Note 4 - Leases

12 Months Ended

Jun. 30, 2026

Lessee, Operating and Finance Leases Disclosure [Text Block]

(4) Leases

Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate in determining the present value of lease payments. Significant judgment is required when determining the Company’s incremental borrowing rate. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The amortization expense for financed lease assets totaled approximately $125 thousand for the year ended June 30, 2026 and $126 thousand for the years ended June 30, 2025.

On January 20, 2025, the Company entered into a lease extension to extend the terms of the leases associated with a prior lease agreement related to a research and development facility and an additional facility (the “Donley Facilities”) effective May 1, 2025. The Company occupied the Donley Facilities through October, 2025 and subsequently transitioned operations to a new facility in Austin, Texas.

On January 29, 2025, we entered into a new lease agreement for a facility of approximately 17,628 square feet in Austin, Texas (the “Metric Facility”) for a term of 89 months, which such term commenced July 1, 2025. The Metric Facility is intended to support and encompass all Austin based functions. Our total contractual base rent obligation for the Metric Facility is approximately $3.0 million, less a tenant allowance of $317.3 thousand. Base rent is subject to annual increases over the lease term.

The balance sheet presentation of the Company’s operating and finance leases is as follows:

(In thousands)	*Classification on the Consolidated Balance Sheet*	*June 30, 2026*		*June 30, 2025*
Assets:
Operating lease assets	Operating lease right-of-use assets, net	$	1,834	$	2,225
Financing lease assets	Property and equipment, net	$	108		79
*Total lease assets*		$	1,942	$	2,304

Liabilities:
Current:
Operating lease obligations	Lease liabilities, current	$	257	$	381
Financing lease obligations	Lease liabilities, current	$	25		24
Non-current:
Operating lease obligations	Lease liabilities, non-current		2,000		2,225
Financing lease obligations	Lease liabilities, non-current	$	24		49
*Total lease liabilities*		$	2,306	$	2,679

Future minimum lease payments as of June 30, 2026 under non-cancelable leases are as follows (in thousands):

For the Year Ended June 30,	*Operating Leases*			*Financing Leases*			*Total*
2027	$	361		$	26		$	387
2028		374		$	26			400
2029		353			—			353
2030		438			—			438
2031		454			—			454
Thereafter		673			—			673
Total lease obligations		2,653			52			2,705
Imputed interest		(396	)		(3	)		(399	)
Present value of net minimum lease obligations		2,257			49			2,306
Lease liabilities - current		(257	)		(25	)		(282	)
Lease liabilities - non-current	$	2,000		$	24		$	2,024

Other information as of June 30, 2026 is as follows:

Weighted-average remaining lease term (years):
Operating leases	6.4
Financing leases	2.0
Weighted-average discount rate:
Operating leases	4.8	%
Financing leases	6.1	%

Cash payments for operating leases for the years ended June 30, 2026 and 2025 totaled $347 thousand and $170 thousand, respectively. Cash payments for finance leases totaled approximately $24 thousand and $94 thousand for the years ended June 30, 2026, and 2025, respectively.