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SEGMENT REPORTING
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING

9. SEGMENT REPORTING

 

The Company operates as a single operating and reportable segment, which reflects the manner in which the Chief Operating Decision Maker (CODM), the Company’s Chief Executive Officer, manages the business and allocates resources. The Company is a development-stage medical technology company focused on advancing a clinical-stage therapeutic device, with key operational decisions based on cash availability, development milestones, and return on investment associated with future manufacturing and commercialization opportunities.

 

Although the Company has no commercial revenue, the CODM regularly reviews certain expense categories and cash flow metrics to assess progress and allocate resources. The primary internal measure of performance used by the CODM is cash used in operating activities, rather than traditional profit or loss measures.

 

In accordance with ASU 2023-07, which the Company adopted for the year ended March 31, 2025, the following significant expense categories and internal performance measures were reviewed by the CODM during the fiscal year ended March 31, 2026 and March 31, 2025:

        
Category 

Year Ended

March 31, 2026

   Year Ended
March 31, 2025		 
Research and development1  $1,912,000   $2,212,000 
General and administrative2  $2,696,000   $3,243,000 
Cash used in operating activities3  $6,998,000   $7,646,000 

 

1 Research and development expenses primarily include costs related to laboratory operations, clinical trial execution, investigational device testing, design iterations, and personnel expenses associated with research activities. These costs are recorded within payroll, professional fees, and general and administrative (“G&A”) expense on the face of the statements of operations, as the Company does not maintain a separate R&D line item.
   
2 General and administrative expenses encompass overhead, administrative costs associated with clinical trial operations, and certain manufacturing-related costs. R&D costs are included within these categories for financial reporting purposes and are not separately reclassified.
   
3 Cash used in operating activities is the key internal performance metric tracked by the CODM to evaluate development progress, cash needs, and investment strategy in the absence of commercial revenue.

 

The Company does not allocate assets to operating segments, nor does the CODM evaluate performance using a segment profit or loss measure. There were no changes in the internal reports provided to or reviewed by the CODM during the periods presented.

 

Entity-Wide Information:

 

  · The Company did not recognize revenue during the fiscal year ended March 31, 2026.
  · All long-lived assets are located in the United States.
  · All of the clinical trial activity is conducted through the Company’s wholly owned subsidiary based in Australia.