Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.26.1
Segment Information
 9 Months Ended
Feb. 28, 2026
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 February 28,

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Nine months ended February 28,

(in thousands, except for per share data)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Expenses(1):

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​

​

​

​

​

  ​

​

​

​

General and administrative expense(2)

​

$

1,561

 

$

1,334

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$

4,890

 

$

4,785

Research and development(3)

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4,298

 

 

2,329

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10,652

 

 

4,460

Return of clinical expenses

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—

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​

—

​

​

—

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​

(24,985)

Legal settlement loss

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—

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—

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16,587

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—

Stock-based compensation expense

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444

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​

340

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​

807

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​

1,013

Total operating expenses

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6,303

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​

4,003

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32,936

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(14,727)

Operating (loss) gain

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​

(6,303)

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​

(4,003)

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(32,936)

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14,727

Interest income

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​

15

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173

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​

166

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​

441

Interest on convertible notes

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(614)

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(1,143)

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(1,934)

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(3,469)

Amortization of discount on convertible notes

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—

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(110)

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—

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(348)

Standby equity purchase agreement commitment fee

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—

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—

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(325)

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—

Issuance costs for private placement of shares and warrants through placement agent (Note 5)

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(1,628)

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​

—

​

​

(1,628)

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​

—

Legal settlement revaluation

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​

3,842

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​

—

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​

3,842

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—

Loss on induced conversion

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​

—

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—

​

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—

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(1,180)

Finance charges

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​

(2)

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​

(2)

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(22)

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(25)

Gain on restructuring of payables

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—

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327

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—

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407

Loss on derivatives

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​

—

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—

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—

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(852)

Segment net (loss) income

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(4,690)

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(4,758)

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(32,837)

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​

9,701

Reconciliation of profit or loss:

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​

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​

​

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​

Adjustments or reconciling items

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​

—

​

​

—

​

​

—

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—

Consolidated net (loss) income

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$

(4,690)

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$

(4,758)

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$

(32,837)

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$

9,701

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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 February 28, 2026, and 2025 is net of approximately $0.1 million and $0.1 million, respectively, of stock-based compensation expense, and for the nine months ended February 28, 2026 and 2025 is net of approximately $0.3 million and $0.6 million, respectively, of stock-based compensation expense.

(3) Research and development expense for the three months ended February 28, 2026 and 2025 is net of $0.4 million and $0.2 million, respectively, of stock-based compensation expense, and for the nine months ended February 28, 2026 and 2025 is net of approximately $0.5 million and $0.4 million, respectively, of stock-based compensation expense. During the nine months ended February 28, 2025, research and development expense included the return of $25.0 million of clinical expenses in the settlement of a dispute with Amarex. See Note 9, Commitments and Contingencies – Legal Proceedings – Settlement of Amarex Dispute in the 2025 Form 10-K for additional discussion.