0001193125-26-405328 | 10-K | XBRL Viewer

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Share-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Number of Options
Beginning Balance \| shares	869,148
Granted \| shares	1,155,250
Forfeited \| shares	(293,313)
Ending balance \| shares	1,731,085
Vested and expected to vest at end of period \| shares	1,731,085
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 32.9
Granted \| $ / shares	2.08
Forfeited \| $ / shares	30.14
Ending balance \| $ / shares	12.80
Vested and expected to vest at end of period \| $ / shares	$ 12.80
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	7 years
Vested and expected to vest at end of period	7 years
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 0
Vested and expected to vest at end of period \| $	$ 0

Warrants

12 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrants

Note 12. Warrants

As of June 30, 2026, 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
Asset Manager Warrants
Tranche 1		584,795	$	3.42	July 22, 2025	July 22, 2030
Tranche 2		292,398	$	3.93	July 22, 2025	July 22, 2030
Tranche 3		292,398	$	4.62	July 22, 2025	July 22, 2030
Tranche 4		292,398	$	5.13	July 22, 2025	July 22, 2030
Strategic Advisor Warrants		438,597	$	4.10	July 22, 2025	July 22, 2030
Placement Agent Warrants		1,169,591	$	4.10	July 22, 2025	July 22, 2030
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		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 fiscal year 2026, we issued 3,938,209 shares of Common Stock upon cashless exercises of 3,938,360 Pre-Funded Warrants. As of June 30, 2026, no Pre-Funded Warrants issued in the PIPE remained outstanding.

On September 24, 2025, as payment of the annual Asset-based Fee under the GSR Asset Management Agreement, we issued the AMA Pre-Funded Warrants which were fully vested and nonforfeitable as of the issuance date, as more fully discussed in Note 17. 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 June 30, 2026, are recorded in prepaid expenses and other current assets in the 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 consolidated balance sheets. During the fiscal year ended June 30, 2026, we recognized $1.8 million of the Asset-based Fee within general and administrative expenses within our digital asset treasury strategy segment (see Note 14. Segment Information for information related to our segments).

As more fully described in Note 18. Subsequent Events, we issued the Second Annual Pre-Funded Warrants in settlement of the Second Annual Asset-based Fee under the GSR Asset Management Agreement.

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 consolidated statements of stockholders' equity for fiscal year ended June 30, 2026. 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 17. Related Party Transactions) for the annual period ending July 21, 2026, we issued a GD Advisory Warrants (as defined in Note 17. 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 17. 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 fiscal year ended June 30, 2026, we recognized $0.7 million of the Annual Advisory Fee in general and administrative expenses within our digital asset treasury strategy segment (see Note 14. Segment Information for information related to our segments).

As more fully described in Note 18. Subsequent Events, we issued the Second Annual GD Advisory Warrants in settlement of the Second Annual Advisory Fee.

Other Warrant

As of June 30, 2026, 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 June 30, 2026.

- Definition

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.

+ References

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+ Details

Employee Termination Benefits

12 Months Ended

Jun. 30, 2026

Restructuring Reserve [Abstract]

Employee Termination Benefits

Note 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 (prior to its sale in October 2024).

In August 2024, we commenced the Strategic Alternatives RIF as discussed in our strategic alternatives announcement described in Note 1. Description of Business and Basis of Presentation. Including contractual pro-rata bonuses, we incurred charges of $5.9 million in retentions, severance and COBRA costs related to the termination of our employees due to our related wind down activities.

For each of the periods presented, employee termination benefits primarily represent severance related costs and payments. During the fiscal years ended June 30, 2026 and 2025, we recorded employee termination benefits of zero and $1.8 million within research and development expense, respectively. During the fiscal years ended June 30, 2026 and 2025, we recorded employee termination benefits of $0.1 million and $3.9 million within general and administrative expense, respectively.

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


	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 June 30, 2026	$	—

Segment Information - Summary of Financial Data for Development of Pharmaceutical Products Segments (Details) - USD ($)

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2024

Operating and other (income) expense

Employee expenses

$ 2,166,000

$ 9,293,000

Other segment expenses

3,578,000

^[1]

2,647,000

^[2]

Professional fees

2,264,000

2,754,000

Legal fees

1,581,000

1,723,000

Asset management fee and advisory fees

2,521,000

Change in fair value of digital assets

54,408,000

Change in fair value of digital assets receivable, net

5,653,000

Gain on derivative liabilities, net

(813,000)

Gain on disposition of a nonfinancial asset

(500,000)

Interest and dividend income

(267,000)

^[3]

(1,026,000)

^[4]

Total operating and other (income) expense

71,150,000

15,945,000

Net loss

(71,150,000)

(15,945,000)

$ 18,000,000

Current assets:

Cash and cash equivalents

5,706,000

18,011,000

Prepaid expenses and other current assets

435,000

274,000

Total current assets

6,141,000

18,285,000

Digital assets

27,272,000

Digital assets receivable, net

7,627,000

Investment in SAFE and Token Warrants

1,000,000

Other long-term assets

652,000

Total assets

42,692,000

18,285,000

voruciclib

Operating and other (income) expense

Other segment expenses

59,000

801,000

ME-344

Operating and other (income) expense

Other segment expenses

253,000

Operating Segments [Member]

Operating and other (income) expense

Employee expenses

856,000

Other segment expenses

^[1]

86,000

Professional fees

720,000

Legal fees

741,000

Asset management fee and advisory fees

2,521,000

Change in fair value of digital assets

54,408,000

Change in fair value of digital assets receivable, net

5,653,000

Gain on derivative liabilities, net

(813,000)

Interest and dividend income

^[3]

Total operating and other (income) expense

64,231,000

Net loss

(64,231,000)

Current assets:

Cash and cash equivalents

Prepaid expenses and other current assets

159,000

Total current assets

159,000

Digital assets

27,272,000

Digital assets receivable, net

7,627,000

Investment in SAFE and Token Warrants

1,000,000

Other long-term assets

Total assets

36,058,000

Operating Segments [Member] | Digital Asset Treasury Strategy

Operating and other (income) expense

Employee expenses

811,000

Other segment expenses

^[1]

70,000

Professional fees

718,000

Legal fees

112,000

Asset management fee and advisory fees

2,521,000

Change in fair value of digital assets

54,408,000

Change in fair value of digital assets receivable, net

5,653,000

Gain on derivative liabilities, net

(813,000)

Interest and dividend income

^[3]

Total operating and other (income) expense

63,480,000

Net loss

(63,480,000)

Current assets:

Cash and cash equivalents

Prepaid expenses and other current assets

128,000

Total current assets

128,000

Digital assets

27,272,000

Digital assets receivable, net

7,627,000

Investment in SAFE and Token Warrants

1,000,000

Other long-term assets

Total assets

36,027,000

Operating Segments [Member] | Development of Pharmaceutical Products

Operating and other (income) expense

Employee expenses

45,000

2,602,000

Other segment expenses

16,000

^[1]

242,000

^[2]

Professional fees

2,000

25,000

Legal fees

629,000

602,000

Asset management fee and advisory fees

Change in fair value of digital assets

Change in fair value of digital assets receivable, net

Gain on derivative liabilities, net

Gain on disposition of a nonfinancial asset

Interest and dividend income

^[3]

^[4]

Total operating and other (income) expense

751,000

4,525,000

Net loss

(751,000)

(4,525,000)

Current assets:

Cash and cash equivalents

Prepaid expenses and other current assets

31,000

25,000

Total current assets

31,000

25,000

Digital assets

Digital assets receivable, net

Investment in SAFE and Token Warrants

Other long-term assets

Total assets

31,000

25,000

Operating Segments [Member] | voruciclib

Operating and other (income) expense

Other segment expenses

59,000

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

Operating and other (income) expense

Other segment expenses

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

Operating and other (income) expense

Other segment expenses

59,000

801,000

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

Operating and other (income) expense

Other segment expenses

253,000

Corporate [Member]

Operating and other (income) expense

Employee expenses

1,310,000

6,691,000

Other segment expenses

3,492,000

^[1]

2,405,000

^[2]

Professional fees

1,544,000

2,729,000

Legal fees

840,000

1,121,000

Asset management fee and advisory fees

Change in fair value of digital assets

Change in fair value of digital assets receivable, net

Gain on derivative liabilities, net

Gain on disposition of a nonfinancial asset

(500,000)

Interest and dividend income

(267,000)

^[3]

(1,026,000)

^[4]

Total operating and other (income) expense

6,919,000

11,420,000

Net loss

(6,919,000)

(11,420,000)

Current assets:

Cash and cash equivalents

5,706,000

18,011,000

Prepaid expenses and other current assets

276,000

249,000

Total current assets

5,982,000

18,260,000

Digital assets

Digital assets receivable, net

Investment in SAFE and Token Warrants

Other long-term assets

652,000

Total assets

6,634,000

18,260,000

Corporate [Member] | voruciclib

Operating and other (income) expense

Other segment expenses

$ 0

Corporate [Member] | ME-344

Operating and other (income) expense

Other segment expenses

$ 0

[1]	(1) Includes product development costs associated with zandelisib determined to be immaterial, share-based compensation costs, administrative costs, travel and business taxes.
[2]	(1) Includes product development costs associated with zandelisib determined to be immaterial, occupancy costs (including rent and utilities), share-based compensation costs, depreciation expense, administrative costs, travel and business taxes.
[3]	(2) Interest and dividend income are solely attributable to our cash and cash equivalents.
[4]	(2) Interest and dividend income are solely attributable to our cash and cash equivalents.

Stockholders' Equity

12 Months Ended

Jun. 30, 2026

Federal Home Loan Banks [Abstract]

Stockholders' Equity

Note 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 (Preferred Stock).

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.

As more fully discussed in Note 1. Description of Business and Basis of Presentation, in conjunction with the PIPE, we issued 23,216,898 shares of Common Stock at $3.42 per share.

Private Investment in Public Equity (PIPE) and Related Agreements

On the Closing Date, we closed on a $100.0 million PIPE and issued an aggregate of (i) 23,216,898 shares of Common Stock, at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants), to purchase up to an aggregate of 6,022,869 shares of Common Stock, at an offering price of $3.4199 per Pre-Funded Warrant (the Offering).

Preferred Stock

Our Board has the authority to issue Preferred Stock 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 June 30, 2026 and 2025.

Equity Transactions

Share Repurchase Program

In December 2025, we commenced utilization of our Share Repurchase Program announced in October 2025 by repurchasing shares of our Common Stock from the open market (the Treasury Shares). 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 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 Fiscal Year Ended June 30, 2026
	Shares		Weighted-average Exercise Price Per Share		Cost
Treasury shares repurchased		4,378,525	$	1.12	$	4,895

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 June 30, 2026, 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, dated as of October 31, 2023, 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 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.

- Definition

The entire disclosure for equity.

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+ Details

Income Taxes - Pre-tax loss before provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Pre tax Income Loss [Line Items]
Domestic	$ (71,150)	$ (15,945)
Foreign	0	0
Pre-tax loss	$ (71,150)	$ (15,945)

- Definition

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

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+ Details

Related Party Transactions

12 Months Ended

Jun. 30, 2026

Related Party Transactions

17. Related Party Transactions

In the ordinary course of business, we have related party transactions with affiliates of our Board. During the fiscal 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 June 30, 2026 (in thousands):


Balances:
Prepaid expenses and other current assets	$	110
Digital assets receivable, net	$	7,627
Accrued liabilities (Derivative liabilities - Covered Call Options)	$	40

The following table summarizes our activities with such affiliates of our Board during the fiscal year ended June 30, 2026 (in thousands):


General and administrative expense recognized	$	2,521
Change in fair value of digital assets receivable, net	$	5,653
Gain on derivative liabilities, net	$	813

GSR Asset Management Agreement and Side Letter

On July 22, 2025, in connection with the PIPE, we and GSR entered into an asset management agreement (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.

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.

We pay GSR an 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 to purchase shares of Common Stock. The number of shares of Common Stock or AMA Pre-Funded Warrants issued must 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 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 AMA 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 AMA Pre-Funded Warrants may be exercised at any time until they are exercised in full.

As more fully described in Note 18. Subsequent Events, we issued the Second Annual Pre-Funded Warrants in settlement of the Second Annual Asset-based Fee under the GSR Asset Management Agreement.

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, a member of our Board, is a beneficiary of Green Dragon. Pursuant to the GD 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.

As more fully described in Note 18. Subsequent Events, we issued the Second Annual GD Advisory Warrants in settlement of the Second Annual Advisory Fee.

- Definition

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.

+ References

+ Details

Subsequent Events

12 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 18. Subsequent Events

Issuance of Warrants in Lieu of Cash Fees

Second Annual Pre-Funded Warrants

On July 22, 2026, as payment of the annual Asset-based Fee under the GSR Asset Management Agreement for the period ended July 21, 2027 (the Second Annual Asset-based Fee), we issued GSR fully vested, nonforfeitable pre-funded warrants (the Second Annual Pre-Funded Warrants) for the purchase of up to 1,322,349 shares of our Common Stock with an exercise price of $0.0001 per share.

Second Annual Advisory Warrants

On July 22, 2026, in settlement of the annual Annual Advisory Fee (as defined in Note 17. Related Party Transactions) for the period ending July 21, 2027 (the Second Annual Advisory Fee), we issued the Second Annual GD Advisory Warrants (as defined in Note 17. Related Party Transactions) for the purchase of up to 566,721 shares of Common Stock with an exercise price of $0.0001 per share.

Share Repurchases

Between July 1, 2026 and September 22, 2026, we repurchased 1,999,604 shares of our Common Stock at a weighted-average purchase price of $1.05 per share.

