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Income Taxes (Tables) | 12 Months Ended
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May 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense for the fiscal years ended May 31, 2025, 2024, and 2023 consisted of the following (in thousands):
| May 31, 2025 |  | May 31, 2024 |  | May 31, 2023
Current expense (benefit) |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
Foreign | — |  |  | — |  |  | — |
State | 102 |  |  | 96 |  |  | 18 |
Total current expense | 102 |  |  | 96 |  |  | 18 |
Deferred expense (benefit) |  |  |  |  |
Federal | — |  |  | — |  |  | (540) |
Foreign | — |  |  | — |  |  | — |
State | — |  |  | — |  |  | — |
Total deferred (benefit) expense | — |  |  | — |  |  | (540) |
Total income tax (benefit) expense | $ | 102 |  |  | $ | 96 |  |  | $ | (523) |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the statutory rate to our effective tax rate for the fiscal years ended May 31, 2025, 2024, and 2023:
| May 31, 2025 |  | May 31, 2024 |  | May 31, 2023
Expected income tax rate at the U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Stock-based compensation | (0.9) | % |  | 2.0 | % |  | (6.0) | %
State income taxes, net of federal tax benefit | — | % |  | (0.1) | % |  | — | %
Convertible debt instruments | (12.1) | % |  | (2.1) | % |  | — | %
Change in valuation allowance | (7.5) | % |  | (19.8) | % |  | (13.0) | %
Other, net | (0.5) | % |  | (1.1) | % |  | (0.8) | %
Effective income tax rate | — | % |  | (0.1) | % |  | 1.2 | %
Schedule of Deferred Tax Assets and Liabilities | The primary components of the temporary differences that gave rise to the Company's deferred tax assets and liabilities for the fiscal years ended May 31, 2025 and 2024 are as follows (in thousands):
| May 31, 2025 |  | May 31, 2024
Deferred tax assets |  |  |
Net operating loss | $ | 59,963 |  |  | $ | 42,810 |
Stock-based compensation | 2,006 |  |  | 2,758 |
Capitalized research and development | 13,088 |  |  | 4,039 |
Interest expense | 12,759 |  |  | 4,854 |
Convertible debt instruments | — |  |  | 3,101 |
Lease liability | 17,587 |  |  | 29,508 |
Other | 824 |  |  | 662 |
Deferred tax assets, gross | 106,227 |  |  | 87,732 |
Less: valuation allowance | (65,856) |  |  | (47,005) |
Total deferred tax assets, net | 40,371 |  |  | 40,727 |
Deferred tax liabilities |  |  |
Property and equipment | (18,887) |  |  | (6,202) |
Right of use assets | (21,484) |  |  | (34,525) |
Other | — |  |  | — |
Total deferred tax liability, net | (40,371) |  |  | (40,727) |
Net deferred tax asset | $ | — |  |  | $ | — |

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