CytoDyn Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Equity Awards and Warrants (Tables)

Equity Awards and Warrants (Tables)

9 Months Ended

12 Months Ended

Feb. 28, 2023

May 31, 2022

Equity Awards and Warrants

Schedule of assumptions used in determination of fair value


		Initial Fair Market Value at Issuance								Fair Market Value at Equity Classification
		Backstop		Backstop		Placement		Backstop		Backstop		Backstop		Placement		Backstop
		Warrant #1		Warrant #2		Agent Warrants		Warrant #3		Warrant #1		Warrant #2		Agent Warrants		Warrant #3
Fair value of underlying stock		$ 0.44		$ 0.42		$ 0.44		$ 0.35		$ 0.52		$ 0.52		$ 0.52		$ 0.32
Risk free rate		3.17%		3.06%		3.13%		3.68%		3.34%		3.31%		3.16%		4.18%
Expected term (in years)		4.65		5.00		10.00		5.00		4.46		4.88		9.82		4.76
Stock price volatility		110.20%		109.49%		95.99%		124.36%		117.29%		113.59%		95.87%		126.67%
Expected dividend yield		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%


		Years ended May 31,
		2022			2021
Expected Volatility		94.3% - 122.0	%		80.3% - 127.8	%
Weighted-Average Volatility		104.89	%		84.86	%
Expected Dividends		—	%		—	%
Expected Term (In years)		1.5 - 6.0			2.5 - 6.0
Risk-Free Rate		1.67	%		0.45	%

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, 2022		17,457		$	1.53		7.79		$	—
Granted		12,417		$	0.41
Exercised		—		$	—
Forfeited, expired, and cancelled		(7,783)		$	1.16
Options outstanding at February 28, 2023		22,091		$	1.02		8.12		$	—
Options outstanding and exercisable at February 28, 2023		12,698		$	1.28		7.15		$	—


							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, 2021		60,774		$	0.95		4.37		$	68,061
Granted		50,205		$	0.72
Exercised		(5,677)		$	0.71
Forfeited, expired, and cancelled		(14,597)		$	1.36
Options and warrants outstanding at May 31, 2022		90,705		$	0.77		4.06		$	352
Options and warrants outstanding and exercisable at May 31, 2022		82,918		$	0.69		3.61		$	352

Schedule of options and warrants exercises

Schedule of Warrant activity


							Weighted
							average
				Weighted			remaining		Aggregate
		Number of		average			contractual		intrinsic
(in thousands, except for share data and years)		shares		exercise price			life in years		value
Warrants outstanding at May 31, 2022		73,248		$	0.59		3.18		$	352
Granted		119,022		$	0.25
Exercised		(4,965)		$	0.75
Forfeited, expired, and cancelled		(7,412)		$	0.75
Warrants outstanding at February 28, 2023		179,893		$	0.33		4.39		$	12,245
Warrants outstanding and exercisable at February 28, 2023		179,893		$	0.33		4.39		$	12,245