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INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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