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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2025
INCOME TAXES |
Schedule of Income Before Income Taxes | Income before income tax benefit (provision) consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended June 30,
​ |  | 2025 |  | 2024
United States |  | $ | 3,636 | ​ | $ | 6,248
Foreign |  | ​ | 2,001 | ​ |  | 3,470
Income before income tax benefit (provision) | ​ | $ | 5,637 | ​ | $ | 9,718
Reconciliation of Federal Statutory Tax Rate to Effective Tax Rate | The reconciliation of income tax expense at the statutory federal income tax rate and the Company’s effective tax rate is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended June 30,
​ |  | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Federal statutory income tax rate |  | $ | (1,184) | ​ | $ | (2,041)
Current state taxes, net of federal benefit |  | ​ | (713) |  | ​ | 632
Foreign rate differential |  | ​ | (222) |  | ​ | (292)
Research and development credits |  | ​ | (127) | ​ | ​ | 599
Foreign withholding tax |  | ​ | — |  | ​ | (23)
Stock-based compensation | ​ | ​ | (981) | ​ | ​ | (410)
Deferred return to provision | ​ | ​ | 51 | ​ | ​ | (175)
Section 267 payables | ​ | ​ | — | ​ | ​ | 1,294
Other items |  | ​ | (41) |  | ​ | (52)
Net change in valuation allowance | ​ | ​ | 30,079 | ​ | ​ | (1,470)
Foreign income | ​ | ​ | (245) | ​ | ​ | —
Benefit from (provision for) income taxes |  | $ | 26,617 | ​ | $ | (1,938)
​
Schedule of Components of Income Tax (Benefit) Provision | The components of the income tax benefit (provision) are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended June 30,
​ |  | 2025 |  | 2024
Current provision: |  | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (14) | ​ | $ | —
State | ​ |  | (101) | ​ |  | (897)
Foreign | ​ | ​ | (521) | ​ | ​ | (951)
Total current: | ​ |  | (636) | ​ |  | (1,848)
Deferred: | ​ |  | ​ | ​ |  | ​
Federal | ​ | ​ | 24,280 | ​ | ​ | —
State | ​ | ​ | 3,094 | ​ | ​ | —
Foreign | ​ |  | (121) | ​ |  | (90)
Total deferred: | ​ |  | 27,253 | ​ |  | (90)
Income tax benefit (provision) | ​ | $ | 26,617 | ​ | $ | (1,938)
Schedule of Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities for federal, state and foreign income taxes are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30,
​ |  | 2025 |  | 2024
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carryforwards | ​ | $ | 850 | ​ | $ | 3,419
Research credits | ​ |  | 10,064 | ​ |  | 10,346
Other credits | ​ | ​ | 3 | ​ | ​ | 15
Deferred revenue | ​ |  | 770 | ​ |  | 853
Stock-based compensation | ​ |  | 4,054 | ​ |  | 4,927
Accruals and reserves | ​ |  | 1,178 | ​ |  | 1,231
Lease liability | ​ | ​ | 286 | ​ | ​ | 443
Intangibles | ​ | ​ | 3 | ​ | ​ | 4
Other | ​ |  | 85 | ​ |  | 178
Section 267 payables | ​ | ​ | 2,335 | ​ | ​ | 1,526
Capitalized research and development | ​ | ​ | 14,453 | ​ | ​ | 14,109
Gross deferred tax assets | ​ |  | 34,081 | ​ |  | 37,051
Less valuation allowance | ​ |  | (5,529) | ​ |  | (35,608)
Net deferred tax assets | ​ | ​ | 28,552 | ​ | ​ | 1,443
Gross deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use asset | ​ | ​ | (297) | ​ | ​ | (464)
Fixed assets | ​ | ​ | (28) | ​ | ​ | (5)
Gross deferred tax liabilities | ​ | ​ | (325) | ​ | ​ | (469)
Total deferred tax assets, net * | ​ | $ | 28,227 | ​ | $ | 974
​ | ​ | ​ | ​ | ​ | ​ | ​
*included in other assets, net, on consolidated balance sheets | ​ | ​ | ​ | ​ | ​ | ​
​
Schedule of Aggregate Changes in the Balance of Gross Unrecognized Tax Benefits | The aggregate changes in the balance of our gross unrecognized tax benefits during fiscal years 2025 and 2024 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended June 30,
​ |  | 2025 |  | 2024
Beginning balance | ​ | $ | 1,641 | ​ | $ | 1,551
Increases in balances related to tax positions taken during current periods | ​ |  | 2,986 | ​ |  | 161
Expired Attributes | ​ | ​ | — | ​ | ​ | (71)
Ending balance | ​ | $ | 4,627 | ​ | $ | 1,641
​ ​

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