0000950170-23-061976 | 10-Q | XBRL Viewer

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Summary of Significant Accounting Policies - Schedule of Revenue Associated with License Agreement (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 65,297	$ 8,730
Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	752	8,730
Services Performed Over Time [Member] \| Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	743	8,359
Pass through Services at a Point in Time [Member] \| Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 9	$ 371

- 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

One-Time Termination Benefits

3 Months Ended

Sep. 30, 2023

Restructuring Reserve [Abstract]

One-Time Termination Benefits

5. One-Time Termination Benefits

In connection with our joint decision to discontinue development of zandelisib outside of Japan, in December 2022, we announced a realignment of our clinical development efforts that streamlined our organization towards the continued clinical development of our two earlier clinical-stage assets, voruciclib and ME-344. As a result, also in December 2022, our Board approved a staggered workforce reduction (the "Reduction in Force"), affecting 28 employees in December 2022 and an additional 26 employees through June 2023, representing an aggregate 51% Reduction in Force. For the three months ended September 30, 2023, we recorded additional one-time employee termination benefits of $28,000 within research and development expense as a result of an additional termination.

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


	One-Time Employee Termination Benefits
Balance at June 30, 2023	$	993
Increase in accrued restructuring		28
Cash payments		(917	)
Balance at September 30, 2023	$	104

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Securities Act File Number	001-41827
Trading Symbol	MEIP
Entity Registrant Name	MEI Pharma, Inc.
Entity Tax Identification Number	51-0407811
Entity Central Index Key	0001262104
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
City Area Code	858
Local Phone Number	369-7100
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.00000002 par value
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	11455 El Camino Real
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
Entity Interactive Data Current	Yes
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		6,662,857

Other License Agreements - Additional Information (Detail) - Presage License Agreement - Presage Biosciences, Inc. - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2017	Sep. 30, 2023
Related Party Transaction [Line Items]
Payment for license	$ 2.9
Other liabilities		$ 4.9
Incremental Payment
Related Party Transaction [Line Items]
Other liabilities		2.0
Potential Payments on Achievement of Development Regulatory and Commercial Milestones
Related Party Transaction [Line Items]
Milestone payment receivable amount		$ 179.0

License Agreements - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2022	Sep. 30, 2023	Jun. 30, 2023	Apr. 30, 2020
Related Party Transaction [Line Items]
Revenue recognized		$ (317,000)	$ (5,411,000)
Kyowa Kirin Co. Ltd
Related Party Transaction [Line Items]
Termination Agreement	Jul. 14, 2023
Total upfront payment receivable for grant of rights				$ 100,000,000
Kkc Agreements [Member] \| Kyowa Kirin Co. Ltd
Related Party Transaction [Line Items]
Transaction price of deferred revenue remaining performance obligations		$ 317,000
US License [Member] \| Kyowa Kirin Co. Ltd
Related Party Transaction [Line Items]
Deferred revenue			$ 64,500,000

License Agreements

3 Months Ended

Sep. 30, 2023

License Agreements

7. License Agreements

Kyowa Kirin Co., Ltd. License, Development and Commercialization Agreement

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

know-how controlled by KKC to perform our obligations in the Ex-U.S. under the KKC Commercialization Agreement. KKC paid us an initial nonrefundable payment of $100.0 million.

In November 2022, we and KKC jointly decided to discontinue zandelisib development in the U.S. and in May 2023, KKC decided to discontinue development of zandelisib in Japan. Considering the decisions to discontinue worldwide development of zandelisib the parties entered into a Termination Agreement on July 14, 2023, agreeing to mutually terminate the global License, Development and Commercialization Agreement executed in April 2020. Pursuant to the Termination Agreement, we regained full, global rights to develop, manufacture and commercialize zandelisib, subject to KKCs limited rights to use 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 or demands arising from the original KKC Commercialization Agreement excluding certain surviving claims; however, we are obligated to deliver a discrete quantity of materials to facilitate KKCs compassionate use activities.

We determined the KKC Commercialization Agreement was a collaborative arrangement in accordance with Topic 808 which contained multiple units of account, as we and KKC were both active participants in the development and commercialization activities and were exposed to significant risks and rewards dependent on commercial success of the activities of the arrangement. We determined the U.S. License was a separate unit of account under the scope of Topic 808 and was not a deliverable under Topic 606, while the license issued to KKC within its territory and related development services were within the scope of Topic 606. See discussion within the Revenue Recognition subsection of Note 2. Summary of Significant Accounting Policies.

We evaluated the Termination Agreement under ASC 606 and determined it met the requirements of a contract modification which changed the scope of the KKC Commercialization Agreement, and the remaining goods and services associated with the wind-down activities to be transferred. The cost of satisfying our performance obligation to provide compassionate use supply to KKC was determined to be de minimis and therefore immaterial within the context of the KKC Commercialization Agreement. As of September 30, 2023, activities associated with the compassionate use supply were completed.

