0000950170-24-108185 | 10-K | XBRL Viewer

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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

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 Fiscal Year Ended June 30,
	2024		2023
Timing of Revenue Recognition:
Services performed over time	$	743	$	47,729
Pass through services at a point in time		9		1,087
	$	752	$	48,816

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

As of June 30, 2024 and 2023, we had no balances in accounts receivable. Contract balances are as follows (in thousands):


	June 30, 2024		June 30, 2023		June 30, 2022
Unbilled receivables	$	—	$	85	$	10,044
Contract liabilities included in deferred revenue and deferred revenue, net of current portion	$	—	$	317	$	30,900

A reconciliation of the beginning and ending amount of contract liabilities, which are primarily related to the combined performance obligation for the transfer of development services under the KKC Commercialization Agreement and are a separate performance obligation in our contracts pursuant to research plans under the agreements, was as follows for the periods presented:


	June 30, 2024			June 30, 2023
Beginning balance	$	317		$	30,900
Recognized as revenue:
Revenue recognized upon satisfaction of performance obligations		(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	)
Ending balance	$	—		$	317

Antidilutive Securities

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


	For the Fiscal Year Ended June 30,
	2024		2023
Stock options		1,357		1,285
Warrants		103		103
Total anti-dilutive shares		1,460		1,388

Commitments and Contingencies	12 Months Ended
Jun. 30, 2024
Commitments and Contingencies	Note 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, we may be involved in various lawsuits, legal proceedings, or claims that arise in the ordinary course of business. Management believes there are no claims or actions pending against us as of June 30, 2024 which will have, individually or in the aggregate, a material 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, we have indemnification obligations to our officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. There have been no claims to date, and we have a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims. Presage License Agreement As discussed in Note 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 June 30, 2024, we had not accrued any amounts for potential future payments as achievement of the milestones had not been met.

Commitments and Contingencies

12 Months Ended

Jun. 30, 2024

Commitments and Contingencies

Note 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, we may be involved in various lawsuits, legal proceedings, or claims that arise in the ordinary course of business. Management believes there are no claims or actions pending against us as of June 30, 2024 which will have, individually or in the aggregate, a material 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, we have indemnification obligations to our officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. There have been no claims to date, and we have a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Presage License Agreement

As discussed in Note 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 June 30, 2024, we had not accrued any amounts for potential future payments as achievement of the milestones had not been met.

One-Time Employee Termination Benefits - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Aug. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) Employee	Jun. 30, 2023 USD ($)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Severance costs \| $	$ 6,000,000
Number of workforce reduction \| Employee		11
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Severance costs \| $		$ 242,000	$ 2,800,000
Number of workforce reduction \| Employee		5
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Severance costs \| $		$ 314,000	$ 800,000
Number of workforce reduction \| Employee		6

Balance Sheet Details

12 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

Note 3. Balance Sheet Details

Prepaid and Other Current Assets

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


	June 30, 2024		June 30, 2023
Prepaid clinical costs	$	1,050	$	4,599
Other		1,374		2,151
Total prepaid and other current assets	$	2,424	$	6,750

Property and Equipment

Property and equipment consisted of the following, in thousands:


	June 30, 2024			June 30, 2023
Furniture and fixtures	$	1,000		$	1,000
Equipment		187			374
Leasehold improvements		969			969
		2,156			2,343
Less: accumulated depreciation (1)		(1,764	)		(1,034	)
Property and equipment, net	$	392		$	1,309

_____

(1) Includes impairment charge of $0.5 million during fiscal year 2024, see below discussion on Impact of the Agreement (as discussed in Note 9. Leases).

Depreciation expense of property and equipment for the fiscal years ended June 30, 2024 and 2023 are presented in the consolidated statements of cash flows.

Impact of the Agreement (as discussed in Note 9. Leases)

As noted in Note 9. Leases, we agreed to sell our furniture and fixtures to the landlord for $1.00 on our lease termination date of September 30, 2024. We completed an evaluation of the impact of the Agreement, as defined in Note 9. Leases, on the carrying value of our property and equipment (Other Long-Lived Assets). This process included evaluating the remaining estimated useful lives, significant changes in the use and potential impairment charges related to the Other Long-Lived Assets. Based upon our evaluation, we recorded an impairment charge of approximately $0.5 million for the furniture and fixtures to be sold to the landlord, which is included in the impairment of long-lived assets in the consolidated statements of operations. We also changed our estimate of the remaining useful lives of our leasehold improvements resulting in an acceleration of depreciation of approximately $0.1 million during our fiscal year ended June 30, 2024.

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	June 30, 2024		June 30, 2023
Accrued pre-clinical and clinical trial expenses	$	1,407	$	3,663
Accrued compensation and benefits(1)		2,821		7,189
Accrued legal and professional services		33		1,423
Accrued reimbursement to KKC		892		—
Other		34		186
Total accrued liabilities	$	5,187	$	12,461

________

(1) Includes one-time employee benefits of approximately $21,000 and $1.0 million for the fiscal years ended June 30, 2024 and 2023, respectively.

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)	(31,838)			(31,838)
Issuance of common stock for vested restricted stock units	(40)	5	(40)
Issuance of warrants	500		500
Share-based compensation expense	3,589		3,589
Ending Balance at Jun. 30, 2023	24,624	6,663	430,621	(405,997)
Net income (loss)	17,778			17,778
Cash dividends declared	(11,660)		(11,660)
Share-based compensation expense	2,278		2,278
Ending Balance at Jun. 30, 2024	$ 33,020	$ 6,663	$ 421,239	$ (388,219)

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Fair Value Measurements - Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability (Detail)	Jun. 30, 2023 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	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

Stockholders' Equity

12 Months Ended

Jun. 30, 2024

Federal Home Loan Banks [Abstract]

Stockholders' Equity

Note 10. Stockholders’ Equity

Equity Transactions

Shelf Registration Statement

We have a shelf registration statement (February 2024 Self Registration Statement) that permits us to sell, from time to time, up to $100.0 million of common stock, preferred stock, warrants rights and units, subject to the "Baby Shelf Limitation" described below. The February 2024 Shelf Registration Statement was filed February 20, 2024 and declared effective February 28, 2024.

At-The-Market Equity Offering

On February 20, 2024, we entered into a capital on demand sales agreement with JonesTrading Institution Services LLC, pursuant to which we can offer and sell shares having an aggregate offering price of up to $25.0 million (the ATM Program). In no event will we sell securities registered on this registration statement in a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million (Baby Shelf Limitation) As of January 2, 2024, the date used under applicable rules of the Securities and Exchange Commission to determine our public float at the commencement of the offering, one-third of our public float was equal to approximately $9.9 million. As of June 30, 2024, no shares have been issued and sold under our ATM Program.

Rights Agreement

On October 1, 2023, our Board approved and adopted a rights agreement (Rights Agreement) by and between us and Computershare, Inc., as Rights Agent (as defined in the Rights Agreement). Pursuant to the Rights Agreement, the Board declared a dividend of one preferred share purchase right (each a Right) for each outstanding share of our common stock, 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 us 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. The Rights and the Rights Agreement will expire upon the earliest to occur of (i) the date on which all of the Rights are redeemed, (ii) the date on which the Rights are exchanged, and (iii) the close of business on September 30, 2024.

Warrants

In May 2023, outstanding warrants to purchase 802,949 shares of our common stock expired. The warrants were fully vested and exercisable at a price of $50.80 per share. As of June 30, 2022, the warrants were valued at $1.6 million. Prior to their expiration, the warrants had been previously revalued to $0, as of December 31, 2022. All corresponding changes in fair value were recorded as a component of other income (expense) in our consolidated statements of operations.

As of June 30, 2024, we have outstanding warrants to purchase 102,513 shares of our common stock, all issued to Torreya Partners LLC in fiscal year 2023. The warrants are fully vested, exercisable at a price of $6.80 per share and expire in October 2027. During the fiscal years ended June 30, 2024 and 2023, no warrants were exercised.

