v3.26.1
Segmented Information
 9 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segmented Information

Note 7 Segmented Information

 

Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is the Interim Chief Executive Officer. The Company has determined that it operates in a single operating segment, which consists of the development of clinical and preclinical product candidates focused on advancing novel therapeutics for CNS diseases and disorders, and related administrative activities.

 

The accounting policies of the segment are the same as those described in the summary of significant accounting policies as described in the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended September 30, 2025. The CODM evaluates performance and allocates resources based on consolidated net loss, as presented in the Company’s unaudited condensed consolidated interim statement of operations, and monitors forecast-to-actual variances for significant expense categories given their direct relationship to cash burn. The CODM also reviews the consolidated balance sheet to assess liquidity, funding capacity, and segment assets, which are reported as total consolidated assets.

 

The CODM receives and reviews financial information on a consolidated basis and does not assess performance or allocate resources based on geographic regions. In addition, management does not internally organize or evaluate operating results by geography. Accordingly, management has determined that it is not required to present financial information disaggregated by geographic region under ASC 280.

 

The table below summarizes the significant expense categories regularly reviewed by the CODM for the three and nine months ended June 30, 2026 and 2025 (in thousands):

 

                               
    Three months ended June 30,   Nine months ended June 30,
    2026   2025   2026   2025
Research and development costs                                
Preclinical studies   $ 58     $ 36     $ 91     $ 452  
Clinical trials     2,563       3,278       5,207       14,305  
Personnel costs     2,450       1,007       7,572       7,681  
Non-cash share-based compensation (recovery)     (9,880 )     2,607       (9,436 )     4,704  
Other research and development costs(a)      104       3,031       710       3,156  
Total research and development costs (recovery)     (4,705 )     9,959       4,144       30,298  
                                 
General and administrative costs                                
Personnel costs     756       560       1,796       1,706  
Non-cash share-based compensation (recovery)     (7,204 )     1,718       (6,227 )     3,124  
Other general and administrative costs(b)      4,416       2,222       6,816       5,436  
Total general and administrative costs (recovery)     (2,032 )     4,500       2,385       10,266  
                                 
Other income     1,087       1,216       3,352       4,014  
Net income (loss)   $ 7,824     $ (13,243 )   $ (3,177 )   $ (36,550 )

 

a.Other research and development costs include, but are not limited to, publications, sponsorships, membership fees, scientific conferences, and medical affairs strategy and branding.

 

b.Other general and administrative expenses include, but are not limited to, office rent, public company reporting requirements including professional fees, insurance, and other general operating expenses not otherwise included in research and development expenses.