Restatement of Prior Period Financial Statements (Tables)

12 Months Ended

Jun. 30, 2025

Summary of restated consolidated balance sheet

The impact of the correction of the misstatements is summarized below:

Restated Consolidated Balance Sheet

(Unaudited)

(in thousands, except par value and share amounts)


	As of March 31, 2025
	As Reported			Adjustment			As Restated
Assets
Current assets:
Cash and cash equivalents	$	103,583		$	—		$	103,583
Restricted cash		63			—			63
Trade and other receivables		3			—			3
Prepaid and other assets		361			—			361

Total current assets		104,010			—			104,010
Property and equipment, net		145			—			145
Deposits		55			—			55
Prepaid and other assets		35			—			35
Right-of-use assets		964			—			964

Total assets	$	105,209		$	—		$	105,209

Liabilities and stockholders’ equity
Current liabilities:
Trade and other payables	$	6,254		$	—		$	6,254
Accrued employee benefits		426			—			426
Lease liabilities, current portion		346			—			346

Total current liabilities		7,026			—			7,026
Non-current accrued employee benefits		—			—			—
Lease liabilities, less current portion		613			—			613

Total liabilities		7,639			—			7,639

Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value—5,000,000 shares authorized; no shares issued and outstanding at March 31, 2025 and June 30, 2024, respectively		—			—			—
Common stock, $0.0001 par value—160,000,000 shares authorized; 25,546,288 shares and 10,086,119 shares issued and outstanding at March 31, 2025 and June 30, 2024, respectively		2			—			2
Additional paid-in capital		310,313			7,342			317,655
Accumulated deficit		(212,029	)		(7,342	)		(219,371	)
Accumulated other comprehensive loss		(716	)		—			(716	)

Total stockholders’ equity		97,570			—			97,570

Total liabilities and stockholders’ equity	$	105,209		$	—		$	105,209

Restated Consolidated Balance Sheet

(Unaudited)

(in thousands, except par value and share amounts)


	As of December 31, 2024
	As Reported			Adjustment			As Restated

Assets
Current assets:
Cash and cash equivalents	$	78,283		$	—		$	78,283
Restricted cash		62			—			62
Trade and other receivables		2			—			2
Prepaid and other assets		366			—			366

Total current assets		78,713			—			78,713
Property and equipment, net		151			—			151
Deposits		25			—			25
Prepaid and other assets		42			—			42
Right-of-use assets		137			—			137

Total assets	$	79,068		$	—		$	79,068

Liabilities and stockholders’ equity
Current liabilities:
Trade and other payables	$	2,415		$	—		$	2,415
Accrued employee benefits		537			—			537
Lease liabilities, current portion		137			—			137

Total current liabilities		3,089			—			3,089
Non-current accrued employee benefit		38			—			38

Total liabilities		3,127			—			3,127

Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value—5,000,000 shares authorized; no shares issued and outstanding at December 31, 2024 and June 30, 2024, respectively		—			—			—
Common stock, $0.0001 par value—160,000,000 shares authorized; 23,451,475 shares and 10,086,119 shares issued and outstanding at December 31, 2024 and June 30, 2024, respectively		2			—			2
Additional paid-in capital		279,302			2,195			281,497
Accumulated deficit		(202,675	)		(2,195	)		(204,870	)
Accumulated other comprehensive loss		(688	)		—			(688	)

Total stockholders’ equity		75,941			—			75,941

Total liabilities and stockholders’ equity	$	79,068		$	—		$	79,068

Summary of restated consolidated statements of operations and comprehensive loss

Restated Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended									Nine Months Ended
	March 31, 2025									March 31, 2025
	As Reported			Adjustment			As Restated			As Reported			Adjustment			As Restated
Operating expenses
Research and development	$	5,980		$	515		$	6,495		$	14,637		$	828		$	15,465
General and administrative		4,208			4,632			8,840			9,952			6,514			16,466

Total operating expenses		10,188			5,147			15,335			24,589			7,342			31,931

Loss from operations		(10,188	)		(5,147	)		(15,335	)		(24,589	)		(7,342	)		(31,931	)
Other income (loss):
Foreign currency transaction gain (loss)		11			—			11			(190	)		—			(190	)
Interest income (expense), net		823			—			823			2,250			—			2,250
Other expense, net		—			—			—			(5	)		—			(5	)
Gain on extinguishment of liabilities		—			—			—			764			—			764

Total other income, net		834			—			834			2,819			—			2,819

Net loss	$	(9,354	)	$	(5,147	)	$	(14,501	)	$	(21,770	)	$	(7,342	)	$	(29,112	)

Other comprehensive income:
Unrealized foreign currency translation gain (loss)		(28	)		—			(28	)		176			—			176

Total other comprehensive income (loss)		(28	)		—			(28	)		176			—			176

Total comprehensive loss	$	(9,382	)	$	(5,147	)	$	(14,529	)	$	(21,594	)	$	(7,342	)	$	(28,936	)

Net loss	$	(9,354	)	$	(5,147	)	$	(14,501	)	$	(21,770	)	$	(7,342	)	$	(29,112	)

