Balance Sheet Details

12 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Note 3. Balance Sheet Details

Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following in thousands:


	June 30, 2024		June 30, 2023
Prepaid clinical costs	$	1,050	$	4,599
Other		1,374		2,151
Total prepaid and other current assets	$	2,424	$	6,750

Property and Equipment

Property and equipment consisted of the following, in thousands:


	June 30, 2024			June 30, 2023
Furniture and fixtures	$	1,000		$	1,000
Equipment		187			374
Leasehold improvements		969			969
		2,156			2,343
Less: accumulated depreciation (1)		(1,764	)		(1,034	)
Property and equipment, net	$	392		$	1,309

_____

(1) Includes impairment charge of $0.5 million during fiscal year 2024, see below discussion on Impact of the Agreement (as discussed in Note 9. Leases).

Depreciation expense of property and equipment for the fiscal years ended June 30, 2024 and 2023 are presented in the consolidated statements of cash flows.

Impact of the Agreement (as discussed in Note 9. Leases)

As noted in Note 9. Leases, we agreed to sell our furniture and fixtures to the landlord for $1.00 on our lease termination date of September 30, 2024. We completed an evaluation of the impact of the Agreement, as defined in Note 9. Leases, on the carrying value of our property and equipment (Other Long-Lived Assets). This process included evaluating the remaining estimated useful lives, significant changes in the use and potential impairment charges related to the Other Long-Lived Assets. Based upon our evaluation, we recorded an impairment charge of approximately $0.5 million for the furniture and fixtures to be sold to the landlord, which is included in the impairment of long-lived assets in the consolidated statements of operations. We also changed our estimate of the remaining useful lives of our leasehold improvements resulting in an acceleration of depreciation of approximately $0.1 million during our fiscal year ended June 30, 2024.

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	June 30, 2024		June 30, 2023
Accrued pre-clinical and clinical trial expenses	$	1,407	$	3,663
Accrued compensation and benefits(1)		2,821		7,189
Accrued legal and professional services		33		1,423
Accrued reimbursement to KKC		892		—
Other		34		186
Total accrued liabilities	$	5,187	$	12,461

________

(1) Includes one-time employee benefits of approximately $21,000 and $1.0 million for the fiscal years ended June 30, 2024 and 2023, respectively.