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

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 31, 2026
May 31, 2025
Cash flows from operating activities:    
Net (loss) income $ (42,699) $ 3,745
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 17 18
Standby equity purchase agreement non-cash commitment fee 300 0
Issuance costs for private placement of shares and warrants through placement agent 1,628 0
Amortization of discount on convertible notes 0 407
Gain on restructuring of payables 0 (407)
Loss on derivatives 0 852
Loss on induced conversion 0 1,180
Stock-based compensation 1,630 1,612
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 4,006 (4,840)
Accounts payable, accrued expenses, and other liabilities 17,866 (11,332)
Net cash used in operating activities (17,252) (8,765)
Cash flows from investing activities:    
Net cash provided by/used in investing activities 0 0
Cash flows from financing activities:    
Proceeds from warrant transactions, net of offering costs 0 10,377
Proceeds from sale of common stock and warrants, net of issuance costs 16,320 0
Proceeds from warrant exercises 0 1,081
Proceeds from standby equity purchase agreement, net of issuance costs 874 0
Proceeds from exercise of stock options 149 106
Cash paid for note payable (142) (710)
Net cash provided by financing activities 17,201 10,854
Net change in cash and cash equivalents (51) 2,089
Cash and cash equivalents at beginning of period 11,903 9,814
Cash and cash equivalents at end of period 11,852 11,903
Cash and cash equivalents consisted of the following:    
Cash and cash equivalents 11,852 11,903
Restricted cash 0 0
Total cash and restricted cash 11,852 11,903
Supplemental disclosure:    
Cash paid for interest 22 25
Non-cash investing and financing transactions:    
Issuance of common stock for interest on convertible notes 9,500 4,500
Accrued dividends on Series C and D convertible preferred stock 1,481 1,478
Dividend paid in common stock on Series C convertible preferred stock conversions 103 0
Cashless exercise of warrants 0 2
Warrants issued to placement agent $ 2,754 $ 0