Protalex (PRTX) S-1 31 Jul 15 IPO registration Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	May. 31, 2015
Document Information [Line Items]
Document Type	S1
Amendment Flag	false
Document Period End Date	May 31, 2015
Entity Registrant Name	PROTALEX INC
Entity Central Index Key	1,099,215
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PRTX

BALANCE SHEETS

BALANCE SHEETS - USD ($)	May. 31, 2015	May. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 928,279	$ 1,614,758
Prepaid expenses	56,431	45,327
Total current assets	984,710	1,660,085
OTHER ASSETS:
Intellectual technology property, net of accumulated amortization of $15,108 and $14,088 as of May 31, 2015 and May 31, 2014, respectively	4,427	5,447
Total other assets	4,427	5,447
Total Assets	989,137	1,665,532
CURRENT LIABILITIES:
Accounts payable	494,954	412,718
Accrued expenses	59,701	40,135
Total current liabilities	554,655	452,853
LONG TERM LIABILITIES:
Senior Secured Note - related party	12,524,366	9,000,000
Senior Secured Note Accrued Interest - related party	498,570	397,168
Total liabilities	13,577,591	9,850,021
STOCKHOLDERS' (DEFICIT)
Preferred stock, par value $0.00001, 1,000,000 shares authorized; none issued and outstanding	0	0
Common stock, par value $0.00001, 100,000,000 shares authorized; 28,767,582 and 28,767,582 shares issued and outstanding, respectively	288	288
Additional paid in capital	72,618,336	65,402,505
Accumulated deficit	(85,207,078)	(73,587,282)
Total stockholders’ (deficit)	(12,588,454)	(8,184,489)
Total liabilities and stockholders’ (deficit)	$ 989,137	$ 1,665,532

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	May. 31, 2015	May. 31, 2014
Intellectual technology property, accumulated amortization	$ 15,108	$ 14,088
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	28,767,582	28,767,582
Common stock, shares outstanding	28,767,582	28,767,582

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	May. 31, 2015	May. 31, 2014
Revenues	$ 0	$ 0
Operating Expenses
Research and development	2,989,311	3,232,321
Administrative	7,785,086	7,750,587
Professional fees	523,613	584,585
Depreciation and amortization	1,020	1,020
Operating loss	(11,299,030)	(11,568,513)
Other income (expense)
Interest income	3	4
Interest expense	(320,769)	(283,720)
Loss before income taxes	(11,619,796)	(11,852,229)
Provision for income taxes	0	0
Net loss	$ (11,619,796)	$ (11,852,229)
Weighted average number of common shares outstanding	28,767,582	26,222,563
Loss per common share - basic and diluted	$ (0.40)	$ (0.45)

STATEMENT OF CHANGES IN STOCKHO

STATEMENT OF CHANGES IN STOCKHOLDERS' (DEFICIT) - USD ($)	Total	Issuance During Period 1st	Issuance During Period 2nd	Common Stock	Common StockIssuance During Period 1st	Common StockIssuance During Period 2nd	Additional Paid in Capital	Additional Paid in CapitalIssuance During Period 1st	Additional Paid in CapitalIssuance During Period 2nd	Accumulated Deficit	Accumulated DeficitIssuance During Period 1st	Accumulated DeficitIssuance During Period 2nd
Beginning Balance at May. 31, 2013	$ (8,496,871)			$ 189			$ 53,237,993			$ (61,735,053)
Beginning Balance (in shares) at May. 31, 2013				18,926,683
Shared-based Expense (in shares)				0
Shared-based Expense	7,228,008			$ 0			7,228,008			0
Common stock issued (in shares)					9,369,565	471,334
Common stock issued		$ 2,155,000	$ 2,781,603		$ 94	$ 5		$ 2,154,906	$ 2,781,598		$ 0	$ 0
Net loss	(11,852,229)			0			0			(11,852,229)
Ending balance at May. 31, 2014	(8,184,489)			$ 288			65,402,505			(73,587,282)
Ending balance (in shares) at May. 31, 2014				28,767,582
Shared-based Expense (in shares)				0
Shared-based Expense	7,215,831			$ 0			7,215,831			0
Net loss	(11,619,796)			0			0			(11,619,796)
Ending balance at May. 31, 2015	$ (12,588,454)			$ 288			$ 72,618,336			$ (85,207,078)
Ending balance (in shares) at May. 31, 2015				28,767,582

STATEMENT OF CHANGES IN STOCKH6

STATEMENT OF CHANGES IN STOCKHOLDERS' (DEFICIT) (Parenthetical) - shares	12 Months Ended
	May. 31, 2014	Jan. 23, 2014	Aug. 27, 2013
Common Stock Shares Issued	28,767,582
Common Stock [Member]
Common Stock Shares Issued		471,334	9,369,565
Issuance During Period 1st
Common Stock issued, issuance date	Aug. 27, 2013
Issuance During Period 2nd
Common Stock issued, issuance date	Jan. 23, 2014

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	May. 31, 2015	May. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (11,619,796)	$ (11,852,229)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities
Depreciation and amortization	1,020	1,020
Equity based expense	7,215,831	7,228,008
(Increase)/decrease in:
Prepaid expenses and deposits	(11,104)	(3,008)
Increase/(decrease) in:
Accounts payable and accrued expenses	101,801	(281,402)
Accrued interest payable	320,769	283,720
Net cash and cash equivalents used in operating activities	(3,991,479)	(4,623,891)
CASH FLOWS FROM INVESTING ACTIVITIES:	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock issuance, including options and warrants exercised	0	2,781,603
Issuance of note payable to related party	3,305,000	1,000,000
Net cash and cash equivalents provided by financing activities	3,305,000	3,781,603
NET (DECREASE) IN CASH AND CASH EQUIVALENTS	(686,479)	(842,288)
Cash and cash equivalents, beginning	1,614,758	2,457,046
Cash and cash equivalents, ending	928,279	1,614,758
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
Interest paid	0	0
Taxes paid	0	0
NONCASH FINANCING ACTIVITIES:
Conversion of debt to equity	$ 0	$ 2,155,000

