0000950170-23-049927 | 10-K | XBRL Viewer

Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash flows from operating leases	$ 2,267	$ 1,519

Balance Sheet Details

12 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

Note 5. Balance Sheet Details

Property and Equipment

Property and equipment consisted of the following, in thousands:


	June 30,
	2023			2022
Furniture and equipment	$	1,374		$	1,254
Leasehold improvements		969			1,054
		2,343			2,308
Less: accumulated depreciation		(1,034	)		(648	)
Property and equipment, net	$	1,309		$	1,660

Depreciation expense of property and equipment for the years ended June 30, 2023 and 2022 are presented in the consolidated statements of cash flows.

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:


	June 30,
	2023		2022
Accrued pre-clinical and clinical trial expenses	$	3,663	$	5,264
Accrued compensation and benefits		7,189		4,346
Accrued legal and professional services expenses		1,423		1,036
Other		186		174
Total accrued liabilities	$	12,461	$	10,820

Schedule of Changes in Estimated Fair Value of Warrant Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair value measurements Significant unobservable inputs [Line Items]
Beginning balance	$ 1,603
Change in estimated fair value of liability classified warrants	(1,603)	$ (20,752)
Ending balance	0	1,603
Fair Value, Measurements, Recurring [Member] \| Level 3
Fair value measurements Significant unobservable inputs [Line Items]
Beginning balance	1,603	22,355
Change in estimated fair value of liability classified warrants	(1,603)	(20,752)
Ending balance	$ 0	$ 1,603

Balance Sheet Details (Tables)

12 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following, in thousands:


	June 30,
	2023			2022
Furniture and equipment	$	1,374		$	1,254
Leasehold improvements		969			1,054
		2,343			2,308
Less: accumulated depreciation		(1,034	)		(648	)
Property and equipment, net	$	1,309		$	1,660

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:


	June 30,
	2023		2022
Accrued pre-clinical and clinical trial expenses	$	3,663	$	5,264
Accrued compensation and benefits		7,189		4,346
Accrued legal and professional services expenses		1,423		1,036
Other		186		174
Total accrued liabilities	$	12,461	$	10,820

Subsequent Events

12 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

KKC License, Development and Commercialization Agreement

On July 14, 2023, we entered into a Termination Agreement (the “Termination Agreement”) with KKC to mutually terminate the Original Agreement, effective July 14, 2023, and all other related agreements between the parties. Pursuant to the Termination Agreement:


	•		we regained full, global rights to develop, manufacture and commercialize ME-401, subject to KKCs’ limited rights to use ME-401 for “compassionate use” (as more specifically defined in the Termination Agreement) in certain expanded access programs for the existing patients who have been enrolled in Japanese clinical trials sponsored by KKC until November 30, 2027, and for which KKC is fully liable;


	•		each party released the other party from any and all claims, demands, etc. arising from the Original Agreement, excluding certain surviving claims; and


	•		we are obligated to deliver a discrete quantity of materials to facilitate KKCs activities.

Consent Solicitation

In July 2023, Anson Advisors Inc. and Cable Car Capital LLC initiated a consent solicitation to seek the consent of our stockholders holding at least a majority of our outstanding shares of common stock to, among other things, remove and replace all members of our Board of Directors for cause (the “Consent Solicitation”). On September 18, 2023, we filed our definitive consent revocation statement urging stockholders to revoke their consents and reject the Consent Solicitation.

Balance Sheet Details - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,343	$ 2,308
Less: accumulated depreciation	(1,034)	(648)
Property and equipment, net	1,309	1,660
Furniture And Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,374	1,254
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 969	$ 1,054

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 16,906	$ 15,740
Short-term investments	83,787	137,512
Unbilled receivables	85	10,044
Prepaid expenses and other current assets	6,750	3,830
Total current assets	107,528	167,126
Operating lease right-of use assets	11,972	9,054
Property and equipment, net	1,309	1,660
Total assets	120,809	177,840
Current liabilities:
Accounts payable	6,134	7,918
Accrued liabilities	12,461	10,820
Deferred revenue	317	4,834
Operating lease liability	1,428	871
Total current liabilities	20,340	24,443
Deferred revenue, long-term	64,545	90,610
Operating lease liability, long term	11,300	8,771
Warrant liability	0	1,603
Total liabilities	96,185	125,427
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.01 par value; 100 shares authorized; none outstanding	0	0
Common stock, $0.00000002 par value; 226,000 shares authorized; 6,663 and 6,658 shares issued and outstanding at June 30, 2023 and 2022, respectively	0	0
Additional paid-in-capital	430,621	426,572
Accumulated deficit	(405,997)	(374,159)
Total stockholders' equity	24,624	52,413
Total liabilities and stockholders' equity	$ 120,809	$ 177,840

Subsequent Events - Additional Information (Detail)	Jul. 14, 2023
Kyowa Kirin Co \| Subsequent Event
Subsequent Event [Line Items]
Termination agreement date	Jul. 14, 2023

The Company and Summary of Significant Accounting Policies - Revenue Associated With The Following license agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 48,816	$ 40,697
Services Performed Over Time [Member]
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	47,729	37,304
Pass through services at a point in time [Member]
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 1,087	$ 3,393

- Definition

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

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
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 outstanding	6,663,000	6,658,000

Balance Sheet Details - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Accrued Liabilities [Line Items]
Accrued pre-clinical and clinical trial expenses	$ 3,663	$ 5,264
Accrued compensation and benefits	7,189	4,346
Accrued legal and professional services expenses	1,423	1,036
Other	186	174
Total accrued liabilities	$ 12,461	$ 10,820

License Agreements

12 Months Ended

Jun. 30, 2023

License Agreements

Note 2. License Agreements

KKC License, Development and Commercialization Agreement

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

Prior to the execution of the Termination Agreement, KKC was responsible for the development and commercialization of zandelisib in Ex-U.S. and, subject to certain exceptions, was solely responsible for all costs related thereto. We also provided to KKC certain drug supplies necessary for the development and commercialization of zandelisib in the Ex-U.S., with the understanding that KKC would have assumed responsibility for manufacturing for the Ex-U.S. as soon as practicable.

We assessed the KKC Commercialization Agreement in accordance with Topic 808 and Topic 606 and determined that our obligations comprise the U.S. License, the Ex-U.S. License, and development services (the “Development Services”). We determined that the KKC Commercialization Agreement is a collaborative arrangement in accordance with Topic 808 that contains multiple units of account, as we and KKC are both active participants in the development and commercialization activities and are exposed to significant risks and rewards that are dependent on commercial success of the activities of the arrangement. The U.S. License is a unit of account under the scope of Topic 808 and is not a deliverable under Topic 606, while the Ex-U.S. License and Development Services performance obligations are under the scope of Topic 606.

As discussed in Note 1 - The Company and Summary of Significant Accounting Policies, we and KKC jointly decided to discontinue zandelisib development in the U.S. During fiscal year 2023, we updated our assessment of the total transaction price from

the KKC Commercialization Agreement to be $213.1 million, comprised of the upfront payment of $100.0 million, milestone payments of $20.0 million, estimated development cost-sharing of $87.9 million, and deferred revenue of $5.2 million. The updated assessment reflects a decrease in estimated variable consideration related to development cost sharing of $147.0 million from June 30, 2022. In December 2022, we announced our plan to discontinue the global development of zandelisib outside of Japan. As a result, we decreased our estimate for variable consideration related to development cost sharing. During the second quarter of the year ended June 30, 2023, we recognized revenue of $16.6 million from the change in estimate. Additionally, we recognized $8.6 million of revenue related to non-refundable payments for performance obligations that have not commenced and will no longer be initiated. Any variable consideration related to sales-based royalties and commercial milestones related to licenses of intellectual property will be determined when the sale or usage occurs, and is therefore excluded from the transaction price. In addition, we are eligible to receive future development and regulatory milestones upon the achievement of certain criteria; however, these amounts are excluded from variable consideration as the risk of significant revenue reversal will only be resolved depending on future research and development and/or regulatory approval outcomes. We re-evaluate the estimated variable consideration included in the transaction price and any related constraints at the end of each reporting period.

We allocated the transaction price to each unit of account. Variable consideration that relates specifically to our efforts to satisfy specific performance obligations are allocated entirely to those performance obligations. Other components of the transaction price are allocated based on the relative stand-alone selling price, over which management has applied significant judgment. We developed the estimated stand-alone selling price for the licenses using the risk-adjusted net present values of estimated cash flows, and the estimated stand-alone selling price of the development services performance obligations by estimating costs to be incurred, and an appropriate margin, using an income approach.

