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Stock-based Compensation (Tables) | 6 Months Ended
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Nov. 24, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Weighted Average Assumptions | The following table displays the estimated fair value of stock options granted and the weighted average assumptions utilized:
| Three Months Ended |  | Six Months Ended
| November 24, 2024 |  | November 24, 2024
Weighted-average grant date fair value | $2.13 |  | $2.33
Assumptions: |  |  |
Expected life (in years) | 4.35 |  | 4.35
Risk-free interest rate | 3.87% |  | 3.88%
Volatility | 52% |  | 53%
Dividend yield | —% |  | —%
Summary of Stock Option Activity | A summary of the activity under the Company’s stock option plans as of November 24, 2024 and changes during the fiscal quarter then ended is presented below:
| Options Outstanding |  | Weighted-Average Exercise Price Per Share |  | Total Intrinsic Value of Options Exercised (in thousands) |  | Weighted-Average Remaining Contractual Term in Years |  | Aggregate Intrinsic Value (in thousands)
Options outstanding at May 26, 2024 | 2,112,591 |  |  | $ | 10.88 |  |  |  |  | 2.44 |  | $ | — |
Options granted | 95,525 |  |  | 5.00 |  |  |  |  |  |  |
Options exercised | — |  |  | — |  |  | $ | — |  |  |  |  |
Options forfeited | (30,488) |  |  | 9.16 |  |  |  |  |  |  |
Options expired | (272,066) |  |  | 12.09 |  |  |  |  |  |  |
Options outstanding at November 24, 2024 | 1,905,562 |  |  | 10.44 |  |  |  |  | 1.79 |  | $ | 214 |
Options exercisable at November 24, 2024 | 1,726,328 |  |  | 10.74 |  |  |  |  | 1.37 |  | 214 |
Summary of Stock-based Compensation Activity | A summary of the Company’s RSU award activity as of November 24, 2024 and changes during the fiscal quarter then ended is presented below:
| Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value Per Share
RSUs outstanding at May 26, 2024 | 1,622,004 |  |  | $ | 7.83 |
Granted | 651,630 |  |  | 4.83 |
Vested | (588,366) |  |  | 8.32 |
Forfeited | (183,994) |  |  | 7.03 |
RSUs outstanding at November 24, 2024 | 1,501,274 |  |  | 6.43 |
A summary of the Company’s PSU award activity as of November 24, 2024 and changes during the fiscal quarter then ended is presented below:
| Performance Share Units Outstanding |  | Weighted-Average Grant Date Fair Value Per Share
PSUs outstanding at May 26, 2024 | 1,500,000 |  |  | $ | 4.66 |
Granted | 750,000 |  |  | 3.36 |
Vested | (75,000) |  |  | 4.24 |
Forfeited | — |  |  | — |
PSUs outstanding at November 24, 2024 | 2,175,000 |  |  | 4.23 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes stock-based compensation by income statement line item:
| Three Months Ended |  | Six Months Ended
| November 24, 2024 |  | November 26, 2023 |  | November 24, 2024 |  | November 26, 2023
Cost of product sales | $ | 105 |  |  | $ | 178 |  |  | 247 |  |  | $ | 362 |
Research and development | (135) |  |  | 42 |  |  | (123) |  |  | 84 |
Selling, general and administrative | 3,402 |  |  | 1,357 |  |  | 5,667 |  |  | 2,664 |
Stock-based compensation expense | 3,372 |  |  | 1,577 |  |  | 5,791 |  |  | 3,110 |
Amount capitalized into property, plant, and equipment | — |  |  | 7 |  |  | — |  |  | 16 |
Total stock-based compensation costs | $ | 3,372 |  |  | $ | 1,584 |  |  | $ | 5,791 |  |  | $ | 3,126 |

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