| Schedule of reconciliation to the consolidated net income (loss) |
|
|
|
|
|
|
|
|
|
Years ended May 31, |
(in thousands, except for per share data) |
|
2025 |
|
2024 |
Expenses(1): |
|
|
|
|
|
General and administrative expense(2) |
|
$ |
6,434 |
|
$ |
8,403 |
Research and development(3) |
|
|
7,278 |
|
|
7,240 |
Return of clinical expenses |
|
|
(24,985) |
|
|
— |
Stock-based compensation expense |
|
|
1,612 |
|
|
2,415 |
Operating gain (loss) |
|
|
9,661 |
|
|
(18,058) |
|
|
|
|
|
|
|
Interest income |
|
|
565 |
|
|
217 |
Interest on convertible notes |
|
|
(4,424) |
|
|
(4,659) |
Amortization of discount on convertible notes |
|
|
(407) |
|
|
(1,076) |
Amortization of debt issuance costs |
|
|
— |
|
|
(572) |
Issuance costs for private placement of shares and warrants through placement agent |
|
|
— |
|
|
(2,819) |
Loss on induced conversion |
|
|
(1,180) |
|
|
(6,680) |
Finance charges |
|
|
(25) |
|
|
(2,584) |
Loss on note extinguishment |
|
|
— |
|
|
(13,374) |
Gain on restructuring of payables |
|
|
407 |
|
|
— |
Loss on derivatives |
|
|
(852) |
|
|
(236) |
Provision (benefit) for income taxes |
|
|
— |
|
|
— |
Segment net income (loss) |
|
|
3,745 |
|
|
(49,841) |
Reconciliation of profit or loss: |
|
|
|
|
|
|
Adjustments or reconciling items |
|
|
— |
|
|
— |
Consolidated net income (loss) |
|
|
3,745 |
|
|
(49,841) |
|
(1) |
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. |
(2) General and administrative expense for the years ended May 31, 2025, and 2024 is net of $0.8 million and $2.4 million of stock-based compensation expense, respectively.
(3) Research and development expense for the year ended May 31, 2025 is net of $0.8 million of stock-based compensation expense. No stock-based compensation was part of research and development expense for the year ended May 31, 2024. For the year ended May 31, 2025, research and development expense is net of $25.0 million return of clinical expenses due to the settlement with Amarex. See Note 9, Commitments and Contingencies – Legal Proceedings – Settlement of Amarex Dispute for additional discussion.
|