The $64.5 million transaction price allocated to the U.S. License obligation accounted for under Topic 808 is included as noncurrent deferred revenue as of June 30, 2023 and June 30, 2022. As of June 30, 2023 and June 30, 2022, we also have deferred revenue of $317,000 and $30.9 million, respectively, related to the transaction price allocated to the Development Services performance obligations and are recognizing the remaining revenue based on the proportional performance of these development activities. As discussed in Note 11. Subsequent Events, the KKC Commercialization Agreement was terminated on July 14, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other License Agreements - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2023	Jun. 30, 2022	May 31, 2020
Related Party Transaction [Line Items]
Revenue recognized		$ (5,411,000)	$ (3,777,000)
Kyowa Kirin Co
Related Party Transaction [Line Items]
Total upfront payment receivable for grant of rights				$ 100,000,000
Presage License Agreement \| Presage Biosciences, Inc.
Related Party Transaction [Line Items]
Other Liabilities		4,900,000
Payment for license	$ 2,900,000
Presage License Agreement \| Presage Biosciences, Inc. \| Incremental Payment
Related Party Transaction [Line Items]
Other Liabilities		2,000,000
Presage License Agreement \| Presage Biosciences, Inc. \| Potential Payments on Achievement of Development Regulatory and Commercial Milestones
Related Party Transaction [Line Items]
Milestone payment receivable amount		179,000,000
Kkc Agreements [Member] \| Kyowa Kirin Co
Related Party Transaction [Line Items]
Upfront payment		100,000,000
Transaction price relating to the performance obligation		213,100,000
Expected milestone payment receivable		20,000,000
Estimated development cost sharing recovered through earnings		87,900,000
Deferred revenue		5,200,000
Revenue recognized		16,600,000
Revenue related to non-refundable payments for performance obligations		8,600,000
Kkc Agreements [Member] \| Kyowa Kirin Co \| Ex US License
Related Party Transaction [Line Items]
License Obligation Account Transaction Price Allocated		64,500,000
Kkc Agreements [Member] \| Kyowa Kirin Co \| Development Services
Related Party Transaction [Line Items]
Contract with customer liability non current		317,000	$ 30,900,000
Kkc Agreements [Member] \| Kyowa Kirin Co \| Maximum
Related Party Transaction [Line Items]
Estimated development cost sharing recovered through earnings		$ 147,000,000

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability

To calculate the fair value of the warrant liability, the following assumptions were used for the period presented:


	June 30,
	2023			2022
Risk-free interest rate		4.4	%		2.8	%
Expected life (years)		0.5			0.9
Expected volatility		128.7	%		139.4	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	0.02		$	0.10

Schedule of Changes in Estimated Fair Value of Warrant Liability

The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the years ended June 30, 2023 and 2022 (in thousands):


	Fair Value of Warrants Using Significant Unobservable Inputs (Level 3)
	2023			2022
Beginning Balance	$	1,603		$	22,355
Change in estimated fair value of liability classified warrants		(1,603	)		(20,752	)
Ending Balance	$	—		$	1,603

Income Taxes - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Components of Deferred Tax Assets [Abstract]
Deferred revenue	$ 14,068	$ 20,362
Fixed and intangible assets	10,681	13,283
Capitalization of R&D costs	10,320	0
Share-based payments	5,149	4,869
Tax losses carried forward	34,514	29,581
Compensation accruals	1,247	927
Consultant and other accruals	48	25
Right-of-use assets	(2,597)	(1,932)
Lease liabilities	2,761	2,057
Charitable contributions	8	7
Total deferred tax assets	76,199	69,179
Valuation allowance for deferred tax assets	(76,199)	(69,179)
Net deferred tax assets and liabilities	$ 0	$ 0

Share-based Compensation - Fair Value of Stock Options Weighted-Average Assumptions Used (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.20%	1.30%
Expected life (years)	6 years	6 years
Expected volatility	85.50%	69.60%
Dividend yield	0.00%	0.00%
Weighted-average grant date fair value	$ 7.04	$ 31.4

- Definition

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

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+ Details

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Jun. 30, 2023	Sep. 15, 2023	Dec. 31, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
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	11455 El Camino Real
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	San Diego
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	369-7100
Trading Symbol	MEIP
Entity Registrant Name	MEI Pharma, 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		6,662,857
Entity Public Float			$ 31.8
Documents Incorporated by Reference	Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant’s definitive proxy statement for the annual meeting of stockholders to be held in December 2023, which will be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year ended June 30, 2023.
Auditor Firm ID	243
Auditor Location	San Diego, California
Auditor Name	BDO USA, P.C
Document Financial Statement Error Correction [Flag]	false

Fair Value Measurements

12 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The carrying amounts of financial instruments such as cash equivalents, short-term investments and accounts payable approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash in financial instruments which are readily convertible into cash, such as money market funds and U.S. government securities. Cash equivalents and short-term investments are classified as Level 1 as defined by the fair value hierarchy.

In May 2018, we issued warrants in connection with our private placement of shares of common stock, which expired in May 2023. Pursuant to the terms of the warrants, we could have been required to settle the warrants in cash in the event of an acquisition of the company and, as a result, the warrants were required to be measured at fair value and reported as a liability in the consolidated balance sheets. We recorded the fair value of the warrants upon issuance using the Black-Scholes valuation model and are required to revalue the warrants at each reporting date with any changes in fair value recorded on our consolidated statements of operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. Inputs used to determine the estimated fair value of the warrant liabilities include the estimated fair value of the underlying stock at the valuation date, the estimated term of the warrants, risk-free interest rates, expected dividends and the expected volatility of the underlying stock. The significant unobservable inputs used in the fair value measurement of the warrant liabilities were the volatility rate and the estimated term of the warrants. Generally, increases or decreases in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement. The changes in the fair value of the Level 3 warrant liability are reflected on the consolidated statements of operations for the years ended June 30, 2023 and 2022. During the years ended June 30, 2023 and 2022, there were no transfers into or out of Level 3 of the fair value hierarchy.

To calculate the fair value of the warrant liability, the following assumptions were used for the period presented:


	June 30,
	2023			2022
Risk-free interest rate		4.4	%		2.8	%
Expected life (years)		0.5			0.9
Expected volatility		128.7	%		139.4	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	0.02		$	0.10

The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the years ended June 30, 2023 and 2022 (in thousands):


	Fair Value of Warrants Using Significant Unobservable Inputs (Level 3)
	2023			2022
Beginning Balance	$	1,603		$	22,355
Change in estimated fair value of liability classified warrants		(1,603	)		(20,752	)
Ending Balance	$	—		$	1,603

- 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 + Details

Commitments and Contingencies

12 Months Ended

Jun. 30, 2023

Commitments and Contingencies

Note 8. Commitments and Contingencies

We have contracted with various consultants and third parties to assist us in pre-clinical research and development and clinical trials work for our leading drug compounds. The contracts are terminable at any time, but obligate us to reimburse the providers for any time or costs incurred through the date of termination. We also have employment agreements with certain of our current employees that provide for severance payments and accelerated vesting for share-based awards if their employment is terminated under specified circumstances.

Litigation

From time to time, the Company 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 the Company as of June 30, 2023 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 the Company’s business.

Indemnification

In accordance with the Company’s amended and restated memorandum and articles of association, the Company has indemnification obligations to its 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 the Company has 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 2. License Agreements, we are party to a license agreement with Presage under which we may be required to make future payments upon the achievement of certain development, regulatory and commercial milestones, as well as potential future royalties based upon net sales. As of June 30, 2023, we had not accrued any amounts for potential future payments as achievement of the milestones had not been met.

