CytoDyn Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Equity Awards and Warrants (Tables)

Equity Awards and Warrants (Tables)

6 Months Ended

Nov. 30, 2022

Equity Awards and Warrants

Schedule of warrant liability and equity

(in thousands)		Liability Classified Warrants
Balance at May 31, 2022	$	—
Classified as liability due to lack of shares availability at issuance		14,522
Classified as equity upon increase in availability		(23,123)
Loss on derivative due to change in fair market value		8,601
Balance at August 31, 2022	$	—

Schedule of assumptions used in determination of fair value



		Initial Fair Market Value At Issuance				Fair Market Value at August 31, 2022
		Backstop	Backstop	Placement		Backstop	Backstop	Placement
		Warrant #1	Warrant #2	Agent Warrants		Warrant #1	Warrant #2	Agent Warrants
Fair value of underlying stock		$ 0.44	$ 0.42	$ 0.44		$ 0.52	$ 0.52	$ 0.52
Risk free rate		3.17%	3.06%	3.13%		3.34%	3.31%	3.16%
Expected term (in years)		4.65	5.00	10.00		4.46	4.88	9.82
Stock price volatility		110.20%	109.49%	95.99%		117.29%	113.59%	95.87%
Expected dividend yield		0.00%	0.00%	0.00%		0.00%	0.00%	0.00%

Stock Option and Warrant Activity


							Weighted
							average
				Weighted			remaining		Aggregate
		Number of		average			contractual		intrinsic
(in thousands, except per share data)		shares		exercise price			life in years		value
Options and warrants outstanding at May 31, 2022		90,705		$	0.77		4.06		$	352
Granted		116,439		$	0.29
Exercised		(2,097)		$	0.79
Forfeited, expired, and cancelled		(2,147)		$	1.49
Options and warrants outstanding at November 30, 2022		202,900		$	0.48		4.80		$	9,616
Options and warrants outstanding and exercisable at November 30, 2022		189,085		$	0.47		4.48		$	9,540

Schedule of Company RSU and PSU activity


		Number of		Weighted-average
(in thousands, except per share data)		RSUs and PSUs (1)		grant date fair value
Unvested RSUs and PSUs at May 31, 2022		300		$	3.12
RSUs and PSUs granted		1,293			0.58
Unvested RSUs and PSUSs forfeited		(67)			3.12
RSUs and PSUs vested		(150)			3.12
Unvested RSUs and PSUs at November 30, 2022		1,376		$	0.73

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