0001193125-26-053215 | 10-Q | XBRL Viewer

$ 499

$ 2,076

$ 1,078

$ 6,999

851

^[1]

389

^[2]

1,687

^[3]

1,671

^[4]

728

297

1,499

911

560

717

1,006

1,186

690

1,163

Change in fair value of digital assets receivable, net

26,516

$ 631

27,147

1,533

Gain on disposition of nonfinancial asset

(500)

(541)

(60)

^[5]

(279)

^[6]

(160)

^[7]

(634)

^[8]

30,799

2,677

34,438

10,684

(30,799)

(3,639)

(2,677)

$ (8,007)

(34,438)

(10,684)

8,758

$ 18,011

2,154

274

10,912

18,285

63,970

$ 99,369

63,970

7,350

705

82,937

18,285

voruciclib

798

ME-344

Operating Segments [Member]

(104)

253

167

399

^[1]

^[3]

371

443

177

478

690

1,163

Change in fair value of digital assets receivable, net

26,516

27,147

1,533

(541)

^[5]

^[7]

28,949

30,686

(28,949)

(30,686)

1,112

1,112

63,970

7,350

Operating Segments [Member] | Digital Asset Treasury Strategy

72,432

144

376

^[1]

^[3]

371

441

112

690

1,163

Change in fair value of digital assets receivable, net

26,516

27,147

1,533

(541)

^[5]

^[7]

28,731

30,264

(28,731)

(30,264)

1,061

1,061

63,970

7,350

Operating Segments [Member] | Development of Pharmaceutical Products

72,381

401

2,366

^[1]

(79)

^[2]

^[3]

^[4]

172

212

366

409

Change in fair value of digital assets receivable, net

Gain on disposition of nonfinancial asset

^[5]

^[6]

^[7]

^[8]

218

520

422

3,880

(218)

(520)

(422)

(3,880)

Operating Segments [Member] | voruciclib

Operating Segments [Member] | voruciclib | Digital Asset Treasury Strategy

Operating Segments [Member] | voruciclib | Development of Pharmaceutical Products

Operating Segments [Member] | ME-344 | Development of Pharmaceutical Products

798

(104)

253

Corporate [Member]

332

1,675

679

4,633

838

^[1]

468

^[2]

1,649

^[3]

1,638

^[4]

357

288

1,056

890

383

505

528

777

Change in fair value of digital assets receivable, net

Gain on disposition of nonfinancial asset

(500)

(60)

^[5]

(279)

^[6]

(160)

^[7]

(634)

^[8]

1,850

2,157

3,752

6,804

(1,850)

(2,157)

(3,752)

(6,804)

8,758

18,011

1,042

249

9,800

18,260

705

Corporate [Member] | voruciclib

10,505

$ 18,260

Corporate [Member] | ME-344

$ 0

Accrued compensation and benefits

$ 0

[1]	Includes product development costs associated with zandelisib determined to be immaterial for both periods presented, occupancy costs, share-based compensation costs, administrative costs, travel and business taxes.
[2]	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.
[3]	Includes product development costs associated with zandelisib determined to be immaterial for both periods presented, occupancy costs, share-based compensation costs, administrative costs, travel and business taxes.
[4]	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.
[5]	Interest and dividend income are solely attributable to our cash and cash equivalents.
[6]	Interest and dividend income are solely attributable to our cash and cash equivalents.
[7]	Interest and dividend income are solely attributable to our cash and cash equivalents.
[8]	Interest and dividend income are solely attributable to our cash and cash equivalents.

Cover Page - shares	6 Months Ended
Cover Page - shares	Dec. 31, 2025	Feb. 09, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Securities Act File Number	001-41827
Trading Symbol	LITS
Entity Registrant Name	Lite Strategy, Inc.
Entity Tax Identification Number	51-0407811
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
City Area Code	858
Local Phone Number	369-7100
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.00000002 par value
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
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, State or Province	CA
Entity Address, Postal Zip Code	92121
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		36,361,999

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

Dec. 31, 2025

Jun. 30, 2025

^[1]

$ 408

$ 873

Termination Benefits

Accrued compensation and benefits

$ 700

[1]	Includes employee termination benefits of approximately $0.7 million as of June 30, 2025, as more fully described in Note 6. Employee Termination Benefits.

Segment Information - Additional Information (Detail) - Segment	1 Months Ended	2 Months Ended	6 Months Ended
	Aug. 05, 2025	Sep. 30, 2025	Dec. 31, 2025
Segment Reporting [Abstract]
Number of operating segments	1	2
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			During fiscal year 2025, when allocating financial and personnel resources, due to pursuing our strategic alternatives initiative, the CODM evaluated our financial information, including year over year profit and loss comparisons and cash projections, on an aggregate basis. During fiscal year 2026, our CODM evaluates financial information including budget versus actual comparisons when assessing performance for allocating financial and personnel resources.

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

Dec. 31, 2025

Jun. 30, 2025

Accrued Liabilities [Line Items]

Accrued compensation and benefits

^[1]

$ 408

$ 873

Accrued legal and professional services

242

144

Accrued pre-clinical and clinical trial expenses

134

Derivative liabilities - Covered Call Options

Other

Total accrued liabilities

$ 760

$ 1,178

[1]	Includes employee termination benefits of approximately $0.7 million as of June 30, 2025, as more fully described in Note 6. Employee Termination Benefits.

Digital Assets

6 Months Ended

Dec. 31, 2025

Crypto Asset, Cost [Abstract]

Digital Assets

4. Digital Assets

As of June 30, 2025, we did not hold digital assets. The following table summarizes our digital asset holdings as of December 31, 2025 (in thousands, except quantity):


	As of December 31, 2025
	Quantity		Cost Basis		Fair Value
Digital assets		833,748	$	89,153	$	63,970
Digital assets receivable, net (1)		95,800		8,743		7,350
Total digital assets		929,548	$	97,896	$	71,320

________________

(1) Digital assets receivable, net, include LTC pledged as collateral and those unencumbered but residing with GSR.

Master Loan Agreement

6 Months Ended

Dec. 31, 2025

Disclosure Text Block [Abstract]

Master Loan Agreement

7. Master Loan Agreement

On September 3, 2025 (the MLA Date), we entered into the MLA with the Lender. The MLA provides a framework under which we may borrow any digital assets or cash from the Lender, from time-to-time. We must request a loan from the Lender with the Loan Request. Once approved by the Lender, a loan will be documented in a loan agreement (each, a Loan Agreement).

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 may terminate a Loan Agreement 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 a Loan Agreement are secured by collateral in favor of the Lender. Collateral may include cash or other forms agreed upon by the Parties (as defined in the applicable Loan Agreement). The collateral's required value is typically higher than the borrowed amount, subject to margin calls as set form in the applicable Loan Agreement. If the value of the posted collateral

falls below the margin call threshold, we 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 MLA contains representations and warranties and affirmative and negative covenants customary for financings of this type, as well as customary events of default.

We evaluated the MLA and determined as of the MLA Date, the MLA does not represent a loan commitment in accordance with U.S. GAAP. As of December 31, 2025, we had not requested any Loans nor did we have any Loan Agreements outstanding under the MLA.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Related Party Transactions

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. Description of Business and Basis of Presentation Description of Business Lite Strategy, Inc. (Nasdaq: LITS) is a pharmaceutical company that has historically developed novel and differentiated cancer therapies and is currently assessing pre-clinical development programs potentially in nononcology disease indications. We also hold Litecoin (LTC) tokens as a primary reserve asset as part of our broader institutional treasury strategy. We initially 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 drug development is to evaluate our drug candidates either as stand-alone or in combination with standard-of-care therapies to overcome known resistance mechanisms and address medical needs to provide improved patient benefit. Our drug candidate pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor, zandelisib, an oral, once-daily, selective P3K3 inhibitor and, prior to its sale in October 2024 to Aardvark Therapeutics, Inc., ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway in the mitochondria. Stock Buy Back In connection with shifting our Litecoin Treasury Strategy (as defined below) from initial LTC accumulation to active capital market operations, on October 29, 2025, we announced that our board of directors (Board) authorized a program to repurchase shares of our common stock, par value $0.00000002 (Common Stock), up to an aggregate amount of $25.0 million (the Share Repurchase Program), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. The Share Repurchase Program was effective immediately and provides for shares to be repurchased in the open market, privately negotiated transactions or otherwise. The timing of purchases and the exact number of shares to be purchased under the Share Repurchase Program will depend on market conditions, does not include specific price targets or timetables and may be suspended or terminated by us at any time. We intend to finance the purchases using proceeds from our Covered Call Options (as defined below) or from the liquidation of a portion of our LTC tokens. As more fully described in Note 11. Stockholders' Equity, in December 2025, we initiated our Share Repurchase Program. 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 (the Litecoin Treasury Strategy) through our acquisition of LTC tokens, reflecting the full deployment of the net proceeds of the PIPE (as defined below). LTC 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. LTC 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, implement treasury management strategies and align with emerging financial technologies with an emphasis on privacy and payment processing. Private Investment in Public Equity (PIPE) and Related Agreements On July 22, 2025 (the Closing Date), we closed on a $100.0 million PIPE and issued an aggregate of (i) 23,216,898 shares (the Shares) of Common Stock, at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants, and together with the Shares, the Securities), 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 (the Offering). Also in July 2025, we entered into various agreements with certain advisors to the PIPE, asset managers and custodians who will help us deploy our Litecoin Treasury Strategy, 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 (the Sales Agreement). As partial or full consideration of services provided associated with the PIPE, we issued warrants for the purchase of up to 3,070,177 shares of Common Stock with a weighted-average exercise price of approximately $4.10 per share. See Note 12. Warrants for a summary of the fair value assumptions used to value the Advisory Warrants upon the closing of the PIPE. Strategic Alternatives On July 22, 2024, we announced that our Board unanimously determined 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 in oncology, while we continued to conduct certain nonclinical activities related to our drug candidate assets. As part of the review of strategic alternatives, we considered options such as out-licensing opportunities or sale of our existing programs and merger and acquisition opportunities, as well as other potential opportunities. The evaluation of strategic alternatives concluded with the August 2025 implementation of the Litecoin Treasury Strategy 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 LTC mining or other crypto-focused operational activities. Additionally, we have commenced further investigational research and development pre-clinical activities with our drug candidate pipeline in nononcology disease indications for potential out-licensing or sale related opportunities. Basis of Presentation and Consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X. Accordingly, the condensed financial statements do not include all information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The unaudited condensed 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 unaudited condensed consolidated financial statements for the quarterly period ended December 31, 2025 should be read in conjunction with the audited financial statements and notes thereto as of and for the fiscal year ended June 30, 2025, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on September 26, 2025 (2025 Annual Report). Interim results are not necessarily indicative of results for a full year. We have evaluated subsequent events through the date the condensed consolidated financial statements were issued.

