2. Liquidity

As of March 31, 2026, the Company had cash and cash equivalents of $37.7 million and an accumulated deficit of $313.5 million. The Company incurred negative cash flows from operating activities of $2.7 million for the three months ended March 31, 2026, $19.6 million for the nine months ended March 31, 2026, and $28.9 million for the fiscal year ended June 30, 2025 (“fiscal year 2025”). The Company has incurred operating losses since its inception, and management anticipates that our operating losses will lessen in the near term due to revenue growth and the pursuit of ongoing cost efficiencies. The Company’s primary sources of capital to date have been from revenue from sales of its products, its registered direct offerings, ATM sales agreement with Virtu Americas, LLC, and proceeds from awarded government contracts.

Management believes that the Company’s cash and cash equivalents as of March 31, 2026, and anticipated revenue from sales of our products, are sufficient to fund the Company’s operations for at least the next 12 months from the issuance date of these condensed consolidated financial statements.