ORGANIZATION AND BUSINESS ACTIV

ORGANIZATION AND BUSINESS ACTIVITIES	12 Months Ended
	May. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS ACTIVITIES	ORGANIZATION AND BUSINESS ACTIVITIES The Company is focused on the development of a class of biopharmaceutical drugs for treating autoimmune and inflammatory diseases including rheumatoid arthritis (RA) and Immune Thrombocytopenia (ITP). Its lead product candidate, PRTX-100, is a formulation of highly-purified form of staphylococcal protein A, which is an immune modulating protein produced by bacteria. The Company maintains an administrative office in Florham Park, New Jersey and currently outsources all of its product development and regulatory activities, including clinical trial activities, manufacturing and laboratory operations to third-party contract research organizations and facilities. In April 2009, the Company ceased all operations and terminated all employees in light of insufficient funds to continue its clinical trials and related product development. The Company’s business was dormant until new management took control of its operations in November 2009. Since then the Company has been actively pursuing the commercial development of PRTX-100 for the treatment of RA. On December 8, 2010, the Company effected a reverse stock split of the outstanding shares of its common stock, with par value of $ 0.00001 PRTX-100 has demonstrated effectiveness in animal models of autoimmune diseases as well as demonstrated activity on cultured human immune cells at very low concentrations, although the effectiveness of PRTX-100 shown in pre-clinical studies using animal models may not be predictive of the results that the Company would see in future human clinical trials. The safety, tolerability and pharmakinetics have been characterized in five clinical studies. The Company does not anticipate generating operating revenue for the foreseeable future and does not currently have any products that are marketable. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The ability of the Company to continue as a going concern is dependent upon developing products that are regulatory approved and market accepted. There is no assurance that these plans will be realized in whole or in part. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

CHANGE OF OWNERSHIP TRANSACTION

CHANGE OF OWNERSHIP TRANSACTION	12 Months Ended
	May. 31, 2015
Working Capital Information [Abstract]
CHANGE OF OWNERSHIP TRANSACTION	2. CHANGE OF OWNERSHIP TRANSACTION On November 11, 2009 (the “Effective Date”), the Company consummated a financing transaction (the “Financing”) in which it raised $ 3,000,000 8,695,652 0.23 2 0.23 1 1 37,500 4,510,870 As contemplated by the Purchase Agreement, all of the Company’s executive officers and all of the members of its Board of Directors (the “Board”) prior to the closing of the Financing, with the exception of Frank M. Dougherty, resigned effective concurrently with the closing of the Financing. Mr. Dougherty resigned effective upon the expiration of the 10-day notice period required by Rule 14f-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In addition, effective upon the closing of the Financing, the Board appointed Arnold P. Kling as a director and then elected him as the Company’s president and elected Kirk M. Warshaw as the Company’s chief financial officer and secretary. On February 11, 2011, for the purpose of providing the Company with additional working capital, pursuant to an existing Credit Facility Agreement dated as of December 2, 2009 (the “Facility”) with Niobe, the Company issued to Niobe a senior secured convertible promissory note in the principal amount of $ 2 0.23 8,695,652 3 The $2 Million Secured Convertible Note was convertible at any time, by the holder, subject only to the requirement that the Company have sufficient authorized shares of Common Stock after taking into account all outstanding shares of Common Stock and the maximum number of shares issuable under all issued and outstanding convertible securities. In addition, the $2 Million Secured Convertible Note would automatically be converted if the Company undertake certain Fundamental Transactions, as defined in the $2 Million Secured Convertible Note, (such as a merger, sale of all of the Company’s assets, exchange or tender offer, or reclassification of its stock or compulsory exchange). The $2 Million Secured Convertible Note also provided for the adjustment of the conversion price in the event of stock dividends and stock splits, and provides for acceleration of maturity, at the holder’s option, upon an event of default, as defined in the $2 Million Secured Convertible Note. On August 27, 2013, Niobe elected to convert the principal and accrued interest of $ 2,155,000 2 9,369,565 During the period February 1, 2012 to August 27 , 2013 the Company raised a total of $ 9,000,000 3 On October 11, 2013, the Company issued a Consolidated, Amended and Restated Promissory Note to Niobe in the principal amount of $ 9,219,366 9.0 3 7.5 7.5 On January 23, 2014, the Company consummated a private placement financing to accredited investors of 471,334 6.00 2,828,000 On November 4, 2014, the Company entered into a new Credit Facility Agreement (the “2014 Credit Facility Agreement”) pursuant to which it may borrow up to an additional $ 5 300,000 3 In addition, on November 4, 2014, the Company entered into a Note Modification Agreement (the “Note Modification Agreement”) with Niobe pursuant to which the Consolidated Note, as modified in October 2014, was further amended to increase the threshold amount requiring a Mandatory Prepayment from $ 7.5 10 10 Pursuant to the terms and condition of the 2014 Credit Facility Agreement, as of May 31, 2015, the Company borrowed an aggregate of $ 3,305,000

GOING CONCERN

GOING CONCERN	12 Months Ended
	May. 31, 2015
Going Concern Disclosure [Abstract]
GOING CONCERN	3. GOING CONCERN There is substantial doubt about the Company’s ability to continue as a going concern. From inception through May 31, 2015, the Company has incurred an accumulated deficit of $ 85,207,078 11,619,796 11,852,229 3,991,479 4,623,891 928,279 430,055 The Company has no significant payments due on long-term obligations. However, the Company anticipates entering into significant contracts to perform product manufacturing and to conduct clinical trials in the future and that it will need to raise additional capital to fund the ongoing FDA regulatory approval process. If the Company is unable to obtain approval of its future IND applications or otherwise advance in the FDA approval process, its ability to sustain its operations would be significantly jeopardized. The most likely sources of additional financing include the private sale of the Company’s equity or debt securities. Additional capital that is required by the Company may not be available on reasonable terms, or at all.