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 issue of preferred stock with voting, conversion and other rights that could affect the voting power, dividend and other rights of the holders of shares or that could have the effect of delaying, deferring or preventing a change of control. There were no shares of preferred stock outstanding as of June 30, 2024 and 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other License Agreements

12 Months Ended

Jun. 30, 2024

Licensing Arrangements [Abstract]

Other License Agreements

Note 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 $179.0 million will be due upon the achievement of certain development, regulatory and commercial milestones. We will also pay mid-single digit tiered royalties on the net sales of any product successfully developed. As an alternative to milestone and royalty payments related to countries in which we sublicense product rights, we will pay to Presage a tiered percentage (which decreases as product development progresses) of amounts received from such sublicensees. During the fiscal years ended June 30, 2024 and 2023, 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. Cost reimbursements recorded as a reduction of research and development costs, in the consolidated statements of operations, during the fiscal years ended June 30, 2024 and 2023 were approximately $0.1 million and $1.0 million, respectively.

Share-based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 shares	Jun. 09, 2023 shares	May 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	1,357,213,000	1,284,907,000
Unrecognized compensation expense related to unvested stock options \| $	$ 1.3
Expected weighted average period for recognition of compensation expense	1 year 6 months 25 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	1,357,213,000
Closing price of common stock \| $ / shares	$ 2.91
Employee Stock Option \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	12 months
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Employee Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vested percentage	25.00%
Share-based compensation arrangement by share-based payment award, award vesting period	36 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock to be received for each RSUs	1
Number Of Shares For Each Unit Of Restricted Stock	1.25
Share-based compensation no unvested RSUs	0	0
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	465,633,000
2008 Omnibus Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	1,270,950,000
Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized			92,000,000	125,000,000
Shares available for future grant	130,737,000
Inducement Plan [Member] \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	86,263,000

Share-based Compensation - Share-based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 2,278	$ 3,589
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	349	724
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 1,929	$ 2,865

Balance Sheet Details - Schedule of Property and Equipment - (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Jun. 30, 2024 USD ($)
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Impairment charges	$ 0.5

Other License Agreements - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2024	Jun. 30, 2023
BeiGene, Ltd
Related Party Transaction [Line Items]
Reimbursements costs		$ 0.1	$ 1.0
Presage License Agreement \| Presage Biosciences, Inc.
Related Party Transaction [Line Items]
Payment for license	$ 2.9
Other liabilities		4.9
Presage License Agreement \| Presage Biosciences, Inc. \| Incremental Payment
Related Party Transaction [Line Items]
Other liabilities		2.0
Presage License Agreement \| Presage Biosciences, Inc. \| Potential Payments on Achievement of Development Regulatory and Commercial Milestones
Related Party Transaction [Line Items]
Milestone payment receivable amount		$ 179.0

Income Taxes - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Components of Deferred Tax Assets [Abstract]
Deferred revenue	$ 0	$ 14,068
Fixed and intangible assets	8,058	10,681
Capitalization of R&D costs	11,456	10,320
Share-based payments	4,081	5,149
Tax losses carried forward	45,721	34,514
Right-of-use assets	(45)	(2,597)
Lease liabilities		2,761
Other	647	1,303
Total deferred tax assets	69,918	76,199
Valuation allowance for deferred tax assets	(69,918)	(76,199)
Net deferred tax assets and liabilities	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Pre-Tax loss Information

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


	For the Fiscal Year Ended June 30,
	2024		2023
Domestic	$	17,778	$	(31,838	)
Foreign		—		—
Pre-tax income (loss)	$	17,778	$	(31,838	)

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

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


	For the Fiscal Year Ended June 30,
	2024						2023
	$			%			$			%
Tax benefit at U.S. statutory rates	$	3,733			21	%	$	6,689			21	%
State tax		796			5	%		187			—	%
Warrant liability costs		—			—	%		337			1	%
Equity compensation		901			5	%		(114	)		—	%
Change in valuation allowance		(6,281	)		(35	)%		(7,020	)		(22	)%
Section 162(m) limitation		483			3	%		—			—	%
Other		368			1	%		(79	)		—	%
	$	—			—	%	$	—			—	%

Deferred Tax Liabilities and Assets

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


	June 30,
	2024			2023
Deferred tax assets (liabilities):
Deferred revenue	$	—		$	14,068
Fixed and intangible assets		8,058			10,681
Capitalization of R&D costs		11,456			10,320
Share-based payments		4,081			5,149
Tax losses carried forward		45,721			34,514
Right-of-use assets		(45	)		(2,597	)
Lease liabilities		—			2,761
Other		647			1,303
Total deferred tax assets		69,918			76,199
Valuation allowance for deferred tax assets		(69,918	)		(76,199	)
Net deferred tax assets and liabilities	$	—		$	—

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash flows from operating leases	$ 13,612	$ 2,267

Balance Sheet Details - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 18, 2024	Jun. 30, 2024
Proceeds from sale of furniture and fixtures	$ 1,000
Depreciation		$ 100,000
Furniture and fixtures
Impairment charges		$ 500,000

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Note 1. Description of Business and Basis of Presentation Description of Business MEI Pharma, Inc. (Nasdaq: MEIP) is a pharmaceutical company that has been developing novel and differentiated cancer therapies. We built our pipeline by acquiring promising cancer agents and creating value in programs through development, strategic partnerships, and out-licensing or commercialization, as appropriate. Our approach to oncology drug development has been 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. Basis of Presentation and Consolidation We prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) related to annual reports on Form 10‑K. The accompanying consolidated financial statements include the accounts of MEI Pharma, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all intercompany accounts and transactions in consolidation. The Company has evaluated subsequent events through the date the consolidated financial statements were issued. Current Events Strategic Alternatives On July 22, 2024, we announced that our Board of Directors (Board) had determined unanimously to begin the evaluation of our strategic alternatives, including potential transactions as well as an orderly wind down of operations, if appropriate, to maximize the value of our assets for our stockholders. We commenced a reduction-in-force beginning August 1, 2024, which will continue in stages as our operational and strategic direction evolves. We have discontinued the clinical development of voruciclib, while certain nonclinical activities related to MEI’s drug candidate assets will continue to be conducted by us. As part of the review of strategic alternatives, we may consider options such as out-licensing opportunities for existing programs and merger and acquisition opportunities. Consistent with our intention to preserve cash, David M. Urso, our President and Chief Executive Officer, and Richard Ghalie, M.D., our Chief Medical Officer, stepped down effective August 1, 2024. Mr. Urso also left the Board at that date. We have entered into consulting agreements with both Mr. Urso and Dr. Ghalie under which they will remain available to assist us in our strategic efforts. Charles V. Baltic III, the Chairperson of the Board, also stepped down from the Board contemporaneously with the announcement on July 22, 2024. Our Board has appointed Justin J. File, our current Chief Financial Officer, to assume the position of Acting Chief Executive Officer and has appointed Frederick W. Driscoll as Chairperson of the Board. Cooperation Agreement On October 31, 2023, we announced our entry into a Cooperation Agreement (Cooperation Agreement) with Anson Funds Management LP and Cable Car Capital LLC (Anson and Cable Car, respectively), which, among other non-financial related items provided for a capital return to stockholders in the form of a dividend in the amount of $1.75 per share of common stock, as further discussed below. Additionally, the Cooperation Agreement contemplated a potential second return of capital not to exceed $9.33 million (Potential Second Return of Capital) if authorized by 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. As part of the Cooperation Agreement, Anson and Cable Car withdrew their consent solicitation and agreed to abide by customary standstill provisions. Additionally, we reimbursed Anson's and Cable Car’s fees and expenses related to their engagement with us as of the date of the Cooperation Agreement in an amount of $1.1 million, which is recorded within general and administrative expenses in the consolidated statements of operations for the fiscal year ended June 30, 2024. In April 2024, the Board unanimously determined not to proceed with the Potential Second Return of Capital under the Cooperation Agreement in order to conserve resources and align strategic investment, and thereby extend our operational runway. Cash Dividend On November 6, 2023, pursuant to the Cooperation Agreement, the Board declared a special cash dividend of $1.75 per share of common stock to stockholders of record at the close of business on November 17, 2023. The total dividend of $11.7 million was paid on December 6, 2023, and was recorded as a reduction of additional paid-in capital in the consolidated statements of stockholders' equity, as we have an accumulated deficit, rather than retained earnings. Infinity Merger In February 2023, we, Infinity Pharmaceuticals, Inc. (Infinity), and Meadow Merger Sub, Inc., our wholly owned subsidiary (Merger Sub) entered into an agreement and plan of merger (Merger Agreement). The Merger Agreement provided that Merger Sub will merge with and into Infinity, with Infinity being the surviving entity as a wholly owned subsidiary of us (transaction referred to as the Merger) and was subject to approvals by our and Infinity’s stockholders, respectively. On July 23, 2023, we convened our Special Meeting of Stockholders at which time our stockholders did not approve the proposed transaction and subsequently, we delivered a letter to Infinity which terminated the Merger Agreement pursuant to Section 7.2(c) of the Merger Agreement, effective July 23, 2023. KKC Termination Agreement In November 2022, we and Kyowa Kirin Co., Ltd. (KKC) met with the U.S. Food and Drug Administration (FDA) in a follow-up meeting to the March 2022 end of Phase 2 meeting related to zandelisib. At this meeting, the FDA provided further guidance regarding the design and statistical analysis for the COASTAL trial. Following the November meeting, the companies jointly concluded that a clinical trial consistent with the recent FDA guidance, including modification of the ongoing COASTAL trial, would likely not be feasible to complete within a time period that would support further investment or with sufficient certainty of the regulatory requirements for approval to justify continued global development efforts. As a result, we and KKC jointly decided to discontinue global development of zandelisib for indolent forms of non-Hodgkin lymphoma outside of Japan. The discontinuation of zandelisib development outside of Japan was a business decision based on the regulatory guidance from the FDA and was not related to the zandelisib clinical data generated to date. Although KKC continued certain ongoing Japanese clinical trials at that time, in May 2023 KKC decided to discontinue development of zandelisib in Japan after meeting with the Pharmaceuticals and Medical Devices Agency (PMDA), concluding that conducting a randomized study consistent with agency guidance to support a marketing application would likely not be feasible to complete within a time period that would support further investment. Due to KKC’s decision to discontinue development of zandelisib in Japan, as well as the prior joint decision to discontinue zandelisib development outside of Japan, on July 14, 2023, the parties entered into a Termination Agreement to mutually terminate the global License, Development and Commercialization Agreement executed in April 2020. Liquidity We have accumulated losses of $388.2 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of June 30, 2024, we had $38.3 million in cash, cash equivalents and short-term investments. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we have discontinued the clinical development of voruciclib, while certain nonclinical research and development activities continue. As a result, we will continue to incur research and development expenses in connection with clinical trial closing costs and the completion of our nonclinical projects. We believe that our cash balance, including our short-term investments, will be sufficient to meet our obligations and fund operations for at least the next 12 months from the issuance of these consolidated financial statements. To date, we have obtained cash and funded our operations primarily through equity financings and license agreements and to continue the development of our drug candidates, we would require one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships at some point in the future. There can be no assurance that we will be able to continue to raise additional capital in the future.