Related Party Transactions

6 Months Ended

Dec. 31, 2025

14. Related Party Transactions

In the ordinary course of business, we have related party transactions with affiliates of our Board. During the year ended June 30, 2025, we had no such transactions.

The following table presents balances related to transactions with such affiliates of our Board as of December 31, 2025 (in thousands):


Balances:
Prepaid expenses and other current assets	$	1,061
Digital assets receivable, net	$	7,350
Accrued liabilities (Derivative liabilities - Covered Call Options)	$	28

The following table summarizes our activities with such affiliates of our Board during the three and six months ended December 31, 2025



	For the Three Months Ended December 31, 2025		For the Six Months Ended December 31, 2025
General and administrative expense recognized	$	690	$	1,163
Change in fair value of digital assets receivable, net	$	1,533	$	1,533

GSR Asset Management Agreement and Side Letter

On July 22, 2025, in connection with the PIPE, we and GSR entered into an asset management (the GSR Asset Management Agreement). GSR provides discretionary investment management services with respect to, among other assets, the proceeds from our PIPE (the Account Assets) in accordance with the terms of the GSR Asset Management Agreement. The custodians under the GSR Asset Management Agreement will consist of Coinbase and other cryptocurrency wallet providers agreed to by us and the Asset Manager.

We pay GSR an asset-based fee (the Asset-based Fee) equal to 1.75% per annum of the Account Assets under management that is paid in shares of Common Stock until GSR owns 4.99% of our issued and outstanding Common Stock. Thereafter, the Asset-based Fee is to 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 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 Closing Date (the Fee Reference Date).

As compensation for services rendered by GSR in connection with the PIPE, we issued warrants (the GSR Warrants) to GSR on the 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 GSR Asset Management Agreement will, unless terminated earlier in accordance with its terms, remain in effect until the tenth anniversary of the date of the GSR Asset Management Agreement. Beginning on the first anniversary of the AMA Effective Date (as defined below), the GSR 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 GSR for any reason. Additionally, the GSR Asset Management Agreement may be terminated for cause (i) by us upon at least 30 days prior written notice to GSR or (ii) by GSR upon at least 60 days prior written notice to us.

As more fully described within the Pre-Funded Warrants discussion in Note 12. Warrants, on September 24, 2025, as payment of the annual Asset-based Fee under the GSR Asset Management Agreement, we issued GSR, the GSR Pre-Funded Warrants which are fully vested and nonforfeitable for the purchase of up to 546,348 shares of our Common Stock with an exercise price of $0.0001 per share. Subject to the limitations on exercise set forth in the warrant agreement, the GSR 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 with Green Dragon (the GD Advisory Agreement). Mr. Charlie Lee, who was appointed as a member of our Board and serves in the class of directors who will be up for reelection at our annual meeting of stockholders for fiscal 2027, is a beneficiary of Green Dragon. Pursuant to the Advisory Agreement, Green Dragon provides us with asset management services and we pay Green Dragon a fee in warrants to purchase a number of shares of Common Stock calculated based on the amount of assets under management (the Annual Advisory Fee).

The Annual Advisory Fee is equal to 0.75% per annum of the Account Assets for such year, as calculated in accordance with the GD Advisory Agreement and is issuable in warrants (the GD Advisory Warrants). The number of GD 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 Fee Reference Date. The exercise price per share of the GD Advisory Warrants shall be set at a price equal to $0.0001. The GD 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. Any portion of the GD Advisory Warrants unvested on the date, if any, that the GD Advisory Agreement terminates shall be deemed surrendered and shall terminate automatically on such date with no further force or effect. The vested portion of the GD 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 GD Advisory Agreement will, unless terminated earlier in accordance with its terms, remain in effect until the tenth anniversary of the GD Advisory Agreement. Either party may terminate the GD Advisory Agreement, with or without reason, by written notice to the other.

As more fully described in the GD Advisory Warrants Issued in Lieu of Cash Fees discussion in Note 12. Warrants, in October 2025, we issued the GD Advisory Warrant for the purchase of up to 234,149 shares of Common Stock in settlement of the Annual Advisory Fee for the annual period ending July 21, 2026.

Under the terms of the GD Advisory Agreement, Mr. Lee has waived any compensation for his Board service, in lieu of his compensation under the GD Advisory Agreement.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Stockholders' Equity - Schedule of Activity under Share Repurchase Program (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2025
Share Repurchase Program [Line Items]
Treasury shares repurchased, Shares	137,541	137,541	137,541
Treasury shares repurchased, Cost		$ 203	$ 203

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Dec. 31, 2025	Jul. 22, 2025
Class of Warrant or Right [Line Items]
Crypto asset receivable allowance for credit loss	$ 0
Notional amount	0
Current unamortized deferred prepaid assets	$ 1,100,000
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Shares of common stock underlying pre-funded warrants	546,348	6,022,869
Pre-Funded Warrants \| Nonemployee
Class of Warrant or Right [Line Items]
Shares of common stock underlying pre-funded warrants	546,348
GD Advisory Warrant
Class of Warrant or Right [Line Items]
Shares of common stock underlying pre-funded warrants	58,537

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Pre-Funded Warrants	Advisory Warrants	At The Market Offering	Asset Management Agreement	Private Placement	Common Shares	Common Shares Pre-Funded Warrants	Common Shares At The Market Offering	Common Shares Private Placement	Additional paid in capital	Additional paid in capital Pre-Funded Warrants	Additional paid in capital Advisory Warrants	Additional paid in capital At The Market Offering	Additional paid in capital Asset Management Agreement	Additional paid in capital Private Placement	Accumulated Deficit	Treasury Shares
Beginning Balance, Shares at Jun. 30, 2024							6,663
Beginning Balance at Jun. 30, 2024	$ 33,020										$ 421,239						$ (388,219)
Net Income (Loss)	(8,007)																(8,007)
Share-based compensation	(135)										(135)
Ending Balance, Shares at Sep. 30, 2024							6,663
Ending Balance at Sep. 30, 2024	24,878										421,104						(396,226)
Beginning Balance, Shares at Jun. 30, 2024							6,663
Beginning Balance at Jun. 30, 2024	33,020										421,239						(388,219)
Net Income (Loss)	(10,684)
Issuance of Advisory Warrants for services rendered in the July 2025 PIPE	0
Ending Balance, Shares at Dec. 31, 2024							6,663
Ending Balance at Dec. 31, 2024	22,098										421,001						(398,903)
Beginning Balance, Shares at Sep. 30, 2024							6,663
Beginning Balance at Sep. 30, 2024	24,878										421,104						(396,226)
Net Income (Loss)	(2,677)																(2,677)
Share-based compensation	(103)										(103)
Ending Balance, Shares at Dec. 31, 2024							6,663
Ending Balance at Dec. 31, 2024	22,098										421,001						(398,903)
Beginning Balance, Shares at Jun. 30, 2025							6,663
Beginning Balance at Jun. 30, 2025	16,931										421,095						(404,164)
Net Income (Loss)	(3,639)																(3,639)
Issuance of Common Stock, net of issuance costs, Shares									883	23,217
Issuance of Common Stock, net of issuance costs				$ 4,628		$ 60,326								$ 4,628		$ 60,326
Proceeds from the issuance of Pre-Funded Warrants, net of issuance costs		$ 15,649			$ 1,875							$ 15,649			$ 1,875
Issuance of Advisory Warrants for services rendered in the July 2025 PIPE			$ 16,215										$ 16,215
Issuance of Common Stock upon exercise of Pre-Funded Warrants for cash								2,084
Issuance of Common Stock upon cashless exercise of Pre-Funded Warrants								2,808
Share-based compensation	284										284
Ending Balance, Shares at Sep. 30, 2025							35,655
Ending Balance at Sep. 30, 2025	112,269										520,072						(407,803)
Beginning Balance, Shares at Jun. 30, 2025							6,663
Beginning Balance at Jun. 30, 2025	16,931										421,095						(404,164)
Net Income (Loss)	(34,438)
Issuance of Advisory Warrants for services rendered in the July 2025 PIPE	$ 16,215
Ending Balance, Shares at Dec. 31, 2025							36,785
Ending Balance, Shares at Dec. 31, 2025	138																	(138)
Ending Balance at Dec. 31, 2025	$ 81,850										520,655						(438,602)	$ (203)
Beginning Balance, Shares at Sep. 30, 2025							35,655
Beginning Balance at Sep. 30, 2025	112,269										520,072						(407,803)
Net Income (Loss)	(30,799)																(30,799)
Issuance of Common Stock upon cashless exercise of Pre-Funded Warrants								1,130
Issuance of Advisory Warrants in lieu of cash fees			$ 349										$ 349
Repurchase of Common Stock	(203)																	$ (203)
Repurchase of Common Stock, Shares																		(138)
Share-based compensation	$ 234										234
Ending Balance, Shares at Dec. 31, 2025							36,785
Ending Balance, Shares at Dec. 31, 2025	138																	(138)
Ending Balance at Dec. 31, 2025	$ 81,850										$ 520,655						$ (438,602)	$ (203)

