Balance Sheet Details

12 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Note 3. Balance Sheet Details

Prepaid and Other Current Assets

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


	June 30, 2025		June 30, 2024
Insurance	$	176	$	460
Software license		39		442
Security deposit		—		263
Prepaid clinical costs		—		1,050
Other		59		209
Total prepaid and other current assets	$	274	$	2,424

Property and Equipment

As of June 30. 2025, we had no property and equipment, net. Property and equipment, net consisted of the following as of June 30, 2024, in thousands:


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

_____

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

(2) During fiscal 2025, upon termination of our lease, we either sold or disposed of all property and equipment.

Depreciation expense of property and equipment for the fiscal years ended June 30, 2025 and 2024 are presented in the consolidated statements of cash flows.

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

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

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:



	June 30, 2025		June 30, 2024
Accrued pre-clinical and clinical trial expenses	$	134	$	1,407
Accrued compensation and benefits(1)		873		2,821
Accrued legal and professional services		144		33
Accrued reimbursement to KKC		—		892
Other		27		34
Total accrued liabilities	$	1,178	$	5,187

________

(1) Includes one-time employee benefits of approximately $0.7 million and $21,000 for the fiscal years ended June 30, 2025 and 2024, respectively.

Lite Strategy, Inc. 10-K