BASIS OF ACCOUNTING AND SUMMARY

BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	May. 31, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions affecting the reported amounts of assets, liabilities, and expense, and the disclosure of contingent assets and liabilities. Estimated amounts could differ from actual results. The Financial Accounting Standards Board (FASB) has issued accounting guidance “Earnings Per Share” that provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share include no dilution and is computed by dividing the loss to common stockholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. As of May 31, 2015 and 2014, the Company had a total of 3,807,543 4,317,543 Effective June 1, 2006, the Company adopted the FASB accounting guidance for fair value recognition provisions of the “Accounting for Share-Based Payment”. This standard requires the Company to measure the cost of employee services received in exchange for equity share options granted based on the grant-date fair value of the options. The cost is recognized as compensation expense over the vesting period of the options. The fair value of compensation costs attributed to equity rights issued was $ 7,215,831 7,228,008 The Board of Directors (the “Board”) adopted and the stockholders approved the 2003 Stock Option Plan in October 2003 which was subsequently amended in October 2005. The plan was adopted to recognize the contributions made by the Company’s employees, officers, consultants, and directors, to provide those individuals with additional incentive to devote themselves to the Company’s future success, and to improve the Company’s ability to attract, retain and motivate individuals upon whom the Company’s growth and financial success depends. Under the plan, stock options may be granted as approved by the Board or the Compensation Committee of the Board. There are 900,000 37,000 800 As of May 31, 2015, the Company has issued 3,807,943 400 The accounting guidance requires the use of a valuation model to calculate the fair value of each stock-based award. The Company uses the Black-Scholes model to estimate the fair value of stock options granted based on the following assumptions: Expected Term or Life . The expected term or life of stock options granted issued represents the expected weighted average period of time from the date of grant to the estimated date that the stock option would be fully exercised. The weighted average expected option term was determined using a combination of the “simplified method” for plain vanilla options as allowed by the accounting guidance. The “simplified method” calculates the expected term as the average of the vesting term and original contractual term of the options. Expected Volatility . Expected volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate. Expected volatility is based on the historical daily volatility of the price of our common shares. The Company estimated the expected volatility of the stock options at grant date. Risk-Free Interest Rate. The risk-free interest rate is based on the implied yield on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of our stock-based awards. As of May 31, 2015, there were 3,807,543 500,007 600,000 five year 8.22 6.00 1,110,000 Year Ended Year Ended May 31, 2015 May 31, 2014 Dividends per year 0 0 Volatility percentage 570 % 418% - 696 % Risk free interest rate 1.60 % 4.00 % Expected life (years) 5 5-10 Weighted Average Fair Value $ 6.74 $ 8.51 For the purposes of reporting cash flows, the Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and highly liquid investments with original maturities of 60 days or less to be cash and cash equivalents. The cash and cash equivalent deposits are not insured by The Federal Deposit Insurance Corporation (“FDIC”). The Company’s intellectual technology property was originally licensed from a former related party. This intellectual technology property was then assigned to the Company upon the dissolution of the related party. The cost of the intellectual technology property is being amortized over a 20 1,020 1,020 1,020 Income taxes are recognized using enacted tax rates, and are composed of taxes on financial accounting income that is adjusted for the requirement of current tax law and deferred taxes. Deferred taxes are accounted for using the liability method. Under this method, deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company does not expect to have current income taxes payable or deferred tax asset balances for the foreseeable future. The FASB accounting guidance for income taxes establishes the criterion that an individual tax position has to meet for some or all of the benefits of that position to be recognized in the Company’s financial statements. On initial application, ASC 740 must be applied to all tax positions for which the statute of limitations remains open. Only tax positions that meet the more-likely-than-not recognition threshold at the adoption date will be recognized or continue to be recognized. The cumulative effect of applying this accounting guidance is to be reported as an adjustment to retained earnings at the beginning of the period in which it is adopted. Research and development costs are expensed as incurred and also include depreciation as reported above. The Company adopted FASB ASC 820-Fair Value Measurements and Disclosure or ASC 820 for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company values its financial instruments as required by estimating their fair value. The estimated fair value amounts have been determined by the Company, using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The Company’s financial instruments primarily consist of cash and cash equivalents, convertible debt, accounts payable and accruals. Cash and cash equivalents include money market securities and commercial paper that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to the short maturities of these instruments and that the interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective year ends. Except as set forth below, management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. In June 2014, FASB issued ASU No. 2014-12, “ Compensation – Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. Entities may apply the amendments in this ASU either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. The Company is currently reviewing the provisions of this ASU to determine if there will be any impact on its results of operations, cash flows or financial condition. In August 2014, the FASB issued Accounting Standards Update “ASU” 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt,

INCOME TAXES

INCOME TAXES	12 Months Ended
	May. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	5. INCOME TAXES Year Ended Year Ended Current: Federal $ 0 $ 0 State 0 0 Deferred: Federal 3,951,000 4,028,000 State 697,000 711,000 Tax credits 219,000 185,000 Permanent timing difference (2,997,000) (2,999,000) Increase in valuation allowance (1,870,000) (1,925,000) Income tax benefit $ 0 $ 0 Year Ended Year Ended Statutory federal income tax rate (34) % (34) % State income taxes, net of federal income tax impact (6) % (6) % Change in valuation allowance 16 % 17 % Permanent timing differences 26 % 25 % General business credit/other (2) % (2) % 0 % 0 % May 31, 2015 May 31, 2014 Assets: Net operating losses $ 23,200,000 $ 21,550,000 General business credit 2,759,000 2,540,000 Deferred tax assets 25,959,000 24,090,000 Liability: Gross deferred tax asset 25,959,000 24,090,000 Less valuation allowance (25,959,000) (24,090,000) Deferred tax asset, net of valuation allowance $ 0 $ 0 The gross deferred tax assets have been fully offset by a valuation allowance and has no uncertain tax positions to be disclosed. Internal Revenue Code Section 382 places a limitation on the amount of taxable income that can be offset by carryforwards after a change in control. As a result of these provisions, utilization of the NOL and tax credit carryforwards may be limited. Most of the deferred tax asset of net operating loss carryforwards and tax credits are subject to a Section 382 limitation on the amount to be utilized in a given year. The years May 31, 2012 through 2015 remain subject to examination by the relevant tax authorities. The Company is subject to U.S. federal income tax as well as income taxes of state jurisdiction. The Company is not currently under examination by any Federal or state jurisdiction. The federal statute of limitations and state are opened from inception forward. Management believes that the accrual for tax liabilities is adequate for all open years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. On the basis of present information, it is the opinion of the Company’s management that there are no pending assessments that will result in a material adverse effect on the Company’s financial statements over the next twelve months. The Company recognizes any interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses for all periods presented. The Company has not recorded any material interest or penalties during any of the years presented.

SENIOR SECURED NOTE - RELATED P

SENIOR SECURED NOTE - RELATED PARTY AND OTHER RELATED PARTY TRANSACTIONS	12 Months Ended
	May. 31, 2015
Debt Disclosure [Abstract]
SENIOR SECURED NOTE - RELATED PARTY	6. SENIOR SECURED NOTE – RELATED PARTY AND OTHER RELATED PARTY TRANSACTIONS Senior Secured Note – Related Party On November 11, 2009 (the “Effective Date”), the Company consummated a financing transaction (the “Financing”) in which it raised $ 3,000,000 8,695,652 0.23 2 1 0.23 1 37,500 4,510,870 On February 11, 2011, for the purpose of providing the Company with additional working capital, pursuant to an existing Credit Facility Agreement dated as of December 2, 2009 (the “Facility”) with Niobe, the Company issued to Niobe a senior secured convertible promissory note in the principal amount of $ 2 0.23 8,695,652 3 The $2 Million Secured Convertible Note was convertible at any time, by the holder, subject only to the requirement that the Company have sufficient authorized shares of Common Stock after taking into account all outstanding shares of Common Stock and the maximum number of shares issuable under all issued and outstanding convertible securities. In addition, the $2 Million Secured Convertible Note would automatically be converted if the Company undertake certain Fundamental Transactions, as defined in the $2 Million Secured Convertible Note, (such as a merger, sale of all of the Company’s assets, exchange or tender offer, or reclassification of its stock or compulsory exchange). The $2 Million Secured Convertible Note also provided for the adjustment of the conversion price in the event of stock dividends and stock splits, and provides for acceleration of maturity, at the holder’s option, upon an event of default, as defined in the $2 Million Secured Convertible Note. On August 27, 2013, Niobe elected to convert the principal and accrued interest of $ 2,155,000 2 9,369,565 During the period February 1, 2012 to August 27 , 2013 the Company raised a total of $ 9,000,000 3 On October 11, 2013, the Company issued a Consolidated, Amended and Restated Promissory Note to Niobe in the principal amount of $ 9,219,366 9.0 3 7.5 7.5 On November 4, 2014, the Company entered into a new Credit Facility Agreement (the “2014 Credit Facility Agreement”) pursuant to which it may borrow up to an additional $ 5 300,000 3 In addition, on November 4, 2014, the Company entered into a Note Modification Agreement (the “Note Modification Agreement”) with Niobe pursuant to which the Consolidated Note, as modified in October 2014, was further amended to increase the threshold amount requiring a Mandatory Prepayment from $ 7.5 10 10 Pursuant to the terms and condition of the 2014 Credit Facility Agreement, as of May 31, 2015, the Company borrowed an aggregate of $ 3,305,000 All of the securities issued in the aforementioned financings were issued in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Act”) pursuant to Section 4(a)(5) and Rule 506 of Regulation D thereof. The offer, sale and issuance of such securities were made without general solicitation or advertising. The securities were offered and issued only to “accredited investors” as such term is defined in Rule 501 under the Act. Niobe, a majority stockholder of the Company and the holder of the Secured Notes, is controlled by the Company’s President and Director, Arnold P. Kling. Other Related Party Transactions During the fiscal year ended May 31, 2014, the Company issued an option for an aggregate of 250,000 9.00 2,018,000 1,084,386 During the fiscal year ended May 31, 2015, the Company issued an additional option for an aggregate of 100,000 6.00 625,000 625,000 During the fiscal year ended May 31, 2015, the Company issued an option for an aggregate of 100,000 6.00 625,000 625,000

