SEGMENT DISCLOSURES

12 Months Ended

Jun. 30, 2025

SEGMENT DISCLOSURES

SEGMENT DISCLOSURES

NOTE 15 — SEGMENT DISCLOSURES

The Company has determined that it operates as a single reportable segment which includes all of its activities as a clinical stage biopharmaceutical company. The CODM uses consolidated net loss as reported on the consolidated statement of operations to assess performance, analyze budget to actual results, forecast future periods, and allocate resources for its single reportable segment. The significant segment expenses regularly reviewed by the CODM consist of clinical and manufacturing costs of the Company's product candidates, personnel expenses, and other segment expenses. The measure of the operating segment assets is reported on the consolidated balance sheet as total assets and all of the Company's tangible assets are located in the United States.

The following table presents consolidated net loss summarized by the significant segment expenses regularly reviewed by the CODM for the years ended June 30, 2025, and 2024 (in thousands):

	2025		2024
Research and development:
Ersodetug	$	31,752	$	19,937
RZ402		601		7,648
Compensation and benefits		19,404		17,463
Other R&D segment expenses (1)		9,770		10,695
Total research and development		61,527		55,743
General and administrative:
Compensation and benefits		10,756		8,933
Other G&A segment expenses (2)		7,611		5,747
Total general and administrative		18,367		14,680
Operating loss		(79,894)		(70,423)
Total non-operating income (expense), net		5,482		1,964
Net loss	$	(74,412)	$	(68,459)

(1) Other R&D segment expenses primarily include licensing costs, quality regulatory and other pipeline development costs, employee travel and expense, and other facility and information technology costs.

(2) Other G&A segment expenses primarily include consulting expenses related to business development and market planning activities, employee travel and expense, insurance expense, public company costs, and other facility and information technology costs.