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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.

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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.

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