One-Time Employee Termination Benefits (Tables)

12 Months Ended

Jun. 30, 2024

Restructuring Reserve [Abstract]

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

The following table summarizes our activity related to one-time employee termination benefits, excluding one-time employee termination benefits recorded subsequent to June 30, 2024, included in accrued liabilities (in thousands):


	One-time Employee Termination Benefits
Balance at June 30, 2022	$	-
Accrued restructuring		3,587
Cash payments		(2,594	)
Balance at June 30, 2023		993
Increase in accrued restructuring		556
Cash payments		(1,528	)
Balance at June 30, 2024	$	21

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Jun. 30, 2024 USD ($)
Income Taxes Line Items [Line Items]
Federal net operating loss carry forwards	$ 209.8
State net operating loss carry forwards	$ 23.8
Taxable income percentage	80.00%
State
Income Taxes Line Items [Line Items]
Expiration year of operating loss carry forwards	2031

Summary of Significant Accounting Policies - Schedule of Revenue Associated with License Agreement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 65,297	$ 48,816
Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	752	48,816
Services Performed Over Time \| Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	743	47,729
Pass through Services at a Point in Time \| Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 9	$ 1,087

- 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

Leases - Additional Information (Detail)		1 Months Ended	12 Months Ended
Leases - Additional Information (Detail)	Jun. 18, 2024 USD ($)	Jul. 31, 2022 USD ($) ft²	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jul. 31, 2020 ft²
Number of square feet under lease \| ft²					32,800
Lease expire date		Mar. 31, 2028	Mar. 31, 2028
Lease termination date		Nov. 30, 2029
Operating lease liabilities	$ 0
Lease expiration amended date			Nov. 30, 2029
Termination fee	11,100,000
Prepayment of remaining rent	200,000
Proceeds from sale of furniture and fixtures	1,000
Amount on reduction in remaining right of use asset and lease liability	22,000
Direct costs	200,000		$ 200,000
Impairment charge	$ 10,400,000		10,899,000	$ 0
Remaining future minimum rental payments			0
Right-of-use asset balance			214,000	$ 11,972,000
Decrease in ROU asset balance			$ 22,000
San Diego California [Member]
Operating lease liabilities		$ 4,300,000
Accounting Standards Update 2016-02 [Member]
Number of square feet under lease \| ft²		12,300

Balance Sheet Details - Schedule of Property and Equipment (Detail) - USD ($)
$ in Thousands

Jun. 30, 2024

Jun. 30, 2023

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 2,156

$ 2,343

Less: accumulated depreciation

^[1]

(1,764)

(1,034)

Property and equipment, net

392

1,309

Furniture and fixtures

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Gross

1,000

Equipment

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Gross

187

374

Leasehold improvements

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 969

[1]	Includes impairment charge of $0.5 million during fiscal year 2024, see below discussion on Impact of the Agreement (as discussed in Note 9. Leases).

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 3,705	$ 16,906
Short-term investments	34,640	83,787
Unbilled receivables	0	85
Prepaid expenses and other current assets	2,424	6,750
Total current assets	40,769	107,528
Operating lease right-of use assets	214	11,972
Property and equipment, net	392	1,309
Total assets	41,375	120,809
Current liabilities:
Accounts payable	3,168	6,134
Accrued liabilities	5,187	12,461
Deferred revenue	0	317
Operating lease liability	0	1,428
Total current liabilities	8,355	20,340
Deferred revenue, long-term	0	64,545
Operating lease liability, long-term	0	11,300
Total liabilities	8,355	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 June 30, 2024 and June 30, 2023	0	0
Additional paid-in-capital	421,239	430,621
Accumulated deficit	(388,219)	(405,997)
Total stockholders' equity	33,020	24,624
Total liabilities and stockholders' equity	$ 41,375	$ 120,809

Balance Sheet Details - Schedule of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Prepaid clinical costs	$ 1,050	$ 4,599
Other	1,374	2,151
Total prepaid and other current assets	$ 2,424	$ 6,750

Share-based Compensation (Tables)

12 Months Ended

Jun. 30, 2024

Share-Based Compensation Expense for Stock Awards

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


	For the Fiscal Year Ended June 30,
	2024		2023
Research and development	$	349	$	724
General and administrative		1,929		2,865
Total share-based compensation	$	2,278	$	3,589

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		290,437		$	6.92
Forfeited		(218,131	)	$	38.34
Outstanding at June 30, 2024		1,357,213		$	31.60		7.1	$	—
Vested and expected to vest at June 30, 2024		1,357,213		$	31.60		7.1	$	—

Fair Value of Stock Options Weighted-Average Assumptions Used

following weighted-average assumptions were used:


	For the Fiscal Year Ended June 30,
	2024			2023
Risk-free interest rate		4.5	%		3.2	%
Expected life (years)		5.7			6.0
Volatility		89.8	%		85.5	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	5.20		$	7.04

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

Jun. 30, 2024

Jun. 30, 2023

Accrued Liabilities [Line Items]

Accrued compensation and benefits

^[1]

$ 2,821,000

$ 7,189,000

One-time Termination Benefits [Member]

Accrued Liabilities [Line Items]

Accrued compensation and benefits

$ 21,000

$ 1,000,000

[1]	Includes one-time employee benefits of approximately $21,000 and $1.0 million for the fiscal years ended June 30, 2024 and 2023, respectively.

