0001193125-25-220421 | 10-K | XBRL Viewer

[1]	(1) Includes product development costs associated with zandelisib determined to be immaterial for both periods presented, occupancy costs (including rent and utilities), share-based compensation costs, depreciation expense, administrative costs, travel and business taxes.

Description of Business and Basis of Presentation (Policies)	12 Months Ended
	Jun. 30, 2025
Description of Business	Description of Business On September 10, 2025, MEI Pharma, Inc. changed its name to Lite Strategy, Inc. and its ticker symbol to LITS. We are a pharmaceutical company that has been developing novel and differentiated cancer therapies. In August 2025, we implemented a Litecoin Treasury Strategy (as described below) with the net proceeds from the PIPE (as defined below). We built our pipeline by acquiring promising cancer agents and creating value in programs through development, strategic partnerships and out-licensing or commercialization, as appropriate. Our approach to oncology drug development has been to evaluate our drug candidates in combinations with standard-of-care therapies to overcome known resistance mechanisms and address clear medical needs to provide improved patient benefit. Our pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor, zandelisib, an oral, once-daily, selective PI3Kδ inhibitor and prior to its sale, ME-344 as more fully discussed in Note 13. Disposition of a Non-Financial Asset, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation We prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) related to annual reports on Form 10‑K. The accompanying consolidated financial statements include the accounts of Lite Strategy, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all intercompany accounts and transactions in consolidation. The Company has evaluated subsequent events through the date the consolidated financial statements were issued.
Current Events	Current Events Strategic Alternatives On July 22, 2024, we announced that our Board of Directors (Board) had determined unanimously to begin the evaluation of our strategic alternatives, including potential transactions as well as an orderly wind down of operations, if appropriate, to maximize the value of our assets for our stockholders. We commenced a reduction-in-force (the Strategic Alternatives RIF) beginning August 1, 2024, which continued in stages as our operational and strategic direction evolved. In connection with this evaluation, we discontinued the clinical development of voruciclib, while certain nonclinical activities related to our drug candidate assets will continue to be conducted by us. As part of the review of strategic alternatives, we considered options such as out-licensing or the sale of our existing programs and merger and acquisition opportunities, as well as other potential opportunities. Consistent with our intention to preserve cash, David M. Urso, our former President and Chief Executive Officer and Richard Ghalie, M.D., our former Chief Medical Officer, stepped down effective August 1, 2024. Mr. Urso also left the Board at that date. We entered into a consulting agreement with Dr. Ghalie under which he remains available to assist us in strategic efforts or ongoing operations. In addition, we entered into a consulting agreement with Mr. Urso, which was terminated in February 2025. Charles V. Baltic III, the former Chairperson of the Board, also stepped down from the Board contemporaneously with the announcement on July 22, 2024. Our Board appointed Justin J. File, our Chief Financial Officer, to assume the position of Acting Chief Executive Officer and appointed Frederick W. Driscoll as our Chairperson of the Board. The evaluation of strategic alternatives concluded with the August 2025 implementation of our Litecoin Treasury Strategy (as described below) and a commitment to long-term innovation in capital structure and financial technology, along with the initiation of an expanding strategy that could include the commencement of Litecoin mining activities, as well as our continued assessment of pre-clinical activities with our drug candidate pipeline, as to which we anticipate conducting further investigational research and development in the next several months. Private Investment in Private Equity (PIPE) and Related Agreements As more fully discussed in Note 15. Subsequent Events, in July 2025, we closed on a $100.0 million PIPE and issued an aggregate of (i) 23,216,898 shares (the Shares) of our Common Stock (as defined in Note 10. Stockholders' Equity), at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants (together with the Common Stock, the Securities)), to purchase up to an aggregate of 6,022,869 shares of Common Stock (the Pre-Funded Warrant Shares) at an offering price of $3.4199 per Pre-Funded Warrant. On July 24, 2025, Pre-Funded Warrants for the purchase of 2,084,509 shares of Common Stock were exercised for a de minimis amount of cash proceeds. As of September 23, 2025, we issued 2,807,967 shares of Common Stock upon cashless exercises of 2,808,070 Pre-Funded Warrants. Also, in July 2025 and as more fully discussed in Note 15. Subsequent Events, we entered into various agreements with certain advisors to the PIPE, asset managers and custodians who will deploy our Litecoin Treasury Strategy (as described below), including but not limited to: (i) a placement agency agreement, (ii) an asset management agreement, (iii) an advisory agreement, (iv) a strategic advisor agreement and (v) a new at-the-market sales agreement. As partial consideration for services provided associated with the PIPE, we issued warrants for the purchase of up to 3,070,177 shares of our Common Stock with a weighted-average exercise price of approximately $4.10 per share. On September 24, 2025, as payment of the annual Asset-based Fee under the Asset Management Agreement, we issued to GSR, 546,348 Pre-Funded Warrants with an exercise price of $0.0001 per share. Subject to the limitations on exercise set forth in the warrant agreement, the Pre-Funded Warrants may be exercised at any time until they are exercised in full. Litecoin Treasury Strategy On August 5, 2025, we announced the commencement of our primary reserve asset and implementation strategy built on a digital asset infrastructure and long-term capital innovation (a Litecoin Treasury Strategy) through our acquisition of Litecoin (LTC) tokens, reflecting the full deployment of the net proceeds of the PIPE. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. We believe this strategy will allow us to diversify reserves, enhance capital efficiency and align with emerging financial technologies. Cooperation Agreement and Cash Dividend On October 31, 2023, we announced our entry into a cooperation agreement with Anson Funds Management LP and Cable Car Capital LLC (Cooperation Agreement), a related party, which, among other non-financial related items, provided for a capital return to stockholders in the form of a dividend in the amount of $1.75 per share of Common Stock that was declared on November 6, 2023 to stockholders of record at the close of business on November 17, 2023 (Cooperation Agreement). The total dividend of $11.7 million was paid on December 6, 2023, and was recorded as a reduction of additional paid-in capital in the consolidated statements of stockholders' equity, as we have an accumulated deficit, rather than retained earnings. Effective July 22, 2025, in conjunction with the closing of the Offering (as defined in Note 15. Subsequent Events), the parties to the Cooperation Agreement mutually agreed to terminate such Cooperation Agreement.
Liquidity	Liquidity To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We have accumulated losses of $404.2 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of June 30, 2025, we had $18.0 million in cash and cash equivalents. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we discontinued the clinical development of voruciclib, while certain nonclinical research and development (R&D) activities continue. As a result, we will continue to incur R&D expenses in connection with our nonclinical projects. We believe that our cash balance will be sufficient to meet our obligations and fund operations for at least the next 12 months from the issuance of these consolidated financial statements. To date, we have obtained cash and funded our operations primarily through equity financings and license agreements and to continue the development of our drug candidates, we would require one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships at some point in the future. There can be no assurance that we will be able to continue to raise additional capital in the future.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified	false
Non Rule 10b51 Arr Modified	false

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 09, 2023	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	869,148	1,357,213
Unrecognized compensation expense related to unvested stock options	$ 0.1
Expected weighted average period for recognition of compensation expense	1 year 2 months 1 day
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	869,148
Closing price of common stock	$ 2.47
Employee Stock Option \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	12 months
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Employee Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vested percentage	25.00%
Share-based compensation arrangement by share-based payment award, award vesting period	36 months
2008 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized	1,850,739
Shares available for future grant	920,737
2008 Omnibus Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	815,846
Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized			92,000	125,000
Shares available for future grant	163,698
Inducement Plan [Member] \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	53,302

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Jun. 30, 2025	Sep. 23, 2025	Dec. 31, 2024
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Securities Act File Number	000-50484
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0407811
Entity Address, Address Line One	9920 Pacific Heights Blvd
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	San Diego
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	369-7100
Trading Symbol	LITS
Entity Registrant Name	Lite Strategy, Inc.
Entity Central Index Key	0001262104
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.00000002 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		35,655,155
Entity Public Float			$ 12.0
Auditor Firm ID	34
Auditor Location	San Diego, California
Auditor Name	Deloitte and Touche LLP
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Lite Strategy, Inc. and subsidiary (the "Company") as of June 30, 2025 and 2024, the related consolidated statements of operations, stockholders' equity, and cash flows, for each of the two years in the period ended June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.
Document Financial Statement Error Correction [Flag]	false

Summary of Significant Accounting Policies - Additional Information (Detail)
shares in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2025

USD ($)

Segment

Jun. 30, 2024

USD ($)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Number of operating segments | Segment

Property and equipment

$ 0

$ 392

^[1]

Short-term investments

34,640

Unrealized gains and losses

Accounts receivable

$ 0

Changes in unrecognized tax position

An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.

Unrecognized tax benefits

$ 0

Common stock subject to repurchase or forfeiture | shares

Maximum

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Property and equipment, estimated useful life

7 years

Minimum

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Property and equipment, estimated useful life

3 years

Pass Through Services [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Percentage of reimbursement of pass through costs as revenue

100.00%

[1]	During fiscal 2025, upon termination of our lease, we either sold or disposed of all property and equipment.

Stockholders' Equity - Schedule of Warrants Issued (Details) - Subsequent Event	Jul. 22, 2025 $ / shares shares
Class of Stock [Line Items]
Number of Warrants Outstanding	3,070,177
GSR Warrants Tranche One
Class of Stock [Line Items]
Number of Warrants Outstanding	584,795
Exercise Price \| $ / shares	$ 3.42
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
GSR Warrants Tranche Two
Class of Stock [Line Items]
Number of Warrants Outstanding	292,398
Exercise Price \| $ / shares	$ 3.93
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
GSR Warrants Tranche Three
Class of Stock [Line Items]
Number of Warrants Outstanding	292,398
Exercise Price \| $ / shares	$ 4.62
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
GSR Warrants Tranche Four
Class of Stock [Line Items]
Number of Warrants Outstanding	292,398
Exercise Price \| $ / shares	$ 5.13
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
Strategic Advisor Warrants
Class of Stock [Line Items]
Number of Warrants Outstanding	438,597
Exercise Price \| $ / shares	$ 4.1
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
Placement Agent Warrants
Class of Stock [Line Items]
Number of Warrants Outstanding	1,169,591
Exercise Price \| $ / shares	$ 4.1
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	Jul. 22, 2025
Expiration Date	Jul. 22, 2030

Disposition of a Non-financial Asset - Additional Information (Detail) - USD ($)			12 Months Ended
	Oct. 22, 2024	Oct. 01, 2023	Jun. 30, 2025	Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Adopted agreement date	Oct. 22, 2024	Oct. 01, 2023
Reimbursement amount			$ 55,000
Purchaser initial payment			500,000	$ 0
Gain of disposition			500,000	$ 0
Research And Development Arrangement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reimbursement amount			$ 55,000
Asset Purchase Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reimbursement amount	$ 55,000
Purchaser initial payment	500,000
Asset Purchase Agreement \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone payment	$ 62,000,000

Summary of Significant Accounting Policies - Antidilutive Securities (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	972	1,460
Stock options
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	869	1,357
Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	103	103

Income Taxes - Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax rates to Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Reconciliation Of Statutory Federal Tax Rate [Line Items]
Tax (benefit) expense at U.S. statutory rates	$ (3,349)	$ 3,733
State tax (benefit) expense	(2,733)	796
Equity compensation	1,671	901
Change in valuation allowance	3,782	(6,281)
Section 162(m) limitation	507	483
Other	122	368
Income tax expense	$ 0	$ 0
Tax (benefit) expense at U.S. statutory rates	21.00%	21.00%
State tax (benefit) expense	17.00%	5.00%
Equity compensation	(10.00%)	5.00%
Change in valuation allowance	(24.00%)	(35.00%)
Section 162(m) limitation	(3.00%)	3.00%
Other	(1.00%)	1.00%
Effective Income Tax Rate, Continuing Operations, Total	0.00%	0.00%

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Note 1. Description of Business and Basis of Presentation Description of Business On September 10, 2025, MEI Pharma, Inc. changed its name to Lite Strategy, Inc. and its ticker symbol to LITS. We are a pharmaceutical company that has been developing novel and differentiated cancer therapies. In August 2025, we implemented a Litecoin Treasury Strategy (as described below) with the net proceeds from the PIPE (as defined below). We built our pipeline by acquiring promising cancer agents and creating value in programs through development, strategic partnerships and out-licensing or commercialization, as appropriate. Our approach to oncology drug development has been to evaluate our drug candidates in combinations with standard-of-care therapies to overcome known resistance mechanisms and address clear medical needs to provide improved patient benefit. Our pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor, zandelisib, an oral, once-daily, selective PI3Kδ inhibitor and prior to its sale, ME-344 as more fully discussed in Note 13. Disposition of a Non-Financial Asset, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway. Basis of Presentation and Consolidation We prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) related to annual reports on Form 10‑K. The accompanying consolidated financial statements include the accounts of Lite Strategy, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all intercompany accounts and transactions in consolidation. The Company has evaluated subsequent events through the date the consolidated financial statements were issued. Current Events Strategic Alternatives On July 22, 2024, we announced that our Board of Directors (Board) had determined unanimously to begin the evaluation of our strategic alternatives, including potential transactions as well as an orderly wind down of operations, if appropriate, to maximize the value of our assets for our stockholders. We commenced a reduction-in-force (the Strategic Alternatives RIF) beginning August 1, 2024, which continued in stages as our operational and strategic direction evolved. In connection with this evaluation, we discontinued the clinical development of voruciclib, while certain nonclinical activities related to our drug candidate assets will continue to be conducted by us. As part of the review of strategic alternatives, we considered options such as out-licensing or the sale of our existing programs and merger and acquisition opportunities, as well as other potential opportunities. Consistent with our intention to preserve cash, David M. Urso, our former President and Chief Executive Officer and Richard Ghalie, M.D., our former Chief Medical Officer, stepped down effective August 1, 2024. Mr. Urso also left the Board at that date. We entered into a consulting agreement with Dr. Ghalie under which he remains available to assist us in strategic efforts or ongoing operations. In addition, we entered into a consulting agreement with Mr. Urso, which was terminated in February 2025. Charles V. Baltic III, the former Chairperson of the Board, also stepped down from the Board contemporaneously with the announcement on July 22, 2024. Our Board appointed Justin J. File, our Chief Financial Officer, to assume the position of Acting Chief Executive Officer and appointed Frederick W. Driscoll as our Chairperson of the Board. The evaluation of strategic alternatives concluded with the August 2025 implementation of our Litecoin Treasury Strategy (as described below) and a commitment to long-term innovation in capital structure and financial technology, along with the initiation of an expanding strategy that could include the commencement of Litecoin mining activities, as well as our continued assessment of pre-clinical activities with our drug candidate pipeline, as to which we anticipate conducting further investigational research and development in the next several months. Private Investment in Private Equity (PIPE) and Related Agreements As more fully discussed in Note 15. Subsequent Events, in July 2025, we closed on a $100.0 million PIPE and issued an aggregate of (i) 23,216,898 shares (the Shares) of our Common Stock (as defined in Note 10. Stockholders' Equity), at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants (together with the Common Stock, the Securities)), to purchase up to an aggregate of 6,022,869 shares of Common Stock (the Pre-Funded Warrant Shares) at an offering price of $3.4199 per Pre-Funded Warrant. On July 24, 2025, Pre-Funded Warrants for the purchase of 2,084,509 shares of Common Stock were exercised for a de minimis amount of cash proceeds. As of September 23, 2025, we issued 2,807,967 shares of Common Stock upon cashless exercises of 2,808,070 Pre-Funded Warrants. Also, in July 2025 and as more fully discussed in Note 15. Subsequent Events, we entered into various agreements with certain advisors to the PIPE, asset managers and custodians who will deploy our Litecoin Treasury Strategy (as described below), including but not limited to: (i) a placement agency agreement, (ii) an asset management agreement, (iii) an advisory agreement, (iv) a strategic advisor agreement and (v) a new at-the-market sales agreement. As partial consideration for services provided associated with the PIPE, we issued warrants for the purchase of up to 3,070,177 shares of our Common Stock with a weighted-average exercise price of approximately $4.10 per share. On September 24, 2025, as payment of the annual Asset-based Fee under the Asset Management Agreement, we issued to GSR, 546,348 Pre-Funded Warrants with an exercise price of $0.0001 per share. Subject to the limitations on exercise set forth in the warrant agreement, the Pre-Funded Warrants may be exercised at any time until they are exercised in full. Litecoin Treasury Strategy On August 5, 2025, we announced the commencement of our primary reserve asset and implementation strategy built on a digital asset infrastructure and long-term capital innovation (a Litecoin Treasury Strategy) through our acquisition of Litecoin (LTC) tokens, reflecting the full deployment of the net proceeds of the PIPE. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. We believe this strategy will allow us to diversify reserves, enhance capital efficiency and align with emerging financial technologies. Cooperation Agreement and Cash Dividend On October 31, 2023, we announced our entry into a cooperation agreement with Anson Funds Management LP and Cable Car Capital LLC (Cooperation Agreement), a related party, which, among other non-financial related items, provided for a capital return to stockholders in the form of a dividend in the amount of $1.75 per share of Common Stock that was declared on November 6, 2023 to stockholders of record at the close of business on November 17, 2023 (Cooperation Agreement). The total dividend of $11.7 million was paid on December 6, 2023, and was recorded as a reduction of additional paid-in capital in the consolidated statements of stockholders' equity, as we have an accumulated deficit, rather than retained earnings. Effective July 22, 2025, in conjunction with the closing of the Offering (as defined in Note 15. Subsequent Events), the parties to the Cooperation Agreement mutually agreed to terminate such Cooperation Agreement. Liquidity To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We have accumulated losses of $404.2 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of June 30, 2025, we had $18.0 million in cash and cash equivalents. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we discontinued the clinical development of voruciclib, while certain nonclinical research and development (R&D) activities continue. As a result, we will continue to incur R&D expenses in connection with our nonclinical projects. We believe that our cash balance will be sufficient to meet our obligations and fund operations for at least the next 12 months from the issuance of these consolidated financial statements. To date, we have obtained cash and funded our operations primarily through equity financings and license agreements and to continue the development of our drug candidates, we would require one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships at some point in the future. There can be no assurance that we will be able to continue to raise additional capital in the future.