Net loss attributable to common shareholders	$	(9,354	)	$	(5,147	)	$	(14,501	)	$	(21,770	)	$	(7,342	)	$	(29,112	)

Net loss per share:
Basic and diluted	$	(0.24	)	$	(0.13	)	$	(0.38	)	$	(0.63	)	$	(0.21	)	$	(0.84	)

Weighted average number of shares outstanding: basic and diluted		38,599,453			—			38,599,453			34,559,870			—			34,559,870

Restated Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended									Six Months Ended
	December 31, 2024									December 31, 2024
	As Reported			Adjustment			As Restated			As Reported			Adjustment			As Restated
Operating expenses
Research and development	$	5,072		$	313		$	5,385		$	8,657		$	313		$	8,970
General and administrative		3,538			1,882			5,420			5,744			1,882			7,626

Total operating expenses		8,610			2,195			10,805			14,401			2,195			16,596

Loss from operations		(8,610	)		(2,195	)		(10,805	)		(14,401	)		(2,195	)		(16,596	)
Other income (loss):
Foreign currency transaction gain (loss)		(294	)		—			(294	)		(201	)		—			(201	)
Interest income (expense), net		823			—			823			1,427			—			1,427
Other expense, net		(40	)		—			(40	)		(5	)		—			(5	)
Gain on extinguishment of liabilities		764			—			764			764			—			764
Unrealized loss on investment		—			—			—			—			—			—

Total other income, net		1,253			—			1,253			1,985			—			1,985

Net loss	$	(7,357	)	$	(2,195	)	$	(9,552	)	$	(12,416	)	$	(2,195	)	$	(14,611	)

Other comprehensive income:
Unrealized foreign currency translation gain (loss)		305			—			305			204			—			204

Total other comprehensive income (loss)		305			—			305			204			—			204

Total comprehensive loss	$	(7,052	)	$	(2,195	)	$	(9,247	)	$	(12,212	)	$	(2,195	)	$	(14,407	)

Net loss	$	(7,357	)	$	(2,195	)	$	(9,552	)	$	(12,416	)	$	(2,195	)	$	(14,611	)

Deemed dividends		—			—			—			—			—			—

Net loss attributable to common shareholders	$	(7,357	)	$	(2,195	)	$	(9,552	)	$	(12,416	)	$	(2,195	)	$	(14,611	)

Net loss per share:
Basic and diluted	$	(0.20	)	$	(0.06	)	$	(0.26	)	$	(0.38	)	$	(0.07	)	$	(0.45	)

Weighted average number of shares outstanding: basic and diluted		37,254,839		$	—			37,254,839			32,574,158			—			32,574,158

Summary of restated consolidated statements of stockholders equity

Restated Consolidated Statements of Stockholders’ Equity

(Unaudited)

(in thousands, except share amounts)


	Common Stock				Additional Paid-in		Accumulated			Accumulated Other Comprehensive			Total Stockholders’
	Shares		Amount		Capital		Deficit			Loss			Equity
Balance at June 30, 2024		10,086,119	$	1	$	238,398	$	(190,259	)	$	(892	)	$	47,248
Exercise of pre-funded warrants		1,768,454		—		—		—			—			—
Exercise of Series 2 warrants		857,845		—		1,655		—			—			1,655
Exercise of common warrants		5,181,347		—		20,002		—			—			20,002
Share-based compensation		—		—		435		—			—			435
Foreign currency translation loss		—		—		—		—			(101	)		(101	)
Net loss		—		—		—		(5,059	)		—			(5,059	)

Balance at September 30, 2024		17,893,765		1		260,490		(195,318	)		(993	)		64,180
Exercise of pre-funded warrants		606,129		—		—		—			—			—
Exercise of Series 2 warrants		642,160		—		1,240		—			—			1,240
Exercise of common warrants, net of issuance costs of $2		4,309,421		—		16,630		—			—			16,630
Share-based compensation		—		—		943		—			—			943
Foreign currency translation gain		—		—		—		—			305			305
Net loss		—		—		—		(7,357	)		—			(7,357	)
Restatement adjustment		—		—		2,195		(2,195	)		—			—

Balance at December 31, 2024 (as restated)		23,451,475	$	1	$	281,498	$	(204,870	)	$	(688	)	$	75,941
Issuance of common stock and pre-funded warrants sold for cash, net of offering costs of $2,245		2,043,000		1		28,212		—			—			28,213
Exercise of common warrants		51,813		—		201		—			—			201
Share-based compensation		—		—		2,597		—			—			2,597
Foreign currency translation gain		—		—		—		—			(28	)		(28	)
Net loss		—		—		—		(9,354	)		—			(9,354	)
Restatement adjustment		—		—		5,147		(5,147	)		—			—

Balance at March 31, 2025 (as restated)		25,546,288	$	2	$	317,655	$	(219,371	)	$	(716	)	$	97,570

