v3.25.4

Share-Based Compensation and Warrants (Tables) | 6 Months Ended
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Dec. 31, 2025
Share-Based Compensation and Warrants |
Schedule of the number of shares authorized, outstanding, and available for future grants under stock option | Presented below is a summary of the number of shares authorized, outstanding, and available for future grants under the Company’s equity incentive plans as of December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Number of Shares
Description | ​ ​ ​ | Authorized | ​ ​ ​ | Outstanding | ​ ​ ​ | Available
2015 Plan |  | 14,000 | ​ | 14,000 |  | —
2016 Plan |  | 121,200 |  | 121,200 |  | —
2019 Plan |  | 200,000 |  | 200,000 |  | —
2021 Plan | ​ | 21,051,536 | ​ | 14,702,929 | ​ | 6,348,607
Inducement Awards | ​ | 1,500,000 | ​ | 742,500 | ​ | 757,500
Total |  | 22,886,736 |  | 15,780,629 | (1) | 7,106,107
(1) | Consists of approximately 13.2 million shares outstanding under stock option agreements and 2.6 million shares under restricted stock units.
Schedule of the stock option plans | For the six months ended December 31, 2025, the following table summarizes the combined stock option activity under the Company’s equity incentive plans and Inducement Awards:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Shares | ​ ​ ​ | Price (1) | ​ ​ ​ | Term (2)
Outstanding, beginning of period |  | 13,027,994 | ​ | $ | 4.03 |  | 7.7
Granted | ​ | 2,221,000 | ​ | ​ | 9.23 | ​ | ​
Exercised | ​ | (328,134) | (3) | ​ | 2.44 | ​ | ​
Expired | ​ | (4,700) | ​ | ​ | 26.84 | ​ | ​
Forfeited | ​ | (1,753,031) | ​ | ​ | 6.25 | ​ | ​
Outstanding, end of period |  | 13,163,129 | (4) |  | 4.65 |  | 7.0
Vested, end of period |  | 8,398,953 | (5) |  | 4.34 |  | 6.1
(1) | Represents the weighted average exercise price.
(2) | Represents the weighted average remaining contractual term for the number of years until the stock options expire.
(3) | The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of stock options exercised during the six months ended December 31, 2025, was $1.8 million.
(4) | As of December 31, 2025, the intrinsic value of outstanding options was approximately $2.5 million.
(5) | As of December 31, 2025, the intrinsic value of vested stock options was approximately $1.5 million.
Schedule of the fair value of stock options | For the six months ended December 31, 2025, the fair value of stock options was estimated on the respective dates of grant, with the following weighted-average assumptions:
​ | ​ | ​ | ​ | ​
Market price of common stock on grant date | ​ | $ | 9.23 | ​
Expected volatility | ​ ​ ​ | ​ | 84 | %
Risk free interest rate |  | ​ | 3.8 | %
Expected term (years) |  | ​ | 5.9 | ​
Dividend yield |  | ​ | 0 | %
Schedule of the combined RSU activity | For the six months ended December 31, 2025, the following table sets forth a summary of the combined RSU activity under the Company’s 2021 Plan:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Shares | ​ ​ ​ | Price (1)
Unvested, beginning of period |  | 1,056,500 | ​ | $ | 4.55
Granted | ​ | 1,915,000 | ​ | ​ | 10.11
Vested | ​ | — | ​ | ​ | —
Forfeited | ​ | (354,000) | ​ | ​ | 9.51
Unvested, end of period |  | 2,617,500 | ​ |  | 7.95
(1) | Represents the weighted average grant price based on the closing market price on the date of each of the RSU grants.
Schedule of share-based compensation expense | Share-based compensation expense for the three and six months ended December 31, 2025 and 2024 is included under the following captions in the unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | December 31, | ​ | December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ | 2025 | ​ ​ ​ | 2024
Research and development | ​ | $ | 1,578 | ​ | $ | 721 | ​ | $ | 2,745 | ​ | $ | 1,433
General and administrative | ​ |  | 1,833 | ​ |  | 724 | ​ |  | 3,197 | ​ |  | 1,412
Total | ​ | $ | 3,411 | ​ | $ | 1,445 | ​ | $ | 5,942 | ​ | $ | 2,845
Legacy warrants |
Share-Based Compensation and Warrants |
Schedule of warrant activity | For the six months ended December 31, 2025, no Legacy Warrants were granted or exercised. The following table sets forth a summary of all Legacy Warrants for the six months ended December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Shares | ​ ​ ​ | Price (1) | ​ ​ ​ | Term (2)
Outstanding, beginning of period |  | 850,442 | ​ | $ | 19.90 |  | 2.3
Expirations |  | (660) | ​ | ​ | 67.55 |  | ​
Outstanding, end of period |  | 849,782 | ​ |  | 19.86 |  | 1.8
(1) | Represents the weighted average exercise price.
(2) | Represents the weighted average remaining contractual term for the number of years until the warrants expire.

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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