INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2025

INCOME TAXES

Schedule of effective income tax rate reconciliation

For the fiscal years ended June 30, 2025 and 2024, the reconciliation between the income tax benefit computed by applying the statutory U.S. federal income tax rate to the pre-tax loss before income taxes, and total income tax expense recognized in the consolidated financial statements is as follows (in thousands):

	2025		2024
Income tax benefit at statutory U.S. federal rate	$	15,626	$	14,374
Income tax benefit attributable to U.S. states		5,042		4,413
Non-taxable derivative loss		—		(598)
Non-deductible expenses		(464)		(505)
Stock option expirations		(35)		(16)
NOL expirations		—		(7,004)
Other		3		4
Change in valuation allowance		(20,172)		(10,668)
Total income tax expense	$	—	$	—

Schedule of deferred tax assets and liabilities

As of June 30, 2025 and 2024, the income tax effects of temporary differences that give rise to significant deferred income tax assets and liabilities are as follows (in thousands):

	2025		2024
Deferred income tax assets:
Net operating loss carryforwards	$	51,049	$	38,942
Research and experimental costs		25,074		19,213
Intangible assets		7,285		6,487
Share-based compensation		5,650		4,280
Operating lease liabilities		452		624
Accrued expenses and other		802		763
Total deferred income tax assets		90,312		70,309
Valuation allowance for deferred income tax assets		(89,935)		(69,783)
Deferred income tax assets, net of valuation allowance		377		526
Deferred income tax liability right-of-use assets		(377)		(526)
Net deferred income tax assets	$	—	$	—