XML 44 R11.htm IDEA: XBRL DOCUMENT v3.25.2
Liquidity and Going Concern
12 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity and Going Concern

2. Liquidity and Going Concern

 

During the fiscal year ended June 30, 2025, the Company incurred a net loss of $46.8 million and used cash of $28.9 million for operating activities. At June 30, 2025, the Company has an accumulated deficit of $260.1 million.

 

The continuation of the Company as a going concern is dependent upon generating profit from its operations and its ability to obtain debt or equity financing. There is no assurance that the Company will be able to generate sufficient profits, obtain such financings, or obtain them on favorable terms, which could limit its operations. Any such financing activities are subject to market conditions. These uncertainties cause substantial doubt about the Company’s ability to continue as a going concern for 12 months from issuance of these financial statements. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

 

The going concern assessment excludes the Company’s at-the-market (“ATM”) offering (Note 14), which could provide a source of liquidity.

 

Based on our current operating plan, unless we generate income from the operations of our facilities and receipt of cash from U.S. Government grant awards, or raise additional capital (debt or equity), it is possible that we will be unable to maintain our financial covenants under our existing Note agreement (Note 12), which, if such violation is not waived, could result in an event of default, causing an acceleration of the outstanding balance. If we do raise additional capital through public or private equity offerings, as opposed to debt or additional Note issuances, the ownership interest of our existing stockholders may be diluted.