LIQUIDITY |
12 Months Ended |
|---|---|
Jun. 30, 2026 | |
| LIQUIDITY | |
| LIQUIDITY | NOTE 2 — LIQUIDITY The Company is in the clinical stage and has not yet generated any revenues. For the fiscal year ended June 30, 2026, the Company incurred a net loss of $77.6 million and net cash used in operating activities amounted to $64.6 million. As of June 30, 2026, the Company had an accumulated deficit of $481.4 million, and the Company’s capital resources consisted of cash and cash equivalents of $10.6 million and marketable debt securities totaling $97.2 million. As of June 30, 2026, the Company had total liabilities of $12.2 million, including total current liabilities of $11.4 million. As discussed in Note 5, the Company is subject to license agreements that provide for future contractual payments upon achievement of various milestone events. Pursuant to the Ersodetug License Agreement discussed in Note 5, a $25.0 million milestone payment will be due upon regulatory approval of ersodetug by any regulatory authority. The commitment to pay the $25.0 million for regulatory approval of ersodetug is not expected to be recognized as a liability within the next 12 months. Management believes the Company’s cash and cash equivalents and investments in marketable debt securities will be adequate to meet the Company’s contractual obligations and carry out ongoing clinical trials and other planned activities for at least 12 months from the issuance date of the consolidated financial statements for the year ended June 30, 2026. |