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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Feb. 28, 2022
STOCK-BASED COMPENSATION |
Compensation costs related to the Company's stock-based compensation | The following table summarizes the stock-based compensation expense for the three and nine months ended February 28, 2022 and 2021 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | February 28, |  |  | February 28, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Stock-based compensation in the form of employee stock options, RSUs and ESPP purchase rights, included in: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | $ | 90 |  |  | $ | 14 |  |  | $ | 248 |  |  | $ | 45 |
Selling, general and administrative |  |  | 487 |  |  |  | 194 |  |  |  | 1,259 |  |  |  | 593 |
Research and development |  |  | 303 |  |  |  | 63 |  |  |  | 679 |  |  |  | 160 |
Total stock-based compensation |  | $ | 880 |  |  | $ | 271 |  |  | $ | 2,186 |  |  | $ | 798 |
Fair value assumptions for Option Valuation Model | Fair Value. The fair values of the Company’s stock options granted to employees for the three and nine months ended February 28, 2022 and 2021, were estimated using the following weighted average assumptions in the Black-Scholes option valuation model:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | February 28, |  |  | February 28, |
|  | 2022 |  |  | 2022 |  |  | 2021 |
Expected term (in years) |  |  | 5 |  |  |  | 6 |  |  |  | 6 |
Volatility |  |  | 117 | % |  |  | 77 | % |  |  | 72 | %
Risk-free interest rate |  |  | 1.56 | % |  |  | 1.03 | % |  |  | 0.39 | %
Weighted average grant date fair value |  | $ | 9.43 |  |  | $ | 2.56 |  |  | $ | 1.09 |
Fair value assumption of the ESPP Purchase Rights | The fair values of the ESPP purchase rights granted for the nine months ended February 28, 2022 and 2021 were estimated using the following assumptions:
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | February 28, 2022 |  |  | February 28, 2021 |
Expected term (in years) |  | 0.5-2.0 |  |  | 0.5-2.0 |
Volatility |  | 101%-143% |  |  | 74%-82% |
Risk-free interest rates |  | 0.05%-0.27% |  |  | 0.10%-0.14% |
Weighted average grant date fair value |  | $ | 9.57 |  |  | $ | 0.44 |
Stock option and RSU transactions | The following tables summarize the Company’s stock option and RSU transactions during the three and nine months ended February 28, 2022 and shows the shares available to be issued at the end of each period (in thousands):
|  | Available |
|  | Shares |
Balance, May 31, 2021 |  |  | 1,137 |
Options granted |  |  | (206 | )
RSUs granted |  |  | (238 | )
Options cancelled and adjusted |  |  | (8 | )
Balance, August 31, 2021 |  |  | 685 |
Options reserved |  |  | 1,414 |
Options granted |  |  | (10 | )
RSUs granted |  |  | (14 | )
RSUs performance-based grants |  |  | (270 | )
Options cancelled |  |  | 51 |
Balance, November 30, 2021 |  |  | 1,856 |
Options granted |  |  | (2 | )
RSUs cancelled |  |  | 10 |
Options cancelled |  |  | 41 |
Balance, February 28, 2022 |  |  | 1,905 |
Stock option transactions | The following table summarizes the stock option transactions during the three and nine months ended February 28, 2022 (in thousands, except per share data):
|  | Outstanding Options |
|  |  |  |  | Weighted |  |  |  |
|  | Number |  |  | Average |  |  | Aggregate |
|  | of |  |  | Exercise |  |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Value |
Balances, May 31, 2021 |  |  | 2,766 |  |  | $ | 2.16 |  |  | $ | 807 |
Options granted |  |  | 206 |  |  | $ | 2.93 |  |  |  |  |
Options cancelled |  |  | (6 | ) |  | $ | 1.95 |  |  |  |  |
Options exercised |  |  | (641 | ) |  | $ | 2.46 |  |  |  |  |
Balances, August 31, 2021 |  |  | 2,325 |  |  | $ | 2.14 |  |  | $ | 12,365 |
Options granted |  |  | 10 |  |  | $ | 19.85 |  |  |  |  |
Options cancelled |  |  | (51 | ) |  | $ | 1.73 |  |  |  |  |
Options exercised |  |  | (571 | ) |  | $ | 2.14 |  |  |  |  |
Balances, November 30, 2021 |  |  | 1,713 |  |  | $ | 2.26 |  |  | $ | 25,997 |
Options granted |  |  | 2 |  |  | $ | 11.55 |  |  |  |  |
Options cancelled |  |  | (41 | ) |  | $ | 1.22 |  |  |  |  |
Options exercised |  |  | (66 | ) |  | $ | 2.03 |  |  |  |  |
Balances, February 28, 2022 |  |  | 1,608 |  |  | $ | 2.29 |  |  | $ | 18,248 |
Options fully vested and expected to vest at February 28, 2022 |  |  | 1,582 |  |  | $ | 2.30 |  |  | $ | 17,952 |
Options outstanding | The options outstanding and exercisable at February 28, 2022 were in the following exercise price ranges (in thousands, except per share data):
|  | Options Outstanding at February 28, 2022 |  |  | Options Exercisable at February 28, 2022 |
Range of Exercise Prices |  | Number Outstanding Shares |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Number Exercisable Shares |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
$1.22-$1.34 |  |  | 51 |  |  |  | 5.64 |  |  | $ | 1.34 |  |  |  | 51 |  |  |  | 5.64 |  |  | $ | 1.34 |  |  |  |
$1.64-$1.86 |  |  | 671 |  |  |  | 4.27 |  |  | $ | 1.71 |  |  |  | 387 |  |  |  | 3.89 |  |  | $ | 1.69 |  |  |  |
$2.03-$2.46 |  |  | 547 |  |  |  | 3.13 |  |  | $ | 2.23 |  |  |  | 447 |  |  |  | 2.92 |  |  | $ | 2.23 |  |  |  |
$2.63-$2.93 |  |  | 223 |  |  |  | 5.87 |  |  | $ | 2.92 |  |  |  | 47 |  |  |  | 4.01 |  |  | $ | 2.86 |  |  |  |
$3.46-$3.93 |  |  | 104 |  |  |  | 2.42 |  |  | $ | 3.84 |  |  |  | 104 |  |  |  | 2.42 |  |  | $ | 3.84 |  |  |  |
$9.94-$19.85 |  |  | 12 |  |  |  | 6.69 |  |  | $ | 16.54 |  |  |  | 1 |  |  |  | 6.65 |  |  | $ | 19.46 |  |  |  |
$1.22-$19.85 |  |  | 1,608 |  |  |  | 4.04 |  |  | $ | 2.29 |  |  |  | 1,037 |  |  |  | 3.42 |  |  | $ | 2.19 |  |  | $ | 11,831 |

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