Digital Assets (Tables)

12 Months Ended

Jun. 30, 2026

Crypto Asset, Cost [Abstract]

Summary of Digital Asset Holdings

The following table summarizes our digital asset holdings as of June 30, 2026 (in thousands, except quantity):


	June 30, 2026
	Quantity		Cost Basis		Fair Value
Digital assets		650,716	$	69,273	$	27,272
Digital assets receivable, net (1)		182,000		13,140		7,627
Total digital assets		832,716	$	82,413	$	34,899

____________

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

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

Jun. 30, 2026

Jun. 30, 2025

Accrued compensation and benefits

^[1]

$ 656

$ 873

Termination Benefits

Accrued compensation and benefits

$ 700

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

Balance Sheet Details - Schedule of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Insurance	$ 210	$ 176
Asset management fee	110	0
Software license	17	39
Other	98	59
Total prepaid and other current assets	$ 435	$ 274

Segment Information (Tables)

12 Months Ended

Jun. 30, 2026

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 Fiscal Year Ended June 30, 2026
	Digital Asset Treasury Strategy			Development of Pharmaceutical Products			Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	811		$	45		$	856		$	1,310		$	2,166
Other segment expenses(1)		70			16			86			3,492			3,578
Professional fees		718			2			720			1,544			2,264
Legal fees		112			629			741			840			1,581
voruciclib		—			59			59			—			59
Asset management fee and advisory fees		2,521			—			2,521			—			2,521
Change in fair value of digital assets		54,408			—			54,408			—			54,408
Change in fair value of digital assets receivable, net		5,653			—			5,653			—			5,653
Gain on derivative liabilities, net		(813	)		—			(813	)		—			(813	)
Interest and dividend income(2)		—			—			—			(267	)		(267	)
Total operating and other (income) expense		63,480			751			64,231			6,919			71,150
Total segment costs loss and net loss	$	(63,480	)	$	(751	)	$	(64,231	)	$	(6,919	)	$	(71,150	)

______

(1) Includes product development costs associated with zandelisib determined to be immaterial, 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 Fiscal Year Ended June 30, 2025
	Development of Pharmaceutical Products and Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	2,602		$	6,691		$	9,293
Other segment expenses(1)		242			2,405			2,647
Professional fees		25			2,729			2,754
Legal fees		602			1,121			1,723
voruciclib		801			—			801
ME-344		253			—			253
Gain on disposition of nonfinancial asset		—			(500	)		(500	)
Interest and dividend income(2)		—			(1,026	)		(1,026	)
Total operating and other (income) expense		4,525			11,420			15,945
Total segment costs loss and net loss	$	(4,525	)	$	(11,420	)	$	(15,945	)

______

(1) Includes product development costs associated with zandelisib determined to be immaterial, 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.


	June 30, 2026
	Digital Asset Treasury Strategy		Development of Pharmaceutical Products		Total Segment Assets		Corporate Assets		Consolidated
Current assets:
Cash and cash equivalent	$	—	$	—	$	—	$	5,706	$	5,706
Prepaid expenses and other current assets		128		31		159		276		435
Total current assets		128		31		159		5,982		6,141
Digital assets		27,272		—		27,272		—		27,272
Digital assets receivable, net		7,627		—		7,627		—		7,627
Investment in SAFE and Token Warrants		1,000		—		1,000		—		1,000
Other long-term assets		—		—		—		652		652
Total assets	$	36,027	$	31	$	36,058	$	6,634	$	42,692


	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

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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+ Details

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

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Prepaid expenses and other current assets

$ 435

$ 274

Digital assets receivable, net

7,627

^[1]

General and administrative expense recognized

12,047

13,532

Change in fair value of digital assets receivable, net

5,653

Gain on derivative liabilities

813

$ 0

Prepaid expenses and other current assets

110

Digital assets receivable, net

7,627

General and administrative expense recognized

2,521

Change in fair value of digital assets receivable, net

5,653

Accrued liabilities (Derivative liabilities - Covered Call Options)

$ 40

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

- Definition

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

+ References

+ Details

Master Loan Agreement

12 Months Ended

Jun. 30, 2026

Disclosure Text Block [Abstract]

Master Loan Agreement

Note 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 forth 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 June 30, 2026, we had not requested any loans nor did we have any Loan Agreements outstanding under the MLA.

- Definition

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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+ Details

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 40	$ 0
Assets	40,766
Fair Value, Recurring \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4,867	17,800
Fair Value, Non Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Assets	$ 0	$ 0

Stockholders' Equity - Schedule of Activity under Share Repurchase Program (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Share Repurchase Program [Line Items]
Treasury shares repurchased, Shares \| shares	4,378,525
Treasury shares repurchased, Weighted-average Exercise Price Per Share \| $ / shares	$ 1.12
Treasury shares repurchased, Cost \| $	$ 4,895

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Award Timing Disclosure

12 Months Ended

Jun. 30, 2026

Feb. 12, 2026

USD ($)

$ / shares

Nov. 14, 2025

USD ($)

$ / shares

Award Timing Disclosures [Line Items]

Award Timing MNPI Disclosure

Equity Award Grant Practices

We have had no program, plan or practice pertaining to the timing of stock option grants to named executive officers coinciding with the release of material non-public information, or MNPI. The Compensation Committee has historically approved grants of options annually each year as part of our annual compensation cycle. The timing of any equity grants to newly-hired employees, or in connection with promotions or other non-routine grants, is generally tied to the event giving rise to the award (such as an executive officer’s commencement of employment or promotion effective date). Any grants to executive officers are approved at meetings of the Compensation Committee or our board of directors.

For all stock option awards granted in fiscal year 2026, the exercise price is no less than the closing price of our common stock on the date of the grant. In the event an issuer grants stock options or option-like instruments within the period commencing four business days prior to and ending one business day following the filing by the Company of a Form 10-K, Form 10-Q or Form 8-K containing material non-public information as required under Item 402(x) of Regulation S-K, Item 402(x) of Regulation S-K requires tabular disclosure of certain information related to such awards. The table below is being provided because certain of the stock options granted to our named executive officers during fiscal year 2026 were granted within the period commencing four

business days prior to and ending one business day following the filing by the Company of a Form 10-K, Form 10-Q or Form 8-K containing material non-public information.


Name	Grant Date		Number of Securities Underlying the Award		Exercise Price of the Award		Grant Date Fair Value of the Award		Percentage Change in the Closing Market Price of the Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of MNPI and the Trading Day Beginning Immediately Following the Disclosure of MNPI
Justin J. File	11/14/2025			180,000	$	2.02	$	246,492		0.0	%
	2/12/2026	(1)		455,000	$	2.02	$	259,714		(1.8	)%

(1)

The option grant was approved by the Board on November 20, 2025, subject to shareholder approval of the 2026 Omnibus Plan under which the options were granted. LITS shareholders approved the 2026 Omnibus Plan on February 12, 2026.

Award Timing Method

The timing of any equity grants to newly-hired employees, or in connection with promotions or other non-routine grants, is generally tied to the event giving rise to the award (such as an executive officer’s commencement of employment or promotion effective date). Any grants to executive officers are approved at meetings of the Compensation Committee or our board of directors.In the event an issuer grants stock options or option-like instruments within the period commencing four business days prior to and ending one business day following the filing by the Company of a Form 10-K, Form 10-Q or Form 8-K containing material non-public information as required under Item 402(x) of Regulation S-K, Item 402(x) of Regulation S-K requires tabular disclosure of certain information related to such awards.

Award Timing Predetermined

true

Award Timing MNPI Considered

true

Award Timing, How MNPI Considered

The Compensation Committee has historically approved grants of options annually each year as part of our annual compensation cycle. The timing of any equity grants to newly-hired employees, or in connection with promotions or other non-routine grants, is generally tied to the event giving rise to the award (such as an executive officer’s commencement of employment or promotion effective date). Any grants to executive officers are approved at meetings of the Compensation Committee or our board of directors.

Awards Close in Time to MNPI Disclosures, Table

The table below is being provided because certain of the stock options granted to our named executive officers during fiscal year 2026 were granted within the period commencing four

business days prior to and ending one business day following the filing by the Company of a Form 10-K, Form 10-Q or Form 8-K containing material non-public information.


Name	Grant Date		Number of Securities Underlying the Award		Exercise Price of the Award		Grant Date Fair Value of the Award		Percentage Change in the Closing Market Price of the Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of MNPI and the Trading Day Beginning Immediately Following the Disclosure of MNPI
Justin J. File	11/14/2025			180,000	$	2.02	$	246,492		0.0	%
	2/12/2026	(1)		455,000	$	2.02	$	259,714		(1.8	)%

(1)

Justin J. File [Member]

Awards Close in Time to MNPI Disclosures

Name

Justin J. File

Underlying Securities | shares

455,000

180,000

Exercise Price | $ / shares

$ 2.02

Fair Value as of Grant Date | $

$ 259,714

$ 246,492

Underlying Security Market Price Change

(0.018)

Warrants (Tables)

12 Months Ended

Jun. 30, 2026

Class of Warrant or Right [Line Items]

Schedule of Warrants Outstanding

As of June 30, 2026, 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
Asset Manager Warrants
Tranche 1		584,795	$	3.42	July 22, 2025	July 22, 2030
Tranche 2		292,398	$	3.93	July 22, 2025	July 22, 2030
Tranche 3		292,398	$	4.62	July 22, 2025	July 22, 2030
Tranche 4		292,398	$	5.13	July 22, 2025	July 22, 2030
Strategic Advisor Warrants		438,597	$	4.10	July 22, 2025	July 22, 2030
Placement Agent Warrants		1,169,591	$	4.10	July 22, 2025	July 22, 2030
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		3,953,187

Schedule of Weighted-Average Grant Date Assumptions

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


Risk-free interest rate	3.7	%
Expected life (years)	4.7
Volatility	91.4	%
Dividend yield	—	%

Advisory Warrants [Member]

Class of Warrant or Right [Line Items]

Schedule of Weighted-Average Grant Date Assumptions

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	—	%

Related Party Transactions - Additional information (Detail) - $ / shares		12 Months Ended
	Jul. 22, 2025	Jun. 30, 2026	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
Tranche 1
Related Party Transaction [Line Items]
Number of Warrants Outstanding	584,795	584,795
Exercise Price	$ 3.42	$ 3.42
Warrant exercisable date		Jul. 22, 2025
Tranche 2
Related Party Transaction [Line Items]
Number of Warrants Outstanding	292,398	292,398
Exercise Price	$ 3.93	$ 3.93
Warrant exercisable date		Jul. 22, 2025
Tranche 3
Related Party Transaction [Line Items]
Number of Warrants Outstanding	292,398	292,398
Exercise Price	$ 4.62	$ 4.62
Warrant exercisable date		Jul. 22, 2025
Tranche 4
Related Party Transaction [Line Items]
Number of Warrants Outstanding	292,398	292,398
Exercise Price	$ 5.13	$ 5.13
Warrant exercisable date		Jul. 22, 2025
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
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

Subsequent Events - Additional Information (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 22, 2026	Jun. 30, 2026	Jul. 22, 2026
Subsequent Event [Line Items]
Repurchase of common stock, shares		4,378,525
Subsequent Event
Subsequent Event [Line Items]
Repurchase of common stock, shares	1,999,604
Repurchase of common stock, weighted-average purchase price	$ 1.05
Subsequent Event \| Second Annual GD Advisory Warrants
Subsequent Event [Line Items]
Shares of common stock underlying pre-funded warrants			566,721
Exercise price			$ 0.0001
Subsequent Event \| Second Annual Pre-Funded Warrants
Subsequent Event [Line Items]
Shares of common stock underlying pre-funded warrants			1,322,349
Exercise price			$ 0.0001

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Pre-tax loss before provision for income taxes

Pre-tax loss before provision for income taxes consists of the following jurisdictions, in thousands:


	For the Fiscal Year Ended June 30,
	2026			2025
Domestic	$	(71,150	)	$	(15,945	)
Foreign		—			—
Pre-tax loss	$	(71,150	)	$	(15,945	)

Reconciliation of Provision for Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Before Income Taxes

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows, in thousands:



	For the Fiscal Year Ended June 30, 2026
	$			%
Tax (benefit) expense at U.S. statutory rates	$	(14,941	)		21	%
State and local income taxes(1)		—			0	%
Change in valuation allowance		13,305			(18	)%
Nontaxable and nondeductible items
Equity compensation		1,445			(3	)%
Section 162(m) limitation		191			0	%
Others		1			0	%
Other adjustments		(1	)		0	%
Effective tax rate	$	—			0	%

________

(1) The state tax expense is zero due to losses. We are only subject to taxes in California.

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:


	For the Fiscal Year Ended June 30, 2025
	$			%
Tax (benefit) expense at U.S. statutory rates	$	(3,349	)		21	%
State tax (benefit) expense		(2,733	)		17	%
Equity compensation		1,671			(10	)%
Change in valuation allowance		3,782			(24	)%
Section 162(m) limitation		507			(3	)%
Other		122			(1	)%
	$	—			0	%

Schedule of Income Taxes Paid Net of Refunds Received

The following table presents income taxes paid (net of refunds received) for the fiscal year ended June 30, 2026, in thousands:


	Income Taxes Paid
Jurisdictions	$
Federal Taxes
U.S.	$	—
State Taxes
California		—
Foreign Taxes		—
Total	$	—

Deferred Tax Liabilities and Assets

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


	June 30,
	2026			2025
Deferred tax assets (liabilities):
Tax losses carried forward	$	63,831		$	53,346
Capitalization of R&D costs		6,739			9,398
Fixed and intangible assets		5,597			7,881
Share-based payments		636			2,375
Change in fair value of digital assets and digital assets receivables		13,335			—
Other		1,292			700
Total deferred tax assets		91,430			73,700
Valuation allowance for deferred tax assets		(91,430	)		(73,700	)
Net deferred tax assets and liabilities	$	—		$	—

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Sep. 22, 2026	Dec. 31, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Securities Act File Number	000-50484
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0407811
Entity Address, Address Line One	9920 Pacific Heights Blvd
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	San Diego
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	369-7100
Trading Symbol	LITS
Entity Registrant Name	Lite Strategy, Inc.
Entity Central Index Key	0001262104
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.00000002 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding			30,407,268
Entity Public Float				$ 43.0
Auditor Firm ID	199	34
Auditor Location	Costa Mesa, CA	San Diego, California
Auditor Name	CBIZ CPAs PC	Deloitte and Touche LLP
Auditor Opinion	We have audited the accompanying consolidated balance sheets of Lite Strategy, Inc. and subsidiary (the "Company") as of June 30, 2025, the related consolidated statements of operations, stockholders' equity, and cash flows, for the year ended June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025, and the results of its operations and its cash flows for the ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.
Document Financial Statement Error Correction [Flag]	false

Employee Termination Benefits - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended		14 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Restructuring cost and reserve			$ 5.9
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Restructuring cost and reserve	$ 0.1	$ 3.9
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Restructuring cost and reserve	$ 0.0	$ 1.8

Related Party Transactions (Tables)

12 Months Ended

Jun. 30, 2026

The following table presents balances related to transactions with such affiliates of our Board as of June 30, 2026 (in thousands):


Balances:
Prepaid expenses and other current assets	$	110
Digital assets receivable, net	$	7,627
Accrued liabilities (Derivative liabilities - Covered Call Options)	$	40

The following table summarizes our activities with such affiliates of our Board during the fiscal year ended June 30, 2026 (in thousands):


General and administrative expense recognized	$	2,521
Change in fair value of digital assets receivable, net	$	5,653
Gain on derivative liabilities, net	$	813

Commitments and Contingencies

12 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. 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 and third-party service organizations on an as-needed basis for treasury management. 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.

