v3.26.1
Stockholders' equity
 12 Months Ended
Mar. 31, 2026
Stockholders’ equity [Abstract]  
Stockholders' equity
7. Stockholders' equity
 
Preferred Stock
 
The Company is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.0001 per share. No shares of the Company’s preferred stock are issued or outstanding.
 
Common Stock
 
In connection with the consummation of the Domestication, on October 7, 2024, the Company adopted a Certificate of Incorporation (as amended, the “Charter”) and Bylaws (as amended, the “Bylaws”). The rights of holders of the Company’s Common Stock are now governed by the Charter, the Bylaws, and the General Corporation Law of the State of Delaware. The Company is authorized to issue up to 100,000,000 shares of Common Stock, par value $0.0001 per share.
 
2025 Private Placement
 
In February 2025, the Company agreed to offer and sell in a private placement (the “2025 Private Placement”) an aggregate of 3,252,132 shares of Common Stock at a purchase price of $3.395 per share of Common Stock (the “2025 Private Placement Shares”) and pre-funded warrants (the “2025 Pre-Funded Warrants”) to purchase up to 1,166,160 shares of Common Stock at a purchase price equal to the purchase price per 2025 Private Placement Share less $0.0001 (the “2025 Pre-Funded Warrant Shares”). Each 2025 Pre-Funded Warrant is exercisable for one share of Common Stock at an exercise price of $0.0001 per share, exercisable immediately and will expire once exercised in full.
Pursuant to the purchase agreement related to the 2025 Private Placement, for each 2025 Private Placement Share and each 2025 Pre-Funded Warrant issued, the Company agreed to issue to each purchaser an accompanying common warrant (the “2025 Common Warrants” and, together with the 2025 Pre-Funded Warrants, the “2025 Warrants”) to purchase shares of Common Stock (or 2025 Pre-Funded Warrants in lieu thereof), exercisable for an aggregate of 4,418,292 shares of Common Stock (or 2025 Pre-Funded Warrants in lieu thereof). Each 2025 Common Warrant is exercisable for one share of Common Stock at an exercise price of $3.395 per share (or one 2025 Pre-Funded Warrant at an exercise price of $3.3949 per share in lieu thereof), is immediately exercisable and will expire on the earlier of (i) the 60th day after the date the FDA approves the new drug application (“NDA”) for GTx-104 and (ii) September 25, 2028. The 2025 Common Warrants were offered and sold at a purchase price of $0.125 per 2025 Common Warrant, which purchase price is included in the offering price per 2025 Private Placement Share and 2025 Pre-Funded Warrant issued in the 2025 Private Placement.
 
The 2025 Private Placement included the issuance of Common Stock, 2025 Pre-Funded Warrants, and 2025 Common Warrants to related parties namely (i) Shore Pharma LLC, an entity held in a trust for the benefit of immediate family members of Vimal Kavuru, the Chair of the Company’s Board of Directors and (ii) ADAR1 Partners, LP, AIGH Investment Partners, LP, and SS Pharma LLC, each a beneficial owner of more than 5% of the Common Stock prior to the 2025 Private Placement, resulting in proceeds of $5,694 in 2025.
 
The Company paid TD Securities (USA) LLC, the placement agent, customary placement fees in its capacity as placement agent for the sale of the Company’s securities to certain of the investors in the 2025 Private Placement.
 
The 2025 Private Placement closed on February 11, 2025. The net proceeds to the Company were $13,705, after deducting fees and expenses.
 
Both 2025 Pre-funded Warrants and 2025 Common Warrants are presented under additional paid-in capital in the equity section of the consolidated balance sheet as of March 31, 2026.
 
During the twelve months ended March 31, 2026, 233,710 of the 2025 Pre-Funded Warrants were exercised into 233,706 shares of Common Stock (the difference between the two figures being the result of certain 2025 Pre-Funded Warrants exercised on a “cashless” basis). 
 
2023 Private Placement
 
In September 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors in connection with a private placement of its securities (the “2023 Private Placement”). Pursuant to the Purchase Agreement, the Company offered and sold 1,951,371 Common Shares, at a purchase price of $1.848 per Common Share and pre-funded warrants (the “2023 Pre-Funded Warrants”) to purchase up to 2,106,853 Common Shares at a purchase price equal to the purchase price per Common Share less $0.0001. Each 2023 Pre-Funded Warrant is exercisable for one Common Share at an exercise price of $0.0001 per Common Share, is immediately exercisable, and will expire once exercised in full. Pursuant to the Purchase Agreement, the Company also issued, to such institutional and accredited investors, warrants to purchase Common Shares exercisable for an aggregate of 2,536,391 Common Shares (the “2023 Common Warrants” and, together with the 2023 Pre-Funded Warrants, the “2023 Warrants”). Under the terms of the Purchase Agreement, for each Common Share and each 2023 Pre-funded Warrant issued in the 2023 Private Placement, an accompanying five-eighths (0.625) of a 2023 Common Warrant was issued to the purchaser thereof. Each whole 2023 Common Warrant was exercisable for one Common Share at an exercise price of $3.003 per Common Share, was immediately exercisable, and would expire on the earlier of (i) the 60th day after the date of the acceptance by the FDA of an NDA for the Company’s product candidate GTx-104 and (ii) five years from the date of issuance. The 2023 Private Placement closed on September 25, 2023. The net proceeds to the Company from the 2023 Private Placement were $7,338, after deducting fees and expenses.
 
