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Segmented Information
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segmented Information

Note 8 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 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. The CODM evaluates performance and allocates resources based on consolidated net loss, as presented in the Company’s consolidated 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 years ended September 30, 2025, 2024 and 2023 (in thousands):

 

               
   2025  2024  2023
Research and development costs               
Preclinical studies  $543   $663   $627 
Clinical trials   15,805    21,301    21,873 
Personnel costs   13,466    13,676    10,264 
Non-cash share-based compensation   7,013    5,813    10,812 
Other research and development costs(a)   765    385    141 
Total research and development costs   37,592    41,838    43,717 
                
General and administrative costs               
Personnel costs   2,288    2,177    2,527 
Non-cash share-based compensation   4,536    3,625    5,558 
Other general and administrative costs(b)   6,992    5,237    3,961 
Total general and administrative costs   13,816    11,039    12,046 
                
Other income   5,031    9,875    8,258 
Net loss  $(46,377)  $(43,002)  $(47,505)

 

(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.