Derivatives (Tables)

6 Months Ended

Dec. 31, 2025

Schedule of Classification of Derivatives Carried at Fair Value

The following table presents our condensed consolidated balance sheets classification of derivatives carried at fair value (in thousands):


		December 31, 2025
Derivative	Balance Sheet Line	Asset		Liability
Derivatives not designated as hedging instruments:
Covered Call Options	Accrued liabilities	$	—	$	28
Total derivatives		$	—	$	28

The following table presents our condensed statements of operations classification of derivatives carried at fair value (in thousands):


Derivative	Statements of Operations Line	For the Three and Six Months Ended December 31, 2025
Derivatives not designated as hedging instruments:
Covered Call Options	Gain on derivative liabilities	$	541
Total derivatives		$	541

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 30, 2025
Asset management fee	$ 1,061	$ 0
Insurance	992	176
Software licenses	35	39
Other	66	59
Total prepaid and other current assets	$ 2,154	$ 274

Employee Termination Benefits - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		14 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Restructuring cost and reserve	$ 0.0				$ 5.9
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Restructuring cost and reserve		$ 0.3		$ 1.6
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Restructuring cost and reserve		$ 0.9	$ 0.1	$ 2.7

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (30,799)	$ (3,639)	$ (2,677)	$ (8,007)	$ (34,438)	$ (10,684)

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

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-Name Accounting Standards Codification
-Section S99
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies Disclosure [Abstract]

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 22, 2025	Feb. 20, 2024	Dec. 06, 2023	Nov. 06, 2023	Oct. 01, 2023	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2025
Class of Stock [Line Items]
Total authorized share capital						226,100,000	226,100,000	226,100,000
Common stock, shares authorized						226,000,000	226,000,000	226,000,000		226,000,000
Preferred stock, shares authorized						100,000	100,000	100,000		100,000
Preferred stock, par value						$ 0.01	$ 0.01	$ 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	100,000	100,000
Common stock voting rights								one vote per share
Net cash proceeds	$ 92,200							$ 4,628	$ 0
Preferred stock, shares outstanding						0	0	0		0
Treasury shares repurchased						137,541	137,541	137,541
Weighted-average price per share						$ 1.47	$ 1.47	$ 1.47
Share repurchase aggregate amount							$ 203	$ 203
Closing agreement date								Nov. 17, 2023
Dividend paid			$ 11,700
Adopted agreement date					Oct. 01, 2023
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
Aggregate offering price		$ 25,000
Aggregate principal amount authorized for sale	$ 100,000
Agent commission rate	3.50%
Number of shares issued and sold								882,924,000
Private Placement
Class of Stock [Line Items]
Number of shares issued in the offering	23,216,898
Offering price per share	$ 3.42
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement								$ 100,000

Commitments and Contingencies

6 Months Ended

Dec. 31, 2025

Commitments and Contingencies

. Commitments and Contingencies

We have contracted with various consultants and third parties to assist us in pre-clinical research and development and clinical trials work for our leading drug compounds. 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. We also have an employment agreement with our chief executive officer

and chief financial officer that provides for severance payments and accelerated vesting for share-based awards if his 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 December 31, 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 10. License Agreements, we are party to a license agreement with Presage Biosciences, Inc. (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 December 31, 2025, we had no accruals for potential future payments as achievement of the milestones had not been met.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 46	$ 308	$ 56	$ 3,471
General and administrative	3,305	3,143	6,403	8,332
Change in fair value of digital assets	26,516	0	27,147	0
Total operating expenses	29,867	3,451	33,606	11,803
Loss from operations	(29,867)	(3,451)	(33,606)	(11,803)
Other (expense) income:
Change in fair value of digital assets receivable, net	(1,533)	0	(1,533)	0
Gain on derivative liabilities	541	0	541	0
Interest and dividend income	60	279	160	634
Gain on disposition of nonfinancial asset	0	500	0	500
Other expense, net	0	(5)	0	(15)
Total other (expense) income, net	(932)	774	(832)	1,119
Net (loss) income	$ (30,799)	$ (2,677)	$ (34,438)	$ (10,684)
Net loss per share - basic and diluted:
Basic	$ (0.82)	$ (0.4)	$ (1.03)	$ (1.6)
Diluted	$ (0.82)	$ (0.4)	$ (1.03)	$ (1.6)
Weighted-average shares used in computing net loss per share - basic and diluted:
Basic	37,372	6,663	33,424	6,663
Diluted	37,372	6,663	33,424	6,663

Segment Information (Tables)

6 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Financial Data for Development of Pharmaceutical Products Segments

The following tables summarize our financial data for our segments (in thousands):


	For the Three Months Ended December 31, 2025
	Digital Asset Treasury Strategy			Development of Pharmaceutical Products			Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	144		$	23		$	167		$	332		$	499
Other segment expenses(1)		13			—			13			838			851
Professional fees		371			—			371			357			728
Legal fees		5			172			177			383			560
voruciclib		—			23			23			—			23
Asset management fee and advisory fees		690			—			690			—			690
Change in fair value of digital assets		26,516			—			26,516			—			26,516
Change in fair value of digital assets receivable, net		1,533			—			1,533			—			1,533
Gain on derivative liabilities		(541	)		—			(541	)		—			(541	)
Interest and dividend income(2)		—			—			—			(60	)		(60	)
Total operating and other (income) expense		28,731			218			28,949			1,850			30,799
Total segment costs loss and net loss	$	(28,731	)	$	(218	)	$	(28,949	)	$	(1,850	)	$	(30,799	)

___________

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

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.


	For the Three Months Ended December 31, 2024
	Development of Pharmaceutical Products and Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	401		$	1,675		$	2,076
Other segment expenses(1)		(79	)		468			389
Professional fees		9			288			297
Legal fees		212			505			717
voruciclib		81			—			81
ME-344		(104	)		—			(104	)
Gain on disposition of nonfinancial asset		—			(500	)		(500	)
Interest and dividend income(2)		—			(279	)		(279	)
Total operating and other (income) expense		520			2,157			2,677
Total segment costs loss and net loss	$	(520	)	$	(2,157	)	$	(2,677	)

___________

(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.

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.


	For the Six Months Ended December 31, 2025
	Digital Asset Treasury Strategy			Development of Pharmaceutical Products			Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	376		$	23		$	399		$	679		$	1,078
Other segment expenses(1)		33			5			38			1,649			1,687
Professional fees		441			2			443			1,056			1,499
Legal fees		112			366			478			528			1,006
voruciclib		—			26			26			—			26
Asset management fee and advisory fees		1,163			—			1,163			—			1,163
Change in fair value of digital assets		27,147			—			27,147			—			27,147
Change in fair value of digital assets receivable, net		1,533			—			1,533			—			1,533
Gain on derivative liabilities		(541	)		—			(541	)		—			(541	)
Interest and dividend income(2)		—			—			—			(160	)		(160	)
Total operating and other (income) expense		30,264			422			30,686			3,752			34,438
Total segment costs loss and net loss	$	(30,264	)	$	(422	)	$	(30,686	)	$	(3,752	)	$	(34,438	)

________

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.


	For the Six Months Ended December 31, 2024
	Development of Pharmaceutical Products and Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	2,366		$	4,633		$	6,999
Other segment expenses(1)		33			1,638			1,671
Professional fees		21			890			911
Legal fees		409			777			1,186
voruciclib		798			—			798
ME-344		253			—			253
Gain on disposition of nonfinancial asset		—			(500	)		(500	)
Interest and dividend income(2)		—			(634	)		(634	)
Total operating and other (income) expense		3,880			6,804			10,684
Total segment costs loss and net loss	$	(3,880	)	$	(6,804	)	$	(10,684	)

________

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.


	December 31, 2025
	Digital Asset Treasury Strategy		Development of Pharmaceutical Products		Total Segment Assets		Corporate Assets		Consolidated
Current assets:
Cash and cash equivalent	$	—	$	—	$	—	$	8,758	$	8,758
Prepaid expenses and other current assets		1,061		51		1,112		1,042		2,154
Total current assets		1,061		51		1,112		9,800		10,912
Digital assets		63,970		—		63,970		—		63,970
Digital assets receivable, net		7,350		—		7,350		—		7,350
Other long-term assets		—		—		—		705		705
Total assets	$	72,381	$	51	$	72,432	$	10,505	$	82,937


	June 30, 2025
	Development of Pharmaceutical Products and Total Segment Assets		Corporate Assets		Consolidated
Current assets:
Cash and cash equivalent	$	—	$	18,011	$	18,011
Prepaid expenses and other current assets		25		249		274
Total current assets		25		18,260		18,285
Total assets	$	25	$	18,260	$	18,285

Fair Value Measurements

6 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. 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 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 activities and that are significant to the fair value of the assets or liabilities.

Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. We review the fair value hierarchy classification at each reporting period. As of December 31, 2025 and June 30, 2025, we had no financial assets or liabilities measured at fair value on a nonrecurring basis. As of June 30, 2025, we had no financial liabilities measured at fair value on a recurring basis.

As of June 30, 2025, our financial assets measured at fair value, on a recurring basis, consisted of our cash equivalents of $17.8 million. The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 (in thousands):


	As of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	6,562	$	6,562	$	—	$	—
Digital assets		63,970		63,970		—		—
Digital assets receivable, net		7,350		7,350		—		—
Total assets measured on a recurring basis	$	77,882	$	77,882	$	—	$	—

Liabilities:
Derivative liabilities - Covered Call Options	$	28		—	$	28		—
Total liabilities measured on a recurring basis	$	28	$	—	$	28	$	—

The following table presents the changes in the carrying amount of our digital assets (in thousands):


Balance as of June 30, 2025	$	—
Purchases of digital assets		100,000
Change in fair value of digital assets		(631	)
Balance as of September 30, 2025		99,369
Change in fair value of digital assets		(26,516	)
Digital assets transferred as collateral		(10,696	)
Digital assets returned by GSR Markets		1,813
Balance as of December 31, 2025	$	63,970

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.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

6 Months Ended

Dec. 31, 2025

Derivatives

8. Derivatives

The following table presents our condensed consolidated balance sheets classification of derivatives carried at fair value (in thousands):


		December 31, 2025
Derivative	Balance Sheet Line	Asset		Liability
Derivatives not designated as hedging instruments:
Covered Call Options	Accrued liabilities	$	—	$	28
Total derivatives		$	—	$	28

The following table presents our condensed statements of operations classification of derivatives carried at fair value (in thousands):


Derivative	Statements of Operations Line	For the Three and Six Months Ended December 31, 2025
Derivatives not designated as hedging instruments:
Covered Call Options	Gain on derivative liabilities	$	541
Total derivatives		$	541

Covered Call Options

We carry our Covered Call Options at fair value with any realized gains or losses and/or changes in fair value recognized within gains or losses on derivative liabilities, a component of other (expense) income, net, in our condensed consolidated statements of operations.

In estimating the fair value of our Covered Call Options, we use the Black-76 Model (the Black-76 Model), a derivation of the BSM Model, which includes several inputs and assumptions, including the forward price of the underlying asset (LTC), the underlying asset’s implied volatility, the risk-free interest rate, and the expected term of the Covered Call Options. The expected term of the Covered Call Options is the contractual term given the Covered Call Options can only be exercised on their expiration date (i.e., European-style options). We determined that the Covered Call Options are Level 2 liabilities given all inputs are observable.

During the three and six months ended December 31, 2025, we issued Covered Call Options of $22.0 million notional for proceeds of $0.6 million to generate cash flows on a portion of our digital assets, which is expected to be utilized in our Share Repurchase Program. We transferred to GSR Markets LTC as collateral in a quantity equal to the underlying notional for the Covered Call Options sold. The Covered Call Options are only exercisable upon the date of expiration, automatically exercised if the underlying reference price was greater than the strike price of the Covered Call Option, and settled with delivery of the underlying LTC. The reference price for the Covered Call Options is/was GSR's internal pricing index, aggregating prices from multiple exchanges, quoted in USD at 6:00pm UTC time for a given date.

During the three and six months ended December 31, 2025, Covered Call Options on $16.0 million notional expired with the underlying reference price below their strike price and we recorded a realized gain of $0.5 million. As of December 31, 2025, we had three Covered Call Options outstanding on $6.0 million notional.

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 (in thousands):


	As of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	6,562	$	6,562	$	—	$	—
Digital assets		63,970		63,970		—		—
Digital assets receivable, net		7,350		7,350		—		—
Total assets measured on a recurring basis	$	77,882	$	77,882	$	—	$	—

Liabilities:
Derivative liabilities - Covered Call Options	$	28		—	$	28		—
Total liabilities measured on a recurring basis	$	28	$	—	$	28	$	—

Schedule of Changes in Carrying Amount of Digital Assets

The following table presents the changes in the carrying amount of our digital assets (in thousands):


Balance as of June 30, 2025	$	—
Purchases of digital assets		100,000
Change in fair value of digital assets		(631	)
Balance as of September 30, 2025		99,369
Change in fair value of digital assets		(26,516	)
Digital assets transferred as collateral		(10,696	)
Digital assets returned by GSR Markets		1,813
Balance as of December 31, 2025	$	63,970

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Lite Strategy, Inc. (Nasdaq: LITS) is a pharmaceutical company that has historically developed novel and differentiated cancer therapies and is currently assessing pre-clinical development programs potentially in nononcology disease indications. We also hold Litecoin (LTC) tokens as a primary reserve asset as part of our broader institutional treasury strategy. We initially 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 drug development is to evaluate our drug candidates either as stand-alone or in combination with standard-of-care therapies to overcome known resistance mechanisms and address medical needs to provide improved patient benefit. Our drug candidate pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor, zandelisib, an oral, once-daily, selective P3K3 inhibitor and, prior to its sale in October 2024 to Aardvark Therapeutics, Inc., ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway in the mitochondria. Stock Buy Back In connection with shifting our Litecoin Treasury Strategy (as defined below) from initial LTC accumulation to active capital market operations, on October 29, 2025, we announced that our board of directors (Board) authorized a program to repurchase shares of our common stock, par value $0.00000002 (Common Stock), up to an aggregate amount of $25.0 million (the Share Repurchase Program), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. The Share Repurchase Program was effective immediately and provides for shares to be repurchased in the open market, privately negotiated transactions or otherwise. The timing of purchases and the exact number of shares to be purchased under the Share Repurchase Program will depend on market conditions, does not include specific price targets or timetables and may be suspended or terminated by us at any time. We intend to finance the purchases using proceeds from our Covered Call Options (as defined below) or from the liquidation of a portion of our LTC tokens. As more fully described in Note 11. Stockholders' Equity, in December 2025, we initiated our Share Repurchase Program. 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 (the Litecoin Treasury Strategy) through our acquisition of LTC tokens, reflecting the full deployment of the net proceeds of the PIPE (as defined below). LTC 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. LTC 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, implement treasury management strategies and align with emerging financial technologies with an emphasis on privacy and payment processing. Private Investment in Public Equity (PIPE) and Related Agreements On July 22, 2025 (the Closing Date), we closed on a $100.0 million PIPE and issued an aggregate of (i) 23,216,898 shares (the Shares) of Common Stock, at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants, and together with the Shares, the Securities), 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 (the Offering). Also in July 2025, we entered into various agreements with certain advisors to the PIPE, asset managers and custodians who will help us deploy our Litecoin Treasury Strategy, 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 (the Sales Agreement). As partial or full consideration of services provided associated with the PIPE, we issued warrants for the purchase of up to 3,070,177 shares of Common Stock with a weighted-average exercise price of approximately $4.10 per share. See Note 12. Warrants for a summary of the fair value assumptions used to value the Advisory Warrants upon the closing of the PIPE. Strategic Alternatives On July 22, 2024, we announced that our Board unanimously determined 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 in oncology, while we continued to conduct certain nonclinical activities related to our drug candidate assets. As part of the review of strategic alternatives, we considered options such as out-licensing opportunities or sale of our existing programs and merger and acquisition opportunities, as well as other potential opportunities. The evaluation of strategic alternatives concluded with the August 2025 implementation of the Litecoin Treasury Strategy 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 LTC mining or other crypto-focused operational activities. Additionally, we have commenced further investigational research and development pre-clinical activities with our drug candidate pipeline in nononcology disease indications for potential out-licensing or sale related opportunities.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Articles 8 and 10 of Regulation S-X. Accordingly, the condensed financial statements do not include all information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The unaudited condensed 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 unaudited condensed consolidated financial statements for the quarterly period ended December 31, 2025 should be read in conjunction with the audited financial statements and notes thereto as of and for the fiscal year ended June 30, 2025, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on September 26, 2025 (2025 Annual Report). Interim results are not necessarily indicative of results for a full year. We have evaluated subsequent events through the date the condensed consolidated financial statements were issued.

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Presage License Agreement
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Accrued payment for potential future payments	$ 0

Digital Assets - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025
Crypto Asset, Cost [Abstract]
Digital assets	$ 63,970	$ 99,369	$ 0

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 22, 2025	Dec. 31, 2025	Oct. 29, 2025	Sep. 24, 2025	Jul. 31, 2025	Jun. 30, 2025
Targeted or Tracking Stock, Stock [Line Items]
Common stock, par value		$ 0.00000002	$ 0.00000002			$ 0.00000002
Private Placement Offering
Targeted or Tracking Stock, Stock [Line Items]
Proceeds from private investment in private equity	$ 100.0
Number of shares issued in the offering	23,216,898
Offering price per share	$ 3.42
Advisory Warrant
Targeted or Tracking Stock, Stock [Line Items]
Exercise price					$ 4.1
Maximum \| Stock Buy Back Program
Targeted or Tracking Stock, Stock [Line Items]
Share repurchase program authorized amount			$ 25.0
Maximum \| Advisory Warrant
Targeted or Tracking Stock, Stock [Line Items]
Warrants issued to purchase common stock					3,070,177
Pre-Funded Warrants
Targeted or Tracking Stock, Stock [Line Items]
Offering price per share	$ 3.4199
Warrants issued to purchase common stock	6,022,869
Exercise price				$ 0.0001

Derivatives - (Additional Information) (Details)	3 Months Ended	6 Months Ended
Derivatives - (Additional Information) (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Derivative [Line Items]
Derivative notional amount outstanding	$ 0	$ 0
Covered Call Options
Derivative [Line Items]
Derivative notional amount issued	22,000,000	22,000,000
Proceeds from derivatives	600,000	600,000
Derivative notional amount expired	16,000,000	16,000,000
Realized gain on derivative	500,000	500,000
Derivative notional amount outstanding	$ 6,000,000	$ 6,000,000

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Use of Estimates

Cash and Cash Equivalents

Digital Assets

Digital Assets Receivable, Net

Fair Value of Financial Instruments

Derivatives - Covered Call Options

Derivatives – Covered Call Options

Master Loan Agreement

providing notice within the time frame set forth in the respective Loan. Upon termination, the borrowed digital assets or cash must be returned, and the related collateral released.

