| 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 |
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| 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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