v3.26.3
Segment Information
 12 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 14. Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (CODM), which is our Chief Executive Officer and Chief Financial Officer, in deciding how to allocate resources and assess performance. During fiscal year 2025, when allocating financial and personnel resources, due to pursuing our strategic alternatives initiative, the CODM evaluated our financial information, including year-over-year profit and loss comparisons and cash projections, on an aggregate basis. During fiscal year 2026, our CODM evaluates financial information including budget versus actual comparisons when assessing performance for allocating financial and personnel resources. Prior to the commencement of writing the Covered Call Options in the second quarter of fiscal year 2026, the CODM considered our cash and cash equivalents and other corporate expenses to be primarily available for use in our development of pharmaceutical products segment. However, since the proceeds from the issuance of our Covered Call Options are being utilized to repurchase our Common Stock, the CODM reevaluated its position during the second quarter of fiscal year 2026 and concluded cash and cash equivalents and corporate expenses were no longer segment expenses and therefore would represent corporate expenses and be a reconciling item between total segment costs and our consolidated results. We are not organized by market.

Prior to the initiation of our Litecoin Treasury Strategy in August 2025, we operated as a single operating segment, the development of pharmaceutical products. Subsequently, we now operate under two operating segments (development of pharmaceutical products and digital asset treasury strategy), which we identify based upon the underlying business activities supporting these two segments. During the fiscal years ended June 30, 2026 and 2025, we did not generate any revenue. Consistent with the CODM's reevaluation in the second quarter of 2026, he concluded our administrative functions including finance, business development and information systems, no longer were primarily supportive of our development of pharmaceutical products segment, and would be primarily included in corporate expenses. We operate in one geographic area, the United States. The CODM allocates resources (inclusive of both capital and personnel) based upon our net loss, which is utilized to monitor year-over-year variances on a quarterly basis.

The accounting policies of both our segments are the same as those described in Note 2. Summary of Significant Accounting Policies. All our assets are in the United States. We do not have intra-entity sales or transfers.

During the fiscal years ended June 30, 2026 and 2025, we had no transactions denominated in foreign currencies nor any intangible property for which we recognized amortization expense. During the fiscal year ended June 30, 2026, we did not recognize depreciation expense. During the fiscal year ended June 30, 2025, we recognized depreciation expense that we have included in "other segment expenses" within the table below. Depreciation expense is reported in our statements of cash flows. Noncash expenses such as depreciating assets and share-based compensation are not part of the CODM's evaluation or decision-making process.

The following tables summarize our financial data for our segments (in thousands):

 

 

For the Fiscal Year Ended June 30, 2026

 

 

 

Digital Asset Treasury Strategy

 

 

Development of Pharmaceutical Products

 

 

Total Segment Costs

 

 

Corporate Expenses

 

 

Consolidated

 

Operating and other (income) expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee expenses

 

$

811

 

 

$

45

 

 

$

856

 

 

$

1,310

 

 

$

2,166

 

Other segment expenses(1)

 

 

70

 

 

 

16

 

 

 

86

 

 

 

3,492

 

 

 

3,578

 

Professional fees

 

 

718

 

 

 

2

 

 

 

720

 

 

 

1,544

 

 

 

2,264

 

Legal fees

 

 

112

 

 

 

629

 

 

 

741

 

 

 

840

 

 

 

1,581

 

voruciclib

 

 

—

 

 

 

59

 

 

 

59

 

 

 

—

 

 

 

59

 

Asset management fee and advisory fees

 

 

2,521

 

 

 

—

 

 

 

2,521

 

 

 

—

 

 

 

2,521

 

Change in fair value of digital
    assets

 

 

54,408

 

 

 

—

 

 

 

54,408

 

 

 

—

 

 

 

54,408

 

Change in fair value of digital
    assets receivable, net

 

 

5,653

 

 

 

—

 

 

 

5,653

 

 

 

