Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.3
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2024
Income Taxes [Abstract]  
Schedule of Income Tax Expense (Benefit) The components of income tax expense (benefit) for the years ended June 30, 2024 and June 30, 2023 are as follows (in thousands):
    June 30,
2024
    June 30,
2023
 
Current:            
Federal   $ 6     $ (38 )
State and Local    
      (16 )
Total Current Tax Provision (Benefit)     6       (54 )
                 
Deferred:                
Federal    
      (2,179 )
State and Local    
      (215 )
Total Deferred Tax Provision (Benefit)    
              —
      (2,394 )
                 
Total Tax Provision (Benefit)   $ 6     $ (2,448 )
Schedule of Provision for/(Benefit from) Income Tax The provision for/(benefit from) income tax differs from the amount computed by applying the statutory federal income tax rate to income before the provision for/(benefit from) income taxes. The sources and tax effects of the differences are as follows:
    For the
Year Ended June 30,
2024
    For the
Year Ended June 30,
2023
 
Income taxes at Federal statutory rate     (21.00 )%     (21.00 )%
State income taxes, net of Federal income tax benefit     (1.41 )%     (1.35 )%
Tax Credits     (0.82 )%     (1.56 )%
Stock-based compensation     0.70 %     1.21 %
Goodwill impairment     1.01 %     0.00 %
Other     0.00 %     (0.53 )%
Change in Valuation Allowance     21.52 %     19.15 %
Effect of changes in income tax rate applied to net deferred taxes     0.00 %     0.37 %
Income Tax Provision     0.00 %     (3.71 )%
Schedule of Deferred Tax Assets and Liabilities The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities are as follows, (in thousands):
    June 30,
2024
    June 30,
2023
 
Deferred Tax Assets            
Net Operating Loss Carryforwards   $ 64,644     $ 53,755  
Stock-based compensation     3,576       4,373  
Credits     5,132       3,753  
Research and development expenditures     9,257       8,145  
Contingent liability     12,880      
 
Inventory     932      
 
Accumulated depreciation/basis differences     517      
 
Other     497       1,387  
      97,435       71,413  
Deferred Tax Liabilities                
Intangibles     (2,735 )     (3,338 )
Accumulated depreciation/basis differences    
      (9,945 )
Other     (425 )    
 
      (3,160 )     (13,283 )
                 
Valuation Allowance     (94,275 )     (58,130 )
Net Deferred Tax Assets   $
    $
 
Schedule of Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended June 30, 2024 and June 30, 2023 is as follows (in thousands):
    June 30,
2024
    June 30,
2023
 
Beginning Balance   $ 541     $ 427  
Additions based on positions related to the current year     106       70  
Additions for tax positions in prior years     47       44  
Reductions for tax positions in prior years    
     
 
Expiration of statute of limitations    
     
 
Ending Balance   $ 694     $ 541