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Stockholders' equity (Tables)

12 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of common stock reserved for future issuance

As of June 30, 2025 and June 30, 2024, common stock reserved for future issuance consisted of the following:

		June 30, 2025				June 30, 2024
Common stock warrants outstanding			20,443,496				34,271,146
Common stock options issued and outstanding			4,902,140				1,182,140
Shares available for future issuance under the 2020 Plan			3,302,397				22.397
Shares reserved for common stock under the At the Market Offering			8,000,000				—
Total			36,648,033				35,475,683

Schedule of warrants or rights

The activity related to warrants for the fiscal years ended June 30, 2025 and 2024, is summarized as follows:

		Common Stock from Warrants				Weighted- average Exercise Price (per share)
Outstanding at July 1, 2023			2,348,039			$	8.86
Pre-funded warrants issued August 11, 2023			15,126,226			$	0.0001
Common warrants issued August 11, 2023			16,002,175			$	3.86
Pre-funded warrants issued April 22, 2024			2,584,239			$	0.0001
Common warrants exercised			(738,187	)		$	3.86
Series 2 warrants exercised			(98,039	)		$	1.9299
Pre-funded warrants exercised			(953,307	)		$	0.0001
Outstanding and exercisable at June 30, 2024			34,271,146			$	1.8453
Pre-funded warrants issued March 25, 2025			300,000			$	0.0001
Pre-funded warrants exercised			(2,374,583	)		$	0.0001
Series 2 warrants exercised			(1,553,927	)		$	1.9299
Common warrants exercised			(10,192,840	)		$	3.86
Purchase warrants expired			(6,300	)		$	178.50
Outstanding and exercisable at June 30, 2025			20,443,496			$	0.9672

Schedule of equity awards

The activity related to equity awards, which are comprised of stock options during the fiscal years ended June 30, 2025 and 2024, respectively, is summarized as follows:

		Stock Options				Weighted- average Exercise Price				Weighted- average Remaining Contractual Term				Aggregate Intrinsic Value
Outstanding at July 1, 2023			107,993			$	31.88				8.96 years			$	11,888
Granted			1,076,538				5.01				9.66 years
Expired			(2,038	)			501.93				—
Forfeited			(353	)			74.18				—
Outstanding at June 30, 2024			1,182,140			$	6.58				9.51 years			$	2,342,847
Granted			3,720,000				12.16				9.47 years
Expired			—				—				—
Forfeited			—				—				—
Outstanding at June 30, 2025			4,902,140			$	10.81				9.24 years			$	7,728,384
Exercisable at June 30, 2025			858,377			$	10.68				8.86 years			$	2,750,369

Schedule of share-based compensation expense

The Company estimated the fair value of each employee equity award on the grant date using the Black-Scholes option-pricing model with the following assumptions:

		Fiscal Year Ended June 30,
		2025				2024
Expected volatility			121.2	%			120.8	%
Expected term			6 years				6 years
Risk-free interest rate			4.12	%			4.12	%
Expected dividend yield			—	%			—	%

Schedule of equity-based compensation expense

The classification of share-based compensation expense is summarized as follows:

(US$’000)		June 30,
		2025				2024
Research and development		$	2,299			$	239
General and administrative			15,127				591
Total share-based compensation expense		$	17,426			$	830

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Schedule of common stock reserved for future issuance.

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Tabular disclosure of share-based payment arrangement.

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Name Accounting Standards Codification
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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.

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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

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