STOCK OPTIONS

STOCK OPTIONS	12 Months Ended
	May. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK OPTIONS	. STOCK OPTIONS Prior to January 22, 2004, all options were issued as “stand alone” options. On January 22, 2004, the Board approved the Protalex, Inc. 2003 Stock Option Plan., and on October 25, 2005, the stockholders approved an amendment to the Protalex, Inc. 2003 Stock Option Plan to increase the authorized number of shares under the Plan from 300,000 900,000 3,807,543 27,000 800 3,780,543 3,524,209 The 1,000,000 1.05 1.39 1,771,750 735,667 The 1,300,000 8.40 9.00 9,385,000 5,789,996 Shares Weighted Weighted Outstanding at May 31, 2012 2,268,927 1.27 7.65 Granted 1,000,000 1.22 10 Exercised 0 0 0 Forfeited 0 0 0 Expired (211,385) 7.52 0 Outstanding at May 31, 2013 3,057,542 1.09 8.08 Granted 1,300,000 8.51 5.83 Exercised 0 0 0 Forfeited 0 0 0 Expired (40,000) 7.50 0 Outstanding May 31, 2014 4,317,543 3.26 6.67 Granted 600,000 6.74 5 Exercised 0 0 0 Forfeited (1,110,000) 2.46 0 Outstanding at May 31, 2015 3,807,543 4.04 5.76 Exercisable at May 31, 2015 3,524,209 The outstanding and exercisable stock options as of May 31, 2015 and 2014 had an intrinsic value of $ 9,043,243 20,782,678 The 600,000 options issued during the year were issued at an exercise price that was equal to the market price at the time the options were granted. Total Exercisable Exercise Price Number Weighted Weighted Number Weighted Weighted $0.00 – 1.00 930,543 $ 0.36 5.17 930,543 $ 0.36 5.17 $1.01 – 5.00 1,150,000 $ 1.11 6.88 1,150,000 $ 1.11 6.88 $5.01 – 10.00 1,700,000 $ 7.89 5.40 1,416,667 $ 7.89 6.05 $10.01 – 15.00 27,000 $ 14.19 .89 27,000 $ 14.19 .89 3,807,543 $ 4.04 5.76 3,524,209 $ 3.74 4.75

STOCKHOLDERS DEFICIT

STOCKHOLDERS DEFICIT	12 Months Ended
	May. 31, 2015
Stockholders Equity Note [Abstract]
STOCKHOLDERS DEFICIT	8. STOCKHOLDERS DEFICIT On December 8, 2010, the Company effected a reverse stock split of the outstanding shares of its common stock, with par value of $0.00001 per share (“Common Stock”), on the basis of one share of Common Stock for each five shares of Common Stock outstanding. All references in these financial statements and notes to financial statements to number of shares, price per share and weighted average number of shares outstanding of Common Stock prior to this reverse stock split have been adjusted to reflect the reverse stock split on a retroactive basis unless otherwise noted, On December 8, 2010, the Company authorized one million shares of a “blank check” class of preferred stock. On August 27, 2013, Niobe elected to convert the principal and accrued interest of $2,155,000 under the $2 Million Secured Convertible Note into 9,369,565 shares of Common Stock. On January 23, 2014, the Company consummated a private placement financing to accredited investors of 471,334 shares of Common Stock at $6.00 per share, yielding gross proceeds of $2,828,000. Costs associated with this equity raise was in the amount of $46,397. No commissions were payable in connection with the financing transaction. Proceeds of the financing will be used for working capital purposes, principally to fund ongoing clinical trials and studies and related activities. The investors in the offering were granted piggy-back registration rights in connection with certain registration statements filed by the Company, subject to certain exceptions, including a registration statement filed in connection with a primary offering by the Company.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	May. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	9. COMMITMENTS AND CONTINGENCIES The Company leases space on a month to month basis. Rent expense for the year ended May 31, 2015 and 2014, was $2,200 and $7,401, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	May. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS On July 1, 2015 the Company issued non-qualified stock options for an aggregate of 800,000 5.41 On July 1, 2015, the Company borrowed an additional $ 345,000 The Company has evaluated subsequent events and has determined that there were no other subsequent events to recognize or disclose in these financial statements.

