v3.26.1
Segment Information
 9 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

13. Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (CODM), which is our Chief Executive Officer and Chief Financial Officer, in deciding how to allocate resources and assess performance. During fiscal year 2025, when allocating financial and personnel resources, due to pursuing our strategic alternatives initiative, the CODM evaluated our financial information, including year over year profit and loss comparisons and cash projections, on an aggregate basis. During fiscal year 2026, our CODM evaluates financial information including budget versus actual comparisons when assessing performance for allocating financial and personnel resources. Prior to the commencement of writing the Covered Call Options in the second quarter of fiscal year 2026, the CODM considered our cash and cash equivalents and other corporate expenses to be primarily available for use in our development of pharmaceutical products segment. However, since the proceeds from the issuance of our Covered Call Options are being utilized to repurchase our Common Stock, the CODM reevaluated its position during the second quarter of fiscal year 2026 and concluded cash and cash equivalents and corporate expenses were no longer segment expenses and therefore would represent corporate expenses and be a reconciling item between total segment costs and our consolidated results. We are not organized by market.

Prior to the initiation of our Litecoin Treasury Strategy in August 2025, we operated as a single operating segment, the development of pharmaceutical products. Subsequently, we now operate under two operating segments (development of pharmaceutical products and digital asset treasury strategy), which we identify based upon the underlying business activities supporting these two segments. During the three and nine months ended March 31, 2026 and for fiscal year 2025, we did not generate any revenue. Consistent with the CODM's reevaluation in the section quarter of 2026, he concluded our administrative functions including finance, business development and information systems, no longer were primarily supportive of our development of pharmaceutical products segment, and would be primarily included in corporate expenses. We operate in one geographic area, the United States. The CODM allocates resources (inclusive of both capital and personnel) based upon our net loss, which is utilized to monitor year over year variances on a quarterly basis.

The accounting policies of both our segments are the same as those described in Note 2. Summary of Significant Accounting Policies. All our assets are in the United States. We do not have intra-entity sales or transfers.

During the three and nine months ended March 31, 2026 and 2025, we had no transactions denominated in foreign currencies nor any intangible property for which we recognized amortization expense. During the three and nine months ended March 31, 2026, and the three months ended March 31, 2025, we did not recognize depreciation expense. During the nine months ended March 31, 2025, we recognized depreciation expense that we have included in "other segment expenses" within the table below. Depreciation

expense is reported in our statements of cash flows and is expected to be zero during fiscal year 2026. Noncash expenses such as depreciating assets and share-based compensation are not part of the CODM's evaluation or decision-making process.

The following tables summarize our financial data for our segments (in thousands):

 

 

For the Three Months Ended March 31, 2026

 

 

 

Digital Asset Treasury Strategy

 

 

Development of Pharmaceutical Products

 

 

Total Segment Costs

 

 

Corporate Expenses

 

 

Consolidated

 

Operating and other (income) expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee expenses

 

$

212

 

 

$

11

 

 

$

223

 

 

$

325

 

 

$

548

 

Other segment expenses(1)

 

 

19

 

 

 

7

 

 

 

26

 

 

 

812

 

 

 

838

 

Professional fees

 

 

122

 

 

 

—

 

 

 

122

 

 

 

287

 

 

 

409

 

Legal fees

 

 

—

 

 

 

181

 

 

 

181

 

 

 

102

 

 

 

283

 

voruciclib

 

 

—

 

 

 

12

 

 

 

12

 

 

 

—

 

 

 

12

 

Asset management fee and advisory fees

 

 

675

 

 

 

—

 

 

 

675

 

 

 

—

 

 

 

675

 

Change in fair value of digital assets

 

 

18,845

 

 

 

—

 

 

 

18,845

 

 

 

—

 

 

 

18,845

 

Change in fair value of digital assets
    receivable, net

 

 

2,330

 

 

 

—

 

 

 

2,330

 

 

 

—

 

 

 

2,330

 

Gain on derivative liabilities

 

 

(192

)

 

 

—

 

 

 

(192

)

 

 

—

 

 

 

(192

)

Interest and dividend income(2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(54

)

 

 

(54

)

Total operating and other (income)
      expense

 

 

22,011

 

 

 

211

 

 

 

22,222

 

 

 

1,472

 

 

 

23,694

 

Total segment costs loss and net loss

 

$

(22,011

)

 

$

(211

)

 

$

(22,222

)

 

$

(1,472

)

 

$

(23,694

)

___________

(1) Includes product development costs associated with zandelisib determined to be immaterial for both periods presented, share-based compensation costs, administrative costs, travel and business taxes.

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.

 

 

 

 

For the Three Months Ended March 31, 2025

 

 

 

Development of Pharmaceutical Products
and Total Segment Costs

 

 

Corporate Expenses

 

 

Consolidated

 

Operating and other (income) expense

 

 

 

 

 

 

 

 

 

Employee expenses

 

$

236

 

 

$

1,349

 

 

$

1,585

 

Other segment expenses(1)

 

 

125

 

 

 

423

 

 

 

548

 

Professional fees

 

 

4

 

 

 

303

 

 

 

307

 

Legal fees

 

 

105

 

 

 

226

 

 

 

331

 

voruciclib

 

 

4

 

 

 

—

 

 

 

4

 

Interest and dividend income(2)

 

 

—

 

 

 

(202

)

 

 

(202

)

Total operating and other (income)
      expense

 

 

474

 

 

 

2,099

 

 

 

2,573

 

Total segment costs loss and net loss

 

$

(474

)

 

$

(2,099

)

 

$

(2,573

)

___________

(1) Includes product development costs associated with zandelisib determined to be immaterial for both periods presented, share-based compensation costs, depreciation expense, administrative costs, travel and business taxes.