Should we terminate the GSR Asset Management Agreement (as defined below), prior to the contractual term of 10 years, we may be obligated to pay an early termination fee in one lump sum payment due upon such termination. Such fee is calculated as the present value of the amount equal to (1) the remaining years in the Term multiplied by (2) the average of the Asset-based Fee of each of the completed years in the Term at the time of termination (Termination Fee). The Termination Fee shall be paid in shares of our Common Stock (or pre-funded warrants in lieu thereof if the holdings of the Asset Manager (together with its affiliates) would exceed 4.99% of the issued and outstanding Shares). The Termination Fee shall be in addition to any other fees due under this Agreement accruing through the date of termination.

Litigation

From time to time, we may be involved in various lawsuits, legal proceedings, or claims that arise in the ordinary course of business. Management believes there are no claims or actions pending against us as of June 30, 2026, 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 June 30, 2026, we had no accruals for potential future payments as achievement of the milestones had not been met.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	Jun. 30, 2026 $ / shares
Pre-Funded Warrants [Member]
Offering price per share	$ 3.4199
Common Stock \| Private Placement [Member]
Offering price per share	$ 3.42

Warrants - Schedule of Weighted-Average Grant Date Assumptions (Detail)		12 Months Ended
	Jul. 22, 2025	Jun. 30, 2026
Class of Warrant or Right [Line Items]
Risk-free interest rate		3.70%
Expected life (years)		4 years 8 months 12 days
Volatility		91.40%
Dividend yield		0.00%
Advisory Warrants
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%

Fair Value Measurements

12 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 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 for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

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

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 June 30, 2026 and 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 June 30, 2026, (in thousands):


	June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	4,867	$	4,867	$	—	$	—
Digital assets		27,272		27,272		—		—
Digital assets receivable, net		7,627		—		7,627		—
Investments in SAFE		400		—		—		400
Investment in token warrants		600		—		—		600
Total assets measured on a recurring basis	$	40,766	$	32,139	$	7,627	$	1,000

Liabilities:
Derivative liabilities - Covered Call Options	$	40		—	$	40		—
Total liabilities measured on a recurring basis	$	40	$	—	$	40	$	—

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:
Realized loss on sale of digital assets		(5,421	)
Realized loss upon transfer of digital assets as collateral		(6,986	)
Unrealized loss on digital assets		(42,001	)
Digital assets transferred as collateral		(15,093	)
Digital assets returned by GSR Markets		1,813
Disposition of digital assets		(5,040	)
Balance as of June 30, 2026	$	27,272

Fair Value of SAFE and Token Warrants

As more fully described in Note 8. Derivatives, we invested in a SAFE and Token Warrants during the fiscal year ended June 30, 2026. The fair value of the SAFE and Token Warrants is determined in accordance with ASC 820 and included both Level 2 and Level 3 inputs. The Level 3 inputs include (i) the stock price, (ii) the timing of various liquidity events, (iii) probabilities of occurrence of the respective liquidity events and (iv) a dissolution scenario recovery rate.

The following tables provide a reconciliation of all financial assets measured at fair value, during the fiscal year ended June 30, 2026, using Level 3 significant unobservable inputs (in thousands):


	Level 3 Assets
	SAFE		Token Warrants
Balance as of June 30, 2025	$	—	$	—
Issuance of financial instruments		400		600
Balance as of June 30, 2026	$	400	$	600

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

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

Jun. 30, 2026

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Accrued compensation and benefits

^[1]

$ 656

$ 873

Accrued legal and professional services

144

Accrued pre-clinical and clinical trial expenses

134

Derivative liabilities - Covered Call Options

Other

Total accrued liabilities

$ 808

$ 1,178

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

Disposition of a Non-Financial Asset

12 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Disposition of a Nonfinancial Asset

Note 15. Disposition of a Nonfinancial Asset

On October 22, 2024 (the APA Closing Date), we and Aardvark Therapeutics, Inc. (the Purchaser), entered into an Asset Purchase Agreement (the Asset Purchase Agreement), whereby we sold to the Purchaser our rights, title and interest in and to certain assets related to ME-344, including relevant intellectual property rights, technology and contracts (the ME-344 Sale). Pursuant to the Asset Purchase Agreement, the Purchaser paid us an initial payment of $0.5 million in cash plus a reimbursement amount of $55,000 at the closing of the transaction. The Purchaser may also make future milestone payments up to $62.0 million after the APA Closing Date, payable upon the achievement of certain regulatory and revenue milestones. The Purchaser also assumed certain of our liabilities after the APA Closing Date, including liabilities arising under the contracts transferred under the Asset Purchase Agreement. During the fiscal years ended June 30, 2026 and 2025, no milestones were met.

The ME-344 Sale did not trigger a discontinued operation as the intellectual property sold did not represent a component of our business. Additionally, we concluded the ME-344 Sale met all the criteria to be derecognized on the APA Closing Date. Variable consideration, such as future potential regulatory and revenue milestones have been fully constrained. As such, as of the APA Closing Date and December 31, 2024, we determined the transaction price to be the initial payment of $0.5 million. Accordingly, we recognized a gain, upon satisfaction of our obligations under the Asset Purchase Agreement, of $0.5 million as a separate component of other (expense) income, net, in the consolidated statements of operations. The $55,000 reimbursement by the Purchaser represented work performed at the Purchaser's request prior to the APA Closing Date, which they agreed to reimburse. The reimbursement did not represent a liability assumed or relieved by the Purchaser and was, therefore, not included in the calculation of the gain on the disposition of the ME-344 asset. For the fiscal year ended June 30, 2025, the $55,000 reimbursement was recognized as contra research and development expense in accordance with our reimbursement policy for pass through services.

Digital Assets

12 Months Ended

Jun. 30, 2026

Crypto Asset, Cost [Abstract]

Digital Assets

Note 4. Digital Assets

As of June 30, 2025, we did not hold digital assets. The following table summarizes our digital asset holdings as of June 30, 2026 (in thousands, except quantity):


	June 30, 2026
	Quantity		Cost Basis		Fair Value
Digital assets		650,716	$	69,273	$	27,272
Digital assets receivable, net (1)		182,000		13,140		7,627
Total digital assets		832,716	$	82,413	$	34,899

____________

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

Share-based Compensation - Share-based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 1,288	$ (144)
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	1,285	(16)
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 3	$ (128)

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2026	Jul. 22, 2025	Jun. 30, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Crypto asset receivable allowance for credit loss	$ 0
Notional amount	0
Current unamortized deferred prepaid assets	$ 100,000
Changes in unrecognized tax position	An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.
Unrecognized tax benefits	$ 0		$ 0
Pre-Funded Warrants
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares of common stock underlying pre-funded warrants		6,022,869
GD Advisory Warrant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares of common stock underlying pre-funded warrants	175,611
Nonemployee \| Pre-Funded Warrants
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares of common stock underlying pre-funded warrants	546,348

License Agreements - Additional Information (Detail) - Presage License Agreement - Presage Biosciences, Inc. - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2017	Jun. 30, 2026	Jun. 30, 2025
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

- Definition

Amount of liabilities classified as other.

+ References

+ Details

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Use of Estimates

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

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the valuation of derivatives liabilities associated with our Covered Call Options (as defined below), valuation of share-based awards including warrants issued for services, clinical trial accruals, potential loss contingencies, deferred income taxes and related valuation allowances, and the assessment of our ability to fund our operations for at least the next 12 months from the date of issuance of these consolidated financial statements. We base our estimates on historical experience and other market-specific or other relevant assumptions that we believe to be reasonable under the circumstances. Estimates are assessed each reporting period and updated to reflect current information. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity date of three months or less, when purchased, to be cash equivalents. We maintain cash and cash equivalent balances at financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). At times, deposits held may exceed the amount of insurance provided by the FDIC. We have not experienced any losses in our cash and cash equivalents and management believes we are not exposed to significant credit risk with respect to such accounts. Our cash equivalents are classified as Level 1 inputs within the fair value hierarchy. See Note 5. Fair Value Measurements for further information on the fair value hierarchy.

Digital Assets

In accordance with our Litecoin Treasury Strategy, we intend to hold our LTC for long-term investment purposes. We seek to generate returns on our LTC holdings, as LTC appreciates and actively pursue risk-adjusted return opportunities to generate cash flows that support our operating expenses. As a result, our LTC digital assets are included in long-term assets in the consolidated balances sheets, due to our intent to retain and hold our LTC. Pursuant to Accounting Standards Codification (ASC) Topic 350-60 Intangibles - Goodwill and Other - Crypto Assets (ASC 350-60) in-scope crypto assets are required to be measured at fair value in the statement of financial position, with gains and losses from changes in the fair value of such crypto assets recognized in net loss each reporting period. Proceeds from the sale of digital assets are included within investing activities in the consolidated statements of cash flows.

ASC 350-60 does not address the initial measurement, recognition, and derecognition of crypto assets. As such, our digital assets were initially recorded at cost plus fees in accordance with ASC 350-30 Intangibles - Goodwill and Other - General Intangibles Other Than Goodwill. Our digital assets are recorded at fair value at each reporting period with changes in fair value of digital assets included as a component of operating activities in the consolidated statements of operations, as our LTC tokens could, if needed, be sold for use in our operations. Digital assets intended for use in operations and/or for the repurchase of our Common Stock are classified as current assets in the consolidated balance sheets.

Our first purchase of LTC was on July 30, 2025. In accordance with ASC 350-60, our required adoption date was July 1, 2025 (beginning of the fiscal year that includes the interim period of adoption). LTC tokens are measured using Level 1 inputs under ASC 820 Fair Value Measurement (ASC 820), based on quoted prices from a principal market, Coinbase, as Coinbase has the highest trading volume of LTC tokens (LTC Tokens), the native cryptocurrency of LTC, and is the market in which we transact in LTC Tokens. We track the cost basis of our digital assets based upon a first-in-first-out methodology. See Note 4. Digital Assets for further information. Except for digital assets pledged as collateral for our Covered Call Options (as defined below), our digital asset holdings are not subject to any contractual sale restrictions. Digital assets pledged as collateral are reported as digital assets receivable, net, and classified as long-term assets on the consolidated balance sheets, consistent with our intent to primarily retain LTC under our Litecoin Treasury Strategy.

Digital Assets Receivable, Net

We enter into contracts with GSR Markets Ltd (GSR Markets), an affiliate of GSR Strategies LLC (GSR or Asset Manager), in which we write covered call options on certain of our LTC holdings (Covered Call Options). In connection with these arrangements, we transfer LTC as collateral to GSR Markets, on a title-transfer basis. Upon transfer, we no longer have control of the specific LTC transferred; however, we retain a contractual right to receive the same quantity of LTC if the Covered Call Options expire unexercised.

As a result of the title transfer, the amount of LTC collateralized is reclassified from digital assets to digital assets receivable, net, in the consolidated balance sheets. In addition, we recognize the difference between the fair value at the date of transfer and the initial purchase price of the LTC as a realized gain or loss within change in fair value of digital assets, a component of operating expenses in the consolidated statements of operations. The digital assets receivable, net, is remeasured at fair value at each reporting date in accordance with ASC 350-60.

When Covered Call Options expire unexercised, GSR Markets may either return the LTC to us or retain the LTC to support future Covered Call Option contracts. If the LTC is retained by GSR Markets after expiration, the balance continues to be reported as digital assets receivable, net, and remeasured at fair value. If the LTC is returned to us, the receivable is derecognized by reclassifying the fair value of the LTC to digital assets in the consolidated balance sheets.

When Covered Call Options are exercised, the associated digital assets receivable, net, is derecognized as the underlying LTC is retained by GSR Markets and removed from our collateral balance held by GSR Markets. Gains or losses related to the exercise of Covered Call Options are recorded within gain on derivative liabilities, net, within other expense (income), net, in the consolidated statements of operations.

We evaluate our digital assets receivable for expected credit losses in accordance with ASC 326, Financial Instruments - Credit Losses. Our assessment considers, among other factors, the short-term nature of the Covered Call Options contractual term,

the creditworthiness and risk management practices of GSR, the amount of LTC collateralized, and historical loss experience. As of June 30, 2026, we concluded expected credit losses were immaterial and, therefore, recorded no allowance for credit losses related to our digital assets receivable, net.

Investment in Simple Agreement for Future Equity (SAFE) and Token Warrants

Our investment in the SAFE provides us with the right to participate in future equity financings of a private company and token warrants provide us with the right to purchase two percent of the total network tokens developed (Token Warrants) (the SAFE and Token Warrants are herein referred to as the SAFE Investment). We accounted for the SAFE Investment under ASC 321, Investments - Equity Securities (ASC 321). The SAFE Investment contains multiple settlement provisions which could require bifurcation under ASC 815, Derivatives and Hedging (ASC 815). Rather than separately value each settlement provision, we elected the fair value option for the SAFE Investment under ASC 825, Financial Instruments, which requires financial instruments to be remeasured to fair value each reporting period, with changes in fair value recorded in the consolidated statements of operations. The fair value estimate includes significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

Derivatives - Covered Call Options

Derivatives – Covered Call Options

From time to time, to generate cash flows on a portion of our LTC, we sell Covered Call Options. These options do not qualify as accounting hedges under ASC 815; however, we consider them to be economic hedges. We classify our Covered Call Options as derivative liabilities, which are recorded within the accrued liabilities line item in the consolidated balance sheets, and accordingly recorded at fair value at inception and subsequently remeasured at fair value at each reporting date. Changes in fair value of our Covered Call Options and/or realized gains or losses on Covered Call Options which expire unexercised are recognized upon settlement (expiration) of the related Covered Call Option contract within gain on derivative liabilities, net, a component of other (expense) income, net, in the consolidated statements of operations.

