. Simes
|
| | | | 178,012 | | |
Name and Address of Beneficial Owner(1)
|
| |
Amount and Nature of
Beneficial Ownership(2) |
| |
Percent of
Total(3) |
| ||||||
Beneficial owners of more than 5 percent: | | | | | | | | | | | | | |
David F. Welch(4)
|
| | | | 51,919,899 | | | | | | 5.4% | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | |
A. Cyrus Arman, Ph.D.(5)
|
| | | | 869,564 | | | | | | — | | |
Antonio Migliarese(6)
|
| | | | 2,181,226 | | | | | | * | | |
Scott A. Kelly, M.D.(7)
|
| | | | 1,116,408 | | | | | | * | | |
Karen J. Brunke, Ph.D.(8)
|
| | | | 284,611 | | | | | | * | | |
Ryan C. Dunlap(8)
|
| | | | 185,334 | | | | | | * | | |
Lishomwa C. Ndhlovu, M.D., Ph.D.(8)
|
| | | | 459,611 | | | | | | * | | |
Stephen M. Simes(8)
|
| | | | 178,012 | | | | | | * | | |
Tanya Durkee Urbach(9)
|
| | | | 521,724 | | | | | | * | | |
Directors and executive officers as a group (7 persons)(10)
|
| | | | 4,680,082 | | | | | | 0.5% | | |
Name of Selling Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
4-Good Ventures, LLC(3)
|
| | | | 51,919,899 | | | | | | 5% | | | | | | — | | | | | | 44,000,000 | | | | | | 7,919,899 | | | | | | * | | |
Aaron Lehmann
|
| | | | 173,912 | | | | | | * | | | | | | 86,956 | | | | | | 86,956 | | | | | | — | | | | | | * | | |
Adeel Shahid
|
| | | | 1,011,640 | | | | | | * | | | | | | 250,000 | | | | | | 250,000 | | | | | | 511,640 | | | | | | * | | |
Adolfo & Donna
Carmona |
| | | | 1,784,268 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 914,704 | | | | | | * | | |
Alexander & Donna Tosi
|
| | | | 3,994,970 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 3,125,406 | | | | | | * | | |
Angus J. Bruce
|
| | | | 344,347 | | | | | | * | | | | | | 86,956 | | | | | | 86,956 | | | | | | 170,435 | | | | | | * | | |
Anh Nguyen
|
| | | | 2,337,133 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 1,902,351 | | | | | | * | | |
Ann C. Darda
|
| | | | 999,116 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 564,334 | | | | | | * | | |
Anthony & Angela Reed Family Trust dtd 05-30-2002
|
| | | | 524,387 | | | | | | * | | | | | | 65,217 | | | | | | 65,217 | | | | | | 393,953 | | | | | | * | | |
Aronow Capital, LLC(4)
|
| | | | 6,451,061 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 4,277,149 | | | | | | * | | |
Ashok & Harshida Patel
|
| | | | 935,514 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 500,732 | | | | | | * | | |
Name of Selling Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Barak Engel
|
| | | | 317,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 100,000 | | | | | | * | | |
Baron S. Lonner
|
| | | | 1,788,899 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 1,354,117 | | | | | | * | | |
Barron Holdings, LLC(5)
|
| | | | 1,473,191 | | | | | | * | | | | | | 217,390 | | | | | | 217,390 | | | | | | 1,038,411 | | | | | | * | | |
Beacon Investments,
LLC |
| | | | 6,035,284 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 3,861,372 | | | | | | * | | |
Billy Culpepper
|
| | | | 659,294 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 224,512 | | | | | | * | | |
Blake & Jennifer Ortiz-Alizieri
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Bradley Rotter
|
| | | | 7,320,970 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 5,147,058 | | | | | | * | | |
Bravo Papa, LLC
|
| | | | 2,608,694 | | | | | | * | | | | | | 1,304,347 | | | | | | 1,304,347 | | | | | | — | | | | | | * | | |
Brayden Clark
|
| | | | 540,868 | | | | | | * | | | | | | 130,434 | | | | | | 130,434 | | | | | | 280,000 | | | | | | * | | |
Bruce L Levy Revocable Trust dtd 11/28/2012
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Bruce Seyburn
|
| | | | 452,139 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 234,749 | | | | | | * | | |
Caterina Tosco-Parisi
|
| | | | 2,415,619 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 1,111,273 | | | | | | * | | |
Charles E. Mader
|
| | | | 695,582 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 260,800 | | | | | | * | | |
Charles Ritter
|
| | | | 500,000 | | | | | | * | | | | | | 250,000 | | | | | | 250,000 | | | | | | — | | | | | | * | | |
Childers Living Trust
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Chitayat-Mahboubian Familty Trust
|
| | | | 2,039,640 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 735,294 | | | | | | * | | |
Chris Lonsford
|
| | | | 1,007,681 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 790,291 | | | | | | * | | |
Clayton A. Struve
|
| | | | 1,157,712 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 722,930 | | | | | | * | | |
Cohen Family Trust dtd 06-23-20
|
| | | | 951,595 | | | | | | * | | | | | | 252,173 | | | | | | 252,173 | | | | | | 447,249 | | | | | | * | | |
Connective Capital Emerging Energy QP
LP |
| | | | 1,739,130 | | | | | | * | | | | | | 869,565 | | | | | | 869,565 | | | | | | — | | | | | | * | | |
Connective Capital I QP LP
|
| | | | 869,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | — | | | | | | * | | |
Cooper Pulliam
|
| | | | 9,608,694 | | | | | | 1% | | | | | | 1,304,347 | | | | | | 1,304,347 | | | | | | 7,000,000 | | | | | | * | | |
Currie Family Credit Shelter Trust
|
| | | | 2,676,893 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 1,372,547 | | | | | | * | | |
Curt M. Hartman
|
| | | | 249,890 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 32,500 | | | | | | * | | |
Curtis D. Walker Living Trust dtd 07-10-2019
|
| | | | 4,987,874 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 3,683,528 | | | | | | * | | |
Cyrus Arman Trust(6)
|
| | | | 869,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | — | | | | | | * | | |
Dale Ragan
|
| | | | 2,585,250 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 1,715,686 | | | | | | * | | |
Dan Cornwell
|
| | | | 867,172 | | | | | | * | | | | | | 326,086 | | | | | | 326,086 | | | | | | 215,000 | | | | | | * | | |
Daniel Nowlin
|
| | | | 1,809,647 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 940,083 | | | | | | * | | |
David & Kimberley Wyatt Bridgeforth
|
| | | | 478,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 44,000 | | | | | | * | | |
David Ems
|
| | | | 888,224 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 453,442 | | | | | | * | | |
Dax Barnhart
|
| | | | 434,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | — | | | | | | * | | |
Name of Selling Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Dean Dewitt Bekken, II
|
| | | | 543,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 109,000 | | | | | | * | | |
Dell Darrell Roland
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Dodge & Dodge Partnership
|
| | | | 260,868 | | | | | | * | | | | | | 130,434 | | | | | | 130,434 | | | | | | — | | | | | | * | | |
Donald Crowley
|
| | | | 434,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | — | | | | | | * | | |
Due Mondi Investments Ltd
|
| | | | 572,169 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 354,779 | | | | | | * | | |
Edward Rotter
|
| | | | 436,669 | | | | | | * | | | | | | 152,173 | | | | | | 152,173 | | | | | | 132,323 | | | | | | * | | |
Ernie Kreitenberg & Nancy
Pomerantz Kreitenberg Trust |
| | | | 353,305 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 135,915 | | | | | | * | | |
Ernie Kreitenberg DBPP
|
| | | | 353,305 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 135,915 | | | | | | * | | |
Eugene & Laura Webb
|
| | | | 6,108,362 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 3,934,450 | | | | | | * | | |
Felix Frayman
|
| | | | 2,573,029 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 399,117 | | | | | | * | | |
Francesco Tosco
|
| | | | 6,203,516 | | | | | | * | | | | | | 1,304,347 | | | | | | 1,304,347 | | | | | | 3,594,822 | | | | | | * | | |
Francis M. Lymburner
|
| | | | 2,330,945 | | | | | | * | | | | | | 326,086 | | | | | | 326,086 | | | | | | 1,678,773 | | | | | | * | | |
Fred & Betty Bialek Revocable Trust dtd 12-20-14
|
| | | | 287,056 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 69,666 | | | | | | * | | |
George B. Fisher
|
| | | | 220,000 | | | | | | * | | | | | | 110,000 | | | | | | 110,000 | | | | | | — | | | | | | * | | |
George Martin
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Gerald A. Tomsic Trust dtd
08-10-1995 |
| | | | 1,165,899 | | | | | | * | | | | | | 317,391 | | | | | | 317,391 | | | | | | 531,117 | | | | | | * | | |
Gerald P. McBride
|
| | | | 369,346 | | | | | | * | | | | | | 152,173 | | | | | | 152,173 | | | | | | 65,000 | | | | | | * | | |
Harnar Living Trust dtd 11-21-1995
|
| | | | 4,768,703 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 4,333,921 | | | | | | * | | |
Heeseop Shin
|
| | | | 680,000 | | | | | | * | | | | | | 220,000 | | | | | | 220,000 | | | | | | 240,000 | | | | | | * | | |
Henry Chase
|
| | | | 1,555,837 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 686,273 | | | | | | * | | |
Jack Cavin Holland 1979 Trust dtd 02-14-1979
|
| | | | 695,708 | | | | | | * | | | | | | 173,913 | | | | | | 173,913 | | | | | | 347,882 | | | | | | * | | |
James R. Lathrop
|
| | | | 1,681,841 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 1,247,059 | | | | | | * | | |
James T. Betts
|
| | | | 1,103,632 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 234,068 | | | | | | * | | |
James Thomas Hays III TTEE JTH III Living Trust dtd 12/18/2018
|
| | | | 869,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | — | | | | | | * | | |
Jason Trewyn
|
| | | | 897,054 | | | | | | * | | | | | | 326,086 | | | | | | 326,086 | | | | | | 244,882 | | | | | | * | | |
Jassem AlMohammed
|
| | | | 347,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 130,000 | | | | | | * | | |
Jeremy Brown
|
| | | | 116,956 | | | | | | * | | | | | | 43,478 | | | | | | 43,478 | | | | | | 30,000 | | | | | | * | | |
Joe H. Campbell
|
| | | | 709,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 275,000 | | | | | | * | | |
Joe H. Martin
|
| | | | 1,045,542 | | | | | | * | | | | | | 506,521 | | | | | | 506,521 | | | | | | 32,500 | | | | | | * | | |
Joel Pruzansky
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
John Cundari
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
John Baldwin
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Name of Selling Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
John Sobiesk
|
| | | | 1,107,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 238,000 | | | | | | * | | |
Jon L. Nelson & Tammy L.
