| Schedule of reconciliation to the consolidated net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, |
|
Six months ended November 30, |
(in thousands, except for per share data) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Expenses(1): |
|
|
|
|
|
|
|
|
|
|
|
General and administrative expense(2) |
|
$ |
1,706 |
|
$ |
1,978 |
|
$ |
3,329 |
|
$ |
3,451 |
Research and development(3) |
|
|
3,212 |
|
|
1,192 |
|
|
6,355 |
|
|
2,131 |
Return of clinical expenses |
|
|
— |
|
|
— |
|
|
— |
|
|
(24,985) |
Legal settlement loss |
|
|
16,587 |
|
|
— |
|
|
16,587 |
|
|
— |
Stock-based compensation expense |
|
|
183 |
|
|
537 |
|
|
362 |
|
|
673 |
Total operating expenses |
|
|
21,688 |
|
|
3,707 |
|
|
26,633 |
|
|
(18,730) |
Operating (loss) gain |
|
|
(21,688) |
|
|
(3,707) |
|
|
(26,633) |
|
|
18,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
57 |
|
|
142 |
|
|
151 |
|
|
268 |
Interest on convertible notes |
|
|
(644) |
|
|
(1,161) |
|
|
(1,320) |
|
|
(2,326) |
Amortization of discount on convertible notes |
|
|
— |
|
|
(113) |
|
|
— |
|
|
(238) |
Amortization of debt issuance costs |
|
|
(325) |
|
|
— |
|
|
(325) |
|
|
— |
Loss on induced conversion |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,180) |
Finance charges |
|
|
(7) |
|
|
(9) |
|
|
(20) |
|
|
(23) |
Gain on restructuring of payables |
|
|
— |
|
|
80 |
|
|
— |
|
|
80 |
Loss on derivatives |
|
|
— |
|
|
— |
|
|
— |
|
|
(852) |
Provision (benefit) for income taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Segment net (loss) income |
|
|
(22,607) |
|
|
(4,768) |
|
|
(28,147) |
|
|
14,459 |
Reconciliation of profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments or reconciling items |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Consolidated net (loss) income |
|
$ |
(22,607) |
|
$ |
(4,768) |
|
$ |
(28,147) |
|
$ |
14,459 |
(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.
|