0000950170-24-125328 | 10-Q | XBRL Viewer

License Agreements	3 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]
License Agreements	7. License Agreements Kyowa Kirin Co., Ltd. License, Development and Commercialization Agreement In April 2020, we entered into the KKC Commercialization Agreement under which we granted to KKC a co-exclusive, sublicensable, payment-bearing license under certain patents and know-how controlled by us to develop and commercialize zandelisib and any pharmaceutical product containing zandelisib for all human indications in the U.S. (the U.S. License), and an exclusive (subject to certain retained rights to perform obligations under the KKC Commercialization Agreement), sublicensable, payment-bearing, license under certain patents and know-how controlled by us to develop and commercialize zandelisib and any pharmaceutical product containing zandelisib for all human indications in countries outside of the U.S. KKC granted to us a co-exclusive, sublicensable, license under certain patents and know-how controlled by KKC to develop and commercialize zandelisib for all human indications in the U.S., and a co-exclusive, sublicensable, royalty-free, fully paid license under certain patents and know-how controlled by KKC to perform our obligations in the Ex-U.S. under the KKC Commercialization Agreement. KKC paid us an initial nonrefundable payment of $100.0 million. In July 2023, we entered into a termination agreement with KKC to mutually terminate the KKC Commercialization Agreement and all other related agreements between the parties (Termination Agreement) and jointly decided to discontinue zandelisib development in the U.S. 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. During fiscal year 2023, we updated our assessment of the total transaction price from the KKC Commercialization Agreement to reflect the upfront payment, milestone payments, estimated development cost-sharing, and deferred revenue. After announcing our plan to discontinue the global development of zandelisib outside of Japan, in December 2022, we decreased our estimate for variable consideration related to development cost sharing. With the execution of the Termination Agreement, we regained full, global rights (subject to KKC's limited rights for compassionate use) and KKC has no further rights to develop, use or commercialize zandelisib in the U.S., nor do we have any remaining performance obligations with all consideration received from KKC being nonrefundable. Therefore, the remaining long-term deferred revenue as of June 30, 2023, of $64.5 million that was allocated to the U.S. License obligation accounted for under Topic 808 at inception of the KKC Commercialization Agreement was recognized as revenue from collaboration agreements in the three months ended September 30, 2023, utilizing contract termination analogous to guidance provided in Topic 606. 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.

License Agreements

3 Months Ended

Sep. 30, 2024

7. License Agreements

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

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

In July 2023, we entered into a termination agreement with KKC to mutually terminate the KKC Commercialization Agreement and all other related agreements between the parties (Termination Agreement) and jointly decided to discontinue zandelisib development in the U.S. 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.

During fiscal year 2023, we updated our assessment of the total transaction price from the KKC Commercialization Agreement to reflect the upfront payment, milestone payments, estimated development cost-sharing, and deferred revenue. After announcing our plan to discontinue the global development of zandelisib outside of Japan, in December 2022, we decreased our estimate for variable consideration related to development cost sharing.

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

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
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+ Details

Balance Sheet Details (Tables)

3 Months Ended

Sep. 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:


	September 30, 2024		June 30, 2024
Prepaid clinical costs	$	—	$	1,050
Software licenses		329		442
Security deposit		263		263
Other		248		669
Total prepaid and other current assets	$	840	$	2,424

Schedule of Property and Equipment

Property and equipment consisted of the following, in thousands:


	September 30, 2024			June 30, 2024
Furniture and fixtures	$	—		$	1,000
Equipment		7			187
Leasehold improvements		—			969
		7			2,156
Less: accumulated depreciation (1)		(2	)		(1,764	)
Property and equipment, net	$	5		$	392

_____________

(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:



	September 30, 2024		June 30, 2024
Accrued pre-clinical and clinical trial expenses	$	247	$	1,407
Accrued compensation and benefits(1)		1,393		2,821
Accrued legal and professional services		201		33
Accrued reimbursement to KKC		—		892
Other		55		34
Total accrued liabilities	$	1,896	$	5,187

(1) Includes employee termination benefits of approximately $1.0 million and $21,000 as of September 30, 2024 and June 30, 2024, respectively, as more fully described in Note 5. Employee Termination Benefits.