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Pre-Tax loss Information

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


	Years Ended June 30,
	2023			2022
Domestic	$	(31,838	)	$	(54,454	)
Foreign		—			—
Pre-tax loss	$	(31,838	)	$	(54,454	)

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

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


	Years Ended June 30,
	2023						2022
	$			%			$			%
Tax benefit at U.S. statutory rates	$	6,689			21	%	$	11,435			21	%
State tax		187			—	%		191			—	%
Warrant liability costs		337			1	%		4,358			8	%
Equity compensation		(114	)		—	%		(71	)		—	%
Change in valuation allowance		(7,020	)		(22	)%		(15,473	)		(28	)%
Other		(79	)		—	%		(440	)		(1	)%
	$	—			—	%	$	—			—	%

Deferred Tax Liabilities and Assets

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


	June 30,
	2023			2022
Deferred tax assets (liabilities):
Deferred revenue	$	14,068		$	20,362
Fixed and intangible assets		10,681			13,283
Capitalization of R&D costs		10,320			—
Share-based payments		5,149			4,869
Tax losses carried forward		34,514			29,581
Compensation accruals		1,247			927
Consultant and other accruals		48			25
Right-of-use assets		(2,597	)		(1,932	)
Lease liabilities		2,761			2,057
Charitable contributions		8			7
Total deferred tax assets		76,199			69,179
Valuation allowance for deferred tax assets		(76,199	)		(69,179	)
Net deferred tax assets and liabilities	$	—		$	—

Leases (Tables)

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Total Operating Costs

The total operating lease costs for the Lease Agreements were as follows for the periods presented (in thousands):


	Years Ended June 30,
	2023		2022
Operating lease cost	$	2,434	$	1,583
Variable lease costs		49		61
Total lease costs included in general and administrative expenses	$	2,483	$	1,644

Schedule of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to our operating leases was as follows for the periods presented (in thousands):


	Years Ended June 30,
	2023		2022
Operating cash flows from operating leases	$	2,267	$	1,519

Schedule of Future Minimum Rental Payments

The following is a schedule of the future minimum rental payments for our operating leases, reconciled to the lease liability as of June 30, 2023 (in thousands):


	June 30, 2023
Years ending June 30,
2024	$	2,335
2025		1,913
2026		2,477
2027		2,551
2028		2,715
Thereafter		4,385
Total lease payments		16,376
Less: Present value discount		(3,648	)
Total operating lease liability	$	12,728

Balance Sheet Classification - Operating Leases
Operating lease liability	$	1,428
Operating lease liability, long-term		11,300
Total operating lease liability	$	12,728

Other Balance Sheet Information - Operating Leases
Weighted-Average remaining lease term (in years)		6.4
Weighted-Average discount rate		7.50	%

Schedule of Future Minimum Rental Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
2024	$ 2,335
2025	1,913
2026	2,477
2027	2,551
2028	2,715
Thereafter	4,385
Total Lease Payments	16,376
Less: Present value discount	(3,648)
Total operating lease liability	12,728
Operating lease liability	1,428	$ 871
Operating lease liability, long term	11,300	$ 8,771
Total operating lease liability	$ 12,728
Weighted-Average remaining lease term (in years)	6 years 4 months 24 days
Weighted-Average discount rate	7.50%

The Company and Summary of Significant Accounting Policies - Additional Information (Detail) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) Segment shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)
Targeted or Tracking Stock, Stock [Line Items]
Short-term investments	$ 83,787	$ 137,512
Reduction of workforce	51.00%
Severance benefits, and related costs	$ 3,600
Employee related termination cost	2,600
Accrued employee termination benefits	1,000
Deferred Revenue, Revenue Recognized	64,900	95,400
Unrecognized tax benefits	$ 0	$ 0
Common stock subject to repurchase or forfeiture \| shares	0	0
Number of Operating Segments \| Segment	1
Accumulated Losses Since Inception	$ (405,997)	$ (374,159)
Cash And Cash Equivalents,Short Term Investments And Common Stock Proceeds Receivable	101,000
Unbilled receivables, Current	$ 85	$ 10,044	$ 7,582
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.
Research and development
Targeted or Tracking Stock, Stock [Line Items]
Severance benefits, and related costs	$ 2,800
General and Administrative Expense Member
Targeted or Tracking Stock, Stock [Line Items]
Severance benefits, and related costs	800
US License
Targeted or Tracking Stock, Stock [Line Items]
Deferred Revenue, Revenue Recognized	$ 64,500
Pass Through Services [Member]
Targeted or Tracking Stock, Stock [Line Items]
Percentage of reimbursement of pass through costs as revenue	100.00%
Minimum
Targeted or Tracking Stock, Stock [Line Items]
Property and equipment, estimated useful life	3 years
Maximum
Targeted or Tracking Stock, Stock [Line Items]
Property and equipment, estimated useful life	7 years

Other License Agreements

12 Months Ended

Jun. 30, 2023

Licensing Arrangements [Abstract]

Other License Agreements

Note 3. Other License Agreements

Presage License Agreement

In September 2017, we, as licensee, entered into a license agreement with Presage Biosciences, Inc. (“Presage”). Under the terms of the license agreement, Presage granted to us exclusive worldwide rights to develop, manufacture and commercialize voruciclib, a clinical-stage, oral and selective CDK inhibitor, and related compounds. In exchange, we paid $2.9 million to Presage. With respect to the first indication, an incremental $2.0 million payment, due upon dosing of the first subject in the first registration trial, will be owed to Presage, for total payments of $4.9 million prior to receipt of marketing approval of the first indication in the U.S., EU or Japan. Additional potential payments of up to $179 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 years ended June 30, 2023 and 2022, we made no payments under the Presage license agreement.

BeiGene Collaboration

In October 2018, we entered into a clinical collaboration with BeiGene, Ltd. (“BeiGene”) to evaluate the safety and efficacy of zandelisib in combination with BeiGene’s zanubrutinib (marketed as Brukinsa®), an inhibitor of Bruton’s tyrosine kinase, for the treatment of patients with B-cell malignancies. Under the terms of the clinical collaboration agreement, we amended our ongoing Phase 1b trial to include evaluation of zandelisib in combination with zanubrutinib in patients with B-cell malignancies. Study costs are being shared equally by the parties, and we agreed to supply zandelisib and BeiGene agreed to supply zanubrutinib. We record the costs reimbursed by BeiGene as a reduction of our research and development expenses. We retained full commercial rights for zandelisib and BeiGene retained full commercial rights for zanubrutinib. With the discontinuation of the zandelisib program outside of Japan, this clinical collaboration will be concluding with the discontinuation of the Phase 1b trial.

Schedule of Total Operating Costs (Detail) - General and Administrative Expense Member - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating lease cost	$ 2,434	$ 1,583
Variable lease costs	49	61
Total lease costs included in general and administrative expenses	$ 2,483	$ 1,644

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (31,838)	$ (54,454)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrant liability	(1,603)	(20,752)
Share-based compensation	3,589	8,350
Issuance of warrants	500	0
Non-cash lease expense	1,429	909
Depreciation and amortization	386	326
Changes in operating assets and liabilities:
Unbilled Receivables	9,959	(2,462)
Prepaid expenses and other current assets	(2,920)	(21)
Accounts payable	(1,784)	1,563
Accrued liabilities	1,641	2,418
Deferred revenue	(30,582)	16,222
Operating lease liability	(1,261)	(845)
Net cash used in operating activities	(52,484)	(48,746)
Cash flows from investing activities:
Purchases of property and equipment	(35)	(479)
Purchases of short-term investments	(101,764)	(272,652)
Proceeds from maturity of short-term investments	155,489	280,023
Net cash provided by investing activities	53,690	6,892
Cash flows from financing activities:
Proceeds from issuance of common stock, gross	0	52,325
Payment of issuance costs	0	(3,652)
Proceeds from exercise of stock options	0	572
Payments of tax withholdings related to vesting of restricted stock units	(40)	(194)
Net cash (used in) provided by financing activities	(40)	49,051
Net increase in cash and cash equivalents	1,166	7,197
Cash and cash equivalents at beginning of the year	15,740	8,543
Cash and cash equivalents at end of the year	16,906	15,740
Supplemental cash flow information:
Operating Lease right-of-use asset obtained in exchange for operating lease liability	$ 4,347	$ 2,189

Share-based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 3,589	$ 8,350
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	724	2,610
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 2,865	$ 5,740

The Company and Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company and Summary of Significant Accounting Policies

Note 1. The Company and Summary of Significant Accounting Policies

The Company

MEI Pharma, Inc. (Nasdaq: MEIP) is a clinical-stage pharmaceutical company committed to developing novel and differentiated cancer therapies. We build our pipeline by acquiring promising cancer agents and creating value in programs through development, strategic partnerships, and out-licensing or commercialization, as appropriate. Our approach to oncology drug development is to evaluate our drug candidates in combinations with standard-of-care therapies to overcome known resistance mechanisms and address clear medical needs to provide improved patient benefit. Our pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (“CDK9”) inhibitor, and ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway. Our common stock is listed on the Nasdaq Capital Market under the symbol “MEIP.”

On April 14, 2023, we amended our Certificate of Incorporation to affect a combination of our issued and outstanding common stock at a ratio of one-for-twenty (“Reverse Stock Split”). The par value and authorized shares of our common stock were not adjusted as a result of the Reverse Stock Split. The Reverse Stock Split was effective on April 14, 2023, with a market effective date of April 17, 2023. All historical share and per share amounts have been adjusted to reflect the Reverse Stock Split for all periods presented. All stock options, restricted stock units and warrants outstanding were ratably adjusted to give effect to the Reverse Stock Split.

Merger with Infinity Pharmaceuticals, Inc.