Fair Value Measurements - Schedule of Changes in Estimated Fair Value of Warrant Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair value measurements Significant unobservable inputs [Line Items]
Beginning balance		$ 1,600
Change in estimated fair value of liability classified warrants	$ 0	(1,603)
Fair Value, Measurements, Recurring [Member] \| Level 3
Fair value measurements Significant unobservable inputs [Line Items]
Beginning balance	$ 0	1,603
Change in estimated fair value of liability classified warrants		(1,603)
Ending balance		$ 0

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Dec. 06, 2023	Nov. 06, 2023	Oct. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Targeted or Tracking Stock, Stock [Line Items]
Unpaid common stock dividend				$ 1.75
Expenses related to an agreement			$ 1,100
Closing agreement date		Nov. 17, 2023
Dividend paid	$ 11,700			$ 11,660	$ 0
Accumulated losses since inception				388,219	$ 405,997
Cash and cash equivalents and short term investments				$ 38,300
Maximum
Targeted or Tracking Stock, Stock [Line Items]
Potential second return of capital			$ 9,330

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Income Taxes

12 Months Ended

Jun. 30, 2024

Income Taxes

Note 12. Income Taxes

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


	For the Fiscal Year Ended June 30,
	2024		2023
Domestic	$	17,778	$	(31,838	)
Foreign		—		—
Pre-tax income (loss)	$	17,778	$	(31,838	)

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


	For the Fiscal Year Ended June 30,
	2024						2023
	$			%			$			%
Tax benefit at U.S. statutory rates	$	3,733			21	%	$	6,689			21	%
State tax		796			5	%		187			—	%
Warrant liability costs		—			—	%		337			1	%
Equity compensation		901			5	%		(114	)		—	%
Change in valuation allowance		(6,281	)		(35	)%		(7,020	)		(22	)%
Section 162(m) limitation		483			3	%		—			—	%
Other		368			1	%		(79	)		—	%
	$	—			—	%	$	—			—	%

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


	June 30,
	2024			2023
Deferred tax assets (liabilities):
Deferred revenue	$	—		$	14,068
Fixed and intangible assets		8,058			10,681
Capitalization of R&D costs		11,456			10,320
Share-based payments		4,081			5,149
Tax losses carried forward		45,721			34,514
Right-of-use assets		(45	)		(2,597	)
Lease liabilities		—			2,761
Other		647			1,303
Total deferred tax assets		69,918			76,199
Valuation allowance for deferred tax assets		(69,918	)		(76,199	)
Net deferred tax assets and liabilities	$	—		$	—

We evaluate the recoverability of the deferred tax assets and the amount of the required valuation allowance. Due to the uncertainty surrounding the realization of the tax deductions in future tax returns, we have recorded a valuation allowance against our net deferred tax assets as of June 30, 2024 and 2023. At such time as it is determined that it is more likely than not that the deferred tax assets will be realized, the valuation allowance would be reduced.

We had federal and state net operating loss carryforwards of approximately $209.8 million and $23.8 million as of June 30, 2024. The federal net operating loss will carry forward indefinitely subject to an 80% taxable income limitation. The state net operating loss carryforwards will begin to expire in 2031 unless previously utilized.

Our ability to utilize our net operating loss carryforwards may be substantially limited due to ownership changes that have occurred or that could occur in the future under Section 382 of the Internal Revenue Code and similar state laws. Through December 31, 2021, we completed a study to analyze whether one or more ownership changes had occurred and determined that two such ownership changes did occur. Although we did not conduct a formal study in 2023, we believe no significant ownership changes occurred subsequent to 2021. While the ownership changes do limit the amount of net operating loss we are able to use each year, all of our net operating losses are expected to be available for utilization prior to expiring.

None of our prior income tax returns have been selected for examination by a major taxing jurisdiction; however, the statutes of limitations for various filings remain open. The oldest filings subject to potential examination for federal and state purposes are 2020 and 2019, respectively. If we utilize a net operating loss related to a closed tax year, the tax year in which the loss was incurred is subject to adjustment up to the amount of the net operating loss.

We have not reduced any tax benefit on our consolidated financial statements due to uncertain tax positions as of June 30, 2024 and we are not aware of any circumstance that would significantly change this result through the end of fiscal year 2024. To the extent we incur income-tax related penalties or interest, we will recognize them as additional income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases

12 Months Ended

Jun. 30, 2024

Disclosure Text Block [Abstract]

Leases

Note 9. Leases

In July 2020, we entered into a lease agreement for approximately 32,800 square feet of office space in San Diego, California. The lease agreement contained rent escalations over the lease term and was originally scheduled to expire in March 2028. We accounted for the lease agreement as an operating lease. The lease agreement contained an option to renew and extend the lease term, which was not included in the determination of the ROU asset and operating lease liability, as it was not reasonably certain to be exercised. In July 2022, we amended the lease to extend the lease termination date from March 2028 to November 30, 2029 and to add an additional 12,300 square feet of office space adjacent to our current office in San Diego (the Amended Lease). Upon commencement of the Amended Lease, we recognized an additional ROU asset and a corresponding operating lease liability of $4.3 million. The Amended Lease includes 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.

Lease Termination

On June 18, 2024 (the Agreement Date), we entered into a lease termination agreement (Agreement) with our landlord pursuant to which the parties agreed to terminate, as of September 30, 2024, the lease for our existing office space. The original (as amended) scheduled expiration date was November 30, 2029. As consideration for the Agreement, we agreed to pay the landlord a termination fee of approximately $11.1 million (the Termination Fee) and to prepay the remaining rent due under the Agreement in the amount of approximately $0.2 million (the Remaining Rent) and sell all the furniture and fixtures to the landlord for $1.00 (see Property and Equipment within Note 3. Balance Sheet Details for further discussion on the impact of the Agreement on our property and equipment). We expect to receive our security deposit, which is classified as a component of prepaid and other current assets, from the landlord in fiscal year 2025.

The Agreement was accounted for as a lease modification of the original contract. As a result of the Agreement, we reduced both the remaining ROU asset and lease liability by approximately $22,000, resulting in no impact to our consolidated statements of operations. We reassessed the lease classification, as of the Agreement Date, noting the current classification as an operating lease remained appropriate. Both the Termination Fee and the Remaining Rent were paid prior to June 30, 2024. Subsequent to the payment of both the Termination Fee and the Remaining Rent, our lease liability was relieved and the balance was reduced to zero.

We incurred direct costs of approximately $0.2 million in connection with the Agreement which accordingly was recorded to the ROU assets as a direct cost of modifying the Agreement. As of the Agreement Date, we determined a triggering event, in accordance with ASC 360, had occurred and therefore completed an impairment analysis on its ROU asset resulting in an impairment charge of approximately $10.4 million being recorded in our consolidated statements of operations for the fiscal year ended June 30, 2024.

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


	For the Fiscal Year Ended June 30,
	2024		2023
Operating lease cost	$	2,434	$	2,434
Variable lease costs		123		49
Total lease costs included in operating expenses	$	2,557	$	2,483

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


	For the Fiscal Year Ended June 30,
	2024		2023
Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,612	$	2,267

As of June 30, 2024, we have no remaining future minimum rental payments for our operating leases and the remaining ROU asset balance is $0.2 million. During fiscal year 2024, the ROU asset balance was increased by approximately $0.2 million related to direct costs associated with the Agreement. Additionally, the ROU asset balance was decreased by: (1) approximately $22,000 associated with our reassessment of the lease liability as of the Agreement date and (2) $10.4 million associated with the impairment of the ROU asset, as discussed above.

License Agreements

12 Months Ended

Jun. 30, 2024

License Agreements

Note 7. License Agreements

KKC License, Development and Commercialization Agreement

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

pharmaceutical product containing zandelisib for all human indications in countries outside of the U.S. (the Ex-U.S. and the Ex-U.S. License). KKC granted to us a co-exclusive, sublicensable, license under certain patents and know-how controlled by KKC to develop and commercialize zandelisib for all human indications in the U.S., and a co-exclusive, sublicensable, royalty-free, fully paid license under certain patents and know-how controlled by KKC to perform our obligations in the Ex-U.S. under the KKC Commercialization Agreement. KKC paid us an initial payment of $100.0 million.