BASIS OF ACCOUNTING AND SUMMA18

BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	May. 31, 2015
Accounting Policies [Abstract]
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions affecting the reported amounts of assets, liabilities, and expense, and the disclosure of contingent assets and liabilities. Estimated amounts could differ from actual results.
Loss per Common Share	Loss per Common Share The Financial Accounting Standards Board (FASB) has issued accounting guidance “Earnings Per Share” that provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share include no dilution and is computed by dividing the loss to common stockholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. As of May 31, 2015 and 2014, the Company had a total of 3,807,543 4,317,543
Share Based Compensation	Share-Based Compensation Effective June 1, 2006, the Company adopted the FASB accounting guidance for fair value recognition provisions of the “Accounting for Share-Based Payment”. This standard requires the Company to measure the cost of employee services received in exchange for equity share options granted based on the grant-date fair value of the options. The cost is recognized as compensation expense over the vesting period of the options. The fair value of compensation costs attributed to equity rights issued was $ 7,215,831 7,228,008 The Board of Directors (the “Board”) adopted and the stockholders approved the 2003 Stock Option Plan in October 2003 which was subsequently amended in October 2005. The plan was adopted to recognize the contributions made by the Company’s employees, officers, consultants, and directors, to provide those individuals with additional incentive to devote themselves to the Company’s future success, and to improve the Company’s ability to attract, retain and motivate individuals upon whom the Company’s growth and financial success depends. Under the plan, stock options may be granted as approved by the Board or the Compensation Committee of the Board. There are 900,000 37,000 800 As of May 31, 2015, the Company has issued 3,807,943 400 The accounting guidance requires the use of a valuation model to calculate the fair value of each stock-based award. The Company uses the Black-Scholes model to estimate the fair value of stock options granted based on the following assumptions: Expected Term or Life . The expected term or life of stock options granted issued represents the expected weighted average period of time from the date of grant to the estimated date that the stock option would be fully exercised. The weighted average expected option term was determined using a combination of the “simplified method” for plain vanilla options as allowed by the accounting guidance. The “simplified method” calculates the expected term as the average of the vesting term and original contractual term of the options. Expected Volatility . Expected volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate. Expected volatility is based on the historical daily volatility of the price of our common shares. The Company estimated the expected volatility of the stock options at grant date. Risk-Free Interest Rate. The risk-free interest rate is based on the implied yield on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of our stock-based awards. As of May 31, 2015, there were 3,807,543 500,007 600,000 five year 8.22 6.00 1,110,000 Year Ended Year Ended May 31, 2015 May 31, 2014 Dividends per year 0 0 Volatility percentage 570 % 418% - 696 % Risk free interest rate 1.60 % 4.00 % Expected life (years) 5 5-10 Weighted Average Fair Value $ 6.74 $ 8.51
Cash and Cash Equivalents	Cash and Cash Equivalents For the purposes of reporting cash flows, the Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and highly liquid investments with original maturities of 60 days or less to be cash and cash equivalents. The cash and cash equivalent deposits are not insured by The Federal Deposit Insurance Corporation (“FDIC”).
Intellectual Technology Property, Amortization	Intellectual Technology Property, Amortization The Company’s intellectual technology property was originally licensed from a former related party. This intellectual technology property was then assigned to the Company upon the dissolution of the related party. The cost of the intellectual technology property is being amortized over a 20 1,020 1,020 1,020
Income Taxes	Income Taxes Income taxes are recognized using enacted tax rates, and are composed of taxes on financial accounting income that is adjusted for the requirement of current tax law and deferred taxes. Deferred taxes are accounted for using the liability method. Under this method, deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company does not expect to have current income taxes payable or deferred tax asset balances for the foreseeable future. The FASB accounting guidance for income taxes establishes the criterion that an individual tax position has to meet for some or all of the benefits of that position to be recognized in the Company’s financial statements. On initial application, ASC 740 must be applied to all tax positions for which the statute of limitations remains open. Only tax positions that meet the more-likely-than-not recognition threshold at the adoption date will be recognized or continue to be recognized. The cumulative effect of applying this accounting guidance is to be reported as an adjustment to retained earnings at the beginning of the period in which it is adopted.
Research and Development	Research and Development Research and development costs are expensed as incurred and also include depreciation as reported above.
Financial Instruments	Financial Instruments The Company adopted FASB ASC 820-Fair Value Measurements and Disclosure or ASC 820 for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company values its financial instruments as required by estimating their fair value. The estimated fair value amounts have been determined by the Company, using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The Company’s financial instruments primarily consist of cash and cash equivalents, convertible debt, accounts payable and accruals. Cash and cash equivalents include money market securities and commercial paper that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to the short maturities of these instruments and that the interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective year ends.
New Accounting Pronouncements	Except as set forth below, management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. In June 2014, FASB issued ASU No. 2014-12, “ Compensation – Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. Entities may apply the amendments in this ASU either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. The Company is currently reviewing the provisions of this ASU to determine if there will be any impact on its results of operations, cash flows or financial condition. In August 2014, the FASB issued Accounting Standards Update “ASU” 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt,

BASIS OF ACCOUNTING AND SUMMA19

BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	May. 31, 2015
Accounting Policies [Abstract]
Fair Value of Assumptions of Options Estimated On Grant Date	The fair value of the options is estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions: Year Ended Year Ended May 31, 2015 May 31, 2014 Dividends per year 0 0 Volatility percentage 570 % 418% - 696 % Risk free interest rate 1.60 % 4.00 % Expected life (years) 5 5-10 Weighted Average Fair Value $ 6.74 $ 8.51

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	May. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	For the years ended May 31, 2015 and 2014, the components of income tax benefit (expense) consist of the following: Year Ended Year Ended Current: Federal $ 0 $ 0 State 0 0 Deferred: Federal 3,951,000 4,028,000 State 697,000 711,000 Tax credits 219,000 185,000 Permanent timing difference (2,997,000) (2,999,000) Increase in valuation allowance (1,870,000) (1,925,000) Income tax benefit $ 0 $ 0
Schedule of Effective Income Tax Rate Reconciliation	Income tax as a percentage of income for the year ended May 31, 2015 and 2014 differ from statutory federal income tax rates due to the following: Year Ended Year Ended Statutory federal income tax rate (34) % (34) % State income taxes, net of federal income tax impact (6) % (6) % Change in valuation allowance 16 % 17 % Permanent timing differences 26 % 25 % General business credit/other (2) % (2) % 0 % 0 %
Schedule of Deferred Tax Assets and Liabilities	The components of the net deferred tax asset as of May 31, 2015 and 2014 are as follows: May 31, 2015 May 31, 2014 Assets: Net operating losses $ 23,200,000 $ 21,550,000 General business credit 2,759,000 2,540,000 Deferred tax assets 25,959,000 24,090,000 Liability: Gross deferred tax asset 25,959,000 24,090,000 Less valuation allowance (25,959,000) (24,090,000) Deferred tax asset, net of valuation allowance $ 0 $ 0

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	12 Months Ended
	May. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	A summary of the Common Stock option activity for employees, directors, officers and consultants as of May 31, 2015 and for the three years then ended is as follows: Shares Weighted Weighted Outstanding at May 31, 2012 2,268,927 1.27 7.65 Granted 1,000,000 1.22 10 Exercised 0 0 0 Forfeited 0 0 0 Expired (211,385) 7.52 0 Outstanding at May 31, 2013 3,057,542 1.09 8.08 Granted 1,300,000 8.51 5.83 Exercised 0 0 0 Forfeited 0 0 0 Expired (40,000) 7.50 0 Outstanding May 31, 2014 4,317,543 3.26 6.67 Granted 600,000 6.74 5 Exercised 0 0 0 Forfeited (1,110,000) 2.46 0 Outstanding at May 31, 2015 3,807,543 4.04 5.76 Exercisable at May 31, 2015 3,524,209
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range	The following summarizes certain information regarding stock options at May 31, 2015: Total Exercisable Exercise Price Number Weighted Weighted Number Weighted Weighted $0.00 – 1.00 930,543 $ 0.36 5.17 930,543 $ 0.36 5.17 $1.01 – 5.00 1,150,000 $ 1.11 6.88 1,150,000 $ 1.11 6.88 $5.01 – 10.00 1,700,000 $ 7.89 5.40 1,416,667 $ 7.89 6.05 $10.01 – 15.00 27,000 $ 14.19 .89 27,000 $ 14.19 .89 3,807,543 $ 4.04 5.76 3,524,209 $ 3.74 4.75

