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OPERATING LEASES | 9 Months Ended
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Mar. 31, 2024
OPERATING LEASES |
OPERATING LEASES | NOTE 4 — OPERATING LEASES In October 2023, the Company entered into an addendum to the lease agreement for its office in Bend, Oregon. The addendum provided for a 36-month extension, which extends the lease through February 2027. The average base rent payable over the remaining lease term is approximately $9,000. Upon execution of the addendum, the Company re-measured the Bend, Oregon operating lease liability at approximately $345,000 using a discount rate of 10.0%, and the related right-of-use asset was recognized for approximately $351,000. ​ The carrying values of all right-of-use assets and operating lease liabilities is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | June 30,
​ |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets | ​ | $ | 2,006 | ​ | $ | 2,054
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities: | ​ |  |  | ​ |  |
Current | ​ | $ | 552 | ​ | $ | 541
Long-term | ​ |  | 1,819 | ​ |  | 1,937
Total | ​ | $ | 2,371 | ​ | $ | 2,478
​ ​ For the three and nine months ended March 31, 2024 and 2023, operating lease expense is included under the following captions in the accompanying condensed consolidated statements of operations and comprehensive loss (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | March 31, | ​ | March 31, | ​
​ |  | 2024 |  | 2023 | ​ | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ | $ | 97 | ​ | $ | 139 | ​ | $ | 358 | ​ | $ | 331 | ​
General and administrative | ​ |  | 74 | ​ |  | 34 | ​ |  | 155 | ​ |  | 105 | ​
Total | ​ | $ | 171 | ​ | $ | 173 | ​ | $ | 513 | ​ | $ | 436 | ​
​ As of March 31, 2024, the weighted average remaining lease term under operating leases was 3.5 years, and the weighted average discount rate for operating lease liabilities was 7.2%. Future cash payments under all operating lease agreements as of March 31, 2024 are as follows (in thousands): ​
​ | ​ | ​ | ​
Fiscal year ending June 30, |  |  | ​
Remainder of fiscal year 2024 | ​ | $ | 184
2025 | ​ | ​ | 748
2026 | ​ | ​ | 770
2027 | ​ | ​ | 750
Thereafter | ​ | ​ | 224
Total lease payments | ​ | ​ | 2,676
Less imputed interest | ​ |  | (305)
Present value of operating lease liabilities | ​ | $ | 2,371
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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