v3.26.1
Investor Warrants (Tables)
9 Months Ended
Jan. 31, 2026
Schedule of Warrant Liability

 

   Amount 
Fair value at issuance  $304,950,726 
Change in fair value during the period   (244,879,854)
Fair value as of January 31, 2026  $60,070,872 
Schedule of Inputs Used in Valuation Warrants

The table below summarizes the key assumption inputs used for the valuation for the period from June 7, 2025 through January 31, 2026:

 

  

Asset Manager

Warrants

 
Stock price  $17.7 
Exercise price  $10.23 
Expected term (in years)   5 
Risk-free interest rate   3.77%
Expected volatility   110%
Expected dividend yield   0%
Schedule of Warrant Outstanding

The following table summarizes information about warrants outstanding as of January 31, 2026:

 

   Grant date  Warrants outstanding   Exercise price 
Stapled warrants  Aug-25   49,504,988   $15.15 
Pre-funded warrants  Aug-25   7,750,510   $0.00 
Investor warrants  Feb-22   472,590   $60.00 
2022 Underwriter warrants  Feb-22   24,213   $61.95 
Monte Carlo [Member]  
Schedule of Inputs Used in Valuation Warrants

The Company used the Monte-Carlo option model to compute the fair value of the Stapled Warrants. The following table summarizes the level 3 inputs used in the valuation of the Stapled Warrants:

 

  

August 5, 2025

  

January 31, 2026

 
         
Stock price  $17.77   $4.99 
Expected volatility   70%   95%
Simulated trading days   754    632 
Risk-free interest rate   3.60%   3.53%
Dividend yield   -    - 
Holding period (years)   3.00    2.51