Annual report [Section 13 and 15(d), not S-K Item 405]

Equity Incentive Plan (Tables)

v3.25.2
Equity Incentive Plan (Tables)
12 Months Ended
May 31, 2025
Equity Incentive Plan  
Schedule of stock option activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted 

​

​

​

​

​

​

​

​

​

​

average

​

​

​

​

​

​

​

Weighted

​

remaining

​

Aggregate

​

​

Number of

​

average

​

contractual

​

intrinsic

(in thousands, except exercise price and years)

    

shares

    

exercise price

    

life in years

    

value

Options outstanding at May 31, 2023

 

19,823

​

$

0.99

 

7.87

​

$

—

Granted

 

14,251

​

$

0.21

 

​

​

 

​

Exercised

 

—

​

$

—

 

​

​

 

​

Forfeited, expired, and cancelled

 

(8,225)

​

$

0.87

 

​

​

 

​

Options outstanding at May 31, 2024

 

25,849

​

$

0.60

 

7.77

​

$

—

Granted

 

13,025

​

$

0.17

 

​

​

 

​

Exercised

 

(500)

​

$

0.21

 

​

​

$

72

Forfeited, expired, and cancelled

 

(50)

​

$

0.66

 

​

​

 

​

Options outstanding at May 31, 2025

 

38,324

​

$

0.46

 

7.65

​

$

4,039

Options outstanding and exercisable at May 31, 2025

 

28,594

​

$

0.54

 

7.23

​

$

2,653

Summary of fair values of stock options granted

​

​

​

​

​

​

​

​

​

​

Years ended May 31,

​

​

2025

    

2024

Expected Volatility

​

123.2% - 130.4

%

​

108.6% - 115.7

%

Weighted-Average Volatility

​

127.02

%

​

112.24

%

Expected Dividends

​

—

%

​

—

%

Expected Term (In years)

​

5.1 - 6.1

​

​

5.1 - 6.0

​

Risk-Free Rate

​

3.96

%

​

3.96

%

Schedule of Company RSU and PSU activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average

​

​

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 May 31, 2024

​

—

​

​

​

​

​

RSUs and PSUs granted

​

3,500

​

​

0.41

​

​

RSUs and PSUs forfeited

​

—

​

​

​

​

​

RSUs and PSUs vested

​

—

​

​

​

​

​

Unvested RSUs and PSUs at May 31, 2025

 

3,500

​

$

0.41

​

1.75

​

(1)

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