In February 2023, we, Infinity Pharmaceuticals, Inc. (“Infinity”), and Meadow Merger Sub, Inc., our wholly owned subsidiary (“Merger Sub”) entered into an agreement and plan of merger (“Merger Agreement”). The Merger Agreement provided that Merger Sub will merge with and into Infinity, with Infinity being the surviving entity as a wholly owned subsidiary of us (transaction referred to as the "Merger") and was subject to approvals by our and Infinity’s stockholders, respectively. On July 23, 2023, we convened our Special Meeting of Stockholders at which time our stockholders did not approve the proposed transaction and subsequently, we delivered a letter to Infinity which terminated the Merger Agreement pursuant to Section 7.2(c) of the Merger Agreement, effective July 23, 2023.

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 MEI Pharma, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all significant intercompany accounts and transactions in consolidation.

Current Events and Reduction in Force

In November 2022, we and Kyowa Kirin Co., Ltd.("KKC") met with the U.S. Food and Drug Administration ("FDA") in a follow-up meeting to the March 2022 end of Phase 2 meeting related to zandelisib. At this meeting, the FDA provided further guidance regarding the design and statistical analysis for the COASTAL trial. Following the November meeting, the companies jointly concluded that a clinical trial consistent with the recent FDA guidance, including modification of the ongoing COASTAL trial, would likely not be feasible to complete within a time period that would support further investment or with sufficient certainty of the regulatory requirements for approval to justify continued global development efforts. As a result, we and KKC jointly decided to discontinue global development of zandelisib for indolent forms of non-Hodgkin lymphoma outside of Japan.

The discontinuation of zandelisib development outside of Japan was a business decision based on the most recent regulatory guidance from the FDA and is not related to the zandelisib clinical data generated to date. KKC is continuing certain ongoing Japanese clinical trials, including the Phase 2 MIRAGE trial evaluating Japanese patients with relapsed or refractory indolent B-cell non-Hodgkin lymphomas, and will explore submitting the MIRAGE and TIDAL trials for marketing authorization in Japan. MIRAGE is a Phase 2 trial, similar in design to the global Phase 2, single-arm, TIDAL trial. In November 2022, we and KKC announced positive top line data from the Phase 2 MIRAGE trial. KKC has been evaluating whether to continue developing zandelisib in Japan and after meeting with the Pharmaceuticals and Medical Devices Agency ("PMDA") has concluded that conducting a randomized study consistent with agency guidance to support a marketing application would likely not be feasible to complete within a time period that would support further investment. As a result, in May 2023, KKC decided to discontinue development of zandelisib in Japan. The discontinuation of zandelisib in Japan was a business decision by KKC based on the most recent regulatory guidance from the PMDA and is not related to the zandelisib clinical data generated to date.

In light of KKC’s decision to discontinue development of zandelisib in Japan, as well as the prior joint decision to discontinue zandelisib development outside of Japan, on July 14, 2023, the parties entered into a Termination Agreement to mutually terminate the

global License, Development and Commercialization Agreement executed in April 2020, as further discussed in Note 11. Subsequent Events.

Prior to June 30, 2023, we and KKC had begun closing all ongoing zandelisib clinical studies outside of Japan, including the Phase 3 COASTAL trial, the Phase 2 TIDAL trial, and the Phase 2 CORAL trial.

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 streamline our organization towards the continued clinical development of our two earlier clinical-stage assets, voruciclib and ME-344. As a result, also in December 2022, our board of directors approved a staggered workforce reduction (the "Reduction in Force"), initially affecting 28 employees in December 2022 and an additional 26 employees through June 2023, representing an aggregate 51% Reduction in Force. In connection with the Reduction in Force, we incurred aggregate termination costs, related to severance, benefits and related employee costs ("the Termination Benefits") of $3.6 million for the fiscal year ended June 30, 2023, of which $2.8 million was recorded as research and development expense and $0.8 million was recorded as general and administrative expense. We have paid $2.6 million in termination costs and we had $1.0 million in unpaid Termination Benefits in accrued liabilities in the consolidated balance sheets as of June 30, 2023.

Liquidity

We have accumulated losses of $406 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of June 30, 2023, we had $101 million in cash, cash equivalents and short-term investments. We believe that these resources will be sufficient to meet our obligations and fund our liquidity and capital expenditure requirements for at least the next 12 months from the issuance of these consolidated financial statements and through the reporting of clinical data readouts from the ongoing and planned voruciclib and ME-344 Phase 1 and Phase 1b clinical programs, respectively. Our current business operations are focused on continuing the clinical development of our drug candidates. Changes to our research and development plans or other changes affecting our operating expenses may affect actual future use of existing cash resources. Our research and development expenses are expected to increase in the foreseeable future. We cannot determine with certainty costs associated with ongoing and future clinical trials or the regulatory approval process. The duration, costs and timing associated with the development of our product candidates will depend on a variety of factors, including uncertainties associated with the results of our clinical trials.

To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. In order to continue the development of our drug candidates, at some point in the future we expect to pursue one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships. There can be no assurance that we will be able to continue to raise additional capital in the future.

Summary of Significant Accounting Policies

Use of Estimates

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

Cash and Cash Equivalents

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

We attempt to minimize credit risk associated with our cash and cash equivalents by periodically evaluating the credit quality of our primary financial institutions. Our investment portfolio is maintained in accordance with our investment policy, which is designed to preserve capital, safeguard funds and limit exposure to risk. While we maintain cash deposits in FDIC insured financial institutions

in excess of federally insured limits, we do not believe we are exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. We have not experienced any losses on such accounts.

Short-term Investments

Short-term investments are marketable securities with maturities greater than three months but less than one year from date of purchase. As of June 30, 2023 and 2022, our short-term investments consisted of $83.8 million and $137.5 million, respectively, in United States government securities. The short-term investments held as of June 30, 2023 and 2022 are considered to be “held to maturity” and are carried at amortized cost. As of June 30, 2023 and 2022, the gross unrealized gains and losses were immaterial.

Fair Value Measurements

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

•

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

•

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

•

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

Property and Equipment

Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets (generally three to seven years) using the straight-line method. Leasehold improvements are stated at cost and are amortized over the shorter of the estimated useful lives of the assets or the lease term.

Leases

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

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

Revenue Recognition

Revenue from Customers

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

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

We may enter into arrangements that consist of multiple performance obligations. Such arrangements may include any combination of our deliverables. To the extent a contract includes multiple promised deliverables, we apply judgment to determine whether promised deliverables are capable of being distinct and are distinct in the context of the contract. If these criteria are not met, the promised deliverables are accounted for as a combined performance obligation. For arrangements with multiple distinct performance obligations, we allocate variable consideration related to our 50-50 cost share for development services directly to the associated performance obligation and then allocate the remaining consideration among the performance obligations based on their relative stand-alone selling price.

Stand-alone selling price is the price at which we would sell a promised good or service separately to the customer. When not directly observable, we typically estimate the stand-alone selling price for each distinct performance obligation. Variable consideration that relates specifically to our efforts to satisfy specific performance obligations is allocated entirely to those performance obligations. Other components of the transaction price are allocated based on the relative stand-alone selling price, over which management has applied significant judgment. We develop assumptions that require judgment to determine the stand-alone selling price for license-related performance obligations, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical, regulatory and commercial success. We estimate stand-alone selling price for research and development performance obligations by forecasting the expected costs of satisfying a performance obligation plus an appropriate margin.

In the case of a license that is a distinct performance obligation, we recognize revenue allocated to the license from non-refundable, up-front fees at the point in time when the license is transferred to the licensee and the licensee can use and benefit from the license. For licenses that are bundled with other distinct or combined obligations, we use judgment to assess the nature of the performance obligation to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the performance obligation is satisfied over time, we evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. From time to time, we perform additional services for KKC. at their request, the costs of which are fully reimbursed to us. The cost of these services is recognized in the consolidated statements of operations as research and development expense.

The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. Revenue is recorded proportionally as costs are incurred. We generally use the cost-to-cost measure of progress because it best depicts the transfer of control to the customer which occurs as we incur costs. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation (an “input method” under Topic 606). We use judgment to estimate the total cost expected to complete the research and development performance obligations, which include subcontractors’ costs, labor, materials, other direct costs and an allocation of indirect costs. We evaluate these cost estimates and the progress each reporting period and, as necessary, we adjust the measure of progress and related revenue recognition.

For arrangements that include sales-based or usage-based royalties, we recognize revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, we have not recognized any sales-based or usage-based royalty revenue from license agreements.

In connection with our License, Development and Commercialization Agreement (the "KKC Commercialization Agreement") with KKC, we perform development services related to our 50-50 cost sharing arrangement for which revenue is recognized over time. Additionally, we perform services for KKC at their request, the costs of which are fully reimbursed to us. We record the reimbursement for such pass through services as revenue at 100% of reimbursed costs, as control of the additional services for KKC is transferred at the time we incur such costs. The costs of these services are recognized in the consolidated statements of operations as research and development expense.