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

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

As discussed in Note 1. Description of Business and Basis of Presentation, we and KKC jointly decided to discontinue zandelisib development in the U.S. During fiscal year 2023, we updated our assessment of the total transaction price from the KKC Commercialization Agreement to be $213.1 million, comprised of the upfront payment of $100.0 million, milestone payments of $20.0 million, estimated development cost-sharing of $87.9 million, and deferred revenue of $5.2 million. The updated assessment reflects a decrease in estimated variable consideration related to development cost sharing of $147.0 million from June 30, 2022. In December 2022, we announced our plan to discontinue the global development of zandelisib outside of Japan. As a result, we decreased our estimate for variable consideration related to development cost sharing. During the second quarter of the fiscal year ended June 30, 2023, we recognized revenue of $16.6 million from the change in estimate. Additionally, we recognized $8.6 million of revenue related to non-refundable payments for performance obligations that have not commenced and will no longer be initiated. Any variable consideration related to sales-based royalties and commercial milestones related to licenses of intellectual property will be determined when the sale or usage occurs and is therefore excluded from the transaction price. In addition, we are eligible to receive future development and regulatory milestones upon the achievement of certain criteria; however, these amounts are excluded from variable consideration as the risk of significant revenue reversal will only be resolved depending on future research and development and/or regulatory approval outcomes. We re-evaluate the estimated variable consideration included in the transaction price and any related constraints at the end of each reporting period.

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

The $64.5 million transaction price allocated to the U.S. License obligation accounted for under Topic 808 was included as noncurrent deferred revenue as of June 30, 2023. As of June 30, 2023, we also had deferred revenue of approximately $0.3 million related to the transaction price allocated to the Development Services performance obligations and recognized the remaining revenue based on the proportional performance of these development activities. The KKC Agreement was terminated on July 14, 2023 and all remaining amounts of deferred revenue were recognized during the fiscal year ended June 30, 2024.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) Segment shares	Jun. 30, 2023 USD ($) shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments \| Segment	1
Short-term investments	$ 34,640	$ 83,787
Accounts receivable	$ 0	0
Changes in unrecognized tax position	An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.
Unrecognized tax benefits	$ 0	$ 0
Common stock subject to repurchase or forfeiture \| shares	0	0
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful life	7 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful life	3 years
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%

Description of Business and Basis of Presentation (Policies)	12 Months Ended
	Jun. 30, 2024
Description of Business	Description of Business MEI Pharma, Inc. (Nasdaq: MEIP) is a pharmaceutical company that has been developing novel and differentiated cancer therapies. We built our pipeline by acquiring promising cancer agents and creating value in programs through development, strategic partnerships, and out-licensing or commercialization, as appropriate. Our approach to oncology drug development has been 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.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation We prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) related to annual reports on Form 10‑K. The accompanying consolidated financial statements include the accounts of MEI Pharma, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all intercompany accounts and transactions in consolidation. The Company has evaluated subsequent events through the date the consolidated financial statements were issued.
Current Events	Current Events Strategic Alternatives On July 22, 2024, we announced that our Board of Directors (Board) had determined unanimously to begin the evaluation of our strategic alternatives, including potential transactions as well as an orderly wind down of operations, if appropriate, to maximize the value of our assets for our stockholders. We commenced a reduction-in-force beginning August 1, 2024, which will continue in stages as our operational and strategic direction evolves. We have discontinued the clinical development of voruciclib, while certain nonclinical activities related to MEI’s drug candidate assets will continue to be conducted by us. As part of the review of strategic alternatives, we may consider options such as out-licensing opportunities for existing programs and merger and acquisition opportunities. Consistent with our intention to preserve cash, David M. Urso, our President and Chief Executive Officer, and Richard Ghalie, M.D., our Chief Medical Officer, stepped down effective August 1, 2024. Mr. Urso also left the Board at that date. We have entered into consulting agreements with both Mr. Urso and Dr. Ghalie under which they will remain available to assist us in our strategic efforts. Charles V. Baltic III, the Chairperson of the Board, also stepped down from the Board contemporaneously with the announcement on July 22, 2024. Our Board has appointed Justin J. File, our current Chief Financial Officer, to assume the position of Acting Chief Executive Officer and has appointed Frederick W. Driscoll as Chairperson of the Board. Cooperation Agreement On October 31, 2023, we announced our entry into a Cooperation Agreement (Cooperation Agreement) with Anson Funds Management LP and Cable Car Capital LLC (Anson and Cable Car, respectively), which, among other non-financial related items provided for a capital return to stockholders in the form of a dividend in the amount of $1.75 per share of common stock, as further discussed below. Additionally, the Cooperation Agreement contemplated a potential second return of capital not to exceed $9.33 million (Potential Second Return of Capital) if authorized by 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. As part of the Cooperation Agreement, Anson and Cable Car withdrew their consent solicitation and agreed to abide by customary standstill provisions. Additionally, we reimbursed Anson's and Cable Car’s fees and expenses related to their engagement with us as of the date of the Cooperation Agreement in an amount of $1.1 million, which is recorded within general and administrative expenses in the consolidated statements of operations for the fiscal year ended June 30, 2024. In April 2024, the Board unanimously determined not to proceed with the Potential Second Return of Capital under the Cooperation Agreement in order to conserve resources and align strategic investment, and thereby extend our operational runway. Cash Dividend On November 6, 2023, pursuant to the Cooperation Agreement, the Board declared a special cash dividend of $1.75 per share of common stock to stockholders of record at the close of business on November 17, 2023. The total dividend of $11.7 million was paid on December 6, 2023, and was recorded as a reduction of additional paid-in capital in the consolidated statements of stockholders' equity, as we have an accumulated deficit, rather than retained earnings. Infinity Merger In February 2023, we, Infinity Pharmaceuticals, Inc. (Infinity), and Meadow Merger Sub, Inc., our wholly owned subsidiary (Merger Sub) entered into an agreement and plan of merger (Merger Agreement). The Merger Agreement provided that Merger Sub will merge with and into Infinity, with Infinity being the surviving entity as a wholly owned subsidiary of us (transaction referred to as the Merger) and was subject to approvals by our and Infinity’s stockholders, respectively. On July 23, 2023, we convened our Special Meeting of Stockholders at which time our stockholders did not approve the proposed transaction and subsequently, we delivered a letter to Infinity which terminated the Merger Agreement pursuant to Section 7.2(c) of the Merger Agreement, effective July 23, 2023. KKC Termination Agreement In November 2022, we and Kyowa Kirin Co., Ltd. (KKC) met with the U.S. Food and Drug Administration (FDA) in a follow-up meeting to the March 2022 end of Phase 2 meeting related to zandelisib. At this meeting, the FDA provided further guidance regarding the design and statistical analysis for the COASTAL trial. Following the November meeting, the companies jointly concluded that a clinical trial consistent with the recent FDA guidance, including modification of the ongoing COASTAL trial, would likely not be feasible to complete within a time period that would support further investment or with sufficient certainty of the regulatory requirements for approval to justify continued global development efforts. As a result, we and KKC jointly decided to discontinue global development of zandelisib for indolent forms of non-Hodgkin lymphoma outside of Japan. The discontinuation of zandelisib development outside of Japan was a business decision based on the regulatory guidance from the FDA and was not related to the zandelisib clinical data generated to date. Although KKC continued certain ongoing Japanese clinical trials at that time, in May 2023 KKC decided to discontinue development of zandelisib in Japan after meeting with the Pharmaceuticals and Medical Devices Agency (PMDA), concluding that conducting a randomized study consistent with agency guidance to support a marketing application would likely not be feasible to complete within a time period that would support further investment. Due to KKC’s decision to discontinue development of zandelisib in Japan, as well as the prior joint decision to discontinue zandelisib development outside of Japan, on July 14, 2023, the parties entered into a Termination Agreement to mutually terminate the global License, Development and Commercialization Agreement executed in April 2020.
Liquidity	Liquidity We have accumulated losses of $388.2 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of June 30, 2024, we had $38.3 million in cash, cash equivalents and short-term investments. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we have discontinued the clinical development of voruciclib, while certain nonclinical research and development activities continue. As a result, we will continue to incur research and development expenses in connection with clinical trial closing costs and the completion of our nonclinical projects. We believe that our cash balance, including our short-term investments, will be sufficient to meet our obligations and fund operations for at least the next 12 months from the issuance of these consolidated financial statements. To date, we have obtained cash and funded our operations primarily through equity financings and license agreements and to continue the development of our drug candidates, we would require one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships at some point in the future. There can be no assurance that we will be able to continue to raise additional capital in the future.

