Equity (Tables)

6 Months Ended

Jan. 31, 2024

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, 2023		388,409	$	14.51		8.71	$	—
Granted		250,000		1.78		10.00		—
Expired		—		—		—		—
Cancelled / Forfeited		—		—		—		—
Outstanding at January 31, 2024		638,409		9.52		8.89	$	—
Exercisable at January 31, 2024		114,602	$	13.13		8.10	$	—

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, 2023		5,266		$	3.82		9.71	$	—
Granted		43,878			10.00		9.51		—
Exercised		—			—		—		—
Cancelled / Forfeited		(5,266	)		3.82		—		—
Outstanding at January 31, 2024		43,878		$	10.00		9.51	$	—
Exercisable at January 31, 2024		11,886		$	10.00		9.51	$	—

Schedule of Value of Option Grants

The value of option grants is calculated using the Black-Scholes option pricing model with the following assumptions for options granted during the six months ended January 31, 2024:

Risk-free interest rate	3.98	%
Expected term (in years)	6.25
Expected volatility	88	%
Expected dividend yield	—	%

The following table summarizes assumptions used to compute the fair value of Units granted under the RMD 2023 Plan during the six months ended January 31, 2024:

Risk-free interest rate	4.24-4.54	%
Expected term (in years)	5-6.25
Expected volatility	113	%
Expected dividend yield	—	%

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, 2023		684,766		$	4.22
Granted		347,810			1.83
Vested		(272,928	)		3.13
Non-vested shares at January 31, 2024		759,648		$	3.36

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 Three Months Ended, January 31					For the Six Months Ended, January 31
	2024		2023			2024		2023
General and administrative	$	667	$	884		$	1,175	$	1,967
Research and development		48		43			189		140
Forfeiture of RSUs within general and administrative		—		(931	)		—		(931	)
Forfeiture of RSUs within research and development		—		(119	)		—		(119	)
Net stock-based compensation expense	$	715	$	(123	)	$	1,364	$	1,057