Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.4
Segment Information
 6 Months Ended
Nov. 30, 2025
Segment Information  
Segment Information

Note 11. Segment Information

The Company’s measure of segment profit or loss is net earnings or loss. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment.

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Three months ended November 30,

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Six months ended November 30,

(in thousands, except for per share data)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Expenses(1):

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​

​

​

​

​

  ​

​

​

​

General and administrative expense(2)

​

$

1,706

 

$

1,978

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$

3,329

 

$

3,451

Research and development(3)

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3,212

 

 

1,192

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6,355

 

 

2,131

Return of clinical expenses

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​

—

​

​

—

​

​

—

​

​

(24,985)

Legal settlement loss

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16,587

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—

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16,587

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—

Stock-based compensation expense

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183

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​

537

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362

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673

Total operating expenses

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21,688

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​

3,707

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​

26,633

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(18,730)

Operating (loss) gain

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​

(21,688)

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​

(3,707)

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(26,633)

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​

18,730

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​

​

​

​

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Interest income

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​

57

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142

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151

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268

Interest on convertible notes

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(644)

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(1,161)

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(1,320)

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(2,326)

Amortization of discount on convertible notes

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—

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(113)

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—

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(238)

Amortization of debt issuance costs

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(325)

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—

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(325)

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​

—

Loss on induced conversion

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—

​

​

—

​

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—

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​

(1,180)

Finance charges

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(7)

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(9)

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(20)

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(23)

Gain on restructuring of payables

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—

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80

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—

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80

Loss on derivatives

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—

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—

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—

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(852)

Provision (benefit) for income taxes

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—

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—

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—

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—

Segment net (loss) income

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​

(22,607)

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(4,768)

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(28,147)

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​

14,459

Reconciliation of profit or loss:

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​

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​

Adjustments or reconciling items

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​

—

​

​

—

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​

—

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—

Consolidated net (loss) income

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$

(22,607)

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$

(4,768)

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$

(28,147)

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$

14,459

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(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 three months ended November 30, 2025, and 2024 is net of approximately $0.1 million and $0.3 million, respectively, of stock-based compensation expense, and for the six months ended November 30, 2025 is net of approximately $0.2 million and $0.5 million, respectively, of stock-based compensation expense.

(3) Research and development expense for the three months ended November 30, 2025 and 2024 is net of $0.1 million and $0.2 million, respectively, of stock-based compensation expense, and for the six months ended November 30, 2025 and 2024 is net of approximately $0.2 million of stock-based compensation expense. For the six months ended November 30, 2024, 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 in the 2025 Form 10-K for additional discussion.