Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2026

Schedule of Assets And Liabilities, Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and June 30, 2025 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	As of June 30, 2026
(in thousands)	Level 1		Level 2		Level 3		Total




Liabilities:
Other long-term liabilities
Warrant liability	$	—	$	—	$	22,853	$	22,853


	As of June 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	322	$	—	$	—	$	322

Liabilities:
Other long-term liabilities
Warrant liability	$	—	$	—	$	78,657	$	78,657

Schedule of Estimated Fair Value of the Warrants

The fair value of the Eleventh Amendment Warrants has been estimated with the following assumptions:


	June 30, 2026
	Tranche 1
Stock price(1)	$	0.84
Exercise price	$	3.00
Expected volatility	99.17		%
Risk-free interest rate	4.07		%
Expected dividend-yield	—		%
Expected life	3.29 years
Fair value per warrant	$	0.34

(1) The stock price is based on the closing stock price as of June 30, 2026.


	June 30, 2025
	Tranche 1			Tranche 2			Tranche 3			Tranche 4
Stock price(1)	$	2.38		$	2.38		$	2.38		$	2.38
Exercise price	$	3.00		$	3.00		$	3.00		$	3.00
Expected volatility	109.98		%	103.31		%	103.31		%	103.31		%
Risk-free interest rate	3.68		%	3.75		%	3.85		%	3.95		%
Expected dividend-yield	—		%	—		%	—		%	—		%
Expected life	4.29 years			5.29 years			6.29 years			7.29 years
Fair value per warrant	$	1.75		$	1.81		$	1.92		$	2.00

(1) The stock price is based on the closing stock price as of June 30, 2025.

The fair value of the Senior Non-Convertible Preferred Stock Warrants has been estimated with the following assumptions:


	June 30, 2026
	Tranche A			Tranche B			Tranche C
Stock price(1)	$	0.84		$	0.84		$	0.84
Exercise price	$	0.01		$	3.92		$	5.50
Expected volatility	102.52		%	102.52		%	102.52		%
Risk-free interest rate	4.31		%	4.31		%	4.31		%
Expected dividend-yield	—		%	—		%	—		%
Expected life	8.62 years			8.62 years			8.62 years
Fair value per warrant	$	0.84		$	0.65		$	0.62

(1) The stock price is based on the closing stock price as of June 30, 2026.


	June 30, 2025
	Tranche A			Tranche B			Tranche C
Stock price(1)	$	2.38		$	2.38		$	2.38
Exercise price	$	0.01		$	3.92		$	5.50
Expected volatility	103.31		%	103.31		%	103.31		%
Risk-free interest rate	4.18		%	4.18		%	4.18		%
Expected dividend-yield	—		%	—		%	—		%
Expected life	9.62 years			9.62 years			9.62 years
Fair value per warrant	$	2.38		$	2.11		$	2.06

(1) The stock price is based on the closing stock price as of June 30, 2025.

Schedule of Changes in Level 3 Fair Value Measurements

Changes in Level 3 fair value measurements were as follows:


(in thousands)	Warrant Liability
Balance as of June 30, 2024	$	—
Issuance of Eleventh Amendment Warrants	8,628
Issuance of Senior Non-Convertible Preferred Stock Warrants	128,953
Change in fair value	(58,924)
Balance as of June 30, 2025	78,657






Change in fair value	(51,563)
Cancellation of Eleventh Amendment Tranche 2-4 Warrants	(4,241)
Balance as of June 30, 2026	$	22,853