Subsequent Events - Additional Information (Detail) - USD ($)	Oct. 22, 2024	Oct. 01, 2023
Subsequent Event [Line Items]
Adopted agreement date		Oct. 01, 2023
Subsequent Event
Subsequent Event [Line Items]
Adopted agreement date	Oct. 22, 2024
Subsequent Event \| Asset Purchase Agreement
Subsequent Event [Line Items]
Reimbursement amount	$ 55,000
Purchaser initial payment	500,000
Subsequent Event \| Asset Purchase Agreement \| Maximum
Subsequent Event [Line Items]
Milestone payment	$ 62,000,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (8,007)	$ 56,374
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Share-based compensation	(135)	363
Noncash lease expense	214	372
Depreciation expense	368	87
Loss on disposal of property and equipment	9	0
Changes in operating assets and liabilities:
Unbilled receivables	0	85
Prepaid expenses and other current assets	1,584	530
Accounts payable	(2,192)	(2,921)
Accrued liabilities	(3,291)	(8,172)
Deferred revenue	0	(64,862)
Operating lease liability	0	(347)
Net cash used in operating activities	(11,450)	(18,491)
Cash flows from investing activities:
Purchases of short-term investments	0	(24,197)
Proceeds from maturity of short-term investments	14,687	29,154
Proceeds from sale of property and equipment	10	0
Net cash provided by investing activities	14,697	4,957
Net increase (decrease) in cash and cash equivalents	3,247	(13,534)
Cash and cash equivalents at beginning of the period	3,705	16,906
Cash and cash equivalents at end of the period	6,952	3,372
Noncash investing activities:
Purchases of property and equipment included in accounts payable	$ 0	$ 7

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Sep. 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 prior to its sale (as discussed below), ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway. 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 (the 2024 RIF) 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 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.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the accompanying financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of MEI Pharma, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all intercompany accounts and transactions in consolidation. The accompanying unaudited condensed consolidated financial statements for the quarterly period ended September 30, 2024 should be read in conjunction with the audited financial statements and notes thereto as of and for the fiscal year ended June 30, 2024, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on September 19, 2024 (2024 Annual Report). Interim results are not necessarily indicative of results for a full year. The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.
Liquidity	Liquidity To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We have accumulated losses of $396.2 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of September 30, 2024, we had $26.9 million in cash and cash equivalents and short-term investments. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we discontinued the clinical development of voruciclib, while certain nonclinical research and development activities continued. As a result, we 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 condensed consolidated financial statements.

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

Sep. 30, 2024

Jun. 30, 2024

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 7

$ 2,156

Less: accumulated depreciation

^[1]

(2)

(1,764)

Property and equipment, net

392

Furniture and fixtures

Property, Plant and Equipment [Line Items]

Property and equipment, gross

1,000

Equipment

Property, Plant and Equipment [Line Items]

Property and equipment, gross

187

Leasehold Improvements

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 0

$ 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).

Stockholders' Equity

3 Months Ended

Sep. 30, 2024

Federal Home Loan Banks [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Equity Transactions

Shelf Registration Statement

We have a shelf registration statement (February 2024 Shelf Registration Statement) that permits us to sell, from time to time, up to $100.0 million of common stock, preferred stock, warrants, rights and units, 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 SEC 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 September 30, 2024, no shares have been issued and sold under our ATM Program.

Cooperation Agreement and Cash Dividend

On October 31, 2023, we announced our entry into a Cooperation Agreement with Anson Funds Management LP and Cable Car Capital LLC, 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 that was declared on November 6, 2023 to stockholders of record at the close of business on November 17, 2023. The total dividend of $11.7 million was paid on December 6, 2023 and was recorded as a reduction of additional paid-in capital in the condensed consolidated statements of stockholders' equity, as we have an accumulated deficit, rather than retained earnings.

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 expired at the close of business on September 30, 2024. No rights were redeemed or exchanged under the Rights Agreement.

Warrants

As of September 30, 2024, we have outstanding warrants to purchase 102,513 shares of our common stock issued to Torreya Partners LLC. The warrants are fully vested, exercisable at a price of $6.80 per share and expire in October 2027. No warrants were exercised as of September 30, 2024.

Description of Capital Stock

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

Common Stock

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

Preferred Stock

Our Board has the authority to issue up to 100,000 shares of preferred stock with a par value of $0.01 per share in one or more series and to fix the rights, preferences, privileges and restrictions in respect of that preferred stock, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption (including sinking fund provisions), redemption prices and liquidation preferences, and the number of shares constituting such series and the designation of any such series, without future vote or action by the stockholders. Therefore, the Board, without the approval of the stockholders, could authorize the issuance of preferred stock with voting, conversion and other rights that could affect the voting power, dividend and other rights of the holders of shares or that could have the effect of delaying, deferring or preventing a change of control. There were no shares of preferred stock outstanding as of September 30, 2024 and June 30, 2024.

- Definition

The entire disclosure for equity.