The notional amount of Covered Call Options represents the quantity of digital assets underlying the option contracts multiplied by the spot entry price when the contract is written. Notional amounts are not recorded on the balance sheet and do not represent our maximum exposure to loss, which is limited to the opportunity cost of foregone appreciation in the underlying digital assets above the strike price. Premiums received from the sale of Covered Call Options are recorded as cash inflows within investing activities in the consolidated statements of cash flows. See Note 8. Derivatives for additional information related to our Covered Call Options.

Master Loan Agreement

As discussed in Note 7. Master Loan Agreement, we entered into a master loan agreement (the MLA) with BitGo Prime (the Lender). The MLA provides a framework under which we may borrow digital assets or cash from the Lender, from time-to-time. Each loan is documented in a separate loan request agreed to by the parties setting forth the specific terms, including principal amount, fees, collateral requirements and the date on which the loan is to commence and mature (each a Loan). 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 by 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

We account for the Pre-Funded Warrants issued in the PIPE as equity-classified instruments based on an assessment of the Pre-Funded Warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (ASC 480) and ASC 815. The assessment considers whether the Pre-Funded Warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all the requirements for equity classification under ASC 815, including but not limited to, whether the Pre-Funded Warrants are indexed to our own Common Stock and whether the Pre-Funded Warrant holders could potentially require “net cash settlement” in a circumstance outside our control. This assessment, which requires the use of professional judgment, is conducted at the time of the Pre-Funded Warrant's issuance and as of each subsequent quarterly period end date while the Pre-Funded Warrants are outstanding.

For other warrants that meet all criteria for equity classification, such warrants are required to be recorded as additional paid-in capital in the consolidated balance sheets at the time of issuance.

We issued the following warrants for services rendered in connection with the PIPE: (i) the Asset Manager GSR 1 Warrant (AMA GSR 1 Warrant), (ii) Asset Manager GSR 2 Warrant (AMA GSR 2 Warrant), (iii) Asset Manager GSR 3 Warrant (AMA GSR 3 Warrant), (iv) Asset Manager GSR 4 Warrant (AMA GSR 4 Warrant), (v) Placement Agent (PA) Warrant and (vi) Strategic Advisor (SA) Warrant (collectively, the Advisory Warrants), and we issued the Asset Manager's Pre-Funded Warrant (AMA Pre-Funded Warrants) after the Closing Date. The Advisory Warrants are accounted for in accordance with ASC 718, Stock Compensation (ASC 718), which requires us to recognize the fair value of the Advisory Warrants at either (i) the fair value of the equity instruments issued or (ii) the liabilities settled. The fair value of the Advisory Warrants was determined based upon the Common Stock underlying the Advisory Warrants using the Black-Scholes-Merton (BSM) option pricing model (BSM Model) based on the applicable assumptions, which include the exercise price of the warrants, our stock price and historical volatility, the expected warrant term, the risk-free interest rate, the expected dividends, and if applicable, the vesting behavior. See Note 12. Warrants for a summary of the fair value assumptions used to value the Advisory Warrants upon the closing of the PIPE and a summary of the Warrants outstanding as of June 30, 2026.

The fair value of the AMA Pre-Funded Warrant issued in September 2025 as payment of the annual asset-based fee (Asset-based Fee) under the GSR Asset Management Agreement (as defined in Note 17. Related Party Transactions) and the GD Advisory Warrants issued in October 2025 in settlement of the Annual Advisory Fee with Green Dragon Investment LLC (Green Dragon) were determined by the settlement amount of the Asset-based Fee and the Annual Advisory Fee, respectively. The AMA Pre-Funded Warrants, the GD Advisory Warrants and the agreements under which they were issued are further discussed in Note 12. Warrants, and defined in Note 17. Related Party Transactions.

Share-based Compensation

For fully vested, nonforfeitable equity instruments granted at the date we and a nonemployee enter into an agreement for goods or services, we recognize the equity instruments when they are granted. The corresponding cost is recognized as an immediate expense or a prepaid asset depending on the specific facts and circumstances of the agreement with the nonemployee. For the fiscal year ended June 30, 2026, 546,348 Pre-Funded Warrants were issued as fully vested, nonforfeitable equity instruments to a nonemployee. The agreement with the nonemployee does not include any provisions to claw back the share-based payments in the event of nonperformance by the nonemployee. Before July 21, 2026, GSR is expected to provide asset management services related to our LTC holdings under the GSR Asset Management Agreement (as defined in Note 17. Related Party Transactions) entered into by us and GSR. As of June 30, 2026, we recorded $0.1 million in current unamortized deferred prepaid assets associated with the AMA Pre-Funded Warrants.

We review options granted at or in close proximity to our release of material public information to determine if such options would be considered spring-loaded options in accordance with Staff Accounting Bulletin 120 (SAB 120) and ASC 718. When we determine we were in possession of material non-public information (MNPI) at the time of grant, and the options granted therefore would meet the definition of spring-loaded options, we make appropriate adjustments to the closing price used in valuing such options for accounting purposes. Such adjustments may include use of the closing price on the release date rather than the grant date.

Fair Value Measurements

Our financial instruments consist primarily of cash and cash equivalents, prepaid expenses and other current assets, digital assets, including Covered Call Options, digital assets receivable, net, accounts payable, accrued liabilities and Advisory Warrants (as defined below). The carrying amounts of cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the relatively short-term nature of those instruments. For information regarding the fair value of our digital assets and our Covered Call Options, see Note 5. Fair Value Measurements and Note 8. Derivatives, respectively.

Income Taxes

Our income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2026 and 2025, we have established a valuation allowance to fully reserve our net deferred tax assets. Tax rate changes are reflected in income during the period such changes are enacted. Changes in our ownership may limit the amount of net operating loss carryforwards that can be utilized in the future to offset taxable income.

The Financial Accounting Standards Board (FASB) Topic ASC 740 - Income Taxes (ASC 740) prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of June 30, 2026 and 2025.

Disposition of Nonfinancial Assets

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

Net Loss Per Share

Basic net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Issued and outstanding warrants to purchase shares of our Common Stock are included in the calculation of basic net loss per common share if the exercise price of the warrants represents de minimis consideration and is nonsubstantive in relation to the price paid for the warrant and if the warrants are immediately exercisable with no further vesting conditions or contingencies associated with them. The 546,348 shares of our Common Stock underlying Pre-Funded Warrants, as described in Note 12. Warrants, and 175,611 shares of our Common Stock underlying the vested portion of our GD Advisory Warrants are included in the calculation of our weighted-average shares used in computing net loss per share, basic and diluted due to their nominal exercise price.

We consider our Pre-Funded Warrants, including the AMA Pre-Funded Warrants and our Advisory Warrants, including the GD Advisory Warrant (collectively, the Warrants) to be participating securities, because the holders of such instruments participate when a dividend is paid on common stock. The holders of the Warrants do not have a contractual obligation to share in our losses. Because such losses are attributable entirely to common stockholders, for periods in which we have reported a net loss, diluted loss per common share is the same as basic loss per common share. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common stock and common stock equivalents outstanding for the period determined using the treasury-stock method.

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 Fiscal Year Ended June 30,
	2026		2025
Stock options		1,731		869
Warrants
Advisory Warrants		3,070		—
GD Advisory Warrants		59		—
Other warrant		103		103
Total anti-dilutive shares		4,963		972

Recent Accounting Pronouncement

Recently Adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (ASC 350-60). The amendments in ASC 350-60 are intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. The amendments were effective for us beginning July 1, 2025. ASC 350-60 requires a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets) as of the beginning of the annual reporting period in which an entity adopts the amendments. As we did not hold cryptocurrency prior to July 30, 2025, the adoption of ASC 350-60 did not impact our financial position, results of operations or cash flows. See Digital Assets discussion within Note 2. Summary of Significant Accounting Policies, Note 4. Digital Assets and Note 5. Fair Value Measurements for related disclosures related to our LTC holdings.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity

(PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. We adopted ASU 2023-09 prospectively for its annual period ended June 30, 2026. The adoption of this ASU did not have a material impact on our consolidated results of operations, cash flows, financial condition and disclosures.

In July 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the U.S. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, domestic research cost expensing and the business interest expense limitation, among other tax changes. The legislation did not have a material impact on our statement of operations for the year ended June 30, 2026.

Recently Issued

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

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to the financial statements, of specific expense categories present within expense captions presented on the face of the statements of operations (income statement) within continuing operations of PBEs. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any and all prior periods presented in the financial statements. We are currently evaluating this ASU to determine its impact on our disclosures.

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

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements (ASU 2025-12). The amendments in this update represent changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Codification easier to understand and apply. An entity should apply the amendments in this update (except for the amendments to Topic 206, Earnings Per Share, related to Issue 4) either prospectively to all transactions recognized on or after the date that the entity first applies the amendments or retrospectively to the beginning of the earliest comparative period presented. Entities may elect the transition method on an issue-by-issue basis. The amendments in this update clarify the effective date of ASU 2024-03, which is that public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026 and in interim periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods. The impact of adoption of this ASU on our disclosures is currently being evaluated.

Pay vs Performance Disclosure - USD ($)

1 Months Ended

11 Months Ended

12 Months Ended

Jul. 31, 2024

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2024

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

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

•

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

•

Graphs that describe the relationships between CAP and our cumulative total shareholder return (TSR) and GAAP Net Income

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

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

Pay Versus Performance Table. In accordance with Item 402(v) and under rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we are providing the tabular disclosure for our Chief Executive Officer (our Principal Executive Officer or PEO) and the average of our NEOs other than the PEO for fiscal years 2024, 2025 and 2026.


Fiscal Year	Summary Compensation Table for Total Current PEO (File)(1)		Compensation Actually Paid to Current PEO (File)(2,3)		Summary Compensation Table for Total Former PEO (Urso)(1)		Compensation Actually Paid to Former PEO (Urso)(2,3)		Average Summary Compensation Table Total for Non-PEO NEOs(1)		Average Compensation Actually Paid to Non-PEO NEOs(2,3)		Value of Initial Fixed $100 Investment Based on Total Shareholder Return(4)		Lite Strategy Net (Loss) Income ($ Millions)
(a)	(b)		(c)		(b)		(c)		(d)		(e)		(f)		(h)
2026	$	1,577,150	$	1,429,975	$	—	$	—	$	-	$	—	$	18	$	(71	)
2025	$	912,667	$	893,199	$	934,046	$	683,160	$	708,134	$	645,430	$	48	$	(16	)
2024	$	—	$	—	$	894,905	$	220,789	$	730,912	$	558,052	$	57	$	18

(1)

The PVP table reflects required disclosures for fiscal years 2024, 2025 and 2026. The following table reflects our Principal Executive Officer (PEO) and non-PEO NEOs in each of the fiscal years presented:


Fiscal Year	PEO	Non-PEO NEOs
2026	Justin J. File (Current)
2025	Justin J. File (Current) David M. Urso (Former)	Richard G. Ghalie
2024	David M. Urso (Current)	Justin J. File and Richard G. Ghalie

(2)

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

(3)

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


	Current PEO (File)(i)
Fiscal Year	2024			2025			2026
SCT Total	$	—		$	912,667		$	1,577,150
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			(595,900	)
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			283,041
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			(15,787	)		(14,060	)
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			182,039
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		—			(3,681	)		(2,295	)
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			—
Compensation Actually Paid	$	—		$	893,199		$	1,429,975

	Former PEO (Urso)(i)
Fiscal Year	2024			2025			2026
SCT Total	$	894,905		$	934,046		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(511,128	)		—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(162,988	)		1,757			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			(252,643	)		—
Compensation Actually Paid	$	220,789		$	683,160		$	—

	Average Non-PEO(i)
Fiscal Year	2024			2025			2026
SCT Total	$	730,912		$	708,134		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		(79,900	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		28,797			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(93,289	)		—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(28,468	)		154			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			(62,858	)		—
Compensation Actually Paid	$	558,052		$	645,430		$	—

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

(4)

Assumes $100 was invested in Lite Strategy for the period starting June 30, 2023, through the end of the listed year. Historical stock performance is not necessarily indicative of future stock performance.