Fair Value Measurements

12 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The carrying amounts of financial instruments such as cash equivalents, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these instruments. We invest our excess cash in financial instruments which are readily convertible into cash, such as money market funds and U.S. government securities. Cash equivalents are classified as Level 1 as defined by the fair value hierarchy. As of June 30, 2025 and June 30, 2024, we had no assets or liabilities measured on a recurring or non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Jun. 30, 2025
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	Equity Award Grant Practices We have had no program, plan or practice pertaining to the timing of stock option grants to named executive officers coinciding with the release of material non-public information, or MNPI. The Compensation Committee has historically approved grants of options annually each year as part of our annual compensation cycle. The timing of any equity grants to newly-hired employees, or in connection with promotions or other non-routine grants, is generally tied to the event giving rise to the award (such as an executive officer’s commencement of employment or promotion effective date). Any grants to executive officers are approved at meetings of the Compensation Committee or our board of directors. For all stock option awards, the exercise price is no less than the closing price of our common stock on the date of the grant. The following table sets forth information for certain stock options granted to our named executive officers through fiscal year 2025, which there were no grants made to our named executive officers or any employees during the fiscal year ended June 30, 2025. In the event an issuer grants stock options or option-like instruments within the period commencing four business days prior to and ending one business day following the filing by the Company of a Form 10-K, Form 10-Q or Form 8-K containing material non-public information as required under Item 402(x) of Regulation S-K, Item 402(x) of Regulation S-K requires tabular disclosure of certain information related to such awards.
Award Timing Predetermined	true
Award Timing MNPI Considered	true
Award Timing, How MNPI Considered	The Compensation Committee has historically approved grants of options annually each year as part of our annual compensation cycle. The timing of any equity grants to newly-hired employees, or in connection with promotions or other non-routine grants, is generally tied to the event giving rise to the award (such as an executive officer’s commencement of employment or promotion effective date). Any grants to executive officers are approved at meetings of the Compensation Committee or our board of directors.

Share-based Compensation

12 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Note 11. Share-based Compensation

We use equity-based compensation programs to provide long-term performance incentives for our employees. These incentives consist primarily of stock options and RSUs. In December 2008, we adopted the MEI Pharma, Inc. 2008 Stock Omnibus Equity Compensation Plan (the Omnibus Plan), as amended and restated from time to time, under which 1,850,739 shares of Common Stock are authorized for issuance. The Omnibus Plan provides for the grant of options and/or other stock-based or stock-denominated awards to our non-employee directors, officers, employees and advisors. As of June 30, 2025, there were 920,737 shares available for future grant under the Omnibus Plan.

In May 2021, we adopted the 2021 Inducement Plan (Inducement Plan, together with the Omnibus Plan, the Equity Plans), under which 125,000 shares of Common Stock were authorized for issuance. On June 9, 2023 our Board approved an amendment and restatement of the Inducement Plan to increase the aggregate number of shares of Common Stock authorized for issuance by 92,000 shares. The Inducement Plan is intended to assist us in attracting and retaining selected individuals to serve as employees who are expected to contribute to our success, by providing an inducement for such individuals to enter into employment with us and to achieve long-term objectives that will benefit our stockholders. As of June 30, 2025, there were 163,698 shares available for future grant under the Inducement Plan.

Total share-based compensation expense for all stock awards consists of the following, in thousands:


	For the Fiscal Year Ended June 30,
	2025			2024
Research and development	$	(128	)	$	349
General and administrative		(16	)		1,929
Total share-based compensation	$	(144	)	$	2,278

Stock Options

Stock options granted to employees vest 25% one year from the date of grant and ratably each month thereafter for a period of 36 months and expire ten years from the date of grant. Stock options granted to directors vest ratably each month for a period of 12 months from the date of grant and expire ten years from the date of grant. As of June 30, 2025, there were a total of 869,148 options outstanding of which 815,846 were granted under the Omnibus Plan and 53,302 were granted under the Inducement Plan.

A summary of our stock option activity and related data follows:


	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2024		1,357,213		$	31.60
Forfeited		(488,065	)	$	25.64
Outstanding at June 30, 2025		869,148		$	32.90		5.8	$	—
Vested and expected to vest at June 30, 2025		869,148					5.8	$	—

As of June 30, 2025, the aggregate intrinsic value of outstanding options is calculated as the difference between the exercise price of the underlying options and the closing price of our Common Stock of $2.47 on that date.

Unrecognized compensation expense related to non-vested stock options totaled $0.1 million as of June 30, 2025. Such compensation expense is expected to be recognized over a weighted-average period of 1.17 years. As of June 30, 2025, we expect all outstanding options to vest.

We use a Black-Scholes valuation model to estimate the grant date fair value of stock options. During the year ended June 30, 2025, we did not grant any stock options. During the fiscal year ended June 30, 2024, the following weighted-average assumptions were used to calculate these fair values:


Risk-free interest rate		4.5	%
Expected life (years)		5.7
Volatility		89.8	%
Dividend yield		—	%
Weighted-average grant date fair value	$	5.20

Leases - Additional Information (Detail)		1 Months Ended	12 Months Ended
Leases - Additional Information (Detail)	Jun. 18, 2024 USD ($)	Jul. 31, 2022 USD ($) ft²	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jul. 31, 2020 ft²
Number of square feet under lease \| ft²					32,800
Lease expire date		Mar. 31, 2028	Mar. 31, 2028
Lease termination date		Nov. 30, 2029	Nov. 30, 2029
Operating lease liabilities	$ 0
Lease expiration amended date	Sep. 30, 2024
Termination fee	$ 11,100,000
Prepayment of remaining rent	200,000
Proceeds from sale of furniture and fixtures	1
Amount on reduction in remaining right of use asset and lease liability	22,000
Direct costs	200,000			$ 200,000
Impairment charge	$ 10,400,000		$ 0	10,899,000
Supplemental cash flow			0	13,612,000
Remaining future minimum rental payments				0
Right-of-use asset balance			$ 0	214,000
Decrease in ROU asset balance				$ 22,000
San Diego California [Member]
Operating lease liabilities		$ 4,300,000
Accounting Standards Update 2016-02 [Member]
Number of square feet under lease \| ft²		12,300

Summary of Significant Accounting Policies - Schedule of Revenue Associated with License Agreement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 0	$ 65,297
Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 0	752
Services Performed Over Time \| Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues		743
Pass through Services at a Point in Time \| Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues		$ 9

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember, srt:ChiefFinancialOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	Our CODM evaluates our financial information including year over year profit and loss comparisons and cash projections on an aggregate basis when assessing performance for allocating financial and personnel resources.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional paid in capital	Accumulated Deficit
Beginning Balance at Jun. 30, 2023	$ 24,624	$ 6,663	$ 430,621	$ (405,997)
Net income (loss)	17,778			17,778
Cash dividends declared	(11,660)		(11,660)
Share-based compensation	2,278		2,278
Ending Balance at Jun. 30, 2024	33,020	6,663	421,239	(388,219)
Net income (loss)	(15,945)			(15,945)
Share-based compensation	(144)		(144)
Ending Balance at Jun. 30, 2025	$ 16,931	$ 6,663	$ 421,095	$ (404,164)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

One-Time Employee Termination Benefits (Tables)

12 Months Ended

Jun. 30, 2025

Restructuring Reserve [Abstract]

Summary of Activity Related to One-Time Employee Termination Benefits Included in Accrued Liabilities

The following table summarizes our activity related to one-time employee termination benefits, included in accrued liabilities, in thousands:


	One-time Employee Termination Benefits
Balance at June 30, 2023	$	993
Increase in accrued restructuring		556
Cash payments		(1,528	)
Balance at June 30, 2024		21
Increase in accrued restructuring		5,734
Cash payments		(5,027	)
Balance at June 30, 2025	$	728

Summary of Significant Accounting Policies - Schedule of Changes in Unbilled Receivables and Contract Liabilities (Detail) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)
Contract with Customer Asset and Liability [Line Items]
Contract liabilities, beginning of year	$ 317
Revenue recognized upon satisfaction of performance obligations	(317)
Revenue recognized from change in estimate for performance obligations that are being closed	0
Revenue recognized for performance obligations that will no longer commence	0
Contract liabilities, end of year	$ 0

Balance Sheet Details - Accrued Liabilities (Parenthetical) (Detail) - USD ($)

Jun. 30, 2025

Jun. 30, 2024

Accrued compensation and benefits

^[1]

$ 873,000

$ 2,821,000

Termination Benefits

Accrued compensation and benefits

$ 700,000

$ 21,000

[1]	Includes one-time employee benefits of approximately $0.7 million and $21,000 for the fiscal years ended June 30, 2025 and 2024, respectively.

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Jun. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity We recognize the importance cybersecurity has to the success of our business, as well as recognize the need to continually assess cybersecurity risks and evolve our responses in the face of a rapidly and ever-changing environment. Accordingly, we aim to protect our business operations, records and information against known and evolving cybersecurity threats. Risk Management and Strategy We have established policies and processes for assessing, identifying and managing material risk from cybersecurity threats and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing within these systems. We conduct periodic risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks and the sufficiency of existing policies, procedures, systems and safeguards in place to manage such risks. Following these risk assessments, we re-design, implement and maintain reasonable safeguards to minimize identified risks, reasonably address any identified gaps in existing safeguards and regularly monitor the effectiveness of our safeguards. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Senior Director, Information Security and Infrastructure who reports to our Acting Chief Executive Officer and Chief Financial Officer to manage the risk assessment and mitigation process. As part of our overall risk management system, we monitor and test our safeguards and train our employees on these safeguards, in collaboration with our Information Technology department. Personnel at all levels and departments are made aware of our cybersecurity policies through trainings and internal communications. If required, we engage consultants, or other third parties in connection with our risk assessment processes. These service providers, where appropriate, assist us in the assessment, testing or other aspects of our security controls to help identify material cybersecurity risks to our critical systems, information, products, services and our broader enterprise IT environment, as well as assist us in designing and implementing our cybersecurity policies and procedures. We have not encountered cybersecurity challenges that have materially impaired our operations or financial standing. For additional information regarding risks from cybersecurity threats, please refer to Item 1A, “Risk Factors,” in this annual report on Form 10-K. Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated oversight of cybersecurity and other information technology risks to the Audit Committee. The Audit Committee oversees management’s implementation of our cybersecurity risk management program and is responsible for monitoring and assessing strategic risk exposure, while our management team is responsible for the day-to-day operations over the material risks we face. Our management team, including our Acting Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, provide periodic briefings to the Audit Committee regarding our cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, if applicable. The Audit Committee receives annual reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program, in the discretion of the Board and management. Board members may receive presentations on cybersecurity topics from external experts as part of the Board’s continuing education on topics that impact public companies. Our Acting Chief Executive Officer, CFO and Senior Director, Information Security and Infrastructure, are responsible for assessing and managing our material risks from cybersecurity threats and have decades of experience in overseeing operations, including information technology functions, in the public company environment. The team has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants as needed. Our management team supervises cybersecurity risk management efforts to prevent, detect, mitigate,and remediate cybersecurity risks and incidents through various means, which may include briefings from external consultants engaged by us; threat intelligence and other information obtained from governmental, public or private sources; and alerts and reports produced by security tools deployed in the IT environment. The cybersecurity risk management program also includes tools and activities to prevent, detect and analyze current and emerging cybersecurity threats and plans and strategies to address threats and incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have established policies and processes for assessing, identifying and managing material risk from cybersecurity threats and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing within these systems.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated oversight of cybersecurity and other information technology risks to the Audit Committee. The Audit Committee oversees management’s implementation of our cybersecurity risk management program and is responsible for monitoring and assessing strategic risk exposure, while our management team is responsible for the day-to-day operations over the material risks we face. Our management team, including our Acting Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, provide periodic briefings to the Audit Committee regarding our cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, if applicable. The Audit Committee receives annual reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program, in the discretion of the Board and management. Board members may receive presentations on cybersecurity topics from external experts as part of the Board’s continuing education on topics that impact public companies. Our Acting Chief Executive Officer, CFO and Senior Director, Information Security and Infrastructure, are responsible for assessing and managing our material risks from cybersecurity threats and have decades of experience in overseeing operations, including information technology functions, in the public company environment. The team has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants as needed. Our management team supervises cybersecurity risk management efforts to prevent, detect, mitigate,and remediate cybersecurity risks and incidents through various means, which may include briefings from external consultants engaged by us; threat intelligence and other information obtained from governmental, public or private sources; and alerts and reports produced by security tools deployed in the IT environment. The cybersecurity risk management program also includes tools and activities to prevent, detect and analyze current and emerging cybersecurity threats and plans and strategies to address threats and incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee oversees management’s implementation of our cybersecurity risk management program and is responsible for monitoring and assessing strategic risk exposure, while our management team is responsible for the day-to-day operations over the material risks we face. Our management team, including our Acting Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, provide periodic briefings to the Audit Committee regarding our cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, if applicable.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program, in the discretion of the Board and management. Board members may receive presentations on cybersecurity topics from external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	The Audit Committee oversees management’s implementation of our cybersecurity risk management program and is responsible for monitoring and assessing strategic risk exposure, while our management team is responsible for the day-to-day operations over the material risks we face
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Acting Chief Executive Officer, CFO and Senior Director, Information Security and Infrastructure, are responsible for assessing and managing our material risks from cybersecurity threats and have decades of experience in overseeing operations, including information technology functions, in the public company environment. The team has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants as needed.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team supervises cybersecurity risk management efforts to prevent, detect, mitigate,and remediate cybersecurity risks and incidents through various means, which may include briefings from external consultants engaged by us; threat intelligence and other information obtained from governmental, public or private sources; and alerts and reports produced by security tools deployed in the IT environment. The cybersecurity risk management program also includes tools and activities to prevent, detect and analyze current and emerging cybersecurity threats and plans and strategies to address threats and incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Other License Agreements - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2024	Jun. 30, 2025
BeiGene, Ltd
Related Party Transaction [Line Items]
Reimbursements costs		$ 0.1
Presage License Agreement \| Presage Biosciences, Inc.
Related Party Transaction [Line Items]
Payment for license	$ 2.9
Other liabilities			$ 4.9
Presage License Agreement \| Presage Biosciences, Inc. \| Incremental Payment
Related Party Transaction [Line Items]
Other liabilities			2.0
Presage License Agreement \| Presage Biosciences, Inc. \| Potential Payments on Achievement of Development Regulatory and Commercial Milestones
Related Party Transaction [Line Items]
Milestone payment receivable amount			$ 179.0

Commitments and Contingencies

12 Months Ended

Jun. 30, 2025

Commitments and Contingencies

Note 6. Commitments and Contingencies

We have contracted with various consultants and third parties to assist us in pre-clinical R&D and clinical trials work for our leading drug compounds and general and administrative activities. The contracts are terminable at any time but obligate us to reimburse the providers for any time or costs incurred through the date of termination. See the discussion of the sale of ME-344 within Note 13. Disposition of a Non-financial Asset for additional information regarding contracts associated with ME-344 assumed by the Purchaser (as defined in Note 13. Disposition of a Non-Financial Asset ). We also have an employment agreement with our Acting Chief Executive Officer and Chief Financial Officer that provides for severance payments and accelerated vesting for share-based awards if their employment is terminated under specified circumstances.