ORGANIZATION AND BUSINESS ACT22

ORGANIZATION AND BUSINESS ACTIVITIES - Additional Information (Detail) - $ / shares	May. 31, 2015	May. 31, 2014	Dec. 08, 2010
Organization and Nature Of Operations [Line Items]
Reverse stock split, Common stock, par value	$ 0.00001	$ 0.00001	$ 0.00001

CHANGE OF OWNERSHIP TRANSACTI23

CHANGE OF OWNERSHIP TRANSACTION - Additional Information (Detail) - Subsequent Event Type [Domain] - USD ($)	Nov. 04, 2014	Oct. 11, 2013	Feb. 11, 2011	Nov. 11, 2009	Jan. 23, 2014	Oct. 11, 2013	Aug. 27, 2013	May. 31, 2015	May. 31, 2014
Class of Stock [Line Items]
Proceeds From Notes Payable								$ 3,305,000	$ 1,000,000
Private Placement
Class of Stock [Line Items]
Restricted shares of common stock issued					471,334
Share Price					$ 6
Proceeds from Issuance of Private Placement					$ 2,828,000
Senior Secured Note
Class of Stock [Line Items]
Debt instrument, face amount		$ 9,000,000				$ 9,000,000
Secured note payable, interest rate		0.00%				3.00%
Debt instrument carrying amount		$ 9,219,366				$ 9,219,366
Proceeds from Repayments of secured debt		7,500,000				$ 7,500,000
Terms of consolidated note identical to secured notes						(a) the maturity date is September 1, 2015, which is after the latest maturity date of any of the Secured Notes; and (b) it provides for partial mandatory repayment in the event that the Company receives aggregate gross proceeds in excess of $7.5 million from a single or multiple “Liquidity Events” in an amount equal to twenty-five (25%) percent of such gross proceeds.
Consummation of equity financing, amount		$ 7,500,000				$ 7,500,000
Niobe Ventures LLC
Class of Stock [Line Items]
Notes Payable	$ 7,500,000
Niobe Ventures LLC | Note Modification Agreement [Member]
Class of Stock [Line Items]
Notes Payable	10,000,000
Proceeds From Notes Payable	10,000,000
Niobe Ventures LLC | Senior Secured Note
Class of Stock [Line Items]
Senior secured convertible promissory note							$ 2,000,000
Accrued interest on senior secured convertible promissory note							2,155,000
Debt instrument, face amount							$ 2,000,000	$ 9,000,000
Secured note payable, interest rate								0.00%
Debt Conversion, Converted Instrument, Shares Issued							9,369,565
Line of Credit Facility, Remaining Borrowing Capacity	5,000,000
Loans Payable	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Long-term Line of Credit								$ 3,305,000
Niobe Ventures LLC | Securities Purchase Agreement
Class of Stock [Line Items]
Additional working capital raised				$ 3,000,000
Restricted shares of common stock issued				8,695,652
Common Stock issued, per share			$ 0.23	$ 0.23
Restricted shares of common stock issued, value			$ 2,000,000	$ 2,000,000
Niobe Ventures LLC | Securities Purchase Agreement | Senior Secured Note
Class of Stock [Line Items]
Senior secured convertible promissory note			1,000,000	$ 1,000,000
Accrued interest on senior secured convertible promissory note			$ 37,500
Senior secured convertible promissory note, conversion price per share				$ 0.23
Shares of common stock issuable upon conversion of senior secured convertible promissory note			4,510,870
Credit Facility Agreement | Niobe Ventures LLC | Senior Secured Note
Class of Stock [Line Items]
Restricted shares of common stock issued			8,695,652
Senior secured convertible promissory note			$ 2,000,000
Senior secured convertible promissory note, conversion price per share			$ 0.23
Debt instrument, interest rate, effective percentage			3.00%

GOING CONCERN - Additional Info

GOING CONCERN - Additional Information (Detail) - USD ($)	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Cash Flow Supplemental Disclosures [Line Items]
Deficit accumulated during the development stage	$ 85,207,078
Net loss	11,619,796	$ 11,852,229
Cash used in operating activities	3,991,479	4,623,891
Cash and cash equivalents	928,279	$ 1,614,758	$ 2,457,046
Net working capital deficit	$ 430,055

BASIS OF ACCOUNTING AND SUMMA25

BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - Plan Name [Domain] - USD ($)	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013	May. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost included in operating expenses		$ 5,789,996	$ 735,667
Share based compensation, number of options issued during period	3,780,543
Share based compensation, number of options exercised during period	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 9 months 4 days	6 years 8 months 1 day	8 years 29 days
Share based compensation, number of stock options outstanding	3,807,543	4,317,543	3,057,542	2,268,927
Aggregate unrecognized compensation cost of unvested options	$ 500,007
Share based compensation, number of stock options granted during period	600,000	1,300,000	1,000,000
Share based compensation, number of stock options expired during period		40,000	211,385
Amortization period for intellectual property	20 years
Amortization expenses	$ 1,020	$ 1,020
Future amortization expenses	$ 1,020
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 6.74	$ 8.51	$ 1.22
Stock Incentive Plan 2003
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for grants of options	900,000
Share based compensation, number of options issued during period	37,000
Share based compensation, number of options exercised during period	800
Stand-Alone Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, number of options issued during period	3,807,943
Share based compensation, number of options exercised during period	400
Operating Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost included in operating expenses	$ 7,215,831	$ 7,228,008
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potentially dilutive securities	3,807,543	4,317,543
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years
Share based compensation, number of stock options granted during period	600,000
Share based compensation, number of stock options expired during period	1,110,000
Stock Option | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 8.22
Stock Option | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 6

Fair Value of Assumptions of Op

Fair Value of Assumptions of Options Estimated on Grant Date (Detail) - $ / shares	12 Months Ended
	May. 31, 2015	May. 31, 2014
Assumptions used to Determine Fair Value Options [Line Items]
Dividends per year	$ 0	$ 0
Volatility percentage	570.00%
Risk free interest rate	1.60%	4.00%
Expected life (years)	5 years
Weighted Average Fair Value	$ 6.74	$ 8.51
Minimum
Assumptions used to Determine Fair Value Options [Line Items]
Volatility percentage		418.00%
Expected life (years)		5 years
Maximum
Assumptions used to Determine Fair Value Options [Line Items]
Volatility percentage		696.00%
Expected life (years)		10 years

