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Note 4 - Fair Value Measurements | 6 Months Ended
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Mar. 31, 2026
Notes to Financial Statements |
Fair Value Disclosures [Text Block] | Note 4 – Fair Value Measurements ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Instruments with primarily unobservable value drivers. As of March 31, 2026 and September 30, 2025, the Company has investments in equity securities consisting of 1,196 and 3,125 shares, respectively, of Series D Convertible Preferred Stock (the “ONCO Series D Preferred Stock”) of Onconetix, Inc. (“ONCO”) and a warrant to purchase 169,395 shares of common stock of ONCO (the “ONCO Warrant”). ONCO effected a 1-for-5 reverse stock split for all of its issued and outstanding shares of common stock on March 25, 2026. All ONCO common stock amounts presented have been retroactively adjusted for all periods presented. The ONCO Series D Preferred Stock and the ONCO Warrant were received on September 22, 2025 as a settlement of the ONCO Promissory Notes. See Note 15 for additional information. The Company has elected to measure the ONCO Series D Preferred Stock and the ONCO Warrant at fair value in accordance with ASC 825. The investments in the ONCO Series D Preferred Stock and the ONCO Warrant are classified within Level 3 of the fair value hierarchy because there is no market for these types of securities and the fair value is determined using significant unobservable inputs. The fair value of the ONCO Series D Preferred Stock and the ONCO Warrant have been determined using a Monte Carlo simulation model. This valuation model incorporates the contractual terms of the instruments and assumptions including the stock price of ONCO Common Stock, expected volatility, and a selected discount rate. Additionally, the ONCO Series D Preferred Stock and the ONCO Warrant were issued by ONCO as part of a Securities Purchase Agreement, which included the sale of 16,099 shares of Series D convertible preferred stock and warrants to purchase 872,565 shares of ONCO Common Stock to eleven institutional investors, for an aggregate purchase price of $12.9 million. The valuation of the ONCO Series D Preferred Stock and ONCO Warrant at issuance included a calibration discount to the proceeds of the original transaction, which was done at arms’ length. The calibration discount was reduced to zero as of March 31, 2026 as the Company began to convert the ONCO Series D Preferred Stock during the three months ended March 31, 2026, which had the effect of increasing the fair value of the ONCO Series D Preferred Stock and the ONCO Warrant. The assumptions used in calculating the fair value of the financial instruments represent the Company’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, the use of different estimates or assumptions would result in a higher or lower fair value and different amounts being recorded in the Company’s financial statements. Material changes in any of these inputs could result in a significantly higher or lower fair value measurement at future reporting dates, which could have a material effect on our results of operations. The following table summarizes the significant unobservable inputs used in the Monte Carlo Simulations as of March 31, 2026 and September 30, 2025:
Significant Unobservable Input |  | March 31, 2026 |  |  | September 30, 2025 |
ONCO Series D Preferred Stock |  |  |  |  |  |  |  |
Simulation Term (Years) |  |  | 1.0 |  |  |  | 1.5 |
Expected Volatility |  |  | 70.2 | % |  |  | 72.5 | %
Discount Rate |  |  | 25.0 | % |  |  | 25.0 | %
Calibration Discount |  |  | 0.0 | % |  |  | 48.6 | %
ONCO Warrant |  |  |  |  |  |  |  |
Simulation Term (Years) |  |  | 2.5 |  |  |  | 3.0 |
Equity Volatility |  |  | 72.2 | % |  |  | 68.6 | %
Calibration Discount |  |  | 0.0 | % |  |  | 48.6 | %
The following table provides a reconciliation of the beginning and ending balance associated with the ONCO Series D Preferred Stock and the ONCO Warrant measured at fair value for the six months ended March 31, 2026 and 2025, which are presented as investments in equity securities on the accompanying consolidated balance sheet:
|  | Six Months Ended |
|  | March 31, |
|  | 2026 |  |  | 2025 |
ONCO Series D Preferred Stock |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,764,318 |  |  | $ | — |
Change in fair value of equity securities |  |  | 2,818,551 |  |  |  | — |
Converted into ONCO common stock |  |  | (3,218,257 | ) |  |  | — |
Ending balance |  | $ | 1,364,612 |  |  | $ | — |
ONCO Warrant |  |  |  |  |  |  |  |
Beginning balance |  | $ | 760,987 |  |  | $ | — |
Change in fair value of equity securities |  |  | 1,041,659 |  |  |  | — |
Ending balance |  | $ | 1,802,646 |  |  | $ | — |
During the three months ended March 31, 2026, the Company converted 1,929 shares of the ONCO Series D Preferred Stock into 771,091 shares of ONCO common stock and sold 770,772 shares of ONCO common stock for net proceeds of $3.2 million. Subsequent to March 31, 2026, the Company converted the remaining outstanding 1,196 shares of ONCO Series D Preferred Stock into 1,041,743 shares of ONCO common stock and sold 1,042,062 shares of ONCO common stock for net proceeds of $1.8 million. The Company also had an investment in equity securities consisting of 28,549 shares of common stock of ONCO (the “ONCO Common Stock”), which were sold during the six months ended March 31, 2025 for net proceeds of $0.4 million. The Company recognized a loss from the change in fair value of equity securities related to the ONCO Common Stock of $0.3 million during the six months ended March 31, 2025. The following is a summary of unrealized and realized gains and losses on equity securities recognized during the three and six months ended March 31, 2026 and 2025:
|  | Three Months Ended |  |  | Six Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Net gains (losses) recognized during the period on equity securities |  | $ | 3,931,416 |  |  | $ | — |  |  | $ | 3,811,338 |  |  | $ | (349,078 | )
Less: net gains (losses) recognized during the period on equity securities sold during the period |  |  | 1,954,544 |  |  |  | — |  |  |  | 2,081,146 |  |  |  | (349,078 | )
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date |  | $ | 1,976,872 |  |  | $ | — |  |  | $ | 1,730,192 |  |  | $ | — |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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