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

We recognized the remaining transaction price of $317,000 of deferred revenue during the three months ended September 30, 2023, as any remaining performance obligations under the KKC Commercialization Agreement were determined to be de minimis as of September 30, 2023. Therefore, as of September 30, 2023, all deferred revenue associated with the KKC Commercialization Agreement has been recognized.

- Definition

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

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+ Details

Stockholders' Equity

3 Months Ended

Sep. 30, 2023

Federal Home Loan Banks [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Equity Transactions

Warrants

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

As of September 30, 2023, we also have outstanding warrants to purchase 102,513 shares of our common stock issued to Torreya Partners. The warrants are fully vested, exercisable at a price of $6.80 per share and expire in October 2027. No warrants were exercised during the three months ended September 30, 2023.

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

- Definition

The entire disclosure for equity.

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+ Details

Fair Value Measurements

3 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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. As of September 30, 2023 and June 30, 2023, we had no assets or liabilities measured on a recurring or non-recurring basis.

In May 2018, we issued warrants in connection with a private placement of our shares of common stock. 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 us and, as a result, the warrants were required to be measured at fair value and reported as a liability in the condensed consolidated balance sheets. We recorded the fair value of the warrants upon issuance using the Black-Scholes valuation model and were required to revalue the warrants at each reporting date with any changes in fair value recorded on our condensed consolidated statement of operations through their expiration in May 2023. 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 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 (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 change in the fair value of the Level 3 warrant liability is reflected in the condensed consolidated statements of operations for the three months ended September 30, 2022. During the three months ended September 30, 2023 and the year ended June 30,2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

To calculate the fair value of the warrant liability as of June 30, 2023, the following assumptions were used:



Risk-free interest rate		4.4	%
Expected life (years)		0.5
Expected volatility		128.7	%
Dividend yield		—	%
Weighted-average grant date fair value	$	0.02

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



Balance as of June 30, 2022	$	1,603
Change in estimated fair value of liability classified warrants		(1,117	)
Balance as of September 30, 2022	$	486

- 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

Fair Value Measurements (Tables)

3 Months Ended

Sep. 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 as of June 30, 2023, the following assumptions were used:



Risk-free interest rate		4.4	%
Expected life (years)		0.5
Expected volatility		128.7	%
Dividend yield		—	%
Weighted-average grant date fair value	$	0.02

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 three months ended September 30, 2022 (in thousands):



Balance as of June 30, 2022	$	1,603
Change in estimated fair value of liability classified warrants		(1,117	)
Balance as of September 30, 2022	$	486

One-Time Termination Benefits - Summary of Activity Related to One-Time Termination Benefits Included in Accrued Liabilities (Detail) - Termination Benefits $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 993
Increase in accrued restructuring	28
Cash payments	(917)
Restructuring Reserve, Ending Balance	$ 104

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional paid in capital	Accumulated Deficit
Beginning Balance at Jun. 30, 2022	$ 52,413	$ 6,658	$ 426,572	$ (374,159)
Net income (loss)	(16,624)			(16,624)
Issuance of common stock for vested restricted stock units	(40)	5	(40)
Share-based compensation expense	1,559		1,559
Ending Balance at Sep. 30, 2022	37,308	6,663	428,091	(390,783)
Beginning Balance at Jun. 30, 2023	24,624	6,663	430,621	(405,997)
Net income (loss)	56,374			56,374
Share-based compensation expense	363		363
Ending Balance at Sep. 30, 2023	$ 81,361	$ 6,663	$ 430,984	$ (349,623)

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

Balance Sheet Details - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,350	$ 2,343
Less: accumulated depreciation	(1,121)	(1,034)
Property and equipment, net	1,229	1,309
Furniture And Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,381	1,374
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 969	$ 969

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

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Billions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	May 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Fair value of warrants					$ 0
Number of warrants exercised	0	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
Common stock voting rights	one vote per share
Preferred stock, shares outstanding	0		0
Warrants
Class of Stock [Line Items]
Exercise price				$ 50.80
Warrants outstanding	102,513			802,949
Warrants \| Torreya partners
Class of Stock [Line Items]
Exercise price	$ 6.80

Summary of Significant Accounting Policies

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

There have been no material changes to our significant accounting policies from those described in the notes to our audited consolidated financial statements contained in the 2023 Annual Report.

Risks and Uncertainties

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the valuation of share-based awards, the discount rate used in estimating the present value of the right-of-use assets and lease liabilities, the useful lives of property and equipment, the recoverability of long-lived assets, clinical trial accruals, periods over which revenue should be recognized, relative stand-alone selling price, deferred income taxes and related valuation allowances, and the assessment of our ability to fund our operations for at least the next 12 months from the date of issuance of these condensed consolidated financial statements. We base our estimates on historical experience and other market-specific or other relevant assumptions that we believe to be reasonable under the circumstances. Estimates are assessed each reporting period and updated to reflect current information. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Deposits in our checking and money market accounts are maintained in federally insured financial institutions and are subject to federally insured limits or limits set by the Securities Investor Protection Corporation.

