Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Operations

v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Thousands
 12 Months Ended
May 31, 2026
May 31, 2025
Operating expenses:    
General and administrative $ 7,449,000 $ 7,260,000
Research and development 15,696,000 (16,921,000)
Legal Settlement Loss 15,430,000 0
Total operating expenses 38,575,000 (9,661,000)
Operating (loss) gain (38,575,000) 9,661,000
Interest and other income (expense):    
Interest income 257,000 565,000
Interest on convertible notes (2,489,000) (4,424,000)
Amortization of discount on convertible notes 0 (407,000)
Standby equity purchase agreement commitment fee (325,000) 0
Issuance costs for private placement of shares and warrants through placement agent (1,628,000) 0
Legal settlement revaluation 83,000 0
Loss on induced conversion 0 (1,180,000)
Finance charges (22,000) (25,000)
Gain on restructuring of payables 0 407,000
Loss on derivatives 0 (852,000)
Total interest and other expense (4,124,000) (5,916,000)
(Loss) gain before income taxes (42,699,000) 3,745,000
Income tax benefit 0 0
Net (loss) income $ (42,699,000) $ 3,745,000
(Loss) income per share:    
Basic (loss) income per share $ (0.03) $ 0
Diluted (loss) income per share $ (0.03) $ 0
Weighted average common shares used in calculation of (loss) income per share:    
Weighted average common shares outstanding, Basic 1,289,302 1,205,755
Weighted average common shares outstanding, Diluted 1,289,302 1,242,922