Baker JTWROS |
| | | | 320,000 | | | | | | * | | | | | | 110,000 | | | | | | 110,000 | | | | | | 100,000 | | | | | | * | | |
Katie Knighton
|
| | | | 751,466 | | | | | | * | | | | | | 286,956 | | | | | | 286,956 | | | | | | 177,554 | | | | | | * | | |
Keith M. Wright
|
| | | | 3,412,823 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 1,238,911 | | | | | | * | | |
Kenneth Shell
|
| | | | 1,574,269 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 704,705 | | | | | | * | | |
Kent A. & Suzanne Hendrix
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Kevin Long
|
| | | | 347,826 | | | | | | * | | | | | | 173,913 | | | | | | 173,913 | | | | | | — | | | | | | * | | |
Kevin R. Lannert Revocable Trust
|
| | | | 981,918 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 547,136 | | | | | | * | | |
Kim Marie Timothy
|
| | | | 2,934,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 2,500,000 | | | | | | * | | |
Kimberly Patera
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Kristin K. Crace
|
| | | | 417,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 200,000 | | | | | | * | | |
Kyle Ray Fry
|
| | | | 2,173,912 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | — | | | | | | * | | |
Larry & Sandra Admire
|
| | | | 249,890 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 32,500 | | | | | | * | | |
Lezarb Pty LTD ATF Brazel Super Fund
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Lloyd M. Grissinger
|
| | | | 532,282 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 97,500 | | | | | | * | | |
Marc A. Cohen
|
| | | | 447,940 | | | | | | * | | | | | | 140,000 | | | | | | 140,000 | | | | | | 167,940 | | | | | | * | | |
Mark & Kirsten Carnese
|
| | | | 1,498,463 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 628,899 | | | | | | * | | |
Mark & Rita Azzopardi
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Mark Gaynor
|
| | | | 250,000 | | | | | | * | | | | | | 125,000 | | | | | | 125,000 | | | | | | — | | | | | | * | | |
Mark Renelt
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Mark W. Spates
|
| | | | 777,918 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 343,136 | | | | | | * | | |
Michael Adam Zimmerman
|
| | | | 312,188 | | | | | | * | | | | | | 65,217 | | | | | | 65,217 | | | | | | 181,754 | | | | | | * | | |
Michael Brugos
|
| | | | 1,589,937 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 1,372,547 | | | | | | * | | |
Michael Hammett
|
| | | | 1,169,535 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 299,971 | | | | | | * | | |
Mike Colagrossi
|
| | | | 1,521,736 | | | | | | * | | | | | | 760,868 | | | | | | 760,868 | | | | | | — | | | | | | * | | |
Mike Nye
|
| | | | 8,149,725 | | | | | | * | | | | | | 3,478,260 | | | | | | 3,478,260 | | | | | | 1,193,205 | | | | | | * | | |
Mitchell J. Tracy
|
| | | | 729,064 | | | | | | * | | | | | | 110,000 | | | | | | 110,000 | | | | | | 509,064 | | | | | | * | | |
Mitchell Mandich
|
| | | | 660,877 | | | | | | * | | | | | | 150,000 | | | | | | 150,000 | | | | | | 360,877 | | | | | | * | | |
Nancy Cowgill Trust
|
| | | | 2,334,819 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 1,465,255 | | | | | | * | | |
Newkumet Ltd.
|
| | | | 999,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 130,000 | | | | | | * | | |
Nicholas Cova
|
| | | | 2,111,504 | | | | | | * | | | | | | 869,565 | | | | | | 869,565 | | | | | | 372,374 | | | | | | * | | |
Noah Anderson
|
| | | | 2,427,142 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 1,122,796 | | | | | | * | | |
Northlea Partners,
LLLP |
| | | | 381,188 | | | | | | * | | | | | | 65,217 | | | | | | 65,217 | | | | | | 250,754 | | | | | | * | | |
Owen Carter
|
| | | | 1,637,237 | | | | | | * | | | | | | 173,913 | | | | | | 173,913 | | | | | | 1,289,411 | | | | | | * | | |
Paul & Maureen Hydok
|
| | | | 4,177,108 | | | | | | * | | | | | | 978,260 | | | | | | 978,260 | | | | | | 2,220,588 | | | | | | * | | |
Paul Glauber
|
| | | | 973,570 | | | | | | * | | | | | | 365,217 | | | | | | 365,217 | | | | | | 243,136 | | | | | | * | | |
Name of Selling Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Peer Pedersen
|
| | | | 7,556,210 | | | | | | * | | | | | | 2,608,694 | | | | | | 2,608,694 | | | | | | 2,338,822 | | | | | | * | | |
Ralph Hardt
|
| | | | 2,333,757 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 1,029,411 | | | | | | * | | |
Reena & Vivek Awasty
|
| | | | 8,171,530 | | | | | | * | | | | | | 1,999,999 | | | | | | 1,999,999 | | | | | | 4,171,532 | | | | | | * | | |
Richard Casamento
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Richard Jeanneret
|
| | | | 3,056,818 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 2,187,254 | | | | | | * | | |
Richard M. Reiter
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Richard Pestell
|
| | | | 7,000,000 | | | | | | * | | | | | | — | | | | | | 7,000,000 | | | | | | — | | | | | | * | | |
Robert Dailey
|
| | | | 1,025,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 156,000 | | | | | | * | | |
Robert Dodge
|
| | | | 2,507,111 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 1,637,547 | | | | | | * | | |
Robert Horowitz
|
| | | | 1,015,594 | | | | | | * | | | | | | 304,347 | | | | | | 304,347 | | | | | | 406,900 | | | | | | * | | |
Robert Lanphere Jr.
|
| | | | 7,020,066 | | | | | | * | | | | | | 1,304,347 | | | | | | 1,304,347 | | | | | | 4,411,372 | | | | | | * | | |
Robert Rathbone
|
| | | | 295,246 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 77,856 | | | | | | * | | |
Robert S. Johnson
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Roger G. Barnhart
|
| | | | 434,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | — | | | | | | * | | |
Rohit Ram
|
| | | | 405,500 | | | | | | * | | | | | | 200,000 | | | | | | 200,000 | | | | | | 5,500 | | | | | | * | | |
Ronald Coleman
|
| | | | 869,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | — | | | | | | * | | |
Ross Pearson
|
| | | | 744,190 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 526,800 | | | | | | * | | |
Samuel Kwon
|
| | | | 813,860 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 596,470 | | | | | | * | | |
Scott Lowry
|
| | | | 1,733,425 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 863,861 | | | | | | * | | |
Sean E. McCance
|
| | | | 3,772,134 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 3,337,352 | | | | | | * | | |
Southern Cross Trust dtd 11/30/2020
|
| | | | 1,433,910 | | | | | | * | | | | | | 586,955 | | | | | | 586,955 | | | | | | 260,000 | | | | | | * | | |
Stanton Rowe
|
| | | | 588,438 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 153,656 | | | | | | * | | |
Stephen A. Wilson Revocable Trust
|
| | | | 2,598,912 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 425,000 | | | | | | * | | |
Steve J. Schroeder
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Steven Rothstein
|
| | | | 290,919 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 73,529 | | | | | | * | | |
Strata Trust Company Cust
FBO Alexander Tosi IRA |
| | | | 3,820,978 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 2,951,414 | | | | | | * | | |
Strata Trust Company Cust
FBO Harry Dominick Venezia Jr. Roth IRA |
| | | | 315,510 | | | | | | * | | | | | | 95,510 | | | | | | 95,510 | | | | | | 124,490 | | | | | | * | | |
Strata Trust Company Cust
FBO James G. Diemert Roth IRA |
| | | | 434,128 | | | | | | * | | | | | | 152,064 | | | | | | 152,064 | | | | | | 130,000 | | | | | | * | | |
Strata Trust Company Cust
FBO Jeffrey Weiner ROTH IRA |
| | | | 1,857,077 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 987,513 | | | | | | * | | |
Strata Trust Company Cust
FBO Jeremy Brown Bene for Sydney Brown Traditional IRA |
| | | | 423,802 | | | | | | * | | | | | | 195,651 | | | | | | 195,651 | | | | | | 32,500 | | | | | | * | | |
Name of Selling Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Strata Trust Company Cust
FBO Michael F Zupan IRA |
| | | | 267,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 50,000 | | | | | | * | | |
Strata Trust Company Cust
FBO Nigel H Timothy IRA |
| | | | 2,934,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 2,500,000 | | | | | | * | | |
Strata Trust Company Cust
FBO Terry Mitchell IRA |
| | | | 434,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | — | | | | | | * | | |
Stuart Sherman
|
| | | | 842,918 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 408,136 | | | | | | * | | |
Sudesh Reddy
|
| | | | 260,868 | | | | | | * | | | | | | 130,434 | | | | | | 130,434 | | | | | | — | | | | | | * | | |
Tawny Eastman
|
| | | | 4,214,598 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 2,040,686 | | | | | | * | | |
The Andrew Harwood Revocable Trust
|
| | | | 347,826 | | | | | | * | | | | | | 173,913 | | | | | | 173,913 | | | | | | — | | | | | | * | | |
The Benito Tosi &
Nicolena Tosi Revocable Trust |
| | | | 808,918 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 374,136 | | | | | | * | | |
The Mangrove Partners Master Fund, LTD
|
| | | | 13,043,478 | | | | | | 1% | | | | | | 6,521,739 | | | | | | 6,521,739 | | | | | | — | | | | | | * | | |
Thomas Butcher
|
| | | | 1,209,562 | | | | | | * | | | | | | 434,781 | | | | | | 434,781 | | | | | | 340,000 | | | | | | * | | |
Thomas F. & Patricia N. Nolan
|
| | | | 319,160 | | | | | | * | | | | | | 139,130 | | | | | | 139,130 | | | | | | 40,900 | | | | | | * | | |
Thomas Hamilton
|
| | | | 11,517,458 | | | | | | 1% | | | | | | 3,913,043 | | | | | | 3,913,043 | | | | | | 3,691,372 | | | | | | * | | |
Thomas Hays Hutton Jr GST Exempt Residuary Trust
|
| | | | 795,652 | | | | | | * | | | | | | 347,826 | | | | | | 347,826 | | | | | | 100,000 | | | | | | * | | |
Thomas M. Bey
|
| | | | 900,890 | | | | | | * | | | | | | 200,000 | | | | | | 200,000 | | | | | | 500,890 | | | | | | * | | |
Thomas McChesney
|
| | | | 311,507 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 94,117 | | | | | | * | | |
Troy O’Bryan
|
| | | | 2,015,333 | | | | | | * | | | | | | 565,216 | | | | | | 565,216 | | | | | | 884,901 | | | | | | * | | |
Umberto Stangarone
|
| | | | 578,507 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 361,117 | | | | | | * | | |
Venkat Bussa
|
| | | | 2,990,185 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 816,273 | | | | | | * | | |
Wamoh LLC
|
| | | | 1,841,273 | | | | | | * | | | | | | 250,000 | | | | | | 250,000 | | | | | | 1,341,273 | | | | | | * | | |
Wayne Westerman
|
| | | | 1,981,415 | | | | | | * | | | | | | 282,608 | | | | | | 282,608 | | | | | | 1,416,199 | | | | | | * | | |
William & Heather Elerding
|
| | | | 304,346 | | | | | | * | | | | | | 152,173 | | | | | | 152,173 | | | | | | — | | | | | | * | | |
William M. Stocker, III
|
| | | | 881,443 | | | | | | * | | | | | | 130,434 | | | | | | 130,434 | | | | | | 620,575 | | | | | | * | | |
Zach Bailey
|
| | | | 2,055,619 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 751,273 | | | | | | * | | |
Paulson Investment Company, LLC(7)
|
| | | | 5,319,140 | | | | | | * | | | | | | — | | | | | | 1,621,061 | | | | | | 3,698,079 | | | | | | * | | |
Amal Amin(8)
|
| | | | 713 | | | | | | * | | | | | | — | | | | | | 713 | | | | | | — | | | | | | * | | |
Brady Clark(8)
|
| | | | 418,848 | | | | | | * | | | | | | — | | | | | | 7,827 | | | | | | 411,021 | | | | | | * | | |
Brandon Firby(8)
|
