Operating Leases

6 Months Ended

Dec. 31, 2025

Operating Leases

Operating Leases

Note 4 — Operating Leases

The carrying value of all right-of-use assets and operating lease liabilities is as follows (in thousands):


		December 31,			June 30,
		2025			2025
Right-of-use assets		$	1,064		$	1,348

Operating lease liabilities:
Current		$	666		$	632
Long-term			619			983
Total		$	1,285		$	1,615

For the three and six months ended December 31, 2025 and 2024, operating lease expense is included under the following captions in the accompanying 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		$	120		$	119		$	240		$	238
General and administrative			57			48			104			96
Total		$	177		$	167		$	344		$	334

As of December 31, 2025, the weighted average remaining lease term under operating leases was 1.8 years, and the weighted average discount rate used to determine the operating lease liabilities was 7.1%. Future cash payments under all operating lease agreements as of December 31, 2025 are as follows (in thousands):


Fiscal year ending June 30,
Remainder of fiscal year 2026		$	389
2027			750
2028			224
Total lease payments			1,363
Less imputed interest			(78)
Present value of operating lease liabilities		$	1,285