Litigation

From time to time, we may be involved in various lawsuits, legal proceedings, or claims that arise in the ordinary course of business. Management believes there are no claims or actions pending against us as of June 30, 2025, which will have, individually or in the aggregate, a material adverse effect on its business, liquidity, financial position, or results of operations. Litigation, however, is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business.

Indemnification

In accordance with our amended and restated certificate of incorporation and sixth amended and restated bylaws, we have indemnification obligations to our officers and directors for certain events or occurrences, subject to certain limits, while they are

serving in such capacity. There have been no claims to date and we have a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Presage License Agreement

As discussed in Note 8. Other License Agreements, we are party to a license agreement with Presage under which we may be required to make future payments upon the achievement of certain development, regulatory and commercial milestones, as well as potential future royalties based upon net sales. As of June 30, 2025, we had no accruals for potential future payments as achievement of the milestones had not been met.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Revenues	$ 0	$ 65,297
Operating expenses:
Research and development	3,923	16,561
General and administrative	13,532	23,295
Impairment of long-lived assets	0	10,899
Total operating expenses	17,455	50,755
(Loss) income from operations	(17,455)	14,542
Other income (expense):
Interest and dividend income	1,026	3,277
Gain on disposition of a non-financial asset	500	0
Other expense, net	(16)	(41)
Total other income, net	1,510	3,236
Net (loss) income	$ (15,945)	$ 17,778
Net (loss) income per share - basic and diluted
Basic	$ (2.39)	$ 2.67
Diluted	$ (2.39)	$ 2.67
Weighted-average shares used in computing net (loss) income per share - basic and diluted
Basic	6,663	6,663
Diluted	6,663	6,663
Revenue from customers
Revenues	$ 0	$ 752
Revenue from collaboration agreements
Revenues	$ 0	$ 64,545

Share-based Compensation (Tables)

12 Months Ended

Jun. 30, 2025

Share-Based Compensation Expense for Stock Awards

Total share-based compensation expense for all stock awards consists of the following, in thousands:


	For the Fiscal Year Ended June 30,
	2025			2024
Research and development	$	(128	)	$	349
General and administrative		(16	)		1,929
Total share-based compensation	$	(144	)	$	2,278

Summary of Stock Option Activity and Related Data

A summary of our stock option activity and related data follows:


	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2024		1,357,213		$	31.60
Forfeited		(488,065	)	$	25.64
Outstanding at June 30, 2025		869,148		$	32.90		5.8	$	—
Vested and expected to vest at June 30, 2025		869,148					5.8	$	—

Fair Value of Stock Options Weighted-Average Assumptions Used

following weighted-average assumptions were used to calculate these fair values:


Risk-free interest rate		4.5	%
Expected life (years)		5.7
Volatility		89.8	%
Dividend yield		—	%
Weighted-average grant date fair value	$	5.20

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosures made in the accompanying notes to the consolidated financial statements. We use estimates that affect the reported amounts (including assets, liabilities, revenues and expenses) and related disclosures. Actual results could materially differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less when purchased. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. We have not experienced any losses related to these balances.

We attempt to minimize credit risk associated with our cash and cash equivalents by periodically evaluating the credit quality of our primary financial institutions. Our investment portfolio is maintained in accordance with our investment policy, which is designed to preserve capital, safeguard funds and limit exposure to risk. While we maintain cash deposits in FDIC insured financial institutions in excess of federally insured limits, we do not believe we are exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. We have not experienced any losses on such accounts.

Short-term Investments

Short-term investments are marketable securities with maturities greater than three months but less than one year from date of purchase. As of June 30, 2025, we did not hold any short-term investments. As of June 30, 2024, we held short-term investments of $34.6 million in United States government securities. Our short-term investments were considered to be held to maturity and were carried at amortized cost. For the fiscal year ended June 30, 2025, we had no gross unrealized gains and losses. For the fiscal year ended June 30, 2024, the gross unrealized gains and losses were immaterial.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value is as follows:

•

Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•

Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment

As of June 30, 2025, we have no property and equipment. Property and equipment were previously stated at cost and depreciated over the estimated useful lives of the assets (generally three to seven years) using the straight-line method and leasehold improvements were stated at cost and were amortized over the shorter of the estimated useful lives of the assets or the lease term.

Leases

We account for our leases under ASC Topic 842, Leases (Topic 842). Leases which are identified within the scope of Topic 842 and which have a term greater than one year are recognized on our consolidated balance sheets as right-of-use (ROU) assets and lease liabilities. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. The lease term includes any renewal options and termination options that we are reasonably certain to exercise. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, we use our incremental borrowing rate. The incremental borrowing rate is determined based on the rate of interest that we would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. The interest rate implicit in lease contracts to calculate the present value is typically not readily determinable. As such, significant management judgment is required to estimate the incremental borrowing rate.

Operating lease expense for operating leases is recognized on a straight-line basis over the lease term based on the total lease payments. We have elected the practical expedient to not separate lease and non-lease components for our real estate leases. Our non-lease components are primarily related to property maintenance, which varies based on future outcomes and thus is recognized in operating lease expense when incurred.

On June 18, 2024, we entered into a lease termination agreement (Agreement) with our landlord pursuant to which the parties agreed to terminate, as of September 30, 2024, the lease for our existing office space. See Note 3. Balance Sheet Details and Note 9. Leases for the impact of the Agreement on our consolidated financial statements.

Revenue Recognition

Revenue from Customers

In accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606), we recognized revenue when control of the promised goods or services was transferred to our customers, in an amount that reflects the consideration we expected to be entitled to in exchange for those goods or services. For enforceable contracts with our customers, we first identified the distinct performance obligations – or accounting units – within the contract. Performance obligations are commitments in a contract to transfer a distinct good or service to the customer.

Payments received under commercial arrangements, such as licensing technology rights, may include non-refundable fees at the inception of the arrangements, milestone payments for specific achievements designated in the agreements and royalties on the sale of products. At the inception of arrangements that include milestone payments, we used judgment to evaluate whether the milestones were probable of being achieved and we estimated the amount, if any, to include in the transaction price using the most likely method. If it were probable that a significant revenue reversal would not occur, the estimated amount was included in the transaction price. Milestone payments that were not within our or the licensee’s control, such as regulatory approvals, were not included in the transaction price until those approvals were received. At the end of each reporting period, we re-evaluated the probability of achievement of development milestones and any related constraint and, as necessary, we adjusted our estimate of the overall transaction price.

To the extent a contract included multiple promised deliverables, we applied judgment to determine whether promised deliverables were capable of being distinct and were distinct within the context of the contract. If these criteria were not met, the promised deliverables were accounted for as a combined performance obligation. For arrangements with multiple distinct performance obligations, we allocated variable consideration related to our 50-50 cost share for development services directly to the associated performance obligation and then allocated the remaining consideration among the performance obligations based on their relative stand-alone selling price.

When not directly observable, we typically estimated the stand-alone selling price for each distinct performance obligation. Variable consideration that related specifically to our efforts to satisfy specific performance obligations was allocated entirely to those performance obligations. Other components of the transaction price were allocated based on the relative stand-alone selling price, over which management has applied significant judgment. We developed assumptions that required judgment to determine the stand-alone selling price for license-related performance obligations, which may have included forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical, regulatory and commercial success. We estimated stand-alone selling price for R&D performance obligations by forecasting the expected costs of satisfying a performance obligation plus an appropriate margin.

In the case of a license that is a distinct performance obligation, we recognized revenue allocated to the license from non-refundable, up-front fees at the point in time when the license was transferred to the licensee and the licensee can use and benefit from the license. For licenses that are bundled with other distinct or combined obligations, we used judgment to assess the nature of the performance obligation to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the performance obligation is satisfied over time, we evaluated the measure of progress in each reporting period and, if necessary, adjusted the measure of performance and related revenue recognition.

The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. Revenue is recorded proportionally as costs are incurred. We generally used the cost-to-cost measure of progress because it best depicted the transfer of control to the customer which occurred as we incurred costs. Under the cost-to-cost measure of progress, the extent of progress towards completion was measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation (an input method under Topic 606). We used judgment to estimate the total cost expected to complete the R&D performance obligations, which included subcontractors’ costs, labor, materials, other direct costs and an allocation of indirect costs. We evaluated these cost estimates and the progress during each reporting period and, as necessary, we adjusted the measure of progress and related revenue recognition.

In connection with our now terminated April 2020 License, Development and Commercialization Agreement with Kyowa Kirin Co., Ltd. (KKC) (the KKC Commercialization Agreement) described in Note 7. License Agreements, we performed development services related to our 50-50 cost sharing arrangement for which revenue was recognized over time. Additionally, we performed services for KKC at their request, the costs of which were fully reimbursed to us. We recorded the reimbursement for such pass through services as revenue at 100% of reimbursed costs, as control of the additional services for KKC was transferred at the time we

incurred such costs. The costs of these services were recognized in the consolidated statements of operations as research and development expense. The costs of these services were recognized in the consolidated statements of operations as research and development expense.

During the year ended June 30, 2025, we did not recognize any revenue associated with the KKC Commercialization Agreement. During the year ended June 30, 2024, we recognized revenue associated with the KKC Commercialization Agreement as follows (in thousands):



Timing of Revenue Recognition:
Services performed over time	$	743
Pass through services at a point in time		9
	$	752

Contract Balances

Contract liabilities were included in deferred revenue and deferred revenue, long-term in our consolidated balance sheets. Our contract liabilities accounted for under Topic 606 related to the amount of initial upfront consideration allocated to the development services performance obligations.

As of June 30, 2025 and 2024, we had no accounts receivable, unbilled receivables or contract liabilities. A reconciliation of the beginning and ending amount of contract liabilities as of June 30, 2024, which primarily related to the combined performance obligations for the transfer of development services under the KKC Commercialization Agreement and was a separate performance obligation in our contract pursuant to research plans under the agreements were as follows (in thousands):


	June 30, 2024
Beginning balance	$	317
Recognized as revenue:
Revenue recognized upon satisfaction of performance obligations		(317	)
Revenue recognized from change in estimate for performance obligations that are being closed		—
Revenue recognized for performance obligations that will no longer commence		—
Ending balance	$	—

The timing of revenue recognition, invoicing and cash collections results in billed accounts receivable and unbilled receivables (contract assets) and deferred revenue (contract liabilities). We invoiced our customers in accordance with agreed-upon contractual terms, typically at periodic intervals or upon achievement of contractual milestones. Invoicing may have occurred subsequent to revenue recognition, resulting in unbilled receivables. Advanced payments from our customers before revenue was recognized resulted in contract liabilities.

Revenue from Collaborators

At contract inception, we assessed whether the collaboration arrangements were within the scope of ASC Topic 808 Collaborative Agreements (Topic 808), to determine whether such arrangements involved joint operating activities performed by parties that were both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment was performed based on the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of Topic 808 that contain multiple units of account, we first determined which units of account within the arrangement were within the scope of Topic 808 and which elements were within the scope of Topic 606. For units of account within collaboration arrangements that were accounted for pursuant to Topic 808, an appropriate recognition method was determined and applied consistently, by analogy to authoritative accounting literature. For elements of collaboration arrangements that were accounted for pursuant to Topic 606, we recognized revenue as discussed above. Consideration received that did not meet the requirements to satisfy Topic 606 revenue recognition criteria was recorded as deferred revenue and classified as either current or long-term deferred revenue based on our best estimate of when such amounts would be recognized.

Research and Development

Research and development costs are expensed as incurred and include costs paid to third-party contractors to perform research, conduct clinical trials and develop and manufacture drug materials, as well as personnel, related benefits (including share-based compensation) and other expenses attributable to our R&D activities. Clinical trial costs, including costs associated with third-party contractors, are a significant component of R&D expenses. We expense R&D costs based on work performed. In determining the

amount to expense, management relies on estimates of total costs based on contract components completed, the enrollment of subjects, the completion of trials and other events. Costs incurred related to the purchase or licensing of in-process R&D for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.

Share-based Compensation

Share-based compensation expense for stock options and restricted stock units (RSUs) granted to employees and directors is recognized in the consolidated statements of operations based on estimated amounts. The cost of stock options is measured at the grant date, based on the estimated fair value of the stock option using the Black-Scholes valuation model, which incorporates various assumptions including expected volatility, risk-free interest rate, the expected term of the award and the dividend yield on the underlying stock. Expected volatility is calculated based on the historical volatility of our stock over the expected option life and other appropriate factors. We use the simplified method to calculate the expected term of share options and similar instruments as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Risk-free interest rates are calculated based on continuously compounded risk-free rates for the appropriate term. The dividend yield is assumed to be zero as we do not intend to do so in the foreseeable future. For RSUs, we estimate the grant date fair value using our closing stock price on the date of grant. The estimated fair value of stock options and RSUs is amortized over the requisite service period, adjusted for actual forfeitures at the time they occur. The requisite service period is generally the time over which our share-based awards vest.

Interest and Dividend Income

Interest on cash and investment balances is recognized when earned. Dividend income is recognized when the right to receive the payment is established.

Income Taxes

Our income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2025 and 2024, we have established a valuation allowance to fully reserve our net deferred tax assets. Tax rate changes are reflected in income during the period such changes are enacted. Changes in our ownership may limit the amount of net operating loss carryforwards that can be utilized in the future to offset taxable income.

The Financial Accounting Standards Board (FASB) Topic ASC 740 - Income Taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of June 30, 2025 and 2024.

Disposition of Non-Financial Assets

The Company accounts for infrequent dispositions of assets in its product pipeline in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, which requires dispositions of long-lived assets that are not a discontinued operation be accounted for on a net basis and included in income from continuing operations before income taxes in accordance with ASC 350, Intangible Assets - Goodwill and Other. Proceeds from sales designated as dispositions of non-financial assets are classified as cash flows from investing activities in the consolidated statements of cash flows.

