Net Loss Per Share

6 Months Ended

Dec. 31, 2025

Net Loss Per Share

Net Loss Per Share

Note 12 — 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 because the exercise price is negligible and all of the PFWs are fully vested and exercisable. Accordingly, the weighted average number of shares outstanding for basic and diluted net loss per share for the three and six months ended December 31, 2025 and 2024 consists of the following:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
Common Stock		93,356,466		59,035,158		91,491,099		57,101,052
2021 PFWs		123,000		123,000		123,000		123,000
2022 PFWs		3,421,053		6,691,992		3,767,498		7,419,682
Exchange PFWs		—		340,169		—		1,444,501
2024 PFWs		2,475,231		3,750,000		2,837,057		3,750,000
2025 PFWs		4,311,315		—		5,336,202		—
Total		103,687,064		69,940,319		103,554,855		69,838,235

For the three and six months ended December 31, 2025 and 2024, basic and diluted net loss per share are the same since all other common stock equivalents were anti-dilutive. As of December 31, 2025 and 2024, the following potential common stock equivalents were excluded from the computation of diluted net loss per share since the impact of inclusion was anti-dilutive:

	2025	2024
Stock options	13,163,129	10,966,757
RSUs	2,617,500	—
Legacy Warrants	849,782	850,562
Total	16,630,411	11,817,319