INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2024

INCOME TAXES

Schedule of effective income tax rate reconciliation

For the fiscal years ended June 30, 2024 and 2023, 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):

	2024		2023
Income tax benefit at statutory U.S. federal rate	$	14,374	$	10,875
Income tax benefit attributable to U.S. states		4,413		3,468
Impact of reduction in Colorado tax rate		—		(78)
Non-taxable derivative loss		(598)		—
Non-deductible expenses		(505)		(442)
Stock option expirations		(16)		(921)
NOL expirations		(7,004)		—
Other		4		(399)
Change in valuation allowance		(10,668)		(12,503)
Total income tax expense	$	—	$	—

Schedule of deferred tax assets and liabilities

As of June 30, 2024 and 2023, the income tax effects of temporary differences that give rise to significant deferred income tax assets and liabilities are as follows (in thousands):

	2024		2023
Deferred income tax assets:
Net operating loss carryforwards	$	38,942	$	40,537
Research and experimental costs		19,213		9,454
Intangible assets		6,487		5,595
Share-based compensation		4,280		2,884
Operating lease liabilities		624		694
Accrued expenses and other		763		603
Total deferred income tax assets		70,309		59,767
Valuation allowance for deferred income tax assets		(69,783)		(59,192)
Deferred income tax assets, net of valuation allowance		526		575
Deferred income tax liability right-of-use assets		(526)		(575)
Net deferred income tax assets	$	—	$	—