Net (Loss) Income Per Share

Basic and diluted net (loss) income per share is computed using the weighted-average number of shares of Common Stock (as defined in Note 10. Stockholders' Equity) outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of Common Stock (as defined in Note 10. Stockholders' Equity) subject to repurchase or forfeiture for the fiscal years ended June 30, 2025 and 2024. Diluted net (loss) income per share is computed based on the sum of the weighted-average number of common shares (as defined in Note 10. Stockholders' Equity) and potentially dilutive common shares outstanding during the period determined using the treasury-stock and if-converted methods.

For purposes of the diluted net loss per share calculation for the fiscal year ended June 30, 2025, potentially dilutive securities are excluded from the calculation of diluted net loss per share because their effect was anti-dilutive due to our net loss. For purposes of the diluted net income per share calculation for the fiscal year ended June 30, 2024, potentially dilutive securities are excluded from the calculation of diluted net income per share because their weighted-average exercise prices were above our weighted-average share price. Therefore, basic and diluted net (loss) income per share were the same for the fiscal years ended June 30, 2025 and 2024.

The following table presents potentially dilutive shares that have been excluded from the calculation of net (loss) income per share because of their anti-dilutive effect (in thousands):


	For the Fiscal Year Ended June 30,
	2025		2024
Stock options		869		1,357
Warrants		103		103
Total anti-dilutive shares		972		1,460

Recent Accounting Pronouncement

Recently Adopted

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments (ASU 2023-07). The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (the CODM) and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Lastly, the amendment requires that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. The adoption of ASU 2023-07 resulted in enhanced disclosures as included in Note 12 Segment Information, but did not impact to our results of operations, cash flows and financial condition.

Recently Issued

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted as of the specified effective date. We believe the impact of recently issued standards, other than those noted below and any issued but not yet effective standards will not have a material impact on our consolidated financial statements upon adoption.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local,and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. We expect this ASU to only impact our disclosures with no impacts to our results of operations, cash flows and financial condition.

In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The amendment in this update clarifies the effective date of ASU 2024-03, which is that public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026 and in interim periods within annual reporting periods beginning after December 15, 2027. The impact of adoption of this ASU on our disclosures is currently being evaluated.

In July 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, domestic research cost expensing and the business interest expense limitation, among other tax changes. Many of the tax provisions of the OBBBA are designed to accelerate tax deductions, which could lead to lower cash tax payments. The new legislation has multiple effective dates, with certain provisions effective in 2025 and others in the future. While we continue to assess the impact of the tax provisions of the OBBBA on our consolidated financial statements, we currently believe that the tax provisions of the legislation are not expected to have a material impact on our statement of operations.

One-Time Employee Termination Benefits

12 Months Ended

Jun. 30, 2025

Restructuring Reserve [Abstract]

One-time Employee Termination Benefits

Note 5. One-time Employee Termination Benefits

In connection with our joint decision to discontinue development of zandelisib outside of Japan, in December 2022, we announced a realignment of our clinical development efforts that streamlined our organization towards the continued clinical development of our two earlier clinical-stage assets, voruciclib and ME-344 (prior to its sale in October 2024).

In August 2024, we commenced the Strategic Alternatives RIF as discussed in our strategic alternatives announcement described in Note 1. Description of Business and Basis of Presentation. Including contractual pro-rata bonuses, we expect to incur charges not to exceed a total of $6.7 million in retentions, severance and COBRA costs related to the termination of our employees due to our related wind down activities. The charges that we expect to incur in connection with the Strategic Alternatives RIF are subject to a number of assumptions and actual results may differ materially. We may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Strategic Alternatives RIF.

For each of the periods presented, one-time termination benefits primarily represent severance related costs and payments. During the fiscal years ended June 30, 2025 and 2024, we recorded employee termination benefits of $1.8 million and $0.2 million within research and development expense, respectively. During the fiscal years ended June 30, 2025 and 2024, we recorded employee termination benefits of $3.9 million and $0.3 million within general and administrative expense, respectively.

The following table summarizes our activity related to one-time employee termination benefits, included in accrued liabilities, in thousands:


	One-time Employee Termination Benefits
Balance at June 30, 2023	$	993
Increase in accrued restructuring		556
Cash payments		(1,528	)
Balance at June 30, 2024		21
Increase in accrued restructuring		5,734
Cash payments		(5,027	)
Balance at June 30, 2025	$	728

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Schedule of Revenue Associated with License Agreement

we recognized revenue associated with the KKC Commercialization Agreement as follows (in thousands):



Timing of Revenue Recognition:
Services performed over time	$	743
Pass through services at a point in time		9
	$	752

Schedule of Changes in Unbilled Receivables and Contract Liabilities


	June 30, 2024
Beginning balance	$	317
Recognized as revenue:
Revenue recognized upon satisfaction of performance obligations		(317	)
Revenue recognized from change in estimate for performance obligations that are being closed		—
Revenue recognized for performance obligations that will no longer commence		—
Ending balance	$	—

Antidilutive Securities

The following table presents potentially dilutive shares that have been excluded from the calculation of net (loss) income per share because of their anti-dilutive effect (in thousands):


	For the Fiscal Year Ended June 30,
	2025		2024
Stock options		869		1,357
Warrants		103		103
Total anti-dilutive shares		972		1,460

Disposition of a Non-Financial Asset

12 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposition of a Non-financial Asset

Note 13. Disposition of a Non-Financial Asset

On October 22, 2024 (the Closing Date), we and Aardvark Therapeutics, Inc. (the Purchaser), entered into an Asset Purchase Agreement (the Asset Purchase Agreement), whereby we sold to the Purchaser our rights, title and interest in and to certain assets related to ME-344, including relevant intellectual property rights, technology and contracts (the ME-344 Sale). Pursuant to the Asset

Purchase Agreement, the Purchaser paid us an initial payment of $0.5 million in cash plus a reimbursement amount of $55,000 at the closing of the transaction. The Purchaser may also make future milestone payments up to $62.0 million after the Closing Date, payable upon the achievement of certain regulatory and revenue milestones. The Purchaser also assumed certain of our liabilities after the Closing Date, including liabilities arising under the contracts transferred under the Asset Purchase Agreement. During the fiscal year ended June 30, 2025, no milestone were met.

The ME-344 Sale did not trigger a discontinued operation as the intellectual property sold did not represent a component of our business. Additionally, we concluded the ME-344 Sale met all the criteria to be derecognized on the Closing Date. Variable consideration, such as future potential regulatory and revenue milestones have been fully constrained. As such, as of the Closing Date and December 31, 2024, we determined the transaction price to be the initial payment of $0.5 million. Accordingly, we recognized a gain, upon satisfaction of our obligations under the Asset Purchase Agreement, of $0.5 million as a separate component of other income (expense), net in the consolidated statements of operations. The $55,000 reimbursement by the Purchaser represented work performed at the Purchaser's request prior to the Closing Date, which they agreed to reimburse. The reimbursement did not represent a liability assumed or relieved by the Purchaser and was, therefore, not included in the calculation of the gain on the disposition of the ME-344 asset. The $55,000 reimbursement was recognized as contra research and development expense in accordance with our reimbursement policy for pass through services.

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Jun. 30, 2025 USD ($)
Presage License Agreement
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Accrued payment for potential future payments	$ 0

Balance Sheet Details - Schedule of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Insurance	$ 176	$ 460
Software license	39	442
Security deposit	0	263
Prepaid clinical costs	0	1,050
Other	59	209
Total prepaid and other current assets	$ 274	$ 2,424

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2025

Pre-Tax loss Information

Pre-tax loss consists of the following jurisdictions, in thousands:


	For the Fiscal Year Ended June 30,
	2025			2024
Domestic	$	(15,945	)	$	17,778
Foreign		—			—
Pre-tax (loss) income	$	(15,945	)	$	17,778

Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Tax Expense

The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is as follows, in thousands:


	For the Fiscal Year Ended June 30,
	2025						2024
	$			%			$			%
Tax (benefit) expense at U.S. statutory rates	$	(3,349	)		21	%	$	3,733			21	%
State tax (benefit) expense		(2,733	)		17	%		796			5	%
Equity compensation		1,671			(10	)%		901			5	%
Change in valuation allowance		3,782			(24	)%		(6,281	)		(35	)%
Section 162(m) limitation		507			(3	)%		483			3	%
Other		122			(1	)%		368			1	%
	$	—			—	%	$	—			—	%

Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets are comprised of the following, in thousands:


	June 30,
	2025			2024
Deferred tax assets (liabilities):
Tax losses carried forward	$	53,346		$	45,721
Capitalization of R&D costs		9,398			11,456
Fixed and intangible assets		7,881			8,058
Share-based payments		2,375			4,081
Right-of-use assets		—			(45	)
Other		700			647
Total deferred tax assets		73,700			69,918
Valuation allowance for deferred tax assets		(73,700	)		(69,918	)
Net deferred tax assets and liabilities	$	—		$	—

One-Time Employee Termination Benefits - Summary of Activity Related to One-Time Employee Termination Benefits Included in Accrued Liabilities (Detail) - One -Time Termination Benefits [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 21	$ 993
Increase in accrued restructuring	5,734	556
Cash payments	(5,027)	(1,528)
Restructuring Reserve, Ending Balance	$ 728	$ 21

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes

12 Months Ended

Jun. 30, 2025

Income Taxes

Note 14. Income Taxes

Pre-tax loss consists of the following jurisdictions, in thousands:


	For the Fiscal Year Ended June 30,
	2025			2024
Domestic	$	(15,945	)	$	17,778
Foreign		—			—
Pre-tax (loss) income	$	(15,945	)	$	17,778

The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is as follows, in thousands:


	For the Fiscal Year Ended June 30,
	2025						2024
	$			%			$			%
Tax (benefit) expense at U.S. statutory rates	$	(3,349	)		21	%	$	3,733			21	%
State tax (benefit) expense		(2,733	)		17	%		796			5	%
Equity compensation		1,671			(10	)%		901			5	%
Change in valuation allowance		3,782			(24	)%		(6,281	)		(35	)%
Section 162(m) limitation		507			(3	)%		483			3	%
Other		122			(1	)%		368			1	%
	$	—			—	%	$	—			—	%

Deferred tax liabilities and assets are comprised of the following, in thousands:


	June 30,
	2025			2024
Deferred tax assets (liabilities):
Tax losses carried forward	$	53,346		$	45,721
Capitalization of R&D costs		9,398			11,456
Fixed and intangible assets		7,881			8,058
Share-based payments		2,375			4,081
Right-of-use assets		—			(45	)
Other		700			647
Total deferred tax assets		73,700			69,918
Valuation allowance for deferred tax assets		(73,700	)		(69,918	)
Net deferred tax assets and liabilities	$	—		$	—

We evaluate the recoverability of the deferred tax assets and the amount of the required valuation allowance. Due to the uncertainty surrounding the realization of the tax deductions in future tax returns, we have recorded a valuation allowance against our net deferred tax assets as of June 30, 2025 and 2024. At such time as it is determined that it is more likely than not that the deferred tax assets will be realized, the valuation allowance would be reduced.

We had federal and state net operating loss carryforwards of approximately $246.1 million and $23.8 million as of June 30, 2025. The federal net operating loss will carry forward indefinitely subject to an 80% taxable income limitation. The state net operating loss carryforwards will begin to expire in 2031 unless previously utilized.

Our ability to utilize our net operating loss carryforwards may be substantially limited due to ownership changes that have occurred or that could occur in the future under Section 382 of the Internal Revenue Code (Section 382) and similar state laws. A Section 382 study was completed through December 31, 2021, to analyze whether one or more ownership changes had occurred and determined that two such ownership changes did occur. We have not completed a Section 382 study through June 30, 2025. If an ownership change occurred our ability to utilize our net operating loss carryforwards and other tax attributes to offset future taxable income or tax liabilities may be limited as a result of ownership changes.

None of our prior income tax returns have been selected for examination by a major taxing jurisdiction; however, the statutes of limitations for various filings remain open. The oldest filings subject to potential examination for federal and state purposes are 2021 and 2020, respectively. If we utilize a net operating loss related to a closed tax year, the tax year in which the loss was incurred is subject to adjustment up to the amount of the net operating loss.

We have not reduced any tax benefit on our consolidated financial statements due to uncertain tax positions as of June 30, 2025 and we are not aware of any circumstance that would significantly change this result through the end of fiscal year 2026. To the extent we incur income-tax related penalties or interest, we will recognize them as additional income tax expense.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 0	$ 0
Assets	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Use of Estimates

Cash and Cash Equivalents

Short-term Investments

Fair Value Measurements

•

Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment

Leases

Revenue Recognition

Revenue from Customers



Timing of Revenue Recognition:
Services performed over time	$	743
Pass through services at a point in time		9
	$	752

Contract Balances


	June 30, 2024
Beginning balance	$	317
Recognized as revenue:
Revenue recognized upon satisfaction of performance obligations		(317	)
Revenue recognized from change in estimate for performance obligations that are being closed		—
Revenue recognized for performance obligations that will no longer commence		—
Ending balance	$	—

Revenue from Collaborators

Research and Development

Share-based Compensation

Interest and Dividend Income

Interest on cash and investment balances is recognized when earned. Dividend income is recognized when the right to receive the payment is established.

Income Taxes

Disposition of Non-Financial Assets

Net (Loss) Income Per Share

The following table presents potentially dilutive shares that have been excluded from the calculation of net (loss) income per share because of their anti-dilutive effect (in thousands):


	For the Fiscal Year Ended June 30,
	2025		2024
Stock options		869		1,357
Warrants		103		103
Total anti-dilutive shares		972		1,460

Recent Accounting Pronouncement

Recently Adopted

Recently Issued

Share-based Compensation - Fair Value of Stock Options Weighted-Average Assumptions Used (Detail)	12 Months Ended
	Jun. 30, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.50%
Expected life (years)	5 years 8 months 12 days
Volatility	89.80%
Dividend yield	0.00%
Weighted-average grant date fair value	$ 5.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

12 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Total Operating Costs

The total operating lease costs for the Amended Lease were as follows for the periods presented, in thousands:


	For the Fiscal Year Ended June 30,
	2025		2024
Operating lease cost	$	214	$	2,434
Variable lease costs		-		123
Total lease costs included in operating expenses	$	214	$	2,557

Schedule of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to our operating leases for the year ended June 30, 2024 was as follows, in thousands:


Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,612

Subsequent Events

12 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

Securities Purchase Agreements

On July 17, 2025, we entered into securities purchase agreements (the Securities Purchase Agreements) with certain investors (the Purchasers) pursuant to which we agreed to sell and issue to the Purchasers in a private placement offering (the Offering or the PIPE) an aggregate of (i) 23,216,898 shares of our Common Stock, at an offering price of $3.42 per share and (ii) Pre-Funded Warrants, to purchase up to an aggregate of 6,022,869 shares of Common Stock at an offering price of $3.4199 per Pre-Funded Warrant in exchange for net proceeds of $92.1 million. Each Pre-Funded Warrant is immediately exercisable for one share of Common Stock at the exercise price of $0.0001 per Pre-Funded Warrant Share and may be exercised at any time until all the Pre-Funded Warrants issued in the Offering are exercised in full. Each Purchaser’s ability to exercise its Pre-Funded Warrants in exchange for shares of Common Stock is subject to certain beneficial ownership limitations set forth therein. The Offering closed on July 22, 2025 (the SPA Closing Date). On July 24, 2025, Pre-Funded Warrants for the purchase of 2,084,509 shares of Common Stock were exercised, respectively, for a de minimis amount of cash proceeds. As of September 23, 2025, we issued 2,807,967 shares of Common Stock upon cashless exercises of 2,808,070 Pre-Funded Warrants.