| | | | 29,486 | | | | | | * | | | | | | — | | | | | | 2,609 | | | | | | 26,877 | | | | | | * | | |
Brandon Paulino(8)
|
| | | | 1,305 | | | | | | * | | | | | | — | | | | | | 1,305 | | | | | | — | | | | | | * | | |
Christopher Clark(8)
|
| | | | 6,744,895 | | | | | | * | | | | | | — | | | | | | 1,482,733 | | | | | | 5,262,162 | | | | | | * | | |
Name of Selling Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Damon Thomas(8)
|
| | | | 1,018,864 | | | | | | * | | | | | | — | | | | | | 464,479 | | | | | | 554,385 | | | | | | * | | |
Daniel Mancuso(8)
|
| | | | 47,955 | | | | | | * | | | | | | — | | | | | | 26,160 | | | | | | 21,795 | | | | | | * | | |
Eugene Webb(8)
|
| | | | 7,234,627 | | | | | | * | | | | | | — | | | | | | 2,076,355 | | | | | | 5,158,272 | | | | | | * | | |
Gary Saccaro(8)
|
| | | | 1,892,214 | | | | | | * | | | | | | — | | | | | | 581,009 | | | | | | 1,311,205 | | | | | | * | | |
Harry Striplin(8)
|
| | | | 170,931 | | | | | | * | | | | | | — | | | | | | 50,159 | | | | | | 120,772 | | | | | | * | | |
Hercules Dorn
Stewart(8) |
| | | | 22,500 | | | | | | * | | | | | | — | | | | | | 22,500 | | | | | | — | | | | | | * | | |
John Nole(8)
|
| | | | 97,430 | | | | | | * | | | | | | — | | | | | | 7,194 | | | | | | 90,236 | | | | | | * | | |
Joshua Kaikov(8)
|
| | | | 154,722 | | | | | | * | | | | | | — | | | | | | 104,318 | | | | | | 50,404 | | | | | | * | | |
Malcolm Alexander
Winks(8) |
| | | | 537,191 | | | | | | * | | | | | | — | | | | | | 167,194 | | | | | | 369,997 | | | | | | * | | |
Marta Wypych(8)
|
| | | | 1,072,489 | | | | | | * | | | | | | — | | | | | | 624,753 | | | | | | 447,736 | | | | | | * | | |
Mika Grasso(8)
|
| | | | 10,000 | | | | | | * | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | * | | |
Raymond Guarini(8)
|
| | | | 63,679 | | | | | | * | | | | | | — | | | | | | 46,957 | | | | | | 16,722 | | | | | | * | | |
Robert Setteducati(8)
|
| | | | 6,560,023 | | | | | | * | | | | | | — | | | | | | 1,482,733 | | | | | | 5,077,290 | | | | | | * | | |
Rodney Baber(8)
|
| | | | 487,229 | | | | | | * | | | | | | — | | | | | | 173,479 | | | | | | 313,750 | | | | | | * | | |
Ryan Sikorsky(8)
|
| | | | 29,651 | | | | | | * | | | | | | — | | | | | | 5,218 | | | | | | 24,433 | | | | | | * | | |
Terrence Lynch(8)
|
| | | | 212,986 | | | | | | * | | | | | | — | | | | | | 117,392 | | | | | | 95,594 | | | | | | * | | |
Thomas Parigian(8)
|
| | | | 5,608,791 | | | | | | * | | | | | | — | | | | | | 1,482,733 | | | | | | 4,126,058 | | | | | | * | | |
Timothy Dabulis(8)
|
| | | | 10,500 | | | | | | * | | | | | | — | | | | | | 10,500 | | | | | | — | | | | | | * | | |
Trent Davis(8)
|
| | | | 604,654 | | | | | | * | | | | | | — | | | | | | 167,194 | | | | | | 437,460 | | | | | | * | | |
| | |
PAGE
|
| |||
Annual Financial Statements (Audited) | | | | | | | |
| | | | F-2 | | | |
| | | | F-8 | | | |
| | | | F-9 | | | |
| | | | F-10 | | | |
| | | | F-11 | | | |
| | | | F-13 | | | |
Quarterly Financial Statements (Unaudited) | | | | | | | |
| | | | F-47 | | | |
| | | | F-48 | | | |
| | | | F-49 | | | |
| | | | F-51 | | | |
| | | | F-52 | | |
| | |
May 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | | | | | | | |
(Restated)(1)
|
| |||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 4,231 | | | | | $ | 33,943 | | |
Prepaid expenses
|
| | | | 5,198 | | | | | | 616 | | |
Prepaid service fees
|
| | | | 1,086 | | | | | | 1,543 | | |
Total current assets
|
| | | | 10,515 | | | | | | 36,102 | | |
Inventories, net
|
| | | | 17,929 | | | | | | 93,479 | | |
Operating leases right-of-use asset
|
| | | | 536 | | | | | | 712 | | |
Property and equipment, net
|
| | | | 73 | | | | | | 134 | | |
Intangibles, net
|
| | | | 132 | | | | | | 1,653 | | |
Total assets
|
| | | $ | 29,185 | | | | | $ | 132,080 | | |
Liabilities and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 67,974 | | | | | $ | 65,897 | | |
Accrued liabilities and compensation
|
| | | | 8,861 | | | | | | 19,073 | | |
Accrued interest on convertible notes
|
| | | | 5,974 | | | | | | 2,007 | | |
Accrued dividends on convertible preferred stock
|
| | | | 3,977 | | | | | | 2,647 | | |
Operating leases
|
| | | | 134 | | | | | | 175 | | |
Convertible notes payable, net
|
| | | | 36,241 | | | | | | 62,747 | | |
Total current liabilities
|
| | | | 123,161 | | | | | | 152,546 | | |
Operating leases
|
| | | | 422 | | | | | | 552 | | |
Total liabilities
|
| | | | 123,583 | | | | | | 153,098 | | |
Commitments and Contingencies (Note 10) | | | | | | | | | | | | | |
Stockholders’ (deficit) equity: | | | | | | | | | | | | | |
Preferred stock, $0.001 par value; 5,000 shares authorized: | | | | | | | | | | | | | |
Series B convertible preferred stock, $0.001 par value; 400 shares authorized; 19
and 79 shares issued and outstanding at May 31, 2022 and May 31, 2021, respectively |
| | | | — | | | | | | — | | |
Series C convertible preferred stock, $0.001 par value; 8 authorized; 7 and 8 issued and outstanding at May 31, 2022 and May 31, 2021, respectively
|
| | | | — | | | | | | — | | |
Series D convertible preferred stock, $0.001 par value; 12 authorized; 9 issued and outstanding at May 31, 2022 and May 31, 2021, respectively
|
| | | | — | | | | | | — | | |
Common stock, $0.001 par value; 1,000,000 shares authorized; 720,028 and 626,123 issued, and 719,585 and 625,680 outstanding at May 31, 2022 and May 31, 2021, respectively
|
| | | | 720 | | | | | | 626 | | |
Additional paid-in capital
|
| | | | 671,013 | | | | | | 532,031 | | |
Accumulated deficit
|
| | | | (766,131) | | | | | | (553,675) | | |
Treasury stock, $0.001 par value; 443 at May 31, 2022 and May 31, 2021
|
| | | | — | | | | | | — | | |
Total stockholders’ deficit
|
| | | | (94,398) | | | | | | (21,018) | | |
Total liabilities and stockholders’ equity
|
| | | $ | 29,185 | | | | | $ | 132,080 | | |
| | |
Years ended May 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | | | | | | | |
(Restated)(1)
|
| |||
Revenue
|
| | | $ | 266 | | | | | $ | — | | |
Cost of goods sold
|
| | | | 53 | | | | | | — | | |
Gross margin
|
| | | | 213 | | | | | | — | | |
Operating expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 44,303 | | | | | | 34,320 | | |
Research and development
|
| | | | 27,043 | | | | | | 53,403 | | |
Amortization and depreciation
|
| | | | 781 | | | | | | 1,797 | | |
Intangible asset impairment charge
|
| | | | — | | | | | | 10,049 | | |
Inventory charge
|
| | | | 73,490 | | | | | | 5,027 | | |
Total operating expenses
|
| | | | 145,617 | | | | | | 104,596 | | |
Operating loss
|
| | | | (145,404) | | | | | | (104,596) | | |
Interest and other expense: | | | | | | | | | | | | | |
Interest on convertible notes
|
| | | | (5,417) | | | | | | (4,387) | | |
Amortization of discount on convertible notes
|
| | | | (2,958) | | | | | | (3,591) | | |
Amortization of debt issuance costs
|
| | | | (87) | | | | | | (65) | | |
Loss on induced conversion
|
| | | | (37,381) | | | | | | (39,131) | | |
Finance charges
|
| | | | (9,029) | | | | | | (145) | | |
Inducement interest expense
|
| | | | (6,691) | | | | | | (13,922) | | |
Legal settlement
|
| | | | (3,853) | | | | | | (10,628) | | |
Change in fair value of derivative liabilities
|
| | | | — | | | | | | — | | |
Total interest and other expense
|
| | | | (65,416) | | | | | | (71,869) | | |
Loss before income taxes
|
| | | | (210,820) | | | | | | (176,465) | | |
Income tax benefit
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (210,820) | | | | | $ | (176,465) | | |
Basic and diluted: | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 676,900 | | | | | | 587,590 | | |
Loss per share
|
| | | $ | (0.31) | | | | | $ | (0.30) | | |
| | |
Preferred stock
|
| |
Common stock
|
| |
Treasury stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Total
stockholders’ (deficit) equity |
| | ||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | ||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Restated)(1)
|
| |
(Restated)(1)
|
| |
(Restated)(1)
|
| | |||||||||||
Balance May 31, 2020
|
| | | | 109 | | | | | $ | — | | | | | | 519,262 | | | | | $ | 519 | | | | | | 286 | | | | | $ | — | | | | | $ | 372,301 | | | | | $ | (375,301) | | | | | $ | (2,481) | | | | ||
Issuance of stock for convertible note repayment
|
| | | | — | | | | | $ | — | | | | | | 24,154 | | | | | $ | 24 | | | | | | — | | | | | $ | — | | | | | $ | 96,914 | | | | | $ | — | | | | | $ | 96,938 | | | | ||
Issuance of legal settlement shares
|
| | | | — | | | | | | — | | | | | | 4,000 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | (4) | | | | | | — | | | | | | — | | | | | |
Stock option exercises
|
| | | | — | | | | | | — | | | | | | 2,591 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 1,835 | | | | | | — | | | | | | 1,838 | | | | ||
Stock issued for incentive compensation and
tendered for income tax |
| | | | — | | | | | | — | | | | | | 323 | | | | | | — | | | | | | 157 | | | | | | — | | | | | | 828 | | | | | | — | | | | | | 828 | | | | ||
Stock issued for private offering
|
| | | | — | | | | | | — | | | | | | 667 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 999 | | | | | | — | | | | | | 1,000 | | | | ||
Conversion of Series B convertible preferred
stock to common stock |
| | | | (13) | | | | | | — | | | | | | 131 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Private warrant exchanges
|
| | | | — | | | | | | — | | | | | | 37,054 | | | | | | 37 | | | | | | — | | | | | | — | | | | | | 17,519 | | | | | | — | | | | | | 17,556 | | | | ||
Offering costs related to private warrant exchanges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (495) | | | | | | — | | | | | | (495) | | | | ||
Warrant exercises
|
| | | | — | | | | | | — | | | | | | 37,941 | | | | | | 38 | | | | | | — | | | | | | — | | | | | | 18,611 | | | | | | — | | | | | | 18,649 | | | | ||
Inducement interest expense related to private warrant exchanges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,922 | | | | | | — | | | | | | 13,922 | | | | ||
Dividends accrued and paid on preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,909) | | | | | | (1,909) | | | | ||
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,601 | | | | | | — | | | | | | 9,601 | | | | ||
Net loss for May 31, 2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (176,465) | | | | | | (176,465) | | | | ||
Balance May 31, 2021
|
| | | | 96 | | | | | | — | | | | | | 626,123 | | | | | | 626 | | | | | | 443 | | | | | | — | | | | | | 532,031 | | | | | | (553,675) | | | | | | (21,018) | | | | ||
Issuance of stock for convertible note repayment
|
| | | | — | | | | | | — | | | | | | 37,110 | | | | | | 37 | | | | | | — | | | | | | — | | | | | | 68,344 | | | | | | — | | | | | | 68,381 | | | | ||
Issuance of legal settlement warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,863 | | | | | | — | | | | | | 2,863 | | | | ||
Stock option exercises
|
| | | | — | | | | | | — | | | | | | 510 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 389 | | | | | | — | | | | | | 390 | | | | ||
Stock issued for compensation and tendered
for income tax |
| | | | — | | | | | | — | | | | | | 2,582 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 666 | | | | | | — | | | | | | 668 | | | | ||
Stock issued for private offerings
|
| | | | — | | | | | | — | | | | | | 38,035 | | | | | | 38 | | | | | | — | | | | | | — | | | | | | 46,473 | | | | | | — | | | | | | 46,511 | | | | ||
