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SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Jun. 30, 2025
Pre-funded warrants  
Class of warrant or right  
Schedule of warrant activity

The following table summarizes PFW activity for the fiscal years ended June 30, 2025 and 2024:

2021

2022

Exchange

2024

2025

PFWs

PFWs

PFWs

PFWs

PFWs

Total

Outstanding, June 30, 2023

1,661,461

(1)

12,921,055

(2)

14,582,516

Issuance of Exchange PFWs in March 2024

3,000,000

(3)

3,000,000

Issuance of 2024 PFWs in June 2024

3,750,000

(4)

3,750,000

Cashless exercise of PFWs:

Shares surrendered for exercise price

(8,571)

(6)

(3,494)

(6)

(12,065)

Shares of common stock issued

(1,529,890)

(7)

(4,770,190)

(7)

(6,300,080)

Outstanding, June 30, 2024

123,000

8,147,371

3,000,000

3,750,000

-

15,020,371

Issuance of 2025 PFWs in April 2025

6,905,385

(5)

6,905,385

Cashless exercise of PFWs:

Shares surrendered for exercise price

(435)

(6)

(616)

(6)

(1,051)

Shares of common stock issued

(2,525,883)

(7)

(2,999,384)

(7)

(5,525,267)

Outstanding, June 30, 2025

123,000

5,621,053

3,750,000

6,905,385

16,399,438

(1)In connection with an underwritten offering in October 2021, PFWs were issued to purchase 1,661,461 shares of common stock at an issuance price of $6.49 per share (the “2021 PFWs”). The exercise price of the 2021 PFWs is $0.01 per share.
(2)In connection with a registered direct offering in May 2022, the Company issued 1,973,684 Class A PFWs and 10,947,371 Class B PFWs to purchase an aggregate of 12,921,055 shares of common stock at an issuance price of $3.799 per warrant (collectively, the “2022 PFWs”). The exercise price of the 2022 PFWs is $0.001 per share.
(3)As discussed below under the caption Exchange Agreement, the Company issued 3,000,000 Exchange PFWs on March 8, 2024. The exercise price of the Exchange PFWs was $0.001 per share. The Exchange PFWs were initially classified as a derivative liability until May 13, 2024 when the terms were amended to permit reclassification within shareholders’ equity.
(4)As discussed below under the caption 2024 Underwritten Offering, the Company issued 2024 PFWs for the purchase of 3,750,000 shares of common stock on June 24, 2024. The exercise price of the 2024 PFWs is $0.001 per share.
(5)As discussed below under the caption 2025 Underwritten Offering, the Company issued 2025 PFWs for the purchase of 6,905,385 shares of common stock on April 24, 2025. The exercise price of the 2025 PFWs is $0.001 per share.
(6)Holder of PFWs provided notice of cashless exercise that resulted in cancellation of shares in lieu of paying the exercise price in cash.
(7)Represents the number of shares issued after giving effect to shares surrendered due to the cashless exercise notification by the holder.