On August 5, 2025, we announced the commencement of our primary reserve asset and implementation strategy built on a digital asset infrastructure and long-term capital innovation (a Litecoin Treasury Strategy) through our acquisition of Litecoin (LTC) tokens, reflecting the full deployment of the net proceeds of the PIPE.

Placement Agency Agreement

On July 17, 2025, we also entered into a Placement Agency Agreement (the Placement Agency Agreement) with Titan Partners Group LLC, a division of American Capital Partners, LLC (Titan), pursuant to which Titan agreed to serve as the exclusive placement agent for us in connection with the Offering. We agreed to pay Titan a cash fee equal to 7.0% of the aggregate gross cash proceeds received in the Offering (or $7.0 million). We also agreed to issue Titan warrants (the Placement Agent Warrants) to purchase up to 1,169,591 shares of Common Stock (equal to 4.0% of the Securities sold in the Offering) (the Placement Agent Warrant Shares), at an exercise price per share equal to $4.10, exercisable, in whole or in part, at any time and from time to time, for a period of five years from the date of issuance. In addition, we agreed to reimburse Titan for reasonable accountable expenses in an amount of $150,000, including legal fees in connection with the Offering.

Asset Management Agreement (the Asset Management Agreement)

On July 22, 2025, we and GSR Strategies LLC (GSR or the Asset Manager) entered into the Asset Management Agreement. The Asset Manager shall provide discretionary investment management services with respect to, among other assets, our proceeds from the Offering (the Account Assets) in accordance with the terms of the Asset Management Agreement. The Asset Manager will pursue a long-only investment strategy investing primarily in LTC. The custodians under the Asset Management Agreement will consist of Coinbase and other cryptocurrency wallet providers agreed to by us and the Asset Manager.

We shall pay the Asset Manager an asset-based fee (the Asset-based Fee) equal to 1.75% per annum of the Account Assets under management. The Asset-based Fee shall be paid in shares of Common Stock until the Asset Manager owns 4.99% of our issued

and outstanding Common Stock and thereafter, the Asset-based Fee shall be paid in Pre-Funded Warrants (the GSR Pre-Funded Warrants) to purchase shares of Common Stock (the GSR Pre-Funded Warrant Shares). The number of shares of Common Stock or GSR Pre-Funded Warrants will be issued to be equal to the dollar amount of the Asset-based Fee being paid, divided by the average volume-weighted average price (VWAP) of the Common Stock for the 30 trading days ending with the trading day prior to the date that is the applicable 12-month anniversary of the SPA Closing Date (the Fee Reference Date).

As compensation for services rendered by the Asset Manager under the Asset Management Agreement, we issued warrants (the GSR Warrants) to the Asset Manager on the SPA Closing Date to purchase 1,461,989 shares of Common Stock (the GSR Warrant Shares) at various exercise prices per share of Common Stock as follows: (i) 584,795 shares of Common Stock at an exercise price of $3.42 per share; (ii) 292,398 shares of Common Stock at an exercise price of $3.93 per share; (iii) 292,398 shares of Common Stock at an exercise price of $4.62 per share; and (iv) 292,398 shares of Common Stock at an exercise price of $5.13 per share. The GSR Warrants are exercisable, in whole or in part, at any time for a period of five years from the date of issuance.

The Asset Management Agreement will, unless terminated earlier in accordance with its terms, remain in effect until the tenth anniversary of the date of the Asset Management Agreement. Beginning on the first anniversary of the AMA Effective Date (as defined below), the Asset Management Agreement may be terminated upon at least 90 days prior written notice to the other party (i) by us upon a determination of the Board to end the Lite Treasury Strategy, or (ii) by the Asset Manager for any reason. Additionally, the Asset Management Agreement may be terminated for cause (i) by us upon at least 30 days prior written notice to the Asset Manager or (ii) by the Asset Manager upon at least 60 days prior written notice to us.

On September 24, 2025, as payment of the annual Asset-based Fee under the Asset Management Agreement, we issued to GSR, 546,348 Pre-Funded Warrants with an exercise price of $0.0001 per share. Subject to the limitations on exercise set forth in the warrant agreement, the Pre-Funded Warrants may be exercised at any time until they are exercised in full.

Advisory Agreement

On July 22, 2025 (the AMA Effective Date), we also entered into an Advisory Agreement (the Advisory Agreement) with Green Dragon Investments LLC (Green Dragon). Pursuant to the Advisory Agreement, Green Dragon will provide us with asset management services with respect to the Account Assets.

We shall pay Green Dragon an asset-based fee (the Annual Advisory Fee) in warrants (the Advisory Warrants) to purchase a number of shares of the Common Stock (Advisory Warrant Shares) equal to 0.75% per annum of the Account Assets for such year, as calculated in accordance with the Asset Management Agreement. The number of Advisory Warrants to be issued for any given year shall be equal to the dollar amount of the Annual Advisory Fee for such year, divided by the average VWAP of the Common Stock for the 30 trading days ending with the trading day prior to the associated Fee Reference Date. The exercise price per share of the Advisory Warrants shall be set at a price equal to $0.0001. The Advisory Warrants shall be exercisable, in whole or in part, at any time for a period of five years from the date of issuance. The Advisory Warrants issued each year shall vest in four equal installments on the Fee Reference Date on which they are issued and then the succeeding three month anniversaries thereof.

The Advisory Agreement will, unless terminated earlier in accordance with its terms, remain in effect until the tenth anniversary of the Advisory Agreement. Either party may terminate the Advisory Agreement, with or without reason, by written notice to the other.

Strategic Advisor Agreement

On July 22, 2025, we also entered into a Strategic Advisor Agreement (the Strategic Advisor Agreement) with Green Grass Ventures (GGV). Pursuant to the Strategic Advisor Agreement, GGV provides us with strategic advice and guidance relating to the private placement of equity and equity-linked securities in connection with a proposed cryptocurrency asset management strategy, as well as with the Offering. As compensation for services rendered by GGV under the Strategic Advisor Agreement, upon the closing of the Offering, we issued warrants (the Strategic Advisor Warrants) to GGV to purchase 438,597 shares of Common Stock (the Strategic Advisor Warrant Shares). The exercise price per share of the Strategic Advisor Warrants is equal to $4.10. The Warrants shall be exercisable, in whole or in part, at any time for a period of five years from the date of issuance. The Strategic Advisor Agreement terminated in accordance with its terms on the SPA Closing Date.

Termination of the Cooperation Agreement

Effective July 22, 2025, upon closing of the Offering, the parties to the Cooperation Agreement mutually agreed to terminate such Cooperation Agreement.

Change in Board of Directors Composition

On July 22, 2025, in accordance with the certain Cooperation Agreement, Taheer Datoo and James Flynn tendered their resignations from the Board upon the Investors (as defined in the Cooperation Agreement) ceasing to own the Minimum Ownership Amount (as defined in the Cooperation Agreement). The Board accepted the resignation of Taheer Datoo and rejected the resignation of James Flynn. Upon closing of the Offering, the Board elected Charlie Lee to the Board. Mr. Lee is the creator of LTC and Director of the Litecoin Foundation.

On August 5, 2025, Steven D. Wood informed the Board of his decision to resign from the Board, effective immediately. On August 5, 2025, the Board elected Joshua Riezman to the Board. Mr. Riezman is Managing Director and Head of U.S. Legal and Compliance for GSR.

Entry into a New Sales Agreement

We entered into a Sales Agreement (the Sales Agreement) with Titan (in such capacity, the Agent), pursuant to which we may sell, from time to time, at its option, up to $100.0 million in aggregate principal amount of an indeterminate amount of shares (the ATM Shares) of Common Stock, through the Agent, as our sales agent. We will pay the Agent a commission of 3.5% of the gross sales price of the ATM Shares sold pursuant to the Sales Agreement, if any.

Any ATM Shares to be offered and sold under the Sales Agreement will be issued and sold (i) by methods deemed to be an at-the-market offering as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or in negotiated transactions, if authorized by us and (ii) pursuant to the Registration Statement on Form S-3 filed by us with the SEC on February 20, 2024 for an offering of up to $100,000,000 of various securities, including shares of our Common Stock, preferred stock, warrants, rights and/or units for sale to the public in one or more public offerings, which became effective on February 28, 2024 (the Registration Statement).

The offering of the ATM Shares will terminate upon the earliest of (a) the issuance and sale of all of the ATM Shares by the Agent on the terms and subject to the conditions set forth in the Sales Agreement and (b) the termination of the Sales Agreement by either of the parties thereto.

Option Grants

On July 15, 2025, our Board approved option grants for the purchase of 124,250 options to members of our Board and employees, with an exercise price of $3.07 per share.

On August 8, 2025, commensurate with Mr. Riezman's appointment to our Board, our Board approved an initial option grant for Mr. Riezman for the purchase of up to 10,000 shares of our Common Stock with an exercise price of $5.19 per share.

Sales under our ATM Program

Between the SPA Closing Date and September 23, 2025, we issued and sold 882,924 shares of our Common Stock at an average selling price of $5.4484 per share for gross proceeds of $4.8 million, less underwriter's commission and expenses of approximately $0.2 million, for net proceeds of $4.6 million, through our ATM Program.

Master Loan Agreement

On September 3, 2025, we entered into a master loan agreement (the Loan Agreement) with BitGo Prime, LLC (Lender). The Loan Agreement creates a framework under which we may borrow any digital assets or cash from Lender from time to time. Each loan is documented in a separate loan request agreed to by the parties setting for the specific terms, including principal amount, fees, collateral requirements and the date on which the loan is to commence and mature.

The loan fee, effectively the interest rate on the borrowed amounts, is to be determined for each loan and is calculated on a daily basis at the annualized rate specified in each confirmation.

Each loan may have a fixed term, or may include a call option or prepayment option, as specified in each loan request. In general, either party can terminate a loan by providing notice within the time frame set forth in the Loan Agreement. Upon termination, the borrowed digital assets or cash must be returned and the related collateral released.

Borrowings under the Loan Agreement are secured by collateral in favor of the Lender. Collateral may include cash or other forms agreed upon by the Parties. The collateral’s required value is typically higher than the borrowed amount, subject to margin calls as set forth in the Loan Agreement. If the value of posted collateral falls below the margin call threshold, the Company must promptly

post additional collateral. Failure to maintain sufficient collateral can result in an event of default and remedies available to the Lender, including the right to liquidate pledged collateral.

The Loan Agreement contains representations and warranties and affirmative and negative covenants customary for financings of this type, as well as customary events of default.

Stockholders' Equity

12 Months Ended

Jun. 30, 2025

Federal Home Loan Banks [Abstract]

Stockholders' Equity

Note 10. Stockholders’ Equity

Equity Transactions

Shelf Registration Statement

We have a shelf registration statement (February 2024 Shelf Registration Statement) that permits us to sell, from time to time, up to $100.0 million of common stock, preferred stock, warrants rights and units. The February 2024 Shelf Registration Statement was filed February 20, 2024 and declared effective February 28, 2024.

At-The-Market Equity Offering

On February 20, 2024, we entered into a capital on demand sales agreement (the On Demand Sales Agreement) with JonesTrading Institution Services LLC, pursuant to which we can offer and sell shares having an aggregate offering price of up to $25.0 million (the ATM Program). As of January 2, 2024, the date used under applicable rules of the SEC to determine our public float at the commencement of the offering, one-third of our public float was equal to approximately $9.9 million. We did not offer or sell any shares of our Common Stock (as defined below) under the On Demand Sales Agreement. Effective July 21, 2025, we terminated the On Demand Sales Agreement. On July 22, 2025, we entered a new Sales Agreement (as defined in Note 15. Subsequent Events), in conjunction with the closing of the Offering (as defined in Note 15. Subsequent Events), see Entry into a New Sales Agreement discussion within Note 15. Subsequent Events for details related to the Sales.

As discussed Note 15. Subsequent Events, between the SPA Closing date (as defined in Note 15. Subsequent Events) and September 19, 2025, we issued and sold 882,924 shares of our Common Stock (as defined below) for aggregate proceeds, net of the underwriter's commission of $4.6 million, through our ATM Program.

Cooperation Agreement and Cash Dividend

The Cooperation Agreement, among other non-financial related items, provided for a capital return to stockholders in the form of a dividend in the amount of $1.75 per share of Common Stock (as defined below) that was declared on November 6, 2023 to stockholders of record at the close of business on November 17, 2023. The total dividend of $11.7 million was paid on December 6, 2023 and was recorded as a reduction of additional paid-in capital in the consolidated statements of stockholders' equity, as we have an accumulated deficit, rather than retained earnings. Effective July 22, 2025, in conjunction with the closing of the Offering (as defined in Note 15. Subsequent Events), the parties to the Cooperation Agreement mutually agreed to terminate such Cooperation Agreement.

Rights Agreement

On October 1, 2023, our Board approved and adopted a rights agreement (Rights Agreement) by and between us and Computershare, Inc., as Rights Agent (as defined in the Rights Agreement). Pursuant to the Rights Agreement, the Board declared a dividend of one preferred share purchase right (each, a Right) for each outstanding share of our Common Stock (as defined below), par value $0.00000002 (each a Common Share and collectively, the Common Shares). The Rights were distributable to stockholders of record as of the close of business on October 12, 2023. The Rights and the Rights Agreement expired at the close of business on September 30, 2024. No rights were redeemed or exchanged under the Rights Agreement.

Warrants

As of June 30, 2025, we have outstanding warrants to purchase 102,513 shares of our Common Stock (as defined below) issued to Torreya Partners LLC. The warrants are fully vested, exercisable at a price of $6.80 per share and expire in October 2027. During the fiscal years ended June 30, 2025 and 2024, no warrants were exercised.

On July 22, 2025, in conjunction with the closing of the Offering (as defined in Note 15. Subsequent Events), we issued the following warrants:


	Number of Warrants Outstanding		Exercise Price		Initial Exercise Date	Expiration Date
Asset Manager Warrants
Tranche 1		584,795	$	3.42	July 22, 2025	July 22, 2030
Tranche 2		292,398	$	3.93	July 22, 2025	July 22, 2030
Tranche 3		292,398	$	4.62	July 22, 2025	July 22, 2030
Tranche 4		292,398	$	5.13	July 22, 2025	July 22, 2030
Strategic Advisor Warrants		438,597	$	4.10	July 22, 2025	July 22, 2030
Placement Agent Warrants		1,169,591	$	4.10	July 22, 2025	July 22, 2030
Total warrants		3,070,177

Pre-Funded Warrants

In conjunction with the closing of the Offering (as defined in Note 15. Subsequent Events), we issued 6,022,869 Pre-Funded Warrants (as defined in Note 15. Subsequent Events) to an investor that participated in the Offering. The Pre-Funded Warrants are immediately exercisable and have an exercise price of $0.0001. In July 2025, Pre-Funded Warrants for the purchase of 2,084,509 shares of Common Stock (as defined below) were exercised for a de minimis amount of cash proceeds. As of September 23, 2025, we issued 2,807,967 shares of Common Stock (as defined below) upon cashless exercises of 2,808,070 Pre-Funded Warrants.

Description of Capital Stock

Our total authorized share capital is 226,100,000 shares consisting of 226,000,000 shares of common stock, $0.00000002 par value per share (Common Stock) and 100,000 shares of preferred stock, $0.01 par value per share.

Common Stock

The holders of Common Stock are entitled to one vote per share. In the event of a liquidation, dissolution or winding up of our affairs, holders of the Common Stock will be entitled to share ratably in all our assets that are remaining after payment of our liabilities and the liquidation preference of any outstanding shares of preferred stock. All outstanding shares of Common Stock are fully paid and non-assessable. The rights, preferences and privileges of holders of Common Stock are subject to any series of preferred stock that we have issued or that we may issue in the future. The holders of Common Stock have no preemptive rights and are not subject to future calls or assessments by us.

In conjunction with the closing of the Offering (as defined in Note 15. Subsequent Events), we issued 23,216,898 shares of Common Stock at $3.42 per share, for net cash proceeds of $92.1 million.

