Pure Cycle Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Aug. 31, 2025

The following table summarizes the combined stock option activity for the 2014 Equity Plan and 2024 Equity Plan for the years ended August 31, 2025 and August 31, 2024:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Approximate Aggregate Intrinsic Value (in thousands)
Outstanding at August 31, 2024	524,500	$	9.42	4.7	$	877
Granted	—		—
Net settlement exercised	(35,000)		7.89
Forfeited / Expired	—		—
Outstanding at August 31, 2025	489,500		9.52	3.8		616
Options exercisable at August 31, 2025	472,500	$	9.54	3.7	$	598


Outstanding at August 31, 2023	563,000	$	9.15	5.5	$	1,221
Granted	—		—
Net settlement exercised	(38,500)		5.57
Forfeited / Expired	—		—
Outstanding at August 31, 2024	524,500	$	9.42	4.7	$	877

Non-Vested Options

The following table summarizes the activity and value of non-vested options as of and for the years ended August 31, 2025 and August 31, 2024:


	Number of Options	Weighted Average Grant Date Fair Value
Non-vested options outstanding at August 31, 2024	59,000	$	4.45
Granted	—		—
Vested	(42,000)		4.66
Forfeited / Expired	—		—
Non-vested options outstanding at August 31, 2025	17,000	$	3.93

Non-vested options outstanding at August 31, 2023	111,000	$	4.43
Granted	—		—
Vested	(52,000)		4.41
Forfeited	—		—
Non-vested options outstanding at August 31, 2024	59,000	$	4.45