Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Temporary Equity and Stockholders' Equity (Unaudited)

v3.26.3
Condensed Consolidated Statements of Temporary Equity and Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Conversion of Series B Preferred Stock to common stock
Exercise of warrants
Common Stock
Common Stock
Conversion of Series B Preferred Stock to common stock
Common Stock
Exercise of warrants
Additional Paid-in Capital
Additional Paid-in Capital
Conversion of Series B Preferred Stock to common stock
Additional Paid-in Capital
Exercise of warrants
Accumulated Deficit
Temporary equity outstanding (in shares) at May. 31, 2025 [1] 0                  
Temporary equity , beginning balance at May. 31, 2025 [1] $ 0                  
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Accretion of Series B Preferred Stock to redemption value (deemed dividend) $ 0                  
Temporary equity outstanding (in shares) at Aug. 31, 2025 [1] 0                  
Temporary equity , ending balance at Aug. 31, 2025 [1] $ 0                  
Beginning balance, common stock (in shares) at May. 31, 2025 [2]       138,216,820            
Balance, beginning period at May. 31, 2025 76,152     $ 138     $ 225,156     $ (149,142)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Capital contributions from Applied Parent 24,228           24,228      
Stock-based compensation expense 90                 90
Net loss (11,243)                 (11,243)
Ending balance, common stock (in shares) at Aug. 31, 2025 [2]       138,216,820            
Balance, ending period at Aug. 31, 2025 $ 89,227     $ 138     249,384     (160,295)
Temporary equity outstanding (in shares) at May. 31, 2026 [1] 2,926                  
Temporary equity , beginning balance at May. 31, 2026 [1] $ 2,012                  
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Conversion of Series B Preferred Stock to common stock (in shares) [1]   (2,926)                
Conversion of Series B Preferred Stock to common stock [1]   $ (2,183)                
Accretion of Series B Preferred Stock to redemption value (deemed dividend) [1] $ 171                  
Temporary equity outstanding (in shares) at Aug. 31, 2026 [1] 0                  
Temporary equity , ending balance at Aug. 31, 2026 [1] $ 0                  
Beginning balance, common stock (in shares) at May. 31, 2026 145,212,325     145,212,325            
Balance, beginning period at May. 31, 2026 $ 180,025     $ 145     379,342     (199,462)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Conversions of Series B Preferred Stock / Exercise of warrants (in shares)         355,961 66,666        
Conversions of Series B Preferred Stock / Exercise of warrants   $ 2,183 $ 1,000         $ 2,183 $ 1,000  
Accretion of Series B Preferred Stock to redemption value (deemed dividend) (171)           (171)      
Equity incentive (in shares)       2,500            
Stock-based compensation expense 10,097           10,097      
Net loss $ (42,484)                 (42,484)
Ending balance, common stock (in shares) at Aug. 31, 2026 145,637,452     145,637,452            
Balance, ending period at Aug. 31, 2026 $ 150,650     $ 145     $ 392,451     $ (241,946)
[1] Refer to Note 13. Temporary Equity for additional information regarding the January 2026 Series B Preferred Stock (as defined below).
[2] In accordance with Accounting Standards Codification (“ASC”) 805, the historical stockholders’ equity of the Company prior to the Business Combination (as defined below) has been retrospectively adjusted for the equivalent number of shares received in the share exchange with the difference between the par value of these shares and the consideration reflected in Additional Paid-in Capital. Refer to Note 3. Business Combinations for additional information.