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+ Details

Employee Termination Benefits - Summary of Activity Related to Employee Benefits Included in Accrued Liabilities (Detail) - One -Time Termination Benefits - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 21	$ 993
Increase in accrued restructuring	3,137	556
Cash payments	(2,203)	(1,528)
Restructuring Reserve, Ending Balance	$ 955	$ 21

- 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

Commitments and Contingencies

3 Months Ended

Sep. 30, 2024

Commitments and Contingencies

6. Commitments and Contingencies

We have contracted with various consultants and third parties to assist us in pre-clinical research and development and clinical trials work for our leading drug compounds. The contracts are terminable at any time but obligate us to reimburse the providers for any time or costs incurred through the date of termination. See the Sale of ME-344 discussion within Note 12. Subsequent Events for additional information regarding contracts associated with ME-344 assumed by the Purchaser. 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 September 30, 2024, which will have, individually or in the aggregate, a material adverse effect on its business, liquidity, financial position, or results of operations. Litigation, however, is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.

Indemnification

In accordance with our amended and restated certificate of incorporation and sixth amended and restated bylaws, we have indemnification obligations to our officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. There have been no claims to date, and we have a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Presage License Agreement

As discussed in Note 8. Other License Agreements, we are party to a license agreement with Presage Biosciences, Inc. (Presage) under which we may be required to make future payments upon the achievement of certain development, regulatory and commercial milestones, as well as potential future royalties based upon net sales. As of September 30, 2024, we had no accruals for potential future payments as achievement of the milestones had not been met.

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

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies - Schedule of Changes in Unbilled Receivables and Contract Liabilities (Detail) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)
Contract with Customer Asset and Liability [Line Items]
Contract liabilities, beginning of period	$ 317
Revenue recognized upon satisfaction of performance obligations	(317)
Contract liabilities, end of period	$ 0

Share-based Compensation (Tables)

3 Months Ended

Sep. 30, 2024

Share-Based Compensation Expense for Stock Awards

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


	For the Three Months Ended September 30,
	2024			2023
Research and development	$	(106	)	$	(69	)
General and administrative		(29	)		432
Total share-based compensation	$	(135	)	$	363

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, 2024		1,357,213		$	31.60
Forfeited		(233,528	)	$	21.85
Outstanding at September 30, 2024		1,123,685		$	33.62		6.6	$	—
Vested and expected to vest at September 30, 2024		1,123,685		$	33.62		6.6	$	—

Fair Value of Stock Options Weighted-Average Assumptions Used

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


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

Description of Business and Basis of Presentation

3 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

1. Description of Business and Basis of Presentation

Description of Business

MEI Pharma, Inc. (Nasdaq: MEIP) is a 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 prior to its sale (as discussed below), ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway.

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 (the 2024 RIF) 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 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.

Basis of Presentation and Consolidation

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the accompanying financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements include the accounts of MEI Pharma, Inc. and our wholly owned subsidiary, Meadow Merger Sub, Inc. We have eliminated all intercompany accounts and transactions in consolidation.

The accompanying unaudited condensed consolidated financial statements for the quarterly period ended September 30, 2024 should be read in conjunction with the audited financial statements and notes thereto as of and for the fiscal year ended June 30, 2024, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on September 19, 2024 (2024 Annual Report). Interim results are not necessarily indicative of results for a full year.

The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

Liquidity

To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We have accumulated losses of $396.2 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of September 30, 2024, we had $26.9 million in cash and cash equivalents and short-term investments. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we discontinued the clinical development of voruciclib, while certain nonclinical research and development activities continued. As a result, we 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 condensed consolidated financial statements.

Other License Agreements - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2023	Sep. 30, 2024
BeiGene, Ltd
Related Party Transaction [Line Items]
Reimbursements costs		$ 0.1
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

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

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

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Targeted or Tracking Stock, Stock [Line Items]
Accumulated losses since inception	$ 396,226	$ 388,219
Cash and cash equivalents and short term investments	$ 26,900

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value Measurements

3 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The carrying amounts of financial instruments such as cash equivalents, short-term investments and accounts payable approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash in financial instruments which are readily convertible into cash, such as money market funds and U.S. government securities. Cash equivalents and short-term investments are classified as Level 1 as defined by the fair value hierarchy. As of September 30, 2024 and June 30, 2024, we had no assets or liabilities measured on a recurring or non-recurring basis.

- 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

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+ Details

Summary of Significant Accounting Policies - Antidilutive Securities (Detail) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,227	1,550
Stock option
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	1,124	1,447
Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	103	103

Net Income (Loss) Per Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Potentially Dilutive Securities Outstanding [Line Items]
Common stock subject to repurchase or forfeiture	0	0

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

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

Short-term Investments

Short-term investments are marketable securities with maturities greater than three months but less than one year from date of purchase. As of September 30, 2024 and June 30, 2024, our short-term investments consisted of $20.0 million and $34.6 million, respectively, in United States government securities. The short-term investments held as of September 30, 2024 and June 30, 2024 are considered to be held to maturity and are carried at amortized cost. As of September 30, 2024 and June 30, 2024, gross unrealized gains and losses were immaterial.