We attempt to minimize credit risk associated with our cash, cash equivalents and short-term investments 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 Federal Deposit Insurance Corporation insured financial institutions in excess of federally insured limits, we do not believe that 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 September 30, 2023 and June 30, 2023, our short-term investments consisted of $78.8 million and $83.8 million, respectively, in United States government securities. The short-term investments held as of September 30, 2023 and June 30, 2023 are considered to be “held to maturity” and are carried at amortized cost. As of September 30, 2023 and June 30, 2023, the gross unrealized gains and losses were immaterial.

Revenue Recognition

Revenues 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, if any, 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 within 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.

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 April 2020 License, Development and Commercialization Agreement (the "KKC Commercialization Agreement") described in Note 7. License Agreements, 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. From time to time, we perform additional services for Kyowa Kirin Co., Ltd. ("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.

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


	For the Three Months Ended September 30,
	2023		2022
Timing of Revenue Recognition:
Services performed over time	$	743	$	8,359
Pass through services at a point in time		9		371
	$	752	$	8,730

Contract Balances

Accounts receivables are included in prepaid expenses and other current assets, and contract liabilities are included in deferred revenue and deferred revenue, long-term in our condensed consolidated balance sheets. Our contract liabilities accounted for under Topic 606 relate to the amount of initial upfront consideration 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.

As of September 30, 2023 and June 30, 2023, we had no balances in accounts receivable. The following table presents changes in unbilled receivables and contract liabilities accounted for under Topic 606 for the periods presented (in thousands):



	September 30, 2023			June 30, 2023
Unbilled receivables	$	—		$	85
Contract liabilities
Contract liabilities, beginning of period	$	317		$	30,900
Revenue recognized		(317	)		(5,411	)
Revenue recognized from change in estimate for performance obligations that are being closed		—			(16,565	)
Revenue recognized for performance obligations that will no longer commence		—			(8,607	)
Contract liabilities, end of period	$	—		$	317

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.

Revenues 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.

Net Income (Loss) Per Share

Basic and diluted net income (loss) per share is 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 three months ended September 30, 2023 and 2022. Diluted net income (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 determined using the treasury-stock and if-converted methods.

For purposes of the diluted net income per share calculation for the three months ended September 30, 2023, potentially dilutive securities are excluded from the calculation of diluted net income per share because their weighted-average exercise prices were above our weighted-average share price as of September 30, 2023; therefore, basic and diluted net loss per share were the same for the three months ended September 30, 2023. For purposes of the diluted net loss per share calculation for the three months ended September 30, 2022, potentially dilutive securities are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and, therefore, basic and diluted net loss per share were the same for the three months ended September 30, 2022.

The following table presents potentially dilutive shares excluded from the calculation of diluted net income (loss) per share (in thousands):


	For the Three Months Ended September 30,
	2023		2022
Stock options		1,447		1,388
Warrants		103		803
Restricted stock units		—		1
Total anti-dilutive shares		1,550		2,192

Recent Accounting Pronouncement

Recently Adopted

In June 2016, the Financial Accounting Standards Board (FASB) 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. The adoption of ASU 2016-13 did not have a material impact on our financial statements and related disclosures.

Recently Issued

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

Subsequent Events

3 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

On October 1, 2023, our Board approved and adopted a Rights Agreement, ("Rights Agreement") by and between us and Computershare, Inc., as Rights Agent (as defined in the Rights Agreement). Pursuant to the Rights Agreement, the Board declared a dividend of one preferred share purchase right (each a "Right") for each outstanding share of our common stock, par value $0.00000002 (each a "Common Share" and collectively, the "Common Shares"). The Rights are distributable to stockholders of record as of the close of business on October 12, 2023. One Right also will be issued together with each Common Share issued by the Company after October 12, 2023, but before the Distribution Date, as defined in the Rights Agreement, (or the earlier of the redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date.

As more fully described in Note 1. Description of Business and Basis of Presentation, we announced a Cooperation Agreement (“Cooperation Agreement”) with Anson Funds and Cable Car Capital effective as of October 31, 2023. On November 6, 2023, pursuant to the Cooperation Agreement, the Board declared a special cash dividend of $1.75 per share of common stock, payable on December 6, 2023, to stockholders of record at the close of business on November 17, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 65,297	$ 8,730
Operating expenses:
Research and development	3,485	19,463
General and administrative	6,531	7,486
Total operating expenses	10,016	26,949
Income (loss) from operations	55,281	(18,219)
Other income (expense):
Change in fair value of warrant liability	0	1,117
Interest and dividend income	1,094	480
Other expense, net	(1)	(2)
Total other income, net	1,093	1,595
Net income (loss)	$ 56,374	$ (16,624)
Net income (loss) per share - basic and diluted:
Basic	$ 8.46	$ (2.49)
Diluted	$ 8.46	$ (2.49)
Weighted-average shares used in computing net income (loss) per share - basic and diluted:
Basic	6,663	6,663
Diluted	6,663	6,663
Revenue from customers
Revenues	$ 752	$ 8,730
Revenue from collaboration agreements
Revenues	$ 64,545	$ 0

