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Investment in Day Three Labs Inc. (Tables) | 12 Months Ended
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Jul. 31, 2025
Investment in Day Three Labs Inc [Line Items] |
Schedule of Purchase Consideration | The following table summarizes the purchase consideration transferred in the Day Three Acquisition as defined in ASC 805:
(in thousands) |  | Purchase Consideration |
Cash consideration |  | $ | 200 |
Accrued consideration |  |  | 200 |
Exchange of Day Three Promissory Notes for Common Stock |  |  | 2,000 |
Fair value of previously held interests(1) |  |  | 742 |
Total purchase consideration |  | $ | 3,142 |
(1) | The Company remeasured its previously held equity interest in Day Three immediately before the Day Three Acquisition, previously accounted for under the equity method of accounting, to its fair value (determined using the implied enterprise value based on the purchase price multiplied by the ratio of the number of shares previously held to total shares, as of the acquisition date) and recognized a loss of $1.6 million recorded on the consolidated statements of operations and comprehensive loss as a loss on initial investment in Day Three upon acquisition during the quarter ended January 31, 2024.
Schedule of Fair Values of the Assets Acquired and Liabilities | The following table presents, in accordance with ASC 810, the net amount of the VIE’s identifiable assets and liabilities recognized and measured in accordance with ASC 805 (amounts in thousands):
Assets acquired and liabilities assumed |  |  |
Cash and cash equivalents |  | $ | 2,756 |
Prepaid expenses and other current assets |  |  | 121 |
Property and equipment |  |  | 19 |
Other assets |  |  | 48 |
Acquired IPR&D |  |  | 89,861 |
Accounts payable |  |  | (2,006 | )
Accrued expenses |  |  | (1,188 | )
Series C Convertible Notes, short-term portion |  |  | (614 | )
Due to related parties |  |  | (1,289 | )
Other current liabilities |  |  | (28 | )
Series C Convertible Notes, long-term portion |  |  | (70 | )
Creditor payable, noncurrent |  |  | (2,745 | )
Amended RPF Line of Credit |  |  | (15,336 | )
Other liabilities |  |  | (20 | )
Total |  | $ | 69,509 |
The following table presents, in accordance with ASC 810, the net amount of the VIE’s identifiable assets and liabilities recognized and measured in accordance with ASC 805 (amounts in thousands):
Assets acquired and liabilities assumed |  |  |
Investments - Cornerstone common stock |  | $ | 4,931 |
Due from Cornerstone - Amended RPF Line of Credit |  |  | 15,336 |
Total |  | $ | 20,267 |
Acquisition of Day Three [Member] |
Investment in Day Three Labs Inc [Line Items] |
Schedule of Fair Values of the Assets Acquired and Liabilities | The following table summarizes the fair values of the assets acquired and liabilities assumed in the Day Three Acquisition as of the acquisition date:
(in thousands) |  | January 2, 2024 |
Cash and cash equivalents |  | $ | 1,499 |
Accounts receivable |  |  | 63 |
Prepaid expenses and other current assets |  |  | 77 |
Property and equipment |  |  | 408 |
Goodwill |  |  | 3,050 |
Identifiable intangible assets |  |  | 2,180 |
Accounts payable |  |  | (386 | )
Accrued expenses |  |  | (98 | )
Installment note payable |  |  | (2,500 | )
Total fair value of net assets acquired |  |  | 4,293 |
Less: noncontrolling interest |  |  | (1,151 | )
Net assets acquired attributable to Rafael |  | $ | 3,142 |

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