Revenue Recognition

Revenues from Customers

In accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606), we recognized revenue when control of the promised goods or services was transferred to our customers, in an amount that reflects the consideration we expected to be entitled to in exchange for those goods or services. For enforceable contracts with our customers, we first identified 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 used judgment to evaluate whether the milestones were probable of being achieved, and we estimated the amount, if any, to include in the transaction price using the most likely method. If it were probable that a significant revenue reversal would not occur, the estimated amount was included in the transaction price. Milestone payments that were not within our or the licensee’s control, such as regulatory approvals, were not included in the transaction price until those approvals were received. At the end of each reporting period, we re-evaluated the probability of achievement of development milestones and any related constraint and, as necessary, we adjusted our estimate of the overall transaction price.

To the extent a contract included multiple promised deliverables, we applied judgment to determine whether promised deliverables were capable of being distinct and were distinct within the context of the contract. If these criteria were not met, the promised deliverables were accounted for as a combined performance obligation. For arrangements with multiple distinct performance obligations, we allocated variable consideration related to our 50-50 cost share for development services directly to the associated performance obligation and then allocated the remaining consideration among the performance obligations based on their relative stand-alone selling price.

When not directly observable, we typically estimated the stand-alone selling price for each distinct performance obligation. Variable consideration that related specifically to our efforts to satisfy specific performance obligations was allocated entirely to those performance obligations. Other components of the transaction price were allocated based on the relative stand-alone selling price, over which management has applied significant judgment. We developed assumptions that required judgment to determine the stand-alone selling price for license-related performance obligations, which may have included forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical, regulatory and commercial success. We

estimated 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 recognized revenue allocated to the license from non-refundable, up-front fees at the point in time when the license was 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 used 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 evaluated the measure of progress in each reporting period and, if necessary, adjusted the measure of performance and related revenue recognition.

The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. Revenue is recorded proportionally as costs are incurred. We generally used the cost-to-cost measure of progress because it best depicted the transfer of control to the customer which occurred as we incurred costs. Under the cost-to-cost measure of progress, the extent of progress towards completion was 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 used judgment to estimate the total cost expected to complete the research and development performance obligations, which included subcontractors’ costs, labor, materials, other direct costs and an allocation of indirect costs. We evaluated these cost estimates and the progress each reporting period and, as necessary, we adjusted the measure of progress and related revenue recognition.

In connection with our, now terminated, April 2020 License, Development and Commercialization Agreement with Kyowa Kirin Co., Ltd. (KKC) (the KKC Commercialization Agreement) described in Note 7. License Agreements, 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 condensed consolidated statements of operations as research and development expense.

During the three months ended September 30, 2024, we did not recognize any revenue associated with the KKC Commercialization Agreement. During the three months ended September 30, 2023, we recognized revenue associated with the KKC Commercialization Agreement as follows (in thousands):


Timing of Revenue Recognition:
Services performed over time	$	743
Pass through services at a point in time		9
	$	752

Contract Balances

Contract liabilities were included in deferred revenue and deferred revenue, long-term in our condensed consolidated balance sheets. Our contract liabilities accounted for under Topic 606 related to the amount of initial upfront consideration allocated to the development services performance obligations.

As of June 30, 2024 and September 30, 2024, we had no accounts receivable, unbilled receivable balances or contract liabilities. A reconciliation of the beginning and ending amount of contract liabilities as of June 30, 2024, which was primarily related to the combined performance obligation for the transfer of development services under the KKC Commercialization Agreement and was a separate performance obligation in our contracts pursuant to research plans under the agreements, was as follows:


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

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 invoiced our customers in accordance with agreed-upon contractual terms, typically at periodic intervals or upon achievement of contractual milestones. Invoicing may have occurred subsequent to revenue recognition, resulting in unbilled receivables. Advanced payments from our customers before revenue was recognized resulted in contract liabilities.

Revenues from Collaborators

At contract inception, we assessed whether the collaboration arrangements were within the scope of ASC Topic 808 Collaborative Agreements (Topic 808), to determine whether such arrangements involved joint operating activities performed by parties that were both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment was 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 determined which units of account within the arrangement were within the scope of Topic 808 and which elements were within the scope of Topic 606. For units of account within collaboration arrangements that were accounted for pursuant to Topic 808, an appropriate recognition method was determined and applied consistently, by analogy to authoritative accounting literature. For elements of collaboration arrangements that were accounted for pursuant to Topic 606, we recognized revenue as discussed above. Consideration received that did not meet the requirements to satisfy Topic 606 revenue recognition criteria was recorded as deferred revenue and classified as either current or long-term deferred revenue based on our best estimate of when such amounts would be recognized.

Net Income (Loss) Per Share

Net (Loss) Income Per Share

Basic and diluted net (loss) income per share is computed using the weighted-average number of shares of common stock outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of common stock subject to repurchase or forfeiture for the three months ended September 30, 2024 and 2023. Diluted net (loss) income 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 (loss) income per share calculation for the three months ended September 30, 2024 and 2023, potentially dilutive securities are excluded from the calculation of diluted net income per share because their weighted-average exercise prices were above our weighted-average share price as of September 30, 2024 and 2023, respectively, therefore, basic and diluted net loss per share were the same for the three months ended September 30, 2024 and 2023.

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


	For the Three Months Ended September 30,
	2024		2023
Stock options		1,124		1,447
Warrants		103		103
Total anti-dilutive shares		1,227		1,550

Recent Accounting Pronouncement

Recently Issued

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

In November 2023, the FASB issued Accounting Standard Update (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 impacts 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.

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

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
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

Share-based Compensation - Share-based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ (135)	$ 363
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	(106)	(69)
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ (29)	$ 432

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 0	$ 65,297
Operating expenses:
Research and development	3,163	3,485
General and administrative	5,189	6,531
Total operating expenses	8,352	10,016
(Loss) income from operations	(8,352)	55,281
Other income (expense):
Interest and dividend income	355	1,094
Other expense, net	(10)	(1)
Total other income, net	345	1,093
Net (loss) income	$ (8,007)	$ 56,374
Net (loss) income per share - basic and diluted:
Basic	$ (1.2)	$ 8.46
Diluted	$ (1.2)	$ 8.46
Weighted-average shares used in computing net (loss) income per share - basic and diluted:
Basic	6,663	6,663
Diluted	6,663	6,663
Revenue from customers
Revenues	$ 0	$ 752
Revenue from collaboration agreements
Revenues	$ 0	$ 64,545

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash flows from operating leases	$ 0	$ 584

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Short-term investments	$ 19,953		$ 34,640
Accounts receivable	$ 0		$ 0
Common stock subject to repurchase or forfeiture	0	0
Pass Through Services [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of reimbursement of pass through costs as revenue	100.00%

- Definition

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

+ References

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+ Details

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

Sep. 30, 2024

Jun. 30, 2024

Accrued Liabilities [Line Items]

Accrued pre-clinical and clinical trial expenses

$ 247

$ 1,407

Accrued compensation and benefits

^[1]

1,393

2,821

Accrued legal and professional services

201

Accrued reimbursement to KKC

892

Other

Total accrued liabilities

$ 1,896

$ 5,187

[1]	Includes employee termination benefits of approximately $1.0 million and $21,000 as of September 30, 2024 and June 30, 2024, respectively, as more fully described in Note 5. Employee Termination Benefits.

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Jun. 09, 2023	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	1,123,685	1,357,213
Unrecognized compensation expense related to unvested stock options	$ 0.3
Expected weighted average period for recognition of compensation expense	1 year 6 months 7 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Options outstanding	1,123,685
Closing price of common stock	$ 2.85
Employee Stock Option \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	12 months
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Employee Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vested percentage	25.00%
Share-based compensation arrangement by share-based payment award, award vesting period	36 months
2008 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized	1,850,739
Shares available for future grant	691,915
2008 Omnibus Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	1,044,668
Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized			92,000	125,000
Shares available for future grant	137,983
Inducement Plan [Member] \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	79,017

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Securities Act File Number	001-41827
Trading Symbol	MEIP
Entity Registrant Name	MEI Pharma, Inc.
Entity Tax Identification Number	51-0407811
Entity Central Index Key	0001262104
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
City Area Code	858
Local Phone Number	369-7100
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.00000002 par value
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	9920 Pacific Heights Blvd
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		6,662,857

Subsequent Events

3 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

Sale of ME-344

On October 22, 2024 (the Closing Date), MEI and Aardvark Therapeutics, Inc. (the Purchaser), entered into an Asset Purchase Agreement (the Asset Purchase Agreement), pursuant to which we sold to Purchaser our rights, title and interest in and to certain assets related to ME-344, including relevant intellectual property rights, technology and contracts. Pursuant to the Asset Purchase Agreement, the Purchaser paid us an initial payment of $0.5 million in cash plus a reimbursement amount of $55,000 at the closing of the transaction. The Purchaser may also make future milestone payments up to $62.0 million after the Closing Date, payable upon the achievement of certain regulatory and revenue milestones. The Purchaser also assumed certain of our liabilities after the Closing Date, including liabilities arising under the contracts transferred under the Asset Purchase Agreement.