Named Executive Officers, Footnote


Fiscal Year	PEO	Non-PEO NEOs
2026	Justin J. File (Current)
2025	Justin J. File (Current) David M. Urso (Former)	Richard G. Ghalie
2024	David M. Urso (Current)	Justin J. File and Richard G. Ghalie

Adjustment To PEO Compensation, Footnote

(3)


	Current PEO (File)(i)
Fiscal Year	2024			2025			2026
SCT Total	$	—		$	912,667		$	1,577,150
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			(595,900	)
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			283,041
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			(15,787	)		(14,060	)
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			182,039
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		—			(3,681	)		(2,295	)
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			—
Compensation Actually Paid	$	—		$	893,199		$	1,429,975

	Former PEO (Urso)(i)
Fiscal Year	2024			2025			2026
SCT Total	$	894,905		$	934,046		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(511,128	)		—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(162,988	)		1,757			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			(252,643	)		—
Compensation Actually Paid	$	220,789		$	683,160		$	—

	Average Non-PEO(i)
Fiscal Year	2024			2025			2026
SCT Total	$	730,912		$	708,134		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		(79,900	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		28,797			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(93,289	)		—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(28,468	)		154			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			(62,858	)		—
Compensation Actually Paid	$	558,052		$	645,430		$	—

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

Non-PEO NEO Average Total Compensation Amount

$ 708,134

$ 730,912

Non-PEO NEO Average Compensation Actually Paid Amount

645,430

558,052

Adjustment to Non-PEO NEO Compensation Footnote

(3)


	Current PEO (File)(i)
Fiscal Year	2024			2025			2026
SCT Total	$	—		$	912,667		$	1,577,150
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			(595,900	)
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			283,041
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		—			(15,787	)		(14,060	)
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			182,039
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		—			(3,681	)		(2,295	)
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			—			—
Compensation Actually Paid	$	—		$	893,199		$	1,429,975

	Former PEO (Urso)(i)
Fiscal Year	2024			2025			2026
SCT Total	$	894,905		$	934,046		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		—			—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		—			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(511,128	)		—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(162,988	)		1,757			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			(252,643	)		—
Compensation Actually Paid	$	220,789		$	683,160		$	—

	Average Non-PEO(i)
Fiscal Year	2024			2025			2026
SCT Total	$	730,912		$	708,134		$	—
Stock and Option Award Values Reported in SCT for the Covered Year		(79,900	)		—			—
Fair Value of Outstanding Unvested Stock and Option Awards Granted in the Covered Year		28,797			—			—
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years		(93,289	)		—			—
Fair Value of Stock and Option Awards Granted in Covered Year that Vested		—			—			—
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year		(28,468	)		154			—
Fair Value of Stock and Option Awards Forfeited during the Covered Year		—			(62,858	)		—
Compensation Actually Paid	$	558,052		$	645,430		$	—

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

Compensation Actually Paid vs. Total Shareholder Return

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

Compensation Actually Paid vs. Net Income

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

Total Shareholder Return Amount

$ 18

$ 48

Additional 402(v) Disclosure

(2)

Justin J. File [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 912,667

$ 1,577,150

PEO Actually Paid Compensation Amount

$ 893,199

$ 1,429,975

PEO Name

Justin J. File

David M Urso [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

934,046

894,905

PEO Actually Paid Compensation Amount

$ 683,160

$ 220,789

PEO Name

David M. Urso

PEO | Justin J. File [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (595,900)

PEO | Justin J. File [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

283,041

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (15,787)

(14,060)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

182,039

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (3,681)

$ (2,295)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (511,128)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 1,757

(162,988)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(252,643)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(79,900)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

28,797

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(93,289)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

154

$ (28,468)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (62,858)

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Jun. 30, 2025

Current assets:

Cash and cash equivalents

$ 5,706

$ 18,011

Prepaid expenses and other current assets

435

274

Total current assets

6,141

18,285

Digital assets

27,272

Digital assets receivable, net

7,627

^[1]

Investments in SAFE and Token Warrants, at fair value

1,000

Other long-term assets

652

Total assets

42,692

18,285

Current liabilities:

Accounts payable

261

176

Accrued liabilities

808

1,178

Total current liabilities

1,069

1,354

Total liabilities

1,069

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 June 30, 2026 and June 30, 2025, respectively and 32,407 and 6,663 shares outstanding at June 30, 2026 and 2025, respectively.

Additional paid-in capital

521,832

421,095

Treasury stock, at cost, 4,379 and no shares at June 30, 2026 and June 30, 2025, respectively

(4,895)

Accumulated deficit

(475,314)

(404,164)

Total stockholders' equity

41,623

16,931

Total liabilities and stockholders' equity

$ 42,692

$ 18,285

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

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

Jun. 30, 2026

USD ($)

Crypto

CryptoAsset

Jun. 30, 2025

USD ($)

Crypto Asset, Holding [Line Items]

Crypto Asset, Number of Units, Total | Crypto

650,716

Digital assets, cost basis

$ 69,273

Digital assets, fair value

$ 27,272

Digital assets receivable, net | CryptoAsset

^[1]

182,000

Digital assets receivable, net, cost basis

^[1]

$ 13,140

Digital assets receivable, net, fair value

$ 7,627

^[1]

$ 0

Total digital assets, quantity | CryptoAsset

832,716

Total digital assets, cost basis

$ 82,413

Total digital assets, fair value

$ 34,899

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

Segment Information - Additional Information (Details) - Segment	12 Months Ended	13 Months Ended
	Jun. 30, 2026	Aug. 05, 2025
Segment Reporting [Line Items]
Number of operating segments	2	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember, srt:ChiefFinancialOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	During fiscal year 2026, our CODM evaluates financial information including budget versus actual comparisons when assessing performance for allocating financial and personnel resources.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Balance Sheet Details

12 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

Note 3. Balance Sheet Details

Prepaid and Other Current Assets

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


	June 30, 2026		June 30, 2025
Insurance	$	210	$	176
Asset management fee		110		—
Software license		17		39
Other		98		59
Total prepaid and other current assets	$	435	$	274

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	June 30, 2026		June 30, 2025
Accrued compensation and benefits(1)	$	656	$	873
Accrued legal and professional services		75		144
Accrued pre-clinical and clinical trial expenses		11		134
Derivative liabilities - Covered Call Options		40		—
Other		26		27
Total accrued liabilities	$	808	$	1,178

________

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

Digital Assets - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Crypto Asset, Cost [Abstract]
Digital assets	$ 27,272	$ 0

Derivatives (Tables)

12 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Classification of Derivatives Carried at Fair Value

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


		2026
Derivative	Balance Sheet Line	Asset		Liability
Derivatives not designated as hedging instruments:
SAFE and Token Warrants	Investments in SAFE and Token Warrants	$	1,000	$	—
Covered Call Options	Accrued liabilities		—		40
Total derivatives		$	1,000	$	40

During the fiscal year ended June 30, 2025, we did not hold any Covered Call Options. The following table presents our statements of operations classification of derivatives carried at fair value for the period presented (in thousands):


Derivative	Statements of Operations Line	For the Fiscal Year Ended June 30, 2026
Derivatives not designated as hedging instruments:
Covered Call Options	Gain on derivative liabilities, net	$	813
Total derivatives		$	813

Income Taxes - Schedule of Income Taxes Paid Net of Refunds Received (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2026 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. Federal Taxes	$ 0
California, State Taxes	0
Foreign Taxes	0
Income Tax Paid, after Refund Received, Total	$ 0

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	12 Months Ended
	Jul. 22, 2025	Feb. 20, 2024	Dec. 06, 2023	Dec. 31, 2023	Jun. 30, 2026	Jun. 30, 2025
Class of Stock [Line Items]
Total authorized share capital					226,100,000
Common stock, shares authorized					226,000,000	226,000,000
Preferred stock, shares authorized					100,000	100,000
Preferred stock, par value					$ 0.01	$ 0.01
Common stock voting rights					one vote per share
Preferred stock, shares outstanding					0	0
Closing agreement date					Nov. 17, 2023
Dividend paid			$ 11,700
Net cash proceeds					$ 4,628	$ 0
Pre-Funded Warrants
Class of Stock [Line Items]
Offering price per share	$ 3.4199
Warrants issued to purchase common stock	6,022,869
O 2024 Q2 Dividends
Class of Stock [Line Items]
Cash dividends declared, per share				$ 1.75
ATM Sales Agreement
Class of Stock [Line Items]
Aggregate offering price		$ 25,000
Number of shares issued and sold					882,924
Net cash proceeds					$ 4,600
Aggregate principal amount authorized for sale	$ 100,000
Agent commission rate	3.50%
Private Placement
Class of Stock [Line Items]
Number of shares issued in the offering	23,216,898
Offering price per share	$ 3.42
Proceeds from private investment in private equity	$ 100,000
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement					$ 100,000

Fair Value Measurements - Schedule of Changes in Carrying Amount of Digital Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]
Fair Value, Beginning Balance	$ 0
Purchases of digital assets	100,000
Realized loss on sale of digital assets	(5,421)
Realized loss upon transfer of digital assets as collateral	(6,986)
Unrealized loss on digital assets	(42,001)
Digital assets transferred as collateral	(15,093)
Digital assets returned by GSR Markets	1,813	$ 0
Disposition of digital assets	(5,040)
Fair Value, Ending Balance	$ 27,272	$ 0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 122	$ 3,923
General and administrative	12,047	13,532
Change in fair value of digital assets	54,408	0
Total operating expenses	66,577	17,455
Loss from operations	(66,577)	(17,455)
Other (expense) income:
Change in fair value of digital assets receivable, net	(5,653)	0
Gain on derivative liabilities, net	813	0
Interest and dividend income	267	1,026
Gain on disposition of a nonfinancial asset	0	500
Other expense, net	0	(16)
Total other (expense) income, net	(4,573)	1,510
Net loss	$ (71,150)	$ (15,945)
Net loss per share - basic and diluted
Basic	$ (2.06)	$ (2.39)
Diluted	$ (2.06)	$ (2.39)
Weighted-average shares used in computing net loss per share - basic and diluted
Basic	34,559	6,663
Diluted	34,559	6,663

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2026

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 Fiscal Year Ended June 30,
	2026		2025
Stock options		1,731		869
Warrants
Advisory Warrants		3,070		—
GD Advisory Warrants		59		—
Other warrant		103		103
Total anti-dilutive shares		4,963		972

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified	false
Non Rule 10b51 Arr Modified	false

Share-based Compensation (Tables)

12 Months Ended

Jun. 30, 2026

Share-Based Compensation Expense for Stock Awards

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


	For the Fiscal Year Ended June 30,
	2026		2025
Research and development	$	3	$	(128	)
General and administrative		1,285		(16	)
Total share-based compensation	$	1,288	$	(144	)

Summary of Stock Option Activity and Related Data

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


	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2025		869,148		$	32.90
Granted		1,155,250		$	2.08
Forfeited		(293,313	)	$	30.14
Outstanding at June 30, 2026		1,731,085		$	12.80		7.0	$	—
Vested and expected to vest at June 30, 2026		1,731,085		$	12.80		7.0	$	—

Fair Value of Stock Options Weighted-Average Assumptions Used

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


Risk-free interest rate	3.7	%
Expected life (years)	4.7
Volatility	91.4	%
Dividend yield	—	%

Share-based Compensation - Fair Value of Stock Options Weighted-Average Assumptions Used (Detail)	12 Months Ended
	Jun. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.70%
Expected life (years)	4 years 8 months 12 days
Volatility	91.40%
Dividend yield	0.00%

- Definition

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

+ References

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+ Details

Disposition of a Nonfinancial Asset - Additional Information (Detail) - USD ($)		6 Months Ended	12 Months Ended
	Oct. 22, 2024	Dec. 31, 2024	Jun. 30, 2026	Jun. 30, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Adopted agreement date	Oct. 22, 2024
Reimbursement amount			$ 55,000
Purchaser initial payment		$ 500,000	0	$ 500,000
Gain of disposition			$ 0	500,000
Research And Development Arrangement
Disposal Group, Including Discontinued Operations [Line Items]
Reimbursement amount				$ 55,000
Asset Purchase Agreement
Disposal Group, Including Discontinued Operations [Line Items]
Reimbursement amount	$ 55,000
Purchaser initial payment	500,000
Asset Purchase Agreement \| Maximum
Disposal Group, Including Discontinued Operations [Line Items]
Milestone payment	$ 62,000,000

- Definition

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

+ References

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-Subparagraph (a)(1)
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 16. Income Taxes

We account for income taxes in accordance with ASC 740, which requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities,

and for the expected future tax benefit to be derived from tax losses and tax credit carryforwards. ASC 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets.

Effective July 1, 2025, we adopted ASU 2023-09 on a prospective basis, which enhances the transparency and decision usefulness of income tax disclosures in our financial statements. This update requires entities to disclose a detailed reconciliation of the federal statutory income tax rate to the effective tax rate and the disaggregation of income (loss) before income taxes, income tax benefit (expense) and income taxes paid, net of refunds by domestic federal, domestic state, and foreign jurisdictions. Furthermore, changes in unrecognized tax benefits must be categorized based on their relation to current or prior annual reporting periods.

We have not recorded an income tax provision for the fiscal years ended June 30, 2026 and 2025 due to our taxable losses offset with a full valuation allowance. All losses before income taxes were generated in the United States.

Pre-tax loss before provision for income taxes consists of the following jurisdictions, in thousands:


	For the Fiscal Year Ended June 30,
	2026			2025
Domestic	$	(71,150	)	$	(15,945	)
Foreign		—			—
Pre-tax loss	$	(71,150	)	$	(15,945	)



	For the Fiscal Year Ended June 30, 2026
	$			%
Tax (benefit) expense at U.S. statutory rates	$	(14,941	)		21	%
State and local income taxes(1)		—			0	%
Change in valuation allowance		13,305			(18	)%
Nontaxable and nondeductible items
Equity compensation		1,445			(3	)%
Section 162(m) limitation		191			0	%
Others		1			0	%
Other adjustments		(1	)		0	%
Effective tax rate	$	—			0	%

________

(1) The state tax expense is zero due to losses. We are only subject to taxes in California.


	For the Fiscal Year Ended June 30, 2025
	$			%
Tax (benefit) expense at U.S. statutory rates	$	(3,349	)		21	%
State tax (benefit) expense		(2,733	)		17	%
Equity compensation		1,671			(10	)%
Change in valuation allowance		3,782			(24	)%
Section 162(m) limitation		507			(3	)%
Other		122			(1	)%
	$	—			0	%

The following table presents income taxes paid (net of refunds received) for the fiscal year ended June 30, 2026, in thousands:


	Income Taxes Paid
Jurisdictions	$
Federal Taxes
U.S.	$	—
State Taxes
California		—
Foreign Taxes		—
Total	$	—

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


	June 30,
	2026			2025
Deferred tax assets (liabilities):
Tax losses carried forward	$	63,831		$	53,346
Capitalization of R&D costs		6,739			9,398
Fixed and intangible assets		5,597			7,881
Share-based payments		636			2,375
Change in fair value of digital assets and digital assets receivables		13,335			—
Other		1,292			700
Total deferred tax assets		91,430			73,700
Valuation allowance for deferred tax assets		(91,430	)		(73,700	)
Net deferred tax assets and liabilities	$	—		$	—

In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. Due to our history of net losses, the deferred tax assets have been fully offset by a full valuation allowance of $91.4 million and $73.7 million as of June 30, 2026 and 2025, respectively. Our changes in the deferred tax asset valuation allowance for the years ended June 30, 2026 and 2025, were $17.7 million and $3.8 million, respectively.

We had federal and state net operating loss carryforwards of approximately $286.7 million and $51.8 million, respectively as of June 30, 2026 and federal and state net operating loss carryforwards of approximately $246.1 million and $23.8 million, respectively as of June 30, 2025. The federal net operating loss will carry forward indefinitely subject to an 80% taxable income limitation. The state net operating loss carryforwards will begin to expire in 2031 unless previously utilized.

