CytoDyn Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Equity Awards and Warrants (Tables)

Equity Awards and Warrants (Tables)

6 Months Ended

Nov. 30, 2023

Equity Awards and Warrants

Schedule of warrant liability and equity


(in thousands)		Derivative liability
Balance at May 31, 2023	$	79
Value upon notes converted to units in the private offering		4,379
Warrants classified as equity during quarter		(79)
Gain on derivative due to change in fair market value		(4)
Balance at August 31, 2023	$	4,375
Value upon liability-classified equity instruments reclassified to equity		(4,393)
Warrants classified as a liability during quarter		34
Loss on derivative due to change in fair market value		17
Balance at November 30, 2023	$	33

Schedule of assumptions used in determination of fair value



		Placement		Note conversion		Placement Agent		Note conversion		Note conversion		Placement Agent		Placement Agent
		Agent warrants		warrants on		warrants at		warrants at		warrants at		warrants at		warrants at
		at May 31, 2023		conversion date		equity classification		August 31, 2023		equity classification		issuance		November 30, 2023
Fair value of underlying stock		$ 0.26		$ 0.21		$ 0.27		$ 0.21		$ 0.17		$ 0.18		$ 0.17
Risk free rate		3.64%		4.18%		3.74%		4.23%		4.81%		4.42%		4.37%
Expected term (in years)		10.00		5.00		10.00		5.00		5.00		10.00		10.00
Stock price volatility		97.90%		124.55%		97.45%		124.06%		124.70%		95.82%		95.82%
Expected dividend yield		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%

Schedule of stock option activity


							Weighted
							average
				Weighted			remaining		Aggregate
		Number of		average			contractual		intrinsic
(in thousands, except per share data and years)		shares		exercise price			life in years		value
Options outstanding at May 31, 2023		19,823		$	0.99		7.87		$	—
Granted		500		$	0.26
Exercised		—		$	-
Forfeited, expired, and cancelled		(692)		$	1.45
Options outstanding at November 30, 2023		19,631		$	0.96		7.46		$	—
Options outstanding and exercisable at November 30, 2023		14,187		$	1.12		6.93		$	—

Schedule of Company RSU and PSU activity


		Number of		Weighted average			remaining contractual
(shares in thousands)		RSUs and PSUs (1)		grant date fair value			life in years
Unvested RSUs and PSUs at May 31, 2023		1,293		$	0.58		0.81
RSUs and PSUs granted		—			—
RSUs and PSUs forfeited		(1,293)			0.58
RSUs and PSUs vested		—			—
Unvested RSUs and PSUs at November 30, 2023		—		$	—		—

(1)	The number of PSUs disclosed in this table are at the target level of 100%.

Schedule of Warrant activity


							Weighted
							average
				Weighted			remaining		Aggregate
		Number of		average			contractual		intrinsic
(in thousands, except for share data and years)		shares		exercise price			life in years		value
Warrants outstanding at May 31, 2023		259,910		$	0.37		4.57		$	7,276
Granted		42,019		$	0.40
Exercised		(3,000)		$	0.10
Forfeited, expired, and cancelled		(5,603)		$	0.75
Warrants outstanding at November 30, 2023		293,326		$	0.37		4.31		$	2,902
Warrants outstanding and exercisable at November 30, 2023		293,326		$	0.37		4.31		$	2,902