Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed consolidated financial statements contained in this Quarterly Report have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental entities. Unaudited Interim Financial Information In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2026, and its results of operations for the three months ended September 30, 2026, and 2025, and cash flows for the three months ended September 30, 2026, and 2025. The Company has condensed or omitted certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP pursuant to the applicable required disclosures and regulations of the SEC. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2026, as filed with the SEC on September 25, 2026 (the “2026 Annual Report”). Going Concern Basis The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realization of assets and the settlement of liabilities in the ordinary course of business. The Company has incurred total comprehensive losses of $1.5 million and $6.2 million for the three months ended September 30, 2026 and 2025, respectively, and experienced net cash provided by operating activities of $0.5 million and net cash used in operating activities of $9.2 million for the three months ended September 30, 2026 and 2025, respectively. As of September 30, 2026 and June 30, 2026, the Company had cash and cash equivalents of $68.3 million and $67.7 million, respectively, and current assets exceeded its current liabilities by $69.2 million and $71.3 million, respectively. Historically, the Company has financed its operations to date primarily through partnerships, funds received from public offerings of common stock, a debt financing facility, as well as funding from governmental bodies. The Company may consider future financing when appropriate to support its operating and development plans or take advantage of strategic investment opportunities, including participation by investors whose involvement could benefit the Company and its stockholders. Any such financing may be undertaken before additional funding is required, taking into account its terms, potential dilution and the Company’s strategic objectives. Potential sources could include public offerings or private placements of common stock, debt financing, collaborations or other strategic transactions. These potential sources do not form part of the Company’s assessment of its ability to fund its current plans for the period described below. Based on its existing unrestricted cash and cash equivalents and current operating plans, the Company believes it is adequately funded to meet its planned operating expenses and capital expenditure requirements for at least twelve months from the issuance date of the financial statements. The timing and amount of any future capital requirements will depend on the progress, scope and cost of its operations, strategy and development activities. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Details of all controlled entities are set out in Note 1. All intercompany balances and transactions have been eliminated on consolidation. Equity Method Investment The Company has a joint venture investment with Mind Medicine Australia Limited to operate a psychedelic-assisted therapies services clinic in Melbourne, Australia. The Company has an ownership interest of 50% in Mind Clinics Australia Pty Ltd and does not have control over the joint venture. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company's equity method investments are required to be reviewed for impairment when it is determined there may be an other than-temporary loss in value. Comparative information Comparative information has been reclassified where appropriate to conform to changes in presentation in the current year to enhance comparability. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s unaudited condensed consolidated financial statements include the valuation of equity-based instruments issued, accrued research and development expense, and the research and development tax credit. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates. Risks and Uncertainties The Company is subject to risks and uncertainties common to companies in the biopharmaceutical industry. The Company believes that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, drug candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. Significant Accounting Policies There are no significant changes to the Company’s significant accounting policies disclosed in Note 2 to the Consolidated Financial Statements described in the 2026 Annual Report that have had a material impact on the Company’s unaudited condensed consolidated financial statements and related notes.

The Company’s unaudited condensed consolidated financial statements contained in this Quarterly Report have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental entities.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2026, and its results of operations for the three months ended September 30, 2026, and 2025, and cash flows for the three months ended September 30, 2026, and 2025. The Company has condensed or omitted certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP pursuant to the applicable required disclosures and regulations of the SEC. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2026, as filed with the SEC on September 25, 2026 (the “2026 Annual Report”).

The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realization of assets and the settlement of liabilities in the ordinary course of business.

The Company has incurred total comprehensive losses of $1.5 million and $6.2 million for the three months ended September 30, 2026 and 2025, respectively, and experienced net cash provided by operating activities of $0.5 million and net cash used in operating activities of $9.2 million for the three months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026 and June 30, 2026, the Company had cash and cash equivalents of $68.3 million and $67.7 million, respectively, and current assets exceeded its current liabilities by $69.2 million and $71.3 million, respectively.

Historically, the Company has financed its operations to date primarily through partnerships, funds received from public offerings of common stock, a debt financing facility, as well as funding from governmental bodies. The Company may consider future financing when appropriate to support its operating and development plans or take advantage of strategic investment opportunities, including participation by investors whose involvement could benefit the Company and its stockholders. Any such financing may be undertaken before additional funding is required, taking into account its terms, potential dilution and the Company’s strategic objectives. Potential sources could include public offerings or private placements of common stock, debt financing, collaborations or other strategic transactions. These potential sources do not form part of the Company’s assessment of its ability to fund its current plans for the period described below.

Based on its existing unrestricted cash and cash equivalents and current operating plans, the Company believes it is adequately funded to meet its planned operating expenses and capital expenditure requirements for at least twelve months from the issuance date of the financial statements. The timing and amount of any future capital requirements will depend on the progress, scope and cost of its operations, strategy and development activities.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Details of all controlled entities are set out in Note 1. All intercompany balances and transactions have been eliminated on consolidation.

The Company has a joint venture investment with Mind Medicine Australia Limited to operate a psychedelic-assisted therapies services clinic in Melbourne, Australia. The Company has an ownership interest of 50% in Mind Clinics Australia Pty Ltd and does not have control over the joint venture. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company's equity method investments are required to be reviewed for impairment when it is determined there may be an other than-temporary loss in value.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed consolidated financial statements and accompanying notes.

The most significant estimates and assumptions in the Company’s unaudited condensed consolidated financial statements include the valuation of equity-based instruments issued, accrued research and development expense, and the research and development tax credit. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.

The Company is subject to risks and uncertainties common to companies in the biopharmaceutical industry. The Company believes that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, drug candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees.

There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.

There are no significant changes to the Company’s significant accounting policies disclosed in Note 2 to the Consolidated Financial Statements described in the 2026 Annual Report that have had a material impact on the Company’s unaudited condensed consolidated financial statements and related notes.