We recognized revenue associated with the KKC Commercialization Agreement for the periods presented (in thousands):


	Years Ended June 30,
	2023		2022
Revenue	$	48,816	$	40,697
Timing of Revenue Recognition:
Services performed over time	$	47,729	$	37,304
Pass through services at a point in time		1,087		3,393
	$	48,816	$	40,697

Contract Balances

Accounts receivable are included on our consolidated balance sheets in “Prepaid expenses and other current assets”, and contract liabilities are included in “Deferred revenue” and “Deferred revenue, long-term” in our consolidated balance sheets. The following table presents changes in accounts receivable, unbilled receivables and contract liabilities accounted for under Topic 606 for the periods presented (in thousands):


	Years Ended June 30,
	2023			2022
Accounts receivable
Accounts receivable, beginning of year	$	—		$	—
Amounts billed		28,087			54,611
Payments received		(28,087	)		(54,611	)
Accounts receivable, end of year	$	—		$	—
Unbilled receivables
Unbilled receivables, beginning of year	$	10,044		$	7,582
Billable amounts		18,128			56,816
Amounts billed		(28,087	)		(54,354	)
Unbilled receivables, end of year	$	85		$	10,044
Contract liabilities
Contract liabilities, beginning of year	$	30,900		$	14,677
Payments received		—			20,000
Revenue recognized		(5,411	)		(3,777	)
Revenue recognized from change in estimate for performance obligations that are being closed(1)		(16,565	)		—
Revenue recognized for performance obligations that will no longer commence(1)		(8,607	)		—
Contract liabilities, end of year	$	317		$	30,900

(1) See discussion in Note 2 - License Agreements

The timing of revenue recognition, invoicing and cash collections results in billed accounts receivable and unbilled receivables (contract assets) and deferred revenue (contract liabilities). We invoice our customers in accordance with agreed-upon contractual terms, typically at periodic intervals or upon achievement of contractual milestones. Invoicing may occur subsequent to revenue recognition, resulting in unbilled receivables. We may receive advance payments from our customers before revenue is recognized, resulting in contract liabilities. The unbilled receivables and deferred revenue reported on the consolidated balance sheets relate to the KKC Commercialization Agreement.

As of June 30, 2023 and 2022, we had $64.9 million and $95.4 million, respectively, of deferred revenue associated with the KKC Commercialization Agreement, of which $64.5 million, relates to the U.S. license which is a unit of account under the scope of ASC Topic 808, Collaborative Arrangements ("Topic 808") and is not a performance obligation under Topic 606. The decrease in deferred revenue comes as a result of our winding down of all zandelisib studies outside of Japan. During the year ended June 30, 2023, we updated our estimated costs to complete each of the performance obligations, resulting in a higher progress towards completion based on the ratio of costs incurred to date to the total estimated costs and we recognized revenue related to non-refundable payments for performance obligations that have not commenced and will no longer be initiated, as further discussed in Note 2. License Agreements.

Our contract liabilities accounted for under Topic 606 relate to the amount of initial upfront consideration that was allocated to the development services performance obligations. Contract liabilities are recognized over the duration of the performance obligations based on the costs incurred relative to total expected costs.

Revenue from Collaborators

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

Research and Development

Research and development costs are expensed as incurred and include costs paid to third party contractors to perform research, conduct clinical trials and develop and manufacture drug materials. Clinical trial costs, including costs associated with third party contractors, are a significant component of research and development expenses. We expense research and development costs based on work performed. In determining the amount to expense, management relies on estimates of total costs based on contract components completed, the enrollment of subjects, the completion of trials, and other events. Costs incurred related to the purchase or licensing of in-process research and development for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.

As part of the process of preparing the consolidated financial statements, we are required to estimate expenses resulting from obligations under contracts with vendors, clinical research organizations (CROs), consultants and under clinical site agreements relating to conducting clinical trials. The financial terms of these contracts vary and may result in payment flows that do not match the periods over which materials or services are provided under such contracts.

Our objective is to reflect the appropriate clinical trial expenses in our consolidated financial statements by recording those expenses in the period in which services are performed and efforts are expended. We account for these expenses according to the progress of the clinical trial as measured by patient progression and the timing of various aspects of the trial. Management determines accrual estimates through financial models and discussions with applicable personnel and outside service providers as to the progress of clinical trials.

During a clinical trial, we adjust the clinical expense recognition if actual results differ from our estimates. We make estimates of accrued expenses as of each balance sheet date based on the facts and circumstances known at that time. Our clinical trial accruals are partially dependent upon accurate reporting by CROs and other third-party vendors. Our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in changes in our estimates.

Share-based Compensation

Share-based compensation expense for stock options and restricted stock units ("RSUs") granted to employees and directors is recognized in the consolidated statements of operations based on estimated amounts. The cost of stock options is measured at the grant date, based on the estimated fair value of the stock option using the Black-Scholes valuation model, which incorporates various assumptions including expected volatility, risk-free interest rate, the expected term of the award and the dividend yield on the underlying stock. Expected volatility is calculated based on the historical volatility of our stock over the expected option life and other appropriate factors. The expected option term is computed using the "simplified" method as permitted under the provisions of ASC 718-10-S99. We use the simplified method to calculate the expected term of share options and similar instruments as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Risk-free interest rates are calculated based on continuously compounded risk-free rates for the appropriate term. The dividend yield is assumed to be zero as we have never paid or declared any cash dividends and do not intend to do so in the foreseeable future. For RSUs, we estimate the grant date fair value using our closing stock price on the date of grant. The estimated fair value of stock options and RSUs is amortized over the requisite service period, adjusted for actual forfeitures at the time they occur. The requisite service period is generally the time over which our share-based awards vest.

Interest and Dividend Income

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

Income Taxes

Our income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2023 and 2022, 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 on income taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of June 30, 2023 and 2022.

Net Loss Per Share

Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of common stock subject to repurchase or forfeiture for the years ended June 30, 2023 and 2022. Diluted net loss per share is computed based on the sum of the weighted-average number of common shares and potentially dilutive common shares outstanding during the period.

The following table presents the calculation of net loss used to calculate basic loss and diluted loss per share (in thousands):


	Years Ended June 30,
	2023			2022
Net loss—basic	$	(31,838	)	$	(54,454	)
Change in fair value of warrant liability		—			(8,046	)
Net loss—diluted	$	(31,838	)	$	(62,500	)

Shares used in calculating net loss per share was determined as follows (in thousands):


	Years Ended June 30,
	2023		2022
Shares used in calculating basic net loss per share		6,663		6,224
Effect of potentially dilutive common shares from equity awards and liability-classified warrants		—		33
Shares used in calculating diluted net loss per share		6,663		6,257

Our potentially dilutive shares, which include outstanding stock options, restricted stock units and warrants, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The assessment of dilution is made on a quarterly basis and therefore the annual determination of diluted net loss per share only includes those quarters in which the potential common stock equivalents were determined to be dilutive. 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):


	Years Ended June 30,
	2023		2022
Stock options		1,285		1,024
Warrants		103		402
Restricted stock units		—		11
Total anti-dilutive shares		1,388		1,437

Segment Information

We have one operating segment which is the development of pharmaceutical compounds. All of our assets and liabilities were located in the U.S. as of June 30, 2023 and 2022.

Recent Accounting Pronouncement

In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), as amended. The amendments in ASU 2016-13 require, among other things, financial assets measured at amortized cost basis to be presented at the net amount expected to be collected as compared to previous U.S. GAAP which delayed recognition until it was probable a loss had been incurred. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2016-13 will have on our financial statements and related disclosures.