Summary of Significant Accounting Policies - Antidilutive Securities (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,460	1,388
Stock option
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,357	1,285
Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	103	103

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Presage License Agreement
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Accrued payment for potential future payments	$ 0

Share-based Compensation

12 Months Ended

Jun. 30, 2024

Share-based Compensation

Note 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 (the Omnibus Plan), as amended and restated from time to time, under which 1,850,739 shares of common stock are authorized for issuance. The Omnibus Plan provides for the grant of options and/or other stock-based or stock-denominated awards to our non-employee directors, officers, employees and advisors. As of June 30, 2024, there were 465,633 shares available for future grant under the Omnibus Plan.

In May 2021, we adopted the 2021 Inducement Plan (Inducement Plan), under which 125,000 shares of common stock were authorized for issuance. On June 9, 2023 our Board approved an amendment and restatement of the Inducement Plan to increase the aggregate number of shares of common stock authorized for issuance by 92,000 shares. The Inducement Plan is intended to assist us in attracting and retaining selected individuals to serve as employees who are expected to contribute to our success, by providing an inducement for such individuals to enter into employment with us, and to achieve long-term objectives that will benefit our stockholders. As of June 30, 2024, there were 130,737 shares available for future grant under the Inducement Plan.

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


	For the Fiscal Year Ended June 30,
	2024		2023
Research and development	$	349	$	724
General and administrative		1,929		2,865
Total share-based compensation	$	2,278	$	3,589

Stock Options

Stock options granted to employees vest 25% one year from the date of grant and ratably each month thereafter for a period of 36 months and expire ten years from the date of grant. Stock options granted to directors vest ratably each month for a period of 12 months from the date of grant and expire ten years from the date of grant. As of June 30, 2024, there were a total of 1,357,213 options outstanding of which 1,270,950 were granted under the Omnibus Plan and 86,263 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		290,437		$	6.92
Forfeited		(218,131	)	$	38.34
Outstanding at June 30, 2024		1,357,213		$	31.60		7.1	$	—
Vested and expected to vest at June 30, 2024		1,357,213		$	31.60		7.1	$	—

As of June 30, 2024, the aggregate intrinsic value of outstanding options is calculated as the difference between the exercise price of the underlying options and the closing price of our common stock of $2.91 on that date.

Unrecognized compensation expense related to non-vested stock options totaled $1.3 million as of June 30, 2024. Such compensation expense is expected to be recognized over a weighted-average period of 1.57 years. As of June 30, 2024, we expect all outstanding options to vest.

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


	For the Fiscal Year Ended June 30,
	2024			2023
Risk-free interest rate		4.5	%		3.2	%
Expected life (years)		5.7			6.0
Volatility		89.8	%		85.5	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	5.20		$	7.04

Restricted Stock Units (RSU)

Each RSU represents the contingent right to receive one share of our common stock. Under the terms of the Omnibus Plan, each of the RSUs is calculated as 1.25 shares of common stock for purposes of determining the number of shares available for future grant. As of June 30, 2024 and 2023, we had no unvested RSUs.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 17,778	$ (31,838)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in fair value of warrant liability	0	(1,603)
Share-based compensation	2,278	3,589
Issuance of warrants	0	500
Impairment of long-lived assets	10,899	0
Noncash lease expense	2,433	1,429
Depreciation expense	383	386
Loss on disposal of property and equipment	32	0
Changes in operating assets and liabilities:
Unbilled Receivables	85	9,959
Prepaid expenses and other current assets	4,534	(2,920)
Accounts payable	(3,147)	(1,784)
Accrued liabilities	(7,274)	1,641
Deferred revenue	(64,862)	(30,582)
Operating lease liability	(13,612)	(1,261)
Net cash used in operating activities	(50,473)	(52,484)
Cash flows from investing activities:
Purchases of short-term investments	(58,232)	(101,764)
Proceeds from maturity of short-term investments	107,379	155,489
Purchases of property and equipment	(7)	(35)
Net cash provided by investing activities	49,140	53,690
Cash flows from financing activities:
Payments of tax withholdings related to vesting of restricted stock units	0	(40)
Payment of cash dividend	(11,660)	0
Payment of financing costs	(208)	0
Net cash used in financing activities	(11,868)	(40)
Net (decrease) increase in cash and cash equivalents	(13,201)	1,166
Cash and cash equivalents at beginning of the year	16,906	15,740
Cash and cash equivalents at end of the year	3,705	16,906
Supplemental cash flow information:
Operating Lease right-of-use assets obtained in exchange for operating lease liabilities	0	4,347
Re-measurement of right-of-use asset and related lease liability upon lease modification	(22)	0
Re-measurement of right-of-use asset for direct costs associated with lease modification	$ 181	$ 0

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 20, 2024	Oct. 01, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 02, 2024	Dec. 31, 2023	May 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Class of Stock [Line Items]
Fair value of warrants								$ 0	$ 1,600
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		$ 0.00000002	$ 0.01	$ 0.01
Rights and the rights agreement expiration description			The Rights and the Rights Agreement will expire upon the earliest to occur of (i) the date on which all of the Rights are redeemed, (ii) the date on which the Rights are exchanged, and (iii) the close of business on September 30, 2024.
Preferred stock, shares issued			100,000
Common stock voting rights			one vote per share
Preferred stock, shares outstanding			0	0
Number of warrants exercised			0	0
Public float						$ 28,700
Adopted agreement date		Oct. 01, 2023
Warrants
Class of Stock [Line Items]
Exercise price							$ 50.80
Warrants outstanding							802,949
Warrants \| Torreya Partners LLC
Class of Stock [Line Items]
Exercise price			$ 6.80
Warrants outstanding			102,513
ATM Sales Agreement
Class of Stock [Line Items]
At-the-market offering agreement, description			In no event will we sell securities registered on this registration statement in a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million (Baby Shelf Limitation) As of January 2, 2024, the date used under applicable rules of the Securities and Exchange Commission to determine our public float at the commencement of the offering, one-third of our public float was equal to approximately $9.9 million.
Entity public float, threshold	$ 75,000
Public float					$ 9,900
Aggregate offering price	$ 25,000
Number of shares issued and sold			0
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement			$ 100,000

Income Taxes - Pre- Tax loss Jurisdictions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pre tax Income Loss [Line Items]
Domestic	$ 17,778	$ (31,838)
Foreign	0	0
Pre-tax income (loss)	$ 17,778	$ (31,838)

- Definition

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

+ References

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

Leases (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Total Operating Costs

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


	For the Fiscal Year Ended June 30,
	2024		2023
Operating lease cost	$	2,434	$	2,434
Variable lease costs		123		49
Total lease costs included in operating expenses	$	2,557	$	2,483

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):


	For the Fiscal Year Ended June 30,
	2024		2023
Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,612	$	2,267

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Jun. 30, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends declared, per share	$ 1.75

Leases - Schedule of Total Operating Costs (Detail) - General and Administrative Expense Member - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating lease cost	$ 2,434	$ 2,434
Variable lease costs	123	49
Total lease costs included in general and administrative expenses	$ 2,557	$ 2,483

Share-based Compensation - Fair Value of Stock Options Weighted-Average Assumptions Used (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.50%	3.20%
Expected life (years)	5 years 8 months 12 days	6 years
Volatility	89.80%	85.50%
Dividend yield	0.00%	0.00%
Weighted-average grant date fair value	$ 5.2	$ 7.04

- 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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-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Changes in Unbilled Receivables and Contract Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Contract with Customer Asset and Liability [Line Items]
Unbilled receivables	$ 0	$ 85	$ 10,044
Contract liabilities included in deferred revenue and deferred revenue, net of current portion	0	317	30,900
Contract liabilities, beginning of year	317	30,900
Revenue recognized upon satisfaction of performance obligations	(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 year	0	317
Deferred Revenue [Member]
Contract with Customer Asset and Liability [Line Items]
Contract liabilities included in deferred revenue and deferred revenue, net of current portion	0	317	$ 30,900
Contract liabilities, beginning of year	317	30,900
Contract liabilities, end of year	$ 0	$ 317

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability

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


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 fiscal year ended June 30, 2023 (in thousands):


Balance as of June 30, 2022	$	1,603
Change in estimated fair value of liability classified warrants		(1,603	)
Balance as of June 30, 2023	$	—

