v3.25.4

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets And Liabilities, Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and June 30, 2025 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

			As of December 31, 2025
(in thousands)			Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents
Money market funds			$	328					$	—					$	—					$	328
Liabilities:
Other long-term liabilities
Warrant liability			$	—					$	—					$	44,325					$	44,325

			As of June 30, 2025
(in thousands)			Level 1						Level 2						Level 3						Total
Assets:
Cash equivalents
Money market funds			$	322					$	—					$	—					$	322
Liabilities:
Other long-term liabilities
Warrant liability			$	—					$	—					$	78,657					$	78,657

Schedule of Estimated Fair Value of the Warrants

The fair value of the Eleventh Amendment Warrants has been estimated with the following assumptions:

			December 31, 2025
			Tranche 1			Tranche 2			Tranche 3			Tranche 4
Stock price(1)			$	1.41		$	1.41		$	1.41		$	1.41
Exercise price			$	3.00		$	3.00		$	3.00		$	3.00
Expected volatility			105.20		%	107.25		%	101.36		%	101.36		%
Risk-free interest rate			3.56		%	3.66		%	3.76		%	3.87		%
Expected dividend-yield			—		%	—		%	—		%	—		%
Expected life			3.79 years			4.79 years			5.79 years			6.79 years
Fair value per warrant			$	0.84		$	0.96		$	1.01		$	1.08

(1) The stock price is based on the closing stock price as of December 31, 2025.

The fair value of the Senior Non-Convertible Preferred Stock Warrants has been estimated with the following assumptions:

			December 31, 2025
			Tranche A			Tranche B			Tranche C
Stock price(1)			$	1.41		$	1.41		$	1.41
Exercise price			$	0.01		$	3.92		$	5.50
Expected volatility			101.36		%	101.36		%	101.36		%
Risk-free interest rate			4.08		%	4.08		%	4.08		%
Expected dividend-yield			—		%	—		%	—		%
Expected life			9.11 years			9.11 years			9.11 years
Fair value per warrant			$	1.41		$	1.17		$	1.13

(1) The stock price is based on the closing stock price as of December 31, 2025.

Schedule of Changes in Level 3 Fair Value Measurements

Changes in Level 3 fair value measurements during the period ended December 31, 2025 were as follows:

(in thousands)			Warrant Liability
Balance as of June 30, 2025			$	78,657
Change in fair value			(34,332)
Balance as of December 31, 2025			$	44,325

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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