Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Computation of basic and diluted net loss per share attributable to common shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share amounts):


		For the Three Months Ended				For the Six Months Ended
		December 31, 2025				December 31, 2025
Basic and diluted net loss per share:
Numerator:
Allocation of net loss		$	(304,463	)		$	(317,861	)
Denominator
Basic and diluted weighted-average shares outstanding			41,004,125				20,502,062
Basic and diluted net loss per share		$	(7.43	)		$	(15.50	)

Summary of antidilutive securities excluded from computation of diluted net loss per share

Excluding the Series A Preferred Stock, the Company’s potentially dilutive securities, which were excluded from the computation of diluted net loss per share because their effect would have been antidilutive, were as follows:


		For the Three Months Ended				For the Six Months Ended
		December 31, 2025				December 31, 2025
Advisor Warrants			27,394,800				27,394,800
Warrants issued to former Sonnet stockholders			2,426,481				2,426,481
Total			29,821,281				29,821,281