0001213900-26-057227 | 10-Q | XBRL Viewer

Stock-Based Payments - Schedule of Restricted Stock Activity (Details) - Restricted stock [Member] - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2026	Mar. 31, 2026
Schedule of Restricted Stock Activity [Abstract]
Numbers of Shares, Unvested and Outstanding Beginning	1,027,510	1,358,902
Weighted Average Grant Date Fair Value, Unvested and Outstanding Beginning	$ 7.13	$ 6.9
Numbers of Shares, Granted		5,021
Weighted Average Grant Date Fair Value, Granted		$ 49.14
Numbers of Shares, Vested		(336,412)
Weighted Average Grant Date Fair Value, Vested		$ 7.15
Numbers of Shares, Forfeited
Weighted Average Grant Date Fair Value, Forfeited
Numbers of Shares, Unvested and Outstanding Ending	1,027,510	1,027,510
Weighted Average Grant Date Fair Value, Unvested and Outstanding Ending	$ 7.13	$ 7.13

Prepaid Expenses and Other Current Assets

9 Months Ended

Mar. 31, 2026

Prepaid Expenses and Other Current Assets [Abstract]

Prepaid expenses and other current assets

Note 3 – Prepaid expenses and other current assets

	March 31, 2026		June 30, 2025
	$		$
	(in thousands)
Prepayments¹		184		297
GST recoverable		221		494
Total prepaid expenses and other current assets		405		791

Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-42X clinical trials and scientific, marketing, and advertising subscription services.

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2026

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 unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q 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 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.

Unaudited Interim Financial Information

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and its results of operations for the three and nine months ended March 31, 2026, and 2025, and cash flows for the nine months ended March 31, 2026, and 2025. The Company has condensed or omitted certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP pursuant to the applicable required disclosures and regulations of the SEC. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as filed with the SEC on September 29, 2025 (the “2025 Annual Report”).

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 $17.3 million and $15.4 million for the nine months ended March 31, 2026 and 2025, respectively, and experienced net cash outflows from operating activities of $16.2 million and $11.0 million for the nine months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and June 30, 2025, the Company had cash and cash equivalents of $74.5 million and $15.0 million, respectively, and current assets exceeded its current liabilities by $78.2 million and $13.0 million, respectively.

Historically, the Company has financed its operations to date primarily through partnerships, funds received from public offerings of its 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 collaborations with other companies or other strategic transactions.

Based on the Company’s unrestricted cash and cash equivalents as of March 31, 2026, the Company anticipates that it will be able to fund its planned operating expenses and capital expenditure requirements for at least twelve months from the date of these financial statements.

Principles of Consolidation

The accompanying unaudited condensed 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. All intercompany balances and transactions have been eliminated on consolidation.

Equity Method Investment

The Company has a joint venture with Mind Medicine Australia (“MMA”) to operate a psychedelic-assisted therapies services clinic in Melbourne, Australia. The Company owns 50% of MMA and does not have control over the joint venture. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee’s net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other than-temporary loss in value.

The carrying value of equity method investments were $27,000 as of March 31, 2026.

Comparative information

Comparative information has been reclassified where appropriate to conform to changes in presentation in the current year to enhance comparability.

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 unaudited condensed consolidated financial statements and accompanying notes.

The most significant estimates and assumptions in the Company’s unaudited condensed consolidated financial statements include the valuation of equity-based instruments issued, accrued research and development expense, and the research and development 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; and the Company’s ability to attract and retain employees.

There can be no assurance that the Company’s research and development 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.

Significant Accounting Policies

The following is provided to update the Company’s significant accounting policies disclosed in Note 2 to the Consolidated Financial Statements described in the 2025 Annual Report that have had a material impact on the Company’s unaudited condensed consolidated financial statements and related notes.

Registered Direct Offering

On March 12, 2026, the Company entered into a Securities Purchase Agreement with certain institutional investors, to which the Company agreed to issue and sell, in a registered direct offering (the “March 2026 Offering”), an aggregate of:

●

1,997,285 shares of Common Stock;

●

pre-funded warrants (the “March 2026 Pre-Funded Warrants”) to purchase up to 2,715 shares of Common Stock; and

●

common stock warrants (the “March 2026 Common Warrants”) to purchase up to 2,000,000 shares of Common Stock.

The securities were sold at a combined purchase price of $5.00 per share and accompanying March 26 Common Warrant, or $4.9999 per March 2026 Pre-Funded Warrant and accompanying March 2026 Common Warrant. The March 2026 Common Warrants are exercisable for a period of five years from issuance at an exercise price of $6.50 per share. The March 2026 Pre-Funded Warrants are exercisable immediately upon issuance at an exercise price of $0.0001 per share.

The aggregate gross proceeds from the March 26 Offering were approximately $10.0 million before deducting placement agent fees and other offering expenses.

In connection with the March 26 Offering, the Company engaged Curvature Securities, LLC as sole placement agent.

The March 2026 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 March 2026 Pre-Funded Warrants.

The March 2026 Common 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 March 2026 Common 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.

Reverse Stock Split

On February 26, 2026, the Company effected the Reverse Stock Split of its issued and outstanding shares of Common Stock. As a result of the Reverse Stock Split, every thirty (30) shares of issued and outstanding Common Stock were automatically converted into one (1) share of Common Stock, without any change in the par value per share. Any fractional shares of common stock from the Reverse Stock Split were rounded up to the next whole share.

Proportionate adjustments were made to the number of shares issuable and the per share exercise prices of all outstanding equity awards, as well as to the shares issued and issuable under the Company’s equity incentive plans. The Reverse Stock Split did not affect the number of shares of common stock authorized.

All figures in this Quarterly Report on Form 10-Q relating to shares of Common Stock (such as share amounts, per share amounts, and conversion rates and prices), including but not limited to, the consolidated financial statements and footnotes included herein, have been adjusted to reflect the Reverse Stock Split for all periods presented, except as otherwise noted or required by context.

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 had committed to purchase up to $50 million of 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 (“Nasdaq”) 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 would 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). The Company 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 4,747 shares of Common Stock as a commitment fee to Arena Global. On January 16, 2025, the Company issued 345 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 issued a five-year warrant (the “ELOC Warrant”) on October 31, 2024, exercisable for 19,500 shares of Common Stock with an exercise price equal to $49.50 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.

Classification of the ELOC 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 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 meets 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 conclusion is based on the fact that the ELOC Warrant includes certain cash-settlement features in the event of a tender offer, which is outside the control of the Company, and that the exercise price is denominated in a currency other than the reporting entity’s functional currency. As a result, the instrument is not considered to be indexed to the reporting entity’s own stock. The Company measured 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 Purchase Agreement was terminated on March 13, 2025.

Convertible Debenture Financing

On September 6, 2024, the Company entered into a Securities Purchase Agreement (the “September 2024 Purchase Agreement”) with Arena Investors, LP (“Arena Investors”), which 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 September 2024 Purchase Agreement, the conversion price of each secured convertible debenture equaled 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 Nasdaq, as further detailed in the September 2024 Purchase Agreement. For each secured convertible debenture purchased under the September 2024 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 was not 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 were to have a five-year term.

The Company completed the closing of the first tranche under the September 2024 Purchase Agreement for the issuance of a 10% original issue discount secured convertible debenture (the “First Tranche Debenture”) in the principal amount of $3.3 million at an aggregate purchase price of $3.0 million (a 10% original issue discount) to Arena Special Opportunities (Offshore) Master II LP (“Arena Opportunities”). The First Tranche Debenture provided for a payment-in-kind interest rate at 5.0% and would have matured on April 14, 2026. In addition, the Company issued a warrant to Arena Investors exercisable for up to 15,125 shares of Common Stock (the “First Tranche Warrant”), at an exercise price of $56.7 per share.

The net proceeds received from the issuance of the First Tranche Debenture, after deduction of expenses reimbursable to the Arena Investors, was $2.9 million.

The Company did not meet the closing conditions for the second and third tranche closings set forth in the September 2024 Purchase Agreement.

On November 6, 2024, and as required by the Company’s agreements in connection with the First Tranche Debenture, the Company filed a resale Registration Statement on Form S-1/A with the SEC, registering for resale up to 2,046,325 shares of Common Stock, including up to 336,700 shares of Common Stock issuable upon conversion of the First Tranche Debenture and up to 15,125 shares of Common Stock issuable upon the exercise of the First Tranche 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.

On February 5, 2025, Arena Investors converted a total of $100,000 debt into shares of Common Stock.

On March 13, 2025 the Company repaid in full the outstanding First Tranche Debenture, previously issued pursuant to the September 2024 Purchase Agreement, by making a cash payment of $3.9 million, representing the outstanding principal, interest, amounts and redemption premiums due as of February 28, 2025. In connection with the repayment of the First Tranche Debenture, the September 2024 Purchase Agreement, the related security documents and that certain ELOC Purchase Agreement were terminated except with respect to the indemnification and registration rights set forth therein. The (i) First Tranche Warrant, (ii) Registration Rights Agreement, dated as of October 14, 2025, by and between the Company and Arena Investors and (iii) ELOC Warrant remained in effect. The First Tranche Warrant and ELOC Warrant have since been exercised in full.

The Company has accounted for the First Tranche 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 First Tranche Debenture 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 conversion right meets the definition of a derivative under ASC 815-10-15-83. Further the Company evaluated that the conversion 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 First Tranche Warrant was a detachable freestanding instrument. The First Tranche 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 First Tranche Warrants are classified as a liability and measured at fair value, with changes in fair value each period reported in earnings.

The proceeds from issuing the First Tranche Debenture were allocated first to the First Tranche 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.

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.

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.

Stock-Based Payments - Schedule of Stock Options (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2026	Jun. 30, 2025
Schedule of Stock Options [Abstract]
Numbers of Shares, Unvested and Outstanding balance		3,939	3,939	7,584
Weighted Average Exercise Price, Unvested and Outstanding balance		$ 462.74	$ 462.74	$ 816.62
Weighted Average Remaining Contractual Term, Unvested and Outstanding balance	1 year 9 months 10 days	1 year 9 months 10 days	1 year 9 months 10 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
Weighted Average Remaining Contractual Term, Granted	0 years		0 years
Aggregate Intrinsic Value, Granted
Number of Shares, Exercised
Weighted Average Exercise Price, Exercised
Weighted Average Remaining Contractual Term, Exercised	0 years		0 years
Aggregate Intrinsic Value, Exercised
Numbers of Shares, Cancelled or Forfeited			(3,645)
Weighted Average Exercise Price, Cancelled or Forfeited			$ 1,218.25
Weighted Average Remaining Contractual Term, Cancelled or Forfeited	0 years		29 days
Aggregate Intrinsic Value, Cancelled or Forfeited
Numbers of Shares, Unvested and Outstanding balance	3,939		3,939	3,939
Weighted Average Exercise Price, Unvested and Outstanding balance	$ 462.74		$ 462.74	$ 462.74
Aggregate Intrinsic Value, Unvested and Outstanding balance

Commitments and Contingencies

9 Months Ended

Mar. 31, 2026

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 the Company 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.

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Mar. 31, 2026

Prepaid Expenses and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

	March 31, 2026		June 30, 2025
	$		$
	(in thousands)
Prepayments¹		184		297
GST recoverable		221		494
Total prepaid expenses and other current assets		405		791

Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-42X clinical trials and scientific, marketing, and advertising subscription services.

Stock-Based Payments (Tables)

9 Months Ended

Mar. 31, 2026

Stock-Based Payments [Abstract]

Schedule of Stock-Based Payments

	For the nine months ended March 31
	2026		2025
	$		$
	(in thousands)
General and administrative		6,373		1,310
Total stock-based compensation expense		6,373		1,310

	For the three months ended March 31,
	2026		2025
	$		$
	(in thousands)
General and administrative		1,468		416
Total stock-based compensation expense		1,468		416

Schedule of Restricted Stock Activity

A summary of the changes in the Company’s restricted stock unit and restricted stock activity for the three and nine month periods ended March 31, 2026, are as follows:

	Number of Restricted Stock			Weighted Average Grant Date Fair Value $
Unvested and Outstanding as of June 30, 2025		1,358,902			6.90
Granted		5,021			49.14
Vested		(336,412	)		7.15
Forfeited		-			-
Unvested and Outstanding as of March 31, 2026		1,027,510			7.13

	Number of Restricted Stock Units		Weighted Average Grant Date Fair Value $
Unvested and Outstanding as of December 31, 2025		1,027,510		7.13
Granted		-		-
Vested		-		-
Forfeited		-		-
Unvested and Outstanding as of March 31, 2026		1,027,510		7.13

Schedule of Stock Options

A summary of the changes in the Company’s stock options activity for the three and nine months ended March 31, 2026, are as follows:

	Number of Shares			Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands) ($)
Outstanding as of June 30, 2025		7,584			816.62		1.46		-
Granted		-			-		0.00		-
Exercised		-			-		0.00		-
Cancelled or forfeited		(3,645	)		1,218.25		0.08		-
Outstanding as of March 31, 2026		3,939			462.74		1.78		-
Unvested as of March 31, 2026		-			-		-		-

	Number of Shares		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands) ($)
Outstanding as of December 31, 2025		3,939		462.74		1.78		-
Granted		-		-		0.00		-
Exercised		-		-		0.00		-
Cancelled or forfeited		-		-		0.00		-
Outstanding as of March 31, 2026		3,939		462.74		1.78		-
Unvested as of March 31, 2026		-		-		-		-

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2026	Jun. 30, 2025
Schedule of Lease Costs [Abstract]
Lease term (years)	6 months 25 days	1 year 3 months 25 days
Discount rate	9.18%	9.18%
Operating lease cost	$ 169	$ 203

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)										3 Months Ended					9 Months Ended
	Apr. 14, 2026	Mar. 12, 2026	Feb. 26, 2026	Feb. 05, 2025	Jan. 16, 2025	Dec. 09, 2024	Nov. 06, 2024	Oct. 31, 2024	Sep. 06, 2024	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2026	Mar. 31, 2025	Jun. 30, 2025	Mar. 13, 2025
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Total comprehensive losses										$ (4,351,000)			$ (4,056,000)		$ (17,343,000)	$ (15,445,000)
Net cash outflows from operating activities															(16,241,000)	$ (11,031,000)
Cash and cash equivalents										74,450,000					74,450,000		$ 15,039,000
Current assets exceeded its current liabilities										78,200,000					78,200,000		$ 13,000,000
Carrying value of equity method investments										$ 27,000,000					$ 27,000,000
Common stock, shares issued (in Shares)										13,683,121					13,683,121		6,479,333
Gross proceeds		$ 10,000,000
Reverse stock split (in Shares)			30
Conversion of issuable shares (in Shares)			1				336,700
Percentage of purchase price									115.00%
Percentage of gross proceeds															7.00%
Shares issuances (in Shares)					345	4,747
Warrant exercisable shares (in Shares)															15,125
Exercise price per share (in Dollars per share)								$ 49.5
Purchase amount									$ 9,000,000
Percentage of original issue discount									10.00%						10.00%
Warrants term									5 years
Net proceeds															$ 2,900
Number of shares issued (in Shares)							2,046,325
Investors converted (in Shares)				100,000
Cash paid																		$ 3,900
Secured Convertible Debt [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Aggregate principal amount									$ 10,000,000
September 2024 Debenture [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of purchase price									25.00%
Percentage of closing price									115.00%
First Tranche Debenture [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Matured date															Apr. 14, 2026
Pre-Funded Warrants [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Warrant to purchase (in Shares)		2,715
Exercise price per share (in Dollars per share)		$ 0.0001
Common Stock Warrants [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Warrant to purchase (in Shares)		2,000,000
Exercise price per share (in Dollars per share)		$ 5
Pre-Funded Warrant and Common Warrant [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Exercise price per share (in Dollars per share)		4.9999
Warrant Exercised [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Exercise price per share (in Dollars per share)		$ 6.5
Warrant exercisable period		5 years
ELOC Warrant [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Warrant exercisable shares (in Shares)								19,500
Common Stock [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Conversion of issuable shares (in Shares)							15,125
Shares issuances (in Shares)										1,997,285	487,246	5,110,850	323,246	4,747
Mind Medicine Australia [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Equity method investments										50.00%					50.00%
Subsequent Event [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Payment in kind interest	5.00%
September 2024 Debenture Warrant [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of purchase price									115.00%
Exercise price per share (in Dollars per share)															$ 56.7
ELOC Purchase Agreement [Member] \| Common Stock [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Commitment to purchase									$ 50,000,000
Equity-Line of Credit Purchase Agreement [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of purchase price															96.00%
Minimum [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Purchase amount															$ 3,300,000
Maximum [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Purchase amount															$ 3,000,000
Registered Direct Offering [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Common stock, shares issued (in Shares)		1,997,285

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Line Items]
Total property, plant and equipment, gross	$ 572	$ 495
Accumulated depreciation and amortization	(525)	(269)
Total property, plant and equipment, net	47	227
Furniture, fittings and equipment [Member]
Property, Plant, and Equipment [Line Items]
Total property, plant and equipment, gross	$ 572	$ 495

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + 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

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- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

R&D Tax Incentive Receivable (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
R&D Tax Incentive Receivable [Abstract]
R&D tax incentive	$ 1.0	$ 2.2

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

Mar. 31, 2026

Jun. 30, 2025

Prepaid Expenses and Other Current Assets [Abstract]

Prepayments1

^[1]

$ 184

$ 297

GST recoverable

221

494

Total prepaid expenses and other current assets

$ 405

$ 791

[1]	Prepayments consist of prepaid clinical trial insurances, prepaid R&D expenditure relating to PSX-001 and IHL-42X clinical trials and scientific, marketing, and advertising subscription services.

R&D Tax Incentive Receivable

9 Months Ended

Mar. 31, 2026

R&D Tax Incentive Receivable [Abstract]

R&D tax incentive receivable

Note 4 – R&D tax incentive receivable

	March 31, 2026		June 30, 2025
	$		$
	(in thousands)
R&D tax incentive receivable		5,240		4,132

R&D tax incentive is recorded within the unaudited condensed consolidated statements of operations and comprehensive loss and amounted to $1.0 million and $2.2 million for the nine months ended March 31, 2026 and 2025, respectively.

Loss Per Share (Tables)

9 Months Ended

Mar. 31, 2026

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 (in thousands, except share and per share amounts):

	For the nine months ended March 31,
	2026			2025
	$			$
Basic and diluted loss per share (dollars per share)		(1.51	)		(25.39	)
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 (in thousands)		(17,343	)		(15,445	)
- Weighted average number of shares of common stock (number)		11,451,276			607,962

	For the three months ended March 31,
	2026			2025
	$			$
Basic and diluted loss per share (dollars per share)		(0.35	)		(6.19	)
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 (in thousands)		(4,351	)		(4,056	)
- Weighted average number of shares of common stock (number)		12,348,460			654,418

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	Mar. 31, 2026	Jun. 30, 2025
Current liabilities
Trade payables	$ 1,602	$ 6,074
Contract liabilities	30	30
Total trade and other payables	1,632	6,104
Accrued expenses	202	661
Employee leave entitlements	21	35
Total accrued expenses and other current liabilities	223	696
Total trade and other payables, accrued expenses and other current liabilities	$ 1,855	$ 6,800

Stock-Based Payments - Schedule of Stock-Based Payments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Schedule of Stock-Based Payments [Line Items]
Total stock-based compensation expense	$ 1,468	$ 416	$ 6,373	$ 1,310
General and administrative [Member]
Schedule of Stock-Based Payments [Line Items]
Total stock-based compensation expense	$ 1,468	$ 416	$ 6,373	$ 1,310

Leases (Tables)

9 Months Ended

Mar. 31, 2026

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:

	March 31, 2026			June 30, 2025
Lease term (years)		0.57			1.32

Discount rate		9.18	%		9.18	%

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

	March 31, 2026		June 30, 2025
	$		$
	(in thousands)
Operating lease cost		169		203

Schedule of Future Minimum Lease Payments

The following table summarizes the future minimum lease payments due under operating leases as of March 31, 2026, (in thousands):

Operating leases	Amount $ (in thousands)
June 30, 2026		40
June 30, 2027		50
June 30, 2028		33

Total minimum lease payments		123

Less amount representing interest		(9	)

Total operating lease liabilities		114

Business (Tables)

9 Months Ended

Mar. 31, 2026

Business [Abstract]

Schedule of Wholly-Owned Subsidiaries

The unaudited condensed consolidated financial statements of the Company are presented in United States dollars and consist of Incannex Healthcare Inc. and the following wholly-owned subsidiaries:

Subsidiary		Jurisdiction
Incannex Healthcare Limited		Victoria, Australia
Incannex Pty Ltd		Victoria, Australia
Psychennex Pty Ltd		Victoria, Australia
APIRx Pharmaceutical USA, LLC		Delaware, United States of America
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

Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment, Net [Abstract]
Depreciation expense	$ 0.2	$ 0.2

Fair value of Financial Instruments (Details)	3 Months Ended
Fair value of Financial Instruments (Details)	Mar. 31, 2026 USD ($)
Warrant [Member]
Fair Value of Financial Instruments [Line Items]
Fair value of warrant liability	$ 400

Income Tax

9 Months Ended

Mar. 31, 2026

Income Tax [Abstract]

Income Tax

Note 11 – Income Tax

For the nine months ended March 31, 2026 and March 31, 2025, respectively, the Company did not recognize a provision or benefit for income taxes as it incurred net losses. In addition, the net deferred tax assets generated from net operating losses were fully offset by a valuation allowance as the Company believes it is not more likely than not that the benefit will be realized.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 50
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+ Details

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
June 30, 2026	$ 40
June 30, 2027	50
June 30, 2028	33
Total minimum lease payments	123
Less amount representing interest	(9)
Total operating lease liabilities	$ 114

Subsequent Events (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	May 15, 2026	May 15, 2026	Mar. 31, 2026
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Vendor amount	$ 75,000
Share Repurchase Program [Member]
Subsequent Events (Details) [Line Items]
Repurchased shares of common Stock			$ 2,100
Share repurchase program for aggregate consideration			$ 9,100
Share Repurchase Program [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Repurchased shares of common Stock		$ 1,700
Share repurchase program for aggregate consideration		$ 6,800

- Definition

Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Information on Share Repurchase Program (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Information on Share Repurchase Program [Line Items]
Stock repurchase		$ 1,139	$ 1,179
Board of Directors [Member]
Information on Share Repurchase Program [Line Items]
Stock repurchase	$ 20,000
Common Stock [Member]
Information on Share Repurchase Program [Line Items]
Stock repurchase	$ 20,000

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Topic 946
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-Name Accounting Standards Codification
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+ Details

Stock-Based Payments

9 Months Ended

Mar. 31, 2026

Stock-Based Payments [Abstract]

Stock-based payments

Note 10 – Stock-based payments

	For the nine months ended March 31
	2026		2025
	$		$
	(in thousands)
General and administrative		6,373		1,310
Total stock-based compensation expense		6,373		1,310

	For the three months ended March 31,
	2026		2025
	$		$
	(in thousands)
General and administrative		1,468		416
Total stock-based compensation expense		1,468		416

Restricted Stock and Restricted Stock Units

A summary of the changes in the Company’s restricted stock unit and restricted stock activity for the three and nine month periods ended March 31, 2026, are as follows:

	Number of Restricted Stock			Weighted Average Grant Date Fair Value $
Unvested and Outstanding as of June 30, 2025		1,358,902			6.90
Granted		5,021			49.14
Vested		(336,412	)		7.15
Forfeited		-			-
Unvested and Outstanding as of March 31, 2026		1,027,510			7.13

	Number of Restricted Stock Units		Weighted Average Grant Date Fair Value $
Unvested and Outstanding as of December 31, 2025		1,027,510		7.13
Granted		-		-
Vested		-		-
Forfeited		-		-
Unvested and Outstanding as of March 31, 2026		1,027,510		7.13

Stock Options

A summary of the changes in the Company’s stock options activity for the three and nine months ended March 31, 2026, are as follows:

	Number of Shares			Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands) ($)
Outstanding as of June 30, 2025		7,584			816.62		1.46		-
Granted		-			-		0.00		-
Exercised		-			-		0.00		-
Cancelled or forfeited		(3,645	)		1,218.25		0.08		-
Outstanding as of March 31, 2026		3,939			462.74		1.78		-
Unvested as of March 31, 2026		-			-		-		-

	Number of Shares		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands) ($)
Outstanding as of December 31, 2025		3,939		462.74		1.78		-
Granted		-		-		0.00		-
Exercised		-		-		0.00		-
Cancelled or forfeited		-		-		0.00		-
Outstanding as of March 31, 2026		3,939		462.74		1.78		-
Unvested as of March 31, 2026		-		-		-		-

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 Common Stock for those stock options that had exercise prices lower than the fair value of the Company’s shares of Common Stock.

Cover - shares	9 Months Ended
Cover - shares	Mar. 31, 2026	May 15, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
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 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 Contact Personnel [Line Items]
Entity Address, Address Line One	Rialto South Tower Level 23
Entity Address, Address Line Two	525 Collins Street
Entity Address, City or Town	Melbourne
Entity Address, Country	AU
Entity Address, Postal Zip Code	3008
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		11,964,554

Income Tax (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Tax (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Income Tax [Abstract]
Income tax benefit

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Information on Share Repurchase Program

9 Months Ended

Mar. 31, 2026

Information on Share Repurchase Program [Abstract]

Information on Share Repurchase Program

Note 13 – Information on Share Repurchase Program

In August 2025, our Board of Directors authorized a $20 million share repurchase program pursuant to which the Company may repurchase up to $20 million of its outstanding shares of Common Stock. The share repurchase program has an expiration on August 30, 2026. Under the share repurchase program, the Company may repurchase shares of Common Stock from time-to-time in the open market or in privately negotiated transactions, accelerated share repurchase arrangements, or other methods permitted under applicable securities laws in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

Fair value of Financial Instruments - Schedule of Warrant and the Valuation Assumptions (Details) - Level 3 [Member]	Mar. 31, 2026
Fair Value [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	3,080
Fair Value [Member] \| At Inception [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	3,460
Exercise price [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	6.5
Exercise price [Member] \| At Inception [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	6.5
Common stock price [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input
Common stock price [Member] \| At Inception [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input
Expected option term [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	5
Expected option term [Member] \| At Inception [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	5
Expected volatility [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	80
Expected volatility [Member] \| At Inception [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	80
Risk free rate of return [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	3.85
Risk free rate of return [Member] \| At Inception [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input	3.8
Expected annual dividend yield [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input
Expected annual dividend yield [Member] \| At Inception [Member]
Schedule of Warrant and the Valuation Assumptions [Line Items]
Warrants measurement input

Accounting Policies, by Policy (Policies)

9 Months Ended

Mar. 31, 2026

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

Basis of Presentation

Unaudited Interim Financial Information

Going Concern Basis

Principles of Consolidation

Equity Method Investment

The carrying value of equity method investments were $27,000 as of March 31, 2026.

Comparative information

Comparative information has been reclassified where appropriate to conform to changes in presentation in the current year to enhance comparability.

Use of Estimates

Risks and Uncertainties

Significant Accounting Policies

Registered Direct Offering

●

1,997,285 shares of Common Stock;

●

pre-funded warrants (the “March 2026 Pre-Funded Warrants”) to purchase up to 2,715 shares of Common Stock; and

●

common stock warrants (the “March 2026 Common Warrants”) to purchase up to 2,000,000 shares of Common Stock.

The aggregate gross proceeds from the March 26 Offering were approximately $10.0 million before deducting placement agent fees and other offering expenses.

In connection with the March 26 Offering, the Company engaged Curvature Securities, LLC as sole placement agent.

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

Reverse Stock Split

Equity-Line of Credit Purchase Agreement

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

Convertible Debenture Financing

The net proceeds received from the issuance of the First Tranche Debenture, after deduction of expenses reimbursable to the Arena Investors, was $2.9 million.

The Company did not meet the closing conditions for the second and third tranche closings set forth in the September 2024 Purchase Agreement.

On February 5, 2025, Arena Investors converted a total of $100,000 debt into shares of Common Stock.

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.

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.

Leases (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Mar. 31, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease liability	$ 0.2	$ 0.2
Weighted-average remaining lease term	6 months 25 days	1 year 3 months 25 days
Discount rate	9.18%

Stockholders’ Equity/Issued Capital (Details) - Common Stock [Member]	9 Months Ended
	Mar. 31, 2026 shares
Stockholder’s Equity/Issued Capital [Line Items]
Common stock, shares authorized	800,000,000
Vote per share	one

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loss Per Share

9 Months Ended

Mar. 31, 2026

Loss Per Share [Abstract]

Loss per share

Note 14 – Loss per share

Basic and diluted net loss per share attributable to stockholders was calculated as follows (in thousands, except share and per share amounts):

	For the nine months ended March 31,
	2026			2025
	$			$
Basic and diluted loss per share (dollars per share)		(1.51	)		(25.39	)
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 (in thousands)		(17,343	)		(15,445	)
- Weighted average number of shares of common stock (number)		11,451,276			607,962

	For the three months ended March 31,
	2026			2025
	$			$
Basic and diluted loss per share (dollars per share)		(0.35	)		(6.19	)
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 (in thousands)		(4,351	)		(4,056	)
- Weighted average number of shares of common stock (number)		12,348,460			654,418

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

Fair value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2026

Fair Value of Financial Instruments [Abstract]

Schedule of Warrant and the Valuation Assumptions

The following table presents the fair value of the warrant and the valuation assumptions under the BSOPM as of March 31, 2026 and at issuance.