Conversion of Series B and C convertible preferred stock to common stock
|
| | | | (61) | | | | | | — | | | | | | 3,200 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | |
Private warrant exchanges
|
| | | | — | | | | | | — | | | | | | 7,920 | | | | | | 8 | | | | | | — | | | | | | — | | | | | | 5,382 | | | | | | — | | | | | | 5,390 | | | | ||
Offering costs related to stock issuance
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,316) | | | | | | — | | | | | | (5,316) | | | | ||
Warrant exercises
|
| | | | — | | | | | | — | | | | | | 1,642 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 1,034 | | | | | | — | | | | | | 1,036 | | | | ||
Inducement interest expense related to private warrant exchanges
|
| | | | — | | | | | | — | | | | | | 2,293 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 6,689 | | | | | | — | | | | | | 6,691 | | | | ||
Preferred stock dividends accrued and paid in common stock
|
| | | | — | | | | | | — | | | | | | 613 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 305 | | | | | | (1,636) | | | | | | (1,330) | | | | ||
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,571 | | | | | | — | | | | | | 5,571 | | | | ||
Finance charges related to warrant issuance for surety bond backstop agreement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,585 | | | | | | — | | | | | | 6,585 | | | | ||
Net loss for May 31, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (210,820) | | | | | | (210,820) | | | | ||
Balance May 31, 2022
|
| | | | 35 | | | | | $ | — | | | | | | 720,028 | | | | | $ | 720 | | | | | | 443 | | | | | $ | — | | | | | $ | 671,013 | | | | | $ | (766,131) | | | | | $ | (94,398) | | | |
| | |
Years ended May 31,
|
| | |||||||||||
| | |
2022
|
| |
2021
|
| | ||||||||
| | | | | | | | |
(Restated)(1)
|
| | |||||
Cash flows from operating activities: | | | | | | | | | | | | | | | ||
Net loss
|
| | | $ | (210,820) | | | | | $ | (176,465) | | | | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | ||
Amortization and depreciation
|
| | | | 781 | | | | | | 1,797 | | | | ||
Amortization of debt issuance costs
|
| | | | 87 | | | | | | 65 | | | | ||
Amortization of discount on convertible notes
|
| | | | 2,958 | | | | | | 3,591 | | | | ||
Legal settlements
|
| | | | 3,663 | | | | | | — | | | | ||
Finance charges related to surety bond backstop agreement
|
| | | | 6,585 | | | | | | — | | | | ||
Loss on induced conversion
|
| | | | 37,381 | | | | | | 39,131 | | | | ||
Inducement interest expense and non-cash finance charges
|
| | | | 6,691 | | | | | | 13,922 | | | | ||
Interest expense associated with accretion of convertible notes payable
|
| | | | — | | | | | | — | | | | ||
Change in fair value of derivative liabilities
|
| | | | — | | | | | | — | | | | ||
Inventory write-offs
|
| | | | 73,490 | | | | | | 5,027 | | | | ||
Stock-based compensation
|
| | | | 6,239 | | | | | | 10,429 | | | | ||
Intangible asset impairment charge
|
| | | | — | | | | | | 10,049 | | | | ||
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | ||
Decrease (increase) in inventories
|
| | | | 2,060 | | | | | | (79,359) | | | | ||
Decrease in miscellaneous receivables
|
| | | | — | | | | | | — | | | | ||
(Increase) decrease in prepaid expenses
|
| | | | (4,125) | | | | | | 1,228 | | | | ||
(Decrease) increase in accounts payable and accrued expenses
|
| | | | (2,713) | | | | | | 53,012 | | | | ||
Net cash used in operating activities
|
| | | | (77,723) | | | | | | (117,573) | | | | ||
Cash flows from investing activities: | | | | | | | | | | | | | | | ||
Furniture and equipment purchases
|
| | | | — | | | | | | (122) | | | | ||
Net cash used in investing activities
|
| | | | — | | | | | | (122) | | | | ||
Cash flows from financing activities: | | | | | | | | | | | | | | | ||
Proceeds from warrant transactions
|
| | | | 5,390 | | | | | | 17,060 | | | | ||
Proceeds from sale of common stock and warrants, net of issuance costs
|
| | | | 41,195 | | | | | | 1,000 | | | | ||
Proceeds from warrant exercises
|
| | | | 1,036 | | | | | | 19,428 | | | | ||
Proceeds from sale of preferred stock, net of offering costs
|
| | | | — | | | | | | — | | | | ||
Exercise of option to repurchase shares held in escrow
|
| | | | — | | | | | | — | | | | ||
Payment on convertible notes
|
| | | | — | | | | | | (950) | | | | ||
Release of restricted cash held in trust for warrant tender offer
|
| | | | — | | | | | | (10) | | | | | |
Proceeds from stock option exercises
|
| | | | 390 | | | | | | 1,839 | | | | ||
Payment of payroll withholdings related to tender of common stock for income tax withholding
|
| | | | — | | | | | | (778) | | | | ||
Proceeds from convertible notes payable, net
|
| | | | — | | | | | | 100,000 | | | | ||
Payment of conversion offering costs
|
| | | | — | | | | | | — | | | | ||
Dividend declared and paid on Series B Preferred Stock
|
| | | | — | | | | | | (243) | | | | ||
Net cash provided by financing activities
|
| | | | 48,011 | | | | | | 137,346 | | | | ||
Net change in cash and restricted cash
|
| | | | (29,712) | | | | | | 19,651 | | | | ||
Cash and restricted cash, beginning of period
|
| | | | 33,943 | | | | | | 14,292 | | | | ||
Cash and restricted cash, end of period
|
| | | $ | 4,231 | | | | | $ | 33,943 | | | | ||
Cash and restricted cash consisted of the following: | | | | | | | | | | | | | | | ||
Cash
|
| | | $ | 4,231 | | | | | $ | 33,943 | | | | ||
Restricted cash
|
| | | | — | | | | | | — | | | | ||
Total cash and restricted cash
|
| | | $ | 4,231 | | | | | $ | 33,943 | | | |
| | |
Years ended May 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | | | | | | | |
(Restated)(1)
|
| |||
Supplemental disclosure: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 63 | | | | | $ | 147 | | |
Non-cash investing and financing transactions: | | | | | | | | | | | | | |
Issuance of common stock for principal and interest of convertible notes
|
| | | $ | 31,000 | | | | | $ | 57,807 | | |
Accrued dividends on convertible Series C and D Preferred Stock
|
| | | $ | 1,636 | | | | | $ | 1,666 | | |
Cashless exercise of warrants
|
| | | $ | 1 | | | | | $ | 11 | | |
| | |
As of and For the Year Ended May 31, 2021
|
| |||||||||||||||
(in thousands, except per share amount)
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Revised(2)
|
| |||||||||
Inducement interest expense
|
| | | $ | (11,366) | | | | | $ | (2,556) | | | | | $ | (13,922) | | |
Total interest and other expense
|
| | | $ | (50,078) | | | | | $ | (2,556) | | | | | $ | (52,634) | | |
Loss before income taxes
|
| | | $ | (154,674) | | | | | $ | (2,556) | | | | | $ | (157,230) | | |
Net loss
|
| | | $ | (154,674) | | | | | $ | (2,556) | | | | | $ | (157,230) | | |
Basic and diluted loss per share
|
| | | $ | (0.27) | | | | | $ | — | | | | | $ | (0.27) | | |
Additional paid-in capital(1)
|
| | | $ | 489,650 | | | | | $ | 23,146 | | | | | $ | 512,796 | | |
Accumulated deficit(1)
|
| | | $ | (511,294) | | | | | $ | (23,146) | | | | | $ | (534,440) | | |
| | |
As of May 31,
|
| |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Raw materials
|
| | | $ | 16,264 | | | | | $ | 28,085 | | |
Work-in-progress
|
| | | | 1,665 | | | | | | 65,394 | | |
Total inventories, net
|
| | | $ | 17,929 | | | | | $ | 93,479 | | |
(in thousands, Expiration
period ending May 31, ) |
| | | | |
Raw Materials
|
| |
Work-in-progress
|
| | | | | | | ||||||||||||||||||||||||||||||
|
Remaining
shelf-life (mos) |
| |
Specialized
|
| |
Resins
|
| |
Other
|
| |
Total Raw
Materials |
| |
Bulk drug
product |
| |
Finished drug
product |
| |
Total
inventories |
| |||||||||||||||||||||||
2023
|
| |
0 to 12
|
| | | $ | 3,658 | | | | | | — | | | | | | 1,421 | | | | | $ | 5,079 | | | | | $ | 1,824 | | | | | $ | — | | | | | $ | 6,903 | | |
2024
|
| |
13 to 24
|
| | | | 682 | | | | | | 16,264 | | | | | | 1,590 | | | | | | 18,536 | | | | | | 1,665 | | | | | | — | | | | | | 20,201 | | |
2025
|
| |
25 to 36
|
| | | | 2,099 | | | | | | — | | | | | | — | | | | | | 2,099 | | | | | | — | | | | | | 29,142 | | | | | | 31,241 | | |
2026
|
| |
37 to 48
|
| | | | 731 | | | | | | — | | | | | | — | | | | | | 731 | | | | | | — | | | | | | 32,344 | | | | | | 33,075 | | |
Thereafter
|
| |
49 or more
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Inventories, gross
|
| | | | | | | 7,170 | | | | | | 16,264 | | | | | | 3,011 | | | | | | 26,445 | | | | | | 3,489 | | | | | | 61,486 | | | | | | 91,420 | | |
Write-off
|
| | | | | | | (7,170) | | | | | | — | | | | | | (3,011) | | | | | | (10,181) | | | | | | (1,824) | | | | | | (61,486) | | | | | | (73,491) | | |
Inventories, net
|
| | | | | | $ | — | | | | | | 16,264 | | | | | | — | | | | | $ | 16,264 | | | | | $ | 1,665 | | | | | $ | — | | | | | $ | 17,929 | | |
| | |
As of May 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Leronlimab (PRO 140) patent
|
| | | $ | 3,500 | | | | | $ | 3,500 | | |
ProstaGene, LLC intangible asset acquisition, net of impairment
|
| | | | — | | | | | | 2,926 | | |
Website development costs
|
| | | | 20 | | | | | | 20 | | |
Gross carrying value
|
| | | | 3,520 | | | | | | 6,446 | | |
Accumulated amortization, net of impairment
|
| | | | (3,388) | | | | | | (4,793) | | |
Total intangible assets, net
|
| | | $ | 132 | | | | | $ | 1,653 | | |
| | |
As of May 31,
|
| |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Compensation and related expense
|
| | | $ | 1,504 | | | | | $ | 4,005 | | |
Legal fees and settlement
|
| | | | 2,006 | | | | | | 11,008 | | |
Clinical expense
|
| | | | 3,727 | | | | | | 1,462 | | |
Other liabilities
|
| | | | 1,624 | | | | | | 2,598 | | |
Total accrued liabilities
|
| | | $ | 8,861 | | | | | $ | 19,073 | | |
| | |
As of May 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| ||||||||||||||||||||||||||||||
(in thousands)
|
| |
Series B
|
| |
Series C
|
| |
Series D
|
| |
Series B
|
| |
Series C
|
| |
Series D
|
| ||||||||||||||||||
Undeclared dividends
|
| | | $ | 10 | | | | | $ | — | | | | | $ | — | | | | | $ | 18 | | | | | $ | — | | | | | $ | — | | |
Accrued dividends
|
| | | $ | — | | | | | $ | 2,014 | | | | | $ | 1,963 | | | | | $ | — | | | | | $ | 1,530 | | | | | $ | 1,117 | | |
Shares of common stock
|
| | | | 20 | | | | | | 4,028 | | | | | | 3,926 | | | | | | 36 | | | | | | 3,060 | | | | | | 2,234 | | |
| | |
As of May 31,
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
April 2,
2021 Note |
| |
April 23,
2021 Note |
| |
Total
|
| |
November
2020 Note |
| |
April 2,
2021 Note |
| |
April 23,
2021 Note |
| |
Total
|
| |||||||||||||||||||||
Convertible notes payable outstanding
principal |
| | | $ | 9,819 | | | | | $ | 28,500 | | | | | $ | 38,319 | | | | | $ | 13,500 | | | | | $ | 28,500 | | | | | $ | 28,500 | | | | | $ | 70,500 | | |
Less: Unamortized debt discount and
issuance costs |
| | | | (512) | | | | | | (1,566) | | | | | | (2,078) | | | | | | (1,204) | | | | | | (3,232) | | | | | | (3,317) | | | | | | (7,753) | | |
Convertible notes payable, net
|
| | | | 9,307 | | | | | | 26,934 | | | | | | 36,241 | | | | | | 12,296 | | | | | | 25,268 | | | | | | 25,183 | | | | | | 62,747 | | |
Accrued interest on convertible
notes |
| | | | 2,599 | | | | | | 3,375 | | | | | | 5,974 | | | | | | 1,258 | | | | | | 447 | | | | | | 302 | | | | | | 2,007 | | |
Outstanding convertible notes payable, net and accrued interest
|
