v3.23.3

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2023
Income Taxes [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes consist of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended
​ | ​ | June 30,
​ |  | 2023 |  | 2022
Current – Federal and state | ​ | $ | — | ​ | $ | —
Deferred – Federal |  | ​ | (12,153) |  | ​ | (9,051)
Deferred – State | ​ |  | (637) | ​ |  | —
Total | ​ |  | (12,790) | ​ |  | (9,051)
Change in valuation allowance | ​ |  | 12,790 | ​ |  | 9,051
Income tax expense | ​ | $ | — | ​ | $ | —
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30,
​ |  | 2023 | ​ | 2022
Deferred tax assets (liabilities): | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss | ​ | $ | 42,951 | ​ | $ | 35,829
Share-based compensation | ​ |  | 883 | ​ |  | 1,248
Capitalized research and development costs | ​ | ​ | 2,775 | ​ | ​ | —
Research and development tax credits | ​ |  | 1,764 | ​ |  | 1,764
Investment in equity security | ​ | ​ | 395 | ​ | ​ | 370
Property, plant and equipment | ​ | ​ | 121 | ​ | ​ | (2,520)
Intangible assets | ​ |  | (42) | ​ |  | (71)
Operating and finance lease liabilities | ​ | ​ | 1,363 | ​ | ​ | —
Operating and finance lease ROU assets | ​ | ​ | (1,184) | ​ | ​ | —
Accrued expenses | ​ |  | 529 | ​ |  | 145
Valuation allowance | ​ |  | (49,555) | ​ |  | (36,765)
Total | ​ | $ | — | ​ | $ | —
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory tax rate to the effective tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended
​ | ​ | June 30,
​ |  | 2023 | ​ | 2022
Statutory federal income tax rate |  | 21 | % | ​ | 21 | %
State taxes, net of federal benefit |  | 1 | % | ​ | — | %
Expiration and forfeiture of stock options | ​ | (2) | % | ​ | — | %
Change related to iBio CDMO |  | — | % | ​ | (3) | %
Change in valuation allowance |  | (20) | % | ​ | (18) | %
Effective income tax rate |  | — | % | ​ | — | %

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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