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, transfers	$ 0	$ 0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Assets	$ 0	$ 0

Other License Agreements

3 Months Ended

Sep. 30, 2023

Licensing Arrangements [Abstract]

Other License Agreements

8. Other License Agreements

Presage License Agreement

In September 2017, we, as licensee, entered into a license agreement with Presage Biosciences, Inc. (“Presage”). Under the terms of the license agreement, Presage granted to us exclusive worldwide rights to develop, manufacture and commercialize voruciclib, a clinical-stage, oral and selective CDK inhibitor, and related compounds. In exchange, we paid $2.9 million to Presage. With respect to the first indication, an incremental $2.0 million payment, due upon dosing of the first subject in the first registration trial, will be owed to Presage, for total payments of $4.9 million prior to receipt of marketing approval of the first indication in the U.S., EU or Japan. Additional potential payments of up to $179 million will be due upon the achievement of certain development, regulatory and commercial milestones. We will also pay mid-single digit tiered royalties on the net sales of any product successfully developed. As an alternative to milestone and royalty payments related to countries in which we sublicense product rights, we will pay to Presage a tiered percentage (which decreases as product development progresses) of amounts received from such sublicensees. During the three months ended September 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 was terminated on September 28, 2023.

Share-based Compensation

3 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

11. Share-based Compensation

We use equity-based compensation programs to provide long-term performance incentives for our employees. These incentives consist primarily of stock options and RSUs. In December 2008, we adopted the MEI Pharma, Inc. 2008 Stock Omnibus Equity Compensation Plan (“Omnibus Plan”), as amended and restated from time-to-time, under which 1,850,739 shares of common stock are currently 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, and employees. As of September 30, 2023, there were 398,718 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 are authorized for issuance. 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 September 30, 2023, there were 107,738 shares available for future grant under the Inducement Plan.

Total share-based compensation expense for all stock awards consisted of the following for the periods presented (in thousands):


	For the Three Months Ended September 30,
	2023			2022
Research and development	$	(69	)	$	649
General and administrative		432			910
Total share-based compensation	$	363		$	1,559

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. Of the total options outstanding of 1,447,127 as of September 30, 2023, 1,337,865 were granted under the Omnibus Plan and 109,262 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, 2023		1,284,907		$	38.32
Granted		227,037		$	7.01
Forfeited		(64,817	)	$	36.35
Outstanding at September 30, 2023		1,447,127		$	33.50		7.6	$	789
Vested and exercisable at September 30, 2023		819,813		$	49.16		6.3	$	—

As of September 30, 2023, the aggregate intrinsic value of outstanding options was calculated as the difference between the exercise price of the underlying options and the closing price of our common stock of $7.01 on that date.

Unrecognized compensation expense related to non-vested stock options totaled $3.1 million as of September 30, 2023. Such compensation expense is expected to be recognized over a weighted-average period of 1.6 years. As of September 30, 2023, we expect all options to vest.

We use the 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 for the periods presented:


	For the Three Months Ended September 30,
	2023			2022
Risk-free interest rate		4.6	%		2.8	%
Expected life (years)		5.7			6.0
Expected volatility		89.8	%		84.1	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	5.27		$	7.80

Summary of Significant Accounting Policies - Antidilutive Securities (Detail) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,550	2,192
Stock option
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,447	1,388
Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	103	803
Restricted Stock Units (RSUs)
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	0	1

Leases (Tables)

3 Months Ended

Sep. 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):


	For the Three Months Ended September 30,
	2023		2022
Operating lease cost	$	608	$	608
Variable lease costs		12		18
Total lease costs included in general and administrative expenses	$	620	$	626

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):


	Three Months Ended September 30,
	2023		2022
Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	584	$	567

Schedule of Future Minimum Rental Payments

The following is a schedule of the future minimum lease payments under the Lease Agreements, reconciled to the operating lease liability, as of September 30, 2023 (in thousands):


	September 30, 2023
Remainder of fiscal year ending June 30, 2024	$	1,751
Years ending June 30,
2025		1,913
2026		2,477
2027		2,551
2028		2,715
Thereafter		4,385
Total lease payments		15,792
Less: Present value discount		(3,411	)
Total operating lease liability	$	12,381

Balance Sheet Classification - Operating Leases
Operating lease liability	$	1,055
Operating lease liability, long-term		11,326
Total operating lease liability	$	12,381

Other Balance Sheet Information - Operating Leases
Weighted-average remaining lease term (in years)		6.2
Weighted-average discount rate		7.50	%

Share-based Compensation - Fair Value of Stock Options Weighted-Average Assumptions Used (Detail) - $ / shares	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.60%	2.80%
Expected life (years)	5 years 8 months 12 days	6 years
Expected volatility	89.80%	84.10%
Dividend yield	0.00%	0.00%
Weighted-average grant date fair value	$ 5.27	$ 7.8