Other accounting standard updates effective for interim and annual periods beginning after June 30, 2023 are not expected to have a material impact on our consolidated financial position, results of operations or cash flows.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance cost	$ 3,652

Summary of Stock Option Activity (Detail)	12 Months Ended
Summary of Stock Option Activity (Detail)	Jun. 30, 2023 USD ($) $ / shares shares
Number of Options
Beginning Balance \| shares	996,700
Granted \| shares	682,074
Forfeited \| shares	(393,867)
Ending balance \| shares	1,284,907
Vested and exercisable at end of period \| shares	759,825
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 57.00
Granted \| $ / shares	9.63
Forfeited \| $ / shares	35.56
Ending balance \| $ / shares	38.32
Vested and exercisable at end of period \| $ / shares	$ 52.66
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	7 years 6 months
Vested and exercisable at end of period	6 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 0
Vested and exercisable at end of period \| $	$ 0

Share-based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) shares	Jun. 09, 2023 shares	May 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	1,284,907	996,700
Unrecognized compensation expense related to unvested stock options \| $	$ 2.8
Expected weighted average period for recognition of compensation expense	1 year 8 months 12 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	1,284,907,000
Closing price of common stock \| $ / shares	$ 6.58
Total fair value of options vested \| $	$ 8.9	$ 9.0
Employee Stock Option \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	12 months
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Employee Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vested percentage	25.00%
Share-based compensation arrangement by share-based payment award, award vesting period	36 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock to be received for each RSUs	1
Number Of Shares For Each Unit Of Restricted Stock	1.25
2008 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized	1,850,739,000
Shares available for future grant	573,773,000
2008 Omnibus Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	1,162,810,000
Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized			92,000,000	125,000,000
Shares available for future grant	94,903,000
Inducement Plan [Member] \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	122,097,000

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	May 31, 2023	Dec. 31, 2022	Nov. 10, 2020
Class of Stock [Line Items]
Fair value of warrants	$ 0	$ 1,603		$ 0
Total authorized share capital	226,100,000
Common stock, shares authorized	226,000,000	226,000,000
Common stock, par value	$ 0.00000002	$ 0.00000002
Preferred stock, shares authorized	100,000	100,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	100,000
Common stock voting rights	one vote per share
Preferred stock, shares outstanding	0	0
Number Of Warrants Exercised	0	0
Proceeds from offering net of costs	$ 0	$ 52,325
Payments of Stock Issuance Costs	0	$ 3,652
Unsold Securities Shares and Warrants Under Agreement	$ 107,500
Shelf registration expiration date	May 18, 2023
Warrants
Class of Stock [Line Items]
Exercise price			$ 50.80
Warrants outstanding			802,949
Warrants \| Torreya Partners
Class of Stock [Line Items]
Exercise price	$ 6.80
Warrants outstanding	102,513
Underwritten Registered Offering
Class of Stock [Line Items]
Common stock share issued		1,006,250
Offering price per share		$ 52.00
Proceeds from Issuance Initial Public Offering		$ 48,700
Payments of Stock Issuance Costs		$ 3,700
Two Thousand And Twenty At The Market Sale Agreement Member
Class of Stock [Line Items]
Common stock share issued	0	0
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement	$ 200,000
Maximum \| Two Thousand And Twenty At The Market Sale Agreement Member
Class of Stock [Line Items]
Sale of shares under agreement					$ 60,000

Share-based Compensation - Summary of RSU activity and related data (Details) - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Granted	682,074
Weighted-Average Grant Date Fair Value
Granted	$ 7.04	$ 31.4
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance	9,220
Vested	(9,220)
Forfeited	0
Ending balance	0	9,220
Weighted-Average Grant Date Fair Value
Beginning balance	$ 69.8
Vested	69.8
Forfeited	0
Ending balance	$ 0	$ 69.8

The Company and Summary of Significant Accounting Policies - Schedule of Changes in Accounts Receivable, Unbilled Receivables and Contract Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Contract with Customer Asset and Liability [Line Items]
Account receivables, beginning of year	$ 0	$ 0
Amounts billed	28,087	54,611
Payments received	(28,087)	(54,611)
Accounts receivables, end of year	0	0
Unbilled receivables, beginning of year	10,044	7,582
Billable amounts	18,128	56,816
Amounts billed	(28,087)	(54,354)
Unbilled receivables, end of year	85	10,044
Contract liabilities, beginning of year	30,900	14,677
Payments received	0	20,000
Revenue recognized	(5,411)	(3,777)
Revenue recognized from change in estimate for performance obligations that are being closed	(16,565)	0
Revenue recognized for performance obligations that will no longer commence	(8,607)	0
Contract liabilities, end of year	$ 317	$ 30,900

Share-based Compensation

12 Months Ended

Jun. 30, 2023

Share-based Compensation

Note 7. Share-based Compensation

We use equity-based compensation programs to provide long-term performance incentives for our employees. These incentives consist primarily of stock options and RSUs. In December 2008, we adopted the MEI Pharma, Inc. 2008 Stock Omnibus Equity Compensation Plan (the “Omnibus Plan”), as amended and restated from time to time, under which 1,850,739 shares of common stock are authorized for issuance. The Omnibus Plan provides for the grant of options and/or other stock-based or stock-denominated awards to our non-employee directors, officers, employees and advisors. As of June 30, 2023, there were 573,773 shares available for future grant under the Omnibus Plan.

In May 2021, we adopted the 2021 Inducement Plan ("Inducement Plan"), under which 125,000 shares of common stock were authorized for issuance. On June 9, 2023 our board of directors 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, 2023, there were 94,903 shares available for future grant under the Inducement Plan.

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


	Years Ended June 30,
	2023		2022
Research and development	$	724	$	2,610
General and administrative		2,865		5,740
Total share-based compensation	$	3,589	$	8,350

Stock Options

Stock options granted to employees vest 25% one year from the date of grant and ratably each month thereafter for a period of 36 months and expire ten years from the date of grant. Stock options granted to directors vest ratably each month for a period of 12 months from the date of grant and expire ten years from the date of grant. As of June 30, 2023, there were a total of 1,284,907 options outstanding of which 1,162,810 were granted under the Omnibus Plan and 122,097 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, 2022	996,700	$57.00
Granted	682,074	$9.63
Forfeited	(393,867)	$35.56
Outstanding at June 30, 2023	1,284,907	$38.32	7.5	$—
Vested and exercisable at June 30, 2023	759,825	$52.66	6.3	$—

As of June 30, 2023, the aggregate intrinsic value of outstanding options is calculated as the difference between the exercise price of the underlying options and the closing price of our common stock of $6.58 on that date. The total fair value of options that vested during the years ended June 30, 2023 and 2022 was $8.9 million and $9.0 million, respectively.

Unrecognized compensation expense related to non-vested stock options totaled $2.8 million as of June 30, 2023. Such compensation expense is expected to be recognized over a weighted-average period of 1.7 years. As of June 30, 2023, we expect all outstanding options to vest.

We use a Black-Scholes valuation model to estimate the grant date fair value of stock options. To calculate these fair values, the following weighted-average assumptions were used:


	Years Ended June 30,
	2023			2022
Risk-free interest rate		3.2	%		1.3	%
Expected life (years)		6.0			6.0
Expected volatility		85.5	%		69.6	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	7.04		$	31.40

Restricted Stock Units (RSU)

A summary of our RSU activity and related data follows:


	Number of RSUs			Weighted-Average Grant Date Fair Value
Non-vested at June 30, 2022		9,220		$	69.80
Vested		(9,220	)	$	69.80
Forfeited		—		$	—
Non-vested at June 30, 2023		—		$	—

Each RSU represents the contingent right to receive one share of our common stock. Under the terms of the Omnibus Plan, each of the RSUs is calculated as 1.25 shares of common stock for purposes of determining the number of shares available for future grant.

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Presage License Agreement
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Accrued payment for potential future payments	$ 0

The Company and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule Of Revenue Associated With License Agreement

We recognized revenue associated with the KKC Commercialization Agreement for the periods presented (in thousands):


	Years Ended June 30,
	2023		2022
Revenue	$	48,816	$	40,697
Timing of Revenue Recognition:
Services performed over time	$	47,729	$	37,304
Pass through services at a point in time		1,087		3,393
	$	48,816	$	40,697

Schedule of Changes in Accounts Receivable, Unbilled Receivables and Contract Liabilities

The following table presents changes in accounts receivable, unbilled receivables and contract liabilities accounted for under Topic 606 for the periods presented (in thousands):


	Years Ended June 30,
	2023			2022
Accounts receivable
Accounts receivable, beginning of year	$	—		$	—
Amounts billed		28,087			54,611
Payments received		(28,087	)		(54,611	)
Accounts receivable, end of year	$	—		$	—
Unbilled receivables
Unbilled receivables, beginning of year	$	10,044		$	7,582
Billable amounts		18,128			56,816
Amounts billed		(28,087	)		(54,354	)
Unbilled receivables, end of year	$	85		$	10,044
Contract liabilities
Contract liabilities, beginning of year	$	30,900		$	14,677
Payments received		—			20,000
Revenue recognized		(5,411	)		(3,777	)
Revenue recognized from change in estimate for performance obligations that are being closed(1)		(16,565	)		—
Revenue recognized for performance obligations that will no longer commence(1)		(8,607	)		—
Contract liabilities, end of year	$	317		$	30,900

(1) See discussion in Note 2 - License Agreements

Schedule of Income (Loss) Per Share, Basic and Diluted

The following table presents the calculation of net loss used to calculate basic loss and diluted loss per share (in thousands):


