XML 67 R50.htm IDEA: XBRL DOCUMENT
v3.25.3

Equity (Tables) | 12 Months Ended
--- | ---
Jul. 31, 2025
Equity [Abstract] |
Schedule of Stock Option Activity | A summary of stock option activity for the Company is as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at July 31, 2024 |  |  | 638,409 |  |  | $ | 9.55 |  |  |  | 8.39 |  |  | $ | — |
Rollover Options |  |  | 618,702 |  |  |  | 5.84 |  |  |  | 8.30 |  |  |  |  |
Granted |  |  | 395,000 |  |  |  | 1.98 |  |  |  | 9.65 |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cancelled / Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at July 31, 2025 |  |  | 1,652,111 |  |  | $ | 6.65 |  |  |  | 8.26 |  |  | $ | — |
Exercisable at July 31, 2025 |  |  | 371,846 |  |  | $ | 14.94 |  |  |  | 6.86 |  |  | $ | — |
A summary of option activity for Rafael Medical Devices, LLC is as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at July 31, 2024 |  |  | 43,878 |  |  | $ | 10.00 |  |  |  | 9.01 |  |  | $ | — |
Cancelled / Forfeited |  |  | (14,625 | ) |  |  | 10.00 |  |  |  | 9.01 |  |  |  | — |
Outstanding at July 31, 2025 |  |  | 29,253 |  |  | $ | 10.00 |  |  |  | 8.01 |  |  | $ | — |
Exercisable at July 31, 2025 |  |  | 16,228 |  |  | $ | 10.00 |  |  |  | 8.01 |  |  | $ | — |
Schedule of Fair Value of Options Granted | The determination of the fair value of options granted during the year ended July 31, 2025 used the following weighted average assumptions and key inputs:
|  | July 31, 2025 |
Risk-free interest rate |  |  | 4.10 | %
Expected term (in years) |  |  | 6.25 |
Expected volatility |  |  | 87 | %
Expected dividend yield |  |  | — | %
Schedule of Common Stock Warrants Outstanding | The following table presents the number of common stock warrants outstanding:
Replacement Warrants issued as part of the Cyclo Merger on March 25, 2025 |  |  | 1,087,100 |
Expired |  |  | (28,198 | )
Warrants outstanding, July 31, 2025 |  |  | 1,058,902 |
The following table presents the number of common stock warrants outstanding, their exercise price, and expiration dates as of July 31, 2025 (the names below refer to the related Cyclo transaction prior to the Merger):
Name |  | Warrants Issued |  |  | Exercise Price |  |  | Expiration Date
December 2018 Units Offering Warrant |  |  | 12,407 |  |  | $ | 184.41 |  |  | 12/21/2025
Placement Agent Warrants April 2020 Think Equity Tail |  |  | 783 |  |  | $ | 31.21 |  |  | 9/27/2025
August 2020 PIPE Warrant |  |  | 64,543 |  |  | $ | 42.56 |  |  | 8/27/2027
2020 Public Offering |  |  | 380,253 |  |  | $ | 14.19 |  |  | 12/11/2025
Placement Agent Warrants December 2020 Maxim |  |  | 20,268 |  |  | $ | 17.73 |  |  | 12/11/2025
April 2023 PIPE Warrants |  |  | 253,280 |  |  | $ | 2.01 |  |  | 4/20/2030
October 2023 Warrant Exchange |  |  | 327,368 |  |  | $ | 2.70 |  |  | 10/23/2027
|  |  | 1,058,902 |  |  |  |  |  |  |
Schedule of Grants of Restricted Shares of Class B Common Stock | A summary of the status of the Company’s grants of restricted shares of Class B common stock is presented below:
|  | Number of Non-vested Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at July 31, 2024 |  |  | 608,540 |  |  | $ | 2.99 |
Granted |  |  | 473,514 |  |  |  | 1.97 |
Cancelled / Forfeited |  |  | (31,875 | ) |  |  | 7.40 |
Vested |  |  | (633,459 | ) |  |  | 2.88 |
Non-vested shares at July 31, 2025 |  |  | 416,720 |  |  | $ | 1.99 |
Schedule of Stock-Based Compensation Expense | A summary of the stock-based compensation expense for the Company’s equity incentive plans is presented below (in thousands):
|  | For the Year Ended July 31, |
|  | 2025 |  |  | 2024 |
General and administrative |  | $ | 1,962 |  |  | $ | 2,000 |
Research and development |  |  | 166 |  |  |  | 296 |
Forfeiture of RSUs within research and development |  |  | (5 | ) |  |  | — |
Total stock-based compensation expense, net of forfeitures |  | $ | 2,123 |  |  | $ | 2,296 |

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration