v3.26.1
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2026
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

There was no provision for current federal or state taxes for either of the fiscal years ended June 30, 2026 and June 30, 2025 as a result of taxable losses incurred in these jurisdictions. The components of the provision (benefit) for income taxes consist of the following (in thousands):

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​

​

​

​

​

​

​

​

For the Years Ended

​

​

June 30, 

​

 

2026

 

2025

Current – Federal and state

​

$

—

​

$

—

Deferred – Federal

  ​ ​ ​

​

(5,986)

  ​ ​ ​

​

(7,946)

Deferred – State

​

 

(384)

​

 

(596)

Total

​

 

(6,370)

​

 

(8,542)

Change in valuation allowance

​

 

6,370

​

 

8,542

Income tax expense

​

$

—

​

$

—

​

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

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​

​

​

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  ​ ​ ​

As of June 30, 

​

  ​ ​ ​

2026

​

2025

Deferred tax assets (liabilities):

​

​

​

​

​

​

Net operating loss

​

$

63,827

​

$

56,052

Share-based compensation

​

 

582

​

 

903

Capitalized research and development costs

​

​

2,148

​

​

5,144

Research and development tax credits

​

 

1,764

​

 

1,764

Investment in equity security

​

​

476

​

​

492

Property, plant and equipment

​

​

(815)

​

​

(866)

Intangible assets

​

 

937

​

 

(290)

Operating and finance lease liabilities

​

​

594

​

​

767

Operating and finance lease ROU assets

​

​

(450)

​

​

(593)

Accounts receivable

​

​

18

​

​

—

Accrued expenses

​

 

676

​

 

14

Contribution carryforward

​

​

5

​

​

5

Valuation allowance

​

 

(69,762)

​

 

(63,392)

Total

​

$

—

​

$

—

​

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the effective tax rate on loss from operations and the US federal statutory rate is presented below for the fiscal year ended June 30, 2026 (in thousands):

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​

​

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​

  ​ ​ ​

Year Ended

​

​

June 30, 2026

Statutory federal income tax rate

 

$

(6,939)

​

​

21.0

%

State taxes, net of federal benefit

 

​

(1,043)

​

​

3.2

%

Permanent differences:

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​

​

​

​

​

​

Incentive stock option

​

​

95

​

​

(0.3)

%

Entertainment

​

​

1

​

​

—

%

Expiration and forfeiture of stock options and restricted stock units

​

​

522

​

​

(1.6)

%

Change in effective rate of state taxes

​

​

977

​

​

(3.0)

%

True ups and other

​

​

17

​

​

—

%

Change in valuation allowance

 

​

6,370

​

​

(19.3)

%

Effective income tax rate

 

$

—

​

​

—

%

​

The rate reconciliation above has been adjusted to be presented in compliance with the guidance under ASU 2023-09. The Company has adopted this guidance on a prospective basis.

As previously disclosed for the year ended June 30, 2025, prior to the adoption of ASU 2023-09, the following is a reconciliation of the Company’s income tax rate computed using the federal statutory rate to its actual income tax rate.

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Year ended

​

  ​ ​ ​

June 30, 2025

Statutory federal income tax rate

 

21

%  

State taxes, net of federal benefit

 

3

%  

Expiration and forfeiture of stock options

​

(3)

%  

Change in effective rate of state taxes

​

25

%  

Change in valuation allowance

 

(46)

%  

Effective income tax rate

 

—

%  

​