Other License Agreements

3 Months Ended

Sep. 30, 2024

Licensing Arrangements [Abstract]

Other License Agreements

8. Other License Agreements

Presage License Agreement

In September 2017, we, as licensee, entered into a license agreement with Presage. Under the terms of the license agreement, Presage granted 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 three months ended September 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. The Company did not recognize any cost reimbursement reductions within research and development during the three months ended September 30, 2024. Cost reimbursements recorded as a reduction of research and development costs, in the condensed consolidated statements of operations, during the three months ended September 30, 2023 were approximately $0.1 million.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Revenue Associated with License Agreement

we recognized revenue associated with the KKC Commercialization Agreement as follows (in thousands):


Timing of Revenue Recognition:
Services performed over time	$	743
Pass through services at a point in time		9
	$	752

Schedule of Changes in Unbilled Receivables and Contract Liabilities


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

Antidilutive Securities

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


	For the Three Months Ended September 30,
	2024		2023
Stock options		1,124		1,447
Warrants		103		103
Total anti-dilutive shares		1,227		1,550

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (8,007)	$ 56,374

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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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-Topic 946
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+ Details

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended
	Feb. 20, 2024	Dec. 06, 2023	Oct. 31, 2023	Oct. 01, 2023	Sep. 30, 2024	Jun. 30, 2024	Jan. 02, 2024
Class of Stock [Line Items]
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 expired at the close of business on September 30, 2024. No rights were redeemed or exchanged under the Rights Agreement.
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
Closing agreement date			Nov. 17, 2023
Dividend paid		$ 11.7
Adopted agreement date				Oct. 01, 2023
Warrants \| Torreya Partners LLC
Class of Stock [Line Items]
Exercise price					$ 6.80
Warrants outstanding					102,513
O 2024 Q2 Dividends
Class of Stock [Line Items]
Cash dividends declared, per share					$ 1.75
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 SEC to determine our public float at the commencement of the offering, one-third of our public float was equal to approximately $9.9 million.
Aggregate offering price	$ 25.0
Entity public float, threshold	$ 75.0
Entity public float							$ 9.9
Number of shares issued and sold					0
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement					$ 100.0

Leases - Additional Information (Detail)		1 Months Ended	3 Months Ended	12 Months Ended
Leases - Additional Information (Detail)	Jun. 18, 2024 USD ($)	Jul. 31, 2022 USD ($) ft²	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	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	Nov. 30, 2029
Operating lease liabilities	$ 0
Lease expiration amended date	Sep. 30, 2024
Termination fee	$ 11,100,000
Prepayment of remaining rent	200,000
Proceeds from sale of furniture and fixtures	1
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
Remaining future minimum rental payments				0
Right-of-use asset balance			$ 0	214,000
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 - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 18, 2024	Jun. 30, 2024
Proceeds from sale of furniture and fixtures	$ 1
Depreciation		$ 100,000
Furniture and fixtures
Impairment charges		$ 500,000

Balance Sheet Details - Schedule of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Prepaid clinical costs	$ 0	$ 1,050
Software licenses	329	442
Security deposit	263	263
Other	248	669
Total prepaid and other current assets	$ 840	$ 2,424

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 6,952	$ 3,705
Short-term investments	19,953	34,640
Prepaid expenses and other current assets	840	2,424
Total current assets	27,745	40,769
Operating lease right-of-use asset	0	214
Property and equipment, net	5	392
Total assets	27,750	41,375
Current liabilities:
Accounts payable	976	3,168
Accrued liabilities	1,896	5,187
Total current liabilities	2,872	8,355
Total liabilities	2,872	8,355
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.01 par value; 100 shares authorized; none outstanding	0	0
Common stock, $0.00000002 par value; 226,000 shares authorized; 6,663 shares issued and outstanding at September 30, 2024 and June 30, 2024.	0	0
Additional paid-in capital	421,104	421,239
Accumulated deficit	(396,226)	(388,219)
Total stockholders' equity	24,878	33,020
Total liabilities and stockholders' equity	$ 27,750	$ 41,375

License Agreements - Additional Information (Detail) - Kyowa Kirin Co. Ltd - USD ($) $ in Millions		12 Months Ended
	Jul. 14, 2023	Jun. 30, 2023	Apr. 30, 2020
Related Party Transaction [Line Items]
Termination Agreement	Jul. 14, 2023
Total upfront payment receivable for grant of rights			$ 100.0
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]
Transaction price of deferred revenue remaining performance obligations		$ 0.3

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

Sep. 30, 2024

Jun. 30, 2024

Accrued compensation and benefits

^[1]

$ 1,393,000

$ 2,821,000

Termination Benefits

Accrued compensation and benefits

$ 1,000,000

$ 21,000

[1]	Includes employee termination benefits of approximately $1.0 million and $21,000 as of September 30, 2024 and June 30, 2024, respectively, as more fully described in Note 5. Employee Termination Benefits.