Share-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Number of Options
Beginning Balance \| shares	1,284,907
Granted \| shares	290,437
Forfeited \| shares	(218,131)
Ending balance \| shares	1,357,213
Vested and expected to vest at end of period \| shares	1,357,213
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 38.32
Granted \| $ / shares	6.92
Forfeited \| $ / shares	38.34
Ending balance \| $ / shares	31.6
Vested and expected to vest at end of period \| $ / shares	$ 31.6
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	7 years 1 month 6 days
Vested and expected to vest at end of period	7 years 1 month 6 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 0
Vested and expected to vest at end of period \| $	$ 0

Fair Value Measurements

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

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

In May 2018, we issued warrants in connection with our private placement of shares of common stock, which expired in May 2023. Pursuant to the terms of the warrants, we could have been required to settle the warrants in cash in the event of an acquisition of the company and, as a result, the warrants were required to be measured at fair value and reported as a liability in the consolidated balance sheets. We recorded the fair value of the warrants upon issuance using the Black-Scholes valuation model and are required to revalue the warrants at each reporting date with any changes in fair value recorded on our consolidated statements of operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. Inputs used to determine the estimated fair value of the warrant liabilities include the estimated fair value of the underlying stock at the valuation date, the estimated term of the warrants, risk-free interest rates, expected dividends and the expected volatility of the underlying stock. The significant unobservable inputs used in the fair value measurement of the warrant liabilities were the volatility rate and the estimated term of the warrants. Generally, increases or decreases in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement. The changes in the fair value of the Level 3 warrant liability are reflected on the consolidated statements of operations for the fiscal year ended June 30, 2023. During the fiscal 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, the following assumptions were used for the period ended June 30, 2023:


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 fiscal year ended June 30, 2023 (in thousands):


Balance as of June 30, 2022	$	1,603
Change in estimated fair value of liability classified warrants		(1,603	)
Balance as of June 30, 2023	$	—

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified	false
Non Rule 10b51 Arr Modified	false

One-Time Employee Termination Benefits

12 Months Ended

Jun. 30, 2024

Restructuring Reserve [Abstract]

One-time Employee Termination Benefits

Note 5. One-time Employee Termination Benefits

In connection with our joint decision to discontinue development of zandelisib outside of Japan, in December 2022, we announced a realignment of our clinical development efforts that streamlined our organization towards the continued clinical development of our two earlier clinical-stage assets, voruciclib and ME-344. As a result, our Board approved a staggered workforce reduction (the Reduction-in-Force). For the fiscal year ended June 30, 2023, we recorded one-time employee benefits of $2.8 million and $0.8 million, within research and development expense and general and administrative expense, respectively. During the fiscal year ended June 30, 2024, we recorded additional one-time employee termination benefits of $242,000 and $314,000 within research

and development expense and general and administrative expense, respectively, associated with the termination of 11 additional employees, five within research and development and six within general and administrative departments.

In August 2024, in connection with our Strategic Alternatives announcement, described in Note 1. Description of Business and Basis of Presentation, we commenced a Reduction-in-Force (the 2024 Plan). Including management's contractual 2025 bonuses, we expect to incur charges not to exceed a total of $6.0 million in retention costs, severance and COBRA costs related to the termination of our employees due to our related wind down activities. The charges that we expect to incur in connection with the 2024 Plan are subject to a number of assumptions, and actual results may differ materially. We may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the 2024 Plan.


	One-time Employee Termination Benefits
Balance at June 30, 2022	$	-
Accrued restructuring		3,587
Cash payments		(2,594	)
Balance at June 30, 2023		993
Increase in accrued restructuring		556
Cash payments		(1,528	)
Balance at June 30, 2024	$	21

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

Jun. 30, 2024

Jun. 30, 2023

Accrued Liabilities [Line Items]

Accrued pre-clinical and clinical trial expenses

$ 1,407

$ 3,663

Accrued compensation and benefits

^[1]

2,821

7,189

Accrued legal and professional services expenses

1,423

Accrued reimbursement to KKC

892

Other

186

Total accrued liabilities

$ 5,187

$ 12,461

[1]	Includes one-time employee benefits of approximately $21,000 and $1.0 million for the fiscal years ended June 30, 2024 and 2023, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 17,778	$ (31,838)

- Definition

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

+ References

+ Details

Balance Sheet Details (Tables)

12 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid and Other Current Assets

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


	June 30, 2024		June 30, 2023
Prepaid clinical costs	$	1,050	$	4,599
Other		1,374		2,151
Total prepaid and other current assets	$	2,424	$	6,750

Schedule of Property and Equipment

Property and equipment consisted of the following, in thousands:


	June 30, 2024			June 30, 2023
Furniture and fixtures	$	1,000		$	1,000
Equipment		187			374
Leasehold improvements		969			969
		2,156			2,343
Less: accumulated depreciation (1)		(1,764	)		(1,034	)
Property and equipment, net	$	392		$	1,309

_____

(1) Includes impairment charge of $0.5 million during fiscal year 2024, see below discussion on Impact of the Agreement (as discussed in Note 9. Leases).

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	June 30, 2024		June 30, 2023
Accrued pre-clinical and clinical trial expenses	$	1,407	$	3,663
Accrued compensation and benefits(1)		2,821		7,189
Accrued legal and professional services		33		1,423
Accrued reimbursement to KKC		892		—
Other		34		186
Total accrued liabilities	$	5,187	$	12,461

________

(1) Includes one-time employee benefits of approximately $21,000 and $1.0 million for the fiscal years ended June 30, 2024 and 2023, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 65,297	$ 48,816
Operating expenses:
Research and development	16,561	52,450
General and administrative	23,295	33,130
Impairment of long-lived assets	10,899	0
Total operating expenses	50,755	85,580
Income (loss) from operations	14,542	(36,764)
Other income (expense):
Change in fair value of warrant liability	0	1,603
Interest and dividend income	3,277	3,345
Other expense, net	(41)	(22)
Total other income, net	3,236	4,926
Net income (loss)	$ 17,778	$ (31,838)
Net income (loss) per share - basic and diluted
Basic	$ 2.67	$ (4.78)
Diluted	$ 2.67	$ (4.78)
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	$ 48,816
Revenue from collaboration agreements
Revenues	$ 64,545	$ 0

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Sep. 13, 2024	Dec. 31, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Securities Act File Number	000-50484
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0407811
Entity Address, Address Line One	9920 Pacific Heights Blvd
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	San Diego
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	369-7100
Trading Symbol	MEIP
Entity Registrant Name	MEI Pharma, Inc.
Entity Central Index Key	0001262104
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.00000002 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding			6,662,857
Entity Public Float				$ 28.7
Auditor Firm ID	34	243
Auditor Location	San Diego, California	San Diego, California
Auditor Name	Deloitte and Touche LLP	BDO USA, P.C
Document Financial Statement Error Correction [Flag]	false

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Cash and Cash Equivalents

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

We attempt to minimize credit risk associated with our cash and cash equivalents by periodically evaluating the credit quality of our primary financial institutions. Our investment portfolio is maintained in accordance with our investment policy, which is designed to preserve capital, safeguard funds and limit exposure to risk. While we maintain cash deposits in FDIC insured financial institutions in excess of federally insured limits, we do not believe we are exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. We have not experienced any losses on such accounts.

Short-term Investments

Short-term investments are marketable securities with maturities greater than three months but less than one year from date of purchase. As of June 30, 2024 and 2023, our short-term investments consisted of $34.6 million and $83.8 million, respectively, in United States government securities. The short-term investments held as of June 30, 2024 and 2023 are considered to be held to maturity and are carried at amortized cost. For the fiscal years ended June 30, 2024 and 2023, the gross unrealized gains and losses were immaterial.

Fair Value Measurements

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

•

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

•

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

•

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

Property and Equipment

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

Leases

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

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

On June 18, 2024, we entered into a lease termination agreement (Agreement) with our landlord pursuant to which the parties agreed to terminate, as of September 30, 2024, the lease for our existing office space. See Note 3. Balance Sheet Details and Note 9. Leases for the impact of the Agreement on our consolidated financial statements.

