v3.25.4
Reverse Recapitalizatoin and Sonnet Acquisition (Tables)
 6 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Summary of Cost of Acquisition and Allocation to Assets Acquired and Liabilities Assumed

The total cost of the acquisition of Sonnet and the allocation to the assets acquired and liabilities assumed are summarized in the following table (in thousands):

 

Assets Acquired and Liabilities Assumed

 

 

 

 

Cash

 

$

 

10,347

 

Assembled workforce

 

 

800

 

In-process research and development

 

 

35,605

 

Other assets

 

1,788

 

Accounts payable

 

 

 

(2,707

)

Accrued expenses and other current liabilities

 

(999

)

Total net assets acquired

 

$

 

44,834

 

Cost of the Acquisition

 

 

 

 

Fair value of HSI Common stock issued

 

 

 

17,771

 

Fair value of HSI Warrants issued

 

 

 

12,478

 

Cash to settle outstanding Sonnet warrants

 

 

 

5,261

 

Total consideration paid to Sonnet

 

 

 

35,510

 

Transaction costs

 

 

 

9,324

 

Total cost of the acquisition

 

$

 

44,834