	March 31, 2026			At Issuance
Fair Value (in thousands)	$	3,080		$	3,460
Exercise price	$	6.50		$	6.50
Common stock price		-			-
Expected option term (years)		5			5
Expected volatility		80.00	%		80.00	%
Risk free rate of return		3.85	%		3.80	%
Expected annual dividend yield		—	%		—	%

Trade and Other Payables, Accrued Expenses and Other Current Liabilities

9 Months Ended

Mar. 31, 2026

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

	March 31, 2026		June 30, 2025
	$		$
	(in thousands)
Current liabilities
Trade payables		1,602		6,074
Contract liabilities		30		30
Total trade and other payables		1,632		6,104

Accrued expenses		202		661
Employee leave entitlements		21		35
Total accrued expenses and other current liabilities		223		696
Total trade and other payables, accrued expenses and other current liabilities		1,855		6,800

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.

Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Schedule of Basic and Diluted Net Loss Per Share Attributable to Stockholders [Abstract]
Basic loss per share (dollars per share)	$ (0.35)	$ (6.19)	$ (1.51)	$ (25.39)
Diluted loss per share – (dollars per share)	$ (0.35)	$ (6.19)	$ (1.51)	$ (25.39)
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 (in thousands)	$ (4,351)	$ (4,056)	$ (17,343)	$ (15,445)
- Weighted average number of shares of common stock (number)	12,348,460	654,418	11,451,276	607,962

- 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

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 74,450	$ 15,039
Prepaid expenses and other assets	405	791
Research and development (“R&D”) tax incentive receivable	5,240	4,132
Total current assets	80,095	19,962
Property, plant and equipment, net	47	227
Investment in joint venture	27
Operating lease right-of-use assets	114	258
Total assets	80,283	20,447
Current liabilities:
Trade and other payables	1,632	6,104
Accrued expenses and other current liabilities	223	696
Operating lease liabilities, current	72	184
Total current liabilities	1,927	6,984
Operating lease liabilities, non-current	42	74
Warrant Liabilities	3,080
Total liabilities	5,049	7,058
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, - par value – 800,000,000 shares authorized; 13,683,121 and 6,479,333 shares issued and outstanding at March 31, 2026 and June 30, 2025 respectively	41	20
Preferred stock, - par value per share, 10,000,000 shares authorized; no shares issued or outstanding at March 31, 2026 and June 30, 2025, respectively
Additional paid-in capital	253,216	174,049
Accumulated deficit	(174,367)	(157,556)
Foreign currency translation reserve	(3,656)	(3,124)
Total stockholders’ equity	75,234	13,389
Total liabilities and stockholders’ equity	$ 80,283	$ 20,447

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue from customers				$ 86
Operating expenses:
Research and development	(321)	(2,735)	(3,721)	(7,045)
General and administrative	(3,727)	(2,268)	(14,115)	(9,302)
Total operating expenses	(4,048)	(5,003)	(17,836)	(16,347)
Loss from operations	(4,048)	(5,003)	(17,836)	(16,261)
Other income, net:
R&D tax incentive	82	421	953	2,188
Foreign exchange gains/(losses)	25	41	(12)	(290)
Interest expense		(132)		(303)
Interest income	6	4	16	60
Change in fair value of convertible rights				(179)
Change in fair value of warrant liabilities	380	1,824	380	1,721
Warrant issuance costs	(284)	(129)	(284)	(129)
Loss on extinguishment		(994)		(994)
ELOC commitment fee				(1,095)
Share of earnings (loss) of joint venture	(44)		(28)
Total other income, net	165	1,035	1,025	979
Loss before income tax expense	(3,883)	(3,968)	(16,811)	(15,282)
Income tax expense
Net loss	(3,883)	(3,968)	(16,811)	(15,282)
Other comprehensive income/(loss):
Currency translation adjustment, net of tax	(468)	(88)	(532)	(163)
Total comprehensive loss	$ (4,351)	$ (4,056)	$ (17,343)	$ (15,445)
Net loss per share: Basic (in Dollars per share)	$ (0.35)	$ (6.19)	$ (1.51)	$ (25.39)
Net loss per share: Diluted (in Dollars per share)	$ (0.35)	$ (6.19)	$ (1.51)	$ (25.39)
Weighted average number of shares outstanding, basic (in Shares)	12,348,460	654,418	11,451,276	607,962
Weighted average number of shares outstanding, diluted (in Shares)	12,348,460	654,418	11,451,276	607,962

Stockholders’ Equity/Issued Capital

9 Months Ended

Mar. 31, 2026

Stockholders’ Equity/Issued Capital [Abstract]

Stockholders’ equity/issued capital

Note 9 – Stockholders’ equity/issued capital

Common Stock

The Company has one class of Common Stock. The Company’s amended and restated certificate of incorporation provides for 800,000,000 authorized shares of Common Stock. Each outstanding share of Common Stock has 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.

- Definition

The entire disclosure for equity.

+ References

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

Leases

9 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Note 7 – Leases

During fiscal year 2023, the Company entered into three lease agreements for its corporate head office in Sydney, Melbourne office and Clarion Clinic site. The leases have four, five and three-year terms respectively. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional three to five years. These optional periods have not been considered in the determination of the right-of-use assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options.

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

	March 31, 2026			June 30, 2025
Lease term (years)		0.57			1.32

Discount rate		9.18	%		9.18	%

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

	March 31, 2026		June 30, 2025
	$		$
	(in thousands)
Operating lease cost		169		203

Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended March 31, 2026 and fiscal year June 30, 2025 was $0.2 million and $0.2 million 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 March 31, 2026, (in thousands):

Operating leases	Amount $ (in thousands)
June 30, 2026		40
June 30, 2027		50
June 30, 2028		33

Total minimum lease payments		123

Less amount representing interest		(9	)

Total operating lease liabilities		114

As of March 31, 2026, the Company’s operating lease has a weighted-average remaining lease term of 0.57 years and a discount rate of 9.18%.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

R&D Tax Incentive Receivable - Schedule of R&D Tax Incentive Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 30, 2025
Schedule of R&D Tax Incentive Receivable [Abstract]
R&D tax incentive receivable	$ 5,240	$ 4,132

Business - Schedule of Wholly-Owned Subsidiaries (Details)	9 Months Ended
	Mar. 31, 2026
Incannex Healthcare Limited [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, United States of America
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

