Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2026

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 and per share amounts):


	For the Three Months Ended March 31, 2026			For the Nine Months Ended March 31, 2026
Basic and diluted net income (loss) per share:
Numerator
Net income (loss)	$	152,510		$	(165,351	)
Less: Net income allocated to preferred stockholders		(26,920	)		—

Net income (loss) attributable to common stockholders - basic and diluted	$	125,590		$	(165,351	)

Denominator
Basic weighted-average shares outstanding		124,036,555			54,509,742
Dilutive effect of service based restricted stock units		7,901			—

Diluted weighted-average shares outstanding		124,044,456			54,509,742

Net Income (Loss) Per Share
Basic	$	1.01		$	(3.03	)

Diluted	$	1.01		$	(3.03	)

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

The Company’s potentially dilutive securities, which were excluded from the computation of diluted net income (loss) per share because the exercise prices of the related warrants exceeded the average market price of the Company’s common stock during the period, were as follows:


	For the Three Months Ended March 31, 2026		For the Nine Months Ended March 31, 2026
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