Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Pre-Tax loss Information

Pre-tax loss consists of the following jurisdictions (in thousands):

	For the Fiscal Year Ended June 30,
	2024		2023
Domestic	$	17,778	$	(31,838	)
Foreign		—		—
Pre-tax income (loss)	$	17,778	$	(31,838	)

Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Tax Expense

The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):

	For the Fiscal Year Ended June 30,
	2024						2023
	$			%			$			%
Tax benefit at U.S. statutory rates	$	3,733			21	%	$	6,689			21	%
State tax		796			5	%		187			—	%
Warrant liability costs		—			—	%		337			1	%
Equity compensation		901			5	%		(114	)		—	%
Change in valuation allowance		(6,281	)		(35	)%		(7,020	)		(22	)%
Section 162(m) limitation		483			3	%		—			—	%
Other		368			1	%		(79	)		—	%
	$	—			—	%	$	—			—	%

Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets are comprised of the following (in thousands):

	June 30,
	2024			2023
Deferred tax assets (liabilities):
Deferred revenue	$	—		$	14,068
Fixed and intangible assets		8,058			10,681
Capitalization of R&D costs		11,456			10,320
Share-based payments		4,081			5,149
Tax losses carried forward		45,721			34,514
Right-of-use assets		(45	)		(2,597	)
Lease liabilities		—			2,761
Other		647			1,303
Total deferred tax assets		69,918			76,199
Valuation allowance for deferred tax assets		(69,918	)		(76,199	)
Net deferred tax assets and liabilities	$	—		$	—