Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Cash flows from operating activities:    
Net (loss) income $ (32,837) $ 9,701
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 13 14
Standby equity purchase agreement non-cash commitment fee 300  
Issuance costs for private placement of shares and warrants through placement agent 1,628  
Amortization of discount on convertible notes   348
Gain on restructuring of payables   (407)
Loss on derivatives   852
Loss on induced conversion   1,180
Stock-based compensation 807 1,013
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 3,289 (3,483)
Accounts payable, accrued expenses, and other liabilities 14,481 (12,320)
Net cash used in operating activities (12,319) (3,102)
Cash flows from investing activities:    
Net cash provided by/used in investing activities
Cash flows from financing activities:    
Proceeds from warrant transactions, net of offering costs   10,377
Proceeds from sale of common stock and warrants, net of issuance costs 15,318  
Proceeds from standby equity purchase agreement, net of issuance costs 874  
Proceeds from exercise of stock options 21 21
Cash paid for note payable (142) (710)
Net cash provided by financing activities 16,071 9,688
Net change in cash and cash equivalents 3,752 6,586
Cash and cash equivalents at beginning of period 11,903 9,814
Cash and cash equivalents at end of period 15,655 16,400
Supplemental disclosure:    
Cash paid for interest 20 25
Non-cash investing and financing transactions:    
Issuance of common stock for interest on convertible notes 6,750 2,593
Accrued dividends on Series C and D convertible preferred stock 1,106 $ 1,106
Warrants issued to placement agent $ 2,573