—

 

 

 

5,653

 

Gain on derivative liabilities, net

 

 

(813

)

 

 

—

 

 

 

(813

)

 

 

—

 

 

 

(813

)

Interest and dividend income(2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(267

)

 

 

(267

)

Total operating and other
       (income) expense

 

 

63,480

 

 

 

751

 

 

 

64,231

 

 

 

6,919

 

 

 

71,150

 

Total segment costs loss and
         net loss

 

$

(63,480

)

 

$

(751

)

 

$

(64,231

)

 

$

(6,919

)

 

$

(71,150

)

 

______

(1) Includes product development costs associated with zandelisib determined to be immaterial, share-based compensation costs, administrative costs, travel and business taxes.

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.

 

 

 

 

For the Fiscal Year Ended June 30, 2025

 

 

 

Development of Pharmaceutical Products
and Total Segment Costs

 

 

Corporate Expenses

 

 

Consolidated

 

Operating and other (income) expense

 

 

 

 

 

 

 

 

 

Employee expenses

 

$

2,602

 

 

$

6,691

 

 

$

9,293

 

Other segment expenses(1)

 

 

242

 

 

 

2,405

 

 

 

2,647

 

Professional fees

 

 

25

 

 

 

2,729

 

 

 

2,754

 

Legal fees

 

 

602

 

 

 

1,121

 

 

 

1,723

 

voruciclib

 

 

801

 

 

 

—

 

 

 

801

 

ME-344

 

 

253

 

 

 

—

 

 

 

253

 

Gain on disposition of nonfinancial asset

 

 

—

 

 

 

(500

)

 

 

(500

)

Interest and dividend income(2)

 

 

—

 

 

 

(1,026

)

 

 

(1,026

)

Total operating and other (income)
      expense

 

 

4,525

 

 

 

11,420

 

 

 

15,945

 

Total segment costs loss and net loss

 

$

(4,525

)

 

$

(11,420

)

 

$

(15,945

)

 

______

(1) Includes product development costs associated with zandelisib determined to be immaterial, occupancy costs (including rent and utilities), share-based compensation costs, depreciation expense, administrative costs, travel and business taxes.

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.

 

 

 

June 30, 2026

 

 

 

Digital Asset Treasury Strategy

 

 

Development of Pharmaceutical Products

 

 

Total Segment Assets

 

 

Corporate Assets

 

 

Consolidated

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalent

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,706

 

 

$

5,706

 

Prepaid expenses and other current assets

 

 

128

 

 

 

31

 

 

 

159

 

 

 

276

 

 

 

435

 

Total current assets

 

 

128

 

 

 

31

 

 

 

159

 

 

 

5,982

 

 

 

6,141

 

Digital assets

 

 

27,272

 

 

 

—

 

 

 

27,272

 

 

 

—

 

 

 

27,272

 

Digital assets receivable, net

 

 

7,627

 

 

 

—

 

 

 

7,627

 

 

 

—

 

 

 

7,627

 

Investment in SAFE and Token Warrants

 

 

1,000

 

 

 

—

 

 

 

1,000

 

 

 

—

 

 

 

1,000

 

Other long-term assets

 

 

—

 

 

 

—

 

 

 

—

 

 

 

652

 

 

 

652

 

Total assets

 

$

36,027

 

 

$

31

 

 

$

36,058

 

 

$

6,634

 

 

$

42,692

 

 

 

 

 

June 30, 2025

 

 

 

Development of Pharmaceutical Products
and Total Segment Assets

 

 

Corporate Assets

 

 

Consolidated

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalent

 

$

—

 

 

$

18,011

 

 

$

18,011

 

Prepaid expenses and other current assets

 

 

25

 

 

 

249

 

 

 

274

 

Total current assets

 

 

25

 

 

 

18,260

 

 

 

18,285

 

Total assets

 

$

25

 

 

$

18,260

 

 

$

18,285