| | | $ | 11,906 | | | | | $ | 30,309 | | | | | $ | 42,215 | | | | | $ | 13,554 | | | | | $ | 25,715 | | | | | $ | 25,485 | | | | | $ | 64,754 | | |
(in thousands)
|
| |
November 2020
Note |
| |
April 2, 2021
Note |
| |
April 23, 2021
Note |
| |
Total
|
| ||||||||||||
Outstanding balance at May 31, 2021
|
| | | $ | 13,554 | | | | | $ | 25,715 | | | | | $ | 25,485 | | | | | $ | 64,754 | | |
Amortization of issuance discount and costs
|
| | | | 98 | | | | | | 1,197 | | | | | | 1,750 | | | | | | 3,045 | | |
Interest expense
|
| | | | 192 | | | | | | 2,152 | | | | | | 3,073 | | | | | | 5,417 | | |
Fair market value of shares exchanged for repayment
|
| | | | (18,495) | | | | | | (23,578) | | | | | | — | | | | | | (42,073) | | |
Difference between market value of common shares and reduction of principle
|
| | | | 4,651 | | | | | | 6,421 | | | | | | — | | | | | | 11,072 | | |
Outstanding balance at May 31, 2022
|
| | | $ | — | | | | | $ | 11,907 | | | | | $ | 30,308 | | | | | $ | 42,215 | | |
(in thousands, except per share data)
|
| |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average remaining contractual life in years |
| |
Aggregate
intrinsic value |
| ||||||||||||
Options and warrants outstanding at May 31, 2021
|
| | | | 60,774 | | | | | $ | 0.95 | | | | | | 4.37 | | | | | $ | 68,061 | | |
Granted
|
| | | | 50,205 | | | | | $ | 0.72 | | | | | | | | | | | | | | |
Exercised
|
| | | | (5,677) | | | | | $ | 0.71 | | | | | | | | | | | | | | |
Forfeited, expired, and cancelled
|
| | | | (14,597) | | | | | $ | 1.36 | | | | | | | | | | | | | | |
Options and warrants outstanding at May 31, 2022
|
| | | | 90,705 | | | | | $ | 0.77 | | | | | | 4.06 | | | | | $ | 352 | | |
Options and warrants outstanding and exercisable at May 31, 2022
|
| | | | 82,918 | | | | | $ | 0.69 | | | | | | 3.61 | | | | | $ | 352 | | |
| | |
Years ended May 31,
|
| |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Option and warrant exercises: | | | | | | | | | | | | | |
Number of options and warrants exercised
|
| | | | 5,677 | | | | | | 75,735 | | |
Cash received
|
| | | $ | 6,816 | | | | | $ | 38,327 | | |
Aggregate intrinsic value
|
| | | $ | 5,815 | | | | | $ | 298,891 | | |
| | |
Years ended May 31,
|
| |||
| | |
2022
|
| |
2021
|
|
Expected Volatility
|
| |
94.3% – 122.0%
|
| |
80.3% – 127.8%
|
|
Weighted-Average Volatility
|
| |
104.89%
|
| |
84.86%
|
|
Expected Dividends
|
| |
—%
|
| |
—%
|
|
Expected Term (In years)
|
| |
1.5 – 6.0
|
| |
2.5 – 6.0
|
|
Risk-Free Rate
|
| |
1.67%
|
| |
0.45%
|
|
| | |
Years ended May 31,
|
| |||||||||
(in thousands, except per share amounts)
|
| |
2022
|
| |
2021
|
| ||||||
| | | | | | | | |
(Restated)(1)
|
| |||
Net loss
|
| | | $ | (210,820) | | | | | $ | (176,465) | | |
Less: Accrued preferred stock dividends
|
| | | | (1,628) | | | | | | (1,687) | | |
Net loss applicable to common stockholders
|
| | | $ | (212,448) | | | | | $ | (178,152) | | |
Basic and diluted weighted average common shares outstanding
|
| | | | 676,900 | | | | | | 587,590 | | |
Basic and diluted loss per share
|
| | | $ | (0.31) | | | | | $ | (0.30) | | |
| | |
As of May 31,
|
| |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Stock options, warrants, and unvested restricted stock units
|
| | | | 106,002 | | | | | | 82,386 | | |
Convertible notes
|
| | | | 12,000 | | | | | | 18,000 | | |
Convertible preferred stock
|
| | | | 32,535 | | | | | | 33,008 | | |
| | |
Years ended May 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Income tax provision at statutory rate:
|
| | | | 21.0% | | | | | | 21.0% | | |
Derivative loss
|
| | | | — | | | | | | — | | |
Non-deductible debt issuance costs
|
| | | | — | | | | | | — | | |
Non-deductible interest on convertible notes
|
| | | | (0.5) | | | | | | (0.6) | | |
Inducement interest expense
|
| | | | (0.7) | | | | | | (1.5) | | |
Other
|
| | | | 1.1 | | | | | | — | | |
Credit carry-forward released
|
| | | | (0.2) | | | | | | (0.1) | | |
Non-deductible loss on induced conversion
|
| | | | (3.7) | | | | | | (2.6) | | |
Non-deductible debt discount amortization
|
| | | | (0.3) | | | | | | (0.6) | | |
IRC section 162(m) limitation
|
| | | | (0.1) | | | | | | (1.1) | | |
Stock-based compensation in excess of ASC 718
|
| | | | 0.0 | | | | | | 1.7 | | |
Non-deductible expense on induced conversion of debt
|
| | | | (0.3) | | | | | | (1.2) | | |
Valuation allowance
|
| | | | (16.3) | | | | | | (15.0) | | |
Effective income tax rate
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
As of May 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Net operating loss
|
| | | $ | 106,965 | | | | | $ | 74,258 | | |
Credits
|
| | | | 2,063 | | | | | | 2,063 | | |
ASC 718 expense on NQO’s
|
| | | | 6,057 | | | | | | 5,510 | | |
Charitable contribution carry forward
|
| | | | 14 | | | | | | 14 | | |
Accrued vacation and payroll
|
| | | | 68 | | | | | | 87 | | |
ASC 842 lease accounting
|
| | | | — | | | | | | (3) | | |
Right of use asset
|
| | | | (112) | | | | | | — | | |
Lease liability
|
| | | | 117 | | | | | | — | | |
Inventory
|
| | | | 2,138 | | | | | | 146 | | |
Accrued expenses
|
| | | | 89 | | | | | | 874 | | |
Amortization
|
| | | | 238 | | | | | | 396 | | |
Fixed assets
|
| | | | 1 | | | | | | — | | |
Basis difference in acquired assets
|
| | | | — | | | | | | (91) | | |
Valuation allowance
|
| | | | (117,638) | | | | | | (83,254) | | |
Deferred tax asset, non-current
|
| | | $ | — | | | | | $ | — | | |
Non-current asset
|
| | | | 117,638 | | | | | | 83,254 | | |
Valuation allowance
|
| | | | (117,638) | | | | | | (83,254) | | |
Deferred tax asset (liability) non-current
|
| | | $ | — | | | | | $ | — | | |
Fiscal Year
|
| |
Amount
|
| |||
2023
|
| | | $ | 34,638 | | |
2024
|
| | | | 121,750 | | |
2025
|
| | | | 76,400 | | |
2026 and thereafter
|
| | | | — | | |
Total
|
| | | $ | 232,788 | | |
| | |
As of May 31,
|
| |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | |
Right of use asset
|
| | | $ | 536 | | | | | $ | 712 | | |
Liabilities | | | | | | | | | | | | | |
Current operating lease liability
|
| | | $ | 134 | | | | | $ | 175 | | |
Non-current operating lease liability
|
| | | | 422 | | | | | | 552 | | |
Total operating lease liability
|
| | | $ | 556 | | | | | $ | 727 | | |
Fiscal Year
|
| |
Amount
|
| |||
2023
|
| | | $ | 177 | | |
2024
|
| | | | 182 | | |
2025
|
| | | | 185 | | |
2026
|
| | | | 208 | | |
Total operating lease payments
|
| | | | 752 | | |
Less: imputed interest
|
| | | | (196) | | |
Present value of operating lease liabilities
|
| | | $ | 556 | | |
| | |
As of and For the Year Ended May 31, 2021
|
| |||||||||||||||
(in thousands, except per share amount)
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| |||||||||
Loss on induced conversion(1)
|
| | | $ | (19,896) | | | | | $ | (19,235) | | | | | $ | (39,131) | | |
Inducement interest expense(2)
|
| | | $ | (11,366) | | | | | $ | (2,556) | | | | | $ | (13,922) | | |
Total interest expense and other expense
|
| | | $ | (50,078) | | | | | $ | (21,791) | | | | | $ | (71,869) | | |
Loss before income taxes
|
| | | $ | (154,674) | | | | | $ | (21,791) | | | | | $ | (176,465) | | |
Net loss
|
| | | $ | (154,674) | | | | | $ | (21,791) | | | | | $ | (176,465) | | |
Basic and diluted loss per share
|
| | | $ | (0.27) | | | | | $ | (0.03) | | | | | $ | (0.30) | | |
Additional paid-in capital(3)
|
| | | $ | 489,650 | | | | | $ | 42,381 | | | | | $ | 532,031 | | |
Accumulated deficit(3)
|
| | | $ | (511,294) | | | | | $ | (42,381) | | | | | $ | (553,675) | | |
| | |
As of and For Three Months
Ended November 30, 2020 |
| |
As of and Six Months
Ended November 30, 2020 |
| ||||||||||||||||||||||||||||||
(in thousands, except per share amount)
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| ||||||||||||||||||
Loss on induced conversion(1)
|
| | | $ | (4,169) | | | | | $ | (2,555) | | | | | $ | (6,724) | | | | | $ | (4,169) | | | | | $ | (2,555) | | | | | $ | (6,724) | | |
Inducement interest expense(2)
|
| | | $ | (3,758) | | | | | $ | (459) | | | | | $ | (4,217) | | | | | $ | (7,103) | | | | | $ | (459) | | | | | $ | (7,562) | | |
Total interest expense and other expense
|
| | | $ | (10,463) | | | | | $ | (3,014) | | | | | $ | (13,477) | | | | | $ | (15,623) | | | | | $ | (3,014) | | | | | $ | (18,637) | | |
Loss before income taxes
|
| | | $ | (34,966) | | | | | $ | (3,014) | | | | | $ | (37,980) | | | | | $ | (65,798) | | | | | $ | (3,014) | | | | | $ | (68,812) | | |
Net loss
|
| | | $ | (34,966) | | | | | $ | (3,014) | | | | | $ | (37,980) | | | | | $ | (65,798) | | | | | $ | (3,014) | | | | | $ | (68,812) | | |
Basic and diluted loss per share
|
| | | $ | (0.06) | | | | | $ | (0.01) | | | | | $ | (0.07) | | | | | $ | (0.12) | | | | | $ | (0.00) | | | | | $ | (0.12) | | |
Additional paid-in capital(3)
|
| | | $ | 414,463 | | | | | $ | 23,604 | | | | | $ | 438,067 | | | | | $ | 414,463 | | | | | $ | 23,604 | | | | | $ | 438,067 | | |
Accumulated deficit(3)
|
| | | $ | (421,587) | | | | | $ | (23,604) | | | | | $ | (445,191) | | | | | $ | (421,587) | | | | | $ | (23,604) | | | | | $ | (445,191) | | |
| | |
As of and For Three Months
Ended February 28, 2021 |
| |
As of and For Nine Months
Ended February 28, 2021 |
| ||||||||||||||||||||||||||||||
(in thousands, except per share amount)
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| ||||||||||||||||||
Loss on induced conversion(1)
|
| | | $ | (7,625) | | | | | $ | 7,625 | | | | | $ | — | | | | | $ | (11,794) | | | | | $ | 5,070 | | | | | $ | (6,724) | | |
Inducement interest expense(2)
|
| | | $ | (4,139) | | | | | $ | (1,221) | | | | | $ | (5,360) | | | | | $ | (11,242) | | | | | $ | (1,680) | | | | | $ | (12,922) | | |
Total interest expense and other expense
|
| | | $ | (13,200) | | | | | $ | 6,404 | | | | | $ | (6,796) | | | | | $ | (28,823) | | | | | $ | 3,390 | | | | | $ | (25,433) | | |
Loss before income taxes
|
| | | $ | (43,985) | | | | | $ | 6,404 | | | | | $ | (37,581) | | | | | $ | (109,783) | | | | | $ | 3,390 | | | | | $ | (106,393) | | |
Net loss
|
| | | $ | (43,985) | | | | | $ | 6,404 | | | | | $ | (37,581) | | | | | $ | (109,783) | | | | | $ | 3,390 | | | | | $ | (106,393) | | |
Basic and diluted loss per share
|
| | | $ | (0.08) | | | | | $ | 0.01 | | | | | $ | (0.07) | | | | | $ | (0.18) | | | | | $ | (0.00) | | | | | $ | (0.18) | | |
Additional paid-in capital(3)
|
| | | $ | 449,579 | | | | | $ | 17,200 | | | | | $ | 466,779 | | | | | $ | 449,579 | | | | | $ | 17,200 | | | | | $ | 466,779 | | |
Accumulated deficit(3)
|
| | | $ | (465,983) | | | | | $ | (17,200) | | | | | $ | (483,183) | | | | | $ | (465,983) | | | | | $ | (17,200) | | | | | $ | (483,183) | | |
| | |
As of and For the Three Months
Ended August 31, 2021 |
| |||||||||||||||
(in thousands, except per share amount)
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| |||||||||
Loss on induced conversion(1)
|
| | | $ | (4,651) | | | | | $ | (13,879) | | | | | $ | (18,530) | | |
Inducement interest expense(2)
|
| | | $ | (9) | | | | | $ | (519) | | | | | $ | (528) | | |
Total interest expense and other expense
|
| | | $ | (9,302) | | | | | $ | (14,398) | | | | | $ | (23,700) | | |
Loss before income taxes
|
| | | $ | (30,939) | | | | | $ | (14,398) | | | | | $ | (45,337) | | |
Net loss
|
| | | $ | (30,939) | | | | | $ | (14,398) | | | | | $ | (45,337) | | |
Basic and diluted loss per share
|
| | | $ | (0.05) | | | | | $ | (0.02) | | | | | $ | (0.07) | | |