Preferred Stock

Our Board has the authority to issue up to 100,000 shares of preferred stock with a par value of $0.01 per share in one or more series and to fix the rights, preferences, privileges and restrictions in respect of that preferred stock, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption (including sinking fund provisions), redemption prices and liquidation preferences and the number of shares constituting such series and the designation of any such series, without future vote or action by the stockholders. Therefore, the Board, without the approval of the stockholders, could authorize the issue of preferred stock with voting, conversion and other rights that could affect the voting power, dividend and other rights of the holders of shares or that could have the effect of delaying, deferring or preventing a change of control. There were no shares of preferred stock outstanding as of June 30, 2025 and 2024.

- Definition

The entire disclosure for equity.

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+ Details

Segment Information

12 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

Note 12. Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the CODM, which is our Acting Chief Executive Officer and Chief Financial Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates our financial information including year over year profit and loss comparisons and cash projections on an aggregate basis when assessing performance for allocating financial and personnel resources. We are not organized by market and are managed and operated as one business.

We identify our operating segments based on our business activities. We operate within a single operating segment, the development of pharmaceutical products. During fiscal 2025, we did not generate any revenue. During fiscal 2024, all revenues were generated in the United States. Our administrative functions including finance, business development and information systems, support the development of pharmaceutical products segment. We operate in one geographic area, the United States. The CODM allocates resources (inclusive of both capital and personnel) based upon our net loss, which is utilized to monitor year over year variances on a quarterly basis.

The accounting policies of the development of pharmaceutical products segment are the same as those described in Note 2. Summary of Significant Accounting Policies. All our assets are in the United States. The measure of segment assets is reported on the balance sheets as total assets. We do not have intra-entity sales or transfers.

During the years ended, June 30, 2025 and 2024, we had no transactions denominated in foreign currencies nor any intangible property for which we recognized amortization expense. During the years ended June 30, 2025 and 2024, we did recognize depreciation expense which we have included in "other expenses" within the table below. Depreciation expense is reported in our statements of cash flows and is expected to be zero during fiscal 2026. Non-cash expenses such as depreciating assets and share-based compensation are not part of the CODM's evaluation or decision-making process.

The following table summarizes our financial data for the development of pharmaceutical products segment:


	For the Fiscal Year Ended June 30,
	2025			2024
Revenues	$	—		$	65,297

Operating and other (income) expense
Employee expenses		9,293			13,207
Other segment expenses(1)		2,647			9,946
Professional fees		2,754			4,092
Legal fees		1,723			3,397
Impairment of long-lived assets		—			10,899
Fees paid on behalf of a related party		—			1,118
voruciclib		801			3,413
ME-344		253			4,724
Gain on disposition of a non-financial asset		(500	)		—
Interest and dividend income		(1,026	)		(3,277	)
Total operating and other (income) expense		15,945			47,519
Total segment costs (loss) income and net (loss) income	$	(15,945	)	$	17,778

________

(1) Includes product development costs associated with zandelisib determined to be immaterial for both periods presented, occupancy costs (including rent and utilities), share-based compensation costs, depreciation expense, administrative costs, travel and business taxes.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Jun. 30, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends declared, per share	$ 1.75

Income Taxes - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Components of Deferred Tax Assets [Abstract]
Tax losses carried forward	$ 53,346	$ 45,721
Capitalization of R&D costs	9,398	11,456
Fixed and intangible assets	7,881	8,058
Share-based payments	2,375	4,081
Right-of-use assets	0	(45)
Other	700	647
Total deferred tax assets	73,700	69,918
Valuation allowance for deferred tax assets	(73,700)	(69,918)
Net deferred tax assets and liabilities	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2025	Jun. 30, 2024
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00000002	$ 0.00000002
Common stock, shares authorized	226,000,000	226,000,000
Common stock, shares issued	6,663,000	6,663,000
Common stock, shares outstanding	6,663,000	6,663,000

License Agreements

12 Months Ended

Jun. 30, 2025

License Agreements

Note 7. License Agreements

KKC License, Development and Commercialization Agreement

In April 2020, we entered into the KKC Commercialization Agreement under which we granted to KKC a co-exclusive, sublicensable, payment-bearing license under certain patents and know-how controlled by us to develop and commercialize zandelisib and any pharmaceutical product containing zandelisib for all human indications in the U.S. (the U.S. License) and an exclusive (subject to certain retained rights to perform obligations under the KKC Commercialization Agreement), sublicensable, payment-bearing, license under certain patents and know-how controlled by us to develop and commercialize zandelisib and any pharmaceutical product containing zandelisib for all human indications in countries outside of the U.S. KKC granted to us a co-exclusive, sublicensable, license under certain patents and know-how controlled by KKC to develop and commercialize zandelisib for all human indications in the U.S. and a co-exclusive, sublicensable, royalty-free, fully paid license under certain patents and know-how controlled by KKC to perform our obligations in the Ex-U.S. under the KKC Commercialization Agreement. KKC paid us an initial nonrefundable payment $100.0 million.

In July 2023, we entered into a termination agreement with KKC to mutually terminate the KKC Commercialization Agreement and all other related agreements between the parties (Termination Agreement) and jointly decided to discontinue zandelisib development in the U.S. Prior to the execution of the Termination Agreement, KKC was responsible for the development and commercialization of zandelisib in Ex-U.S. and, subject to certain exceptions, was solely responsible for all costs related thereto. We also provided to KKC certain drug supplies necessary for the development and commercialization of zandelisib in the Ex-U.S., with the understanding that KKC would have assumed responsibility for manufacturing for the Ex-U.S. as soon as practicable.

During fiscal year 2023, we updated our assessment of the total transaction price from the KKC Commercialization Agreement to reflect the upfront payment, milestone payments, estimated development cost-sharing and deferred revenue. After announcing our plan to discontinue the global development of zandelisib outside of Japan, in December 2022, we decreased our estimate for variable consideration related to development cost sharing.

With the execution of the Termination Agreement, we regained full, global rights (subject to KKC's limited rights for compassionate use) and KKC has no further rights to develop, use or commercialize zandelisib in the U.S., nor do we have any remaining performance obligations with all consideration received from KKC being nonrefundable. Therefore, the remaining long-term deferred revenue as of June 30, 2023, of $64.5 million, that was allocated to the U.S. License obligation accounted for under Topic 808 at inception of the KKC Commercialization Agreement was recognized as revenue from collaboration agreements in the three months ended September 30, 2023, utilizing contract termination analogous to guidance provided in Topic 606.

The $64.5 million transaction price allocated to the U.S. License obligation accounted for under Topic 808 was included as noncurrent deferred revenue as of June 30, 2023. As of June 30, 2023, we also had deferred revenue of approximately $0.3 million related to the transaction price allocated to the Development Services performance obligations and recognized the remaining revenue based on the proportional performance of these development activities. The KKC Agreement was terminated on July 14, 2023 and all remaining amounts of deferred revenue were recognized during the fiscal year ended June 30, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Balance Sheet Details

12 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

Note 3. Balance Sheet Details

Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following in thousands:


	June 30, 2025		June 30, 2024
Insurance	$	176	$	460
Software license		39		442
Security deposit		—		263
Prepaid clinical costs		—		1,050
Other		59		209
Total prepaid and other current assets	$	274	$	2,424

Property and Equipment

As of June 30. 2025, we had no property and equipment, net. Property and equipment, net consisted of the following as of June 30, 2024, in thousands:


	June 30, 2024
Furniture and fixtures	$	1,000
Equipment		187
Leasehold improvements		969
		2,156
Less: accumulated depreciation (1)		(1,764	)
Property and equipment, net (2)	$	392

_____

(1) Includes impairment charge of $0.5 million during fiscal year 2024, see below discussion on Impact of the Agreement (as discussed in Note 9. Leases).

(2) During fiscal 2025, upon termination of our lease, we either sold or disposed of all property and equipment.

Depreciation expense of property and equipment for the fiscal years ended June 30, 2025 and 2024 are presented in the consolidated statements of cash flows.

Impact of the Agreement (as discussed in Note 9. Leases)

As noted in Note 9. Leases, we agreed to sell our furniture and fixtures to the landlord for $1.00 on our lease termination date of September 30, 2024. We completed an evaluation of the impact of the Agreement, as defined in Note 9. Leases, on the carrying value of our property and equipment (Other Long-Lived Assets). This process included evaluating the remaining estimated useful lives, significant changes in the use and potential impairment charges related to the Other Long-Lived Assets. Based upon our evaluation, we recorded an impairment charge of approximately $0.5 million for the furniture and fixtures to be sold to the landlord, which is included in the impairment of long-lived assets in the consolidated statements of operations. We also changed our estimate of the remaining useful lives of our leasehold improvements resulting in an acceleration of depreciation of approximately $0.1 million during our fiscal year ended June 30, 2024.

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	June 30, 2025		June 30, 2024
Accrued pre-clinical and clinical trial expenses	$	134	$	1,407
Accrued compensation and benefits(1)		873		2,821
Accrued legal and professional services		144		33
Accrued reimbursement to KKC		—		892
Other		27		34
Total accrued liabilities	$	1,178	$	5,187

________

(1) Includes one-time employee benefits of approximately $0.7 million and $21,000 for the fiscal years ended June 30, 2025 and 2024, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2025

Jun. 30, 2024

Current assets:

Cash and cash equivalents

$ 18,011

$ 3,705

Short-term investments

34,640

Prepaid expenses and other current assets

274

2,424

Total current assets

18,285

40,769

Operating lease right-of-use asset

214

Property and equipment, net

392

^[1]

Total assets

18,285

41,375

Current liabilities:

Accounts payable

176

3,168

Accrued liabilities

1,178

5,187

Total current liabilities

1,354

8,355

Total liabilities

1,354

8,355

Commitments and contingencies (Note 6)

Stockholders' equity:

Preferred stock, $0.01 par value; 100 shares authorized; none outstanding

Common stock, $0.00000002 par value; 226,000 shares authorized; 6,663 shares issued and outstanding at June 30, 2025 and June 30, 2024

Additional paid-in capital

421,095

421,239

Accumulated deficit

(404,164)

(388,219)

Total stockholders' equity

16,931

33,020

Total liabilities and stockholders' equity

$ 18,285

$ 41,375

[1]	During fiscal 2025, upon termination of our lease, we either sold or disposed of all property and equipment.

Subsequent Events - Additional Information (Detail)							2 Months Ended
Subsequent Events - Additional Information (Detail)	Sep. 23, 2025 shares	Aug. 08, 2025 $ / shares shares	Jul. 22, 2025 USD ($) $ / shares shares	Jul. 17, 2025 USD ($) $ / shares shares	Jul. 15, 2025 $ / shares shares	Feb. 20, 2024 shares	Sep. 23, 2025 USD ($) shares	Sep. 19, 2025 USD ($) $ / shares	Sep. 19, 2025 USD ($) $ / shares shares	Sep. 24, 2025 $ / shares shares	Jul. 31, 2025 $ / shares shares	Jul. 24, 2025 shares	Jun. 30, 2025 shares	Jun. 30, 2024 shares
Subsequent Event [Line Items]
Common stock, shares issued													6,663,000	6,663,000
The Sales Agreement \| Maximum
Subsequent Event [Line Items]
Number of securities authorized for sale						100,000,000
ATM Sales Agreement
Subsequent Event [Line Items]
Net cash proceeds \| $									$ 4,600,000
Number of securities authorized for sale									882,924
Subsequent Event
Subsequent Event [Line Items]
Net cash proceeds \| $				$ 92,100,000
Number of warrants outstanding			3,070,177
Subsequent Event \| Employee Stock Option
Subsequent Event [Line Items]
Number of shares option grants		10,000			124,250
Option grants, Exercise price \| $ / shares		$ 5.19			$ 3.07
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Aggregate principal amount authorized for sale \| $			$ 100,000,000
Subsequent Event \| Private Placement Offering
Subsequent Event [Line Items]
Number of shares issued in the offering				23,216,898
Offering price per share \| $ / shares				$ 3.42
Exercise price \| $ / shares											$ 4.1
Subsequent Event \| Private Placement Offering \| Maximum
Subsequent Event [Line Items]
Warrants issued to purchase common stock											3,070,177
Subsequent Event \| The Sales Agreement
Subsequent Event [Line Items]
Agent commission rate			3.50%
Subsequent Event \| ATM Sales Agreement
Subsequent Event [Line Items]
Offering price per share \| $ / shares								$ 5.4484	$ 5.4484
Net cash proceeds \| $								$ 4,600,000
Number of securities authorized for sale							882,924
Gross cash proceeds \| $							$ 4,800,000
Underwriters commission and expenses \| $								$ 200,000
Subsequent Event \| Pre-Funded Warrant
Subsequent Event [Line Items]
Surrendered warrants to acheive common stock	2,808,070
Common stock, shares issued	2,807,967						2,807,967					2,084,509
Offering price per share \| $ / shares				3.4199							$ 3.4199
Exercise price \| $ / shares				$ 0.0001						$ 0.0001
Warrants issued to purchase common stock				6,022,869						546,348
Subsequent Event \| Advisory Agreement
Subsequent Event [Line Items]
Exercise price \| $ / shares			$ 0.0001
Warrant exercisable date			Jul. 22, 2030
Advisory fee rate			0.75%
Subsequent Event \| Asset Management Agreement
Subsequent Event [Line Items]
Asset management fee rate			1.75%
Asset manager ownership threshold rate			4.99%
Warrants issued to purchase common stock			1,461,989
Warrant exercisable date			Jul. 22, 2030
Subsequent Event \| Placement Agency Agreement
Subsequent Event [Line Items]
Exercise price \| $ / shares				$ 4.1
Percentage of aggregate gross cash proceeds received in the offering				7.00%
Warrants issued to purchase common stock				1,169,591
Reasonable accountable expenses \| $				$ 7,000,000
Percentage of securities sold in the offering				0.04
Warrant exercisable date			Jul. 22, 2030
Subsequent Event \| Placement Agency Agreement \| Legal Fees
Subsequent Event [Line Items]
Reasonable accountable expenses \| $				$ 150,000
Subsequent Event \| Strategic Advisor Agreement
Subsequent Event [Line Items]
Exercise price \| $ / shares			$ 4.1
Subsequent Event \| Strategic Advisor Warrants
Subsequent Event [Line Items]
Exercise price \| $ / shares			$ 4.1
Number of warrants outstanding			438,597
Warrant exercisable date			Jul. 22, 2025
Subsequent Event \| GSR Warrants Tranche One
Subsequent Event [Line Items]
Exercise price \| $ / shares			$ 3.42
Number of warrants outstanding			584,795
Warrant exercisable date			Jul. 22, 2025
Subsequent Event \| GSR Warrants Tranche Two
Subsequent Event [Line Items]
Exercise price \| $ / shares			$ 3.93
Number of warrants outstanding			292,398
Warrant exercisable date			Jul. 22, 2025
Subsequent Event \| GSR Warrants Tranche Three
Subsequent Event [Line Items]
Exercise price \| $ / shares			$ 4.62
Number of warrants outstanding			292,398
Warrant exercisable date			Jul. 22, 2025
Subsequent Event \| GSR Warrants Tranche Four
Subsequent Event [Line Items]
Exercise price \| $ / shares			$ 5.13
Number of warrants outstanding			292,398
Warrant exercisable date			Jul. 22, 2025

One-Time Employee Termination Benefits - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Severance costs	$ 6.7
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Severance costs		$ 1.8	$ 0.2
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Severance costs		$ 3.9	$ 0.3

Leases - Schedule of Total Operating Costs (Detail) - General and administrative - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating lease cost	$ 214	$ 2,434
Variable lease costs	0	123
Total lease costs included in general and administrative expenses	$ 214	$ 2,557

Balance Sheet Details - Schedule of Property and Equipment (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Jun. 30, 2024 USD ($)
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Impairment charges	$ 0.5

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Pay vs Performance Disclosure - USD ($)

1 Months Ended

11 Months Ended

12 Months Ended

Jul. 31, 2024

Jun. 30, 2023

Jun. 30, 2025

Jun. 01, 2023

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2023

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

Provided below is our pay versus performance disclosure as required pursuant to Item 402(v) of Regulation S-K promulgated under the Exchange Act. As required by Item 402(v), we have included:

•

A description of our most important measures that our Compensation Committee used in fiscal year 2025 to link a measure of pay calculated in accordance with Item 402(v) (referred to as compensation actually paid, or CAP) to our performance;

•

A table that compares the total compensation of our named executive officers’ (also known as NEOs) as presented in the Summary Compensation Table (SCT) to CAP and that compares CAP to specified performance measures; and

•

Graphs that describe:

the relationships between CAP and our cumulative total shareholder return (TSR), GAAP Net Income and our selected measure, Total Cash (defined as all cash and cash equivalents); and

the relationship between our TSR and the TSR of the Nasdaq Biotechnology Index (Peer Group TSR).