Components of Income Tax Benefi

Components of Income Tax Benefit (Expense) (Detail) - USD ($)	12 Months Ended
	May. 31, 2015	May. 31, 2014
Current:
Federal	$ 0	$ 0
State	0	0
Deferred:
Federal	3,951,000	4,028,000
State	697,000	711,000
Tax credits	219,000	185,000
Permanent timing difference	(2,997,000)	(2,999,000)
Increase in valuation allowance	(1,870,000)	(1,925,000)
Income tax benefit	$ 0	$ 0

Income Tax as a Percentage of I

Income Tax as a Percentage of Income (Detail)	12 Months Ended
	May. 31, 2015	May. 31, 2014
Effective Income Tax Rate Reconciliation, Percent [Line Items]
Statutory federal income tax rate	(34.00%)	(34.00%)
State income taxes, net of federal income tax impact	(6.00%)	(6.00%)
Change in valuation allowance	16.00%	17.00%
Permanent timing differences	26.00%	25.00%
General business credit/other	(2.00%)	(2.00%)
Effective Income Tax Rate Reconciliation, Percent, Total	0.00%	0.00%

Components of Deferred Tax Asse

Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	May. 31, 2015	May. 31, 2014
Assets:
Net operating losses	$ 23,200,000	$ 21,550,000
General business credit	2,759,000	2,540,000
Deferred tax assets	25,959,000	24,090,000
Liability:
Gross deferred tax asset	25,959,000	24,090,000
Less valuation allowance	(25,959,000)	(24,090,000)
Deferred tax asset, net of valuation allowance	$ 0	$ 0

SENIOR SECURED NOTE - RELATED30

SENIOR SECURED NOTE - RELATED PARTY AND OTHER RELATED PARTY TRANSACTIONS - Additional Information (Detail) - Plan Name [Domain] - Range [Domain] - USD ($)	Nov. 04, 2014	Oct. 11, 2013	Feb. 11, 2011	Nov. 11, 2009	Oct. 11, 2013	Aug. 27, 2013	May. 31, 2015	May. 31, 2014	May. 31, 2013
Related Party Transaction [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross							600,000	1,300,000	1,000,000
Weighted average exercise price of options							$ 6.74	$ 8.51	$ 1.22
Share-based compensation arrangement by share-based payment award, award vesting rights								Some of these options vested 50% upon issuance and the remainder vest on their one year anniversary. Some options vest ratably over 2 years while some vest upon the achievement of certain benchmarks.	Some of these options vested 50% upon issuance and the remainder vest on their one year anniversary. Some options vest ratably over 2 years while some vest upon the achievement of certain benchmarks.
Share-based Compensation							$ 7,215,831	$ 7,228,008
Proceeds From Notes Payable							3,305,000	$ 1,000,000
Senior Secured Note
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 9,000,000			$ 9,000,000
Secured note payable, interest rate		0.00%			3.00%
Debt instrument carrying amount		$ 9,219,366			$ 9,219,366
Proceeds from Repayments of secured debt		7,500,000			$ 7,500,000
Terms of consolidated note identical to secured notes					(a) the maturity date is September 1, 2015, which is after the latest maturity date of any of the Secured Notes; and (b) it provides for partial mandatory repayment in the event that the Company receives aggregate gross proceeds in excess of $7.5 million from a single or multiple “Liquidity Events” in an amount equal to twenty-five (25%) percent of such gross proceeds.
Consummation of equity financing, amount		$ 7,500,000			$ 7,500,000
Niobe Ventures LLC
Related Party Transaction [Line Items]
Notes Payable	$ 7,500,000
Niobe Ventures LLC | Note Modification Agreement [Member]
Related Party Transaction [Line Items]
Notes Payable	10,000,000
Proceeds From Notes Payable	10,000,000
Niobe Ventures LLC | Senior Secured Note
Related Party Transaction [Line Items]
Senior secured convertible promissory note						$ 2,000,000
Accrued interest on senior secured convertible promissory note						2,155,000
Debt instrument, face amount						$ 2,000,000	$ 9,000,000
Secured note payable, interest rate							0.00%
Debt Conversion, Converted Instrument, Shares Issued						9,369,565
Line of Credit Facility, Remaining Borrowing Capacity	5,000,000
Loans Payable	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Long-term Line of Credit							$ 3,305,000
Niobe Ventures LLC | Senior Secured Note | Credit Facility Agreement
Related Party Transaction [Line Items]
Senior secured convertible promissory note			$ 2,000,000
Senior secured convertible promissory note, conversion price per share			$ 0.23
Debt instrument, interest rate, effective percentage			3.00%
Restricted shares of common stock issued			8,695,652
Niobe Ventures LLC | Stock Purchase Agreement
Related Party Transaction [Line Items]
Additional working capital raised				$ 3,000,000
Common Stock issued, per share			$ 0.23	$ 0.23
Restricted shares of common stock issued, value			$ 2,000,000	$ 2,000,000
Restricted shares of common stock issued				8,695,652
Niobe Ventures LLC | Stock Purchase Agreement | Senior Secured Note
Related Party Transaction [Line Items]
Senior secured convertible promissory note			1,000,000	$ 1,000,000
Accrued interest on senior secured convertible promissory note			$ 37,500
Senior secured convertible promissory note, conversion price per share				$ 0.23
Shares of common stock issuable upon conversion of senior secured convertible promissory note			4,510,870
Mr. Elser
Related Party Transaction [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross							100,000
Weighted average exercise price of options							$ 6
Fair value of options							$ 625,000
Share-based Compensation							$ 625,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							5 years
Marco Elser [Member]
Related Party Transaction [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross								250,000
Weighted average exercise price of options								$ 9
Share-based compensation arrangement by share-based payment award, award vesting rights								vests 1/3 upon issuance, 1/3 on the 12 month anniversary date of issuance and 1/3 on May 4, 2016.
Fair value of options								$ 2,018,000
Share-based Compensation								$ 1,084,386
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								10 years
Kirk Warshaw [Member]
Related Party Transaction [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross							100,000
Weighted average exercise price of options							$ 6
Fair value of options							$ 625,000
Share-based Compensation							$ 625,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							5 years

Summary of the Common Stock Opt

Summary of the Common Stock Option Activity for Employees, Directors, Officers and Consultants (Detail) - $ / shares	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Outstanding at Beginning of Period	4,317,543	3,057,542	2,268,927
Shares Granted	600,000	1,300,000	1,000,000
Shares Exercised	0	0	0
Shares Forfeited	(1,110,000)	0	0
Shares Expired		(40,000)	(211,385)
Shares Outstanding at End of Period	3,807,543	4,317,543	3,057,542
Shares Exercisable at May 31, 2015	3,524,209
Weighted AverageExercise Price, Outstanding at Beginning of Period	$ 3.26	$ 1.09	$ 1.27
Weighted AverageExercise Price, Granted	6.74	8.51	1.22
Weighted AverageExercise Price, Exercised	0	0	0
Weighted AverageExercise Price, Forfeited	2.46	0	0
Weighted AverageExercise Price, Expired		7.50	7.52
Weighted AverageExercise Price, Outstanding at End of Period	$ 4.04	$ 3.26	$ 1.09
Expiry term of options			7 years 7 months 24 days
Weighted AverageRemaining ContractualTerm (Years), Granted	5 years	5 years 9 months 29 days	10 years
Weighted AverageRemaining ContractualTerm (Years), Exercised
Weighted AverageRemaining ContractualTerm (Years), Forfeited
Weighted AverageRemaining ContractualTerm (Years), Expired
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 9 months 4 days	6 years 8 months 1 day	8 years 29 days

