Share-Based Compensation (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Share-Based Compensation |
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| Schedule of Components of Share-Based Compensation Expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss |
The following table summarizes the components of share-based compensation expense in the Consolidated Statements of Operations and Comprehensive Loss (in thousands): | | | | | | | | | | | Year Ended | | | | June 30, | | | | 2026 | | 2025 | Research and development | | | $ | 119 | | $ | 57 | General and administrative | | | | 1,254 | | | 1,473 | Total | | | $ | 1,373 | | $ | 1,530 |
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| Schedule of Stock Option Issuances During Period |
Issuances of stock options during the year ended June 30, 2026 were as follows: | | | | | | | | | | | Grantee | | Plan | | # of Options | | Exercise Price | | Vesting | | Term | Employee | | 2023 Plan | | 452,025 | | $1.82 - $2.15 | | 25% 1st year and quarterly thereafter | | 10 years | Directors | | 2023 Plan | | 81,000 | | $1.00 | | Monthly over one year | | 10 years | Director | | 2023 Plan | | 60,000 | | $1.42 | | Monthly over three years | | 10 years | Executive Officers | | 2023 Plan | | 310,000 | | $0.893 | | 25% 1st year and quarterly thereafter | | 10 years | Executive Officers | | 2023 Plan | | 804,000 | | $2.23 | | 25% 1st year and quarterly thereafter | | 10 years | Total | | | | 1,707,025 | | | | | | |
Issuances of stock options during the fiscal year ended June 30, 2025 were as follows: | | | | | | | | | | | Grantee | | Plan | | # of Options | | Exercise Price | | Vesting | | Term | Employees | | 2023 Plan | | 145,000 | | $1.92 - $3.91 | | 25% 1st year and quarterly thereafter | | 10 years | Consultant | | 2023 Plan | | 12,600 | | $2.45 | | Fully vested upon grant | | 10 years | Directors | | 2023 Plan | | 100,800 | | $2.45 | | Monthly over periods ranging from 12-36 months | | 10 years | Executive Officers | | 2023 Plan | | 386,400 | | $3.48 | | 25% 1st year and quarterly thereafter | | 10 years | Inducement Grant - Employee | | Other | | 15,000 | | $1.81 | | 25% 1st year and quarterly thereafter | | 10 years | Professional Service Fee Grant | | Other | | 20,000 | | $1.83 | | Quarterly over the first year | | 5 years | Total | | | | 679,800 | | | | | | | | | | | | | | | | | |
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| Schedule of Stock Option Activity |
The following table summarizes all stock option activity during the years ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | Weighted- | | average | | | | | | | | average | | Remaining | | Aggregate | | | Stock | | Exercise | | Contractual | | Intrinsic Value | | | Options | | Price | | Term (in years) | | (in thousands) | Outstanding as of July 1, 2024 | | 912,126 | | $ | 6.14 | | 7.6 | | $ | 280 | Granted | | 679,800 | | | 3.20 | | — | | | — | Exercised | | (73,100) | | | 1.79 | | — | | | — | Forfeited/expired | | (332,902) | | | 1.87 | | — | | | — | Outstanding as of June 30, 2025 | | 1,185,924 | | $ | 5.92 | | 9.2 | | $ | — | As of June 30, 2025, vested and expected to vest | | 1,185,924 | | $ | 5.92 | | 9.2 | | $ | — | | | | | | | | | | | | Exercisable as of June 30, 2025 | | 228,502 | | $ | 17.74 | | 8.6 | | $ | — | | | | | | | | | | | | Outstanding as of July 1, 2025 | | 1,185,924 | | $ | 5.92 | | 9.2 | | $ | — | Granted | | 1,707,025 | | | 1.87 | | — | | | — | Exercised | | — | | | — | | — | | | — | Forfeited/expired | | (73,136) | | | 6.99 | | — | | | — | Outstanding as of June 30, 2026 | | 2,819,813 | | $ | 3.44 | | 9.0 | | $ | 339 | As of June 30, 2026, vested and expected to vest | | 2,785,150 | | $ | 3.46 | | 9.0 | | $ | 334 | | | | | | | | | | | | Exercisable as of June 30, 2026 | | 602,601 | | $ | 8.12 | | 8.0 | | $ | 31 |
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| Schedule of Options Outstanding and Exercisable |
The following table summarizes information about options outstanding and exercisable at June 30, 2026: | | | | | | | | | | | | Options Outstanding and Exercisable | | | | | Weighted- | | Weighted- | | | | | | | Average | | Average | | | | | Number | | Remaining Life | | Exercise | | Number | | | Outstanding | | In Years | | Price | | Exercisable | Exercise prices: | | | | | | | | | | $0.893 - $1.42 | | 437,500 | | 9.4 | | $ | 1.02 | | 41,042 | $1.72 - $2.58 | | 1,857,025 | | 9.0 | | $ | 1.98 | | 384,583 | $2.80 - $4.20 | | 498,900 | | 8.7 | | $ | 3.47 | | 156,288 | $7.00 - $10.50 | | 17,450 | | 7.2 | | $ | 7.00 | | 11,990 | $140.00 - $210.00 | | 4,589 | | 6.1 | | $ | 147.23 | | 4,349 | $347.00 - $520.50 | | 654 | | 5.5 | | $ | 347.00 | | 654 | $530.00 - $795.00 | | 3,295 | | 5.0 | | $ | 664.10 | | 3,295 | $1,025.00 - $1,537.50 | | 400 | | 4.3 | | $ | 1,025.00 | | 400 | | | 2,819,813 | | 9.0 | | $ | 8.12 | | 602,601 |
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| Schedule of Black-Scholes Option Pricing Model Assumptions Used in Determining Fair Value of Stock Options Granted |
The weighted-average grant date fair value of stock options granted during fiscal 2026 and fiscal 2025 was $1.87 and $3.20 per share, respectively. The Company estimated the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: | | | | Weighted-average risk-free interest rate | | 3.64% - 3.94 | % | Dividend yield | | 0 | % | Volatility | | 229.25% - 233.93 | % | Expected term (in years) | | 5.7 - 6.3 | |
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