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EMPLOYEE STOCK PLANS (Tables)

12 Months Ended

May 31, 2024

EMPLOYEE STOCK PLANS

Compensation costs related to the Company's stock-based compensation

		Year Ended May 31,
(In thousands, except per share data)		2024				2023				2022
Cost of sales		$	330			$	331			$	234
Research and development			639				706				968
Selling, general and administrative			1,549				1,711				1,721
Net effect on net income		$	2,518			$	2,748			$	2,923
Effect on earnings per share:
Basic		$	0.09			$	0.10			$	0.11
Diluted		$	0.09			$	0.09			$	0.11

Stock option and RSU transactions

(in thousands)		Available Shares for Grant
Balance, May 31, 2021			573
Additional shares reserved under the 2016 Plan			1,414
Options granted			(303	)
RSUs granted			(1,044	)
RSUs cancelled			20
Shares withheld for taxes and not issued			(30	)
Options terminated			105
Balance, May 31, 2022			735
Options granted			(110	)
RSUs granted			(674	)
RSUs cancelled			60
Options terminated			16
Balance, May 31, 2023			27
Shares reserved under the 2023 Plan			1,500
Shares retired under the 2016 Plan			(95	)
Options granted			(4	)
RSUs granted			(221	)
RSUs cancelled			144
Options terminated			12
Balance, May 31, 2024			1,363

Stock option transactions

		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term				Aggregated Intrinsic Value
		(in thousands)				Per Share				(In Years)				(in thousands)
Balances, May 31, 2023			961			$	3.67				4.02			$	28,211
Options granted			4				49.21
Options terminated			(12	)			3.78
Options exercised			(251	)			2.51
Balances, May 31, 2024			702			$	4.37				3.26			$	5,322
Options exercisable, May 31, 2024			536			$	3.26				2.83			$	4,512
Options exercisable and expected to vest			701			$	4.37				3.26			$	5,320

RSUs, PRSUs, restricted shares and performance restricted shares granted

		Number of Shares				Weighted Average Grant Date Fair Value				Weighted Average Remaining Contractual Term				Aggregate Intrinsic Value
		(in thousands)				Per Share				(In Years)				(in thousands)
Unvested, May 31, 2023			345			$	6.40				2.35			$	11,392
Granted (1)			205				31.36
Vested			(170	)			9.31
Forfeited			(86	)			13.63
Unvested, May 31, 2024			294			$	20.08				2.29			$	3,381

Fair value assumptions for Option Valuation Model

		Year Ended May 31,
		2024				2023				2022
Expected term (in years)			5			5-6				5-6
Volatility			93	%			86	%			88	%
Risk-free interest rates			4.34	%			3.12	%			1.50	%
Weighted average grant date fair value		$	36.02			$	6.29			$	4.01

Fair value assumption of the ESPP Purchase Rights

		Year Ended May 31,
		2024				2023				2022
Expected term (in years)		0.5 – 2.0				0.5 – 2.0				0.5 – 2.0
Volatility		70% – 94		%		91% – 203		%		101% – 272		%
Risk-free interest rates		4.72%–5.53		%		3.97%–4.94		%		0.05%–2.44		%
Weighted average grant date fair value		$	6.30			$	13.60			$	9.68

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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