v3.25.4

Stockholders' equity (Tables)

6 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of warrants or rights

The activity related to warrants for the six months ended December 31, 2025, is summarized as follows:

		Common Stock from Warrants				Weighted- average Exercise Price (per share)
Outstanding at July 1, 2025			20,443,496			$	0.9672
Outstanding and exercisable at September 30, 2025			20,443,496			$	0.9672
Pre-funded warrants exercised			(200,276	)		$	0.0001
Series 2 warrants exercised			(63,792	)		$	1.9299
Outstanding and exercisable at December 31, 2025			20,179,428			$	0.9738

Schedule of equity awards

The activity related to equity awards, which are comprised of stock options during the six months ended December 31, 2025 is summarized as follows:

		Stock Options				Weighted- average Exercise Price				Weighted- average Remaining Contractual Term				Aggregate Intrinsic Value
Outstanding at June 30, 2025			4,902,140			$	10.81			9.24 years				$	7,728,384
Granted			1,956,072			$	14.24			9.86 years
Forfeited			(9,215	)		$	15.90				—
Outstanding at December 31, 2025			6,848,997			$	11.78			9.05 years				$	14,822,988
Exercisable at December 31, 2025			1,489,378			$	11.19			8.61 years				$	5,101,825

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:

		Six Months Ended
		December 31,
		2025				2024
Expected volatility			114.7	%			121.2	%
Expected term		6 years				6 years
Risk-free interest rate			3.78	%			4.13	%
Expected dividend yield			—	%			—	%

Schedule of equity-based compensation expense

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

		Three Months Ended								Six Months Ended
		December 31,
(US$’000)		2025				2024				2025				2024
Research and development		$	2,667			$	436			$	3,535			$	549
General and administrative			4,712				2,702				9,024				3,024
Total share-based compensation expense		$	7,379			$	3,138			$	12,559			$	3,573

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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X

- 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

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-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

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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

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