Additional paid-in capital(3)
|
| | | $ | 516,816 | | | | | $ | 56,779 | | | | | $ | 573,595 | | |
Accumulated deficit(3)
|
| | | $ | (542,653) | | | | | $ | (56,779) | | | | | $ | (599,432) | | |
| | |
As of and For Three Months
Ended November 30, 2021 |
| |
As of and For Six Months
Ended November 30, 2021 |
| ||||||||||||||||||||||||||||||
(in thousands, except per share amount)
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| ||||||||||||||||||
Loss on induced conversion(1)
|
| | | $ | (3,312) | | | | | $ | (3,473) | | | | | $ | (6,785) | | | | | $ | (7,963) | | | | | $ | (17,352) | | | | | $ | (25,315) | | |
Total interest expense and other expense
|
| | | $ | (11,282) | | | | | $ | (3,473) | | | | | $ | (14,755) | | | | | $ | (21,103) | | | | | $ | (17,352) | | | | | $ | (38,455) | | |
Loss before income taxes
|
| | | $ | (36,604) | | | | | $ | (3,473) | | | | | $ | (40,077) | | | | | $ | (68,062) | | | | | $ | (17,352) | | | | | $ | (85,414) | | |
Net loss
|
| | | $ | (36,604) | | | | | $ | (3,473) | | | | | $ | (40,077) | | | | | $ | (68,062) | | | | | $ | (17,352) | | | | | $ | (85,414) | | |
Basic and diluted loss per share
|
| | | $ | (0.06) | | | | | $ | (0.00) | | | | | $ | (0.06) | | | | | $ | (0.11) | | | | | $ | (0.02) | | | | | $ | (0.13) | | |
Additional paid-in capital(2)
|
| | | $ | 589,971 | | | | | $ | 36,587 | | | | | $ | 626,558 | | | | | $ | 589,971 | | | | | $ | 36,587 | | | | | $ | 626,558 | | |
Accumulated deficit(2)
|
| | | $ | (603,353) | | | | | $ | (36,587) | | | | | $ | (639,940) | | | | | $ | (603,353) | | | | | $ | (36,587) | | | | | $ | (639,940) | | |
| | |
As of and For Three Months
Ended February 28, 2022 |
| |
As of and For Nine Months
Ended February 28, 2022 |
| ||||||||||||||||||||||||||||||
(in thousands, except per share amount)
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| |
Previously
Reported |
| |
Adjustments
|
| |
Restated
|
| ||||||||||||||||||
Loss on induced conversion(1)
|
| | | $ | (3,109) | | | | | $ | (8,957) | | | | | $ | (12,066) | | | | | $ | (11,072) | | | | | $ | (26,309) | | | | | $ | (37,381) | | |
Total interest expense and other expense
|
| | | $ | (12,931) | | | | | $ | (8,957) | | | | | $ | (21,888) | | | | | $ | (34,034) | | | | | $ | (26,309) | | | | | $ | (60,343) | | |
Loss before income taxes
|
| | | $ | (32,328) | | | | | $ | (8,957) | | | | | $ | (41,285) | | | | | $ | (100,390) | | | | | $ | (26,309) | | | | | $ | (126,699) | | |
Net loss
|
| | | $ | (32,328) | | | | | $ | (8,957) | | | | | $ | (41,285) | | | | | $ | (100,390) | | | | | $ | (26,309) | | | | | $ | (126,699) | | |
Basic and diluted loss per share
|
| | | $ | (0.05) | | | | | $ | (0.01) | | | | | $ | (0.06) | | | | | $ | (0.15) | | | | | $ | (0.04) | | | | | $ | (0.19) | | |
Additional paid-in capital(2)
|
| | | $ | 612,905 | | | | | $ | 45,544 | | | | | $ | 658,449 | | | | | $ | 612,905 | | | | | $ | 45,544 | | | | | $ | 658,449 | | |
Accumulated deficit(2)
|
| | | $ | (636,078) | | | | | $ | (45,544) | | | | | $ | (681,622) | | | | | $ | (636,078) | | | | | $ | (45,544) | | | | | $ | (681,622) | | |
| | |
February 28,
2023 |
| |
May 31,
2022 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 5,112 | | | | | $ | 4,231 | | |
Restricted cash
|
| | | | 5,998 | | | | | | — | | |
Prepaid expenses
|
| | | | 2,411 | | | | | | 5,198 | | |
Prepaid service fees
|
| | | | 589 | | | | | | 1,086 | | |
Total current assets
|
| | | | 14,110 | | | | | | 10,515 | | |
Inventories, net
|
| | | | — | | | | | | 17,929 | | |
Other non-current assets
|
| | | | 532 | | | | | | 741 | | |
Total assets
|
| | | $ | 14,642 | | | | | $ | 29,185 | | |
Liabilities and Stockholders’ Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 62,667 | | | | | $ | 67,974 | | |
Accrued liabilities and compensation
|
| | | | 8,298 | | | | | | 8,995 | | |
Accrued interest on convertible notes
|
| | | | 9,421 | | | | | | 5,974 | | |
Accrued dividends on convertible preferred stock
|
| | | | 4,935 | | | | | | 3,977 | | |
Convertible notes payable, net
|
| | | | 36,013 | | | | | | 36,241 | | |
Total current liabilities
|
| | | | 121,334 | | | | | | 123,161 | | |
Operating leases
|
| | | | 318 | | | | | | 422 | | |
Total liabilities
|
| | | | 121,652 | | | | | | 123,583 | | |
Commitments and Contingencies (Note 9) | | | | | | | | | | | | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Preferred stock, $0.001 par value; 5,000 shares authorized: | | | | | | | | | | | | | |
Series B convertible preferred stock, $0.001 par value; 400 authorized; 19 issued and outstanding at February 28, 2023 and May 31, 2022
|
| | | | — | | | | | | — | | |
Series C convertible preferred stock, $0.001 par value; 8 authorized; 6 and 7 issued
and outstanding at February 28, 2023 and May 31, 2022, respectively |
| | | | — | | | | | | — | | |
Series D convertible preferred stock, $0.001 par value; 12 authorized; 9 issued and
outstanding at February 28, 2023 and May 31, 2022 |
| | | | — | | | | | | — | | |
Common stock, $0.001 par value; 1,350,000 shares authorized; 837,031 and 720,028 issued, and 836,588 and 719,585 outstanding at February 28, 2023 and May 31, 2022, respectively
|
| | | | 837 | | | | | | 720 | | |
Treasury stock, $0.001 par value; 443 at February 28, 2023 and May 31, 2022
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 715,207 | | | | | | 671,013 | | |
Accumulated deficit
|
| | | | (823,054) | | | | | | (766,131) | | |
Total stockholders’ deficit
|
| | | | (107,010) | | | | | | (94,398) | | |
Total liabilities and stockholders’ deficit
|
| | | $ | 14,642 | | | | | $ | 29,185 | | |
| | |
Three months ended
February 28, |
| |
Nine months ended
February 28, |
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||
| | | | | | | | |
(Restated)(1)
|
| | | | | | | |
(Restated)(1)
|
| ||||||
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 266 | | |
Cost of goods sold
|
| | | | — | | | | | | — | | | | | | — | | | | | | 53 | | |
Gross profit
|
| | | | — | | | | | | — | | | | | | — | | | | | | 213 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 2,971 | | | | | | 10,140 | | | | | | 14,347 | | | | | | 33,960 | | |
Research and development
|
| | | | 938 | | | | | | 3,569 | | | | | | 1,651 | | | | | | 23,036 | | |
Amortization and depreciation
|
| | | | 12 | | | | | | 129 | | | | | | 165 | | | | | | 657 | | |
Inventory charge
|
| | | | — | | | | | | 5,559 | | | | | | 20,633 | | | | | | 8,916 | | |
Total operating expenses
|
| | | | 3,921 | | | | | | 19,397 | | | | | | 36,796 | | | | | | 66,569 | | |
Operating loss
|
| | | | (3,921) | | | | | | (19,397) | | | | | | (36,796) | | | | | | (66,356) | | |
Interest and other expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on convertible notes
|
| | | | (1,142) | | | | | | (1,187) | | | | | | (3,447) | | | | | | (4,299) | | |
Amortization of discount on convertible notes
|
| | | | (565) | | | | | | (637) | | | | | | (1,721) | | | | | | (2,382) | | |
Amortization of debt issuance costs
|
| | | | (17) | | | | | | (19) | | | | | | (51) | | | | | | (70) | | |
Loss on induced conversion
|
| | | | (2,018) | | | | | | (12,066) | | | | | | (2,656) | | | | | | (37,381) | | |
Finance charges
|
| | | | (5,884) | | | | | | (7,025) | | | | | | (7,761) | | | | | | (8,084) | | |
Inducement interest expense
|
| | | | — | | | | | | (954) | | | | | | — | | | | | | (6,186) | | |
Legal settlement
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,941) | | |
Loss on derivatives
|
| | | | (155) | | | | | | — | | | | | | (8,756) | | | | | | — | | |
Total interest and other expenses
|
| | | | (9,781) | | | | | | (21,888) | | | | | | (24,392) | | | | | | (60,343) | | |
Loss before income taxes
|
| | | | (13,702) | | | | | | (41,285) | | | | | | (61,188) | | | | | | (126,699) | | |
Income tax benefit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (13,702) | | | | | $ | (41,285) | | | | | $ | (61,188) | | | | | $ | (126,699) | | |
Basic and diluted: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 832,215 | | | | | | 695,614 | | | | | | 810,986 | | | | | | 663,373 | | |
Loss per share
|
| | | $ | (0.02) | | | | | $ | (0.06) | | | | | $ | (0.08) | | | | | $ | (0.19) | | |
| | |
Preferred stock
|
| |
Common stock
|
| |
Treasury stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Total
stockholders’ deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at May 31, 2022
|
| | | | 35 | | | | | $ | — | | | | | | 720,028 | | | | | $ | 720 | | | | | | 443 | | | | | $ | — | | | | | $ | 671,013 | | | | | $ | (766,131) | | | | | $ | (94,398) | | |
Stock issued for compensation
|
| | | | — | | | | | | — | | | | | | 879 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 344 | | | | | | — | | | | | | 345 | | |
Stock issued for private offerings
|
| | | | — | | | | | | — | | | | | | 85,378 | | | | | | 85 | | | | | | — | | | | | | — | | | | | | 17,459 | | | | | | — | | | | | | 17,544 | | |
Issuance costs related to stock issued for private offerings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,289) | | | | | | — | | | | | | (6,289) | | |
Conversion of Series C convertible preferred stock to common stock
|
| | | | (1) | | | | | | — | | | | | | 1,136 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | |
Warrant exercises
|
| | | | — | | | | | | — | | | | | | 657 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 263 | | | | | | — | | | | | | 264 | | |
Deemed dividend paid in common stock due to down round provision, recorded in additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 4,620 | | | | | | 5 | | | | | | — | | | | | | — | | | | | | (5) | | | | | | — | | | | | | — | | |
Dividends accrued on Series C and D convertible preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (384) | | | | | | — | | | | | | (384) | | |
Reclassification of warrants from liability to equity
classified |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,601 | | | | | | — | | | | | | 8,601 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 996 | | | | | | — | | | | | | 996 | | |
Reclassification of prior period preferred stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,265) | | | | | | 4,265 | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,991) | | | | | | (20,991) | | |
Balance at August 31, 2022
|
| | | | 34 | | | | | | — | | | | | | 812,698 | | | | | | 813 | | | | | | 443 | | | | | | — | | | | | | 687,732 | | | | | | (782,857) | | | | | | (94,312) | | |
Issuance of stock for convertible note repayment
|
| | | | — | | | | | | — | | | | | | 1,822 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 498 | | | | | | — | | | | | | 500 | | |
Loss on induced conversion
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 638 | | | | | | — | | | | | | 638 | | |
Stock issued for compensation
|
| | | | — | | | | | | — | | | | | | 765 | | | | | | — | | | | | | — | | | | | | — | | | | | | 310 | | | | | | — | | | | | | 310 | | |
Exercise of warrants, net of offering costs
|
| | | | — | | | | | | — | | | | | | 9,652 | | | | | | 10 | | | | | | — | | | | | | — | | | | | | 2,123 | | | | | | — | | | | | | 2,133 | | |
Make-whole shares related to private warrant
exchange |
| | | | — | | | | | | — | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dividend paid in common stock upon conversion of Series C
convertible preferred stock ($0.50 per share) |