Warrants

Share-based Compensation

Net Loss Per Share

For each of the periods presented, basic and diluted net loss per share were the same.

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


	For the Three Months Ended December 31,				For the Six Months Ended December 31,
	2025		2024		2025		2024
Stock options		1,291		955		1,291		955
Warrants:
Advisory Warrants		3,070		—		3,070		—
GD Advisory Warrant		176		—		176		—
Other warrant		103		103		103		103
Total anti-dilutive shares		4,640		1,058		4,640		1,058

Recent Accounting Pronouncement

Recently Adopted

Recently Issued

disclosures for all periods presented. We expect this ASU to only impact our disclosures with no impact to our results of operations, cash flows, and financial condition.

Employee Termination Benefits - Summary of Activity Related to Employee Benefits Included in Accrued Liabilities (Detail) - One -Time Termination Benefits - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2025	Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 728	$ 21
Increase in accrued restructuring	122	5,734
Cash payments	(850)	(5,027)
Restructuring Reserve, Ending Balance	$ 0	$ 728

Summary of Digital Asset Holdings

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

Digital Assets (Tables)

6 Months Ended

Dec. 31, 2025

Crypto Asset, Cost [Abstract]

The following table summarizes our digital asset holdings as of December 31, 2025 (in thousands, except quantity):


	As of December 31, 2025
	Quantity		Cost Basis		Fair Value
Digital assets		833,748	$	89,153	$	63,970
Digital assets receivable, net (1)		95,800		8,743		7,350
Total digital assets		929,548	$	97,896	$	71,320

________________

(1) Digital assets receivable, net, include LTC pledged as collateral and those unencumbered but residing with GSR.

Subsequent Events - Additional Information (Detail) - shares	Feb. 12, 2026	Dec. 31, 2025	Jun. 30, 2025
Subsequent Event [Line Items]
Common stock, shares authorized		226,000,000	226,000,000
Subsequent Event \| The 2026 Plan
Subsequent Event [Line Items]
Common stock, shares authorized	2,000,000
Termination date	Feb. 11, 2036

Stockholders' Equity (Tables)

6 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Activity under Share Repurchase Program

The following table summarizes activity under our Share Repurchase Program (cost in thousands):


	For the Three and Six Months Ended December 31, 2025
	Shares		Cost
Treasury shares repurchased		137,541	$	203

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Antidilutive Securities

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


	For the Three Months Ended December 31,				For the Six Months Ended December 31,
	2025		2024		2025		2024
Stock options		1,291		955		1,291		955
Warrants:
Advisory Warrants		3,070		—		3,070		—
GD Advisory Warrant		176		—		176		—
Other warrant		103		103		103		103
Total anti-dilutive shares		4,640		1,058		4,640		1,058

Segment Information

6 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

13. Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (CODM), which is our Chief Executive Officer and Chief Financial Officer, in deciding how to allocate resources and assess performance. During fiscal year 2025, when allocating financial and personnel resources, due to pursuing our strategic alternatives initiative, the CODM evaluated our financial information, including year over year profit and loss comparisons and cash projections, on an aggregate basis. During fiscal year 2026, our CODM evaluates financial information including budget versus actual comparisons when assessing performance for allocating financial and personnel resources. Prior to the commencement of writing the Covered Call Options in the second quarter of fiscal year 2026, the CODM considered our cash and cash equivalents and other corporate expenses to be primarily available for use in our development of pharmaceutical products segment. However, since the proceeds from the issuance of our Covered Call Options are being utilized to repurchase our Common Stock, the CODM reevaluated its position during the second quarter of fiscal year 2026 and concluded cash and cash equivalents and corporate expenses were no longer segment expenses and therefore would represent corporate expenses and be a reconciling item between total segment costs and our consolidated results. We are not organized by market.

Prior to the initiation of our Litecoin Treasury Strategy in August 2025, we operated as a single operating segment, the development of pharmaceutical products. Subsequently, we now operate under two operating segments (development of pharmaceutical products and digital asset treasury strategy), which we identify based upon the underlying business activities supporting these two segments. During the first quarter of fiscal year 2026 and for fiscal year 2025, we did not generate any revenue. Consistent with the CODM's reevaluation in the section quarter of 2026, he concluded our administrative functions including finance, business development and information systems, no longer were primarily supportive of our development of pharmaceutical products segment, and would be primarily included in corporate expenses. 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 both our segments are the same as those described in Note 2. Summary of Significant Accounting Policies. All our assets are in the United States. We do not have intra-entity sales or transfers.

During the three and six months ended December 31, 2025 and 2024, we had no transactions denominated in foreign currencies nor any intangible property for which we recognized amortization expense. During the three and six months ended December 31, 2025, and the three months ended December 31, 2024, we did not recognize depreciation expense. During the six months ended December 31, 2024, we recognized depreciation expense that we have included in "other segment expenses" within the table below.

Depreciation expense is reported in our statements of cash flows and is expected to be zero during fiscal year 2026. Noncash expenses such as depreciating assets and share-based compensation are not part of the CODM's evaluation or decision-making process.

The following tables summarize our financial data for our segments (in thousands):


	For the Three Months Ended December 31, 2025
	Digital Asset Treasury Strategy			Development of Pharmaceutical Products			Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	144		$	23		$	167		$	332		$	499
Other segment expenses(1)		13			—			13			838			851
Professional fees		371			—			371			357			728
Legal fees		5			172			177			383			560
voruciclib		—			23			23			—			23
Asset management fee and advisory fees		690			—			690			—			690
Change in fair value of digital assets		26,516			—			26,516			—			26,516
Change in fair value of digital assets receivable, net		1,533			—			1,533			—			1,533
Gain on derivative liabilities		(541	)		—			(541	)		—			(541	)
Interest and dividend income(2)		—			—			—			(60	)		(60	)
Total operating and other (income) expense		28,731			218			28,949			1,850			30,799
Total segment costs loss and net loss	$	(28,731	)	$	(218	)	$	(28,949	)	$	(1,850	)	$	(30,799	)

___________

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.


	For the Three Months Ended December 31, 2024
	Development of Pharmaceutical Products and Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	401		$	1,675		$	2,076
Other segment expenses(1)		(79	)		468			389
Professional fees		9			288			297
Legal fees		212			505			717
voruciclib		81			—			81
ME-344		(104	)		—			(104	)
Gain on disposition of nonfinancial asset		—			(500	)		(500	)
Interest and dividend income(2)		—			(279	)		(279	)
Total operating and other (income) expense		520			2,157			2,677
Total segment costs loss and net loss	$	(520	)	$	(2,157	)	$	(2,677	)

___________

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.


	For the Six Months Ended December 31, 2025
	Digital Asset Treasury Strategy			Development of Pharmaceutical Products			Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	376		$	23		$	399		$	679		$	1,078
Other segment expenses(1)		33			5			38			1,649			1,687
Professional fees		441			2			443			1,056			1,499
Legal fees		112			366			478			528			1,006
voruciclib		—			26			26			—			26
Asset management fee and advisory fees		1,163			—			1,163			—			1,163
Change in fair value of digital assets		27,147			—			27,147			—			27,147
Change in fair value of digital assets receivable, net		1,533			—			1,533			—			1,533
Gain on derivative liabilities		(541	)		—			(541	)		—			(541	)
Interest and dividend income(2)		—			—			—			(160	)		(160	)
Total operating and other (income) expense		30,264			422			30,686			3,752			34,438
Total segment costs loss and net loss	$	(30,264	)	$	(422	)	$	(30,686	)	$	(3,752	)	$	(34,438	)

________

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.


	For the Six Months Ended December 31, 2024
	Development of Pharmaceutical Products and Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	2,366		$	4,633		$	6,999
Other segment expenses(1)		33			1,638			1,671
Professional fees		21			890			911
Legal fees		409			777			1,186
voruciclib		798			—			798
ME-344		253			—			253
Gain on disposition of nonfinancial asset		—			(500	)		(500	)
Interest and dividend income(2)		—			(634	)		(634	)
Total operating and other (income) expense		3,880			6,804			10,684
Total segment costs loss and net loss	$	(3,880	)	$	(6,804	)	$	(10,684	)

________

(2) Interest and dividend income are solely attributable to our cash and cash equivalents.