Property, Plant and Equipment, Net

9 Months Ended

Mar. 31, 2026

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, net

Note 5 – Property, Plant and Equipment, net

	March 31, 2026			June 30, 2025
	$			$
	(in thousands)
Furniture, fittings and equipment		572			495
Total property, plant and equipment, gross		572			495
Accumulated depreciation and amortization		(525	)		(269	)
Total property, plant and equipment, net	$	47		$	227

Depreciation expense is recorded within general and administrative in the unaudited condensed consolidated statements of operations and comprehensive loss and amounted to $0.2 million and $0.2 million for the nine months ended March 31, 2026 and 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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

Business

9 Months Ended

Mar. 31, 2026

Business [Abstract]

Business

Note 1 – Business

Incannex Healthcare Inc. (the “Company”) is a corporation formed under the laws of Delaware in July 2023. Incannex Healthcare Inc. 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 unaudited condensed consolidated financial statements of the Company are presented in United States dollars and consist of Incannex Healthcare Inc. and the following wholly-owned subsidiaries:

Subsidiary		Jurisdiction
Incannex Healthcare Limited		Victoria, Australia
Incannex Pty Ltd		Victoria, Australia
Psychennex Pty Ltd		Victoria, Australia
APIRx Pharmaceutical USA, LLC		Delaware, United States of America
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

Reverse Stock Split

As discussed below under the heading “Note 2—Significant Accounting Policies—Reverse Stock Split,” on February 26, 2026, the Company effected a 1-for-30 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding shares of common stock, par value $0.0001 per share (the “Common Stock”). As a result of the Reverse Stock Split, all figures in this Quarterly Report on Form 10-Q relating to shares of Common Stock (such as share amounts, per share amounts, and conversion rates and prices), including but not limited to, the consolidated financial statements and footnotes included herein, have been adjusted to reflect the Reverse Stock Split for all periods presented, except as otherwise noted or required by context.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (16,811)	$ (15,282)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	190	185
Unrealized loss on foreign currency remeasurement	12	338
Non-cash expense of ELOC commitment		1,097
Stock-based compensation expense	6,374	1,311
Change in fair value of warrant liabilities	(380)	(1,721)
Change in fair value of convertible rights		179
Non-cash interest expense		303
Loss on extinguishment		994
Change in operating assets and liabilities:
Prepaid expenses and other current assets	376	148
R&D tax incentive	(1,108)	2,222
Securities pledged		(1,397)
Trade and other payables	(4,894)	592
Net cash used in operating activities	(16,241)	(11,031)
Cash flows from investing activities:
Purchase of property, plant and equipment	(11)	(8)
Investment of joint venture	(53)
Net cash used in investing activities	(64)	(8)
Cash flows from financing activities:
Proceeds received from facility agreement		4,282
Repayment of facility agreement		(2,898)
Proceeds from share issuance	78,617	12,446
Share issuance costs	(3,202)	(744)
Warrant issuance costs	(284)	(125)
Proceeds from issuance of convertible debt		2,779
Repayment of convertible debt		(3,833)
Debt issuance costs		(113)
Share repurchase	(2,317)
Net cash provided by financing activities	72,814	11,794
Effect of exchange rate changes on cash and cash equivalents	2,901	98
Net increase in cash and cash equivalents	56,509	755
Cash and cash equivalents at beginning of period	15,039	5,858
Cash and cash equivalents at end of period	74,450	6,711
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
Issuance of Common Stock Warrants at initial fair value	3,460
Issuance of Pre-Funded Warrants at initial fair value	9
Total	$ 3,469	$ 4,372

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2026	Jun. 30, 2025
Statement of Financial Position [Abstract]
Common stock, par value per share (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in Shares)	800,000,000	800,000,000
Common Stock, shares issued (in Shares)	13,683,121	6,479,333
Common stock, shares outstanding (in Shares)	13,683,121	6,479,333
Preferred stock, par value per share (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in Shares)	10,000,000	10,000,000
Preferred stock, shares issued (in Shares)
Preferred stock, shares outstanding (in Shares)

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

+ Details

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

9 Months Ended

Mar. 31, 2026

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

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

	March 31, 2026		June 30, 2025
	$		$
	(in thousands)
Current liabilities
Trade payables		1,602		6,074
Contract liabilities		30		30
Total trade and other payables		1,632		6,104

Accrued expenses		202		661
Employee leave entitlements		21		35
Total accrued expenses and other current liabilities		223		696
Total trade and other payables, accrued expenses and other current liabilities		1,855		6,800

R&D Tax Incentive Receivable (Tables)

9 Months Ended

Mar. 31, 2026

R&D Tax Incentive Receivable [Abstract]

Schedule of R&D Tax Incentive Receivable

	March 31, 2026		June 30, 2025
	$		$
	(in thousands)
R&D tax incentive receivable		5,240		4,132

Fair value of Financial Instruments

9 Months Ended

Mar. 31, 2026

Fair Value of Financial Instruments [Abstract]

Fair value of Financial Instruments

Note 12 – Fair value of Financial Instruments

Cash and cash equivalents, accounts receivable (including assets pledged as security for short-term debt and 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.

The fair value of the Company’s debt approximates its carrying value and is classified as Level 3 within the fair value hierarchy, as it is derived from discounted cash flows using a current borrowing rate.

March 2026 Common Warrants

Classification of the March 2026 Common 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 entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.”

Management considered whether the March 2026 Common Warrants displayed the three characteristics of a derivative under ASC 815 and concluded that the warrant meets the definition of a derivative. However, the March 2026 Common Warrants 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 conclusion is based on the fact that the warrant includes certain cash-settlement features in the event of a tender offer, which is outside the control of the Company. As a result, the instrument is not considered to be indexed to the reporting entity’s own stock. The Company measured the March 2026 Common 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 March 2026 Common Warrants was classified as a Level 3 financial instrument in the fair value hierarchy and was valued using the Black-Scholes option pricing model (“BSOPM”). The following table presents the fair value of the warrant and the valuation assumptions under the BSOPM as of March 31, 2026 and at issuance.

