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Financial Instruments and Significant Concentrations (Tables)
6 Months Ended
Dec. 31, 2025
Financial Instruments and Significant Concentrations  
Schedule of financial assets measured at fair value on a recurring basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the fair value hierarchy classification as of December 31, 2025 and June 30, 2025 (in thousands):

Fair Value Measurement of Assets as of December 31, 2025

Total

Level 1

Level 2

Level 3

Cash and cash equivalents:

Money market funds

$

8,126

$

8,126

$

$

Marketable debt securities:

Corporate commercial paper

40,452

40,452

U.S. Government agencies

1,270

1,270

U.S. Government treasuries

1,750

1,750

Corporate notes and bonds

77,522

77,522

Total

$

129,120

$

8,126

$

120,994

$

Fair Value Measurement of Assets as of June 30, 2025

Total

Level 1

Level 2

Level 3

Cash and cash equivalents:

Money market funds

$

86,059

$

86,059

$

$

Corporate commercial paper

1,000

1,000

U.S. Government treasuries

1,996

1,996

Marketable debt securities:

Corporate commercial paper

16,588

16,588

U.S. Government agencies

5,445

5,445

U.S. Government treasuries

1,484

1,484

Corporate notes and bonds

50,234

50,234

Total

$

162,806

$

86,059

$

76,747

$

Schedule of changes in the fair value of the company's embedded derivative liability, fair value, level 3 inputs

The following table sets forth changes in the fair value of the Company’s embedded derivative liability for which fair value was determined on a recurring basis for the six months ended December 31, 2025 and 2024 (in thousands):

2025

2024

Fair value, beginning of period

$

468

$

468

Changes in fair value

15

9

Fair value, end of period

$

483

$

477