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SEGMENT REPORTING
 3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

11. SEGMENT REPORTING

 

The Company operates as a single operating and reportable segment, which reflects how the Chief Operating Decision Maker (CODM), the Company’s Chief Executive Officer, manages the business and allocates resources. The Company is a development-stage medical technology company focused on advancing a clinical-stage therapeutic device, with key operational decisions driven by cash availability, development milestones, and the expected return on investment associated with future manufacturing and commercialization efforts.

 

Although the Company does not generate commercial revenue, the CODM regularly reviews certain expense categories and cash flow metrics to monitor progress and inform resource allocation. The primary internal performance measure used by the CODM is cash used in operating activities, rather than traditional profit or loss metrics.

 

In accordance with ASU 2023-07, which the Company adopted for the fiscal year ended March 31, 2025, the following significant expense categories and internal performance measures were reviewed by the CODM during the three months ended June 30, 2025 and 2024:

          
Category  Three Months Ended 
   June 30, 2025   June 30, 2024 
Research and development¹  $524,000   $415,000 
General and administrative²  $735,000   $752,000 
Cash used in operating activities³  $1,715,000   $1,748,000 

 

Amounts in this table are rounded to the nearest thousand.

 

¹ Research and development expenses primarily include costs related to laboratory operations, clinical trial execution, investigational device testing, design iterations, and personnel expenses associated with research activities. These expenses may appear across different financial statement line items—such as general and administrative expense, professional fees, or payroll—but are monitored internally by the CODM as a single category.

 

² General and administrative expenses encompass overhead, clinical trial-related administrative and planning expenses, and certain manufacturing-related costs such as raw materials. These costs are not broken down further for internal reporting purposes and are reviewed as a whole.

 

³ Cash used in operating activities is the key internal performance metric tracked by the CODM to evaluate development progress, cash needs, and investment strategy in the absence of commercial revenue.

 

The Company does not allocate assets to operating segments, nor does the CODM evaluate performance using a segment profit or loss measure. There were no changes in the internal reports provided to or reviewed by the CODM during the periods presented.

 

Entity-Wide Information

 

·The Company did not recognize revenue during the three months ended June 30, 2025.
·All long-lived assets are located in the United States.
·A significant portion of clinical trial activity is conducted through the Company’s wholly owned subsidiary in Australia.