Summary of the Common Stock O32

Summary of the Common Stock Option, by Exercise Price Range (Detail) - May. 31, 2015 - $ / shares	Total
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Total Number	3,807,543
Total Weighted Average Exercise Price	$ 4.04
Total Weighted Average Remaining Life (years)	5 years 9 months 4 days
Exercisable Number	3,524,209
Exercisable Weighted Average Exercise Price	$ 3.74
Exercisable, Weighted Average Remaining Life (years)	4 years 9 months
Exercise Price Range One
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 0
Exercise Price Range, Upper Range Limit	$ 1
Total Number	930,543
Total Weighted Average Exercise Price	$ 0.36
Total Weighted Average Remaining Life (years)	5 years 2 months 1 day
Exercisable Number	930,543
Exercisable Weighted Average Exercise Price	$ 0.36
Exercisable, Weighted Average Remaining Life (years)	5 years 2 months 1 day
Exercise Price Range Two
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 1.01
Exercise Price Range, Upper Range Limit	$ 5
Total Number	1,150,000
Total Weighted Average Exercise Price	$ 1.11
Total Weighted Average Remaining Life (years)	6 years 10 months 17 days
Exercisable Number	1,150,000
Exercisable Weighted Average Exercise Price	$ 1.11
Exercisable, Weighted Average Remaining Life (years)	6 years 10 months 17 days
Exercise Price Range Three
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 5.01
Exercise Price Range, Upper Range Limit	$ 10
Total Number	1,700,000
Total Weighted Average Exercise Price	$ 7.89
Total Weighted Average Remaining Life (years)	5 years 4 months 24 days
Exercisable Number	1,416,667
Exercisable Weighted Average Exercise Price	$ 7.89
Exercisable, Weighted Average Remaining Life (years)	6 years 18 days
Exercise Price Range Four
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 10.01
Exercise Price Range, Upper Range Limit	$ 15
Total Number	27,000
Total Weighted Average Exercise Price	$ 14.19
Total Weighted Average Remaining Life (years)	10 months 20 days
Exercisable Number	27,000
Exercisable Weighted Average Exercise Price	$ 14.19
Exercisable, Weighted Average Remaining Life (years)	10 months 20 days

STOCK OPTIONS - Additional Info

STOCK OPTIONS - Additional Information (Detail) - USD ($)	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013	May. 31, 2012	Oct. 25, 2005
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, shares issued in period	3,780,543
Share-based compensation arrangement by share-based payment award, options, exercises in period	0	0	0
Share-based compensation arrangement by share-based payment award, options, grants in period, gross	600,000	1,300,000	1,000,000
Stock granted, value, share-based compensation, gross		$ 9,385,000	$ 1,771,750
Allocated share-based compensation expense		$ 5,789,996	$ 735,667
Share-based compensation arrangement by share-based payment award, options, outstanding, number	3,807,543	4,317,543	3,057,542	2,268,927
Share-based compensation arrangement by share-based payment award, options, exercisable, number	3,524,209
Share-based compensation arrangement by share-based payment award, award vesting rights		Some of these options vested 50% upon issuance and the remainder vest on their one year anniversary. Some options vest ratably over 2 years while some vest upon the achievement of certain benchmarks.	Some of these options vested 50% upon issuance and the remainder vest on their one year anniversary. Some options vest ratably over 2 years while some vest upon the achievement of certain benchmarks.
share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value	$ 9,043,243	$ 20,782,678
Stock Option Plan 2003
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award number of shares authorized before amendment					300,000
Share based payment award number of shares authorized after amendment					900,000
Share-based payment award, shares issued in period	27,000
Share-based compensation arrangement by share-based payment award, options, exercises in period	800
Share-based compensation arrangement by share-based payment award, options, outstanding, number	3,807,543
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross		1,300,000	1,000,000
Shares authorized under stock option plans, exercise price range, lower range limit		$ 8.40	$ 1.05
Shares authorized under stock option plans, exercise price range, upper range limit		$ 9	$ 1.39
Share-based compensation arrangement by share-based payment award, options, exercisable, number	3,524,209

STOCKHOLDERS DEFICIT - Addition

STOCKHOLDERS DEFICIT - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 23, 2014	Aug. 27, 2013	May. 31, 2015	May. 31, 2014	Oct. 11, 2013	Dec. 08, 2010
Stockholders' Equity Note Disclosure [Line Items]
Common Stock, Par or Stated Value Per Share			$ 0.00001	$ 0.00001		$ 0.00001
Debt Conversion, Original Debt, Amount			$ 0	$ 2,155,000
Senior Secured Note [Member]
Stockholders' Equity Note Disclosure [Line Items]
Debt Instrument, Face Amount					$ 9,000,000
Niobe Ventures Llc [Member] | Senior Secured Note [Member]
Stockholders' Equity Note Disclosure [Line Items]
Debt Conversion, Original Debt, Amount		$ 2,155,000
Debt Instrument, Face Amount		$ 2,000,000	$ 9,000,000
Debt Conversion, Converted Instrument, Shares Issued		9,369,565
Niobe Ventures Llc [Member] | Senior Secured Note [Member] | Common Stock [Member]
Stockholders' Equity Note Disclosure [Line Items]
Debt Conversion, Converted Instrument, Shares Issued		9,369,565
Private Placement
Stockholders' Equity Note Disclosure [Line Items]
Common Stock Of Accredited Investors Shares	471,334
Share Price	$ 6
Proceeds from Issuance of Private Placement	$ 2,828,000
Payments of Stock Issuance Costs	$ 46,397

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($)	12 Months Ended
	May. 31, 2015	May. 31, 2014
Commitments And Contingencies [Line Items]
Operating Leases, Rent Expense	$ 2,200	$ 7,401

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Detail) - Range [Domain] - USD ($)	1 Months Ended	12 Months Ended
	Jul. 01, 2015	May. 31, 2015	May. 31, 2014	May. 31, 2013
Subsequent Event [Line Items]
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price		$ 6.74	$ 8.51	$ 1.22
Subsequent Event | Non Qualified Stock Option
Subsequent Event [Line Items]
Stock issued during period, shares, new issues	800,000
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price	$ 5.41
Subsequent Event | Senior Secured Convertible Notes | Niobe Ventures, LLC
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 345,000