| | | | — | | | | | | — | | | | | | 319 | | | | | | — | | | | | | — | | | | | | — | | | | | | 159 | | | | | | — | | | | | | 159 | | |
Dividends accrued on Series C and D convertible preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (369) | | | | | | — | | | | | | (369) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,467 | | | | | | — | | | | | | 1,467 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,495) | | | | | | (26,495) | | |
Balance at November 30, 2022
|
| | | | 34 | | | | | | — | | | | | | 825,279 | | | | | | 825 | | | | | | 443 | | | | | | — | | | | | | 692,558 | | | | | | (809,352) | | | | | | (115,969) | | |
Issuance of stock for convertible note repayment
|
| | | | — | | | | | | — | | | | | | 7,150 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 1,493 | | | | | | — | | | | | | 1,500 | | |
Loss on induced conversion
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,018 | | | | | | — | | | | | | 2,018 | | |
Stock issued for compensation
|
| | | | — | | | | | | — | | | | | | 626 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 181 | | | | | | — | | | | | | 182 | | |
Stock to be issued for private offerings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,045 | | | | | | — | | | | | | 18,045 | | |
Issuance costs related to stock to be issued for private offerings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,699) | | | | | | — | | | | | | (4,699) | | |
Exercise of warrants, net of offering costs
|
| | | | — | | | | | | — | | | | | | 3,442 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 679 | | | | | | — | | | | | | 682 | | |
Deemed dividend paid in common stock due to down round provision, recorded in additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 534 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | |
Dividends accrued on Series C and D preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (364) | | | | | | — | | | | | | (364) | | |
Reclassification of warrants from liability to equity
classified |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 155 | | | | | | — | | | | | | 155 | | |
Finance charges related to warrant issuance for surety bond backstop agreement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,885 | | | | | | — | | | | | | 4,885 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 257 | | | | | | — | | | | | | 257 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,702) | | | | | | (13,702) | | |
Balance at February 28, 2023
|
| | | | 34 | | | | | $ | — | | | | | | 837,031 | | | | | $ | 837 | | | | | | 443 | | | | | $ | — | | | | | $ | 715,207 | | | | | $ | (823,054) | | | | | $ | (107,010) | | |
| | |
Preferred stock
|
| |
Common stock
|
| |
Treasury stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Total
stockholders’ deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Restated)(1)
|
| |
(Restated)(1)
|
| |
(Restated)(1)
|
| |||||||||
Balance at May 31, 2021
|
| | | | 96 | | | | | $ | — | | | | | | 626,123 | | | | | $ | 626 | | | | | | 443 | | | | | $ | — | | | | | $ | 532,031 | | | | | $ | (553,675) | | | | | $ | (21,018) | | |
Issuance of stock for convertible note repayment
|
| | | | — | | | | | | — | | | | | | 11,816 | | | | | | 12 | | | | | | — | | | | | | — | | | | | | 13,832 | | | | | | — | | | | | | 13,844 | | |
Loss on induced conversion
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,530 | | | | | | — | | | | | | 18,530 | | |
Issuance of legal settlement warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,744 | | | | | | — | | | | | | 1,744 | | |
Stock option exercises
|
| | | | — | | | | | | — | | | | | | 300 | | | | | | — | | | | | | — | | | | | | — | | | | | | 189 | | | | | | — | | | | | | 189 | | |
Stock issued for compensation and tendered for income
tax |
| | | | — | | | | | | — | | | | | | 1,014 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | |
Stock issued for private offerings
|
| | | | — | | | | | | — | | | | | | 2,872 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 2,869 | | | | | | — | | | | | | 2,872 | | |
Private warrant exchanges
|
| | | | — | | | | | | — | | | | | | 1,327 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 774 | | | | | | — | | | | | | 775 | | |
Warrant exercises
|
| | | | — | | | | | | — | | | | | | 668 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 502 | | | | | | — | | | | | | 503 | | |
Inducement interest expense related to private warrant exchanges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 528 | | | | | | — | | | | | | 528 | | |
Accrued preferred stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (420) | | | | | | (420) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,597 | | | | | | — | | | | | | 2,597 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (45,337) | | | | | | (45,337) | | |
Balance at August 31, 2021
|
| | | | 96 | | | | | | — | | | | | | 644,120 | | | | | | 644 | | | | | | 443 | | | | | | — | | | | | | 573,595 | | | | | | (599,432) | | | | | | (25,193) | | |
Issuance of stock for convertible note repayment
|
| | | | — | | | | | | — | | | | | | 8,162 | | | | | | 8 | | | | | | — | | | | | | — | | | | | | 8,193 | | | | | | — | | | | | | 8,201 | | |
Loss on induced conversion
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,785 | | | | | | — | | | | | | 6,785 | | |
Stock option exercises
|
| | | | — | | | | | | — | | | | | | 210 | | | | | | — | | | | | | — | | | | | | — | | | | | | 200 | | | | | | — | | | | | | 200 | | |
Stock issued for private offerings
|
| | | | — | | | | | | — | | | | | | 25,178 | | | | | | 25 | | | | | | — | | | | | | — | | | | | | 27,282 | | | | | | — | | | | | | 27,307 | | |
Conversion of Series B preferred stock to common stock
|
| | | | (60) | | | | | | — | | | | | | 600 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Private warrant exchanges
|
| | | | — | | | | | | — | | | | | | 6,593 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 4,608 | | | | | | — | | | | | | 4,615 | | |
Offering costs related to stock issuance
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,418) | | | | | | — | | | | | | (1,418) | | |
Warrant exercises
|
| | | | — | | | | | | — | | | | | | 963 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 532 | | | | | | — | | | | | | 533 | | |
Inducement interest expense related to private warrant exchanges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,704 | | | | | | — | | | | | | 4,704 | | |
Preferred stock dividends accrued and paid in common stock
|
| | | | — | | | | | | — | | | | | | 35 | | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | | | | | (431) | | | | | | (414) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,060 | | | | | | — | | | | | | 2,060 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (40,077) | | | | | | (40,077) | | |
Balance at November 30, 2021
|
| | | | 36 | | | | | | — | | | | | | 685,861 | | | | | | 686 | | | | | | 443 | | | | | | — | | | | | | 626,558 | | | | | | (639,940) | | | | | | (12,696) | | |
Issuance of stock for convertible note repayment
|
| | | | — | | | | | | — | | | | | | 17,132 | | | | | | 17 | | | | | | — | | | | | | — | | | | | | 8,939 | | | | | | — | | | | | | 8,956 | | |
Loss on induced conversion
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,066 | | | | | | — | | | | | | 12,066 | | |
Stock issued for private offerings
|
| | | | — | | | | | | — | | | | | | 6,860 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 3,545 | | | | | | — | | | | | | 3,552 | | |
Conversion of Series C preferred stock to common stock
|
| | | | (1) | | | | | | — | | | | | | 2,200 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | |
Warrant exercises
|
| | | | — | | | | | | — | | | | | | 11 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Inducement interest expense related to private warrant exchanges
|
| | | | — | | | | | | — | | | | | | 1,179 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 953 | | | | | | — | | | | | | 954 | | |
Preferred stock dividends accrued and paid in common stock
|
| | | | — | | | | | | — | | | | | | 487 | | | | | | — | | | | | | — | | | | | | — | | | | | | 243 | | | | | | (397) | | | | | | (154) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (438) | | | | | | — | | | | | | (438) | | |
Finance charges related to warrant issuance for surety bond
backstop agreement |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,585 | | | | | | — | | | | | | 6,585 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41,285) | | | | | | (41,285) | | |
Balance at February 28, 2022
|
| | | | 35 | | | | | $ | — | | | | | | 713,730 | | | | | $ | 713 | | | | | | 443 | | | | | $ | — | | | | | $ | 658,449 | | | | | $ | (681,622) | | | | | $ | (22,460) | | |
| | |
Nine months ended
February 28, |
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | | | | | | | |
(Restated)(1)
|
| |||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (61,188) | | | | | $ | (126,699) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Amortization and depreciation
|
| | | | 165 | | | | | | 657 | | |
Amortization of debt issuance costs
|
| | | | 51 | | | | | | 70 | | |
Amortization of discount on convertible notes
|
| | | | 1,721 | | | | | | 2,382 | | |
Warrants issued for legal settlement
|
| | | | — | | | | | | 1,744 | | |
Loss on derivatives
|
| | | | 8,756 | | | | | | — | | |
Loss on induced conversion
|
| | | | 2,656 | | | | | | 37,381 | | |
Inducement interest expense and non-cash finance charges
|
| | | | 4,885 | | | | | | 14,270 | | |
Inventory charge
|
| | | | 20,633 | | | | | | 8,916 | | |
Stock-based compensation
|
| | | | 3,557 | | | | | | 4,219 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | 624 | | | | | | (3,264) | | |
Decrease in accounts payable and accrued expenses
|
| | | | (3,558) | | | | | | (11,355) | | |
Net cash used in operating activities
|
| | | | (21,698) | | | | | | (71,679) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Furniture and equipment purchases
|
| | | | — | | | | | | (30) | | |
Net cash used in investing activities
|
| | | | — | | | | | | (30) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from warrant transactions, net of offering costs
|
| | | | 2,815 | | | | | | 5,390 | | |
Proceeds from sale of common stock and warrants, net of issuance costs
|
| | | | 24,601 | | | | | | 33,313 | | |
Proceeds from warrant exercises
|
| | | | 264 | | | | | | 1,036 | | |
Proceeds held in escrow
|
| | | | 897 | | | | | | — | | |
Proceeds from stock option exercises
|
| | | | — | | | | | | 390 | | |
Net cash provided by financing activities
|
| | | | 28,577 | | | | | | 40,129 | | |
Net change in cash and restricted cash
|
| | | | 6,879 | | | | | | (31,580) | | |
Cash at beginning of period
|
| | | | 4,231 | | | | | | 33,943 | | |
Cash and restricted cash at end of period
|
| | | $ | 11,110 | | | | | $ | 2,363 | | |
Cash and restricted cash consisted of the following: | | | | | | | | | | | | | |
Cash
|
| | | $ | 5,112 | | | | | $ | 1,363 | | |
Restricted cash
|
| | | | 5,998 | | | | | | 1,000 | | |
Total cash and restricted cash
|
| | | $ | 11,110 | | | | | $ | 2,363 | | |
Supplemental disclosure: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | — | | | | | $ | 63 | | |
Non-cash investing and financing transactions: | | | | | | | | | | | | | |
Derivative liability associated with warrants
|
| | | $ | 8,756 | | | | | $ | — | | |
