v3.26.1
Segment Information
 8 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 19. Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The Company operates in one business segment. The Company’s CODM is its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM’s financial review is focused on the consolidated financial results of the Company which is used as the basis for financial performance assessment and allocation of resources.

The following table presents selected financial information with respect to the Company’s single operating segment for the eight-month period ended December 31, 2025 and twelve months ended April 30, 2025 and 2024 (in thousands):
 

 

 

Eight Months Ended
December 31,

 

Twelve Months Ended
April 30,

 

 

2025

 

2025

 

2024

Product revenue, net

 

$

49,078

 

$

—

 

$

—

Segment expenses and other segment items

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

3,081

 

 

—

 

 

—

Clinical development

 

 

14,723

 

 

43,166

 

 

46,520

Research

 

 

12,851

 

 

19,713

 

 

36,074

Regulatory & QA

 

 

5,239

 

 

8,830

 

 

3,573

Commercial

 

 

89,441

 

 

62,859

 

 

18,481

Other SG&A

 

 

35,780

 

 

53,427

 

 

35,797

Other income

 

 

(1,480)

 

 

(7,943)

 

 

(13,801)

Income tax (benefit) expense

 

 

(1,033)

 

 

3,392

 

 

—

Segment net loss

 

 

(109,524)

 

 

(183,444)

 

 

(126,644)

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit or loss:

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

—

 

 

—

Consolidated net loss

 

$

(109,524)

 

$

(183,444)

 

$

(126,644)