0001213900-25-092837 | 10-K | XBRL Viewer

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Jun. 30, 2025

Prepaid Expenses and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

	June 30, 2025		June 30, 2024
	(in thousands)
Prepayments¹		297		329
GST recoverable		494		178
Total other assets		791		507

Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-675A clinical trials and scientific, marketing, and adverting subscription services.

Stockholder's Equity/Issued Capital (Tables)

12 Months Ended

Jun. 30, 2025

Stockholder’s Equity/Issued Capital [Abstract]

Schedule of Adjusted to Reflect this Redomiciliation

On November 28, 2023, the Company effected the redomiciliation. All references in these consolidated financial statements to the Company’s outstanding common stock, including per share information, have been retrospectively adjusted to reflect this redomiciliation.

	For the fiscal year ended June 30, 2024
	$		No. of Shares
	(in thousands, except per share data)
Opening balance		2		15,873,113
Issues of new shares - employees and directors		-		1,769,719
Closing balance		2		17,642,832

	For the fiscal year ended June 30, 2025
	$		No. of Shares
	(in thousands, except per share data)
Opening balance		2		17,642,832
Issue of new shares		18		176,049,053
Issues of new shares – convertible note conversion		-		64,127
Issues of new shares - employees and directors		-		623,984
Closing balance		20		194,379,996

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Jun. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy In the ordinary course of our business, we may collect, store, use, transmit, disclose, or otherwise process proprietary, confidential, and sensitive information, including personal information (such as health-related information), data related to clinical trials, intellectual property, and trade secrets. We depend on both our own systems, networks, and technology, as well as the systems, networks and technology of our collaborative partners, third-party service providers and other business partners, to safeguard our data. We recognize the critical importance of maintaining the trust and confidence of customers, business partners and employees toward our business and are committed to protecting the confidentiality, integrity and availability of our business operations and systems. Cybersecurity Program We face risks related to cybersecurity such as unauthorized access, cybersecurity attacks and other cybersecurity incidents, including as perpetrated by hackers, and unintentional damage or disruption to hardware and software systems, loss of data, and misappropriation of confidential, personal, and other sensitive or proprietary information. To identify and assess material risks from cybersecurity threats, we maintain a comprehensive cybersecurity program designed to ensure that our systems are effective and prepared for information security risks, including regular oversight of our programs for security monitoring for internal and external threats to ensure the confidentiality and integrity of our information assets. We consider risks from cybersecurity threats alongside other company risks as part of our overall risk assessment process. We engage industry recognized third-party cybersecurity consultants and technology to assist us with monitoring and maintaining the performance and effectiveness of our systems, network, and data. We maintain a cybersecurity risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program, in conjunction with our enterprise risk management assessment processes, addresses cybersecurity risks to our information technology environment including systems, hardware, software, data, people, and processes. We describe whether and how risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, under the heading “If our information technology systems or data, or those of third parties upon which we rely, are of were compromised, we could experience adverse consequences resulting from such compromise, including regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, and other loss of revenue or profits,” which disclosures are incorporated by reference herein. Process for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats We engage third-party cybersecurity professionals and consultants, including those that provide cybersecurity risk advisory and information technology administration services, as a key component of our cybersecurity risk management strategy. Such third parties also generally assist us with oversight and administration of our cybersecurity risk management program and inform senior management and other relevant stakeholders regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents. We utilize third-party specialists to conduct annual assessments of our cybersecurity risk management program, which incorporate recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology Cybersecurity Framework. The annual risk assessment identifies, quantifies, and categorizes material cybersecurity risks. In addition, in conjunction with our third-party cybersecurity risk management specialists, we develop a risk mitigation plan to address identified risks, and where necessary, remediate potential vulnerabilities. In addition, we maintain information security processes designed to safeguard and manage confidential, personal, and other sensitive or proprietary data, manage access and user accounts, and protect our information technology assets, data, and services from threats and vulnerabilities. We also maintain an information technology assets inventory, identity access management controls including restricted access to privileged accounts, and physical security measures at our facilities. Our processes also address cybersecurity threat risks associated with our use of third-party service providers, including our suppliers and manufacturers who have access to our data or our systems. In addition, cybersecurity considerations affect the selection and oversight of our third-party service providers. We perform diligence on third parties that have access to our systems, data or facilities that house such systems or data, and continually monitor cybersecurity threat risks identified through such diligence. Additionally, we generally require those third parties that could introduce significant cybersecurity risk to us to agree by contract to manage their cybersecurity risks in specified ways, and to agree to be subject to cybersecurity audits, which we conduct as appropriate. During the last fiscal year, we have not experienced any material cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Role of Management [Text Block]	Governance Management Oversight Our cybersecurity program is overseen by our management team principally our chief financial officer and chief executive officer, with assistance from our third-party information technology and cybersecurity consultants, with responsibility to lead our enterprise-wide cybersecurity strategy, policy, standards, architecture, and processes. This includes management of our controls and processes employed to assess, identify and manage material risks from cybersecurity threats. Our management team selects, deploys, and oversees cybersecurity technologies, initiatives, and processes directly or via selection of strategic third-party partners, and relies on threat intelligence as well as other information obtained from governmental, public, or private sources, including external consultants engaged for strategic cybersecurity risk management, advisory and decision making. Board Oversight Our board of directors oversees our cybersecurity risk exposures and the steps taken by our management team to monitor and mitigate cybersecurity risks. Our management team, in consultation with our third-party information technology and cybersecurity consultants, brief our board of directors on assessing and managing cybersecurity risks. In addition, cybersecurity risks are reviewed by our board of directors at least annually, as part of our corporate risk oversight processes. Our third-party information technology and cybersecurity consultants and management team provide periodic reports to our board of directors on cyber vulnerabilities identified through the risk management process, the effectiveness of our cybersecurity risk management program, the emerging threat landscape, and new cybersecurity risks on at least an annual basis. Such reports include updates on the processes to prevent, detect, and mitigate cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our board of directors oversees our cybersecurity risk exposures and the steps taken by our management team to monitor and mitigate cybersecurity risks.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors oversees our cybersecurity risk exposures and the steps taken by our management team to monitor and mitigate cybersecurity risks. Our management team, in consultation with our third-party information technology and cybersecurity consultants, brief our board of directors on assessing and managing cybersecurity risks. In addition, cybersecurity risks are reviewed by our board of directors at least annually, as part of our corporate risk oversight processes. Our third-party information technology and cybersecurity consultants and management team provide periodic reports to our board of directors on cyber vulnerabilities identified through the risk management process, the effectiveness of our cybersecurity risk management program, the emerging threat landscape, and new cybersecurity risks on at least an annual basis. Such reports include updates on the processes to prevent, detect, and mitigate cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	In addition, cybersecurity risks are reviewed by our board of directors at least annually, as part of our corporate risk oversight processes.

Trade and Other Payables, Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Jun. 30, 2025

Trade and Other Payables, Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Trade and Other Payables, Accrued Expenses and Other Current Liabilities

	June 30, 2025		June 30, 2024
	(in thousands)
Current liabilities
Trade payables		6,074		527
Contract liabilities		30		85
Total trade and other payables		6,104		612

Accrued expenses		661		4,512
Employee leave entitlements		35		333
Total accrued expenses and other current liabilities		696		4,845
Total trade and other payables, accrued expenses and other current liabilities		6,800		5,457

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (46,885)	$ (18,459)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	246	103
Stock-based compensation expense	2,609	8,928
Unrealized losses/(gains) on foreign currency remeasurement	294	28
Non-cash expense of ELOC commitment	1,048
Change in fair value of warrant liabilities	21,925
Change in fair value of convertible rights	(299)
Non-cash interest expense	302
Loss on extinguishment	1,472
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(189)	369
R&D tax incentive receivable	5,579	(9,837)
Trade and other payables	1,385	3,023
Net cash used in operating activities	(12,513)	(15,845)
Cash flows from investing activities:
Purchase of property, plant and equipment	(8)	(277)
Net cash used in investing activities	(8)	(277)
Cash flows from financing activities:
Proceeds received from facility agreement	4,282
Repayment of facility agreement	(4,459)
Proceeds share issuance	48,343
Share issuance costs	(747)
Warrant issuance costs	(125)
Proceeds from issuance of convertible debt	2,779
Cancellation of warrants	(24,769)
Repayment of convertible debt	(3,795)
Debt issuance costs	(113)
Net cash provided by financing activities	21,396
Effect of exchange rate changes on cash and cash equivalents	306	(140)
Net (decrease)/increase in cash and cash equivalents	8,875	(16,122)
Cash and cash equivalents at beginning of period	5,858	22,120
Cash and cash equivalents at end of period	15,039	5,858
Non-cash investing and financing activities
Issuance of ELOC warrants at initial fair value	806
Issuance of convertible note warrants at initial fair value	341
Issuance of convertible rights at initial fair value	282
Issuance of Series A warrants at initial fair value	2,843
Partial conversion of convertible note	100
Total	$ 4,372

Additional paid-in capital

12 Months Ended

Jun. 30, 2025

Additional Paid-in Capital [Abstract]

Additional paid-in capital

Note 10 - Additional paid-in capital

Additional paid-in capital:

	June 30, 2025			June 30, 2024
	(in thousands except per share data)
Opening balance		125,218			116,290
Equity instruments issued to management and directors¹		2,609			8,928
Convertible note conversion		100			-
Share issuance		48,401			-
Share issuance costs		(2,279	)		-
Ending balance		174,049			125,218

The equity-based premium reserve is used to record the value of equity issued to raise capital, and for stock-based payments.

