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Stock-based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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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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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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