v3.26.3
Fair Value Measurements (Tables)
 3 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets And Liabilities, Measured at Fair Value on Recurring Basis The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2026 and June 30, 2026 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
As of September 30, 2026
(in thousands)Level 1Level 2Level 3Total
Liabilities:
Other long-term liabilities
Warrant liability$— $— $10,280 $10,280 

As of June 30, 2026
(in thousands)Level 1Level 2Level 3Total
Liabilities:
Other long-term liabilities
Warrant liability$— $— $22,853 $22,853 
Schedule of Estimated Fair Value of the Warrants
The fair value of the Warrants has been estimated with the following assumptions:
September 30, 2026
Tranche 1
Stock price(1)
$0.41 
Exercise price$3.00 
Expected volatility
93.43 %
Risk-free interest rate4.89 %
Expected dividend-yield
— %
Expected life
3.04 years
Fair value per warrant
$0.09 
(1) The stock price is based on the closing stock price as of September 30, 2026.

June 30, 2026
Tranche 1
Stock price(1)
$0.84 
Exercise price$3.00 
Expected volatility
99.17 %
Risk-free interest rate4.07 %
Expected dividend-yield
— %
Expected life
3.29 years
Fair value per warrant
$0.34 
(1) The stock price is based on the closing stock price as of June 30, 2026.
The fair value of the Senior Non-Convertible Preferred Stock Warrants has been estimated with the following assumptions:

September 30, 2026
Tranche ATranche BTranche C
Stock price(1)
$0.41 $0.41 $0.41 
Exercise price$0.01 $3.92 $5.50 
Expected volatility102.36 %102.36 %102.36 %
Risk-free interest rate5.13 %5.13 %5.13 %
Expected dividend-yield— %— %— %
Expected life8.37 years8.37 years8.37 years
Fair value per warrant$0.40 $0.28 $0.26 
(1) Represents the closing price per share of the Company’s common stock as of September 30, 2026.


June 30, 2026
Tranche ATranche BTranche C
Stock price(1)
$0.84 $0.84 $0.84 
Exercise price$0.01 $3.92 $5.50 
Expected volatility102.52 %102.52 %102.52 %
Risk-free interest rate4.31 %4.31 %4.31 %
Expected dividend-yield— %— %— %
Expected life8.62 years8.62 years8.62 years
Fair value per warrant$0.84 $0.65 $0.62 
(1) Represents the closing price per share of the Company’s common stock as of June 30, 2026.
Schedule of Changes in Level 3 Fair Value Measurements
Changes in Level 3 fair value measurements were as follows:
(in thousands)Warrant Liability
Balance as of June 30, 2026
$22,853 
Change in fair value(12,573)
Balance as of September 30, 2026
$10,280