	March 31, 2026			At Issuance
Fair Value (in thousands)	$	3,080		$	3,460
Exercise price	$	6.50		$	6.50
Common stock price		-			-
Expected option term (years)		5			5
Expected volatility		80.00	%		80.00	%
Risk free rate of return		3.85	%		3.80	%
Expected annual dividend yield		—	%		—	%

The changes in the fair value of the warrant liability resulted in a decrease of $0.4 million for the three months ended March 31, 2026.

- 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
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
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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
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-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
-SubTopic 10
-Name Accounting Standards Codification
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-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

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Mar. 31, 2026

Property, Plant and Equipment, Net [Abstract]

Schedule of Property, Plant and Equipment, Net

	March 31, 2026			June 30, 2025
	$			$
	(in thousands)
Furniture, fittings and equipment		572			495
Total property, plant and equipment, gross		572			495
Accumulated depreciation and amortization		(525	)		(269	)
Total property, plant and equipment, net	$	47		$	227

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional paid-in capital Amount	Accumulated deficit Amount	Foreign currency translation reserve Amount	Total
Balance at Jun. 30, 2024	$ 2	$ 125,218	$ (110,671)	$ (3,332)	$ 11,217
Balance (in Shares) at Jun. 30, 2024	588,094
Statement [Line Items]
Stock-based compensation		459			459
Share issuance
Net loss			(5,420)		(5,420)
Currency translation adjustment, net of tax				339	339
Balance at Sep. 30, 2024	$ 2	125,677	(116,091)	(2,993)	6,595
Balance (in Shares) at Sep. 30, 2024	588,094
Balance at Jun. 30, 2024	$ 2	125,218	(110,671)	(3,332)	11,217
Balance (in Shares) at Jun. 30, 2024	588,094
Statement [Line Items]
Net loss					(15,282)
Balance at Mar. 31, 2025	$ 2	136,849	(125,953)	(3,495)	7,403
Balance (in Shares) at Mar. 31, 2025	918,225
Balance at Sep. 30, 2024	$ 2	125,677	(116,091)	(2,993)	6,595
Balance (in Shares) at Sep. 30, 2024	588,094
Statement [Line Items]
Stock-based compensation		435			435
Share issuance		242			242
Share issuance (in Shares)	4,747
Net loss			(5,894)		(5,894)
Currency translation adjustment, net of tax				(414)	(414)
Balance at Dec. 31, 2024	$ 2	126,354	(121,985)	(3,407)	964
Balance (in Shares) at Dec. 31, 2024	592,841
Statement [Line Items]
Stock-based compensation		416			416
Convertible note conversion		100			100
Convertible note conversion (in Shares)	2,138
Share issuance		10,726			10,726
Share issuance (in Shares)	323,246
Share issuance costs		(747)			(747)
Net loss			(3,968)		(3,968)
Currency translation adjustment, net of tax				(88)	(88)
Balance at Mar. 31, 2025	$ 2	136,849	(125,953)	(3,495)	7,403
Balance (in Shares) at Mar. 31, 2025	918,225
Balance at Jun. 30, 2025	$ 20	174,049	(157,556)	(3,124)	13,389
Balance (in Shares) at Jun. 30, 2025	6,479,333
Statement [Line Items]
Stock-based compensation		2,626			2,626
Share issuance	$ 15	69,450			69,465
Share issuance (in Shares)	5,110,850
Share issuance costs		(2,288)			(2,288)
Net loss			(6,407)		(6,407)
Currency translation adjustment, net of tax				223	223
Balance at Sep. 30, 2025	$ 35	243,837	(163,963)	(2,901)	77,008
Balance (in Shares) at Sep. 30, 2025	11,590,183
Balance at Jun. 30, 2025	$ 20	174,049	(157,556)	(3,124)	13,389
Balance (in Shares) at Jun. 30, 2025	6,479,333
Statement [Line Items]
Net loss					(16,811)
Balance at Mar. 31, 2026	$ 41	253,216	(174,367)	(3,656)	75,234
Balance (in Shares) at Mar. 31, 2026	13,683,121
Balance at Sep. 30, 2025	$ 35	243,837	(163,963)	(2,901)	77,008
Balance (in Shares) at Sep. 30, 2025	11,590,183
Statement [Line Items]
Stock-based compensation		2,279			2,279
Share repurchase		(1,179)			(1,179)
Share repurchase (in Shares)	(103,466)
Share issuance	$ 1	2,196			2,197
Share issuance (in Shares)	487,246
Share issuance costs		(91)			(91)
Net loss			(6,521)		(6,521)
Currency translation adjustment, net of tax				(287)	(287)
Balance at Dec. 31, 2025	$ 36	247,042	(170,484)	(3,188)	73,406
Balance (in Shares) at Dec. 31, 2025	11,973,963
Statement [Line Items]
Stock-based compensation		1,468			1,468
Share repurchase	$ (1)	(1,138)			(1,139)
Share repurchase (in Shares)	(290,561)
Fractional adjustment
Fractional adjustment (in Shares)	2,434
Share issuance	$ 6	6,667			6,673
Share issuance (in Shares)	1,997,285
Share issuance costs		(823)			(823)
Net loss			(3,883)		(3,883)
Currency translation adjustment, net of tax				(468)	(468)
Balance at Mar. 31, 2026	$ 41	$ 253,216	$ (174,367)	$ (3,656)	$ 75,234
Balance (in Shares) at Mar. 31, 2026	13,683,121

Business (Details)	Feb. 26, 2026 $ / shares
Common Stock [Member]
Business (Details) [Line Items]
Par value	$ 0.0001

Subsequent Events

9 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 15 – Subsequent Events

Share Repurchase Program

From April 1, 2026 through May 15, 2026, the Company has repurchased 1.7 million shares of its Common Stock under the share repurchase program for aggregate consideration of approximately $6.8 million. In total to date, the Company has repurchased 2.1 million shares of its Common Stock under the share repurchase program for aggregate consideration of approximately $9.1 million. See Note 13, Information on Share Repurchase Program.

Settlement of Vendor Dispute

In May 2026, the Company entered into a settlement with a vendor with respect to a dispute regarding an outstanding invoice. Pursuant to the settlement, the Company agreed to pay the vendor $75,000.