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Fair Value Measurements (Tables)
 6 Months Ended
Nov. 24, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities
The following table summarizes the fair value of the Company’s balance sheet components that are measured at fair value on a recurring and non-recurring basis:
Type of measurementMeasurement dateType of measurement
Level 1Level 2Level 3
Liabilities:
Debt derivative liabilityRecurringNovember 24, 2024$— $— $23,300 
Debt derivative liabilityRecurringMay 26, 2024— — 25,400 
Stockholders' equity:
Conversion ratio improvement provided to preferred stockholdersNon- recurringOctober 3, 20242,132 — — 
Schedule of Derivative Liabilities Assumptions
Key inputs used to develop the discount rate for the fair value measurements at the balance sheet dates were as follows:
November 24, 2024May 26, 2024
Probability of change in control event80%80%
Discount rates used in change in control scenario:
Total range
18.8% — 19.2%
21.3% — 22.3%
Credit spread
14.5%
16.8%
Risk-free rate range
4.3% — 4.7%
4.5% — 5.5%
Schedule of Fair Value Reconciliation of Level 3
The following table reflects the roll forward reconciliation of Level 3 recurring fair value measurements:
Three Months EndedSix Months Ended
November 24, 2024November 26, 2023November 24, 2024November 26, 2023
Balance at beginning of period$24,500 $64,700 $25,400 $64,900 
Decrease in fair value(1)
(1,200)(20,700)(2,100)(20,900)
Balance at end of period$23,300 $44,000 $23,300 $44,000 
(1) For the three and six months ended November 24, 2024 and November 26, 2023, the decreases in fair value are recorded in the “Change in fair value of debt derivative liability, related party” line within the condensed consolidated statement of operations.