	December 31, 2025
	Digital Asset Treasury Strategy		Development of Pharmaceutical Products		Total Segment Assets		Corporate Assets		Consolidated
Current assets:
Cash and cash equivalent	$	—	$	—	$	—	$	8,758	$	8,758
Prepaid expenses and other current assets		1,061		51		1,112		1,042		2,154
Total current assets		1,061		51		1,112		9,800		10,912
Digital assets		63,970		—		63,970		—		63,970
Digital assets receivable, net		7,350		—		7,350		—		7,350
Other long-term assets		—		—		—		705		705
Total assets	$	72,381	$	51	$	72,432	$	10,505	$	82,937


	June 30, 2025
	Development of Pharmaceutical Products and Total Segment Assets		Corporate Assets		Consolidated
Current assets:
Cash and cash equivalent	$	—	$	18,011	$	18,011
Prepaid expenses and other current assets		25		249		274
Total current assets		25		18,260		18,285
Total assets	$	25	$	18,260	$	18,285

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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Employee Termination Benefits

Subsequent Events

6 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Effective February 12, 2026, our stockholders approved our 2026 Stock Omnibus Equity Compensation Plan (the 2026 Plan), which replaces the MEI Pharma, Inc. 2008 Omnibus Equity Compensation Plan, as amended and restated (the Prior Plan). Subject to certain adjustments, under the 2026 Plan, we are authorized to issue 2,000,000 shares of Common Stock, plus (i) the number of shares available for grant under the Prior Plan as of the effective date of the 2026 Plan and (ii) the number of shares underlying awards granted under the Prior Plan that, following the effective date, expire or are terminated, surrendered, cancelled or forfeited without issuance of shares. Grants may be made to our employees and the employees of our affiliates, our nonemployee directors, and the advisors who perform services for us and our subsidiaries. The 2026 Plan provides for the grant of stock options, stock appreciation rights, stock units, stock awards, and other stock-based awards. Except as provided below, the 2026 Plan is administered by our compensation committee, which will determine the individuals who will receive grants under the 2026 Plan, the type and size of such grant, and otherwise make all determinations under the 2026 Plan as it deems necessary. In the case of nonemployee directors, our Board will perform the functions of the compensation committee under the 2026 Plan. The 2026 Plan will terminate on February 11, 2036, unless terminated earlier by the Board or unless the Board, with stockholder approval, extends the term of the 2026 Plan.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	Sep. 30, 2025 $ / shares
Pre-Funded Warrants
Offering price per share	$ 3.4199
Common Stock \| Private Placement
Offering price per share	$ 3.42

CONDENSED CONSOLIDATED BALANCE SHEETS (parenthetical) - $ / shares	Dec. 31, 2025	Oct. 29, 2025	Jun. 30, 2025
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	$ 0.00000002
Common stock, shares authorized	226,000,000		226,000,000
Common stock, shares issued	36,785,000		6,663,000
Treasury Stock, at cost	138,000		0

License Agreements

6 Months Ended

Dec. 31, 2025

Licensing Arrangements [Abstract]

License Agreements

10. License Agreements

Presage Biosciences License Agreement

In September 2017, we, as licensee, entered into a license agreement with Presage. Under the terms of the license agreement, Presage granted 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 three and six months ended December 31, 2025 and 2024, we made no payments under the Presage license agreement.

Employee Termination Benefits

6 Months Ended

Dec. 31, 2025

Restructuring Reserve [Abstract]

6. 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. As a result, our Board approved a staggered workforce reduction, which was completed during fiscal year 2024.

In August 2024, in connection with our announcement to evaluate strategic alternatives as described in Note 1. Description of Business and Basis of Presentation, we commenced the Strategic Alternatives RIF. All activities related to the Strategic Alternatives RIF were completed as of September 30, 2025. Total charges incurred for the Strategic Alternatives RIF totaled $5.9 million which included charges for retention, contractual pro rata fiscal year 2025 bonuses, severance and COBRA costs related to the termination of our employees due to our related wind down activities.

During the three months ended December 31, 2025, no employee termination benefits were recognized. During the six months ended December 31, 2025, we recorded employee termination benefits of $0.1 million within general and administrative expense. During the three months ended December 31, 2024, we recorded employee termination benefits of $0.3 million within research and development expense and $0.9 million within general and administrative expense. During the six months ended December 31, 2024, we recorded employee termination benefits of $1.6 million within research and development expense and $2.7 million within general and administrative expense. All one-time termination benefits were associated with our development of pharmaceutical products segment.

The following table summarizes our activity related to employee benefits included in accrued liabilities (in thousands):


	One-time Employee Termination Benefits
Balance at June 30, 2024	$	21
Increase in accrued restructuring		5,734
Cash payments		(5,027	)
Balance at June 30, 2025		728
Increase in accrued restructuring		122
Cash payments		(850	)
Balance at December 31, 2025	$	—

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Jun. 30, 2025

$ 8,758

$ 18,011

2,154

274

10,912

18,285

Digital assets receivable, net

63,970

7,350

^[1]

705

Total current liabilities

82,937

18,285

Current liabilities:

Accounts payable

327

176

Accrued liabilities

760

1,178

1,087

1,354

Total liabilities

1,087

1,354

Commitments and contingencies (Note 9)

Stockholders' equity:

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

Common stock, $0.00000002 par value; 226,000 shares authorized; 36,785 and 6,663 shares issued at December 31, 2025 and June 30, 2025, respectively.

Additional paid-in capital

520,655

421,095

Treasury stock, at cost, 138 and no shares at December 31, 2025 and June 30, 2025, respectively.

(203)

Accumulated deficit

(438,602)

(404,164)

Total stockholders' equity

81,850

16,931

Total liabilities and stockholders' equity

$ 82,937

$ 18,285

[1]	Digital assets receivable, net, include LTC pledged as collateral and those unencumbered but residing with GSR.

Derivatives - Schedule of Classification of Derivatives Carried at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivatives	$ 541	$ 0	$ 541	$ 0
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	0		0
Liabilities	28		28
Total derivatives	541		541
Not Designated as Hedging Instrument \| Covered Call Options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	0		0
Liabilities	$ 28		$ 28
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current
Total derivatives	$ 541		$ 541
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total derivatives		Total derivatives

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Balance Sheet Related Disclosures [Abstract]

Warrants - Schedule of Warrants Outstanding (Detail)	Dec. 31, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	3,953,187
Pre-Funded Warrants Issued For Services
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	546,348
Exercise price \| $ / shares	$ 0.0001
Initial Exercise Date	Sep. 24, 2025
GSR 1
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	584,795
Exercise price \| $ / shares	$ 3.42
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
GSR 2
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	292,398
Exercise price \| $ / shares	$ 3.93
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
GSR 3
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	292,398
Exercise price \| $ / shares	$ 4.62
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
GSR 4
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	292,398
Exercise price \| $ / shares	$ 5.13
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
Strategic Advisor Warrants
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	438,597
Exercise price \| $ / shares	$ 4.1
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
Placement Agent Warrants
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	1,169,591
Exercise price \| $ / shares	$ 4.1
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
GD Advisory Warrants in Lieu of Cash Payment
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	234,149
Exercise price \| $ / shares	$ 0.0001
Initial Exercise Date	Oct. 08, 2025
Expiration Date	Oct. 08, 2030
Other Warrant
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	102,513
Exercise price \| $ / shares	$ 6.8
Initial Exercise Date	Oct. 25, 2022
Expiration Date	Oct. 25, 2027

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 30, 2025
Cash equivalents
Assets:
Total assets measured on a recurring basis		$ 17,800
Fair Value, Recurring
Assets:
Total assets measured on a recurring basis	$ 77,882
Liabilities:
Total liabilities measured on a recurring basis	28	$ 0
Fair Value, Recurring \| Cash equivalents
Assets:
Total assets measured on a recurring basis	6,562
Fair Value, Recurring \| Digital assets
Assets:
Total assets measured on a recurring basis	63,970
Fair Value, Recurring \| Digital assets receivable, net
Assets:
Total assets measured on a recurring basis	7,350
Fair Value, Recurring \| Derivative liabilities - Covered call options
Liabilities:
Total liabilities measured on a recurring basis	28
Level 1 \| Fair Value, Recurring
Assets:
Total assets measured on a recurring basis	77,882
Liabilities:
Total liabilities measured on a recurring basis	0
Level 1 \| Fair Value, Recurring \| Cash equivalents
Assets:
Total assets measured on a recurring basis	6,562
Level 1 \| Fair Value, Recurring \| Digital assets
Assets:
Total assets measured on a recurring basis	63,970
Level 1 \| Fair Value, Recurring \| Digital assets receivable, net
Assets:
Total assets measured on a recurring basis	7,350
Level 1 \| Fair Value, Recurring \| Derivative liabilities - Covered call options
Liabilities:
Total liabilities measured on a recurring basis	0
Level 2 \| Fair Value, Recurring
Assets:
Total assets measured on a recurring basis	0
Liabilities:
Total liabilities measured on a recurring basis	28
Level 2 \| Fair Value, Recurring \| Cash equivalents
Assets:
Total assets measured on a recurring basis	0
Level 2 \| Fair Value, Recurring \| Digital assets
Assets:
Total assets measured on a recurring basis	0
Level 2 \| Fair Value, Recurring \| Digital assets receivable, net
Assets:
Total assets measured on a recurring basis	0
Level 2 \| Fair Value, Recurring \| Derivative liabilities - Covered call options
Liabilities:
Total liabilities measured on a recurring basis	28
Level 3 \| Fair Value, Recurring
Assets:
Total assets measured on a recurring basis	0
Liabilities:
Total liabilities measured on a recurring basis	0
Level 3 \| Fair Value, Recurring \| Cash equivalents
Assets:
Total assets measured on a recurring basis	0
Level 3 \| Fair Value, Recurring \| Digital assets
Assets:
Total assets measured on a recurring basis	0
Level 3 \| Fair Value, Recurring \| Digital assets receivable, net
Assets:
Total assets measured on a recurring basis	0
Level 3 \| Fair Value, Recurring \| Derivative liabilities - Covered call options
Liabilities:
Total liabilities measured on a recurring basis	$ 0

