Equity Method Investment |
9 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Equity Method Investment | EQUITY METHOD INVESTMENT On January 15, 2026, the Company, through its consolidated variable interest entity, Visirna, entered into and closed an Asset Transfer Agreement (the “Asset Transfer Agreement”) with Bisirna, pursuant to which the Company received 26,500,000 ordinary shares and 6,625,000 Series A preferred shares in exchange for in‑process research and development (“IPR&D”) assets transferred from Visirna to Bisirna. As a result of the asset transfer, the Company recognized a gain of $19.0 million in other income in the accompanying consolidated statements of operations and comprehensive (loss) income for the nine months ended June 30, 2026. The Company evaluated whether there was a basis difference between the carrying value and fair value of its proportionate share of Bisirna’s underlying net assets. As Bisirna was not deemed a business as defined in ASC 805, Business Combinations, the Company immediately expensed the basis difference to the extent it related to acquired IPR&D assets. As of June 30, 2026, the Company held a 25.29% voting interest in Bisirna and one seat on Bisirna’s board of directors. The Company accounts its ownership in Bisirna under the equity method. As of June 30, 2026, the carrying value of the Company’s investment in Bisirna was $2.2 million, which was included in other assets in the accompanying consolidated balance sheets.
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