Note: pursuant to Item 402(v)(8), Lite Strategy, as a smaller reporting company (SRC), has provided the information required by 402(v) for three years, instead of five years and is not required to provide the disclosure required by 402(v)(2)(iv) or 402(v)(5) with respect to the total shareholder return of any peer group, or our-Selected Measure disclosure required by 402 (v)(2)(vi), or the Tabular List provided pursuant to 402(v)(6).

Given our current pay program, the only difference between the SCT and CAP amounts for our NEOs is the value of equity awards, which for purposes of the SCT is based on the grant date fair value of equity awards granted during the year and for purposes of CAP is based on the year over year change in the fair value of equity awards that are unvested as of the end of the year, or that vested, or were forfeited during the year.

Our Most Important Metrics Used for Linking Pay and Performance. As required by Item 402(v), below are the most important metrics linking CAP to performance for fiscal year 2025. Besides stock price, the only financial performance measure the Committee used to link executive compensation to performance in 2025 was Total Cash which is defined as total cash and cash equivalents on the consolidated balance sheets as of June 30, 2025.

Compensation decisions are made each year taking into account a number of other factors. Target pay levels are primarily set based on clinical milestones, individual performance, scope of responsibility, and an annual assessment of pay competitiveness within the market, but aside from Total Cash and stock price, no additional financial performance measures were used by the Company to link compensation actually paid to our NEOs in fiscal year 2025 to our performance.

Pay Versus Performance Table. In accordance with Item 402(v) and under rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we are providing the tabular disclosure for our Chief Executive Officer (our Principal Executive Officer or PEO) and the average of our NEOs other than the PEO for fiscal years 2023, 2024 and 2025.


																	Value of Initial Fixed $100 Investment Based on Total Shareholder Return
Fiscal Year	Summary Compensation Table for Total Current PEO (File)(1)		Compensation Actually Paid to Current PEO (File)(2,3)		Summary Compensation Table for Total Former PEO (Urso)(1)		Compensation Actually Paid to Former PEO (Urso)(2,3)		Summary Compensation Table for Total Former PEO (Gold)(1)		Compensation Actually Paid to Former PEO (Gold)(2,3)		Average Summary Compensation Table Total for Non-PEO NEOs(1)		Average Compensation Actually Paid to Non-PEO NEOs(2,3)		Lite Strategy Total Shareholder Return		Peer Total Shareholder Return(4)		Lite Strategy Net (Loss) Income ($ Millions)			Company Selected Measure: Total Cash ($Millions)(5)
(a)	(b)		(c)		(b)		(c)		(b)		(c)		(d)		(e)		(f)				(h)			(i)
2025	$	912,667	$	893,199	$	866,258	$	615,372	$	—	$	—	$	677,662	$	614,958	$	26	$	113	$	(16	)	$	18
2024	$	—	$	—	$	894,905	$	220,789	$	—	$	—	$	730,912	$	558,052	$	31	$	121	$	18		$	38
2023	$	—	$	—	$	2,101,058	$	1,721,979	$	2,446,640	$	1,857,113	$	772,486	$	642,744	$	54	$	109	$	(32	)	$	101

(1)

The PVP table reflects required disclosures for fiscal years 2023, 2024 and 2025. The following table reflects our Principal Executive Officer (PEO) and non-PEO NEOs in each of the fiscal years presented:.


Fiscal Year	PEO	Non-PEO NEOs
2025	Justin J. File (Current) David M. Urso (Former)	Richard G. Ghalie
2024	David M. Urso (Current)	Justin J. File and Richard G. Ghalie
2023	David M. Urso (Current) Daniel P. Gold (Former)	Brian G. Drazba and Richard G. Ghalie

(2)

The amounts shown for CAP have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation earned, realized, or received by our NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.

(3)

Compensation Actually Paid (CAP) is calculated by taking Summary Compensation Table total compensation: a) less the stock award and stock option grant values; b) plus the year over year change in the fair value of stock and option awards that are unvested as of the end of the year, or that vested, or were forfeited during the year. No adjustments were made for pension arrangements, which we do not sponsor. Reconciliation of the Summary Compensation Table total compensation and CAP is summarized in the following table:


	Current PEO (File)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	—		$	—		$	912,667
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			—			(15,787	)
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		—			—			(3,681	)
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			—
Compensation Actually Paid	$	—		$	—		$	893,199

	Former PEO (Urso)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	2,101,058		$	894,905		$	866,258
Stock and Option Award Values Reported in SCT for the Covered Year		(1,352,600	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		1,097,045			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(70,864	)		(511,128	)		—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(52,660	)		(162,988	)		1,757
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			(252,643	)
Compensation Actually Paid	$	1,721,979		$	220,789		$	615,372

	Former PEO (Gold)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	2,446,640		$	—		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		(584,700	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		193,830			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(130,139	)		—			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		(68,518	)		—			—
Compensation Actually Paid	$	1,857,113		$	—		$	—

	Average Non-PEO(i)
Fiscal Year	2023			2024			2025
SCT Total	$	772,486		$	730,912		$	677,662
Stock and Option Award Values Reported in SCT for the Covered Year		(177,850	)		(79,900	)		—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		104,625			28,797			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(32,041	)		(93,289	)		—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(24,476	)		(28,468	)		154
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			(62,858	)
Compensation Actually Paid	$	642,744		$	558,052		$	614,958

(i) The fair value of options awards used to calculate CAP was determined using the Black-Scholes option pricing model, in accordance with FASB 718

(4)

The Peer Group TSR set forth in this table utilizes the Nasdaq Biotechnology Index, which we also utilized in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the fiscal year ended June 30, 2019. As a SRC, we do not have to provide and have not provided, this stock performance graph in subsequent annual reports. The comparison assumes $100 was invested for the period starting June 30, 2022, through the end of the listed year in us and in the Nasdaq Biotechnology Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.

(5)

We determined Total Cash to be the most important financial performance measure used to link our performance to CAP to our PEO and Non-PEO NEOs in 2025. Total Cash is defined as total cash and cash equivalents.

Company Selected Measure Name

Total Cash

Named Executive Officers, Footnote


Fiscal Year	PEO	Non-PEO NEOs
2025	Justin J. File (Current) David M. Urso (Former)	Richard G. Ghalie
2024	David M. Urso (Current)	Justin J. File and Richard G. Ghalie
2023	David M. Urso (Current) Daniel P. Gold (Former)	Brian G. Drazba and Richard G. Ghalie

Peer Group Issuers, Footnote

(4)

Adjustment To PEO Compensation, Footnote

(3)


	Current PEO (File)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	—		$	—		$	912,667
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			—			(15,787	)
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		—			—			(3,681	)
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			—
Compensation Actually Paid	$	—		$	—		$	893,199

	Former PEO (Urso)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	2,101,058		$	894,905		$	866,258
Stock and Option Award Values Reported in SCT for the Covered Year		(1,352,600	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		1,097,045			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(70,864	)		(511,128	)		—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(52,660	)		(162,988	)		1,757
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			(252,643	)
Compensation Actually Paid	$	1,721,979		$	220,789		$	615,372

	Former PEO (Gold)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	2,446,640		$	—		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		(584,700	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		193,830			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(130,139	)		—			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		(68,518	)		—			—
Compensation Actually Paid	$	1,857,113		$	—		$	—

	Average Non-PEO(i)
Fiscal Year	2023			2024			2025
SCT Total	$	772,486		$	730,912		$	677,662
Stock and Option Award Values Reported in SCT for the Covered Year		(177,850	)		(79,900	)		—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		104,625			28,797			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(32,041	)		(93,289	)		—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(24,476	)		(28,468	)		154
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			(62,858	)
Compensation Actually Paid	$	642,744		$	558,052		$	614,958

(i) The fair value of options awards used to calculate CAP was determined using the Black-Scholes option pricing model, in accordance with FASB 718

Non-PEO NEO Average Total Compensation Amount

$ 677,662

$ 730,912

$ 772,486

Non-PEO NEO Average Compensation Actually Paid Amount

614,958

558,052

642,744

Adjustment to Non-PEO NEO Compensation Footnote

(3)


	Current PEO (File)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	—		$	—		$	912,667
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			—			(15,787	)
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		—			—			(3,681	)
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			—
Compensation Actually Paid	$	—		$	—		$	893,199

	Former PEO (Urso)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	2,101,058		$	894,905		$	866,258
Stock and Option Award Values Reported in SCT for the Covered Year		(1,352,600	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		1,097,045			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(70,864	)		(511,128	)		—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(52,660	)		(162,988	)		1,757
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			(252,643	)
Compensation Actually Paid	$	1,721,979		$	220,789		$	615,372

	Former PEO (Gold)(i)
Fiscal Year	2023			2024			2025
SCT Total	$	2,446,640		$	—		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		(584,700	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		193,830			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(130,139	)		—			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		(68,518	)		—			—
Compensation Actually Paid	$	1,857,113		$	—		$	—

	Average Non-PEO(i)
Fiscal Year	2023			2024			2025
SCT Total	$	772,486		$	730,912		$	677,662
Stock and Option Award Values Reported in SCT for the Covered Year		(177,850	)		(79,900	)		—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		104,625			28,797			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(32,041	)		(93,289	)		—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(24,476	)		(28,468	)		154
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			(62,858	)
Compensation Actually Paid	$	642,744		$	558,052		$	614,958

(i) The fair value of options awards used to calculate CAP was determined using the Black-Scholes option pricing model, in accordance with FASB 718

Compensation Actually Paid vs. Total Shareholder Return

Relationship between CAP and TSR. The chart below reflects the relationship between the PEO and average non-PEO NEO CAP versus our TSR and the Peer Group TSR.

Compensation Actually Paid vs. Net Income

Relationship between CAP and GAAP Net Income (Loss). The chart below reflects the relationship between the PEO and average non-PEO NEO CAP and our GAAP Net Income (Loss).

Compensation Actually Paid vs. Company Selected Measure

Relationship between CAP and Total Cash (our Selected Measure). The chart below reflects the relationship between the PEO CAP and average non-PEO NEO CAP and our Total Cash.

Total Shareholder Return Vs Peer Group

Relationship between CAP and TSR. The chart below reflects the relationship between the PEO and average non-PEO NEO CAP versus our TSR and the Peer Group TSR.

Total Shareholder Return Amount

$ 26

Peer Group Total Shareholder Return Amount

113

121

109

Net Income (Loss)

$ (15,945,000)

$ 17,778,000

$ (32,000,000)

Company Selected Measure Amount

18,000,000

38,000,000

101,000,000

Additional 402(v) Disclosure

(2)

Measure:: 1

Pay vs Performance Disclosure

Non-GAAP Measure Description

(5)

Justin J. File [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 912,667

PEO Actually Paid Compensation Amount

$ 893,199

PEO Name

Justin J. File

David M Urso [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

866,258

$ 2,101,058

$ 894,905

PEO Actually Paid Compensation Amount

$ 615,372

$ 1,721,979

$ 220,789

PEO Name

David M. Urso

Daniel P Gold [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 2,446,640

PEO Actually Paid Compensation Amount

$ 1,857,113

PEO Name

Daniel P. Gold

PEO | Justin J. File [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (15,787)

PEO | Justin J. File [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (3,681)

PEO | David M Urso [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (1,352,600)

PEO | David M Urso [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,097,045

PEO | David M Urso [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(70,864)

$ (511,128)

PEO | David M Urso [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 1,757

$ (52,660)

(162,988)

PEO | David M Urso [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(252,643)

PEO | Daniel P Gold [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (584,700)

PEO | Daniel P Gold [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

193,830

PEO | Daniel P Gold [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(130,139)

PEO | Daniel P Gold [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (68,518)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(79,900)

$ (177,850)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

28,797

104,625

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(93,289)

(32,041)

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

154

$ (28,468)

$ (24,476)

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (62,858)

Leases

12 Months Ended

Jun. 30, 2025

Disclosure Text Block [Abstract]

Leases

Note 9. Leases

In July 2020, we entered into a lease agreement for approximately 32,800 square feet of office space in San Diego, California. The lease agreement contained rent escalations over the lease term and was originally scheduled to expire in March 2028. We accounted for the lease agreement as an operating lease. The lease agreement contained an option to renew and extend the lease term, which was not included in the determination of the ROU asset and operating lease liability, as it was not reasonably certain to be exercised. In July 2022, we amended the lease to extend the lease termination date from March 2028 to November 30, 2029 and to add an additional 12,300 square feet of office space adjacent to our current office in San Diego (the Amended Lease). Upon commencement of the Amended Lease, we recognized an additional ROU asset and a corresponding operating lease liability of $4.3 million. The Amended Lease includes variable non-lease components (e.g., common area maintenance, maintenance, etc.) that are not included in the ROU asset and operating lease liability and are reflected as an expense in the period incurred as a component of the lease cost.

Lease Termination

On June 18, 2024 (the Agreement Date), we entered into a lease termination agreement (Agreement) with our landlord pursuant to which the parties agreed to terminate, as of September 30, 2024, the lease for our existing office space. The original (as amended) scheduled expiration date was November 30, 2029. As consideration for the Agreement, we agreed to pay the landlord a termination fee of approximately $11.1 million (the Termination Fee) and to prepay the remaining rent due under the Agreement in the amount of approximately $0.2 million (the Remaining Rent) and sell all the furniture and fixtures to the landlord for $1.00 (see Property and Equipment within Note 3. Balance Sheet Details for further discussion on the impact of the Agreement on our property and equipment). During fiscal year 2025, we received our security deposit from the landlord, which was previously classified as a component of prepaid and other current assets.

The Agreement was accounted for as a lease modification of the original contract. As a result of the Agreement, we reduced both the remaining ROU asset and lease liability by approximately $22,000, resulting in no impact to our consolidated statements of operations. We reassessed the lease classification, as of the Agreement Date, noting the current classification as an operating lease remained appropriate. Both the Termination Fee and the Remaining Rent were paid prior to June 30, 2025. Subsequent to the payment of both the Termination Fee and the Remaining Rent, our lease liability was relieved and the balance was reduced to zero.

We incurred direct costs of approximately $0.2 million in connection with the Agreement which accordingly was recorded to the ROU assets as a direct cost of modifying the Agreement. As of the Agreement Date, we determined a triggering event, in accordance with ASC 360, had occurred and therefore completed an impairment analysis on its ROU asset resulting in an impairment charge of approximately $10.4 million being recorded in our consolidated statements of operations for the fiscal year ended June 30, 2024.