	Years Ended June 30,
	2023			2022
Net loss—basic	$	(31,838	)	$	(54,454	)
Change in fair value of warrant liability		—			(8,046	)
Net loss—diluted	$	(31,838	)	$	(62,500	)

Calculation of Weighted Average Shares Used to Calculate Basic and Diluted (Loss) Earnings Per Share

Shares used in calculating net loss per share was determined as follows (in thousands):


	Years Ended June 30,
	2023		2022
Shares used in calculating basic net loss per share		6,663		6,224
Effect of potentially dilutive common shares from equity awards and liability-classified warrants		—		33
Shares used in calculating diluted net loss per share		6,663		6,257

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):


	Years Ended June 30,
	2023		2022
Stock options		1,285		1,024
Warrants		103		402
Restricted stock units		—		11
Total anti-dilutive shares		1,388		1,437

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, transfers	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional paid in capital	Accumulated Deficit
Beginning Balance at Jun. 30, 2021	$ 49,466	$ 5,631	$ 369,171	$ (319,705)
Net loss	(54,454)			(54,454)
Issuance of common stock, net	48,673	1,006	48,673
Issuance of common stock for vested restricted stock units	(194)	3	(194)
Exercise of stock options	572	18	572
Share-based compensation expense	8,350		8,350
Ending Balance at Jun. 30, 2022	52,413	6,658	426,572	(374,159)
Net loss	(31,838)			(31,838)
Issuance of common stock for vested restricted stock units	(40)	5	(40)
Issuance of warrants	500		500
Share-based compensation expense	3,589		3,589
Ending Balance at Jun. 30, 2023	$ 24,624	$ 6,663	$ 430,621	$ (405,997)

- Definition

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

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

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

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+ Details

Income Taxes - Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax rates to Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reconciliation Of Statutory Federal Tax Rate [Line Items]
Tax benefit at U.S. statutory rates	$ 6,689	$ 11,435
State tax	187	191
Warrant liability costs	337	4,358
Equity compensation	(114)	(71)
Increase in valuation allowance	(7,020)	(15,473)
Other	(79)	(440)
Income tax expense	$ 0	$ 0
Tax benefit (expense) at U.S. statutory rates	21.00%	21.00%
State tax	0.00%	0.00%
Warrant liability costs	1.00%	8.00%
Equity compensation	(0.00%)	0.00%
(Increase) decrease in valuation allowance	(22.00%)	(28.00%)
Other	(0.00%)	(1.00%)
Effective Income Tax Rate, Continuing Operations, Total	0.00%	0.00%

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 48,816	$ 40,697
Operating expenses:
Research and development	52,450	85,641
General and administrative	33,130	30,540
Total operating expenses	85,580	116,181
Loss from operations	(36,764)	(75,484)
Other income (expense):
Change in fair value of warrant liability	1,603	20,752
Interest and dividend income	3,345	284
Other expense, net	(22)	(6)
Total other income, net	4,926	21,030
Net loss	(31,838)	(54,454)
Net loss:
Basic	(31,838)	(54,454)
Diluted	$ (31,838)	$ (62,500)
Net loss per share:
Basic	$ (4.78)	$ (8.75)
Diluted	$ (4.78)	$ (9.99)
Weighted-average shares used in computing net loss per share:
Basic	6,663	6,224
Diluted	6,663	6,257

The Company and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2023

Basis of Presentation and Consolidation

Current Events and Reduction in Force

global License, Development and Commercialization Agreement executed in April 2020, as further discussed in Note 11. Subsequent Events.

Liquidity

Use of Estimates

Cash and Cash Equivalents

Short-Term Investments

Short-term Investments

Fair Value Measurements

•

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

•

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

Property and Equipment

Leases

Revenue Recognition

Revenue from Customers

We recognized revenue associated with the KKC Commercialization Agreement for the periods presented (in thousands):


	Years Ended June 30,
	2023		2022
Revenue	$	48,816	$	40,697
Timing of Revenue Recognition:
Services performed over time	$	47,729	$	37,304
Pass through services at a point in time		1,087		3,393
	$	48,816	$	40,697

Contract Balances


	Years Ended June 30,
	2023			2022
Accounts receivable
Accounts receivable, beginning of year	$	—		$	—
Amounts billed		28,087			54,611
Payments received		(28,087	)		(54,611	)
Accounts receivable, end of year	$	—		$	—
Unbilled receivables
Unbilled receivables, beginning of year	$	10,044		$	7,582
Billable amounts		18,128			56,816
Amounts billed		(28,087	)		(54,354	)
Unbilled receivables, end of year	$	85		$	10,044
Contract liabilities
Contract liabilities, beginning of year	$	30,900		$	14,677
Payments received		—			20,000
Revenue recognized		(5,411	)		(3,777	)
Revenue recognized from change in estimate for performance obligations that are being closed(1)		(16,565	)		—
Revenue recognized for performance obligations that will no longer commence(1)		(8,607	)		—
Contract liabilities, end of year	$	317		$	30,900

(1) See discussion in Note 2 - License Agreements

Revenue from Collaborators

Research and Development

Share-based Compensation

Interest and Dividend Income

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

Income Taxes

Net Loss Per Share

The following table presents the calculation of net loss used to calculate basic loss and diluted loss per share (in thousands):


	Years Ended June 30,
	2023			2022
Net loss—basic	$	(31,838	)	$	(54,454	)
Change in fair value of warrant liability		—			(8,046	)
Net loss—diluted	$	(31,838	)	$	(62,500	)

Shares used in calculating net loss per share was determined as follows (in thousands):


	Years Ended June 30,
	2023		2022
Shares used in calculating basic net loss per share		6,663		6,224
Effect of potentially dilutive common shares from equity awards and liability-classified warrants		—		33
Shares used in calculating diluted net loss per share		6,663		6,257


	Years Ended June 30,
	2023		2022
Stock options		1,285		1,024
Warrants		103		402
Restricted stock units		—		11
Total anti-dilutive shares		1,388		1,437

Segment Information

We have one operating segment which is the development of pharmaceutical compounds. All of our assets and liabilities were located in the U.S. as of June 30, 2023 and 2022.

Recent Accounting Pronouncements

Recent Accounting Pronouncement

The Company and Summary of Significant Accounting Policies - Calculation of Weighted Average Shares Used to Calculate Basic and Diluted (Loss) Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares used in calculating basic net loss per share	6,663	6,224
Effect of potentially dilutive common shares from equity awards and liability-classified warrants	0	33
Shares used in calculating diluted net loss per share	6,663	6,257

Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability (Detail)	Jun. 30, 2023 USD ($) yr	Jun. 30, 2022 USD ($) yr
Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.4	2.8
Expected life years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input \| yr	0.5	0.9
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	128.7	139.4
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0	0
Weighted-average grant date fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input \| $	0.02	0.1

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Jun. 30, 2023 USD ($)
Income Taxes Line Items [Line Items]
Federal net operating loss carry forwards	$ 156.0
State net operating loss carry forwards	$ 30.0
Taxable income percentage	80.00%
State
Income Taxes Line Items [Line Items]
Expiration year of operating loss carry forwards	2030

Income Taxes - Pre- Tax loss Jurisdictions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Pre tax Income Loss [Line Items]
Domestic	$ (31,838)	$ (54,454)
Foreign	0	0
Pre-tax loss	$ (31,838)	$ (54,454)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity

12 Months Ended

Jun. 30, 2023

Stockholders' Equity

Note 6. Stockholders’ Equity

Equity Transactions

Underwritten Registered Offering

During the year ended June 30, 2022, we completed an underwritten registered offering of 1,006,250 shares of common stock at a price per share of $52.00 for net cash proceeds of $48.7 million, after offering costs of $3.7 million.

Shelf Registration Statement

We had a shelf registration statement that permitted us to sell, from time to time, up to $200.0 million of common stock, preferred stock and warrants. The shelf registration was filed and declared effective in May 2020, replacing a prior shelf registration statement that was filed and declared effective in May 2017, and carried forward approximately $107.5 million of unsold securities registered under the prior shelf registration statement. The shelf registration expired on May 18, 2023.

At-The-Market Equity Offering

On November 10, 2020, we entered into an At-The-Market Equity Offering Sales Agreement (the “2020 ATM Sales Agreement”), pursuant to which we could sell an aggregate of up to $60.0 million of our common stock pursuant to the shelf registration statement. There were no sales under the 2020 ATM Sales Agreement during the years ended June 30, 2023 and 2022, and the 2020 ATM Sales Agreement expired in conjunction with the shelf registration on May 18, 2023.