Balance Sheet Details

6 Months Ended

Dec. 31, 2025

Balance Sheet Details

3. Balance Sheet Details

Prepaid Expenses and Other Current Assets

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


	December 31, 2025		June 30, 2025
Asset management fee	$	1,061	$	—
Insurance		992		176
Software license		35		39
Other		66		59
Total prepaid and other current assets	$	2,154	$	274

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	December 31, 2025		June 30, 2025
Accrued compensation and benefits(1)	$	408	$	873
Accrued legal and professional services		242		144
Accrued pre-clinical and clinical trial expenses		18		134
Derivative liabilities - Covered Call Options		28		—
Other		64		27
Total accrued liabilities	$	760	$	1,178

________________

(1) Includes employee termination benefits of approximately $0.7 million as of June 30, 2025, as more fully described in Note 6. Employee Termination Benefits.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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
Non Rule 10b51 Arr Modified	false
Rule 10b51 Arr Modified	false

Warrants

6 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrants

12. Warrants

As of December 31, 2025, we have the following warrants outstanding:


	Number of Warrants Outstanding		Exercise Price		Initial Exercise Date	Expiration Date
Pre-Funded Warrants
Issued for services		546,348	$	0.0001	September 24, 2025	Until Exercised in Full
Advisory Warrants
Asset Manager Warrants
GSR 1		584,795	$	3.42	July 22, 2025	July 22, 2030
GSR 2		292,398	$	3.93	July 22, 2025	July 22, 2030
GSR 3		292,398	$	4.62	July 22, 2025	July 22, 2030
GSR 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
GD Advisory Warrants in lieu of cash payment		234,149	$	0.0001	October 8, 2025	October 8, 2030
Other warrant		102,513	$	6.80	October 25, 2022	October 25, 2027
Total warrants outstanding		3,953,187

Pre-Funded Warrants

As discussed in Note 1. Description of Business and Basis of Presentation, we issued Pre-Funded Warrants to purchase up to an aggregate of 6,022,869 shares of Common Stock. Each Pre-Funded Warrant was immediately exercisable for one share of Common Stock at an exercise price of $0.0001 per Pre-Funded Warrant Share and could be exercised at any time until all the Pre-Funded Warrants issued in the Offering are exercised in full. Each holder of the Pre-Funded Warrant's ability to exercise its Pre-Funded Warrants in exchange for shares of Common Stock was subject to certain beneficial ownership limitations set forth therein. 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. During the three months ended September 30, 2025, we issued 2,807,967 shares of Common Stock upon cashless exercises of 2,808,070 Pre-Funded Warrants. In October 2025, the remaining Pre-Funded Warrants issued in the PIPE for the purchase of 1,130,290 shares of Common Stock were cashless exercised in exchange for 1,130,242 shares of Common Stock. As of December 31, 2025, no Pre-Funded Warrants issued in the PIPE remain outstanding.

On September 24, 2025, as payment of the annual Asset-based Fee under the GSR Asset Management Agreement, we issued GSR fully vested, nonforfeitable pre-funded warrants (the GSR Pre-Funded Warrants, as more fully discussed in Note 14. Related Party Transactions) for the purchase of up to 546,348 shares of our Common Stock with an exercise price of $0.0001 per share. During the first year of the GSR Asset Management Agreement, it is noncancelable, by us, other than for Cause (as defined therein). The annual Asset-based Fee of $1.9 million will be amortized to expense through the one-year anniversary of the GSR Asset Management Agreement. Amounts in excess of fees recognized through December 31, 2025, are recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. We concluded the fair value of services received by GSR represented the fair value of the warrants issued in settlement of the Asset-based Fee and recorded such fair value as additional paid-in capital in the condensed consolidated balance sheets. During the three and six months ended December 31, 2025, we recognized $0.5 million and $0.8 million, respectively, of the Asset-based Fee within general and administrative expenses within our digital asset treasury strategy segment (see Note 13. Segment Information for information related to our segments).

Advisory Warrants

On July 22, 2025, in conjunction with the closing of the PIPE, we issued the Advisory Warrants (as discussed in Note 2. Summary of Significant Accounting Policies) for the purchase of 3,070,177 shares of our Common Stock to our advisors in the

transaction (the Advisory Warrants). The Advisory Warrants are immediately exercisable, expire five years from the issuance date and have exercise prices between $3.42 and $5.13 per share. Upon issuance, we recognized the fair value of the Advisory Warrants of $16.2 million within additional paid-in capital that is included in the condensed consolidated statements of stockholders' equity for the six months ended December 31, 2025. The weighted-average grant date fair value of the Advisory Warrants was $5.28 per share as determined using the following weighted-average grant date assumptions:


Risk-free interest rate	3.9	%
Expected life (years)	5.0
Volatility	85.3	%
Dividend yield	—	%

GD Advisory Warrants Issued in Lieu of Cash Fees

In October 2025, in settlement of the Annual Advisory Fee (as defined in Note 14. Related Party Transactions) for the annual period ending July 21, 2026, we issued a GD Advisory Warrants (as defined in Note 14. Related Party Transactions) for the purchase of up to 234,149 shares of Common Stock with an exercise price of $0.0001 per share. The Annual Advisory Fee of $0.8 million will be recorded to expense through the one-year anniversary of the GD Advisory Agreement (as defined in Note 14. Related Party Transactions), over the requisite service period. We concluded the fair value of services received or to be received by Green Dragon represented the fair value of the warrants issued in settlement of the Annual Advisory Fee. During the three and six months ended December 31, 2025, we recognized $0.2 million and $0.3 million, respectively, of the Annual Advisory Fee in general and administrative expenses within our digital asset treasury strategy segment (see Note 13. Segment Information for information related to our segments).

Other Warrant

As of December 31, 2025, we have a warrant to purchase 102,513 shares of our common stock issued to Torreya Partners LLC. The warrant is fully vested, exercisable at a price of $6.80 per share and expires in October 2027. The warrant wasn't exercised as of December 31, 2025.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Digital assets, quantity | CryptoAsset

Digital Assets - Summary of Digital Asset Holdings (Detail)
$ in Thousands

Dec. 31, 2025

USD ($)

CryptoAsset

Sep. 30, 2025

USD ($)

Jun. 30, 2025

USD ($)

Crypto Asset, Holding [Line Items]

833,748

Digital assets, cost basis

$ 89,153

Digital assets, fair value

$ 63,970

$ 99,369

$ 0

Digital assets receivable, net | CryptoAsset

^[1]

95,800

Digital assets receivable, net, cost basis

^[1]

$ 8,743

Digital assets receivable, net, fair value

$ 7,350

^[1]

$ 0

Total digital assets, quantity | CryptoAsset

929,548

Total digital assets, cost basis

$ 97,896

Total digital assets, fair value

$ 71,320

[1]	Digital assets receivable, net, include LTC pledged as collateral and those unencumbered but residing with GSR.

Fair Value Measurements - Schedule of Changes in Carrying Amount of Digital Assets (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Fair Value, Beginning Balance	$ 99,369	$ 0		$ 0
Purchases of digital assets		100,000
Change in fair value of digital assets	(26,516)	(631)	$ 0	(27,147)	$ 0
Digital assets transferred as collateral	(10,696)
Digital assets returned by GSR Markets	1,813
Fair Value, Ending Balance	$ 63,970	$ 99,369		$ 63,970

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (34,438)	$ (10,684)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of digital assets	27,147	0
Change in fair value of digital assets receivable, net	1,533	0
Share-based compensation	518	(238)
Gain on derivative liabilities	(541)	0
Noncash asset management and advisory expense	1,163	0
Noncash lease expense	0	214
Depreciation expense	0	368
Loss on disposal of property and equipment	0	14
Gain on disposition of nonfinancial asset	0	(500)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(819)	1,778
Other long-term assets	(705)	0
Accounts payable	151	(2,572)
Accrued liabilities	(446)	(3,496)
Net cash used in operating activities	(6,437)	(15,116)
Cash flows from investing activities:
Purchases of digital assets	(100,000)	0
Net proceeds from written covered call options	569
Proceeds from maturity of short-term investments	0	34,640
Proceeds from sale of property and equipment	0	10
Proceeds from the disposition of a nonfinancial asset	0	500
Net cash (used in) provided by investing activities	(99,431)	35,150
Cash flows from financing activities:
Proceeds from the issuance of Common Stock and Pre-Funded Warrants in July 2025, net of offering costs	92,190	0
Proceeds from issuance of Common Stock through our ATM Program, net of issuance costs	4,628	0
Repurchases of Common Stock through our Share Repurchase Program	(203)	0
Net cash provided by financing activities	96,615	0
Net (decrease) increase in cash and cash equivalents	(9,253)	20,034
Cash and cash equivalents at beginning of the period	18,011	3,705
Cash and cash equivalents at end of the period	8,758	23,739
Supplemental cash flow information:
Issuance of Advisory Warrants for services rendered in the July 2025 PIPE	16,215	0
Issuance of Pre-Funded Warrants to asset manager in lieu of cash fees	1,875	0
Issuance of Advisory Warrants in lieu of cash fees	$ 349	$ 0

Employee Termination Benefits (Tables)