- Definition

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

+ References

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+ Details

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Sep. 30, 2023 USD ($)	Jul. 31, 2022 ft²	Jul. 01, 2022 USD ($)	Jul. 31, 2020 ft²
Lease expire date	Mar. 31, 2028
Extended date	November 2029
Operating lease liabilities \| $	$ 12,381
San Diego California [Member]
Operating lease liabilities \| $			$ 4,300
Accounting Standards Update 2016-02 [Member]
Number of square feet under lease \| ft²		12,300
Accounting Standards Update 2016-02 [Member] \| San Diego California [Member]
Number of square feet under lease \| ft²				32,800

Fair Value Measurements - Schedule of Changes in Estimated Fair Value of Warrant Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair value measurements Significant unobservable inputs [Line Items]
Change in estimated fair value of liability classified warrants	$ 0	$ (1,117)
Fair Value, Measurements, Recurring [Member] \| Level 3
Fair value measurements Significant unobservable inputs [Line Items]
Beginning balance		1,603
Change in estimated fair value of liability classified warrants		(1,117)
Ending balance		$ 486

Summary of Stock Option Activity (Detail)	3 Months Ended
Summary of Stock Option Activity (Detail)	Sep. 30, 2023 USD ($) $ / shares shares
Number of Options
Beginning Balance \| shares	1,284,907
Granted \| shares	227,037
Forfeited / Cancelled \| shares	(64,817)
Ending balance \| shares	1,447,127
Vested and exercisable at end of period \| shares	819,813
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 38.32
Granted \| $ / shares	7.01
Forfeited / Cancelled \| $ / shares	36.35
Ending balance \| $ / shares	33.50
Vested and exercisable at end of period \| $ / shares	$ 49.16
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	7 years 7 months 6 days
Vested and exercisable at end of period	6 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 789,000
Vested and exercisable at end of period \| $	$ 0

Share-based Compensation (Tables)

3 Months Ended

Sep. 30, 2023

Share-Based Compensation Expense for Stock Awards

Total share-based compensation expense for all stock awards consisted of the following for the periods presented (in thousands):


	For the Three Months Ended September 30,
	2023			2022
Research and development	$	(69	)	$	649
General and administrative		432			910
Total share-based compensation	$	363		$	1,559

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, 2023		1,284,907		$	38.32
Granted		227,037		$	7.01
Forfeited		(64,817	)	$	36.35
Outstanding at September 30, 2023		1,447,127		$	33.50		7.6	$	789
Vested and exercisable at September 30, 2023		819,813		$	49.16		6.3	$	—

Fair Value of Stock Options Weighted-Average Assumptions Used

following weighted-average assumptions were used for the periods presented:


	For the Three Months Ended September 30,
	2023			2022
Risk-free interest rate		4.6	%		2.8	%
Expected life (years)		5.7			6.0
Expected volatility		89.8	%		84.1	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	5.27		$	7.80

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Options	1,447,127	1,284,907
Unrecognized compensation expense related to unvested stock options	$ 3.1
Expected weighted average period for recognition of compensation expense	1 year 7 months 6 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Options	1,447,127,000
Closing price of common stock	$ 7.01
Employee Stock Option \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	12 months
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Employee Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vested percentage	25.00%
Share-based compensation arrangement by share-based payment award, award vesting period	36 months
2008 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized	1,850,739,000
Shares available for future grant	398,718,000
2008 Omnibus Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Options	1,337,865,000
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized			125,000,000
Shares available for future grant	107,738,000
Inducement Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Options	109,262,000

Summary of Significant Accounting Policies - Schedule of Changes in Unbilled Receivables and Contract Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Contract with Customer Asset and Liability [Line Items]
Unbilled receivables	$ 0	$ 85
Contract liabilities, beginning of period	317	30,900
Revenue recognized	(317)	(5,411)
Revenue recognized from change in estimate for performance obligations that are being closed	0	(16,565)
Revenue recognized for performance obligations that will no longer commence	0	(8,607)
Contract liabilities, end of period	$ 0	$ 317

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

Sep. 30, 2023

Jun. 30, 2023

Accrued Liabilities [Line Items]

Accrued pre-clinical and clinical trial expenses

$ 730

$ 3,663

Accrued compensation and benefits

^[1]

1,515

7,189

Accrued legal and professional services

1,044

1,423

Accrued reimbursement to KKC

892

Other

108

186

Total accrued liabilities

$ 4,289

$ 12,461

[1]	(1) Includes $0.1 million and $1.0 million of one-time termination employee benefits as of September 30, 2023 and June 30, 2023, respectively, as more fully described in Note 5. One-time Termination Benefits.

