Share-Based Compensation and Warrants (Tables)

6 Months Ended

Dec. 31, 2025

Share-Based Compensation and Warrants

Schedule of the number of shares authorized, outstanding, and available for future grants under stock option

Presented below is a summary of the number of shares authorized, outstanding, and available for future grants under the Company’s equity incentive plans as of December 31, 2025:

	Number of Shares
Description	Authorized	Outstanding		Available
2015 Plan	14,000	14,000		—
2016 Plan	121,200	121,200		—
2019 Plan	200,000	200,000		—
2021 Plan	21,051,536	14,702,929		6,348,607
Inducement Awards	1,500,000	742,500		757,500
Total	22,886,736	15,780,629	(1)	7,106,107

(1) Consists of approximately 13.2 million shares outstanding under stock option agreements and 2.6 million shares under restricted stock units.

Schedule of the stock option plans

For the six months ended December 31, 2025, the following table summarizes the combined stock option activity under the Company’s equity incentive plans and Inducement Awards:

	Shares		Price (1)		Term (2)
Outstanding, beginning of period	13,027,994		$	4.03	7.7
Granted	2,221,000			9.23
Exercised	(328,134)	(3)		2.44
Expired	(4,700)			26.84
Forfeited	(1,753,031)			6.25
Outstanding, end of period	13,163,129	(4)		4.65	7.0
Vested, end of period	8,398,953	(5)		4.34	6.1

(1) Represents the weighted average exercise price.

(2) Represents the weighted average remaining contractual term for the number of years until the stock options expire.

(3) The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of stock options exercised during the six months ended December 31, 2025, was $1.8 million.

(4) As of December 31, 2025, the intrinsic value of outstanding options was approximately $2.5 million.

(5) As of December 31, 2025, the intrinsic value of vested stock options was approximately $1.5 million.

Schedule of the fair value of stock options

For the six months ended December 31, 2025, the fair value of stock options was estimated on the respective dates of grant, with the following weighted-average assumptions:

Market price of common stock on grant date	$	9.23
Expected volatility		84	%
Risk free interest rate		3.8	%
Expected term (years)		5.9
Dividend yield		0	%

Schedule of the combined RSU activity

For the six months ended December 31, 2025, the following table sets forth a summary of the combined RSU activity under the Company’s 2021 Plan:

	Shares	Price (1)
Unvested, beginning of period	1,056,500	$	4.55
Granted	1,915,000		10.11
Vested	—		—
Forfeited	(354,000)		9.51
Unvested, end of period	2,617,500		7.95

(1) Represents the weighted average grant price based on the closing market price on the date of each of the RSU grants.

Schedule of share-based compensation expense

Share-based compensation expense for the three and six months ended December 31, 2025 and 2024 is included under the following captions in the unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
Research and development	$	1,578	$	721	$	2,745	$	1,433
General and administrative		1,833		724		3,197		1,412
Total	$	3,411	$	1,445	$	5,942	$	2,845

Legacy warrants

Share-Based Compensation and Warrants

Schedule of warrant activity

For the six months ended December 31, 2025, no Legacy Warrants were granted or exercised. The following table sets forth a summary of all Legacy Warrants for the six months ended December 31, 2025:

	Shares	Price (1)		Term (2)
Outstanding, beginning of period	850,442	$	19.90	2.3
Expirations	(660)		67.55
Outstanding, end of period	849,782		19.86	1.8

(1) Represents the weighted average exercise price.

(2) Represents the weighted average remaining contractual term for the number of years until the warrants expire.