Leases - Schedule of Total Operating Costs (Detail) - General and Administrative Expense [Member] - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating lease cost	$ 214	$ 608
Variable lease costs	0	12
Total lease costs included in general and administrative expenses	$ 214	$ 620

Employee Termination Benefits

3 Months Ended

Sep. 30, 2024

Restructuring Reserve [Abstract]

Employee Termination Benefits

5. 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 2023 RIF), which was completed during fiscal year 2024.

In August 2024, in connection with our Strategic Alternatives announcement described in Note 1. Description of Business and Basis of Presentation, we commenced the 2024 RIF. Including contractual pro-rata fiscal year 2025 bonuses, we expect to incur charges not to exceed a total of $6.0 million in retention, 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 RIF 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 RIF.

For the three months ended September 30, 2024, we recorded employee termination benefits of $1.3 million and $1.8 million within research and development and general and administrative expense, respectively. For the three months ended September 30, 2023, we recorded additional employee termination benefits of $28,000 within research and development expense.

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


	September 30, 2024			June 30, 2024
Beginning balance	$	21		$	993
Increase in accrued restructuring		3,137			556
Cash payments		(2,203	)		(1,528	)
Ending Balance	$	955		$	21

Share-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Number of Options
Beginning Balance \| shares	1,357,213
Forfeited \| shares	(233,528)
Ending balance \| shares	1,123,685
Vested and expected to vest at end of period \| shares	1,123,685
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 31.60
Forfeited \| $ / shares	21.85
Ending balance \| $ / shares	33.62
Vested and expected to vest at end of period \| $ / shares	$ 33.62
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	6 years 7 months 6 days
Vested and expected to vest at end of period	6 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 0
Vested and expected to vest at end of period \| $	$ 0

Leases (Tables)

3 Months Ended

Sep. 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 Three Months Ended September 30,
	2024		2023
Operating lease cost	$	214	$	608
Variable lease costs		—		12
Total lease costs included in operating expenses	$	214	$	620

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 Three Months Ended September 30,
	2024		2023
Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	—	$	584

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 0	$ 0
Assets	$ 0	$ 0

Employee Termination Benefits - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Severance costs	$ 6,000,000
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Severance costs		$ 1,300,000	$ 28,000
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Severance costs		$ 1,800,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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
Non Rule 10b51 Arr Modified	false
Rule 10b51 Arr Modified	false

Employee Termination Benefits (Tables)

3 Months Ended

Sep. 30, 2024

Restructuring Reserve [Abstract]

Summary of Activity Related to Employee Benefits Included in Accrued Liabilities

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


	September 30, 2024			June 30, 2024
Beginning balance	$	21		$	993
Increase in accrued restructuring		3,137			556
Cash payments		(2,203	)		(1,528	)
Ending Balance	$	955		$	21

Share-based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

11. Share-based Compensation

We use equity-based compensation programs to provide long-term performance incentives for our employees. These incentives consist primarily of stock options and RSUs. In December 2008, we adopted the MEI Pharma, Inc. 2008 Stock Omnibus Equity Compensation Plan (Omnibus Plan), as amended and restated from time-to-time, under which 1,850,739 shares of common stock are currently authorized for issuance. The Omnibus Plan provides for the grant of options and/or other stock-based or stock-denominated awards to our non-employee directors, officers, and employees. As of September 30, 2024, there were 691,915 shares available for future grant under the Omnibus Plan.

In May 2021, we adopted the 2021 Inducement Plan (Inducement Plan), under which 125,000 shares of common stock are authorized for issuance. 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 September 30, 2024, there were 137,983 shares available for future grant under the Inducement Plan.

During the three months ended September 30, 2024 due to the 2024 RIF, as discussed in Note 5. Employee Termination Benefits, we reversed share-based compensation in excess of that recorded. Total share-based compensation for all stock awards consisted of the following for the periods presented (in thousands):


	For the Three Months Ended September 30,
	2024			2023
Research and development	$	(106	)	$	(69	)
General and administrative		(29	)		432
Total share-based compensation	$	(135	)	$	363

Stock Options

Stock options granted to employees vest 25% one year from the date of grant and ratably each month thereafter on the first day of the month following the one-year anniversary of the grant date for a period of 36 months and generally 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 generally expire ten years from the date of grant. Upon separation from the Company, without cause, our Board members have three years to exercise their vested stock options. As of September 30, 2024, there were 1,123,685 total options outstanding of which 1,044,668 were granted under the Omnibus Plan and 79,017 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, 2024		1,357,213		$	31.60
Forfeited		(233,528	)	$	21.85
Outstanding at September 30, 2024		1,123,685		$	33.62		6.6	$	—
Vested and expected to vest at September 30, 2024		1,123,685		$	33.62		6.6	$	—

As of September 30, 2024, the aggregate intrinsic value of outstanding options was calculated as the difference between the exercise price of the underlying options and the closing price of our common stock of $2.85 on that date.

