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Note 16 - Segments | 6 Months Ended
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Mar. 31, 2026
Notes to Financial Statements |
Segment Reporting [Text Block] | Note 16 - Segments Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the CODM, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s CODM is Mitchell S. Steiner, M.D., our Chairman, President and Chief Executive Officer, who views the Company’s operations as one operating segment, which is focused on developing innovative medicines for the treatment of cardiometabolic and inflammatory diseases. The Company does not have revenue, incurs expenses primarily in the U.S., and manages the business activities on a consolidated basis. The accounting policies of the drug development segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the drug development segment and decides how to allocate resources based on net loss that is also reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as cash, cash equivalents, and restricted cash. The Company has not generated any product revenue from continuing operations in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as the Company advances its product candidates through all stages of development and clinical trials. As such, the CODM uses cash forecast models in deciding how to invest into the drug development segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment. The table below summarizes the significant expense categories regularly reviewed by the CODM for the six months ended March 31, 2026 and 2025:
|  | Three Months Ended |  |  | Six Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  | $ | 3,145,783 |  |  |  | 3,932,102 |  |  |  | 4,489,965 |  |  | $ | 9,648,932 |
General and administrative |  |  | 4,073,185 |  |  |  | 5,164,433 |  |  |  | 8,153,018 |  |  |  | 10,391,546 |
Total operating expenses |  |  | 7,218,968 |  |  |  | 9,096,535 |  |  |  | 12,642,983 |  |  |  | 20,040,478 |
Other segment items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of ENTADFI® assets |  |  | — |  |  |  | 974,303 |  |  |  | — |  |  |  | 1,669,519 |
Gain on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,624,778 |
Change in fair value of equity securities |  |  | 3,931,416 |  |  |  | — |  |  |  | 3,811,338 |  |  |  | (349,078 | )
Other income, net |  |  | 195,002 |  |  |  | 269,839 |  |  |  | 406,516 |  |  |  | 432,963 |
Net income (loss) from discontinued operations, net of taxes |  |  | 351,418 |  |  |  | (49,226 | ) |  |  | 351,418 |  |  |  | (7,184,670 | )
Net loss |  | $ | (2,741,132 | ) |  |  | (7,901,619 | ) |  |  | (8,073,711 | ) |  | $ | (16,846,966 | )
The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation. For the six months ended March 31, 2026 and 2025, net cash used in operating activities was $15.1 million and $19.1 million, respectively. The table below summarizes the significant asset categories regularly reviewed by the CODM as of March 31, 2026 and September 30, 2025:
|  | 2026 |  |  | 2025 |
Cash, cash equivalents and restricted cash |  | $ | 27,596,820 |  |  | $ | 15,794,562 |

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