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Commitments and Contingencies | 6 Months Ended
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Dec. 31, 2025
Commitments and Contingencies. |
Commitments and Contingencies | Note 9 — Commitments and Contingencies Licensing Commitments Please refer to Note 5 for further discussion of commitments to make milestone payments and to pay royalties under license agreements with XOMA and ActiveSite. Amended Employment Agreement On October 17, 2025, the Company entered into amendments to employment agreements with Nevan Elam, Brian Roberts, Daron Evans, and Sunil Karnawat. The amendments entitle each of the executive officers to a full gross-up payment (the “Gross-Up Payment”) for any excise tax imposed by Section 4999 of the Internal Revenue Code (the “IRC”) and other local, state and federal taxes imposed if an excess parachute payment is paid in connection with a future change of control event, as determined under Section 280G of the IRC. The determination of the amount of any Gross-Up Payment will be made by the Company in its sole discretion. Except for the provisions related to Gross-Up Payments, all other terms of the respective employment agreements were unchanged. Legal Matters From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. At each reporting period, the Company evaluates known claims to determine whether a potential loss or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies. As of December 31, 2025, there have been several law firms that have initiated investigations into the Company and have filed press releases seeking stockholders to engage them to file litigation against the Company for alleged securities law violations related to the Company’s Phase 3 sunRIZE trial not meeting its primary and key secondary endpoints. As of the issuance date of this Quarterly Report on Form 10-Q there have been no pending or threatened lawsuits against the Company including related to the Company’s Phase 3 sunRIZE trial that could reasonably be expected to have a material effect on the Company’s results of operations. Legal fees are expensed as incurred.

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