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

Equity Incentive Plan (Tables)

v3.26.1
Equity Incentive Plan (Tables)
 12 Months Ended
May 31, 2026
Equity Incentive Plan  
Schedule of stock option activity

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

remaining

 

 

Aggregate

 

 

 

Number of

 

 

average

 

 

contractual

 

 

intrinsic

 

(in thousands, except per share data and years)

 

shares

 

 

exercise price

 

 

life in years

 

 

value

 

Options outstanding at May 31, 2024

 

 

25,849

 

 

$

 

0.60

 

 

 

7.77

 

 

$

 

—

 

Granted

 

 

13,025

 

 

$

 

0.17

 

 

 

 

 

 

 

 

Exercised

 

 

(500

)

 

$

 

0.21

 

 

 

 

 

 

 

72

 

Forfeited, expired and cancelled

 

 

(50

)

 

$

 

0.66

 

 

 

 

 

 

 

 

Options outstanding at May 31, 2025

 

 

38,324

 

 

$

 

0.46

 

 

 

7.65

 

 

$

 

4,039

 

Granted

 

 

18,221

 

 

$

 

0.28

 

 

 

 

 

 

 

 

Exercised

 

 

(714

)

 

$

 

0.21

 

 

 

 

 

 

 

74

 

Forfeited, expired and cancelled

 

 

(5,675

)

 

$

 

0.75

 

 

 

 

 

 

 

 

Options outstanding at May 31, 2026

 

 

50,156

 

 

$

 

0.36

 

 

 

7.97

 

 

$

 

3,146

 

Options outstanding and exercisable at May 31, 2026

 

 

26,945

 

 

$

 

0.45

 

 

 

6.75

 

 

$

 

2,131

 
Summary of fair values of stock options granted

 

Years ended May 31,

 

2026

 

2025

Expected Volatility

107.2 - 128.6

 

%

 

123.2 - 130.4

 

%

Weighted-Average Volatility

 

120.29

 

%

 

 

127.02

 

%

Expected Dividends

 

—

 

%

 

 

—

 

%

Expected Term (In years)

5.2 - 6.1

 

 

 

5.1 - 6.1

 

 

Risk-Free Rate

 

4.10

 

%

 

 

3.96

 

%
Schedule of Company RSU and PSU activity

The following table summarizes the Company’s PSU activity. No RSUs were outstanding at the dates shown.

 

 

 

 

 

 

 

Weighted

 

 

Weighted average

 

 

 

 

 

 

 

average

 

 

remaining

 

(shares in thousands)

 

Number of
PSUs (1)

 

 

 

grant date
fair value

 

 

contractual
life in years

 

Unvested PSUs at May 31, 2024

 

 

—

 

 

$

 

 

 

 

 

PSUs granted

 

 

3,500

 

 

 

 

0.41

 

 

 

 

PSUs forfeited

 

 

—

 

 

 

 

 

 

 

 

PSUs vested

 

 

—

 

 

 

 

 

 

 

 

Unvested PSUs at May 31, 2025

 

 

3,500

 

 

 

 

0.41

 

 

 

1.75

 

PSUs granted

 

 

—

 

 

 

 

 

 

 

 

PSUs forfeited

 

 

—

 

 

 

 

 

 

 

 

PSUs vested

 

 

—

 

 

 

 

 

 

 

 

Unvested PSUs at May 31, 2026

 

 

3,500

 

 

$

 

0.41

 

 

 

2.00

 

 

(1)
The number of PSUs disclosed in this table are at the target level of 100%.