Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2026
May 31, 2025
Current assets:    
Cash and cash equivalents $ 15,655 $ 11,903
Prepaid expenses 448 252
Prepaid service fees 2,335 3,723
Other receivables   2,000
Total current assets 18,438 17,878
Other non-current assets 59 169
Total assets 18,497 18,047
Current liabilities:    
Accounts payable 13,478 14,692
Accrued liabilities and compensation 15,825 2,206
Accrued interest on convertible notes 11,750 18,151
Accrued dividends on convertible preferred stock 9,375 8,269
Convertible notes payable, net   27,200
Total current liabilities 50,428 70,518
Convertible notes payable, net 27,200  
Accrued interest on convertible notes 1,585  
Other liabilities (Note 10) 43,571 43,571
Total liabilities 122,784 114,089
Commitments and Contingencies (Note 10)
Stockholders' deficit:    
Common stock, $0.001 par value; 2,250,000 shares authorized; 1,358,242 and 1,249,460 issued, and 1,357,956 and 1,249,174 outstanding at February 28, 2026 and May 31, 2025, respectively 1,358 1,249
Treasury stock, $0.001 par value; 286 shares at February 28, 2026 and May 31, 2025
Additional paid-in capital 814,978 790,495
Accumulated deficit (920,623) (887,786)
Total stockholders' deficit (104,287) (96,042)
Total liabilities and stockholders' deficit 18,497 18,047
Series B Convertible Preferred Stock    
Stockholders' deficit:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 4,243 3,769
Stockholders' deficit:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 5,132 4,500
Stockholders' deficit:    
Preferred stock