Our ability to utilize our net operating loss carryforwards may be substantially limited due to ownership changes that have occurred or that could occur in the future under Section 382 of the Internal Revenue Code (Section 382) and similar state laws. A Section 382 study was completed through December 31, 2021, to analyze whether one or more ownership changes had occurred and determined that two such ownership changes did occur. We have not completed a Section 382 study through June 30, 2026. If an ownership change occurred our ability to utilize our net operating loss carryforwards and other tax attributes to offset future taxable income or tax liabilities may be limited as a result of ownership changes.

None of our prior income tax returns have been selected for examination by a major taxing jurisdiction; however, the statutes of limitations for various filings remain open. The oldest filings subject to potential examination for federal and state purposes are 2022 and 2021, respectively. If we utilize a net operating loss related to a closed tax year, the tax year in which the loss was incurred is subject to adjustment up to the amount of the net operating loss.

We have not reduced any tax benefit on our consolidated financial statements due to uncertain tax positions as of June 30, 2026 and we are not aware of any circumstance that would significantly change this result through the end of fiscal year 2027. To the extent we incur income-tax related penalties or interest, we will recognize them as additional income tax expense.

- Definition

The entire disclosure for income tax.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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

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

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (71,150)	$ (15,945)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of digital assets	54,408	0
Change in fair value of digital assets receivable, net	5,653	0
Share-based compensation	1,288	(144)
Gain on derivative liabilities, net	(813)	0
Noncash asset management and advisory expense	2,521	0
Noncash lease expense	0	214
Depreciation expense	0	368
Loss on disposal of property and equipment	0	14
Gain on disposition of a nonfinancial asset	0	(500)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(51)	2,150
Other long-term assets	(652)	0
Accounts payable	85	(2,992)
Accrued liabilities	(410)	(4,009)
Net cash used in operating activities	(9,121)	(20,844)
Cash flows from investing activities:
Purchases of digital assets	(100,000)	0
Proceeds from sale of digital assets	5,040	0
Net proceeds from written Covered Call Options	853	0
Purchase Of SAFE Investment	1,000	0
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	(95,107)	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
Repurchase of Common Stock	(4,895)	0
Net cash provided by financing activities	91,923	0
Net (decrease) increase in cash and cash equivalents	(12,305)	14,306
Cash and cash equivalents at beginning of the year	18,011	3,705
Cash and cash equivalents at end of the year	5,706	18,011
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	756	0
Digital assets transferred to digital assets receivable, net	15,093	0
Digital assets returned by GSR Markets	$ 1,813	$ 0

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jul. 18, 2025	Jul. 15, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 09, 2023	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding			1,731,085	869,148
Unrecognized compensation expense related to unvested stock options			$ 0.4
Expected weighted average period for recognition of compensation expense			1 year 3 months 18 days
Number of shares option grants			1,155,250
Option grants, Exercise price			$ 2.08
Weighted-average grant date fair value			$ 1.43
Employee Stock Option Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding			1,731,085
Employee Stock Option Member \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period			12 months
Share-based compensation arrangement by share-based payment award, expiration period			10 years
Employee Stock Option Member \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vested percentage			25.00%
Share-based compensation arrangement by share-based payment award, award vesting period			36 months
Spring-loaded Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares option grants		124,250
Option grants, Exercise price		$ 3.07
Incremental share-based compensation expense	$ 0.3
2008 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized			1,850,739
Shares available for future grant			2,058,800
2008 Omnibus Plan \| Employee Stock Option Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding			1,677,783
2026 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized			2,000,000
Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized					92,000	125,000
Shares available for future grant			163,698
Inducement Plan [Member] \| Employee Stock Option Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding			53,302

Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2026

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 Fiscal Year Ended June 30, 2026
	Shares		Weighted-average Exercise Price Per Share		Cost
Treasury shares repurchased		4,378,525	$	1.12	$	4,895

Description of Business and Basis of Presentation (Policies)	12 Months Ended
	Jun. 30, 2026
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. During fiscal year 2026, we commenced pre-clinical development programs in nononcologic 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 pre-clinical 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 PI3Kδ inhibitor and, prior to its sale in October 2024 to Aardvark Therapeutics, Inc., ME-344, as more fully discussed in Note 15. Disposition of a Nonfinancial Asset, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway in the mitochondria. Share Repurchase Program 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 commenced utilization of 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 of Common Stock, at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants), to purchase up to an aggregate of 6,022,869 shares of Common Stock, at an offering price of $3.4199 per Pre-Funded Warrant (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 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 nononcologic disease indications for potential out-licensing or sale related opportunities.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation We prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) related to annual reports on Form 10‑K. The accompanying consolidated financial statements include the accounts of Lite Strategy, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all intercompany accounts and transactions in consolidation. We have evaluated subsequent events through the date the consolidated financial statements were issued.
Liquidity	Liquidity To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We have accumulated losses of $475.3 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of June 30, 2026, we had $5.7 million in cash and cash equivalents. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we discontinued the clinical development of voruciclib in patients with acute myeloid leukemia. During fiscal year 2026, we commenced pre-clinical development programs for voruciclib in nononcologic disease indications. As a result, we will continue to incur R&D expenses in connection with our nonclinical projects. We believe that our cash and digital assets balance will be sufficient to meet our obligations and fund operations for at least the next 12 months from the issuance of these consolidated financial statements. To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We may require one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships at some point in the future to continue the development of our pre-clinical drug candidates and expand our Litecoin Treasury Strategy. There can be no assurance that we will be able to continue to raise additional capital in the future.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	Jul. 24, 2025	Jul. 22, 2025	Oct. 31, 2025	Jun. 30, 2026	Sep. 24, 2025	Jun. 30, 2025
Class of Warrant or Right [Line Items]
Common stock, shares issued				36,785,000		6,663,000
Number of Warrants Outstanding				3,953,187
Weighted-average grant date fair value				$ 1.43
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Exercise price				$ 0.0001	$ 0.0001
Warrant issuance date	Jul. 24, 2025
Common stock, shares issued	2,084,509			3,938,209
Surrendered warrants to achieve common stock				3,938,360
Warrants issued to purchase common stock		6,022,869
Asset-based fee payable					$ 1.9
Asset-based fee				$ 1.8
Pre-Funded Warrants \| Private Placement
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding				0
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				$ 0.7
Other Warrant
Class of Warrant or Right [Line Items]
Exercise price				$ 6.8
Warrant exercisable date				Oct. 25, 2022
Number of Warrants Outstanding				102,513
Other Warrant \| Torreya Partners LLC
Class of Warrant or Right [Line Items]
Exercise price				$ 6.8
Warrants outstanding				102,513

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Taxes Line Items [Line Items]
Deferred tax assets valuation allowance	$ 91,430	$ 73,700
Income Tax Expense (Benefit)	0	0
Changes in deferred tax asset valuation allowance	17,700	3,800
Federal net operating loss carry forwards	286,700	246,100
State net operating loss carry forwards	$ 51,800	$ 23,800
Taxable income percentage	80.00%
State
Income Taxes Line Items [Line Items]
Expiration year of operating loss carry forwards	2031

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

Market, Custody and Operational Risks of Digital Assets

We are subject to various risks including market risk, liquidity risk, and other risks related to our concentration in a single asset, LTC. Investing in LTC is highly speculative and volatile.

Because the fair value of our digital assets is calculated by reference to the principal market price in accordance with U.S. GAAP, fluctuations in the price of LTC could materially and adversely affect an investment in us. LTC prices have been volatile

and subject to influence by many factors, including LTC's levels of liquidity, which have historically been limited. If digital asset markets continue to experience significant price fluctuations, we may experience losses. During LTC's limited history, it has been subject to various factors affecting the price of LTC, including, but not limited to, global LTC supply and demand, compliance and internal control failures leading to the theft of LTC from global trading platforms or vaults, limited liquidity and trading volumes compared to sovereign currencies market and competition from other forms of digital currency or payment services, and global or regional political, economic or financial conditions.

There is a risk that some or all our LTC could be lost or stolen. There can be no assurance that the custodian will maintain adequate insurance or that such coverage will cover losses with respect to our LTC. Further, transactions in LTC are irrevocable. Stolen or incorrectly transferred LTC may be irretrievable. Further, any LTC we hold with our custodians and transact with our trade execution partners does not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. As a result, any incorrectly executed LTC transactions could adversely affect an investment in us.

We rely on third-party service providers to perform certain functions essential to our operations. Any disruptions to our service providers’ business operations resulting from business failures, financial instability, security failures, government mandated regulation or operational problems could have an adverse impact on our ability to access critical services and be disruptive to our operations.

LTC is subject to a developing regulatory landscape. On March 17, 2026, the SEC issued an interpretation addressing how the federal securities laws apply to certain types of crypto assets and transactions involving crypto assets (the Digital Asset Interpretation). While not a binding regulation, the Digital Asset Interpretation represents a shift in the SEC’s regulatory posture toward the crypto asset industry, moving from reliance primarily on enforcement actions to affirmative guidance establishing a classification framework and clarifying when crypto-related activities do or do not implicate the federal securities laws.

In the Digital Asset Interpretation, the SEC classified crypto assets into five categories based on their characteristics, uses, and functions. “Digital commodities,” “digital collectibles” including “meme coins,” and “digital tools” are not themselves securities according to the SEC. A “digital commodity” is a crypto asset intrinsically linked to, and deriving its value from, the programmatic operation of a “functional” crypto system and supply and demand dynamics, rather than from the expectation of profits based on the essential managerial efforts of others. A digital commodity is not a security. The Digital Asset Interpretation identifies a number of specific crypto assets as digital commodities, including LTC.

The Commodity Futures Trading Commission (the CFTC) joined the Digital Asset Interpretation to provide guidance that the CFTC and its staff will administer the Commodities Exchange Act of 1936, as amended (the CEA) consistent with the SEC’s interpretation. Accordingly, by following the Digital Asset Interpretation, the CFTC will continue to regulate LTC as a digital commodity. Under the CEA, the CFTC has broad enforcement authority to police market manipulation and fraud in spot digital asset markets in which we may transact. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market exchanges or transactions involving digital asset commodities that do not utilize margin, leverage or financing. In addition, CFTC regulations and CFTC oversight and enforcement authority apply with respect to futures, swaps, other derivative products and certain retail leveraged commodity transactions involving digital asset commodities, including the markets on which these products trade and the Digital Asset Interpretation does not include in its taxonomy digital derivatives or digital swaps or address regulation regarding these products.

Under the Digital Asset Interpretation, even if a crypto asset is deemed to be a non-security crypto asset (such as a digital commodity), the interpretation takes the view that the non-security crypto asset may still be subject to an investment contract, even in the secondary market, and thus secondary market transactions, even in such non-security crypto assets, might be subject to the federal securities laws. While the Digital Asset Interpretation conveys the SEC’s views on how the definition of “security” applies to crypto assets, it does not have the binding force of a regulation adopted through notice-and-comment rulemaking. Accordingly, courts are not bound by it and may reach different conclusions, and the SEC could revise or withdraw it in the future.

If LTC is determined to be a “security” under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for LTC. For example, it may become more difficult for LTC to be traded, cleared and custodied as compared to other digital assets that are not considered to be securities, which could, in turn, negatively affect the liquidity and general acceptance of LTC and cause users to migrate to other digital assets. As such, any determination that LTC is a security under federal or state securities laws may adversely affect the value of LTC and, as a result, an investment in us.

In addition, if LTC is in fact a security, we could be considered an unregistered “investment company” under the Investment Company Act of 1940, which could necessitate our liquidation or delisting from the exchange on which our stock is traded. In such case, we may be deemed to have participated in an illegal offering of investment company securities and there is no guarantee that we will be able to register under the Investment Company Act of 1940 at such time, or take such other actions as may be necessary to ensure our activities comply with applicable law, which could force us to liquidate our LTC holdings.

Cash and Cash Equivalents

Digital Assets

Digital Assets Receivable, Net

Investment in Simple Agreement for Future Equity (SAFE) and Token Warrants

Fair Value Measurements

Derivatives – Covered Call Options

Master Loan Agreement

Warrants

Share-based Compensation

Income Taxes

Disposition of Nonfinancial Assets

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 Fiscal Year Ended June 30,
	2026		2025
Stock options		1,731		869
Warrants
Advisory Warrants		3,070		—
GD Advisory Warrants		59		—
Other warrant		103		103
Total anti-dilutive shares		4,963		972

Recent Accounting Pronouncement

Recently Adopted

Recently Issued

Share-based Compensation

12 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Note 13. Share-based Compensation

We use equity-based compensation programs to provide long-term performance incentives for our employees. These incentives consist primarily of stock options and RSUs. In December 2008, we adopted the MEI Pharma, Inc. 2008 Stock Omnibus Equity Compensation Plan (the Prior Omnibus Plan), as amended and restated from time to time, under which 1,850,739 shares of Common Stock were authorized for issuance. The Prior Omnibus Plan provides for the grant of options and/or other stock-based or stock-denominated awards to our non-employee directors, officers, employees and advisors. Effective February 12, 2026, our stockholders approved our Lite Strategy, Inc. 2026 Stock Omnibus Equity Compensation Plan (the 2026 Omnibus Plan and together with the Prior Omnibus Plan, the Omnibus Plans), which replaces the Prior Omnibus Plan. Subject to certain adjustments, under the 2026 Omnibus 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 Omnibus Plan as of the effective date of the 2026 Omnibus Plan and (ii) the number of shares underlying awards granted under the Prior Omnibus 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 Omnibus Plan provides for the grant of stock options, stock appreciation rights, stock units, stock awards, and other stock-based awards. As of June 30, 2026, there were 2,058,800 shares available for future grant under the 2026 Omnibus Plan.

In May 2021, we adopted the 2021 Inducement Plan (Inducement Plan, together with the Omnibus Plans, the Equity Plans), under which 125,000 shares of Common Stock were authorized for issuance. On June 9, 2023, our Board approved an amendment

and restatement of the Inducement Plan to increase the aggregate number of shares of Common Stock authorized for issuance by 92,000 shares. The Inducement Plan is intended to assist us in attracting and retaining selected individuals to serve as employees who are expected to contribute to our success, by providing an inducement for such individuals to enter into employment with us and to achieve long-term objectives that will benefit our stockholders. As of June 30, 2026, there were 163,698 shares available for future grant under the Inducement Plan.