The total operating lease costs for the Amended Lease were as follows for the periods presented, in thousands:


	For the Fiscal Year Ended June 30,
	2025		2024
Operating lease cost	$	214	$	2,434
Variable lease costs		-		123
Total lease costs included in operating expenses	$	214	$	2,557

During the year ended June 30, 2025, we had no supplemental cash flow activity. Supplemental cash flow information related to our operating leases for the year ended June 30, 2024 was as follows, in thousands:


Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,612

As of June 30, 2024, we had no remaining future minimum rental payments for our operating leases and the remaining ROU asset balance was $0.2 million. During fiscal year 2024, the ROU asset balance was increased by approximately $0.2 million related to direct costs associated with the Agreement. Additionally, the ROU asset balance was decreased by: (1) approximately $22,000 associated with our reassessment of the lease liability as of the Agreement date and (2) $10.4 million associated with the impairment of the ROU asset, as discussed above. As of September 30, 2024, we had vacated the facility and the leased property reverted to the landlord. In addition, the ROU asset has been fully amortized.

Balance Sheet Details - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 18, 2024	Jun. 30, 2024
Proceeds from sale of furniture and fixtures	$ 1
Depreciation		$ 100,000
Furniture and fixtures
Impairment charges		$ 500,000

Balance Sheet Details - Accrued Liabilities (Detail) - USD ($)
$ in Thousands

Jun. 30, 2025

Jun. 30, 2024

Accrued Liabilities [Line Items]

Accrued pre-clinical and clinical trial expenses

$ 134

$ 1,407

Accrued compensation and benefits

^[1]

873

2,821

Accrued legal and professional services

144

Accrued reimbursement to KKC

892

Other

Total accrued liabilities

$ 1,178

$ 5,187

[1]	Includes one-time employee benefits of approximately $0.7 million and $21,000 for the fiscal years ended June 30, 2025 and 2024, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net (loss) income	$ (15,945)	$ 17,778
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Share-based compensation	(144)	2,278
Impairment of long-lived assets	0	10,899
Noncash lease expense	214	2,433
Depreciation expense	368	383
Loss on disposal of property and equipment	14	32
Gain on disposition of a non-financial asset	(500)	0
Changes in operating assets and liabilities:
Unbilled receivables	0	85
Prepaid expenses and other current assets	2,150	4,534
Accounts payable	(2,992)	(3,147)
Accrued liabilities	(4,009)	(7,274)
Deferred revenue	0	(64,862)
Operating lease liability	0	(13,612)
Net cash used in operating activities	(20,844)	(50,473)
Cash flows from investing activities:
Purchases of short-term investments	0	(58,232)
Proceeds from maturity of short-term investments	34,640	107,379
Proceeds from sale of property and equipment	10	0
Proceeds from the disposition of a non-financial asset	500	0
Purchases of property and equipment	0	(7)
Net cash provided by investing activities	35,150	49,140
Cash flows from financing activities:
Payment of cash dividend	0	(11,660)
Payment of financing costs	0	(208)
Net cash used in financing activities	0	(11,868)
Net increase (decrease) in cash and cash equivalents	14,306	(13,201)
Cash and cash equivalents at beginning of the year	3,705	16,906
Cash and cash equivalents at end of the year	18,011	3,705
Supplemental cash flow information:
Re-measurement of right-of-use asset and related lease liability upon lease modification	0	(22)
Re-measurement of right-of-use asset for direct costs associated with lease modification	$ 0	$ 181

Balance Sheet Details (Tables)

12 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following in thousands:


	June 30, 2025		June 30, 2024
Insurance	$	176	$	460
Software license		39		442
Security deposit		—		263
Prepaid clinical costs		—		1,050
Other		59		209
Total prepaid and other current assets	$	274	$	2,424

Schedule of Property and Equipment

Property and equipment, net consisted of the following as of June 30, 2024, in thousands:


	June 30, 2024
Furniture and fixtures	$	1,000
Equipment		187
Leasehold improvements		969
		2,156
Less: accumulated depreciation (1)		(1,764	)
Property and equipment, net (2)	$	392

_____

(1) Includes impairment charge of $0.5 million during fiscal year 2024, see below discussion on Impact of the Agreement (as discussed in Note 9. Leases).

(2) During fiscal 2025, upon termination of our lease, we either sold or disposed of all property and equipment.

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	June 30, 2025		June 30, 2024
Accrued pre-clinical and clinical trial expenses	$	134	$	1,407
Accrued compensation and benefits(1)		873		2,821
Accrued legal and professional services		144		33
Accrued reimbursement to KKC		—		892
Other		27		34
Total accrued liabilities	$	1,178	$	5,187

________

(1) Includes one-time employee benefits of approximately $0.7 million and $21,000 for the fiscal years ended June 30, 2025 and 2024, respectively.

Share-based Compensation - Share-based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ (144)	$ 2,278
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	(128)	349
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ (16)	$ 1,929

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands								2 Months Ended			12 Months Ended
	Sep. 23, 2025	Jul. 17, 2025	Oct. 22, 2024	Feb. 20, 2024	Dec. 06, 2023	Oct. 31, 2023	Oct. 01, 2023	Sep. 23, 2025	Sep. 19, 2025	Sep. 19, 2025	Jun. 30, 2025	Jun. 30, 2024	Sep. 24, 2025	Jul. 31, 2025	Jul. 24, 2025	Dec. 31, 2024	Jan. 02, 2024
Class of Stock [Line Items]
Total authorized share capital											226,100,000
Common stock, shares authorized											226,000,000	226,000,000
Common stock, par value											$ 0.00000002	$ 0.00000002
Preferred stock, shares authorized											100,000	100,000
Preferred stock, par value							$ 0.00000002				$ 0.01	$ 0.01
Rights and the rights agreement expiration description											The Rights and the Rights Agreement expired at the close of business on September 30, 2024. No rights were redeemed or exchanged under the Rights Agreement.
Preferred stock, shares issued											100,000
Common stock voting rights											one vote per share
Preferred stock, shares outstanding											0	0
Number of warrants exercised											0	0
Common stock, shares issued											6,663,000	6,663,000
Entity Public Float																$ 12,000
Cash dividends declared, per share												$ 1.75
Closing agreement date						Nov. 17, 2023					Nov. 17, 2023
Dividend paid					$ 11,700						$ 0	$ 11,660
Adopted agreement date			Oct. 22, 2024				Oct. 01, 2023
Warrants \| Torreya Partners LLC
Class of Stock [Line Items]
Exercise price											$ 6.8
Warrants outstanding											102,513
O 2024 Q2 Dividends
Class of Stock [Line Items]
Cash dividends declared, per share											$ 1.75
ATM Sales Agreement
Class of Stock [Line Items]
Net cash proceeds									$ 4,600
At-the-market offering agreement, description											As of January 2, 2024, the date used under applicable rules of the SEC to determine our public float at the commencement of the offering, one-third of our public float was equal to approximately $9.9 million.
Aggregate offering price				$ 25,000
Entity Public Float																	$ 9,900
Number of shares issued and sold									882,924
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement											$ 100,000
Subsequent Event
Class of Stock [Line Items]
Net cash proceeds		$ 92,100
Subsequent Event \| Pre-Funded Warrant
Class of Stock [Line Items]
Surrendered warrants to acheive common stock	2,808,070
Exercise price		$ 0.0001											$ 0.0001
Common stock, shares issued	2,807,967							2,807,967							2,084,509
Warrants issued to purchase common stock		6,022,869											546,348
Offering price per share		$ 3.4199												$ 3.4199
Subsequent Event \| ATM Sales Agreement
Class of Stock [Line Items]
Net cash proceeds										$ 4,600
Number of shares issued and sold								882,924
Offering price per share									$ 5.4484	$ 5.4484
Subsequent Event \| Private Placement Offering
Class of Stock [Line Items]
Exercise price														$ 4.1
Number of shares issued in the offering		23,216,898
Offering price per share		$ 3.42
Subsequent Event \| Maximum \| Private Placement Offering
Class of Stock [Line Items]
Warrants issued to purchase common stock														3,070,177

Other License Agreements

12 Months Ended

Jun. 30, 2025

Licensing Arrangements [Abstract]

Other License Agreements

Note 8. Other License Agreements

Presage License Agreement

In September 2017, we, as licensee, entered into a license agreement with Presage Biosciences, Inc. (Presage). Under the terms of the license agreement, Presage granted to us exclusive worldwide rights to develop, manufacture and commercialize voruciclib, a clinical-stage, oral and selective CDK inhibitor and related compounds. In exchange, we paid $2.9 million to Presage. With respect to the first indication, an incremental $2.0 million payment, due upon dosing of the first subject in the first registration trial, will be owed to Presage, for total payments of $4.9 million prior to receipt of marketing approval of the first indication in the U.S., EU or Japan. Additional potential payments of up to $179.0 million will be due upon the achievement of certain development, regulatory and commercial milestones. We will also pay mid-single digit tiered royalties on the net sales of any product successfully developed. As an alternative to milestone and royalty payments related to countries in which we sublicense product rights, we will pay to Presage a

tiered percentage (which decreases as product development progresses) of amounts received from such sublicensees. During the fiscal years ended June 30, 2025 and 2024, we made no payments under the Presage license agreement.

BeiGene Collaboration

In October 2018, we entered into a clinical collaboration with BeiGene, Ltd. (BeiGene) to evaluate the safety and efficacy of zandelisib in combination with BeiGene’s zanubrutinib (marketed as Brukinsa®), an inhibitor of Bruton’s tyrosine kinase, for the treatment of patients with B-cell malignancies. Under the terms of the clinical collaboration agreement, we amended our Phase 1b trial to include evaluation of zandelisib in combination with zanubrutinib in patients with B-cell malignancies. Study costs are being shared equally by the parties and we agreed to supply zandelisib and BeiGene agreed to supply zanubrutinib. We record the costs reimbursed by BeiGene as a reduction of our research and development expenses. We retained full commercial rights for zandelisib and BeiGene retained full commercial rights for zanubrutinib. With the discontinuation of the zandelisib program outside of Japan, this clinical collaboration was terminated on September 28, 2023. During the fiscal year ended June 30, 2025, we did not recognize cost reimbursements as a reduction of research and development expenses. Cost reimbursements recorded as a reduction of research and development expenses, in the consolidated statements of operations, during the fiscal year ended June 30, 2024, was approximately $0.1 million.

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash flows from operating leases	$ 0	$ 13,612

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	12 Months Ended
	Sep. 23, 2025	Jul. 17, 2025	Dec. 06, 2023	Oct. 31, 2023	Jul. 31, 2025	Jun. 30, 2025	Jun. 30, 2024	Sep. 24, 2025	Jul. 24, 2025
Targeted or Tracking Stock, Stock [Line Items]
Common stock, shares issued						6,663,000	6,663,000
Unpaid common stock dividend							$ 1.75
Closing agreement date				Nov. 17, 2023		Nov. 17, 2023
Dividend paid			$ 11,700			$ 0	$ 11,660
Accumulated losses since inception						404,164	$ 388,219
Cash and cash equivalents and short term investments						$ 18,000
O 2024 Q2 Dividends
Targeted or Tracking Stock, Stock [Line Items]
Unpaid common stock dividend						$ 1.75
Subsequent Event \| Pre-Funded Warrant
Targeted or Tracking Stock, Stock [Line Items]
Surrendered warrants to acheive common stock	2,808,070
Offering price per share		$ 3.4199			$ 3.4199
Warrants issued to purchase common stock		6,022,869						546,348
Common stock, shares issued	2,807,967								2,084,509
Exercise price		$ 0.0001						$ 0.0001
Subsequent Event \| Private Placement Offering
Targeted or Tracking Stock, Stock [Line Items]
Proceeds from private investment in private equity					$ 100,000
Number of shares issued in the offering		23,216,898
Offering price per share		$ 3.42
Exercise price					$ 4.1
Maximum \| Subsequent Event \| Private Placement Offering
Targeted or Tracking Stock, Stock [Line Items]
Warrants issued to purchase common stock					3,070,177

Share-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2025 USD ($) $ / shares shares
Number of Options
Beginning Balance	1,357,213
Forfeited	(488,065)
Ending balance	869,148
Vested and expected to vest at end of period	869,148
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 31.60
Forfeited \| $ / shares	25.64
Ending balance \| $ / shares	$ 32.9
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	5 years 9 months 18 days
Vested and expected to vest at end of period	5 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 0
Vested and expected to vest at end of period \| $	$ 0

Income Taxes - Pre- Tax loss Jurisdictions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Pre tax Income Loss [Line Items]
Domestic	$ (15,945)	$ 17,778
Foreign	0	0
Pre-tax income (loss)	$ (15,945)	$ 17,778

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Segment Information (Tables)

12 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Summary of Financial Data for Development of Pharmaceutical Products Segments

The following table summarizes our financial data for the development of pharmaceutical products segment:


	For the Fiscal Year Ended June 30,
	2025			2024
Revenues	$	—		$	65,297

Operating and other (income) expense
Employee expenses		9,293			13,207
Other segment expenses(1)		2,647			9,946
Professional fees		2,754			4,092
Legal fees		1,723			3,397
Impairment of long-lived assets		—			10,899
Fees paid on behalf of a related party		—			1,118
voruciclib		801			3,413
ME-344		253			4,724
Gain on disposition of a non-financial asset		(500	)		—
Interest and dividend income		(1,026	)		(3,277	)
Total operating and other (income) expense		15,945			47,519
Total segment costs (loss) income and net (loss) income	$	(15,945	)	$	17,778

________

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Jun. 30, 2025 USD ($)
Income Taxes Line Items [Line Items]
Federal net operating loss carry forwards	$ 246.1
State net operating loss carry forwards	$ 23.8
Taxable income percentage	80.00%
State
Income Taxes Line Items [Line Items]
Expiration year of operating loss carry forwards	2031

License Agreements - Additional Information (Detail) - Kyowa Kirin Co. Ltd - USD ($) $ in Millions		12 Months Ended
	Jul. 14, 2023	Jun. 30, 2023	Apr. 30, 2020
Related Party Transaction [Line Items]
Total upfront payment receivable for grant of rights			$ 100.0
Termination Agreement	Jul. 14, 2023
Kkc Agreements [Member] \| US License [Member]
Related Party Transaction [Line Items]
Deferred revenue		$ 64.5
Kkc Agreements [Member] \| Development Services
Related Party Transaction [Line Items]
Transaction price of deferred revenue remaining performance obligations		$ 0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Warrants Issued

On July 22, 2025, in conjunction with the closing of the Offering (as defined in Note 15. Subsequent Events), we issued the following warrants:


	Number of Warrants Outstanding		Exercise Price		Initial Exercise Date	Expiration Date
Asset Manager Warrants
Tranche 1		584,795	$	3.42	July 22, 2025	July 22, 2030
Tranche 2		292,398	$	3.93	July 22, 2025	July 22, 2030
Tranche 3		292,398	$	4.62	July 22, 2025	July 22, 2030
Tranche 4		292,398	$	5.13	July 22, 2025	July 22, 2030
Strategic Advisor Warrants		438,597	$	4.10	July 22, 2025	July 22, 2030
Placement Agent Warrants		1,169,591	$	4.10	July 22, 2025	July 22, 2030
Total warrants		3,070,177

Balance Sheet Details - Schedule of Property and Equipment (Detail) - USD ($)
$ in Thousands

Jun. 30, 2025

Jun. 30, 2024

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 2,156

Less: accumulated depreciation

^[1]

(1,764)

Property and equipment, net

$ 0

392

^[2]

Furniture and fixtures

Property, Plant and Equipment [Line Items]

Property and equipment, gross

1,000

Equipment

Property, Plant and Equipment [Line Items]

Property and equipment, gross

187

Leasehold improvements

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 969

[1]	Includes impairment charge of $0.5 million during fiscal year 2024, see below discussion on Impact of the Agreement (as discussed in Note 9. Leases).
[2]	During fiscal 2025, upon termination of our lease, we either sold or disposed of all property and equipment.