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Nov. 06, 2023	Oct. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Targeted or Tracking Stock, Stock [Line Items]
Accumulated Losses Since Inception			$ (349,623)	$ (405,997)
Cash and cash equivalents and short term investments			$ 82,200
Subsequent Event
Targeted or Tracking Stock, Stock [Line Items]
Unpaid common stock dividend	$ 1.75	$ 1.75
Return of capital authorised		$ 9,330
Expenses related to an agreement		$ 1,200
Closing agreement date	Nov. 17, 2023

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Balance Sheet Details (Tables)

3 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following, in thousands:



	September 30, 2023			June 30, 2023
Furniture and equipment	$	1,381		$	1,374
Leasehold improvements		969			969
		2,350			2,343
Less: accumulated depreciation		(1,121	)		(1,034	)
Property and equipment, net	$	1,229		$	1,309

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	September 30, 2023		June 30, 2023
Accrued pre-clinical and clinical trial expenses	$	730	$	3,663
Accrued compensation and benefits(1)		1,515		7,189
Accrued legal and professional services		1,044		1,423
Accrued reimbursement to KKC		892		—
Other		108		186
Total accrued liabilities	$	4,289	$	12,461

(1) Includes $0.1 million and $1.0 million of one-time termination employee benefits as of September 30, 2023 and June 30, 2023, respectively, as more fully described in Note 5. One-time Termination Benefits.

One-Time Termination Benefits (Tables)

3 Months Ended

Sep. 30, 2023

Restructuring Reserve [Abstract]

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

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


	One-Time Employee Termination Benefits
Balance at June 30, 2023	$	993
Increase in accrued restructuring		28
Cash payments		(917	)
Balance at September 30, 2023	$	104

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 56,374	$ (16,624)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in fair value of warrant liability	0	(1,117)
Share-based compensation	363	1,559
Non-cash lease expense	372	349
Depreciation expense	87	99
Changes in operating assets and liabilities:
Unbilled receivables	85	2,286
Prepaid expenses and other current assets	530	1,048
Accounts payable	(2,921)	500
Accrued liabilities	(8,172)	(1,604)
Deferred revenue	(64,862)	(971)
Operating lease liability	(347)	(307)
Net cash used in operating activities	(18,491)	(14,782)
Cash flows from investing activities:
Purchases of property and equipment	0	(63)
Purchases of short-term investments	(24,197)	(34,052)
Proceeds from maturity of short-term investments	29,154	47,850
Net cash provided by investing activities	4,957	13,735
Cash flows from financing activities:
Payments of tax withholdings related to vesting of restricted stock units	0	(40)
Net cash (used in) provided by financing activities	0	(40)
Net decrease in cash and cash equivalents	(13,534)	(1,087)
Cash and cash equivalents at beginning of the period	16,906	15,740
Cash and cash equivalents at end of the period	3,372	14,653
Supplemental cash flow information:
Purchases of property and equipment included in accounts payable	7	0
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 4,347

CONDENSED CONSOLIDATED BALANCE SHEETS (parenthetical) - $ / shares	Sep. 30, 2023	Jun. 30, 2023
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00000002	$ 0.00000002
Common stock, shares authorized	226,000,000	226,000,000
Common stock, shares issued	6,663,000	6,663,000
Common stock, shares outstanding	6,663,000	6,663,000

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2023
Description of Business	Description of Business 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. Reverse Stock Split 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.
Current Events	Current Events Cooperation Agreement On October 31, 2023, we announced a Cooperation Agreement (“Cooperation Agreement”) with Anson Funds and Cable Car Capital of which, among other non-financial related items as described within the overview section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained a capital return to stockholders in the form of a dividend in the amount of $1.75 per share of common stock to all stockholders. Additionally, a potential second return of capital of approximately $9.33 million in the aggregate will be authorized by the board of directors ("Board") should our ongoing ME-344 Phase 1b trial fail to meet certain defined endpoints or our Board determines not to proceed with a second cohort, both as further described in the Cooperation Agreement. The potential second return of capital may take the form of a dividend or tender offer and is subject to Board approval as well as modification associated with applicable requirements under Delaware law, both as detailed in the Cooperation Agreement. The $1.75 dividend is anticipated to be distributed during the second quarter of fiscal year 2024. As part of the Cooperation Agreement, Anson and Cable Car withdrew their consent solicitation and agreed to abide by customary standstill provisions. Additionally, we will reimburse Anson and Cable Car’s fees and expenses related to their engagement with us to date, in an amount not to exceed $1.2 million. As of September 30, 2023, no amounts were expensed or accrued in connection with the Cooperation Agreement. Cash Dividend On November 6, 2023, we announced that pursuant to the Cooperation Agreement, the Board declared a special cash dividend of $1.75 per share of common stock, payable on December 6, 2023, to stockholders of record at the close of business on November 17, 2023.
Liquidity	Liquidity We have accumulated losses of $349.6 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of September 30, 2023, we had $82.2 million in cash and 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 condensed consolidated financial statements. 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.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the accompanying financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The accompanying unaudited condensed 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. The accompanying unaudited condensed consolidated financial statements for the quarterly period ended September 30, 2023 should be read in conjunction with the audited financial statements and notes thereto as of and for the fiscal year ended June 30, 2023, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 26, 2023 ("2023 Annual Report"). Interim results are not necessarily indicative of results for a full year.

