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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2025
Pre-Tax loss Information | Pre-tax loss consists of the following jurisdictions, in thousands:
|  | For the Fiscal Year Ended June 30, |
|  | 2025 |  |  | 2024 |
Domestic |  | $ | (15,945 | ) |  | $ | 17,778 |
Foreign |  |  | — |  |  |  | — |
Pre-tax (loss) income |  | $ | (15,945 | ) |  | $ | 17,778 |
Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Tax Expense | The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is as follows, in thousands:
|  | For the Fiscal Year Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | $ |  |  | % |  |  | $ |  |  | % |
Tax (benefit) expense at U.S. statutory rates |  | $ | (3,349 | ) |  |  | 21 | % |  | $ | 3,733 |  |  |  | 21 | %
State tax (benefit) expense |  |  | (2,733 | ) |  |  | 17 | % |  |  | 796 |  |  |  | 5 | %
Equity compensation |  |  | 1,671 |  |  |  | (10 | )% |  |  | 901 |  |  |  | 5 | %
Change in valuation allowance |  |  | 3,782 |  |  |  | (24 | )% |  |  | (6,281 | ) |  |  | (35 | )%
Section 162(m) limitation |  |  | 507 |  |  |  | (3 | )% |  |  | 483 |  |  |  | 3 | %
Other |  |  | 122 |  |  |  | (1 | )% |  |  | 368 |  |  |  | 1 | %
|  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
Deferred Tax Liabilities and Assets | Deferred tax liabilities and assets are comprised of the following, in thousands:
|  | June 30, |
|  | 2025 |  |  | 2024 |
Deferred tax assets (liabilities): |  |  |  |  |  |
Tax losses carried forward |  | $ | 53,346 |  |  | $ | 45,721 |
Capitalization of R&D costs |  |  | 9,398 |  |  |  | 11,456 |
Fixed and intangible assets |  |  | 7,881 |  |  |  | 8,058 |
Share-based payments |  |  | 2,375 |  |  |  | 4,081 |
Right-of-use assets |  |  | — |  |  |  | (45 | )
Other |  |  | 700 |  |  |  | 647 |
Total deferred tax assets |  |  | 73,700 |  |  |  | 69,918 |
Valuation allowance for deferred tax assets |  |  | (73,700 | ) |  |  | (69,918 | )
Net deferred tax assets and liabilities |  | $ | — |  |  | $ | — |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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