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Earnings (Loss) Per Common Share

9 Months Ended

Mar. 31, 2026

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share

16. Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing the net income (loss) allocated to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. For the purposes of calculating basic earnings per share, the weighted-average number of outstanding shares of Common Stock included pre-funded warrants as if they had been exercised as such pre-funded warrants are exercisable for little to no consideration (see Note 15 – Stockholders’ Equity for additional information).

For purposes of calculating diluted earnings (loss) per common share, the denominator includes both the weighted-average number of shares of Common Stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method. The following table summarizes the components of the earnings (loss) per common share calculation (in thousands, except per share amounts):


		Three Months Ended						Nine Months Ended
		March 31,						March 31,
		2026			2025			2026			2025
Basic and diluted numerator:
Net loss - total		$	(7,730)		$	(4,861)		$	(22,443)		$	(13,214)

Basic and diluted denominator:
Weighted-average common shares outstanding			26,308			9,862			22,158			9,202
Weighted average pre-funded warrants assumed exercised			93,292			—			68,137			—
Total weighted-average common shares outstanding			119,600			9,862			90,295			9,202

Per share amount - total		$	(0.06)		$	(0.49)		$	(0.25)		$	(1.44)

In Fiscal 2026 and Fiscal 2025, the Company incurred net losses which cannot be diluted; therefore, basic and diluted loss per common share is the same. As of March 31, 2026 and 2025, shares issuable which could potentially dilute future earnings were as follows:


		March 31,
		2026		2025

		(in thousands)
Stock options		2,764		1,449
Warrants		38,555		11,208
Shares excluded from the calculation of diluted loss per share		41,319		12,657

The March 31, 2026 data in the chart above does not include warrants issuable upon exercise of the Series G Warrants (Series H Warrants) which, at March 31, 2026, have the potential to increase the shares of Common Stock outstanding, if exercised for shares of Common Stock (rather than for pre-funded warrants in lieu thereof), by 27,945,000 shares and further dilute future earnings.

See Note 21 – Subsequent Events for additional information.