v3.25.4

Shareholders' Equity (Tables) | 6 Months Ended
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Dec. 31, 2025
Prefunded warrants |
Summary of changes in stockholders' equity | The following table presents changes in shareholders’ equity for the three months ended December 31, 2025 and 2024 (in thousands, except number of shares):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Additional | ​ | Other | ​ | ​ | ​ | Total
​ | ​ | Common Stock | ​ | Paid-in | ​ | Comprehensive | ​ | Accumulated | ​ | Shareholders'
​ | ​ ​ ​ | Shares | ​ ​ ​ | Amount | ​ ​ ​ | Capital | ​ ​ ​ | Income (Loss) | ​ ​ ​ | Deficit | ​ ​ ​ | Equity
Three Months Ended December 31, 2025: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances, September 30, 2025 |  | 91,036,700 | ​ | $ | 91 | ​ | $ | 569,034 | ​ | $ | 49 | ​ | $ | (422,006) | ​ | $ | 147,168
Issuance of common stock upon exercise of stock options | ​ | 72,227 | ​ | ​ | 1 | ​ | ​ | 194 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 195
Share-based compensation expense | ​ | — | ​ | ​ | — | ​ | ​ | 3,411 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,411
Cashless exercise of pre-funded warrants | ​ | 4,439,071 | ​ | ​ | 4 | ​ | ​ | (4) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Other comprehensive loss | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | (2)
Net loss |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (22,774) | ​ |  | (22,774)
Balances, December 31, 2025 | ​ | 95,547,998 | ​ | $ | 96 | ​ | $ | 572,635 | ​ | $ | 47 | ​ | $ | (444,780) | ​ | $ | 127,998
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended December 31, 2024: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances, September 30, 2024 | ​ | 55,394,338 | ​ | $ | 55 | ​ | $ | 457,919 | ​ | $ | 289 | ​ | $ | (344,822) | ​ | $ | 113,441
Issuance of common stock upon exercise of stock options | ​ | 225,363 | ​ | ​ | 1 | ​ | ​ | 657 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 658
Share-based compensation expense | ​ | — | ​ | ​ | — | ​ | ​ | 1,445 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,445
Cashless exercise of pre-funded warrants | ​ | 4,914,994 | ​ | ​ | 5 | ​ | ​ | (5) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Other comprehensive loss | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (225) | ​ | ​ | — | ​ | ​ | (225)
Net loss | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (15,730) | ​ | ​ | (15,730)
Balances, December 31, 2024 |  | 60,534,695 | ​ | $ | 61 | ​ | $ | 460,016 | ​ | $ | 64 | ​ | $ | (360,552) | ​ | $ | 99,589
Pre-funded warrants |
Prefunded warrants |
Schedule of warrant activity | The following table summarizes PFW activity for the six months ended December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2021 | ​ | 2022 | ​ | 2024 | ​ | 2025 | ​ | ​
​ | PFWs | ​ | PFWs | ​ | PFWs | ​ | PFWs | ​ | Total
Outstanding, June 30, 2025 | 123,000 | (1) | 5,621,053 | (2) | 3,750,000 | (3) | 6,905,385 | (4) | 16,399,438
Cashless exercise of PFWs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shares surrendered for exercise price | — | ​ | (377) | (5) | (248) | (5) | (496) | (5) | (1,121)
Shares of common stock issued | — | ​ | (2,199,623) | (6) | (1,874,752) | (6) | (4,149,504) | (6) | (8,223,879)
Outstanding, December 31, 2025 | 123,000 | ​ | 3,421,053 | ​ | 1,875,000 | ​ | 2,755,385 | ​ | 8,174,438
(1) | In connection with an underwritten offering in October 2021, PFWs were issued to purchase 1,661,461 shares of common stock at an issuance price of $6.49 per share (the “2021 PFWs”). The exercise price of the 2021 PFWs is $0.01 per share.
(2) | In connection with a registered direct offering in May 2022, PFWs were issued to purchase 12,921,055 shares of common stock at an issuance price of $3.799 per warrant (the “2022 PFWs”). The exercise price of the 2022 PFWs is $0.001 per share.
(3) | In connection with an underwritten offering in June 2024, PFWs were issued to purchase 3,750,000 shares of common stock at an issuance price of $3.999 a share (the “2024 PFWs”). The exercise price of the 2024 PFWs is $0.001 per share.
(4) | As discussed below under the caption 2025 Underwritten Offering, the Company issued 2025 PFWs for the purchase of 6,905,385 shares of common stock on April 24, 2025. The exercise price of the 2025 PFWs is $0.001 per share.
(5) | The holders of PFWs provided notice of cashless exercise that resulted in cancellation of shares in lieu of paying the exercise price in cash.
(6) | Represents the number of shares issued after giving effect to shares surrendered due to the cashless exercise notification by the holders.

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2 + Details
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