Summary of restated consolidated statements of cash flows

Restated Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Nine Months Ended March 31, 2025
	As Reported			Adjustment			As Restated
Cash flows from operating activities:
Net loss	$	(21,770	)	$	(7,342	)	$	(29,112	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		52			—			52
Amortization of right-of-use assets		226			—			226
Unrealized loss on investment		—			—			—
Gain on extinguishment of liabilities		(764	)		—			(764	)
Share-based compensation expense		3,975			7,342			11,317
Changes in operating assets and liabilities:
Trade and other receivables		226			—			226
Prepaid and other assets		147			—			147
Trade and other payables		2,862			—			2,862
Accrued employee benefits		(82	)		—			(82	)
Lease liabilities		(247	)		—			(247	)

Net cash used in operating activities		(15,375	)		—			(15,375	)

Cash flows from investing activities:
Purchase of property and equipment		(18	)		—			(18	)

Net cash used in investing activities		(18	)		—			(18	)
Cash flows from financing activities:
Proceeds from issuance of common stock, pre-funded warrants, and common warrants		30,459			—			30,459
Proceeds from exercise of pre-funded warrants, series 2 warrants and common warrants		39,729			—			39,729
Share issuance transaction costs		(2,247	)		—			(2,247	)

Net cash provided by financing activities		67,941			—			67,941

Effects of exchange rate changes on cash, cash equivalents, and restricted cash		169			—			169

Net increase in cash, cash equivalents, and restricted cash		52,717			—			52,717
Cash, cash equivalents, and restricted cash, beginning of period		50,929			—			50,929

Cash, cash equivalents, and restricted cash, end of period	$	103,646			—		$	103,646

Supplemental disclosure of cash flow information
Initial measurement of operating lease right- of -use assets and liabilities	$	255			—		$	255

Re-measurement of operating lease right-of-use assets and liabilities	$	666			—		$	666

Restated Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Six Months Ended December 31, 2024
	As Reported			Adjustment			As Restated
Cash flows from operating activities:
Net loss	$	(12,416	)	$	(2,195	)	$	(14,611	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		39			—			39
Amortization of right-of-use assets		133			—			133
Unrealized loss on investment		—			—			—
Gain on extinguishment of liabilities		(764	)		—			(764	)
Share-based compensation expense		1,378			2,195			3,573
Changes in operating assets and liabilities:
Trade and other receivables		226			—			226
Prepaid and other assets		165			—			165
Trade and other payables		(980	)		—			(980	)
Accrued employee benefits		77			—			77
Lease liabilities		(147	)		—			(147	)

Net cash used in operating activities		(12,289	)		—			(12,289	)

Cash flows from investing activities:
Purchase of property and equipment		(12	)		—			(12	)

Net cash used in investing activities		(12	)		—			(12	)
Cash flows from financing activities:
Proceeds from exercise of pre-funded warrants, series 2 warrants and common warrants		39,529			—			39,529
Share issuance transaction costs		(2	)		—			(2	)

Net cash provided by financing activities		39,527			—			39,527

Effects of exchange rate changes on cash, cash equivalents, and restricted cash		190			—			190

Net increase in cash, cash equivalents, and restricted cash		27,416			—			27,416
Cash, cash equivalents, and restricted cash, beginning of period		50,929			—			50,929

Cash, cash equivalents, and restricted cash, end of period	$	78,345			—		$	78,345

Schedule of unaudited condensed consolidated statements of operations and comprehensive income loss

The following table present

selected unaudited condensed consolidated Statements of Operations and Comprehensive Income (Loss) for each quarter of the periods indicated:


	Three Months Ended
	September 30, 2024			December 31, 2024			March 31, 2025			June 30, 2025
				(Restated)			(Restated)
Operating expenses
Royalties and license fees	$	—		$	—		$	—		$	—
Research and development		3,585			5,385			6,495			2,867
General and administrative		2,206			5,420			8,840			6,967

Total operating expenses		5,791			10,805			15,335			9,834

Loss from operations		(5,791	)		(10,805	)		(15,335	)		(9,834	)
Other income (loss):
Foreign currency transaction gain (loss)		93			(294	)		11			119
Interest income (expense), net		604			823			823			1,036
Other expense, net		35			(40	)		—			(126	)
Gain on extinguishment of liabilities		—			764			—			—

Total other income, net		732			1,253			834			1,029

Net loss	$	(5,059	)	$	(9,552	)	$	(14,501	)	$	(8,805	)

Other comprehensive income:
Unrealized foreign currency translation gain (loss)		(101	)		305			(28	)		(123	)

Total other comprehensive income (loss)	$	(101	)	$	305		$	(28	)	$	(123	)

Total comprehensive loss	$	(5,160	)	$	(9,247	)	$	(14,529	)	$	(8,928	)

Net loss	$	(5,059	)	$	(9,552	)	$	(14,501	)	$	(8,805	)


Net loss per share:
Basic and diluted	$	(0.18	)	$	(0.26	)	$	(0.38	)	$	(0.21	)

Net loss per share:
Weighted average number of shares outstanding: basic and diluted		27,883,624			37,254,839			38,599,453			41,161,259