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

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

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

May 31, 2026

The Company’s provision for income taxes consists of the following:


	Years Ended May 31,
	2026			2025
Current:
Federal	$	—		$	—
State		—			—
Total Current		—			—
Deferred:
Federal		7,237			(2,433	)
State		—			—
Change in valuation allowance		(7,237	)		2,433
Total deferred		—			—
Total income tax benefit (expense)	$	—		$	—

Schedule of reconciliation of federal statutory Income tax

The Company’s provision for income tax differs from the amount computed by applying the statutory federal income tax rate to income before taxes after the adoption of ASU 2023-09 as follows:


	Years Ended May 31,
	2026
	(in thousands)			Percent
U.S. federal statutory tax rate		(8,967	)		21.0		%
Changes in valuation allowance		7,237			(16.9	)
Non-taxable or non-deductible items
Non-deductible debt issuance costs		410			(1.0	)
Non-deductible interest on convertible notes		523			(1.2	)
Stock compensation		2			(0.0	)
Other		3			(0.0	)
Other
Stock compensation		792			(1.9	)
Total provision for income taxes		-			(0.0	)	%

The Company's provision for income tax differs from the amount computed by applying the statutory federal income tax rate to income before taxes prior to the adoption of ASU 2023-09 as follows:


	Years ended May 31,
	2025
Statutory federal income tax rate		21.0		%
Derivative loss		4.8
Non-deductible debt issuance costs		(2.3	)
Non-deductible interest on convertible notes		24.8
Non-deductible loss on induced conversion		6.6
Non-deductible debt discount amortization		2.3
Stock Compensation		6.2
NOL expiration		1.5
Other		0.0
Valuation allowance		(64.9	)
Total provision for income taxes		0.0		%

Schedule of net deferred tax assets and liabilities

As of May 31, 2026 and 2025, the net deferred tax assets consisted of the following:


	As of May 31,
	2026			2025
Deferred tax assets:
Net operating loss	$	102,730		$	97,626
Credits		2,063			2,063
ASC 718 expense on non-qualified stock options		2,146			2,724
Accrued expenses		3,438			272
Lease liability		16			30
Inventory charges		6,173			6,173
Inventory write-off		1,767			1,953
Contingent liability		9,150			9,150
Issued warrants		3,169			2,901
Section 174 R&D costs		2,695			3,179
Amortization		103			155
Fixed assets		5			4
Other		—			—
Total gross deferred tax asset		133,455			126,230
Less valuation allowance		(133,440	)		(126,203	)
Total deferred tax assets		15			27
Deferred tax liabilities:
Right-of-use asset		(15	)		(27	)
Total deferred tax liabilities		(15	)		(27	)
Net deferred tax asset (liability)	$	—		$	—

Schedule of reconciliation of the beginning and ending amount of the valuation allowance

A reconciliation of the beginning and ending amount of the valuation allowance is as follows:



	May 31, 2026		May 31, 2025
Valuation allowance at beginning of year	$	126,203	$	128,636
Change in valuation allowance		7,237		(2,433	)
Valuation allowance at end of year	$	133,440	$	126,203