General form for registration of securities under the Securities Act of 1933

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
May 31, 2024
Cash flows from operating activities:        
Net income (loss) $ (32,837) $ 9,701 $ 3,745 $ (49,841)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation 13 14 18 29
Amortization of debt issuance costs       572
Issuance costs for private placement of shares and warrants through placement agent 1,628     2,819
Amortization of discount on convertible notes   348 407 1,076
Gain on restructuring of payables   (407) (407)  
Loss on derivatives   852 852 236
Loss on induced conversion   1,180 1,180 6,680
Loss on note extinguishment       13,374
Stock-based compensation 807 1,013 1,612 2,415
Changes in operating assets and liabilities:        
Prepaid expenses and other assets 3,289 (3,483) (4,840) 893
Accounts payable, accrued expenses, and other liabilities 14,481 (12,320) (11,332) 10,765
Net cash used in operating activities (12,319) (3,102) (8,765) (10,982)
Cash flows from financing activities:        
Proceeds from warrant transactions, net of offering costs   10,377 10,377  
Proceeds from sale of common stock and warrants, net of issuance costs 15,318     9,137
Proceeds from warrant exercises     1,081 300
Proceeds from convertible note and warrant issuances, net of offering costs       2,011
Proceeds from exercise of stock options 21 21 106  
Proceeds held in trust       300
Cash paid for note payable (142) (710) (710)  
Net cash provided by financing activities 16,071 9,688 10,854 11,748
Net change in cash and cash equivalents 3,752 6,586 2,089 766
Cash and cash equivalents at beginning of period 11,903 9,814 9,814 9,048
Cash and cash equivalents at end of period 15,655 16,400 11,903 9,814
Cash, cash equivalents, and restricted cash consisted of the following:        
Cash and cash equivalents 15,655   11,903 3,110
Restricted cash     0 6,704
Total cash, cash equivalents, and restricted cash 15,655 16,400 11,903 9,814
Supplemental disclosure:        
Cash paid for interest 20 25 25 45
Non-cash investing and financing transactions:        
Derivative liability associated with warrants       102
Issuance of common stock for interest on convertible notes 6,750 2,593 4,500 5,250
Accrued dividends on Series C and D convertible preferred stock 1,106 $ 1,106 1,478 1,483
Cashless exercise of warrants     $ 2  
Warrants issued to placement agent $ 2,573     1,783
Note conversion to common stock and warrants       $ 3,302