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  

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(in thousands)

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Liability Classified Warrants

Balance at May 31, 2023

$

79

Classified as liability

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6,970

Reclassified as equity

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(7,285)

Loss on derivative due to change in fair market value

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236

Balance at May 31, 2024

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—

Schedule of estimated the fair value of the warrant derivatives  

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April

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Inputs at Liability Classification

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Inputs at Equity Classification

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Placement

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July

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November

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December

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July

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November

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December

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Agent

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Note

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Placement

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Note

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April

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Note

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Placement

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Note

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warrants at

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conversion

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Agent

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conversion

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Placement

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conversion

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Agent conversion

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conversion

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May 31, 2023

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warrants

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warrants

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warrants

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Warrants

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warrants

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warrants

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warrants

Fair value of underlying stock

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$ 0.26

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$ 0.21

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$ 0.18

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$ 0.20

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$ 0.27

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$ 0.17

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$ 0.30

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$ 0.15

Risk free rate

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3.64%

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4.18%

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4.42%

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3.84%

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3.74%

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4.81%

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4.14%

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4.48%

Expected term (in years)

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10.00

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5.00

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10.00

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5.00

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10.00

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5.00

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10.00

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5.00

Stock price volatility

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97.90%

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124.55%

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95.82%

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124.25%

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97.45%

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124.70%

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96.18%

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124.04%

Expected dividend yield

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0.00%

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0.00%

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0.00%

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0.00%

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0.00%

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0.00%

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0.00%

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0.00%

Schedule of warrant activity

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Weighted 

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average

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Weighted

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remaining

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Aggregate

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Number of

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average

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contractual

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intrinsic

(in thousands, except for share data and years)

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shares

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exercise price

  ​ ​ ​

life in years

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value

Warrants outstanding at May 31, 2025

 

213,128

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$

0.27

 

3.71

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$

27,923

Granted

 

87,786

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$

0.25

 

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Exercised

 

(597)

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$

0.09

 

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129

Forfeited, expired, and cancelled

 

(105)

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$

3.07

 

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Warrants outstanding at February 28, 2026

 

300,212

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$

0.26

 

3.75

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$

13,391

Warrants outstanding and exercisable at February 28, 2026

 

300,212

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$

0.26

 

3.75

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$

13,391

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Weighted 

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average

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Weighted

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remaining

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Aggregate

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Number of

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average

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contractual

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intrinsic

(in thousands, except for exercise price and years)

  ​ ​ ​

shares

  ​ ​ ​

exercise price

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life in years

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value

Warrants outstanding at May 31, 2023

 

259,910

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$

0.37

 

4.57

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$

7,276

Granted

 

115,582

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$

0.28

 

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Exercised

 

(3,000)

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$

0.10

 

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$

480

Forfeited, expired, and cancelled

 

(11,047)

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$

0.63

 

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Warrants outstanding at May 31, 2024

 

361,445

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$

0.34

 

4.21

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$

2,697

Granted

 

—

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$

—

 

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Exercised

 

(140,106)

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$

0.09

 

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$

7,615

Forfeited, expired, and cancelled

 

(8,211)

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$

0.56

 

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Warrants outstanding at May 31, 2025

 

213,128

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$

0.27

 

3.71

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$

27,923

Warrants outstanding and exercisable at May 31, 2025

 

213,128

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$

0.27

 

3.71

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$

27,923