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

Note 12. Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the CODM, which is our Acting Chief Executive Officer and Chief Financial Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates our financial information including year over year profit and loss comparisons and cash projections on an aggregate basis when assessing performance for allocating financial and personnel resources. We are not organized by market and are managed and operated as one business.

We identify our operating segments based on our business activities. We operate within a single operating segment, the development of pharmaceutical products. During fiscal 2025, we did not generate any revenue. During fiscal 2024, all revenues were generated in the United States. Our administrative functions including finance, business development and information systems, support the development of pharmaceutical products segment. 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 the development of pharmaceutical products segment are the same as those described in Note 2. Summary of Significant Accounting Policies. All our assets are in the United States. The measure of segment assets is reported on the balance sheets as total assets. We do not have intra-entity sales or transfers.

During the years ended, June 30, 2025 and 2024, we had no transactions denominated in foreign currencies nor any intangible property for which we recognized amortization expense. During the years ended June 30, 2025 and 2024, we did recognize depreciation expense which we have included in "other expenses" within the table below. Depreciation expense is reported in our statements of cash flows and is expected to be zero during fiscal 2026. Non-cash expenses such as depreciating assets and share-based compensation are not part of the CODM's evaluation or decision-making process.

The following table summarizes our financial data for the development of pharmaceutical products segment:

 

 

For the Fiscal Year Ended June 30,

 

 

 

2025

 

 

2024

 

Revenues

 

$

—

 

 

$

65,297

 

 

 

 

 

 

 

 

Operating and other (income) expense

 

 

 

 

 

 

Employee expenses

 

 

9,293

 

 

 

13,207

 

Other segment expenses(1)

 

 

2,647

 

 

 

9,946

 

Professional fees

 

 

2,754

 

 

 

4,092

 

Legal fees

 

 

1,723

 

 

 

3,397

 

Impairment of long-lived assets

 

 

—

 

 

 

10,899

 

Fees paid on behalf of a related party

 

 

—

 

 

 

1,118

 

voruciclib

 

 

801

 

 

 

3,413

 

ME-344

 

 

253

 

 

 

4,724

 

Gain on disposition of a non-financial asset

 

 

(500

)

 

 

—

 

Interest and dividend income

 

 

(1,026

)

 

 

(3,277

)

Total operating and other (income) expense

 

 

15,945

 

 

 

47,519

 

Total segment costs (loss) income and net (loss) income

 

$

(15,945

)

 

$

17,778

 

________

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