Related party transactions |
12 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related party transactions | 13. Related party transactions During the years ended June 30, 2026 and 2025, the Company did not enter into any related party transactions other than as set forth below or equity and other compensation, termination, change in control and other arrangements, which are described or incorporated by reference in Part III of this Annual Report on Form 10-K.
On September 26, 2024, Montanova Capital, on behalf of itself and each of its related funds, entered into a waiver with the Company, pursuant to which, among other things (i) Montanova Capital waived the 19.99% beneficial ownership limitation set forth in each of the warrants held by the Montanova Funds, and (ii) Montanova Capital and the Company agreed that Montanova Capital will not be permitted to complete an exercise of the warrants held by the Montanova Funds to the extent the beneficial ownership (calculated as provided in the applicable warrants) of Montanova Capital in the Company following such exercise would exceed 49.9%. On March 25, 2025, the Company entered into an Underwriting Agreement with Leerink Partners LLC and TD Securities (USA) LLC, as representatives of the several underwriters named therein, pursuant to which the Company agreed to issue and sell, in an underwritten offering by us (the “Underwritten Offering”), (i) 1,143,000 at a purchase price to investors of $13.00 per share, and (ii) pre-funded warrants to purchase 300,000 shares of Common Stock at an exercise price of $0.0001 per share at a purchase price to investors of $12.999 per warrant. In connection with the Underwritten Offering, the Company entered into a Securities Purchase Agreement with entities affiliated with Montanova Capital, a greater than 5% beneficial owner prior to the offering (together, the “Purchasers”), pursuant to which the Company agreed to issue and sell to the Purchasers an aggregate of 900,000 shares of Common Stock at a purchase price of $13.00 per share in a registered direct offering (the “Direct Offering,” and together with the Underwritten Offering, the “Offerings”), the same price per share as the offering price in the Underwritten Offering. The Company received gross proceeds of approximately $30.5 million and net proceeds of approximately $28.2 million from the Offerings.
On November 5, 2025, the Company sold 1,481,481 shares of common stock, par value $0.0001 per share (the "Common Stock") to Montanova Capital at a purchase price of $13.50 per share in a registered direct offering. In May 2026, the Company appointed David Friedman, Managing Director and Senior Analyst at Montanova Capital (formerly Suvretta Capital), to the Board. Previously, in connection with an April 2024 private placement, the Company entered into a Board Designation Side Letter (the “Board Designation Agreement”) with Montanova Capital, pursuant to which the Company appointed Kishen Mehta, the Chief Investment Officer and Portfolio Manager of the Averill and Averill Madison strategies at Montanova Capital, to the Board. |