Trade and Other Payables, Accrued Expenses and Other Current Liabilities

12 Months Ended

Jun. 30, 2025

Trade and Other Payables, Accrued Expenses and Other Current Liabilities [Abstract]

Trade and other payables, accrued expenses and other current liabilities

Note 6 - Trade and other payables, accrued expenses and other current liabilities

	June 30, 2025		June 30, 2024
	(in thousands)
Current liabilities
Trade payables		6,074		527
Contract liabilities		30		85
Total trade and other payables		6,104		612

Accrued expenses		661		4,512
Employee leave entitlements		35		333
Total accrued expenses and other current liabilities		696		4,845
Total trade and other payables, accrued expenses and other current liabilities		6,800		5,457

Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carrying amounts are a reasonable approximation of fair value.

Commitments and Contingencies

12 Months Ended

Jun. 30, 2025

Commitments and Contingencies [Abstarct]

Commitments and contingencies

Note 8 - Commitments and contingencies

The Company records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses material contingencies when it believes a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Although the Company cannot predict with assurance the outcome of any litigation or tax matters, it does not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on the Company’s operating results, financial position or cash flows.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2025

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Schedule of Data Regarding the Dollar Exchange Rate

The following table presents data regarding the dollar exchange rate of relevant currencies:

	June 30, 2025		June 30, 2024
Exchange rate on balance sheet dates
USD: AUD Exchange Rate		0.6550		0.6624
Average exchange rate for the period
USD: AUD Exchange Rate		0.6482		0.6556

Stockholder's Equity/Issued Capital - Schedule of Adjusted to Reflect this Redomiciliation (Details) - Common Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Schedule of Adjusted to Reflect this Redomiciliation [Line Items]
Balance	$ 2	$ 2
Balance	17,642,832	15,873,113
Issue of new shares	$ 18
Issue of new shares	176,049,053
Issues of new shares – convertible note conversion
Issues of new shares – convertible note conversion	64,127
Issues of new shares - employees and directors
Issues of new shares - employees and directors	623,984	1,769,719
Balance	$ 20	$ 2
Balance	194,379,996	17,642,832

Trade and Other Payables, Accrued Expenses and Other Current Liabilities - Schedule of Trade and Other Payables, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Current liabilities
Trade payables	$ 6,074	$ 527
Contract liabilities	30	85
Total trade and other payables	6,104	612
Accrued expenses	661	4,512
Employee leave entitlements	35	333
Total accrued expenses and other current liabilities	696	4,845
Total trade and other payables, accrued expenses and other current liabilities	$ 6,800	$ 5,457

R&D Tax Incentive Receivable (Tables)

12 Months Ended

Jun. 30, 2025

R&D Tax Incentive Receivable [Abstract]

Schedule of R&D Tax Incentive Receivable

	June 30, 2025		June 30, 2024
	(in thousands)
R&D tax incentive receivable		4,132		9,837

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Revenue from customers	$ 86	$ 12
Operating expenses:
Research and development	(10,747)	(12,879)
General and administrative	(13,128)	(17,174)
Total operating expenses	(23,875)	(30,053)
Loss from operations	(23,789)	(30,041)
Other income, net:
R&D tax incentive	1,756	11,434
Foreign exchange expense	(289)	(28)
Interest expense	(303)
Interest income	62	206
Change in fair value of convertible rights	299
Change in fair value of warrant liabilities	(21,925)
Warrant issuance costs	(129)
Loss on extinguishment	(1,472)
ELOC commitment fee	(1,095)
Total other income, net	(23,096)	11,612
Loss before income tax expense	(46,885)	(18,429)
Income tax expense		(30)
Net loss	(46,885)	(18,459)
Other comprehensive income/ (loss):
Currency translation adjustment, net of tax	208	(77)
Total comprehensive loss	$ (46,677)	$ (18,536)
Net loss per share: Basic (in Dollars per share)	$ (1.35)	$ (1.15)
Net loss per share: diluted (in Dollars per share)	$ (1.35)	$ (1.15)
Weighted average number of shares outstanding, basic (in Shares)	34,454,269	16,164,338
Weighted average number of shares outstanding, diluted (in Shares)	34,454,269	16,164,338

Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Property, Plant and Equipment, Net [Abstract]
Depreciation expense	$ 143,000	$ 103,000

Leases

12 Months Ended

Jun. 30, 2025

Leases [Abstract]

Leases

Note 7 - Leases

As of June 30, 2025, the Company has three lease agreements for its corporate head office in Sydney and two sites in Melbourne (an office and the Clarion Clinic). The leases have original terms of approximately four, five and three years, respectively, require monthly payments that may be subject to annual increases, and include certain renewal options. The Company did not include the renewal periods in measuring the related right-of-use assets and lease liabilities because it was not reasonably certain that the options would be exercised.

The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating leases:

	June 30, 2025			June 30, 2024
Lease term (years)		1.32			2.32

Discount rate		9.18	%		9.18	%

The following table summarizes the lease costs pertaining to the Company’s operating leases:

		June 30, 2025				June 30, 2024
Operating lease cost			203				172

Cash paid for amounts included in the measurement of operating lease liabilities during the fiscal years ended June 30, 2025 and 2024 was $203,000 and $172,000, respectively, and was included within net cash used in operating activities in the cash flows.

The following table summarizes the future minimum lease payments due under operating leases as of June 30, 2025, (in thousands):

Operating leases	Amount $ (in thousands)
June 30, 2026		199
June 30, 2027		48
June 30, 2028		32

Total minimum lease payments		279

Less amount representing interest		21

Total operating lease liabilities		258

Income Tax

12 Months Ended

Jun. 30, 2025

Income Tax [Abstarct]

Income Tax

Note 14 - Income Tax

The prima facie income tax benefit on pre-tax accounting loss from operations reconciles to the income tax benefit in the financial statements as follows:

	June 30, 2025			June 30, 2024
	(in thousands)
Accounting loss before tax		(46,885	)		(18,415	)
Income tax benefit at the applicable tax rate of 30%		(14,066	)		(5,525	)
Non-deductible expenses		4,511			6,545
Non-assessable income		(1,527	)		(3,431	)
Deferred tax assets not recognized		1,143			927
Income tax benefit		-			(30	)
Unrecognized Deferred Tax Asset
Deferred tax asset not recognized in the financial statements:
Unused tax losses		10,648			6,887
Net unrecognized tax benefit at 25%		11,790			7,813

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carry forwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carry forward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. As of June 30, 2025 and 2024, the Company established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Fair Value of Financial Instruments

12 Months Ended

Jun. 30, 2025

Fair Value of Financial Instruments [Abstract]

Fair value of Financial Instruments

Note 13 – Fair value of Financial Instruments

Cash and cash equivalents, accounts receivable (including R&D tax incentive receivable), prepaid expenses and other current assets, accounts payable, accrued expenses and current liabilities are reflected on the consolidated balance sheets at amounts that approximate fair value because of the short-term nature of these financial assets and liabilities.

ELOC Purchase Agreement

The Company evaluated the ELOC Purchase Agreement to determine whether it should be accounted for considering the guidance in ASC 815-40, “Derivatives and Hedging - Contracts on an Entity’s Own Equity” (“ASC 815-40”) and concluded that it is an equity-linked contract that does not qualify for equity classification, and therefore requires fair value accounting as a derivative.

The ELOC Purchase Agreement was terminated on March 13, 2025.

ELOC Warrant

Classification of the ELOC Warrant as a liability instrument was based on management’s analysis of the guidance in ASC 815 and in a statement issued by the staff of the SEC regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.”

Management considered whether the ELOC Warrant displayed the three characteristics of a derivative under ASC 815, and concluded that the ELOC Warrant mets the definition of a derivative. However, the ELOC Warrant failed to meet the equity scope exception in ASC 815-10-15-74(a) and thus is classified as a liability measured at fair value, subject to remeasurement at each reporting period. This is on the basis that the ELOC Warrant included certain cash-settlement features in the event of a tender offer, which is outside the control of the Company, and that the exercise price was denominated in a currency other than the reporting entity’s functional currency, and therefore the instrument is not considered indexed to the reporting entity’s own stock. The Company measures the ELOC Warrant as a liability at fair value as at each reporting period with changes in fair value recognized as other (income) expense, net in the consolidated statements of operations and comprehensive income (loss).

The ELOC Warrant was classified as a level 3 financial instrument in the fair value hierarchy and were valued using the BSOPM.

The changes in the fair value of the ELOC Warrant liability were a decrease of $0.6 million for the fiscal year ended June 30, 2025.

Convertible Debentures

The Company has accounted for the Debenture as a financing transaction, wherein the net proceeds that were received were allocated to the financial instruments issued. Prior to making the accounting allocation, the Company evaluated the Convertible Debentures under ASC 815 Derivatives and Hedging (“ASC 815”). ASC 815 generally requires the analysis of embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract.

The Company evaluated that the convertible right met the definition of a derivative under ASC 815-10-15-83. Further the Company evaluated that the convertible right requires bifurcation from the debt host on the basis that it fails to meet the equity scope exception in ASC 815-10-15-74(a) and thus are classified as a liability measured at fair value, subject to remeasurement at each reporting period.