Unrecognized compensation expense related to non-vested stock options totaled $0.3 million as of September 30, 2024. Such compensation expense is expected to be recognized over a weighted-average period of 1.52 years.

We use the Black-Scholes valuation model to estimate the grant date fair value of stock options. During the three months ended September 30, 2024, we did not grant any stock options. To calculate these fair values, the following weighted-average assumptions were used for the period presented:


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

Summary of Significant Accounting Policies - Schedule of Revenue Associated with License Agreement (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 0	$ 65,297
Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 0	752
Services performed over time \| Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues		743
Pass through Services at a Point in Time \| Revenue from customers
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues		$ 9

- 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).

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional paid in capital	Accumulated Deficit
Beginning Balance at Jun. 30, 2023	$ 24,624	$ 6,663	$ 430,621	$ (405,997)
Net Income (Loss)	56,374			56,374
Share-based compensation expense	363		363
Ending Balance at Sep. 30, 2023	81,361	6,663	430,984	(349,623)
Beginning Balance at Jun. 30, 2024	33,020	6,663	421,239	(388,219)
Net Income (Loss)	(8,007)			(8,007)
Share-based compensation expense	(135)		(135)
Ending Balance at Sep. 30, 2024	$ 24,878	$ 6,663	$ 421,104	$ (396,226)

- Definition

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

+ References

+ Details

- Definition

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

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

There have been no material changes to our significant accounting policies from those described in the notes to our audited consolidated financial statements contained in the 2024 Annual Report.

Risks and Uncertainties

Use of Estimates

Short-term Investments

Revenue Recognition

Revenues from Customers

estimated stand-alone selling price for research and development performance obligations by forecasting the expected costs of satisfying a performance obligation plus an appropriate margin.


Timing of Revenue Recognition:
Services performed over time	$	743
Pass through services at a point in time		9
	$	752

Contract Balances


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

Revenues from Collaborators

Net (Loss) Income Per Share

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


	For the Three Months Ended September 30,
	2024		2023
Stock options		1,124		1,447
Warrants		103		103
Total anti-dilutive shares		1,227		1,550

Recent Accounting Pronouncement

Recently Issued

Leases

3 Months Ended

Sep. 30, 2024

Disclosure Text Block [Abstract]

Leases

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 was 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 right-of-use (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 the lease for our existing office space as of September 30, 2024. 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 received our security deposit, which is classified as a component of prepaid and other current assets, from the landlord in October 2024.

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 for the fiscal year ended June 30, 2024. 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 Three Months Ended September 30,
	2024		2023
Operating lease cost	$	214	$	608
Variable lease costs		—		12
Total lease costs included in operating expenses	$	214	$	620

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


	For the Three Months Ended September 30,
	2024		2023
Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	—	$	584

As of June 30, 2024, we had no remaining future minimum rental payments for our operating leases and the remaining ROU asset balance was $0.2 million. As of September 30, 2024, we had vacated the facility and the leased property reverted to the landlord. In addition, the ROU asset has been fully amortized. 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.

Balance Sheet Details

3 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

3. Balance Sheet Details

Prepaid and Other Current Assets

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


	September 30, 2024		June 30, 2024
Prepaid clinical costs	$	—	$	1,050
Software licenses		329		442
Security deposit		263		263
Other		248		669
Total prepaid and other current assets	$	840	$	2,424

Property and Equipment

Property and equipment consisted of the following, in thousands:


	September 30, 2024			June 30, 2024
Furniture and fixtures	$	—		$	1,000
Equipment		7			187
Leasehold improvements		—			969
		7			2,156
Less: accumulated depreciation (1)		(2	)		(1,764	)
Property and equipment, net	$	5		$	392

_____________

(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 three months ended September 30, 2024 and 2023 are presented in the condensed 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 during our fiscal year ended June 30, 2024 of approximately $0.5 million for the furniture and fixtures sold to the landlord on September 30, 2024, which was included in the impairment of long-lived assets in the condensed consolidated statements of operations for the fiscal year ended June 30, 2024. 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:



	September 30, 2024		June 30, 2024
Accrued pre-clinical and clinical trial expenses	$	247	$	1,407
Accrued compensation and benefits(1)		1,393		2,821
Accrued legal and professional services		201		33
Accrued reimbursement to KKC		—		892
Other		55		34
Total accrued liabilities	$	1,896	$	5,187