Leases

3 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Leases

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. In addition, the Lease Agreements contain an option to renew and extend the lease term, which is not included in the determination of the right-of-use ("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):


	For the Three Months Ended September 30,
	2023		2022
Operating lease cost	$	608	$	608
Variable lease costs		12		18
Total lease costs included in general and administrative expenses	$	620	$	626

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


	Three Months Ended September 30,
	2023		2022
Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	584	$	567

The following is a schedule of the future minimum lease payments under the Lease Agreements, reconciled to the operating lease liability, as of September 30, 2023 (in thousands):


	September 30, 2023
Remainder of fiscal year ending June 30, 2024	$	1,751
Years ending June 30,
2025		1,913
2026		2,477
2027		2,551
2028		2,715
Thereafter		4,385
Total lease payments		15,792
Less: Present value discount		(3,411	)
Total operating lease liability	$	12,381

Balance Sheet Classification - Operating Leases
Operating lease liability	$	1,055
Operating lease liability, long-term		11,326
Total operating lease liability	$	12,381

Other Balance Sheet Information - Operating Leases
Weighted-average remaining lease term (in years)		6.2
Weighted-average discount rate		7.50	%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 3,372	$ 16,906
Short-term investments	78,830	83,787
Unbilled receivables	0	85
Prepaid expenses and other current assets	6,220	6,750
Total current assets	88,422	107,528
Operating lease right-of-use asset	11,600	11,972
Property and equipment, net	1,229	1,309
Total assets	101,251	120,809
Current liabilities:
Accounts payable	3,220	6,134
Accrued liabilities	4,289	12,461
Deferred revenue	0	317
Operating lease liability	1,055	1,428
Total current liabilities	8,564	20,340
Deferred revenue, long-term	0	64,545
Operating lease liability, long-term	11,326	11,300
Total liabilities	19,890	96,185
Commitments and contingencies (Note 6)
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 shares issued and outstanding at September 30, 2023 and June 30, 2023.	0	0
Additional paid-in capital	430,984	430,621
Accumulated deficit	(349,623)	(405,997)
Total stockholders' equity	81,361	24,624
Total liabilities and stockholders' equity	$ 101,251	$ 120,809

Share-Based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 363	$ 1,559
Research and Development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	(69)	649
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 432	$ 910

Schedule of Future Minimum Rental Payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Leases [Abstract]
Remainder of fiscal year ending June 30, 2024	$ 1,751
2025	1,913
2026	2,477
2027	2,551
2028	2,715
Thereafter	4,385
Total lease payments	15,792
Less: Present value discount	(3,411)
Total operating lease liability	12,381
Operating lease liability	1,055	$ 1,428
Operating lease liability, long-term	11,326	$ 11,300
Total operating lease liability	$ 12,381
Weighted-average remaining lease term (in years)	6 years 2 months 12 days
Weighted-average discount rate	7.50%

Commitments and Contingencies

3 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. 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 September 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 our business.

Indemnification

In accordance with our 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 8. Other License Agreements, we are party to a license agreement with Presage under which we may be required to make future payments upon the achievement of certain development, regulatory and commercial milestones, as well as potential future royalties based upon net sales. As of September 30, 2023, we had not accrued any amounts for potential future payments as achievement of the milestones had not been met.

Balance Sheet Details

3 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

3. Balance Sheet Details

Property and Equipment

Property and equipment consisted of the following, in thousands:



	September 30, 2023			June 30, 2023
Furniture and equipment	$	1,381		$	1,374
Leasehold improvements		969			969
		2,350			2,343
Less: accumulated depreciation		(1,121	)		(1,034	)
Property and equipment, net	$	1,229		$	1,309

Depreciation expense of property and equipment for the three months ended September 30, 2023 and 2022 are presented in the condensed consolidated statements of cash flows.

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	September 30, 2023		June 30, 2023
Accrued pre-clinical and clinical trial expenses	$	730	$	3,663
Accrued compensation and benefits(1)		1,515		7,189
Accrued legal and professional services		1,044		1,423
Accrued reimbursement to KKC		892		—
Other		108		186
Total accrued liabilities	$	4,289	$	12,461

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Revenue Associated with License Agreement

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


	For the Three Months Ended September 30,
	2023		2022
Timing of Revenue Recognition:
Services performed over time	$	743	$	8,359
Pass through services at a point in time		9		371
	$	752	$	8,730

Schedule of Changes in Unbilled Receivables and Contract Liabilities

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



	September 30, 2023			June 30, 2023
Unbilled receivables	$	—		$	85
Contract liabilities
Contract liabilities, beginning of period	$	317		$	30,900
Revenue recognized		(317	)		(5,411	)
Revenue recognized from change in estimate for performance obligations that are being closed		—			(16,565	)
Revenue recognized for performance obligations that will no longer commence		—			(8,607	)
Contract liabilities, end of period	$	—		$	317

Antidilutive Securities

The following table presents potentially dilutive shares excluded from the calculation of diluted net income (loss) per share (in thousands):


	For the Three Months Ended September 30,
	2023		2022
Stock options		1,447		1,388
Warrants		103		803
Restricted stock units		—		1
Total anti-dilutive shares		1,550		2,192

