v3.25.2
Segment Information
 12 Months Ended
Mar. 31, 2025
Segment Information [Abstract]  
Segment Information
12.   Segment Information
 
An operating segment is a component of an entity whose operating results are regularly reviewed by its chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance.  Factors used by the Company in determining the reportable segment include the nature of the Company's operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance.
 
The Company has one reportable operating segment: the development and commercialization of pharmaceutical applications of its patents and licensed rights. The Company’s CODM is its Chief Executive Officer.  The accounting policies of the segment are those described in the summary of significant accounting policies within Note 2.
 
The CODM assesses the performance of the segment based on net loss, which is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets.
 
The Company has not generated any revenue and expects to continue to incur significant expenses and operating losses as it advances product candidates through all stages of development, and ultimately, receive regulatory approval.  Accordingly, the CODM utilizes the cash budget and forecasts in assessing the entity-wide operating results and performance, and in deciding how to allocate resources across the organization and its segment.  Net loss is used to monitor budgets against actual results, which then is used in assessing the performance of the segment.
 
The table below summarizes the significant expenses, by category regularly review by the CODM, for the years ended March 31, 2025 and 2024:
 
 
 
March 31, 2025
$  
 
 
March 31, 2024
$  
 
 
 
 
 
 
 
 
Clinical development programs
 
(8,164
) 
 
(3,167
)
Professional fees
 
(3,707
) 
 
(3,475
)
Salaries and benefits
 
(2,840
) 
 
(2,028
)
Stock-based compensation
 
(730
) 
 
(913
) 
Government grants & tax credits
 
—
 
 
(55
)
Other general and administrative expenses (1)
 
(1,238
) 
 
(1,729
) 
Other segment income (expense) (2)
 
3,184
 
 
(2,708
) 
Interest income, net
 
728
  
 
875
  
Restructuring costs
 
—
 
 
(1,485
) 
Income tax benefit
 
3,199
 
 
1,832
 
Segment and consolidated net loss
 
(9,568
) 
 
(12,853
) 
 
 
1)
Other general and administrative expenses include depreciation and loss on disposal, travel, and other administrative costs.  
2)
Other segment income includes change in fair value of derivative warrant liabilities, and foreign exchange (loss)/gain.