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


	For the Fiscal Year Ended June 30,
	2026		2025
Research and development	$	3	$	(128	)
General and administrative		1,285		(16	)
Total share-based compensation	$	1,288	$	(144	)

Stock Options

Stock options granted to employees and advisors in fiscal year 2026, generally vest monthly over three years. Stock options granted to employees prior to July 1, 2025, generally vested 25% one year from the date of grant and ratably each month thereafter for a period of 36 months and expire ten years from the date of grant. Stock options granted to directors vest ratably each month for a period of 12 months from the date of grant and expire ten years from the date of grant. As of June 30, 2026, there were a total of 1,731,085 options outstanding of which 1,677,783 were granted under the Omnibus Plans and 53,302 were granted under the Inducement Plan.

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


	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2025		869,148		$	32.90
Granted		1,155,250		$	2.08
Forfeited		(293,313	)	$	30.14
Outstanding at June 30, 2026		1,731,085		$	12.80		7.0	$	—
Vested and expected to vest at June 30, 2026		1,731,085		$	12.80		7.0	$	—

Unrecognized compensation expense related to non-vested stock options totaled $0.4 million as of June 30, 2026. Such compensation expense is expected to be recognized over a weighted-average period of 1.3 years. As of June 30, 2026, we expect all outstanding options to vest.

On July 15, 2025, we granted options to purchase 124,250 shares of our common stock at an exercise price $3.07 per share (the Spring-loaded Options), which fully vested at time of grant. On July 18, 2025, we publicly announced our PIPE which closed on July 22, 2025. We reviewed the Spring-loaded Options in accordance with SAB 120 and ASC 718 and concluded since we were in possession of material non-public information on July 15, 2025 regarding our PIPE when the options were granted, such options were considered to be spring-loaded. Therefore, we revalued the options using the closing price on July 18, 2025 (the release date) rather than July 15, 2025 (the grant date) and recorded incremental share-based compensation expense of $0.3 million associated with the Spring-loaded Options.

We use a Black-Scholes valuation model to estimate the grant date fair value of stock options. During the fiscal year ended June 30, 2025, we did not grant any stock options. The weighted-average grant date fair value of options granted during the year ended June 30, 2026, was $1.43 per share. During the fiscal year ended June 30, 2026, the following weighted-average assumptions were used to calculate these fair values:


Risk-free interest rate	3.7	%
Expected life (years)	4.7
Volatility	91.4	%
Dividend yield	—	%

License Agreements

12 Months Ended

Jun. 30, 2026

Licensing Arrangements [Abstract]

License Agreements

Note 10. License Agreements

Presage License Agreement

In September 2017, we, as licensee, entered into a license agreement with Presage. Under the terms of the license agreement, Presage granted to us exclusive worldwide rights to develop, manufacture and commercialize voruciclib, a clinical-stage, oral and selective CDK inhibitor and related compounds. In exchange, we paid $2.9 million to Presage. With respect to the first indication, an incremental $2.0 million payment, due upon dosing of the first subject in the first registration trial, will be owed to Presage, for total payments of $4.9 million prior to receipt of marketing approval of the first indication in the U.S., EU or Japan. Additional potential payments of up to $179.0 million will be due upon the achievement of certain development, regulatory and commercial milestones. We will also pay mid-single digit tiered royalties on the net sales of any product successfully developed. As an alternative to milestone and royalty payments related to countries in which we sublicense product rights, we will pay to Presage a tiered percentage (which decreases as product development progresses) of amounts received from such sublicensees. During the fiscal years ended June 30, 2026 and 2025, we made no payments under the Presage license agreement.

Derivatives - (Additional Information) (Details) - USD ($)		12 Months Ended
	Jun. 15, 2026	Jun. 30, 2026	Jun. 30, 2025
Derivative [Line Items]
Investments in SAFE and Token Warrants, at fair value		$ 1,000,000	$ 0
Derivative notional amount outstanding		0
SAFE and Token Warrants
Derivative [Line Items]
Initial investment amount	$ 1,000,000
Warrant expiration period	10 years
Investments in SAFE and Token Warrants, at fair value	$ 1,000,000
Covered Call Options
Derivative [Line Items]
Derivative notional amount issued		63,800,000
Proceeds from derivatives		900,000
Derivative notional amount expired		55,900,000
Realized gains on derivative		$ 800,000
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]		Derivative, Gain (Loss) on Derivative, Net
Derivative notional amount outstanding		$ 7,900,000
Unrealized gains on derivative		17,000,000
Unrealized loss on derivative		$ (23,000,000)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Pre-Funded Warrants [Member]	Advisory Warrants [Member]	Private Placement [Member]	At The Market Offering [Member]	Asset Management Agreement	Common Shares	Common Shares Pre-Funded Warrants [Member]	Common Shares Private Placement [Member]	Common Shares At The Market Offering [Member]	Additional paid in capital	Additional paid in capital Pre-Funded Warrants [Member]	Additional paid in capital Advisory Warrants [Member]	Additional paid in capital Private Placement [Member]	Additional paid in capital At The Market Offering [Member]	Additional paid in capital Asset Management Agreement	Accumulated Deficit	Treasury Shares
Beginning Balance at Jun. 30, 2024	$ 33,020										$ 421,239						$ (388,219)
Beginning Balance, Shares at Jun. 30, 2024							6,663
Issuance of Advisory Warrants for services rendered in the July 2025 PIPE	0
Net loss	(15,945)																(15,945)
Share-based compensation	$ (144)										(144)
Ending Balance, Shares at Jun. 30, 2025	0
Ending Balance, Shares at Jun. 30, 2025							6,663
Ending Balance at Jun. 30, 2025	$ 16,931										421,095						(404,164)
Issuance of Common Stock, net of issuance costs, Shares									23,217	883
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								3,938
Issuance of Common Stock, net of issuance costs				$ 60,326	$ 4,628									$ 60,326	$ 4,628
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										$ 16,215
Net loss	(71,150)																(71,150)
Issuance of Advisory Warrants in lieu of cash fees			$ 756										$ 756
Repurchase of common stock, shares																		(4,379)
Repurchase of common stock	(4,895)																	$ (4,895)
Share-based compensation	$ 1,288										1,288
Ending Balance, Shares at Jun. 30, 2026	4,379																	(4,379)
Ending Balance, Shares at Jun. 30, 2026							36,785
Ending Balance at Jun. 30, 2026	$ 41,623										$ 521,832						$ (475,314)	$ (4,895)

Segment Information

12 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Note 14. 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 fiscal years ended June 30, 2026 and 2025, we did not generate any revenue. Consistent with the CODM's reevaluation in the second 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 fiscal years ended June 30, 2026 and 2025, we had no transactions denominated in foreign currencies nor any intangible property for which we recognized amortization expense. During the fiscal year ended June 30, 2026, we did not recognize depreciation expense. During the fiscal year ended June 30, 2025, 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. 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 Fiscal Year Ended June 30, 2026
	Digital Asset Treasury Strategy			Development of Pharmaceutical Products			Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	811		$	45		$	856		$	1,310		$	2,166
Other segment expenses(1)		70			16			86			3,492			3,578
Professional fees		718			2			720			1,544			2,264
Legal fees		112			629			741			840			1,581
voruciclib		—			59			59			—			59
Asset management fee and advisory fees		2,521			—			2,521			—			2,521
Change in fair value of digital assets		54,408			—			54,408			—			54,408
Change in fair value of digital assets receivable, net		5,653			—			5,653			—			5,653
Gain on derivative liabilities, net		(813	)		—			(813	)		—			(813	)
Interest and dividend income(2)		—			—			—			(267	)		(267	)
Total operating and other (income) expense		63,480			751			64,231			6,919			71,150
Total segment costs loss and net loss	$	(63,480	)	$	(751	)	$	(64,231	)	$	(6,919	)	$	(71,150	)

______

(1) Includes product development costs associated with zandelisib determined to be immaterial, 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 Fiscal Year Ended June 30, 2025
	Development of Pharmaceutical Products and Total Segment Costs			Corporate Expenses			Consolidated
Operating and other (income) expense
Employee expenses	$	2,602		$	6,691		$	9,293
Other segment expenses(1)		242			2,405			2,647
Professional fees		25			2,729			2,754
Legal fees		602			1,121			1,723
voruciclib		801			—			801
ME-344		253			—			253
Gain on disposition of nonfinancial asset		—			(500	)		(500	)
Interest and dividend income(2)		—			(1,026	)		(1,026	)
Total operating and other (income) expense		4,525			11,420			15,945
Total segment costs loss and net loss	$	(4,525	)	$	(11,420	)	$	(15,945	)

______

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


	June 30, 2026
	Digital Asset Treasury Strategy		Development of Pharmaceutical Products		Total Segment Assets		Corporate Assets		Consolidated
Current assets:
Cash and cash equivalent	$	—	$	—	$	—	$	5,706	$	5,706
Prepaid expenses and other current assets		128		31		159		276		435
Total current assets		128		31		159		5,982		6,141
Digital assets		27,272		—		27,272		—		27,272
Digital assets receivable, net		7,627		—		7,627		—		7,627
Investment in SAFE and Token Warrants		1,000		—		1,000		—		1,000
Other long-term assets		—		—		—		652		652
Total assets	$	36,027	$	31	$	36,058	$	6,634	$	42,692


	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

- Definition

The entire disclosure for segment reporting.

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+ Details

Income Taxes - Reconciliation of Provision for Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Before Income Taxes (Parenthetical) (Details)	12 Months Ended
	Jun. 30, 2026 USD ($)
Income Tax Disclosure [Abstract]
State Tax Expense	$ 0

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jul. 22, 2025	Jun. 30, 2026	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
Accumulated losses since inception		$ 475,314				$ 404,164
Cash and cash equivalents and short term investments		$ 5,700
Private Placement Offering
Targeted or Tracking Stock, Stock [Line Items]
Proceeds from private investment in private equity	$ 100,000
Number of shares issued in the offering	23,216,898
Offering price per share	$ 3.42
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			$ 25,000
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

Income Taxes - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Components of Deferred Tax Assets [Abstract]
Tax losses carried forward	$ 63,831	$ 53,346
Capitalization of R&D costs	6,739	9,398
Fixed and intangible assets	5,597	7,881
Share-based payments	636	2,375
Change in fair value of digital assets and digital assets receivables	13,335	0
Other	1,292	700
Total deferred tax assets	91,430	73,700
Valuation allowance for deferred tax assets	(91,430)	(73,700)
Net deferred tax assets and liabilities	$ 0	$ 0

Derivatives - Schedule of Classification of Derivatives Carried at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivatives	$ 813	$ 0
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	1,000
Liabilities	40
Not Designated as Hedging Instrument \| Covered Call Options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	0
Liabilities	$ 40
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current
Total derivatives	$ 813
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total derivatives
Not Designated as Hedging Instrument \| SAFE and Token Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	$ 1,000
Liabilities	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Investments in SAFE and Token Warrants, at Fair Value

- Definition

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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+ References + Details

- Definition

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+ Details

Balance Sheet Details (Tables)

12 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid and Other Current Assets

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


	June 30, 2026		June 30, 2025
Insurance	$	210	$	176
Asset management fee		110		—
Software license		17		39
Other		98		59
Total prepaid and other current assets	$	435	$	274

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	June 30, 2026		June 30, 2025
Accrued compensation and benefits(1)	$	656	$	873
Accrued legal and professional services		75		144
Accrued pre-clinical and clinical trial expenses		11		134
Derivative liabilities - Covered Call Options		40		—
Other		26		27
Total accrued liabilities	$	808	$	1,178

________

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

Fair Value Measurements - Schedule of Reconciliation of all Financial Assets Measured at Fair Value (Detail) - Level 3 $ in Thousands	12 Months Ended
	Jun. 30, 2026 USD ($)
SAFE
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of June 30, 2025	$ 0
Issuance of financial instruments	400
Balance as of June 30, 2026	400
Token Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of June 30, 2025	0
Issuance of financial instruments	600
Balance as of June 30, 2026	$ 600

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Antidilutive Securities (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	4,963	972
Stock options
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,731	869
Advisory Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	3,070	0
GD Advisory Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	59	0
Other Warrant
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	103	103

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Jun. 30, 2026 USD ($)
GSR Asset Management Agreement
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contractual term	10 years
Asset manager ownership threshold rate	4.99%
Presage License Agreement
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Accrued payment for potential future payments	$ 0

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Assets:
Total assets measured on a recurring basis	$ 40,766
Liabilities:
Total liabilities measured on a recurring basis	40	$ 0
Cash equivalents
Assets:
Total assets measured on a recurring basis	4,867	$ 17,800
Digital assets
Assets:
Total assets measured on a recurring basis	27,272
Digital assets receivable, net
Assets:
Total assets measured on a recurring basis	7,627
Investments in SAFE
Assets:
Total assets measured on a recurring basis	400
Investment in token warrants
Assets:
Total assets measured on a recurring basis	600
Derivative liabilities - Covered call options
Liabilities:
Total liabilities measured on a recurring basis	40
Level 1
Assets:
Total assets measured on a recurring basis	32,139
Liabilities:
Total liabilities measured on a recurring basis	0
Level 1 \| Cash equivalents
Assets:
Total assets measured on a recurring basis	4,867
Level 1 \| Digital assets
Assets:
Total assets measured on a recurring basis	27,272
Level 1 \| Digital assets receivable, net
Assets:
Total assets measured on a recurring basis	0
Level 1 \| Investments in SAFE
Assets:
Total assets measured on a recurring basis	0
Level 1 \| Investment in token warrants
Assets:
Total assets measured on a recurring basis	0
Level 1 \| Derivative liabilities - Covered call options
Liabilities:
Total liabilities measured on a recurring basis	0
Level 2
Assets:
Total assets measured on a recurring basis	7,627
Liabilities:
Total liabilities measured on a recurring basis	40
Level 2 \| Cash equivalents
Assets:
Total assets measured on a recurring basis	0
Level 2 \| Digital assets
Assets:
Total assets measured on a recurring basis	0
Level 2 \| Digital assets receivable, net
Assets:
Total assets measured on a recurring basis	7,627
Level 2 \| Investments in SAFE
Assets:
Total assets measured on a recurring basis	0
Level 2 \| Investment in token warrants
Assets:
Total assets measured on a recurring basis	0
Level 2 \| Derivative liabilities - Covered call options
Liabilities:
Total liabilities measured on a recurring basis	40
Level 3
Assets:
Total assets measured on a recurring basis	1,000
Liabilities:
Total liabilities measured on a recurring basis	0
Level 3 \| Cash equivalents
Assets:
Total assets measured on a recurring basis	0
Level 3 \| Digital assets
Assets:
Total assets measured on a recurring basis	0
Level 3 \| Digital assets receivable, net
Assets:
Total assets measured on a recurring basis	0
Level 3 \| Investments in SAFE
Assets:
Total assets measured on a recurring basis	400
Level 3 \| Investment in token warrants
Assets:
Total assets measured on a recurring basis	600
Level 3 \| Derivative liabilities - Covered call options
Liabilities:
Total liabilities measured on a recurring basis	$ 0