6 Months Ended

Dec. 31, 2025

Restructuring Reserve [Abstract]

Summary of Activity Related to Employee Benefits Included in Accrued Liabilities

The following table summarizes our activity related to employee benefits included in accrued liabilities (in thousands):


	One-time Employee Termination Benefits
Balance at June 30, 2024	$	21
Increase in accrued restructuring		5,734
Cash payments		(5,027	)
Balance at June 30, 2025		728
Increase in accrued restructuring		122
Cash payments		(850	)
Balance at December 31, 2025	$	—

Related Party Transactions - Summary of Related Party Transactions with Affiliates of Board (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2025

Dec. 31, 2024

Jun. 30, 2025

Digital assets receivable, net

$ 2,154

$ 274

7,350

^[1]

7,350

^[1]

$ 0

General and administrative expense recognized

3,305

$ 3,143

6,403

$ 8,332

Change in fair value of digital assets receivable, net

1,533

$ 0

1,533

$ 0

Digital assets receivable, net

1,061

7,350

General and administrative expense recognized

690

1,163

Change in fair value of digital assets receivable, net

1,533

Accrued liabilities (Derivative liabilities - Covered Call Options)

$ 28

[1]	Digital assets receivable, net, include LTC pledged as collateral and those unencumbered but residing with GSR.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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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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 10: http://www.xbrl.org/2003/role/disclosureRef
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Warrants - Schedule of Weighted-Average Grant Date Assumptions (Detail) - Advisory Warrants	Jul. 22, 2025
Class of Warrant or Right [Line Items]
Risk-free interest rate	3.90%
Expected life (years)	5 years
Volatility	85.30%
Dividend yield	0.00%

Stockholders' Equity

6 Months Ended

Dec. 31, 2025

Federal Home Loan Banks [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Description of Capital Stock

Our total authorized share capital is 226,100,000 shares consisting of 226,000,000 shares of 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 nonassessable. 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 PIPE, we issued 23,216,898 shares of Common Stock at $3.42 per share, for net cash proceeds of $92.2 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 issuance 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 December 31, 2025 and June 30, 2025.

Equity Transactions

Share Repurchase Program

In December 2025, we commenced utilization of our Share Repurchase Program announced in October 2025 by repurchasing 137,541 shares of our Common Stock from the open market (the Treasury Shares) at a weighted-average price of $1.47 per share. Treasury Shares repurchased through the Share Repurchase Program are considered held in treasury and returned to the status of authorized but unissued shares of Common Stock. Accordingly, the cost of our Treasury Shares, including excise taxes as applicable, were recorded as a treasury stock transaction with our condensed consolidated balance sheets and statements of stockholder's equity. The Share Repurchase Program does not have an expiration date, does not include specific price targets or timetables and may be suspended or terminated by us at any time.

The following table summarizes activity under our Share Repurchase Program (cost in thousands):


	For the Three and Six Months Ended December 31, 2025
	Shares		Cost
Treasury shares repurchased		137,541	$	203

Shelf Registration Statement

On February 20, 2024 we filed a shelf registration statement on Form S-3 which was declared effective by the SEC on February 28, 2024 (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.

At-The-Market Equity Offering

On February 20, 2024, we entered into a capital on demand sales agreement (On Demand Sales Agreement) with JonesTrading Institution Services LLC, pursuant to which we could offer and sell shares having an aggregate offering price of up to $25.0 million. We did not offer or sell any shares of Common Stock under the On Demand Sales Agreement. Effective July 21, 2025, we terminated the On Demand Sales Agreement.

On July 22, 2025, we entered a Sales Agreement with Titan Partners Group LLC, a division of American Capital Partners LLC (in such capacity, the Agent), pursuant to which we may sell, from time to time, at our 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 (ATM Program). 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.

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, if authorized by us and (ii) pursuant to the February 2024 Shelf Registration Statement as supplemented by a prospectus supplement, filed with the SEC on July 23, 2025.

As of December 31, 2025, 882,924 shares of our Common Stock have been issued and sold under our ATM Program for aggregate net proceeds of $4.6 million.

Cooperation Agreement and Cash Dividend

The cooperation agreement, with Anson Funds Management LP and Cable Car Capital LLC (the Cooperation Agreement) among other nonfinancial 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. 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 condensed 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, the parties to the Cooperation Agreement mutually agreed to terminate the 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. 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.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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 11: 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 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2025	Jul. 24, 2025	Jul. 22, 2025	Oct. 31, 2025	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2025	Sep. 24, 2025	Jun. 30, 2025
Class of Warrant or Right [Line Items]
Common stock, shares issued	36,785,000				36,785,000		36,785,000		6,663,000
Number of Warrants Outstanding	3,953,187				3,953,187		3,953,187
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Exercise price	$ 0.0001				$ 0.0001		$ 0.0001	$ 0.0001
Warrant issuance date		Jul. 24, 2025
Common stock, shares issued		2,084,509				2,807,967
Surrendered warrants to achieve common stock						2,808,070
Warrants issued to purchase common stock	546,348		6,022,869		546,348		546,348
Asset-based fee payable								$ 1.9
Asset-based fee					$ 0.5		$ 0.8
Pre-Funded Warrants \| Private Placement
Class of Warrant or Right [Line Items]
Common stock, shares issued				1,130,242
Number of Warrants Outstanding	0				0		0
Surrendered warrants to achieve common stock				1,130,290
Pre Funded Warrant for the Purchase of Common Stock \| Maximum
Class of Warrant or Right [Line Items]
Warrants issued to purchase common stock								546,348
Advisory Warrants
Class of Warrant or Right [Line Items]
Warrant exercisable date			Jul. 22, 2030
Warrants issued to purchase common stock			3,070,177
Fair value of the Advisory Warrants							$ 16.2
Weighted-average grant date fair value			$ 5.28
Advisory Fee				$ 0.8
Advisory Warrants \| Maximum
Class of Warrant or Right [Line Items]
Exercise price			5.13
Advisory Warrants \| Minimum
Class of Warrant or Right [Line Items]
Exercise price			$ 3.42
GD Advisory Warrants
Class of Warrant or Right [Line Items]
Exercise price				$ 0.0001
Warrants issued to purchase common stock				234,149
Asset-based fee					$ 0.2		$ 0.3
Other Warrant
Class of Warrant or Right [Line Items]
Exercise price	$ 6.8				$ 6.8		$ 6.8
Warrant exercisable date	Oct. 25, 2022
Number of Warrants Outstanding	102,513				102,513		102,513
Other Warrant \| Torreya Partners LLC
Class of Warrant or Right [Line Items]
Exercise price	$ 6.8				$ 6.8		$ 6.8
Warrants outstanding	102,513				102,513		102,513

Summary of Significant Accounting Policies - Antidilutive Securities (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	4,640	1,058	4,640	1,058
Stock option
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,291	955	1,291	955
Advisory Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	3,070	0	3,070	0
GD Advisory Warrant
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	176	0	176	0
Other Warrant
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	103	103	103	103

Related Party Transaction - Additional information (Detail) - $ / shares	Jul. 22, 2025	Dec. 31, 2025	Oct. 31, 2025	Sep. 24, 2025
Related Party Transaction [Line Items]
Number of Warrants Outstanding		3,953,187
Advisory Agreement Fee
Related Party Transaction [Line Items]
Warrants issued to purchase common stock			234,149
GSR Asset Management Agreement and Side Letter
Related Party Transaction [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
GSR Warrants One
Related Party Transaction [Line Items]
Number of Warrants Outstanding	584,795
Exercise Price	$ 3.42
GSR Warrants Two
Related Party Transaction [Line Items]
Number of Warrants Outstanding	292,398
Exercise Price	$ 3.93
GSR Warrants Three
Related Party Transaction [Line Items]
Number of Warrants Outstanding	292,398
Exercise Price	$ 4.62
GSR Warrants Four
Related Party Transaction [Line Items]
Number of Warrants Outstanding	292,398
Exercise Price	$ 5.13
Pre-Funded Warrants
Related Party Transaction [Line Items]
Warrants issued to purchase common stock	6,022,869
Exercise Price				$ 0.0001
Pre Funded Warrant for the Purchase of Common Stock \| Maximum
Related Party Transaction [Line Items]
Warrants issued to purchase common stock				546,348
Advisory Agreement
Related Party Transaction [Line Items]
Advisory fee rate	0.75%
Exercise Price	$ 0.0001

Related Party Transactions (Tables)

6 Months Ended

Dec. 31, 2025

The following table presents balances related to transactions with such affiliates of our Board as of December 31, 2025 (in thousands):


Balances:
Prepaid expenses and other current assets	$	1,061
Digital assets receivable, net	$	7,350
Accrued liabilities (Derivative liabilities - Covered Call Options)	$	28

The following table summarizes our activities with such affiliates of our Board during the three and six months ended December 31, 2025



	For the Three Months Ended December 31, 2025		For the Six Months Ended December 31, 2025
General and administrative expense recognized	$	690	$	1,163
Change in fair value of digital assets receivable, net	$	1,533	$	1,533

License Agreements - Additional Information (Details) - Presage Biosciences License Agreement - Presage Biosciences, Inc. - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2017	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Payment for license	$ 2.9
Other liabilities			$ 4.9
Incremental Payment
Related Party Transaction [Line Items]
Other liabilities		$ 2.0
Potential Payments on Achievement of Development Regulatory and Commercial Milestones
Related Party Transaction [Line Items]
Milestone payment receivable amount		$ 179.0

Amount of liabilities classified as other.

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