The Company evaluated that the Debenture Warrant was a detachable freestanding instrument. The Debenture Warrant included certain cash-settlement features in the event of a tender offer, which is outside the control of the Company, and that the exercise price was denominated in a currency (USD) other than the reporting entity’s functional currency (AUD), and thus failed to meet the equity scope exception in ASC 815-10-15-74(a). Therefore, the instrument was not considered indexed to the reporting entity’s own stock. As such the Debenture Warrant were classified as a liability and measured at fair value, with changes in fair value each period reported in earnings.

The proceeds from issuing the Debenture were allocated first to the Debenture Warrant based on its fair value. The proceeds allocated to the debt instrument was then further allocated between the debt host contract and the bifurcated derivative based on the fair value of that derivative as prescribed by ASC 815-15-30-2.

The proceeds of the transaction were initially allocated as follows:

	Amount
	(in thousands)
10% Original issue discount		333
Convertible rights (liability) at fair value		302
Debenture Warrant (liability) at fair value		365
Debt issuance costs		122
Debt liability host		2,211
Face value		3,333

Debt discount and the debt issuance costs were capitalized to the carrying amount of the debt. Such costs are presented on the balance sheet as a direct deduction from that debt liability host.

The convertible debt was repaid in full on March 13, 2025, including the outstanding principal, interest, amounts and redemption premiums that was due as of February 28, 2025. The convertible rights are derecognized along with the debt repayment. The Company recognized a $1.0 million loss on extinguishment of the debt host contract and the bifurcated derivative.

The changes in the fair value of the Debenture Warrants liability were a decrease of $0.2 million for the fiscal year ended June 30, 2025.

Series A Warrants

Classification of the Series A Warrants as liability instruments was based on management’s analysis of the guidance in ASC 815 and in a statement issued by the staff of the SEC regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.”

Management considered whether the Series A Warrants displayed the three characteristics of a derivative under ASC 815 and concluded that the Series A Warrants met the definition of a derivative. However, the Series A Warrants failed to meet the equity scope exception in ASC 815-10-15-74(a) and thus were classified as a liability measured at fair value, subject to remeasurement at each reporting period. This is on the basis that the exercise price of the Series A Warrants was denominated in a currency other than the reporting entity’s functional currency, and therefore the instrument was not considered indexed to the reporting entity’s own stock. The Company measured the Series A Warrants as a liability at fair value as at each reporting period with changes in fair value recognized as other (income) expense, net in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Series A Warrants were classified as a level 3 financial instrument in the fair value hierarchy and were valued using the BSOPM.

The changes in the fair value of the Series A Warrant liability were an increase of $22.7 million for the fiscal year ended June 30, 2025.

In May 2025, the Company entered into letter agreements with the holders of the Series A Warrants pursuant to which the Company paid to the holders of Series A Warrants an aggregate of $24.8 million in exchange for the cancellation of all of the outstanding Series A Warrants.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

R&D Tax Incentive Receivable - Schedule of R&D Tax Incentive Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Schedule of R&D Tax Incentive Receivable [Abstract]
R&D tax incentive receivable	$ 4,132	$ 9,837

Company Overview

12 Months Ended

Jun. 30, 2025

Company Overview [Abstract]

Company Overview

Note 1 – Company Overview

Incannex Healthcare Inc. (“Incannex”) is a corporation formed under the laws of the State of Delaware in July 2023. Incannex and its subsidiaries are referred to as “the Company” unless the text otherwise requires.

The Company’s fiscal year end is June 30. References to a particular “fiscal year” are to the Company’s fiscal year ended June 30 of that calendar year.

The consolidated financial statements of the Company are presented in U.S. dollars and consist of Incannex and the following wholly-owned subsidiaries:

Subsidiary		Jurisdiction
Incannex Healthcare Pty Ltd		Victoria, Australia
Incannex Pty Ltd		Victoria, Australia
Psychennex Pty Ltd		Victoria, Australia
APIRx Pharmaceutical USA, LLC		Delaware
APIRx Pharmaceuticals Holding BV		IJsselstein, Netherlands
Clarion Clinics Group Pty Ltd		Victoria, Australia
Clarion Model Clinic Pty Ltd		Victoria, Australia
Psychennex Licensing and Franchising Pty Ltd		Victoria, Australia

Description of Business

The Company is a clinical-stage biopharmaceutical development company dedicated to developing innovative medicines for patients living with serious chronic diseases and significant unmet needs. The Company’s lead drug candidates include IHL-42X for the treatment of obstructive sleep apnea (“OSA”); PSX-001, the Company’s psilocybin treatment in combination with psychological therapy in development to treat patients with generalized anxiety disorder (“GAD”); and IHL-675A for rheumatoid arthritis. Each of these programs target conditions that currently have limited, inadequate, or no approved pharmaceutical treatment options.

General and Administration expenses - Schedule of General and Administration Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
General and Administration Expenses [Abstarct]
Salaries, and other employee benefits	$ (4,217)	$ (2,809)
Stock-based payments expense	(2,609)	(8,928)
Depreciation expense	(246)	(103)
Compliance, legal and regulatory	(3,939)	(3,108)
Occupancy expenses	(390)	(348)
Advertising and investor relations	(795)	(1,055)
Other administration expenses	(932)	(823)
Total general and administration expenses	$ (13,128)	$ (17,174)

Stock-Based Payments - Schedule of Stock-Based Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Schedule of Stock-Based Payments [Line Items]
Total stock-based compensation expense	$ (2,609)	$ (8,928)
Research and development [Member]
Schedule of Stock-Based Payments [Line Items]
Total stock-based compensation expense
General and administrative [Member]
Schedule of Stock-Based Payments [Line Items]
Total stock-based compensation expense	$ (2,609)	$ (8,928)

Subsequent Events

12 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 17 - Subsequent Events

ATM Program Increase

On July 24, 2025, the Company filed a prospectus supplement to increase the capacity of its ATM by up to an additional $100 million. While this filing increases the available capacity under the ATM, the Company is under no obligation to issue any share of its common stock pursuant to the program. The expanded facility is intended to enhance the Company’s financial flexibility, providing an efficient mechanism to access capital if, and when, deemed appropriate. Any utilisation of the ATM will be at the discretion of the Company, taking into account prevailing market conditions and strategic priorities.

As previously disclosed, the ATM is conducted pursuant to the Amended and Restated Sales Agreement, by and among the Company and the Sales Agents. Accordingly, pursuant to the prospectus supplement, the amount of shares of the Company’s common stock that the Company may issue under the Amended and Restated Sales Agreement has been increased by up to an aggregate of $100 million of shares of the Company’s common stock. There can be no assurance that the Sales Agents will be able to complete future placements pursuant to the Amended and Restated Sales Agreement, even if instructed to do so. The number of shares of the Company’s common stock that the Company may ultimately sell under the Amended and Restated Sales Agreement will fluctuate based on a number of factors, including the market price of its common stock during the sales period, the limits it may set in any instruction to sell shares of its common stock, and the demand for its common stock during an applicable sales period.

Income Tax (Tables)

12 Months Ended

Jun. 30, 2025

Income Tax [Abstarct]

Schedule of Operations Reconciles to the Income Tax Benefit

The prima facie income tax benefit on pre-tax accounting loss from operations reconciles to the income tax benefit in the financial statements as follows:

	June 30, 2025			June 30, 2024
	(in thousands)
Accounting loss before tax		(46,885	)		(18,415	)
Income tax benefit at the applicable tax rate of 30%		(14,066	)		(5,525	)
Non-deductible expenses		4,511			6,545
Non-assessable income		(1,527	)		(3,431	)
Deferred tax assets not recognized		1,143			927
Income tax benefit		-			(30	)
Unrecognized Deferred Tax Asset
Deferred tax asset not recognized in the financial statements:
Unused tax losses		10,648			6,887
Net unrecognized tax benefit at 25%		11,790			7,813

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2025
Auditor [Table]
Auditor Name	GRANT THORNTON AUDIT PTY LTD
Auditor Firm ID	2233
Auditor Location	Perth, Australia
Auditor Opinion [Text Block]	Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Incannex Healthcare Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of June 30, 2025, the related consolidated statements of operations and comprehensive loss, changes in shareholders’ equity (deficit), and cash flows for each of the two years in the period ended June 30, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Stock-Based Payments - Schedule of Restricted Stock Activity (Details) - Restricted stock [Member]	12 Months Ended
	Jun. 30, 2025 $ / shares shares
Schedule of Restricted Stock Activity [Abstract]
Numbers of Shares, Unvested and Outstanding Beginning \| shares	651,939
Weighted Average Grant Date Fair Value, Unvested and Outstanding Beginning \| $ / shares	$ 3.91
Numbers of Shares, Granted \| shares	40,739,093
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 0.23
Numbers of Shares, Vested \| shares	(623,984)
Weighted Average Grant Date Fair Value,Vested \| $ / shares	$ 3.97
Numbers of Shares, Forfeited \| shares
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Numbers of Shares, Unvested and Outstanding Ending \| shares	40,767,047
Weighted Average Grant Date Fair Value, Unvested and Outstanding Ending \| $ / shares	$ 0.23

