v3.26.3
Convertible Notes Derivatives (Tables)
12 Months Ended
Jun. 30, 2026
Convertible Note Derivative [Abstract]  
Schedule of Assumptions used in Valuation Model with Change in Volatility and Debt Rate The significant assumptions used in the fair value model for the Convertible Note Derivatives on certain key dates include the following, with changes in volatility, debt rate and stock price having the most significant impact on the related fair values.

 

 

 

 

September 16, 2024

 

 

 

 

 

December 31, 2024

 

(September 2024 Notes)

 

June 30, 2024

 

Risk-free interest rate

 

4.4%

 

3.4%

 

4.5%

 

Volatility

 

60.0%

 

60.0%

 

50.0%

 

Debt rate

 

21.6% - 32.6%

(1)

23.7%

 

28.7% - 36.7%

(2)

Stock price per share

 

$14.72

 

$11.50

 

$27.83

 

(1)
Debt rates of 24.5%, 32.6% and 21.6% were utilized in the valuation of the August 2022 Notes, June 2024 Notes and September 2024 Notes, respectively.
(2)
Debt rates of 28.7% and 36.7% were utilized in the valuation of the August 2022 Notes and June 2024 Notes, respectively.
Schedule of Components of Changes to Fair Value of the Convertible Note Derivatives

The components of changes to the fair value of the Convertible Note Derivatives are summarized below.

 

 

Derivative

 

 

 

(Asset)/Liability

 

 

 

(in thousands)

 

Convertible note derivatives (asset) liability — June 30, 2024

 

$

3,315

 

Additions, at fair value, September 16, 2024

 

 

1,643

 

Fair value adjustments (gain) loss, net

 

 

(1,357

)

Reclassified to additional paid-in capital, at fair value, December 31, 2024

 

 

(3,601

)

Convertible note derivatives (asset) liability — June 30, 2025

 

$