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Leases
12 Months Ended
Jun. 30, 2024
Lessee Disclosure [Abstract]  
Leases

8. Leases

The Company leases office spaces in Waltham, Massachusetts and Charleston, South Carolina under operating leases. The following table summarizes operating and variable lease cost and cash paid for amounts included in the measurement of lease liabilities for the years ended June 30, 2024 and 2023:

 

 

For the twelve months ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

Operating lease cost

 

$

399

 

 

$

391

 

Variable lease cost

 

 

66

 

 

 

73

 

Cash paid for operating leases

 

 

436

 

 

 

468

 

The following table provides details on the leases presented in the consolidated balance sheets as of June 30, 2024 and 2023:

 

 

June 30, 2024

 

 

June 30, 2023

 

Weighted-average remaining life

 

1.9 years

 

 

1.5 years

 

Weighted-average discount rate

 

 

8.9

%

 

 

9.4

%

The following table provides a maturity analysis of the Company's operating lease liabilities as of June 30, 2024:

(in thousands)

 

June 30, 2024

 

For the year ending June 30, 2025

 

$

138

 

For the year ending June 30, 2026

 

 

75

 

For the year ending June 30, 2027

 

 

12

 

Thereafter

 

 

-

 

Total lease payments

 

$

225

 

Imputed interest

 

 

(31

)

Total lease liabilities

 

$

194

 

The Company’s office leases in Waltham, Massachusetts, and Charleston, South Carolina, provide a five-year and a three-year optional extension periods, respectively. As the Company is not reasonably certain to exercise the options, the periods covered by the options are not included in the respective lease terms or the measurement of the respective lease liabilities.