Stock-Based Payments - Schedule of Stock Options (Details) - USD ($)		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2025
Schedule of Stock Options [Abstract]
Numbers of Shares, Unvested and Outstanding balance	235,008	227,508
Weighted Average Exercise Price, Unvested and Outstanding balance	$ 26.76	$ 27.22
Weighted Average Remaining Contractual Term, Unvested and Outstanding balance	1 year 11 months 4 days	1 year 5 months 15 days
Aggregate Intrinsic Value, Unvested and Outstanding balance
Numbers of Shares, Unvested
Weighted Average Exercise Price, Unvested
Weighted Average Remaining Contractual Term, Unvested
Aggregate Intrinsic Value, Unvested
Number of Shares, Granted
Weighted Average Exercise Price, Granted
Aggregate Intrinsic Value (in thousands), Granted
Numbers of Shares, Vested
Weighted Average Exercise Price, Vested
Aggregate Intrinsic Value, Vested
Numbers of Shares, Forfeited		(7,500)
Weighted Average Exercise Price, Forfeited		$ 3.28
Aggregate Intrinsic Value, Forfeited

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Fair Value of Financial Instruments [Line Items]
Change in fair value of Warrants	$ 21,925
Loss on extinguishment	(1,472)
ELOC Warrant [Member]
Fair Value of Financial Instruments [Line Items]
Change in fair value of Warrants	600
Warrant [Member]
Fair Value of Financial Instruments [Line Items]
Change in fair value of Warrants	22,700
Series A Warrant liability [Member]
Fair Value of Financial Instruments [Line Items]
Change in fair value of Warrants	24,800
Convertible Debt [Member]
Fair Value of Financial Instruments [Line Items]
Loss on extinguishment	1,000
Debenture [Member]
Fair Value of Financial Instruments [Line Items]
Change in fair value of Warrants	$ 200

Company Overview (Tables)

12 Months Ended

Jun. 30, 2025

Company Overview [Abstract]

Schedule of Wholly-Owned Subsidiaries

The consolidated financial statements of the Company are presented in U.S. dollars and consist of Incannex and the following wholly-owned subsidiaries:

Subsidiary		Jurisdiction
Incannex Healthcare Pty Ltd		Victoria, Australia
Incannex Pty Ltd		Victoria, Australia
Psychennex Pty Ltd		Victoria, Australia
APIRx Pharmaceutical USA, LLC		Delaware
APIRx Pharmaceuticals Holding BV		IJsselstein, Netherlands
Clarion Clinics Group Pty Ltd		Victoria, Australia
Clarion Model Clinic Pty Ltd		Victoria, Australia
Psychennex Licensing and Franchising Pty Ltd		Victoria, Australia

Income Tax - Schedule of Pre-Tax Accounting Loss from Operations (Parentheticals) (Details)	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Schedule of Pre-Tax Accounting Loss from Operations [Abstract]
Income tax rate	30.00%	30.00%
Tax benefit percentage	25.00%	25.00%

Subsequent Events (Details) - Subsequent Event [Member] - ATM Program Increase [Member] $ in Millions	Jul. 24, 2025 USD ($)
Subsequent Events [Line Items]
Increase to prospectus supplement	$ 100
Shares of common stock value	$ 100

Prepaid Expenses and Other Current Assets

12 Months Ended

Jun. 30, 2025

Prepaid Expenses and Other Current Assets [Abstract]

Prepaid expenses and other current assets

Note 3 - Prepaid expenses and other current assets

	June 30, 2025		June 30, 2024
	(in thousands)
Prepayments¹		297		329
GST recoverable		494		178
Total other assets		791		507

Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-675A clinical trials and scientific, marketing, and adverting subscription services.

Loss Per Share (Tables)

12 Months Ended

Jun. 30, 2025

Loss Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Stockholders

Basic and diluted net loss per share attributable to stockholders was calculated as follows:

	June 30, 2025			June 30, 2024

Basic and diluted loss per share (dollars per share)		1.35			1.15
The loss and weighted average number of shares of common stock used in the calculation of basic loss per share is as follows:
Total comprehensive loss for the year (in thousands)		(46,677	)		(18,536	)
- Weighted average number of shares of common stock (number)		34,454,269			16,164,338

General and Administration expenses (Tables)

12 Months Ended

Jun. 30, 2025

General and Administration Expenses [Abstarct]

Schedule of General and Administration Expenses

	June 30, 2025			June 30, 2024
	(in thousands)
Salaries, and other employee benefits		(4,217	)		(2,809	)
Stock-based payments expense		(2,609	)		(8,928	)
Depreciation expense		(246	)		(103	)
Compliance, legal and regulatory		(3,939	)		(3,108	)
Occupancy expenses		(390	)		(348	)
Advertising and investor relations		(795	)		(1,055	)
Other administration expenses		(932	)		(823	)
Total general and administration expenses		(13,128	)		(17,174	)

Company Overview - Schedule of Wholly-Owned Subsidiaries (Details)	12 Months Ended
	Jun. 30, 2025
Incannex Healthcare Pty Ltd [Member]
Schedule of Wholly-Owned Subsidiaries [Line Items]
Subsidiary Jurisdiction	Victoria, Australia
Incannex Pty Ltd [Member]
Schedule of Wholly-Owned Subsidiaries [Line Items]
Subsidiary Jurisdiction	Victoria, Australia
Psychennex Pty Ltd [Member]
Schedule of Wholly-Owned Subsidiaries [Line Items]
Subsidiary Jurisdiction	Victoria, Australia
APIRx Pharmaceutical USA, LLC [Member]
Schedule of Wholly-Owned Subsidiaries [Line Items]
Subsidiary Jurisdiction	Delaware
APIRx Pharmaceuticals Holding BV [Member]
Schedule of Wholly-Owned Subsidiaries [Line Items]
Subsidiary Jurisdiction	IJsselstein, Netherlands
Clarion Clinics Group Pty Ltd [Member]
Schedule of Wholly-Owned Subsidiaries [Line Items]
Subsidiary Jurisdiction	Victoria, Australia
Clarion Model Clinic Pty Ltd [Member]
Schedule of Wholly-Owned Subsidiaries [Line Items]
Subsidiary Jurisdiction	Victoria, Australia
Psychennex Licensing and Franchising Pty Ltd [Member]
Schedule of Wholly-Owned Subsidiaries [Line Items]
Subsidiary Jurisdiction	Victoria, Australia

Related Party Transactions (Details) - USD ($)	Jun. 30, 2025	Jun. 30, 2024
Related Party [Member]
Related Party Transactions [Line Items]
Payable to any related parties

- Definition

Amount of liabilities classified as other.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

- Definition

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

+ References

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
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	Jun. 30, 2025	May 27, 2025	Mar. 07, 2025	Jun. 30, 2024
Stockholder’s Equity/Issued Capital [Line Items]
Common stock, par value (in Dollars per share)	$ 0.0001			$ 0.0001
Vote per share	one
Common stock, shares authorized	800,000,000	800,000,000		800,000,000
Common Stock [Member]
Stockholder’s Equity/Issued Capital [Line Items]
Common stock, shares authorized	100,000,000
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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value of Financial Instruments - Schedule of Transaction were Initially Allocated (Parentheticals) (Details)	12 Months Ended
	Jun. 30, 2025
Schedule of Transaction were Initially Allocated [Line Items]
Original issue discount	10.00%

- 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 + Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Jun. 30, 2025	Sep. 28, 2025	Dec. 31, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Jun. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Documents Incorporated by Reference [Text Block]	Certain information required to be disclosed in Part III of this report is incorporated by reference from certain filed portions of the registrant’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders, which proxy statement will be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K.
Entity Information [Line Items]
Entity Registrant Name	Incannex Healthcare Inc.
Entity Central Index Key	0001873875
Entity File Number	001-41106
Entity Tax Identification Number	93-2403210
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Public Float			$ 29.1
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	Suite 105
Entity Address, Address Line Two	8 Century Circuit Norwest
Entity Address, City or Town	NSW
Entity Address, Country	AU
Entity Address, Postal Zip Code	2153
Entity Phone Fax Numbers [Line Items]
City Area Code	+61
Local Phone Number	409 840 786
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	IXHL
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		347,705,507

Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated deficit	Foreign currency translation reserve	Total
Balance at Jun. 30, 2023	$ 2	$ 116,290	$ (92,212)	$ (3,255)	$ 20,825
Balance (in Shares) at Jun. 30, 2023	15,873,113
Stock-based compensation		8,928			8,928
Convertible note conversion
Share issuance
Share issuance (in Shares)	1,769,719
Share issuance costs
Net loss			(18,459)		(18,459)
Currency translation adjustment, net of tax				(77)	(77)
Balance at Jun. 30, 2024	$ 2	125,218	(110,671)	(3,332)	11,217
Balance (in Shares) at Jun. 30, 2024	17,642,832
Stock-based compensation		2,609			2,609
Convertible note conversion		100			100
Convertible note conversion (in Shares)	64,127
Share issuance	$ 18	48,401			48,419
Share issuance (in Shares)	176,673,037
Share issuance costs		(2,279)			(2,279)
Net loss			(46,885)		(46,885)
Currency translation adjustment, net of tax				208	208
Balance at Jun. 30, 2025	$ 20	$ 174,049	$ (157,556)	$ (3,124)	$ 13,389
Balance (in Shares) at Jun. 30, 2025	194,379,996

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Leases [Abstract]
Operating lease cost	$ 203	$ 172

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2025

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements included in this report have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental entities.

