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

Segment Information (Tables)

v3.26.1
Segment Information (Tables)
 12 Months Ended
May 31, 2026
Segment Information  
Schedule of reconciliation to the consolidated net income (loss)

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net income (loss) for the years ended May 31, 2026, and 2025 is included at the bottom of the table below.

 

 

 

Years ended May 31,

 

(in thousands, except for per share data)

 

2026

 

 

2025

 

Expenses(1):

 

 

 

 

 

 

General and administrative expense(2)

 

$

 

6,802

 

 

$

 

6,434

 

Research and development(3)

 

 

 

14,713

 

 

 

 

7,278

 

Return of clinical expenses

 

 

 

—

 

 

 

 

(24,985

)

Legal settlement loss

 

 

 

15,430

 

 

 

 

—

 

Stock-based compensation expense

 

 

 

1,630

 

 

 

 

1,612

 

Total operating expenses

 

 

 

38,575

 

 

 

 

(9,661

)

Operating (loss) gain

 

 

 

(38,575

)

 

 

 

9,661

 

Interest income

 

 

 

257

 

 

 

 

565

 

Interest on convertible notes

 

 

 

(2,489

)

 

 

 

(4,424

)

Amortization of discount on convertible notes

 

 

 

—

 

 

 

 

(407

)

Standby equity purchase agreement commitment fee

 

 

 

(325

)

 

 

 

—

 

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

 

 

 

(1,628

)

 

 

 

—

 

Legal settlement revaluation

 

 

 

83

 

 

 

 

—

 

Loss on induced conversion

 

 

 

—

 

 

 

 

(1,180

)

Finance charges

 

 

 

(22

)

 

 

 

(25

)

Gain on restructuring of payables

 

 

 

—

 

 

 

 

407

 

Loss on derivatives

 

 

 

—

 

 

 

 

(852

)

Segment net (loss) income

 

 

 

(42,699

)

 

 

 

3,745

 

Reconciliation of profit or loss:

 

 

 

 

 

 

 

 

Adjustments or reconciling items

 

 

 

—

 

 

 

 

—

 

Consolidated net (loss) income

 

$

 

(42,699

)

 

$

 

3,745

 

 

 

(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, 2026, and 2025 is net of $0.6 million and $0.8 million of stock-based compensation expense, respectively.
(3)
Research and development expense for the year ended May 31, 2026 and 2025 is net of $1.0 million and $0.8 million of stock-based compensation expense, respectively. 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.