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

Private Placements of Common Stock and Warrants (Tables)

v3.26.1
Private Placements of Common Stock and Warrants (Tables)
9 Months Ended 12 Months Ended
Feb. 28, 2026
May 31, 2025
Private Placements of Common Stock and Warrants    
Schedule of reconciliation of the beginning and ending balances for liabilities measured at fair value  

(in thousands)

  ​ ​ ​

Liability Classified Warrants

Balance at May 31, 2023

$

79

Classified as liability

6,970

Reclassified as equity

(7,285)

Loss on derivative due to change in fair market value

236

Balance at May 31, 2024

Schedule of estimated the fair value of the warrant derivatives  

  ​ ​ ​

  ​ ​ ​

April

Inputs at Liability Classification

Inputs at Equity Classification

Placement

July

November

December

July

November

December

Agent

Note

Placement

Note

April

Note

Placement

Note

warrants at

conversion

Agent

conversion

Placement

conversion

Agent conversion

conversion

May 31, 2023

warrants

warrants

warrants

Warrants

warrants

warrants

warrants

Fair value of underlying stock

$ 0.26

$ 0.21

$ 0.18

$ 0.20

$ 0.27

$ 0.17

$ 0.30

$ 0.15

Risk free rate

3.64%

4.18%

4.42%

3.84%

3.74%

4.81%

4.14%

4.48%

Expected term (in years)

10.00

5.00

10.00

5.00

10.00

5.00

10.00

5.00

Stock price volatility

97.90%

124.55%

95.82%

124.25%

97.45%

124.70%

96.18%

124.04%

Expected dividend yield

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

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, 2025

 

213,128

$

0.27

 

3.71

$

27,923

Granted

 

87,786

$

0.25

 

 

Exercised

 

(597)

$

0.09

 

 

129

Forfeited, expired, and cancelled

 

(105)

$

3.07

 

 

Warrants outstanding at February 28, 2026

 

300,212

$

0.26

 

3.75

$

13,391

Warrants outstanding and exercisable at February 28, 2026

 

300,212

$

0.26

 

3.75

$

13,391

Weighted 

average

Weighted

remaining

Aggregate

Number of

average

contractual

intrinsic

(in thousands, except for exercise price and years)

  ​ ​ ​

shares

  ​ ​ ​

exercise price

  ​ ​ ​

life in years

  ​ ​ ​

value

Warrants outstanding at May 31, 2023

 

259,910

$

0.37

 

4.57

$

7,276

Granted

 

115,582

$

0.28

 

 

Exercised

 

(3,000)

$

0.10

 

$

480

Forfeited, expired, and cancelled

 

(11,047)

$

0.63

 

 

Warrants outstanding at May 31, 2024

 

361,445

$

0.34

 

4.21

$

2,697

Granted

 

$

 

 

Exercised

 

(140,106)

$

0.09

 

$

7,615

Forfeited, expired, and cancelled

 

(8,211)

$

0.56

 

 

Warrants outstanding at May 31, 2025

 

213,128

$

0.27

 

3.71

$

27,923

Warrants outstanding and exercisable at May 31, 2025

 

213,128

$

0.27

 

3.71

$

27,923