Going concern basis

The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realization of assets and the settlement of liabilities in the ordinary course of business.

The Company has incurred total comprehensive losses of $46.7 million and $18.5 million for the fiscal years ended June 30, 2025 and 2024, respectively, and experienced net cash outflows from operating activities of $12.5 million and $15.8 million for the fiscal years ended June 30, 2025 and 2024, respectively.

As of June 30, 2025 and 2024, the Company had cash and cash equivalents of $15.0 million and $5.9 million, respectively, and current assets exceeded its current liabilities by $13.0 million and $10.6 million, respectively.

Historically, the Company has financed its operations to date primarily through partnerships, funds received from public offerings of common stock, a debt financing facility, as well as funding from governmental bodies. The Company continues to plan for additional capital through the sale of common stock in public offerings and/or private placements, debt financings, or through other capital sources, including pursuant to the ATM, collaborations with other companies or other strategic transactions.

Based on the Company’s unrestricted cash and cash equivalents as of June 30, 2025, the Company anticipates that it will be able to fund its planned operating expenses and capital expenditure requirements into for at least twelve months from the date of these financial statements.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Details of all controlled entities are set out in Note 1 - “Company Overview.” All intercompany balances and transactions have been eliminated on consolidation.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes.

The most significant estimates and assumptions in the Company’s consolidated financial statements include the valuation of equity-based instruments issued for other than cash, accrued research and development (“R&D”) expense, R&D tax credit. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to companies in the biopharmaceutical industry. The Company believes that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, drug candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; the Company’s ability to attract and retain employees.

There can be no assurance that the Company’s R&D will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. As of June 30, 2025 and 2024, all deposits are held in banks outside of the United States.

Cash and Cash Equivalents

Cash and cash equivalents, which includes cash and deposits held at call with financial institutions with original maturities of three months or less that are readily convertible to known amounts of cash, are carried at cost, which approximates fair value.

Property, Plant and Equipment, Net

Recognition and Measurement

All property, plant and equipment is recognized at historical cost less depreciation.

Depreciation

Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows:

●

Machinery 10-15 years

●

Vehicles 3-5 years

●

Furniture, fittings and equipment 3-8 years

Furniture, fittings and equipment include assets in the form of office fit outs. These assets and other leasehold improvements are recognized at their fair value and depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property, plant and equipment, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.

During the fiscal years ended June 30, 2025 and 2024, the Company did not record any impairment charges on its long-lived assets.

Leases

The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the consolidated balance sheets as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include any options to purchase the underlying asset that the Company is reasonably certain to exercise.

Lease expense for minimum lease payments on operating leases is recognized on a straight-line basis over the lease term. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Operating lease expenses are categorized within R&D and general and administrative expenses in the consolidated statements of operations and comprehensive loss. Operating lease cash flows are categorized under net cash used in operating activities in the consolidated statements of cash flows.

As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments.

Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of the period and which are unpaid. Due to their short-term nature, they are measured at amortized cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Segment information

The Company operates and manages its business as one reportable and operating segment, which is the R&D of the use of psychedelic medicine and therapies. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. The Company’s long-lived assets are primarily in Australia.

Revenue Recognition

The Company recognizes revenue to depict the transfer of goods and services to clients in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services by applying the following steps:

●

Identify the contract with a client;

●

Identify the performance obligations in the contract;

●

Determine the transaction price;

●

Allocate the transaction price to the performance obligations; and

●

Recognize revenue when, or as, the Company satisfies a performance obligation.

Revenue may be earned over time as the performance obligations are satisfied or at a point in time which is when the entity has earned a right to payment, the customer has possession of the asset and the related significant risks and rewards of ownership, and the customer has accepted the asset.

The Company’s arrangements with clients can include multiple performance obligations. When contracts involve various performance obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of accounting under ASC 606-Revenue from Contracts with Customers (“ASC 606”), Revenue from Contracts with Customers.

The Company determines the standalone selling price by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include discounting practices, the size and volume of our transactions, our marketing strategy, historical sales, and contract prices. The determination of standalone selling prices is made through consultation with and approval by management, taking into consideration our go-to-market strategy. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes in relative standalone selling prices.

The Company disaggregates revenue from contracts with customers based on the categories that most closely depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The Company receives payment from its clients after invoicing within the normal 28-day commercial terms. If a client is specifically identified as a credit risk, recognition of revenue is stopped except to the extent of fees that have already been collected.

R&D Costs

R&D costs are expensed as incurred. Research and development consist of salaries, benefits and other personnel related costs including equity-based compensation expense, laboratory supplies, preclinical studies, clinical trials and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain R&D activities on the Company’s behalf and allocated facility and other related costs.

Nonrefundable advance payments for goods or services that will be used or rendered for future R&D activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.

The Company records accrued liabilities for estimated costs of R&D activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of R&D activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in trade and other payables on the consolidated balance sheets and within R&D expenses on the consolidated statements of operations and comprehensive loss.

The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance at the end of each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred.

Acquisitions

The Company evaluates acquisitions under the accounting framework in ASC 805, Business Combinations, to determine whether the transaction is a business combination or an asset acquisition. In determining whether an acquisition should be accounted for as a business combination or an asset acquisition, the Company first performs a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the acquired set is not deemed to be a business and is instead accounted for as an asset acquisition. If this is not the case, the Company further evaluates whether the acquired set includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the acquired set is a business.

The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes pre-acquisition direct costs recorded in accrued professional and consulting fees. Goodwill is not recognized in asset acquisitions.

Stock-based compensation

The Company accounts for stock-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model. The Company uses either the trinomial pricing or Black-Scholes option-pricing model (“BSOPM”) to estimate the fair value of options granted. Stock-based compensation awards are expensed using the graded vesting method over the requisite service period, which is generally the vesting period, for each separately vesting tranche. The Company has elected a policy of estimating forfeitures at grant date. Option valuation models, including the trinomial pricing and the BSOPM, require the input of several assumptions. These inputs are subjective and generally require significant analysis and judgment to develop. Refer to Note 12 - “Stock-based payments” for a discussion of the relevant assumptions.

Equity-Line of Credit Purchase Agreement

On September 6, 2024, the Company entered into an equity line of credit Purchase Agreement (the “ELOC Purchase Agreement”) with Arena Business Solutions Global SPC II, Ltd (“Arena Global”). Under the ELOC Purchase Agreement, Arena Global was committed to purchase up to $50 million of the Company’s common stock, at the Company’s direction from time to time, subject to the satisfaction of the conditions in the ELOC Purchase Agreement.

The purchase price per share of Common Stock was obtained by multiplying by 96% the daily volume weighted average price (“VWAP”) on The Nasdaq Global Market for the trading day specified in the sale notice (same trading day or one trading day following such notice) delivered to Arena Global. The ELOC Purchase Agreement would have terminated automatically upon the earliest to occur of (i) the first day of the month next following the 36-month anniversary of the date of the ELOC Purchase Agreement; or (ii) the date on which Arena Global shall have purchased shares of Common Stock under the ELOC Purchase Agreement for an aggregate gross purchase price equal to the Commitment Amount (as defined in the ELOC Purchase Agreement). We had also agreed to pay a financial advisor up to 7% of the gross proceeds raised under the ELOC Agreement.

On December 9, 2024, in connection with the ELOC Purchase Agreement, the Company issued 142,403 shares of common stock as a commitment fee to Arena Global. On January 16, 2025 the Company issued 10,346 true-up shares of common stock to Arena Global. The Company evaluated that the costs incurred in connection with the commitment fee and the true-up shares did not meet the definition of an asset and, therefore, were expensed as incurred.

As additional consideration for Arena Global’s execution and delivery of the ELOC Purchase Agreement, the Company had issued a five-year warrant (the “ELOC Warrant”) on October 31, 2024, exercisable for 585,000 shares of common stock with an exercise price equal to $1.66 per share.

The Company determines whether to classify contracts, such as warrants, that may be settled in the Company’s own stock as equity of the entity or as a liability. An equity-linked financial instrument must be considered indexed to the Company’s own stock to qualify for equity classification. The Company classifies warrants as liabilities for any contracts that may require a transfer of assets. Warrants classified as liabilities are accounted for at fair value and remeasured at each reporting date until exercise, expiration or modification that results in equity classification. Any change in the fair value of the warrants is recognized in the Consolidated Statements of Operations and Comprehensive Loss.

Refer to Note 13 – “Fair Value of Financial Instruments” for the accounting of the ELOC Purchase Agreement.

Convertible Debenture Financing

On September 6, 2024, the Company entered into a Securities Purchase Agreement (the “Debenture Purchase Agreement”) with Arena Investors, LP (“Arena Investors”), which had provided for the issuance of secured convertible debentures in an aggregate principal amount of up to $10 million at an aggregate purchase price of up to $9 million (a 10% original issue discount), divided into three separate tranches, each subject to closing conditions. Under the Debenture Purchase Agreement, the conversion price of each secured convertible debenture would have equalled 115% of the closing price of the common stock on the trading day preceding the date of the issuance of the respective secured convertible debenture, subject to subsequent adjustments and alternative conversion prices based on the then-current trading price of the common stock on the Nasdaq Global Market, as further detailed in the Debenture Purchase Agreement. For each secured convertible debenture purchased under the Debenture Purchase Agreement, the Company would have issued a warrant to the purchaser, exercisable to purchase up to the number of shares of Common Stock equal to 25% of the total principal amount of the related secured convertible debenture, divided by 115% of the closing price of the Company’s common stock on the trading day immediately preceding the applicable closing date. The Company would not have been obligated to issue warrants for any tranche that did not close. The exercise price of each warrant would have been 115% of the closing price of the common stock on the issuance date, and the warrants would have had a five-year term. Additionally, the Company had agreed to pay a financial advisor up to 7% of the gross proceeds raised under the Debenture Purchase Agreement.