The 2023 Private Placement included the issuance of Common Shares, 2023 Pre-Funded Warrants, and 2023 Common Warrants to related parties namely (i) Shore Pharma LLC, an entity that was controlled by Vimal Kavuru, the Chair of the Company’s Board of Directors, at the time of the 2023 Private Placement and (ii) SS Pharma LLC, the beneficial owner of 5.5% of Common Shares outstanding prior to the 2023 Private Placement, resulting in proceeds of $2,500 in 2023.
 
In October 2025, the Company received $4,040 in gross proceeds from exercises of 1,345,464 2023 Common Warrants for 1,345,464 shares of Common Stock. The remaining 1,190,927 2023 Common Warrants expired on October 21, 2025 in accordance with the terms of the 2023 Common Warrant as the 60th day after the FDA’s acceptance for review of the Company’s NDA for GTx-104 had passed.
 
The following table summarizes the Company’s outstanding warrants as of March 31, 2026, all of which are exercisable for shares of Common Stock:
 
                
March 31, 2026
     No. of
warrants 		     Exercise
Price ($) 		     Expiration
Date 		 
Liability classified warrants (Derivative Warrant Liabilities)
              
Common warrants issued in connection with 2023 Private Placement (2023 Common Warrants)
   —     3.003    (1) 
                
Equity classified warrants
              
Pre-funded warrants issued in connection with 2023 Private Placement (2023 Pre-Funded Warrants)
  338,252    0.0001     No expiration  
Common warrants issued in connection with 2025 Private Placement (2025 Common Warrants)
  4,418,292    3.395    (2) 
Pre-funded warrants issued in connection with 2025 Private Placement (2025 Pre-Funded Warrants)
  907,708    0.0001     No expiration  
 
1. Following the exercise of 1,345,464 2023 Common Warrants in October 2025, the remaining 1,190,927 2023 Common Warrants expired on October 21, 2025, which was the 60th day after the date of the acceptance by the FDA of the NDA for the Company’s product candidate GTx-104.
 
2. The 2025 Common Warrants will expire on the earlier of: (i) the 60th day after the date the FDA approves the NDA for GTx-104 and (ii) September 25, 2028.
 
In connection with the Continuance and the Domestication, the Company continues its obligations under the 2023 Purchase Agreement and the 2023 Warrants. Upon the effectiveness of the Continuance, each outstanding 2023 Warrant exercisable for Common Shares remained exercisable for an equivalent number of common shares of Acasti British Columbia for the equivalent exercise price per share without any action by the holder. Upon the effectiveness of the Domestication, each outstanding 2023 Warrant exercisable for common shares of Acasti British Columbia remained exercisable for an equivalent number of shares of Common Stock for the equivalent exercise price per share without any action by the holder.
During the twelve months period March 31, 2026, 726,750 of the 2023 Pre-Funded Warrants were exercised into 726,750 shares of Common Stock.
 
Derivative Warrant Liabilities
 
The 2023 Common Warrants issued as a part of the 2023 Private Placement were derivative warrant liabilities given that the 2023 Common Warrants did not meet the fixed-for-fixed criteria and that the 2023 Common Warrants were not indexed to the Company's own stock.
 
The derivative warrant liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following table:
 
              
    Year ended      Year ended  
    March 31, 2026      March 31, 2025  
    $      $  
Beginning balance
  1,141      4,359  
Issued during the year
   —      —  
Change in fair value
  
(900
 )    
(3,218
 ) 
Settlement of liability
  (241 )        
Ending balance
   —      1,141  
 
The warrant liability was determined based on the fair value of the 2023 Common Warrants at the issue date and the reporting dates using the Black-Scholes model with the following assumptions. The 2023 Common Warrants expired on October 21, 2025, which was the 60th day after the date of the acceptance by the FDA of the NDA for the Company's product candidate GTx-104, which resulted in a $241 settlement of the derivative warrant liability on the Company’s consolidated balance sheet as of March 31, 2026. The settlement fair value of the warrant liability was determined using the Black-Scholes model with the following assumptions:
 
         
    
October 21, 2025
    
March 31, 2025
 
Risk-free interest rate
  4.2%   4.2%
Share price
 $3.22   $2.28 
Expected warrant life
  0.0    1.14 
Dividend yield
  0%   0%
Expected volatility
  60.08%   74.26%
 
As of March 31, 2026 and March 31, 2025, the balance of derivative warrant liabilities from related parties was $0 and $1,141, respectively.