v3.26.1
Equity (Tables)
9 Months Ended
Apr. 30, 2026
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, 2025   1,652,112   $6.65    8.26   $
 
Granted   24,558    1.38    9.42    
 
Expired   
    
        
 
Cancelled / Forfeited   
    
        
 
Outstanding at April 30, 2026   1,676,670   $6.31    7.48   $
 
Exercisable at April 30, 2026   1,248,508   $7.75    7.11   $
 

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, 2025   16,228   $10.00    8.01   $
 
Cancelled / Forfeited   
    
        
 
Outstanding at April 30, 2026   16,228   $10.00    7.26   $
 
Exercisable at April 30, 2026   16,228   $10.00    7.26   $
 
Schedule of Fair Value of Options Granted

The determination of the fair value of options granted during the nine months ended April 30, 2026 used the following assumptions and key inputs:

 

Risk-free interest rate   3.74%
Expected term (in years)   5.72 
Expected volatility   88%
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   (441,909)
Warrants outstanding, April 30, 2026   645,191 

 

The following table presents the number of common stock warrants outstanding, their exercise price and expiration dates as of April 30, 2026 (the names below refer to the related Cyclo transaction prior to the Merger):

 

Name  Warrants Issued   Exercise Price   Expiration Date
August 2020 PIPE Warrant   64,543   $42.56   8/27/2027
April 2023 PIPE Warrants   253,280   $2.01   4/20/2030
October 2023 Warrant Exchange   327,368   $2.70   10/23/2027
    645,191         
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, 2025   416,720   $2.99 
Granted   473,629    1.28 
Cancelled / Forfeited   
    
            —
 
Vested   (471,951)   1.66 
Non-vested shares at April 30, 2026   418,398   $1.56 
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):

 

   Three Months Ended
April 30,
   Nine Months Ended
April 30,
 
   2026   2025   2026   2025 
General and administrative  $150   $308   $664   $1,091 
Research and development   22    45    493    123 
Total stock-based compensation expense  $172   $353   $1,157   $1,214