Issuance of common stock for principal and interest of convertible notes
|
| | | $ | 2,000 | | | | | $ | 31,001 | | |
Accrued dividends on Series C and D convertible preferred stock
|
| | | $ | 1,117 | | | | | $ | 988 | | |
Dividend paid in common stock on Series B and C convertible preferred stock conversions
|
| | | $ | 159 | | | | | $ | 260 | | |
Warrants issued to placement agent, recorded in additional paid-in capital
|
| | | $ | 7,380 | | | | | $ | 1,293 | | |
Warrants issued for surety bond backstop agreement
|
| | | $ | 4,885 | | | | | $ | 6,585 | | |
Deemed dividend due to equity modifications, recorded in additional paid-in capital
|
| | | $ | 5,417 | | | | | $ | — | | |
| | |
February 28,
2023 |
| |
May 31,
2022 |
| ||||||
Raw materials
|
| | | $ | — | | | | | $ | 16,264 | | |
Work-in-progress
|
| | | | — | | | | | | 1,665 | | |
Total inventories, net
|
| | | $ | — | | | | | $ | 17,929 | | |
| | |
February 28,
2023 |
| |
May 31,
2022 |
| ||||||
Compensation and related expense
|
| | | $ | 410 | | | | | $ | 1,522 | | |
Legal fees and settlement
|
| | | | 1,207 | | | | | | 2,006 | | |
Clinical expense
|
| | | | 913 | | | | | | 3,727 | | |
| | |
February 28,
2023 |
| |
May 31,
2022 |
| ||||||
Accrued inventory charges and expenses
|
| | | | 4,075 | | | | | | 1,392 | | |
License fees
|
| | | | 628 | | | | | | 150 | | |
Lease payable
|
| | | | 138 | | | | | | 134 | | |
Investor proceeds held in escrow
|
| | | | 897 | | | | | | — | | |
Other liabilities
|
| | | | 30 | | | | | | 64 | | |
Total accrued liabilities
|
| | | $ | 8,298 | | | | | $ | 8,995 | | |
|
| | |
February 28, 2023
|
| |
May 31, 2022
|
| ||||||||||||||||||||||||||||||
(in thousands except conversion rate)
|
| |
Series B
|
| |
Series C
|
| |
Series D
|
| |
Series B
|
| |
Series C
|
| |
Series D
|
| ||||||||||||||||||
Shares of preferred stock
|
| | | | 19 | | | | | | 6 | | | | | | 9 | | | | | | 19 | | | | | | 7 | | | | | | 9 | | |
Common stock conversion rate
|
| | | | 10:1 | | | | | | 2,000:1 | | | | | | 1,250:1 | | | | | | 10:1 | | | | | | 2,000:1 | | | | | | 1,250:1 | | |
Total shares of common stock if converted
|
| | | | 190 | | | | | | 12,670 | | | | | | 10,565 | | | | | | 190 | | | | | | 13,806 | | | | | | 10,565 | | |
Undeclared dividends
|
| | | $ | 14 | | | | | $ | — | | | | | $ | — | | | | | $ | 10 | | | | | $ | — | | | | | $ | — | | |
Accrued dividends
|
| | | $ | — | | | | | $ | 2,341 | | | | | $ | 2,594 | | | | | $ | — | | | | | $ | 2,014 | | | | | $ | 1,963 | | |
Total shares of common stock if dividends converted
|
| | | | 28 | | | | | | 4,682 | | | | | | 5,188 | | | | | | 20 | | | | | | 4,028 | | | | | | 3,926 | | |
| | |
February 28, 2023
|
| |||
| | |
April 2, 2021
Note |
| |
April 23, 2021
Note |
|
Interest rate per annum
|
| |
10%
|
| |
10%
|
|
Conversion price per share upon five trading days’ notice
|
| |
$10.00
|
| |
$10.00
|
|
Party that controls the conversion rights
|
| |
Investor
|
| |
Investor
|
|
Maturity date
|
| |
April 5, 2023
|
| |
April 23, 2023
|
|
Security interest
|
| |
All Company assets excluding intellectual property
|
|
| | |
February 28, 2023
|
| |
May 31, 2022
|
| ||||||||||||||||||||||||||||||
(in thousands)
|
| |
April 2, 2021
Note |
| |
April 23, 2021
Note |
| |
Total
|
| |
April 2, 2021
Note |
| |
April 23, 2021
Note |
| |
Total
|
| ||||||||||||||||||
Convertible notes payable outstanding principal
|
| | | $ | 7,819 | | | | | $ | 28,500 | | | | | $ | 36,319 | | | | | $ | 9,819 | | | | | $ | 28,500 | | | | | $ | 38,319 | | |
Less: Unamortized debt discount and issuance costs
|
| | | | (49) | | | | | | (257) | | | | | | (306) | | | | | | (512) | | | | | | (1,566) | | | | | | (2,078) | | |
Convertible notes payable, net
|
| | | | 7,770 | | | | | | 28,243 | | | | | | 36,013 | | | | | | 9,307 | | | | | | 26,934 | | | | | | 36,241 | | |
Accrued interest on convertible notes
|
| | | | 3,535 | | | | | | 5,886 | | | | | | 9,421 | | | | | | 2,599 | | | | | | 3,375 | | | | | | 5,974 | | |
Outstanding convertible notes payable, net and accrued interest
|
| | | $ | 11,305 | | | | | $ | 34,129 | | | | | $ | 45,434 | | | | | $ | 11,906 | | | | | $ | 30,309 | | | | | $ | 42,215 | | |
(in thousands)
|
| |
April 2, 2021
Note |
| |
April 23, 2021
Note |
| |
Total
|
| |||||||||
Outstanding balance at May 31, 2022
|
| | | $ | 11,906 | | | | | $ | 30,309 | | | | | $ | 42,215 | | |
Amortization of issuance discount and costs
|
| | | | 463 | | | | | | 1,309 | | | | | | 1,772 | | |
Interest expense
|
| | | | 936 | | | | | | 2,511 | | | | | | 3,447 | | |
Fair market value of shares exchanged for repayment
|
| | | | (2,656) | | | | | | — | | | | | | (2,656) | | |
Difference between market value of common shares and reduction of
principal |
| | | | 656 | | | | | | — | | | | | | 656 | | |
Outstanding balance at February 28, 2023
|
| | | $ | 11,305 | | | | | $ | 34,129 | | | | | $ | 45,434 | | |
(in thousands)
|
| |
Liability Classified
Warrants |
| |||
Balance at May 31, 2022
|
| | | $ | — | | |
Classified as liability due to lack of shares availability at issuance
|
| | | | 14,522 | | |
Classified as equity upon increase in availability
|
| | | | (23,123) | | |
Loss on derivative due to change in fair market value
|
| | | | 8,601 | | |
Balance at August 31, 2022
|
| | | $ | — | | |
Balance at November 30, 2022
|
| | | $ | — | | |
Classified as liability due to variable settlement term
|
| | | | 2,057 | | |
Classified as equity upon finalized settlement term
|
| | | | (2,212) | | |
Loss on derivative due to change in fair market value
|
| | | | 155 | | |
Balance at February 28, 2023
|
| | | $ | — | | |
| | |
Initial Fair Market Value at Issuance
|
| |
Fair Market Value at Equity Classification
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Backstop
Warrant #1 |
| |
Backstop
Warrant #2 |
| |
Placement
Agent Warrants |
| |
Backstop
Warrant #3 |
| |
Backstop
Warrant #1 |
| |
Backstop
Warrant #2 |
| |
Placement
Agent Warrants |
| |
Backstop
Warrant #3 |
| ||||||||||||||||||||||||
Fair value of underlying stock
|
| | | $ | 0.44 | | | | | $ | 0.42 | | | | | $ | 0.44 | | | | | $ | 0.35 | | | | | $ | 0.52 | | | | | $ | 0.52 | | | | | $ | 0.52 | | | | | $ | 0.32 | | |
Risk free rate
|
| | | | 3.17% | | | | | | 3.06% | | | | | | 3.13% | | | | | | 3.68% | | | | | | 3.34% | | | | | | 3.31% | | | | | | 3.16% | | | | | | 4.18% | | |
Expected term (in years)
|
| | | | 4.65 | | | | | | 5.00 | | | | | | 10.00 | | | | | | 5.00 | | | | | | 4.46 | | | | | | 4.88 | | | | | | 9.82 | | | | | | 4.76 | | |
Stock price volatility
|
| | | | 110.20% | | | | | | 109.49% | | | | | | 95.99% | | | | | | 124.36% | | | | | | 117.29% | | | | | | 113.59% | | | | | | 95.87% | | | | | | 126.67% | | |
Expected dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
(in thousands, except per share data and years)
|
| |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average remaining contractual life in years |
| |
Aggregate
intrinsic value |
| ||||||||||||
Options outstanding at May 31, 2022
|
| | | | 17,457 | | | | | $ | 1.53 | | | | | | 7.79 | | | | | $ | — | | |
Granted
|
| | | | 12,417 | | | | | $ | 0.41 | | | | | | | | | | | | | | |
Exercised
|
| | | | — | | | | | $ | — | | | | | | | | | | | | | | |
Forfeited, expired, and cancelled
|
| | | | (7,783) | | | | | $ | 1.16 | | | | | | | | | | | | | | |
Options outstanding at February 28, 2023
|
| | | | 22,091 | | | | | $ | 1.02 | | | | | | 8.12 | | | | | $ | — | | |
Options outstanding and exercisable at February 28, 2023
|
| | | | 12,698 | | | | | $ | 1.28 | | | | | | 7.15 | | | | | $ | — | | |
(shares in thousands)
|
| |
Number of
RSUs and PSUs(1) |
| |
Weighted-average
grant date fair value |
| |
remaining
contractual life in years |
| |||||||||
Unvested RSUs and PSUs at May 31, 2022
|
| | | | 300 | | | | | $ | 3.12 | | | | | | 0.58 | | |
RSUs and PSUs granted
|
| | | | 1,293 | | | | | | 0.58 | | | | | | | | |
Unvested RSUs and PSUSs forfeited
|
| | | | (150) | | | | | | 3.12 | | | | | | | | |
RSUs and PSUs vested
|
| | | | (150) | | | | | | 3.12 | | | | | | | | |
Unvested RSUs and PSUs at February 28, 2023
|
| | | | 1,293 | | | | | $ | 0.58 | | | | | | 1.04 | | |
(in thousands, except for share data and years)
|
| |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average remaining contractual life in years |
| |
Aggregate
intrinsic value |
| ||||||||||||
Warrants outstanding at May 31, 2022
|
| | | | 73,248 | | | | | $ | 0.59 | | | | | | 3.18 | | | | | $ | 352 | | |
Granted
|
| | | | 119,022 | | | | | $ | 0.25 | | | | | | | | | | | | | | |
Exercised
|
| | | | (4,965) | | | | | $ | 0.75 | | | | | | | | | | | | | | |
Forfeited, expired, and cancelled
|
| | | | (7,412) | | | | | $ | 0.75 | | | | | | | | | | | | | | |
Warrants outstanding at February 28, 2023
|
| | | | 179,893 | | | | | $ | 0.33 | | | | | | 4.39 | | | | | $ | 12,245 | | |
Warrants outstanding and exercisable at February 28, 2023
|
| | | | 179,893 | | | | | $ | 0.33 | | | | | | 4.39 | | | | | $ | 12,245 | | |
| | |
Three months ended
February 28, |
| |
Nine months ended
February 28, |
| ||||||||||||||||||
(in thousands, except per share amounts)
|
| |
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||
| | | | | | | | |
(Restated)(1)
|
| | | | | | | |
(Restated)(1)
|
| ||||||
Net loss
|
| | | $ | (13,702) | | | | | $ | (41,285) | | | | | $ | (61,188) | | | | | $ | (126,699) | | |
Less: Deemed dividends
|
| | | | (123) | | | | | | — | | | | | | (5,417) | | | | | | — | | |
Less: Accrued preferred stock dividends
|
| | | | (366) | | | | | | (397) | | | | | | (1,121) | | | | | | (1,239) | | |
Net loss applicable to common stockholders
|
| | | $ | (14,191) | | | | | $ | (41,682) | | | | | $ | (67,726) | | | | | $ | (127,938) | | |
Basic and diluted: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 832,215 | | | | | | 695,614 | | | | | | 810,986 | | | | | | 663,373 | | |
Loss per share
|
| | | $ | (0.02) | | | | | $ | (0.06) | | | | | $ | (0.08) | | | | | $ | (0.19) | | |
| | |
Three and nine months ended
February 28, |
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Stock options, warrants, and unvested restricted stock units
|
| | | | 203,274 | | | | | | 98,309 | | |
Convertible notes
|
| | | | 12,000 | | | | | | 12,000 | | |
Convertible preferred stock
|
| | | | 33,323 | | | | | | 32,197 | | |
Fiscal Year
|
| |
Amount
|
| |||
2023 (3 months remaining)
|
| | | $ | 34,638 | | |
2024
|
| | | | 121,750 | | |
2025
|
| | | | 76,400 | | |
2026 and thereafter
|
| | | | — | | |
Total
|
| | | $ | 232,788 | | |
(in thousands)
|
| |
February 28, 2023
|
| |
May 31, 2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Right-of-use asset
|
| | | $ | 434 | | | | | $ | 536 | | |
Liabilities | | | | | | | | | | | | | |
Current operating lease liability
|
| | | $ | 138 | | | | | $ | 134 | | |
Non-current operating lease liability
|
| | | | 318 | | | | | | 422 | | |
Total operating lease liability
|
| | | $ | 456 | | | | | $ | 556 | | |
Fiscal Year
|
| |
Amount
|
| |||
2023 (3 months remaining)
|
| | | $ | 45 | | |
2024
|
| | | | 182 | | |
2025
|
| | | | 185 | | |
2026
|
| | | | 169 | | |
Total operating lease payments
|
| | | | 581 | | |
Less: imputed interest
|
| | | | (125) | | |
Present value of operating lease liabilities
|
| | | $ | 456 | | |
| | |
February 28, 2023
|
|
Weighted average remaining lease term
|
| |
3.1 years
|
|
Weighted average discount rate
|
| |
10.0%
|
|