Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.4
Segment Information
 6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 12. Segment Information

 

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is the development of treatments for cannabis toxicity, such as unintentional cannabis poisoning, ACI, and the broader landscape of acute cannabis-induced conditions. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer.

 

The CODM manages and allocates resources to the operations of the Company on a total company basis and segment performance is evaluated based on net loss. The Company’s CEO uses financial information for purposes of evaluating performance, understanding future forecasted results and allocating resources. The measure of segment assets is reported on the balance sheet as total assets. All of the Company’s tangible assets are held in the United States.

 

The following table presents selected financial information with respect to the Company’s single operating segment and its significant segment expenses for the three and six months ended December 31, 2025 and 2024:

 

C     1       2  
   

Three Months Ended

December 31,

  
    2025     2024  
Pre-clinical and clinical studies   $ 928,288     $ 455,039  
Contract manufacturing     47,835       435,999  
Consultants and other research and development     188,614       329,497  
Compensation and related benefits     632,123       423,899  
Professional and consultant fees     478,283       196,282  
Stock-based compensation expense     198,530       564,333  
Directors’ and officers’ insurance     113,518       122,983  
Facilities, fees and other related costs     32,719       60,119  
Interest expense     17,439       59,696  
Interest income     (85,410 )     (7,067 )
Grant income     (552,576 )     (177,703 )
Other     34       (47 )
Net loss   $ (1,999,397 )   $ (2,463,030 )

 

C     168,420       651,465  
   

Six Months Ended

December 31,

  
    2025     2024  
Pre-clinical and clinical studies   $ 1,335,200     $ 1,288,900  
Contract manufacturing     168,420       651,465  
Consultants and other research and development     471,108       595,029  
Compensation and related benefits     953,459       730,512  
Professional and consultant fees     1,188,477       512,076  
Stock-based compensation expense     436,174       851,253  
Directors’ and officers’ insurance     223,847       240,141  
Facilities, fees and other related costs     103,485       130,899  
Interest expense     34,878       119,393  
Interest income     (195,026 )     (33,073 )
Grant income     (562,401 )     (423,065 )
Other     130       236  
Net loss   $ (4,157,751 )   $ (4,663,766 )