Warrants

In May 2023, outstanding warrants to purchase 802,949 shares of our common stock expired. The warrants were fully vested and exercisable at a price of $50.80 per share. As of June 30, 2022, the warrants were valued at $1.6 million. Prior to their expiration, the warrants had been previously revalued to $0, as of December 31, 2022. All corresponding changes in fair value were recorded as a component of other income (expense) in our consolidated statements of operations. No warrants were exercised during the years ended June 30, 2023 and 2022. The warrants expired in May 2023.

As of June 30, 2023, we have outstanding warrants to purchase 102,513 shares of our common stock, all issued to Torreya Partners. The warrants are fully vested, exercisable at a price of $6.80 per share and expire in October 2027.

Description of Capital Stock

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

Common Stock

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

Preferred Stock

Our board of directors has the authority to issue up to 100,000 shares of preferred stock with a par value of $0.01 per share in one or more series and to fix the rights, preferences, privileges and restrictions in respect of that preferred stock, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption (including sinking fund provisions), redemption prices and liquidation preferences, and the number of shares constituting such series and the designation of any such series, without future vote or action by the stockholders. Therefore, the board of directors, without the approval of the stockholders, could authorize the issue of preferred stock with voting, conversion and other rights that could affect the voting power, dividend and other rights of the holders of shares or that could have the effect of delaying, deferring or preventing a change of control. There were no shares of preferred stock outstanding as of June 30, 2023 or 2022.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Income Taxes

12 Months Ended

Jun. 30, 2023

Income Taxes

Note 10. Income Taxes

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


	Years Ended June 30,
	2023			2022
Domestic	$	(31,838	)	$	(54,454	)
Foreign		—			—
Pre-tax loss	$	(31,838	)	$	(54,454	)

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


	Years Ended June 30,
	2023						2022
	$			%			$			%
Tax benefit at U.S. statutory rates	$	6,689			21	%	$	11,435			21	%
State tax		187			—	%		191			—	%
Warrant liability costs		337			1	%		4,358			8	%
Equity compensation		(114	)		—	%		(71	)		—	%
Change in valuation allowance		(7,020	)		(22	)%		(15,473	)		(28	)%
Other		(79	)		—	%		(440	)		(1	)%
	$	—			—	%	$	—			—	%

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


	June 30,
	2023			2022
Deferred tax assets (liabilities):
Deferred revenue	$	14,068		$	20,362
Fixed and intangible assets		10,681			13,283
Capitalization of R&D costs		10,320			—
Share-based payments		5,149			4,869
Tax losses carried forward		34,514			29,581
Compensation accruals		1,247			927
Consultant and other accruals		48			25
Right-of-use assets		(2,597	)		(1,932	)
Lease liabilities		2,761			2,057
Charitable contributions		8			7
Total deferred tax assets		76,199			69,179
Valuation allowance for deferred tax assets		(76,199	)		(69,179	)
Net deferred tax assets and liabilities	$	—		$	—

We evaluate the recoverability of the deferred tax assets and the amount of the required valuation allowance. Due to the uncertainty surrounding the realization of the tax deductions in future tax returns, we have recorded a valuation allowance against our net deferred tax assets as of June 30, 2023 and 2022. At such time as it is determined that it is more likely than not that the deferred tax assets will be realized, the valuation allowance would be reduced.

We had federal and state net operating loss carryforwards of approximately $156.0 million and $30.0 million as of June 30, 2023. 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 2030 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 and similar state laws. Through December 31, 2021, we completed a study to analyze whether one or more ownership changes had occurred and determined that two such ownership changes did occur. Although we did not conduct a formal study in 2023, we believe no significant ownership changes occurred subsequent to 2022. While the ownership changes do limit the amount of net operating loss we are able to use each year, all of our net operating losses are expected to be available for utilization prior to expiring.

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 2020 and 2019, 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, 2023 and we are not aware of any circumstance that would significantly change this result through the end of fiscal year 2024. 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 taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

Leases

12 Months Ended

Jun. 30, 2023

Disclosure Text Block [Abstract]

Leases

Note 9. Leases

In July 2020, we entered into a lease agreement (the "Initial Lease Agreement") for approximately 32,800 square feet of office space in San Diego, California. The Lease Agreement was scheduled to expire in March 2028 but was extended by 20 months to November 2029 in accordance with the amended lease agreement we entered into in January 2022 (the "Amended Lease Agreement"). The Initial and Amended Lease Agreements are collectively referred to as the "Lease Agreements". The Lease Agreements contain rent escalations over the lease term. We have accounted for the Lease Agreements as operating leases. The Lease Agreements contain an option to renew and extend the lease term, which is not included in the determination of the ROU asset and operating lease liability, as it was not reasonably certain to be exercised. Upon commencement of the Amended Lease Agreement, to extend the lease term, we recognized an additional operating lease ROU asset and a corresponding operating lease liability. The Lease Agreements include variable non-lease components (e.g., common area maintenance, maintenance, etc.) that are not included in the ROU asset and operating lease liability and are reflected as an expense in the period incurred as a component of the lease cost.

The Amended Lease Agreements also provides for an additional 12,300 square feet of office space adjacent to our current office in San Diego. Upon taking control of the additional office space on July 1, 2022, we recognized operating lease ROU assets obtained in exchange for operating lease liabilities of $4.3 million.

The total operating lease costs for the Lease Agreements were as follows for the periods presented (in thousands):


	Years Ended June 30,
	2023		2022
Operating lease cost	$	2,434	$	1,583
Variable lease costs		49		61
Total lease costs included in general and administrative expenses	$	2,483	$	1,644

Supplemental cash flow information related to our operating leases was as follows for the periods presented (in thousands):


	Years Ended June 30,
	2023		2022
Operating cash flows from operating leases	$	2,267	$	1,519

The following is a schedule of the future minimum rental payments for our operating leases, reconciled to the lease liability as of June 30, 2023 (in thousands):


	June 30, 2023
Years ending June 30,
2024	$	2,335
2025		1,913
2026		2,477
2027		2,551
2028		2,715
Thereafter		4,385
Total lease payments		16,376
Less: Present value discount		(3,648	)
Total operating lease liability	$	12,728

Balance Sheet Classification - Operating Leases
Operating lease liability	$	1,428
Operating lease liability, long-term		11,300
Total operating lease liability	$	12,728

Other Balance Sheet Information - Operating Leases
Weighted-Average remaining lease term (in years)		6.4
Weighted-Average discount rate		7.50	%

The Company and Summary of Significant Accounting Policies - Schedule of Net Income (Loss) Per Share, Basic and Diluted (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Potentially Dilutive Securities Outstanding [Line Items]
Net loss—basic	$ (31,838)	$ (54,454)
Change in fair value of warrant liability	0	(8,046)
Net loss—diluted	$ (31,838)	$ (62,500)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Leases - Additional Information (Detail) $ in Thousands	12 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Jun. 30, 2023 USD ($)	Jul. 31, 2022 SqFeet	Jul. 01, 2022 USD ($)	Jul. 31, 2020 SqFeet
Lease expire date	Mar. 31, 2028
Extended date	November 2029
Operating lease liabilities \| $	$ 12,728
San Diego California [Member]
Operating lease liabilities \| $			$ 4,300
Accounting Standards Update 2016-02 [Member]
Number of square feet under lease \| SqFeet		12,300
Accounting Standards Update 2016-02 [Member] \| San Diego California [Member]
Number of square feet under lease \| SqFeet				32,800

The Company and Summary of Significant Accounting Policies - Antidilutive Securities (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,388	1,437
Employee Stock option
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,285	1,024
Restricted Stock Units (RSUs)
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	0	11
Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	103	402

Share-based Compensation (Tables)

12 Months Ended

Jun. 30, 2023

Share-Based Compensation Expense for Stock Awards

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


	Years Ended June 30,
	2023		2022
Research and development	$	724	$	2,610
General and administrative		2,865		5,740
Total share-based compensation	$	3,589	$	8,350

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, 2022	996,700	$57.00
Granted	682,074	$9.63
Forfeited	(393,867)	$35.56
Outstanding at June 30, 2023	1,284,907	$38.32	7.5	$—
Vested and exercisable at June 30, 2023	759,825	$52.66	6.3	$—

Fair Value of Stock Options Weighted-Average Assumptions Used

following weighted-average assumptions were used:


	Years Ended June 30,
	2023			2022
Risk-free interest rate		3.2	%		1.3	%
Expected life (years)		6.0			6.0
Expected volatility		85.5	%		69.6	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	7.04		$	31.40

Summary of RSU activity

A summary of our RSU activity and related data follows:


	Number of RSUs			Weighted-Average Grant Date Fair Value
Non-vested at June 30, 2022		9,220		$	69.80
Vested		(9,220	)	$	69.80
Forfeited		—		$	—
Non-vested at June 30, 2023		—		$	—