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.

 

 

 

For the Nine Months Ended March 31, 2026

 

 

 

Digital Asset Treasury Strategy

 

 

Development of Pharmaceutical Products

 

 

Total Segment Costs

 

 

Corporate Expenses

 

 

Consolidated

 

Operating and other (income) expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee expenses

 

$

588

 

 

$

34

 

 

$

622

 

 

$

1,004

 

 

$

1,626

 

Other segment expenses(1)

 

 

52

 

 

 

12

 

 

 

64

 

 

 

2,461

 

 

 

2,525

 

Professional fees

 

 

563

 

 

 

2

 

 

 

565

 

 

 

1,343

 

 

 

1,908

 

Legal fees

 

 

112

 

 

 

547

 

 

 

659

 

 

 

630

 

 

 

1,289

 

voruciclib

 

 

—

 

 

 

38

 

 

 

38

 

 

 

 

 

 

38

 

Asset management fee and advisory fees

 

 

1,838

 

 

 

—

 

 

 

1,838

 

 

 

—

 

 

 

1,838

 

Change in fair value of digital assets

 

 

45,992

 

 

 

—

 

 

 

45,992

 

 

 

—

 

 

 

45,992

 

Change in fair value of digital assets
    receivable, net

 

 

3,863

 

 

 

—

 

 

 

3,863

 

 

 

—

 

 

 

3,863

 

Gain on derivative liabilities

 

 

(733

)

 

 

—

 

 

 

(733

)

 

 

—

 

 

 

(733

)

Interest and dividend income(2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(214

)

 

 

(214

)

Total operating and other (income)
      expense

 

 

52,275

 

 

 

633

 

 

 

52,908

 

 

 

5,224

 

 

 

58,132

 

Total segment costs loss and net loss

 

$

(52,275

)

 

$

(633

)

 

$

(52,908

)

 

$

(5,224

)

 

$

(58,132

)

________

(1) Includes product development costs associated with zandelisib determined to be immaterial for both periods presented, share-based compensation costs, administrative costs, travel and business taxes.

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.

 

 

 

 

For the Nine Months Ended March 31, 2025

 

 

 

Development of Pharmaceutical Products
and Total Segment Costs

 

 

Corporate Expenses

 

 

Consolidated

 

Operating and other (income) expense

 

 

 

 

 

 

 

 

 

Employee expenses

 

$

2,602

 

 

$

5,982

 

 

$

8,584

 

Other segment expenses(1)

 

 

158

 

 

 

2,061

 

 

 

2,219

 

Professional fees

 

 

25

 

 

 

1,193

 

 

 

1,218

 

Legal fees

 

 

514

 

 

 

1,003

 

 

 

1,517

 

voruciclib

 

 

802

 

 

 

—

 

 

 

802

 

ME-344

 

 

253

 

 

 

—

 

 

 

253

 

Gain on disposition of nonfinancial asset

 

 

—

 

 

 

(500

)

 

 

(500

)

Interest and dividend income(2)

 

 

—

 

 

 

(836

)

 

 

(836

)

Total operating and other (income)
      expense

 

 

4,354

 

 

 

8,903

 

 

 

13,257

 

Total segment costs loss and net loss

 

$

(4,354

)

 

$

(8,903

)

 

$

(13,257

)

________

(1) Includes product development costs associated with zandelisib determined to be immaterial for both periods presented, occupancy costs (including rent and utilities), share-based compensation costs, depreciation expense, administrative costs, travel and business taxes.

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.

 

 

 

March 31, 2026

 

 

 

Digital Asset Treasury Strategy

 

 

Development of Pharmaceutical Products

 

 

Total Segment Assets

 

 

Corporate Assets

 

 

Consolidated

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalent

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7,544

 

 

$

7,544

 

Digital assets

 

 

2,084

 

 

 

—

 

 

 

2,084

 

 

 

—

 

 

 

2,084

 

Prepaid expenses and other current assets

 

 

606

 

 

 

31

 

 

 

637

 

 

 

710

 

 

 

1,347

 

Total current assets

 

 

2,690

 

 

 

31

 

 

 

2,721

 

 

 

8,254

 

 

 

10,975

 

Digital assets, net of current portion

 

 

38,237

 

 

 

—

 

 

 

38,237

 

 

 

—

 

 

 

38,237

 

Digital assets receivable, net

 

 

7,899

 

 

 

—

 

 

 

7,899

 

 

 

—

 

 

 

7,899

 

Other long-term assets

 

 

—

 

 

 

—

 

 

 

—

 

 

 

678

 

 

 

678

 

Total assets

 

$

48,826

 

 

$

31

 

 

$

48,857

 

 

$

8,932

 

 

$

57,789

 

 

 

 

 

June 30, 2025

 

 

 

Development of Pharmaceutical Products
and Total Segment Assets

 

 

Corporate Assets

 

 

Consolidated

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalent

 

$

—

 

 

$

18,011

 

 

$

18,011

 

Prepaid expenses and other current assets

 

 

25

 

 

 

249

 

 

 

274

 

Total current assets

 

 

25

 

 

 

18,260

 

 

 

18,285

 

Total assets

 

$

25

 

 

$

18,260

 

 

$

18,285