Stockholders' equity (Tables)
|
12 Months Ended |
Jun. 30, 2026 |
|---|
| Equity [Abstract] |
|
| Schedule of common stock reserved for future issuance |
As of June 30, 2026 and June 30, 2025, common stock reserved for future issuance consisted of the following:
|
|
|
|
|
|
|
|
June 30,
2026 |
|
June 30,
2025 |
|
Common stock warrants outstanding |
|
20,017,501 |
|
|
20,443,496 |
|
Common stock options issued and outstanding |
|
7,035,497 |
|
|
4,902,140 |
|
Shares available for future issuance under the 2020 Plan |
|
1,169,040 |
|
|
3,302,397 |
|
Shares reserved for common stock under the At the Market
Offering |
|
8,000,000 |
|
|
8,000,000 |
|
Total |
|
36,222,038 |
|
|
36,648,033 |
|
|
| Schedule of warrants or rights |
The activity related to warrants for the fiscal years ended June 30, 2026 and 2025, is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Common
Stock from
Warrants |
|
|
Weighted-
average
Exercise
Price (per
share) |
|
Outstanding and exercisable at July 1, 2024 |
|
|
34,271,146 |
|
|
$ |
1.8453 |
|
Pre-funded warrants issued March 25, 2025 |
|
|
300,000 |
|
|
$ |
0.0001 |
|
Pre-funded warrants exercised |
|
|
(2,374,583 |
) |
|
$ |
0.0001 |
|
Series 2 warrants exercised |
|
|
(1,553,927 |
) |
|
$ |
1.9299 |
|
Common warrants exercised |
|
|
(10,192,840 |
) |
|
$ |
3.8600 |
|
Purchase warrants expired |
|
|
(6,300 |
) |
|
$ |
178.5000 |
|
Outstanding and exercisable at June 30, 2025 |
|
|
20,443,496 |
|
|
$ |
0.9672 |
|
Pre-funded warrants exercised |
|
|
(200,276 |
) |
|
$ |
0.0001 |
|
Series 2 warrants exercised |
|
|
(63,792 |
) |
|
$ |
1.9299 |
|
Common warrants exercised |
|
|
(161,927 |
) |
|
$ |
3.8600 |
|
Outstanding and exercisable at June 30, 2026 |
|
|
20,017,501 |
|
|
$ |
0.9504 |
|
|
| Schedule of equity awards |
The activity related to equity awards, which are comprised of stock options during the fiscal years ended June 30, 2026 and 2025, respectively, is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
Options |
|
|
Weighted-
average
Exercise
Price |
|
|
Weighted-
average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding at July 1, 2024 |
|
|
1,182,140 |
|
|
$ |
6.58 |
|
|
9.51 years |
|
|
$ |
2,342,847 |
|
Granted |
|
|
3,720,000 |
|
|
|
12.16 |
|
|
9.47 years |
|
|
|
— |
|
Outstanding at June 30, 2025 |
|
|
4,902,140 |
|
|
$ |
10.81 |
|
|
9.24 years |
|
|
$ |
7,728,384 |
|
Granted |
|
|
2,142,572 |
|
|
|
14.10 |
|
|
9.41 years |
|
|
|
— |
|
Forfeited |
|
|
(9,215 |
) |
|
|
15.90 |
|
|
|
— |
|
|
|
— |
|
Outstanding at June 30, 2026 |
|
|
7,035,497 |
|
|
$ |
11.80 |
|
|
8.59 years |
|
|
$ |
14,513,940 |
|
Exercisable at June 30, 2026 |
|
|
2,556,260 |
|
|
$ |
10.83 |
|
|
8.23 years |
|
|
$ |
8,444,710 |
|
|
| Schedule of share-based compensation expense |
The classification of share-based compensation expense is summarized as follows:
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|
|
|
|
|
|
|
|
|
|
June 30, |
|
(US$’000) |
|
2026 |
|
|
2025 |
|
Research and development |
|
$ |
8,575 |
|
|
$ |
2,299 |
|
General and administrative |
|
|
17,835 |
|
|
|
15,127 |
|
Total share-based compensation expense |
|
$ |
26,410 |
|
|
$ |
17,426 |
|
|
| Schedule of equity-based compensation expense |
The Company estimated the fair value of each employee equity award on the grant date using the Black-Scholes option-pricing model with the following assumptions:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
Expected volatility |
|
|
114.2 |
% |
|
|
121.2 |
% |
Expected term |
|
6 years |
|
|
6 years |
|
Risk-free interest rate |
|
|
3.79 |
% |
|
|
4.12 |
% |
Expected dividend yield |
|
|
— |
% |
|
|
— |
% |
|