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Jun. 30, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity We recognize the importance cybersecurity has to the success of our business, as well as recognize the need to continually assess cybersecurity risks and evolve our responses in the face of a rapidly and ever-changing environment. Accordingly, we aim to protect our business operations, records and information against known and evolving cybersecurity threats. Risk Management and Strategy We have established policies and processes for assessing, identifying and managing material risk from cybersecurity threats and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential compromise of or through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing within these systems. We conduct periodic risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks and the sufficiency of existing policies, procedures, systems and administrative, technical and physical safeguards in place to manage such risks. Following these risk assessments, we re-design, implement and maintain reasonable safeguards to minimize identified risks, reasonably address any identified gaps in existing safeguards and regularly monitor the effectiveness of our safeguards. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Senior Director, Information Security and Infrastructure who reports to our Chief Executive Officer and Chief Financial Officer to manage the risk assessment and mitigation process. As part of our overall risk management system, we monitor and test our safeguards and train our employees on these safeguards, in collaboration with our Information Technology department. Personnel at all levels and departments are made aware of our cybersecurity policies through training and internal communications. If required, we engage consultants, or other third parties in connection with our risk assessment processes. These service providers, where appropriate, assist us in the assessment, testing or other aspects of our security controls to help identify material cybersecurity risks to our critical systems, information, products, services and our broader enterprise IT environment, as well as assist us in designing and implementing our cybersecurity policies and procedures. We have not encountered cybersecurity challenges that have materially impaired our operations or financial standing. For additional information regarding risks from cybersecurity threats, please refer to Item 1A, Risk Factors, in this annual report on Form 10-K. Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated oversight of cybersecurity and other information technology risks to the Audit Committee. The Audit Committee oversees management’s implementation of our cybersecurity risk management program and is responsible for monitoring and assessing strategic risk exposure, while our management team is responsible for the day-to-day operations over the material risks we face. Our management team, including our Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, provide periodic briefings to the Audit Committee regarding our cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, if applicable. The Audit Committee receives annual reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program, in the discretion of the Board and management. Board members may receive presentations on cybersecurity topics from external experts as part of the Board’s continuing education on topics that impact public companies. Our Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, are responsible for assessing and managing our material risks from cybersecurity threats and have decades of experience in overseeing operations, including information technology functions, in the public company environment. The team has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants as needed. Our management team supervises cybersecurity risk management efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from external consultants engaged by us; threat intelligence and other information obtained from governmental, public or private sources; and alerts and reports produced by security tools deployed in the IT environment. The cybersecurity risk management program also includes tools and activities to prevent, detect and analyze current and emerging cybersecurity threats and plans and strategies to address threats and incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have established policies and processes for assessing, identifying and managing material risk from cybersecurity threats and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential compromise of or through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing within these systems.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated oversight of cybersecurity and other information technology risks to the Audit Committee. The Audit Committee oversees management’s implementation of our cybersecurity risk management program and is responsible for monitoring and assessing strategic risk exposure, while our management team is responsible for the day-to-day operations over the material risks we face. Our management team, including our Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, provide periodic briefings to the Audit Committee regarding our cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, if applicable. The Audit Committee receives annual reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program, in the discretion of the Board and management. Board members may receive presentations on cybersecurity topics from external experts as part of the Board’s continuing education on topics that impact public companies. Our Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, are responsible for assessing and managing our material risks from cybersecurity threats and have decades of experience in overseeing operations, including information technology functions, in the public company environment. The team has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants as needed. Our management team supervises cybersecurity risk management efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from external consultants engaged by us; threat intelligence and other information obtained from governmental, public or private sources; and alerts and reports produced by security tools deployed in the IT environment. The cybersecurity risk management program also includes tools and activities to prevent, detect and analyze current and emerging cybersecurity threats and plans and strategies to address threats and incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee oversees management’s implementation of our cybersecurity risk management program and is responsible for monitoring and assessing strategic risk exposure, while our management team is responsible for the day-to-day operations over the material risks we face. Our management team, including our Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, provide periodic briefings to the Audit Committee regarding our cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, if applicable.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program, in the discretion of the Board and management. Board members may receive presentations on cybersecurity topics from external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	The Audit Committee oversees management’s implementation of our cybersecurity risk management program and is responsible for monitoring and assessing strategic risk exposure, while our management team is responsible for the day-to-day operations over the material risks we face
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Executive Officer and Chief Financial Officer and Senior Director, Information Security and Infrastructure, are responsible for assessing and managing our material risks from cybersecurity threats and have decades of experience in overseeing operations, including information technology functions, in the public company environment. The team has primary responsibility for our overall cybersecurity risk management program and supervises our retained external cybersecurity consultants as needed.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team supervises cybersecurity risk management efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from external consultants engaged by us; threat intelligence and other information obtained from governmental, public or private sources; and alerts and reports produced by security tools deployed in the IT environment. The cybersecurity risk management program also includes tools and activities to prevent, detect and analyze current and emerging cybersecurity threats and plans and strategies to address threats and incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Warrants - Schedule of Warrants Outstanding (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2026	Jul. 22, 2025
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	$ 0.0001
Initial Exercise Date	Sep. 24, 2025
Tranche 1
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	584,795	584,795
Exercise price	$ 3.42	$ 3.42
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
Tranche 2
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	292,398	292,398
Exercise price	$ 3.93	$ 3.93
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
Tranche 3
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	292,398	292,398
Exercise price	$ 4.62	$ 4.62
Initial Exercise Date	Jul. 22, 2025
Expiration Date	Jul. 22, 2030
Tranche 4
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	292,398	292,398
Exercise price	$ 5.13	$ 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	$ 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	$ 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	$ 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	$ 6.8
Initial Exercise Date	Oct. 25, 2022
Expiration Date	Oct. 25, 2027

Income Taxes - Reconciliation of Provision for Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Before Income Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Reconciliation Of Statutory Federal Tax Rate [Line Items]

Tax (benefit) expense at U.S. statutory rates

$ (14,941)

$ (3,349)

Tax Jurisdiction of Domicile [Extensible Enumeration]

UNITED STATES

State and local income taxes

$ 0

^[1]

$ (2,733)

Equity compensation

1,445

1,671

Change in valuation allowance

13,305

3,782

Section 162(m) limitation

191

507

Others

122

Other adjustments

(1)

Effective tax rate

$ 0

Tax (benefit) expense at U.S. statutory rates

21.00%

State tax (benefit) expense

0.00%

^[1]

17.00%

Equity compensation

(3.00%)

(10.00%)

Change in valuation allowance

(18.00%)

(24.00%)

Section 162(m) limitation

0.00%

(3.00%)

Others

0.00%

(1.00%)

Other adjustments

0.00%

Effective tax rate, Percentage

0.00%

[1]	The state tax expense is zero due to losses. We are only subject to taxes in California.

Employee Termination Benefits (Tables)

12 Months Ended

Jun. 30, 2026

Restructuring Reserve [Abstract]

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

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


	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 June 30, 2026	$	—

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2026

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 June 30, 2026, (in thousands):


	June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	4,867	$	4,867	$	—	$	—
Digital assets		27,272		27,272		—		—
Digital assets receivable, net		7,627		—		7,627		—
Investments in SAFE		400		—		—		400
Investment in token warrants		600		—		—		600
Total assets measured on a recurring basis	$	40,766	$	32,139	$	7,627	$	1,000

Liabilities:
Derivative liabilities - Covered Call Options	$	40		—	$	40		—
Total liabilities measured on a recurring basis	$	40	$	—	$	40	$	—

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:
Realized loss on sale of digital assets		(5,421	)
Realized loss upon transfer of digital assets as collateral		(6,986	)
Unrealized loss on digital assets		(42,001	)
Digital assets transferred as collateral		(15,093	)
Digital assets returned by GSR Markets		1,813
Disposition of digital assets		(5,040	)
Balance as of June 30, 2026	$	27,272

Schedule of Reconciliation of all Financial Assets Measured at Fair Value

The following tables provide a reconciliation of all financial assets measured at fair value, during the fiscal year ended June 30, 2026, using Level 3 significant unobservable inputs (in thousands):


	Level 3 Assets
	SAFE		Token Warrants
Balance as of June 30, 2025	$	—	$	—
Issuance of financial instruments		400		600
Balance as of June 30, 2026	$	400	$	600

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Derivatives

12 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Note 8. Derivatives

As of June 30, 2025, we did not hold any derivatives carried at fair value. The following table presents our consolidated balance sheets classification of derivatives carried at fair value (in thousands):


		2026
Derivative	Balance Sheet Line	Asset		Liability
Derivatives not designated as hedging instruments:
SAFE and Token Warrants	Investments in SAFE and Token Warrants	$	1,000	$	—
Covered Call Options	Accrued liabilities		—		40
Total derivatives		$	1,000	$	40


Derivative	Statements of Operations Line	For the Fiscal Year Ended June 30, 2026
Derivatives not designated as hedging instruments:
Covered Call Options	Gain on derivative liabilities, net	$	813
Total derivatives		$	813

Investment in SAFE and Token Warrants

On June 15, 2026 (the Effective Date), we entered into a SAFE agreement for an initial investment amount of $1.0 million in exchange for a right to participate in a future equity financing of preferred stock to be issued by ZK Innovations, Inc. (ZK Innovations). Alternatively, upon a liquidity event such as a change in control, a direct listing or an initial public offering, we are entitled to receive the greater of (i) the SAFE investment amount (the Purchase Amount) or (ii) the amount payable on the number of shares of ZK Innovations common stock equal to the SAFE investment amount divided by the liquidity price. In a dissolution event, such as a bankruptcy, we are entitled to receive the Purchase Amount. In the event of a qualifying financing, this instrument will automatically convert into the greater of (i) the number of standard preferred shares equal to the Purchase Amount divided by the lowest price per share of the standard preferred shares or (ii) the number of SAFE preferred shares equal to the Purchase Amount divided by the liquidity price.

In addition, we received a warrant to purchase tokens (the Token Warrant) which expires the earlier of 10 years following the issuance date or the date we and other related entities irrevocably and affirmatively decide not to develop any token. In connection with the SAFE and Token Warrants, we recorded $1.0 million as an investment in the consolidated balance sheets. We accounted for this investment under ASC 321 and elected the fair value option for the SAFE investment pursuant to ASC 825, Financial Instruments, which requires financial instruments to be remeasured to fair value each reporting period, with changes in fair value recorded in the consolidated statements of operations. The fair value estimate includes significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The decision to elect the fair value option is determined on an instrument-by-instrument basis on the date the instrument is initially recognized, is applied to the entire instrument, and is irrevocable once elected. For instruments measured at fair value, embedded conversion or other features are not required to be separated from the host instrument. Issuance costs related to convertible securities carried at fair value are not deferred and are recognized as incurred on the consolidated statements of operations.

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 gain on derivative liabilities, net, a component of other (expense) income, net, in our consolidated statements of operations.

In estimating the fair value of our Covered Call Options, we use 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 fiscal year ended June 30, 2026, we issued Covered Call Options of $63.8 million notional for proceeds of $0.9 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 LTC to GSR Markets 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, are 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 fiscal year ended June 30, 2026, Covered Call Options of $55.9 million notional expired with the underlying reference price below their strike price and we recognized realized gains of $0.8 million. As of June 30, 2026, we had four Covered Call Options outstanding on $7.9 million notional. During the fiscal year ended June 30, 2026, we recognized unrealized gains and unrealized losses of approximately $17,000 and $23,000, respectively.

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Note 1. Description of Business and Basis of Presentation Description of Business Lite Strategy, Inc. (Nasdaq: LITS) is a pharmaceutical company that has historically developed novel and differentiated cancer therapies. During fiscal year 2026, we commenced pre-clinical development programs in nononcologic 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 pre-clinical 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 PI3Kδ inhibitor and, prior to its sale in October 2024 to Aardvark Therapeutics, Inc., ME-344, as more fully discussed in Note 15. Disposition of a Nonfinancial Asset, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway in the mitochondria. Share Repurchase Program 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 commenced utilization of 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 of Common Stock, at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants), to purchase up to an aggregate of 6,022,869 shares of Common Stock, at an offering price of $3.4199 per Pre-Funded Warrant (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 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 nononcologic disease indications for potential out-licensing or sale related opportunities. Basis of Presentation and Consolidation We prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) related to annual reports on Form 10‑K. The accompanying consolidated financial statements include the accounts of Lite Strategy, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all intercompany accounts and transactions in consolidation. We have evaluated subsequent events through the date the consolidated financial statements were issued. Liquidity To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We have accumulated losses of $475.3 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of June 30, 2026, we had $5.7 million in cash and cash equivalents. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we discontinued the clinical development of voruciclib in patients with acute myeloid leukemia. During fiscal year 2026, we commenced pre-clinical development programs for voruciclib in nononcologic disease indications. As a result, we will continue to incur R&D expenses in connection with our nonclinical projects. We believe that our cash and digital assets balance will be sufficient to meet our obligations and fund operations for at least the next 12 months from the issuance of these consolidated financial statements. To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We may require one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships at some point in the future to continue the development of our pre-clinical drug candidates and expand our Litecoin Treasury Strategy. There can be no assurance that we will be able to continue to raise additional capital in the future.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	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
Common stock, shares authorized	226,000,000	226,000,000
Common stock, shares issued	36,785,000	6,663,000
Common stock, shares outstanding	32,407,000	6,663,000
Treasury Stock, at cost	4,379,000	0

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

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+ Details

Employee Termination Benefits - Summary of Activity Related to Employee Termination Benefits Included in Accrued Liabilities (Detail) - One -Time Termination Benefits - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	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

- Definition

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

+ References + Details