Revenue Recognition

Revenue from Customers

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

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

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

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

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

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

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

In connection with our License, Development and Commercialization Agreement (the KKC Commercialization Agreement) with KKC, we performed development services related to our 50-50 cost sharing arrangement for which revenue was recognized over time. Additionally, we performed services for KKC at their request, the costs of which were fully reimbursed to us. We recorded the reimbursement for such pass through services as revenue at 100% of reimbursed costs, as control of the additional services for KKC was transferred at the time we incurred such costs. The costs of these services were 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 Fiscal Year Ended June 30,
	2024		2023
Timing of Revenue Recognition:
Services performed over time	$	743	$	47,729
Pass through services at a point in time		9		1,087
	$	752	$	48,816

Contract Balances

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

As of June 30, 2024 and 2023, we had no balances in accounts receivable. Contract balances are as follows (in thousands):


	June 30, 2024		June 30, 2023		June 30, 2022
Unbilled receivables	$	—	$	85	$	10,044
Contract liabilities included in deferred revenue and deferred revenue, net of current portion	$	—	$	317	$	30,900


	June 30, 2024			June 30, 2023
Beginning balance	$	317		$	30,900
Recognized as revenue:
Revenue recognized upon satisfaction of performance obligations		(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	)
Ending balance	$	—		$	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.

Revenue from Collaborators

At contract inception, we assess whether the collaboration arrangements are within the scope of Topic 808, to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed based on the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of Topic 808 that contain multiple units of account, we first determine which units of account within the arrangement are within the scope of Topic 808 and which elements are within the scope of Topic 606. For units of account within collaboration arrangements that are accounted for pursuant to Topic 808, an appropriate recognition method is determined and applied consistently, by analogy to authoritative

accounting literature. For elements of collaboration arrangements that are accounted for pursuant to Topic 606, we recognize revenue as discussed above. Consideration received that does not meet the requirements to satisfy Topic 606 revenue recognition criteria is recorded as deferred revenue in the accompanying consolidated balance sheets, classified as either current or long-term deferred revenue based on our best estimate of when such amounts will be recognized.

Research and Development

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

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

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

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

Share-based Compensation

Share-based compensation expense for stock options and restricted stock units (RSUs) granted to employees and directors is recognized in the consolidated statements of operations based on estimated amounts. The cost of stock options is measured at the grant date, based on the estimated fair value of the stock option using the Black-Scholes valuation model, which incorporates various assumptions including expected volatility, risk-free interest rate, the expected term of the award and the dividend yield on the underlying stock. Expected volatility is calculated based on the historical volatility of our stock over the expected option life and other appropriate factors. We use the simplified method to calculate the expected term of share options and similar instruments as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Risk-free interest rates are calculated based on continuously compounded risk-free rates for the appropriate term. The dividend yield is assumed to be zero as we do not intend to do so in the foreseeable future. For RSUs, we estimate the grant date fair value using our closing stock price on the date of grant. The estimated fair value of stock options and RSUs is amortized over the requisite service period, adjusted for actual forfeitures at the time they occur. The requisite service period is generally the time over which our share-based awards vest.

Interest and Dividend Income

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

Income Taxes

Our income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2024 and 2023, we have established a valuation allowance to fully reserve our net deferred tax assets. Tax rate changes are reflected in income during the period such changes are enacted. Changes in our ownership may limit the amount of net operating loss carryforwards that can be utilized in the future to offset taxable income.

The Financial Accounting Standards Board (FASB) Topic on income taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of June 30, 2024 and 2023.

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 fiscal years ended June 30, 2024 and 2023. 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 (loss) per share calculation for the fiscal years ended June 30, 2024 and 2023, potentially dilutive securities are excluded from the calculation of diluted net income (loss) per share because their weighted-average exercise prices were above our weighted-average share price for the fiscal years ended June 30, 2024 and 2023, respectively; therefore, basic and diluted net income (loss) per share were the same for the fiscal years ended June 30, 2024 and 2023.

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


	For the Fiscal Year Ended June 30,
	2024		2023
Stock options		1,357		1,285
Warrants		103		103
Total anti-dilutive shares		1,460		1,388

Segment Information

We have one operating segment which is the development of pharmaceutical compounds. All of our assets and liabilities were located in the U.S. as of June 30, 2024 and 2023.

Recent Accounting Pronouncement

Recently Adopted

In June 2016, the FASB issued Accounting Standards Update No. 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 consolidated 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. We believe the impact of recently issued standards, other than those noted below, and any issued but not yet effective standards will not have a material impact on our consolidated financial statements upon adoption.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker. This ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We expect this ASU to only impact our disclosures with no impact to our results of operations, cash flows and financial condition.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. We expect this ASU to only impact our disclosures with no impacts to our results of operations, cash flows, and financial condition.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	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

License Agreements - Additional Information (Detail) - Kyowa Kirin Co - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Jul. 14, 2023	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 30, 2020
Related Party Transaction [Line Items]
Total upfront payment receivable for grant of rights					$ 100.0
Termination Agreement	Jul. 14, 2023
Kkc Agreements [Member]
Related Party Transaction [Line Items]
Upfront payment			$ 100.0
Transaction price relating to the performance obligation			213.1
Expected milestone payment receivable			20.0
Estimated development cost sharing recovered through earnings			87.9
Deferred revenue			5.2
Revenue recognized		$ 16.6
Revenue related to non-refundable payments for performance obligations			8.6
Kkc Agreements [Member] \| US License [Member]
Related Party Transaction [Line Items]
Deferred revenue				$ 64.5
Kkc Agreements [Member] \| Development Services
Related Party Transaction [Line Items]
Contract with customer liability non current				$ 0.3
Kkc Agreements [Member] \| Maximum
Related Party Transaction [Line Items]
Estimated development cost sharing recovered through earnings			$ 147.0

One-Time Employee Termination Benefits - Summary of Activity Related to One-Time Employee Termination Benefits Included in Accrued Liabilities (Detail) - One -Time Termination Benefits [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 993	$ 0
Increase in accrued restructuring	556	3,587
Cash payments	(1,528)	(2,594)
Restructuring Reserve, Ending Balance	$ 21	$ 993

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

Cash and Cash Equivalents

Short-term Investments

Fair Value Measurements

•

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

•

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

Property and Equipment

Leases

Revenue Recognition

Revenue from Customers

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


	For the Fiscal Year Ended June 30,
	2024		2023
Timing of Revenue Recognition:
Services performed over time	$	743	$	47,729
Pass through services at a point in time		9		1,087
	$	752	$	48,816

Contract Balances

As of June 30, 2024 and 2023, we had no balances in accounts receivable. Contract balances are as follows (in thousands):


	June 30, 2024		June 30, 2023		June 30, 2022
Unbilled receivables	$	—	$	85	$	10,044
Contract liabilities included in deferred revenue and deferred revenue, net of current portion	$	—	$	317	$	30,900


	June 30, 2024			June 30, 2023
Beginning balance	$	317		$	30,900
Recognized as revenue:
Revenue recognized upon satisfaction of performance obligations		(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	)
Ending balance	$	—		$	317

Revenue from Collaborators

Research and Development

Share-based Compensation

Interest and Dividend Income

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

Income Taxes

Net Income (Loss) Per Share

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


	For the Fiscal Year Ended June 30,
	2024		2023
Stock options		1,357		1,285
Warrants		103		103
Total anti-dilutive shares		1,460		1,388

Segment Information

We have one operating segment which is the development of pharmaceutical compounds. All of our assets and liabilities were located in the U.S. as of June 30, 2024 and 2023.

Recent Accounting Pronouncements

Recent Accounting Pronouncement

Recently Adopted

Recently Issued

Income Taxes - Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax rates to Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Reconciliation Of Statutory Federal Tax Rate [Line Items]
Tax benefit at U.S. statutory rates	$ 3,733	$ 6,689
State tax	796	187
Warrant liability costs	0	337
Equity compensation	901	(114)
Change in valuation allowance	(6,281)	(7,020)
Section 162(m) limitation	483	0
Other	368	(79)
Income tax expense	$ 0	$ 0
Tax benefit (expense) at U.S. statutory rates	21.00%	21.00%
State tax	5.00%	0.00%
Warrant liability costs	0.00%	1.00%
Equity compensation	5.00%	0.00%
Change in valuation allowance	(35.00%)	(22.00%)
Section 162(m) limitation	3.00%	0.00%
Other	1.00%	0.00%
Effective Income Tax Rate, Continuing Operations, Total	0.00%	0.00%