v3.26.3
Income taxes (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Summary of income (loss) before provision for income taxes

Loss before provision for income taxes consisted of the following:

 

 

 

Year Ended
June 30,

 

(US$’000)

 

2026

 

 

2025

 

United States

 

$

(45,335

)

 

$

(37,183

)

International

 

 

(211

)

 

 

(734

)

Total

 

$

(45,546

)

 

$

(37,917

)

 
Summary of company's deferred taxes

The tax effects of significant items comprising the Company’s deferred taxes are as follows:

 

 

 

June 30,

 

(US$’000)

 

2026

 

 

2025

 

Deferred tax assets:

 

 

 

 

 

 

Net operating losses

 

$

23,500

 

 

$

16,473

 

Other

 

 

129

 

 

 

110

 

Lease liability

 

 

160

 

 

 

178

 

Fixed assets

 

 

5

 

 

 

—

 

Share-based compensation

 

 

1,302

 

 

 

470

 

Intangible assets

 

 

192

 

 

 

200

 

Section 174 Capitalization

 

 

5,535

 

 

 

8,103

 

Gross deferred tax assets

 

 

30,823

 

 

 

25,534

 

Less valuation allowance

 

 

(30,142

)

 

 

(25,044

)

Deferred tax liabilities:

 

 

 

 

 

 

Right-of-use assets

 

 

(146

)

 

 

(181

)

Fixed assets

 

 

—

 

 

 

(5

)

Prepaid expenses

 

 

(329

)

 

 

(123

)

Unrealized foreign exchange gains and losses

 

 

(206

)

 

 

(181

)

Total deferred tax liabilities

 

 

(681

)

 

 

(490

)

Net deferred taxes

 

$

—

 

 

$

—

 
Summary of net operating losses and tax credit carryforwards Net operating losses carryforwards as of June 30, 2026 are as follows:

 

(US$’000)

 

Amount

 

 

Expiration
Years

 

Net operating losses, federal (post-December 31, 2017)

 

$

52,855

 

 

Do not expire

 

Net operating losses, state

 

 

—

 

 

 

—

 

Net operating losses, Australia

 

 

49,601

 

 

Do not expire

 
Summary reconciliation of effective rate of the company's provision (benefit) for income taxes

Income tax expense differed from the amount computed by applying the federal statutory income tax rate of 21% to pretax income for the year ended June 30, 2026 in accordance with the guidance in ASU 2023-09, as follows (in thousands, except percentages):

 

 

 

Year Ended
June 30, 2026

 

U.S. federal statutory tax rate

 

$

(9,564

)

 

 

21.00

%

State and local income taxes

 

 

—

 

 

 

—

 

Foreign tax effects:

 

 

 

 

 

 

Foreign rate differential

 

 

(52

)

 

 

0.12

%

Change in valuation allowance

 

 

5,098

 

 

 

(11.19

)%

Nontaxable or nondeductible items:

 

 

 

 

 

 

Stock-based compensation

 

 

638

 

 

 

(1.40

)%

Other permanent differences

 

 

50

 

 

 

(0.11

)%

Other reconciling items:

 

 

 

 

 

 

Section 162m DTA adjustment

 

 

4,076

 

 

 

(8.95

)%

Other deferred true up

 

 

(246

)

 

 

0.54

%

Provision for income taxes

 

$

—

 

 

 

—

 

 

 

The effective rate of the Company’s provision for income taxes for the year ended June 30, 2025 (as presented prior to the adoption of ASU 2023-09) differs from the federal statutory rate as follows:

 

 

Year Ended
June 30, 2025

 

Statutory rate

 

 

21.00

%

Permanent differences

 

 

(0.09

)%

Share-based payments

 

 

(0.53

)%

Change in valuation allowance

 

 

(11.82

)%

Foreign tax rate differential

 

 

0.02

%

Section 382 Write-off

 

 

(0.00

)%

Section 162m Write-off

 

 

(8.58

)%

Total

 

 

(0.00

)%