Schedule of Total Operating Costs (Detail) - General and Administrative Expense [Member] - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating lease cost	$ 608	$ 608
Variable lease costs	12	18
Total lease costs included in general and administrative expenses	$ 620	$ 626

Net Income (Loss) Per Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Potentially Dilutive Securities Outstanding [Line Items]
Common stock subject to repurchase or forfeiture	0	0

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. Description of Business and Basis of Presentation Description of Business 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. Reverse Stock Split 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. Current Events Cooperation Agreement On October 31, 2023, we announced a Cooperation Agreement (“Cooperation Agreement”) with Anson Funds and Cable Car Capital of which, among other non-financial related items as described within the overview section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained a capital return to stockholders in the form of a dividend in the amount of $1.75 per share of common stock to all stockholders. Additionally, a potential second return of capital of approximately $9.33 million in the aggregate will be authorized by the board of directors ("Board") should our ongoing ME-344 Phase 1b trial fail to meet certain defined endpoints or our Board determines not to proceed with a second cohort, both as further described in the Cooperation Agreement. The potential second return of capital may take the form of a dividend or tender offer and is subject to Board approval as well as modification associated with applicable requirements under Delaware law, both as detailed in the Cooperation Agreement. The $1.75 dividend is anticipated to be distributed during the second quarter of fiscal year 2024. As part of the Cooperation Agreement, Anson and Cable Car withdrew their consent solicitation and agreed to abide by customary standstill provisions. Additionally, we will reimburse Anson and Cable Car’s fees and expenses related to their engagement with us to date, in an amount not to exceed $1.2 million. As of September 30, 2023, no amounts were expensed or accrued in connection with the Cooperation Agreement. Cash Dividend On November 6, 2023, we announced that pursuant to the Cooperation Agreement, the Board declared a special cash dividend of $1.75 per share of common stock, payable on December 6, 2023, to stockholders of record at the close of business on November 17, 2023. Liquidity We have accumulated losses of $349.6 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of September 30, 2023, we had $82.2 million in cash and 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 condensed consolidated financial statements. 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. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the accompanying financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The accompanying unaudited condensed 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. The accompanying unaudited condensed consolidated financial statements for the quarterly period ended September 30, 2023 should be read in conjunction with the audited financial statements and notes thereto as of and for the fiscal year ended June 30, 2023, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 26, 2023 ("2023 Annual Report"). Interim results are not necessarily indicative of results for a full year.

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Short-term investments	$ 78,830		$ 83,787
Accounts receivable	$ 0		$ 0
Common stock subject to repurchase or forfeiture	0	0
Pass Through Services [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of reimbursement of pass through costs as revenue	100.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 85: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 86: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 87: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 88: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 89: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Use of Estimates

Concentrations of Credit Risk

Short-term Investments

Revenue Recognition

Revenues from Customers

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


	For the Three Months Ended September 30,
	2023		2022
Timing of Revenue Recognition:
Services performed over time	$	743	$	8,359
Pass through services at a point in time		9		371
	$	752	$	8,730

Contract Balances



	September 30, 2023			June 30, 2023
Unbilled receivables	$	—		$	85
Contract liabilities
Contract liabilities, beginning of period	$	317		$	30,900
Revenue recognized		(317	)		(5,411	)
Revenue recognized from change in estimate for performance obligations that are being closed		—			(16,565	)
Revenue recognized for performance obligations that will no longer commence		—			(8,607	)
Contract liabilities, end of period	$	—		$	317

Revenues from Collaborators

Net Income (Loss) Per Share

The following table presents potentially dilutive shares excluded from the calculation of diluted net income (loss) per share (in thousands):


	For the Three Months Ended September 30,
	2023		2022
Stock options		1,447		1,388
Warrants		103		803
Restricted stock units		—		1
Total anti-dilutive shares		1,550		2,192

Recent Accounting Pronouncement

Recently Adopted

Recently Issued

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

One-Time Termination Benefits - Additional Information (Detail)	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 Employee	Jun. 30, 2022 Employee
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of workforce reduction percentage	51.00%
Termination Benefits
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of workforce reduction \| Employee		28	26
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Severance Costs \| $	$ 28,000

Fair Value Measurements - Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability (Detail)	Jun. 30, 2023 USD ($) yr
Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	4.4
Expected life years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input \| yr	0.5
Expected Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	128.7
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0
Weighted-average grant date fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input \| $	0.02

Subsequent Events - Additional Information (Detail) - $ / shares	Nov. 06, 2023	Oct. 31, 2023	Oct. 01, 2023	Sep. 30, 2023	Jun. 30, 2023
Subsequent Event [Line Items]
Common stock, par value				$ 0.00000002	$ 0.00000002
Subsequent Event
Subsequent Event [Line Items]
Adopted agreement date			Oct. 01, 2023
Common stock, par value			$ 0.00000002
Outstanding of common stock dividend	$ 1.75	$ 1.75
Closing agreement date	Nov. 17, 2023

Balance Sheet Details - Accrued Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Termination Benefits
One-time termination employee benefits	$ 104	$ 993

Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash flows from operating leases	$ 584	$ 567