v3.26.1
Business Segment Information
 9 Months Ended
Apr. 30, 2026
Business Segment Information [Abstract]  
BUSINESS SEGMENT INFORMATION

NOTE 17 – BUSINESS SEGMENT INFORMATION

 

The Company conducts business as three operating segments, Healthcare, Infusion Technology and Real Estate. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s Chief Financial Officer who is the chief operating decision-maker (“CODM”).

 

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its Healthcare segment based primarily on results of clinical trials and loss from operations, and the Infusion Technology and Real Estate segments based primarily on revenues and income (loss) from operations. The CODM uses these measures to allocate the Company’s resources. The CODM does not review any measure of significant segment expenses which differ from the level of reporting reflected in the tables below. Currently, the CODM does not review assets in evaluating the results of the operating segments, and therefore, such information is not presented.

 

The Healthcare segment is comprised of our ownership of Cyclo (and the interest therein prior to the Merger) and majority equity interests in LipoMedix, Barer, Cornerstone and Rafael Medical Devices. The Healthcare segment generated $89 thousand and $368 thousand of product revenue during the three and nine months ended April 30, 2026, respectively, the majority of which was generated at Cyclo.

 

The Real Estate segment consists of the Company’s real estate holdings, which are currently comprised of a portion of a commercial building in Israel.

 

The Infusion Technology segment is comprised of a majority equity interest in Day Three. Revenues associated with the Infusion Technology segment include Infusion Technology revenue derived from Day Three’s Unlokt™ technology.

Operating results for the business segments of the Company are as follows:

 

(in thousands)  Healthcare   Infusion
Technology		   Real Estate   Total 
Three Months Ended April 30, 2026                
Product revenue  $89   $
—
   $
—
    89 
Rental – Third Party   
—
    
—
    60    60 
Rental – Related Party   
—
    
—
    30    30 
                     
COSTS AND EXPENSES                    
Cost of product revenue   (8)   
—
    
—
    (8)
General and administrative   (2,079)   (7)   (54)   (2,140)
Research and development   (4,852)   (1)   
—
    (4,853)
Depreciation and amortization   (29)   
—
    (19)   (48)
(Loss) income from operations  $(6,879)  $(8)  $17   $(6,870)

 

(in thousands)  Healthcare   Infusion
Technology		   Real Estate   Total 
Nine Months Ended April 30, 2026                
Product revenue  $368   $
—
   $
—
   $368 
Rental – Third Party   
—
    
—
    173    173 
Rental – Related Party   
—
    
—
    89    89 
                     
COSTS AND EXPENSES                    
Cost of product revenue   (29)   
—
    
—
    (29)
General and administrative   (7,074)   (36)   (150)   (7,260)
Research and development   (16,855)   (11)   
—
    (16,866)
Depreciation and amortization   (98)   
—
    (55)   (153)
(Loss) income from operations  $(23,688)  $(47)  $57   $(23,678)

 

(in thousands)  Healthcare   Infusion
Technology		   Real Estate   Total 
Three Months Ended April 30, 2025                
Infusion technology revenue  $
—
   $42   $
—
   $42 
Product revenue   243    
—
    
—
    243 
Rental – Third Party   
—
    
—
    49    49 
Rental – Related Party   
—
    
—
    28    28 
                     
COSTS AND EXPENSES                    
Cost of Infusion Technology revenue   
—
    (31)   
—
    (31)
Cost of product revenue   (9)   
—
    
—
    (9)
General and administrative   (3,102)   (37)   (31)   (3,170)
Research and development   (3,003)   
—
    
—
    (3,003)
Depreciation and amortization   (13)   (34)   (15)   (62)
(Loss) income from operations  $(5,884)  $(60)  $31   $(5,913)
(in thousands)  Healthcare   Infusion
Technology		   Real Estate   Total 
Nine Months Ended April 30, 2025                
Product revenue  $243   $
—
   $
—
    243 
Infusion technology revenue   
—
    93    
—
    93 
Rental – Third Party   
—
    
—
    147    147 
Rental – Related Party   
—
    
—
    84    84 
                     
COSTS AND EXPENSES                    
Cost of Infusion Technology revenue   
—
    (106)   
—
    (106)
Cost of product revenue   (9)   
—
    
—
    (9)
General and administrative   (7,794)   (292)   (198)   (8,284)
Research and development   (5,021)   (255)   
—
    (5,276)
Depreciation and amortization   (15)   (177)   (46)   (238)
Loss on impairment of goodwill   
—
    (3,050)   
—
    (3,050)
Loss from operations  $(12,596)  $(3,787)  $(13)  $(16,396)

 

A reconciliation between loss from operations by reportable segment to consolidated net loss before income taxes for the three months ended April 30, 2026 and 2025, is as follows:

 

   April 30,
2026		   April 30,
2025		 
(Loss) income from operations by segment        
Healthcare  $(6,879)  $(5,884)
Infusion Technology   (8)   (60)
Real Estate   17    31 
Total   (6,870)   (5,913)
           
Reconciliation to loss before income taxes:          
Interest income   286    472 
Unrealized loss on investment - Cyclo   
—
    (1,393)
Unrealized gain on convertible notes receivable, due from Cyclo   
—
    383 
Interest expense   (6)   (165)
Gain on settlement of accounts payable and convertible notes payable   3,723    
—
 
Other income (loss), net   (25)   154 
Loss before income taxes  $(2,892)  $(6,462)

A reconciliation between loss from operations by reportable segment to consolidated net loss before income taxes for the nine months ended April 30, 2026 and 2025, is as follows:

 

   April 30,
2026		   April 30,
2025		 
(Loss) income from operations by segment        
Healthcare  $(23,688)  $(12,596)
Infusion Technology   (47)   (3,787)
Real Estate   57    (13)
Total   (23,678)   (16,396)
           
Reconciliation to loss before income taxes:          
Interest income   1,023    1,529 
Realized gain on available-for-sale securities   
—
    178 
Unrealized loss on investment - Cyclo   
—
    (5,144)
Unrealized loss on convertible notes receivable, due from Cyclo   
—
    (719)
Interest expense   (327)   (490)
Gain on settlement of accounts payable and convertible notes payable   3,958    
—
 
Other income, net   54    74 
Loss before income taxes  $(18,970)  $(20,968)

 

Geographic Information

 

Healthcare Segment

 

Revenue from the Healthcare segment was generated primarily from customers located in the United States. During the nine months ended April 30, 2026, product revenue from the Healthcare Segment generated from customers outside of the United States was nominal.

 

Infusion Technology Segment

 

Revenue from the Infusion Technology segment was generated entirely from customers located in the United States.

 

Real Estate Segment

 

Revenue from the Real Estate segment was generated entirely from tenants located in Israel.

 

Assets

 

Net property, plant and equipment and total assets summarized by geographic area are as follows:

 

(in thousands)  United States   Israel   Total 
April 30, 2026            
Property, plant and equipment, net  $359   $1,165   $1,524 
Total assets   89,526    2,464    91,990 
July 31, 2025               
Property, plant and equipment, net   321    1,275    1,596 
Total assets   111,954    2,155    114,109