The Company completed the closing of the first tranche under the Debenture Purchase Agreement for the issuance of a 10% original issue discount secured convertible debenture (the “Debenture”) in the principal amount of $3,333,333 at an aggregate purchase price of $3 million (a 10% original issue discount) to Arena Special Opportunities (Offshore) Master II LP (“Arena Opportunities”). The Debenture had provided for a payment-in-kind interest rate at 5% and would have matured on April 14, 2026. In addition, the Company issued a warrant to Arena Offshore exercisable for up to 453,749 shares of the Company’s common stock (the “Debenture Warrant”), at an exercise price of $1.89 per share.

The net proceeds received from the issuance of the Debenture, after deduction of expenses reimbursable to the Arena Investors, was $2,877,588.

The Company had not met the closing conditions for the second and third tranche closings set forth in the Debenture Purchase Agreement; however, the Company and Arena Investors could have conducted additional closings under the Debenture Purchase Agreement, subject to mutual agreement and the closing conditions described therein. There were assurances that the parties could have reached such an agreement for additional tranche closings.

On November 6, 2024, and as required by our agreements in connection with the Debenture, the Company filed a resale Registration Statement on Form S-1/A with the SEC, registering for resale up to 61,389,758 shares of common stock, including up to 10,101,009 shares of common stock issuable upon conversion of the Debenture and up to 453,749 shares of common stock issuable upon the exercise of the Debenture Warrant. This registration statement was declared effective on December 6, 2024.

The Company evaluates its convertible instruments and warrants to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC 815, Derivatives and Hedging. The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities, or equity, is reassessed at the end of each reporting period. For equity-linked financial instruments, the Company must determine whether the underlying instrument is indexed to its own Common Stock in order to classify the derivative instrument as equity. Otherwise, the derivative asset or liability, including embedded derivatives, is recognized at fair value with subsequent changes in fair value recognized in the consolidated statements of operations and comprehensive income (loss).

For hybrid instruments, ASC 815-15 requires bifurcation of embedded features if (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The nature of the host instrument is therefore evaluated to determine if it is more akin to a debt-like or equity-like host. In this assessment, the Company considers the stated and implied substantive features of the contract as well as the economic characteristics and risks of the hybrid instrument. Each term and feature are then weighed based on the relevant facts and circumstances to determine the nature of the host contract. Terms and features of the hybrid.

On February 5, 2025, Arena Investors converted a total of $100,000 debt into shares of the Company’s common stock.

On March 13, 2025 the Company repaid in full the Debenture by making a cash payment of $3,851,111.00, representing the outstanding principal, interest, amounts and redemption premiums due as of February 28, 2025. In connection with the repayment of the Debenture, the Debenture Purchase Agreement, the Security Documents (as defined in the Debenture Purchase Agreement) and the ELOC Purchase Agreement were terminated, except with respect to the indemnification and registration rights set forth therein. The (i) Debenture Warrant, (ii) Registration Rights Agreement, dated as of October 14, 2025, by and between the Company and Arena Investors and (iii) the ELOC Warrant remain in effect.

Refer to Note 13 – “Fair Value of Financial Instruments” for the accounting of the Convertible Debenture.

Private placement arrangement

On March 7, 2025, the Company entered into a private placement (the “Private Placement”) pursuant to a securities purchase agreement (the “March 2025 Securities Purchase Agreement”) with certain institutional investors for the purchase and sale of approximately $12.5 million in gross proceeds of 9,687,045 shares of the Company’s common stock for a purchase price of $1.08 per share of common stock (and, in lieu thereof, pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 1,887,045 shares of common stock (the “Pre-Funded Warrant Shares”) at a price of $1.0799 per Pre-Funded Warrant) and Series A common stock warrants (the “Series A Warrants”) to purchase up to 11,574,090 shares of Common Stock at an initial exercise price of $2.16 per share.

The Pre-Funded Warrants were exercisable for shares of common stock for a nominal exercise price of $0.0001 per Pre-Funded Warrant Share, were immediately exercisable upon issuance and expired when exercised in full. On March 10, 2025, the Company received substantially all the Pre-Funded Warrants proceeds upfront as part of the Pre-Funded Warrants’ purchase price and in return the Company is obligated to issue up to a fixed number of 1,887,045 shares of common stock to the investors. Thus, Pre-Funded Warrants were accounted for and were classified as additional paid-in capital as part of the Company’s equity. Total incremental and direct issuance costs were deducted from additional paid-in-capital as they were allocated to shares of common stock and Pre-Funded Warrants.

The Series A Warrants were classified as liabilities and accounted for at fair value and re-measured at each reporting date until exercise, expiration or modification that resulted in equity classification. Any change in the fair value of the Series A Warrants was recognized in the Consolidated Statements of Operations and Comprehensive Loss.

The issuance of common stock is recognized on its settlement date. Upon issuance, the common stock is recorded at its fair value.

Fair Value of Financial Instruments

The Company measures certain financial assets and liabilities at fair value. ASC 820, Fair Value Measurement and Disclosures (“ASC 820”), specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:

Level 1: Quoted prices for identical instruments in active markets;

Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Benefit from R&D Tax Incentive

Benefit from R&D tax credit consists of the R&D tax credit received in Australia, which is recorded within other income (expense), net. The Company recognizes grants once both of the following conditions are met: (1) the Company is able to comply with the relevant conditions of the grant and (2) the grant is received.

Interest income

Interest income is recognized as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Foreign Currency Translation

For certain of the Company’s international subsidiaries, the local currency is the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Exchange gains or losses arising from foreign currency transactions are included in other income (expense), net in the consolidated statements of operations and comprehensive loss.

For financial reporting purposes, the consolidated financial statements of the Company have been presented in the U.S. dollar, the reporting currency. The financial statements of entities are translated from their functional currency into the reporting currency as follows: assets and liabilities are translated at the exchange rates at the balance sheet dates, expenses and other income (expense), net are translated at the average exchange rates for the periods presented and stockholders’ equity is translated based on historical exchange rates. Translation adjustments are not included in determining net loss but are included as a foreign exchange adjustment to other comprehensive income, a component of stockholders’ equity.

The following table presents data regarding the dollar exchange rate of relevant currencies:

	June 30, 2025		June 30, 2024
Exchange rate on balance sheet dates
USD: AUD Exchange Rate		0.6550		0.6624
Average exchange rate for the period
USD: AUD Exchange Rate		0.6482		0.6556

Income tax

The Company is governed by Australia and U.S income tax laws. The Company follows ASC 740, Accounting for Income Taxes, when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized.

For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of operations.

Net loss per share attributable to holders of common stock

The Company has reported losses since inception and has computed basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per share after giving consideration to all potentially dilutive share issuances, including unvested restricted shares and outstanding options. Because the Company has reported net losses since inception, these potential issuances of common stock have been anti-dilutive and basic and diluted loss per share were the same for all periods presented.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the fiscal years ended June 30, 2025 and 2024, the only component of accumulated other comprehensive loss is foreign currency translation adjustment.

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 15,039	$ 5,858
Prepaid expenses and other assets	791	507
R&D tax incentive receivable	4,132	9,837
Total current assets	19,962	16,202
Property, plant and equipment, net	227	472
Operating lease right-of-use assets	258	373
Total assets	20,447	17,047
Current liabilities:
Trade and other payables	6,104	612
Accrued expenses and other current liabilities	696	4,845
Operating lease liabilities, current	184	163
Total current liabilities	6,984	5,620
Operating lease liabilities, non-current	74	210
Total liabilities	7,058	5,830
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value – 800,000,000 shares authorized; 194,379,996 and 17,642,832 shares issued and outstanding at June 30, 2025 and 2024, respectively	20	2
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized; no shares issued or outstanding at June 30, 2025 and 2024, respectively
Additional paid-in capital	174,049	125,218
Accumulated deficit	(157,556)	(110,671)
Foreign currency translation reserve	(3,124)	(3,332)
Total stockholders’ equity	13,389	11,217
Total liabilities and stockholders’ equity	$ 20,447	$ 17,047

Stock-Based Payments (Tables)

12 Months Ended

Jun. 30, 2025

Stock-Based Payments [Abstract]

Schedule of Stock-Based Payments

	June 30, 2025			June 30, 2024
	(in thousands)
Research and development		-			-
General and administrative		(2,609	)		(8,928	)
Total stock-based compensation expense		(2,609	)		(8,928	)

Schedule of Restricted Stock Activity

A summary of the changes in the Company’s restricted stock activity for the fiscal year ended June 30, 2025, are as follows:

	Numbers of Shares			Weighted Average Grant Date Fair Value $
Unvested and Outstanding as of June 30, 2024		651,939			3.91
Granted		40,739,093			0.23
Vested		(623,984	)		3.97
Forfeited		-			-
Unvested and Outstanding as of June 30, 2025		40,767,047			0.23

Schedule of Stock Options

A summary of the changes in the Company’s stock options activity for the fiscal year ended June 30, 2025, are as follows:

	Numbers of Shares			Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands) ($)
Unvested and Outstanding as of June 30, 2024		235,008			26.76		1.93		-
Granted		-			-		-		-
Vested		-			-		-		-
Forfeited		(7,500	)		3.28		-		-
Outstanding as of June 30, 2025		227,508			27.22		1.46		-
Unvested as of June 30, 2025		-			-		-		-

Related Party Transactions

12 Months Ended

Jun. 30, 2025

Related Party Transactions

Note 16 -Related Party Transactions

There were no amounts payable to any related parties as of June 30, 2025 and 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Additional paid-in capital - Schedule of Additional Paid-in Capital (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Additional Paid-in Capital [Abstract]

Opening balance

$ 125,218

$ 116,290

Equity instruments issued to management and directors

^[1]

2,609

8,928

Convertible note conversion

100

Share issuance

48,401

Share issuance costs

(2,279)

Ending balance

$ 174,049

$ 125,218

[1]	The equity-based premium reserve is used to record the value of equity issued to raise capital, and for stock-based payments.

Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Schedule of Basic and Diluted Net Loss Per Share Attributable to Stockholders [Abstract]
Basic loss per share (dollars per share)	$ 1.35	$ 1.15
Diluted loss per share (dollars per share)	$ 1.35	$ 1.15
Total comprehensive loss for the year (in thousands)	$ (46,677)	$ (18,536)
- Weighted average number of Common Stock (number)	34,454,269	16,164,338

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands

Jun. 30, 2025

Jun. 30, 2024

Prepaid Expenses and Other Current Assets [Abstract]

Prepayments

^[1]

$ 297

$ 329

GST recoverable

494

178

Total other assets

$ 791

$ 507

[1]	Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-675A clinical trials and scientific, marketing, and adverting subscription services.

Property, Plant and Equipment, Net

12 Months Ended

Jun. 30, 2025

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, net

Note 5 - Property, Plant and Equipment, net

	June 30, 2025			June 30, 2024
	(in thousands)
Furniture, fittings and equipment		495			598
Assets under construction		-			-
Total property, plant and equipment, gross		495			598
Accumulated depreciation and amortization		(269	)		(126	)
Total property, plant and equipment, net	$	227		$	472

Depreciation expense is recorded within general and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss and amounted to $143,000 and $103,000 million for the fiscal years ended June 30, 2025 and 2024, respectively.

Leases (Tables)

12 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Lease Costs

The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating leases:

	June 30, 2025			June 30, 2024
Lease term (years)		1.32			2.32

Discount rate		9.18	%		9.18	%

The following table summarizes the lease costs pertaining to the Company’s operating leases:

		June 30, 2025				June 30, 2024
Operating lease cost			203				172

Schedule of Future Minimum Lease Payments

The following table summarizes the future minimum lease payments due under operating leases as of June 30, 2025, (in thousands):

Operating leases	Amount $ (in thousands)
June 30, 2026		199
June 30, 2027		48
June 30, 2028		32

Total minimum lease payments		279

Less amount representing interest		21

Total operating lease liabilities		258

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Property, Plant and Equipment, Net [Abstract] [Standard Label]
Furniture, fittings and equipment	$ 495	$ 598
Assets under construction
Total property, plant and equipment, gross	495	598
Accumulated depreciation and amortization	(269)	(126)
Total property, plant and equipment, net	$ 227	$ 472

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2025

Property, Plant and Equipment, Net [Abstract]

Schedule of Property, Plant and Equipment, Net

	June 30, 2025			June 30, 2024
	(in thousands)
Furniture, fittings and equipment		495			598
Assets under construction		-			-
Total property, plant and equipment, gross		495			598
Accumulated depreciation and amortization		(269	)		(126	)
Total property, plant and equipment, net	$	227		$	472

Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2025

Fair Value of Financial Instruments [Abstract]

Schedule of Transaction were Initially Allocated

The proceeds of the transaction were initially allocated as follows:

	Amount
	(in thousands)
10% Original issue discount		333
Convertible rights (liability) at fair value		302
Debenture Warrant (liability) at fair value		365
Debt issuance costs		122
Debt liability host		2,211
Face value		3,333

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Accounting Policies, by Policy (Policies)

12 Months Ended

Jun. 30, 2025

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Going concern basis

Going concern basis

Principles of Consolidation

Principles of Consolidation

Use of Estimates

Use of Estimates

Risks and Uncertainties

Risks and Uncertainties

Concentration of Credit Risk

Concentration of Credit Risk

Cash and Cash Equivalents

Cash and Cash Equivalents

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Recognition and Measurement

All property, plant and equipment is recognized at historical cost less depreciation.

Depreciation

●

Machinery 10-15 years

●

Vehicles 3-5 years

●

Furniture, fittings and equipment 3-8 years

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

During the fiscal years ended June 30, 2025 and 2024, the Company did not record any impairment charges on its long-lived assets.

Leases

Leases

Trade and other payables

Trade and other payables

Segment information

Segment information

Revenue Recognition

Revenue Recognition

●

Identify the contract with a client;

●

Identify the performance obligations in the contract;

●

Determine the transaction price;

●

Allocate the transaction price to the performance obligations; and

●

Recognize revenue when, or as, the Company satisfies a performance obligation.

R&D Costs

R&D Costs

Acquisitions

Acquisitions

Stock-based compensation

Stock-based compensation

Equity-Line of Credit Purchase Agreement

Equity-Line of Credit Purchase Agreement

Refer to Note 13 – “Fair Value of Financial Instruments” for the accounting of the ELOC Purchase Agreement.

Convertible Debenture Financing

Convertible Debenture Financing

The net proceeds received from the issuance of the Debenture, after deduction of expenses reimbursable to the Arena Investors, was $2,877,588.

On February 5, 2025, Arena Investors converted a total of $100,000 debt into shares of the Company’s common stock.

Refer to Note 13 – “Fair Value of Financial Instruments” for the accounting of the Convertible Debenture.

Private placement arrangement

Private placement arrangement

The issuance of common stock is recognized on its settlement date. Upon issuance, the common stock is recorded at its fair value.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Level 1: Quoted prices for identical instruments in active markets;

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Benefit from R&D Tax Incentive

Benefit from R&D Tax Incentive

Interest income

Interest income

Foreign Currency Translation

Foreign Currency Translation

The following table presents data regarding the dollar exchange rate of relevant currencies:

	June 30, 2025		June 30, 2024
Exchange rate on balance sheet dates
USD: AUD Exchange Rate		0.6550		0.6624
Average exchange rate for the period
USD: AUD Exchange Rate		0.6482		0.6556

Income tax

Income tax

Net loss per share attributable to holders of common stock

Net loss per share attributable to holders of common stock

Comprehensive Loss

Comprehensive Loss

Stockholder's Equity/Issued Capital

12 Months Ended

Jun. 30, 2025

Stockholder’s Equity/Issued Capital [Abstract]

Stockholder’s equity/Issued capital

Note 9 - Stockholder’s equity/Issued capital

Common stock

The Company has one class of common stock. In connection with the redomiciliation, the Company’s amended and restated certificate of incorporation became effective, which originally provided for the issuance of 100 million authorized shares of common stock with a par value of $0.0001 per share, with one vote per share. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the Company’s board of directors.

	For the fiscal year ended June 30, 2024
	$		No. of Shares
	(in thousands, except per share data)
Opening balance		2		15,873,113
Issues of new shares - employees and directors		-		1,769,719
Closing balance		2		17,642,832

	For the fiscal year ended June 30, 2025
	$		No. of Shares
	(in thousands, except per share data)
Opening balance		2		17,642,832
Issue of new shares		18		176,049,053
Issues of new shares – convertible note conversion		-		64,127
Issues of new shares - employees and directors		-		623,984
Closing balance		20		194,379,996

On May 27, 2025, the Company filed a certificate amendment to its restated certificate of incorporation to increase its authorized shares of common stock to 800 million shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock-Based Payments

12 Months Ended

Jun. 30, 2025

Stock-Based Payments [Abstract]

Stock-based payments

Note 12 - Stock-based payments

	June 30, 2025			June 30, 2024
	(in thousands)
Research and development		-			-
General and administrative		(2,609	)		(8,928	)
Total stock-based compensation expense		(2,609	)		(8,928	)

Restricted stocks

A summary of the changes in the Company’s restricted stock activity for the fiscal year ended June 30, 2025, are as follows:

	Numbers of Shares			Weighted Average Grant Date Fair Value $
Unvested and Outstanding as of June 30, 2024		651,939			3.91
Granted		40,739,093			0.23
Vested		(623,984	)		3.97
Forfeited		-			-
Unvested and Outstanding as of June 30, 2025		40,767,047			0.23

Stock Options

A summary of the changes in the Company’s stock options activity for the fiscal year ended June 30, 2025, are as follows:

	Numbers of Shares			Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands) ($)
Unvested and Outstanding as of June 30, 2024		235,008			26.76		1.93		-
Granted		-			-		-		-
Vested		-			-		-		-
Forfeited		(7,500	)		3.28		-		-
Outstanding as of June 30, 2025		227,508			27.22		1.46		-
Unvested as of June 30, 2025		-			-		-		-

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s shares of common stock for those stock options that had exercise prices lower than the fair value of the Company’s shares of common stock.

