NET LOSS PER SHARE

12 Months Ended

Jun. 30, 2025

NET LOSS PER SHARE

NET LOSS PER SHARE

NOTE 13 — NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss by the weighted average number of outstanding shares of common stock and PFWs during periods when the PFWs are accounted for as equity instruments. Common shares associated with PFWs that are accounted for as equity instruments are included in the computation of basic and diluted net loss per share since the exercise price is negligible and all of the PFWs are fully vested and exercisable. For the calculation of diluted net loss per share for the fiscal year ended June 30, 2024, during the period when the Exchange PFWs were accounted for as derivative liabilities, such PFWs were excluded from the calculation since the impact of the Exchange PFWs was antidilutive.

Calculation of the weighted average number of shares outstanding for purposes of diluted net loss per share is also required to include the dilutive effect, if any, of stock options, RSUs, Legacy Warrants, and other common stock equivalents computed using the treasury stock method. For the fiscal years ended June 30, 2025 and 2024, all of such common stock equivalents were antidilutive and excluded from the calculations. In addition, the impact of applying the two-class method related to the Participating Warrants, was antidilutive for the calculation of both basic and diluted net loss per share.

Presented below are the calculations of the numerators and the denominators for basic and diluted net loss per share for the fiscal years ended June 30, 2025 and 2024 (in thousands except share and per share amounts):

		2025		2024
Calculation of Numerators:
Net loss for calculation of basic and diluted net loss per share	$	(74,412)	$	(68,459)
Calculation of Denominators:
Weighted average number of common shares outstanding		63,599,003		39,499,389
Weighted average shares related to pre-funded warrants:
2021 PFWs		123,000		1,194,879
2022 PFWs		6,520,837		10,245,243
Exchange PFWs		719,967		393,442	(1)
2024 PFWs		3,750,000		133,197
2025 PFWs		1,286,483		—
Weighted average shares for basic and diluted net loss per share		75,999,290		51,466,150
Net loss per share of common stock:
Basic	$	(0.98)	$	(1.33)
Diluted	$	(0.98)	$	(1.33)

(1) Represents the weighted average number of shares related to the Exchange PFWs discussed in Note 7 for the period when they became equity-classified on May 13, 2024 through June 30, 2024.

As of June 30, 2025 and 2024, the following potential common stock equivalents were excluded from the calculation of diluted net loss per share since the impact of inclusion was anti-dilutive:

	2025	2024
Stock options	13,027,994	10,890,540
RSUs	1,056,500	—
Legacy Warrants	850,442	860,562
Total	14,934,936	11,751,102