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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Components of AOCL, Net of Tax | The components of AOCL, net of tax, are as follows (in thousands):
| AOCL
Balance as of May 31, 2020 | $ | (2,808) |
Other comprehensive income before reclassifications, net of tax effect | (344) |
Amounts reclassified from OCI | 1,794 |
Other comprehensive income, net | 1,450 |
Balance as of May 30, 2021 | (1,358) |
Amounts reclassified from OCI | 772 |
Other comprehensive income, net | 772 |
Balance as of May 29, 2022 | (586) |
Amounts reclassified from OCI | 586 |
Other comprehensive income, net | 586 |
Balance as of May 28, 2023 | $ | — |
Schedule of Accounts, Notes, Loans and Financing Receivable | The changes in the allowance for credit losses related to accounts receivable are as follows (in thousands):
| Year Ended
| May 28, 2023 |  | May 29, 2022 |  | May 30, 2021
|  |  | As Restated |  | As Restated
Beginning balance | $ | 522 |  |  | $ | 522 |  |  | $ | — |
Provision | 163 |  |  | — |  |  | 773 |
Charge-offs | (200) |  |  | — |  |  | (251) |
Ending Balance | $ | 485 |  |  | $ | 522 |  |  | $ | 522 |
Disaggregation of Revenue | The Company disaggregates its revenue based on how it markets its products and services and reviews results of operations. The following tables disaggregates revenue by major product lines and services (in thousands):
| Year Ended
| May 28, 2023 |  | May 29, 2022 |  | May 30, 2021
|  |  | As Restated |  | As Restated
Contract development and manufacturing organization | $ | 76,378 |  |  | $ | 86,353 |  |  | $ | 75,789 |
Fermentation | 26,891 |  |  | 23,007 |  |  | 22,790 |
Other | — |  |  | 1,910 |  |  | 2,295 |
Total | $ | 103,269 |  |  | $ | 111,270 |  |  | $ | 100,874 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands):
| May 28, 2023 |  | May 29, 2022 |  | May 30, 2021
|  |  | As Restated |  | As Restated
Cash and cash equivalents – Consolidated Balance Sheet | $ | 19,091 |  |  | $ | 991 |  |  | $ | 763 |
Cash and cash equivalents, discontinued operations | — |  |  | 652 |  |  | 532 |
Cash and cash equivalents – Consolidated Statement of Cash Flow | $ | 19,091 |  |  | $ | 1,643 |  |  | $ | 1,295 |
Schedule of Inventories | As of May 28, 2023 and May 29, 2022, inventories consisted of the following (in thousands):
| Year Ended
| May 28, 2023 |  | May 29, 2022
|  |  | As Restated
Finished goods | $ | 13,141 |  |  | $ | 13,397 |
Raw materials | 17,351 |  |  | 15,488 |
Work in progress | 10,349 |  |  | 7,115 |
Total inventories | $ | 40,841 |  |  | $ | 36,000 |
Schedule of Diluted Net (Loss) Income Per Share | The following table sets forth the computation of diluted net loss per share:
| Year Ended
(in thousands, except per share amounts) | May 28, 2023 |  | May 29, 2022 |  | May 30, 2021
|  |  | As Restated |  | As Restated
Numerator: |  |  |  |  |
Net loss | $ | (99,563) |  |  | $ | (116,715) |  |  | $ | (32,294) |
Denominator: |  |  |  |  |
Weighted average shares for basic net loss per share | 29,958 |  |  | 29,466 |  |  | 29,294 |
Weighted average shares for diluted net loss per share | 29,958 |  |  | 29,466 |  |  | 29,294 |
Diluted net loss per share | $ | (3.32) |  |  | $ | (3.97) |  |  | $ | (1.10) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of the Company’s assets and liabilities that are measured at fair value on a recurring and non-recurring basis (in thousands):
| Fair Value at May 28, 2023 |  | Fair Value at May 29, 2022
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets held for sale - nonrecurring | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,027 |
Total assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,027 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Debt derivative liability | $ | — |  |  | $ | — |  |  | $ | 64,900 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 64,900 |  |  |  |  | $ | — |  |  | $ | — |
Fair Value Measurement Inputs and Valuation Techniques | The key inputs to the valuation models that were utilized to estimate the fair value of the debt derivative liability were as follows as of May 28, 2023:
|  | Debt Derivative Liability |
Assumptions |  |  |
Discount rate |  | 22.3% — 24.5% |
Implied spread |  | 18.5% |
Risk free rate |  | 3.8% — 6.0% |
Schedule of Fair Value Reconciliation of Level 3 | The following table reflects the fair value roll forward reconciliation of Level 3 assets and liabilities measured at fair value for the twelve months ended May 29, 2022 (in thousands):
| Windset Investment (As Restated) |  |
Balance as of May 30, 2021 | $ | 44,769 |  |  |
Sale of Investment in non-public company | (44,769) |  |  |
Balance as of May 29, 2022 | $ | — |  |  |

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