R&D Tax Incentive Receivable

12 Months Ended

Jun. 30, 2025

R&D Tax Incentive Receivable [Abstract]

R&D tax incentive receivable

Note 4 - R&D tax incentive receivable

	June 30, 2025		June 30, 2024
	(in thousands)
R&D tax incentive receivable		4,132		9,837

R&D tax incentive is recorded within the Consolidated Statements of Operations and Comprehensive Loss and amounted to $1.8 million and $11.4 million for the fiscal years ended June 30, 2025 and 2024, respectively. In the fiscal year ended June 30, 2024, due to multiple years of tax incentives being granted and successful lodgement of overseas findings on the Company’s lead assets, the Company changed its estimates for the R&D tax incentive receivable, primarily based on historical experience of claims, which resulted in an increase in R&D tax incentive receivable in the fiscal year ended June 30, 2024.

Loss Per Share

12 Months Ended

Jun. 30, 2025

Loss Per Share [Abstract]

Loss per share

Note 15 - Loss per share

All stock and earnings per share amounts presented below reflect the impact of the redomiciliation as if it had taken effect on July 1, 2022.

Basic and diluted net loss per share attributable to stockholders was calculated as follows:

	June 30, 2025			June 30, 2024

Basic and diluted loss per share (dollars per share)		1.35			1.15
The loss and weighted average number of shares of common stock used in the calculation of basic loss per share is as follows:
Total comprehensive loss for the year (in thousands)		(46,677	)		(18,536	)
- Weighted average number of shares of common stock (number)		34,454,269			16,164,338

The Company notes that the diluted loss per share is the same as basic loss per share.

Basis of Presentation and Summary of Significant Accounting Policies (Details)							1 Months Ended	12 Months Ended
	Apr. 14, 2026 $ / shares shares	Mar. 07, 2025 $ / shares shares	Jan. 16, 2025 shares	Dec. 09, 2024 shares	Oct. 31, 2024 $ / shares shares	Sep. 06, 2024 USD ($)	May 31, 2025 USD ($)	Jun. 30, 2025 USD ($) segment $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 13, 2025 USD ($)	Feb. 05, 2025 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Total comprehensive losses								$ (46,677,000)	$ (18,536,000)
Net cash outflows from operating activities								(12,513,000)	(15,845,000)
Cash and Cash Equivalent								15,039,000	5,858,000
Current assets exceeded its current liabilities								$ 13,000,000	$ 10,600,000
Number of operating segment (in segment) \| segment								1
Number of reportable segment (in segment) \| segment								1
Purchase amount						$ 9,000,000		$ 3,000,000
Percentage of purchase price						115.00%
Gross proceeds						7.00%
Shares issuances (in Shares) \| shares			10,346	142,403
Exercise price per share (in Dollars per share) \| $ / shares		$ 2.16
Aggregate principal amount						$ 10,000,000
Percentage of original issue discount						10.00%		10.00%
Warrants term						5 years
Principal amount								$ 3,333,333
Percentage of payment-in-kind interest rate								5.00%
Net proceeds								$ 2,877,588
Number of shares issued (in Shares) \| shares		12,500,000						61,389,758
Conversion of issuable shares (in Shares) \| shares		9,687,045						10,101,009
Common stock issuable (in Shares) \| shares								453,749
Investors converted											$ 100,000
Cash paid										$ 3,851,111
Common stock, par value (in Dollars per share) \| $ / shares								$ 0.0001	$ 0.0001
Common stock (in Shares) \| shares		1,887,045						194,379,996	17,642,832
Share cancellation							$ 24,800,000
Forecast [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Warrant exercisable shares (in Shares) \| shares	453,749
Exercise price per share (in Dollars per share) \| $ / shares	$ 1.89
September 2024 Debenture [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of purchase price						25.00%
Percentage on closing price						115.00%
ELOC Warrant [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Warrant exercisable shares (in Shares) \| shares					585,000
Exercise price per share (in Dollars per share) \| $ / shares					$ 1.66
Pre-Funded Warrants [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Exercise price per share (in Dollars per share) \| $ / shares		$ 1.0799
Purchase shares (in Shares) \| shares		1,887,045
Series A Warrants [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Purchase shares (in Shares) \| shares		11,574,090
Common Stock [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Shares issuances (in Shares) \| shares								176,673,037	1,769,719
Common stock issuable (in Shares) \| shares								64,127
Common stock, par value (in Dollars per share) \| $ / shares		$ 1.08
Equity-Line of Credit Purchase Agreement [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of purchase price						96.00%
Arena Global [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Purchase amount						$ 50,000,000
September 2024 Debenture Warrant [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of purchase price						115.00%
Minimum [Member] \| Machinery [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Useful lives								10 years
Minimum [Member] \| Vehicles [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Useful lives								3 years
Minimum [Member] \| Furniture, Fittings and Equipment [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Useful lives								3 years
Maximum [Member] \| Machinery [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Useful lives								15 years
Maximum [Member] \| Vehicles [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Useful lives								5 years
Maximum [Member] \| Furniture, Fittings and Equipment [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Useful lives								8 years
Private Placement [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Common stock, par value (in Dollars per share) \| $ / shares		$ 0.0001

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Schedule of Lease Costs [Abstract]
Lease term (years)	1 year 3 months 25 days	2 years 3 months 25 days
Discount rate	9.18%	9.18%
Operating lease cost	$ 203	$ 172

R&D Tax Incentive Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2025	Jun. 30, 2024
R&D Tax Incentive Receivable [Abstract]
R&D tax incentive	$ 1.8	$ 11.4

Fair Value of Financial Instruments - Schedule of Transaction were Initially Allocated (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2025 USD ($)
Schedule of Transaction were Initially Allocated [Line Items]
Face value	$ 3,333
Original issue discount [Member]
Schedule of Transaction were Initially Allocated [Line Items]
Face value	333
Conversion rights (liability) at fair value [Member]
Schedule of Transaction were Initially Allocated [Line Items]
Face value	302
First Tranche Warrants (liability) at fair value [Member]
Schedule of Transaction were Initially Allocated [Line Items]
Face value	365
Debt issuance costs [Member]
Schedule of Transaction were Initially Allocated [Line Items]
Face value	122
Debt liability host [Member]
Schedule of Transaction were Initially Allocated [Line Items]
Face value	$ 2,211

- 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

Income Tax - Schedule of Pre-Tax Accounting Loss from Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Schedule of Pre-Tax Accounting Loss from Operations [Abstract]
Accounting loss before tax	$ (46,885)	$ (18,415)
Income tax benefit at the applicable tax rate of 30%	(14,066)	(5,525)
Non-deductible expenses	4,511	6,545
Non-assessable income	(1,527)	(3,431)
Deferred tax assets not recognized	1,143	927
Income tax benefit		(30)
Unused tax losses	10,648	6,887
Net unrecognized tax benefit at 25%	$ 11,790	$ 7,813

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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-Name Accounting Standards Codification
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+ Details

General and Administration expenses

12 Months Ended

Jun. 30, 2025

General and Administration Expenses [Abstarct]

General and Administration Expenses

Note 11 - General and Administration expenses

	June 30, 2025			June 30, 2024
	(in thousands)
Salaries, and other employee benefits		(4,217	)		(2,809	)
Stock-based payments expense		(2,609	)		(8,928	)
Depreciation expense		(246	)		(103	)
Compliance, legal and regulatory		(3,939	)		(3,108	)
Occupancy expenses		(390	)		(348	)
Advertising and investor relations		(795	)		(1,055	)
Other administration expenses		(932	)		(823	)
Total general and administration expenses		(13,128	)		(17,174	)

Additional paid-in capital (Tables)

12 Months Ended

Jun. 30, 2025

Additional Paid-in Capital [Abstract]

Schedule of Additional Paid-in Capital

Additional paid-in capital:

	June 30, 2025			June 30, 2024
	(in thousands except per share data)
Opening balance		125,218			116,290
Equity instruments issued to management and directors¹		2,609			8,928
Convertible note conversion		100			-
Share issuance		48,401			-
Share issuance costs		(2,279	)		-
Ending balance		174,049			125,218

The equity-based premium reserve is used to record the value of equity issued to raise capital, and for stock-based payments.

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Data Regarding the Dollar Exchange Rate (Details)	Jun. 30, 2025	Jun. 30, 2024
Exchange rate [Member]
Schedule of Data Regarding the Dollar Exchange Rate [Line Items]
Exchange rate	0.655	0.6624
Average exchange rate [Member]
Schedule of Data Regarding the Dollar Exchange Rate [Line Items]
Exchange rate	0.6482	0.6556

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
June 30, 2026	$ 199
June 30, 2027	48
June 30, 2028	32
Total minimum lease payments	279
Less amount representing interest	21
Total operating lease liabilities	$ 258

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2025	Jun. 30, 2024
Statement of Financial Position [Abstract]
Common Stock, par value per share (in Dollars per share)	$ 0.0001	$ 0.0001
Common Stock, shares authorized	800,000,000	800,000,000
Common Stock, shares issued	194,379,996	17,642,832
Common Stock, shares outstanding	194,379,996	17,642,832
Preferred stock, par value per share (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding