0001193125-26-458494 | 10-Q | XBRL Viewer

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Statements of Stockholders' Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Stockholders' deficit, beginning balance (in shares) at Jun. 30, 2025		27,973,000
Stockholders' deficit, beginning balance at Jun. 30, 2025	$ (44,733)	$ 28	$ 792,531	$ (6)	$ (837,286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		68,000
Issuance of common stock from exercises of options and employee stock purchase plan	788		788
Issuance of common stock upon vesting of restricted stock units (in shares)		24,000
Repurchases and retirements of common stock (in shares)		(490,000)
Repurchases and retirements of common stock	(9,794)		(9,794)
Stock-based compensation	9,157		9,157
Comprehensive income (loss), net	53			53
Net income	15,113				15,113
Stockholders' deficit, ending balance (in shares) at Sep. 30, 2025		27,575,000
Stockholders' deficit, ending balance at Sep. 30, 2025	$ (29,416)	$ 28	792,682	47	(822,173)
Stockholders' deficit, beginning balance (in shares) at Jun. 30, 2026	29,728,000	29,728,000
Stockholders' deficit, beginning balance at Jun. 30, 2026	$ 10,585	$ 30	652,269	(151)	(641,563)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options (in shares)	200,660	201,000
Issuance of common stock from exercises of options	$ 3,174		3,174
Issuance of common stock upon vesting of restricted stock units (in shares)		12,000
Stock-based compensation	3,215		3,215
Comprehensive income (loss), net	(30)			(30)
Net income	$ 3,876				3,876
Stockholders' deficit, ending balance (in shares) at Sep. 30, 2026	29,940,623	29,941,000
Stockholders' deficit, ending balance at Sep. 30, 2026	$ 20,820	$ 30	$ 658,658	$ (181)	$ (637,687)

Equity Incentive Plans - Schedule of Time-based Restricted Stock Units & PSU's (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2026	Jun. 30, 2026
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	1,505,309
Granted (in shares)	0
Released (in shares)	(12,143)
Forfeitures and cancellations (in shares)	0
Number of shares, ending balance (in shares)	1,493,166	1,505,309
Number of shares, Restricted stock units expected to vest (in shares)	1,493,166
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 7.13
Granted (in dollars per share)	0
Released (in dollars per share)	1.53
Forfeitures and cancellations (in dollars per share)	0
Weighted average grant date fair value, ending balance (in dollars per share)	7.18	$ 7.13
Weighted average grant date fair value , Restricted stock units expected to vest (in dollars per share)	$ 7.18
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, other than options outstanding (in years)	1 year 2 months 23 days	1 year 5 months 19 days
Weighted average remaining contractual term, other than options vested and expected to vest (in years)	1 year 2 months 23 days
Aggregate intrinsic value, outstanding	$ 75,047	$ 101,608
Aggregate intrinsic value, restricted stock units expected to vest	$ 75,047

Commitments and Contingencies

3 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Operating Leases

On May 4, 2020, we entered into a lease agreement with Wateridge Property Owner, LP, with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Lease Agreement”). Under the Lease Agreement, we agreed to lease approximately 45,000 square feet of space for a term of 124 months, beginning on April 5, 2021. The terms of the Lease Agreement provide us with an option to extend the term of the lease for an additional five years, as well as a one-time option to terminate the lease after seven years, on April 30, 2028 with the payment of a termination fee of $3.8 million plus 15-months of operating expenses and real property taxes. The exercise of the lease option is at our sole discretion, which we currently do not anticipate exercising and as such was not recognized as part of the right-of-use asset (the “ROU asset”) and lease liability. The monthly base rent was initially $4.20 per rentable square foot and is increased by 3% annually. Under the Lease Agreement, we are also responsible for our pro rata share of real estate taxes, building insurance, maintenance, direct expenses, and utilities. Upon lease commencement, on April 5, 2021, we recognized an ROU asset of $20.6 million, with a corresponding lease liability of $20.7 million on the balance sheets. The ROU asset includes adjustments for prepayments, initial direct costs, and lease incentives. As of September 30, 2026, we have recorded $0.3 million as a security deposit in accordance with the terms of the Lease Agreement.

Our lease payments are fixed, and we recognize lease expense for leases on a straight-line basis over the lease term. Operating lease ROU assets and lease liabilities are recorded based on the present value of the future minimum lease payments over the lease term at commencement date. As our lease does not provide an implicit rate, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The weighted-average discount rate used was 4.0% and the weighted-average remaining lease term is approximately 4.9 years.

The following non-cancellable office lease costs are included in our statements of cash flow (in thousands):


		Three Months Ended September 30,
Leases	Classification on the Cash Flow	2026		2025
Operating lease cost	Operating	$	619	$	619
Cash paid for amounts included in the measurement of lease liabilities	Operating		658		639

At September 30, 2026, the future minimum annual obligations for the Company’s operating lease liabilities are as follows:


Years Ending June 30, (in thousands)
2027	$	1,988
2028		2,725
2029		2,807
2030		2,891
2031		2,978
Thereafter		509
Total minimum payments required	$	13,898
Less: imputed interest		(1,331	)
Total	$	12,567

Sublease

On June 15, 2026, we entered into a sublease agreement with First Tracks Biotherapeutics with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Sublease Agreement”). Under the Sublease Agreement, we agreed to sublease approximately 45,000 square feet of space for a term of approximately 24 months, beginning on April 20, 2026, continuing until the earlier of (a) April 4, 2028, or (b) twelve months from the commencement of the renewal term. The monthly base rent was initially $4.87 per rentable square foot and is increased by 3% annually. First Tracks Biotherapeutics is also responsible for their share of operating expenses, real property taxes, insurance, insurance deductibles and repairs. As of September 30, 2026, we recorded sublease income of $0.7 million in accordance with the terms of the Sublease Agreement. The sublease income over the term of the sublease will be the same as the amount due under our existing Lease Agreement, therefore no impairment of the right of use

asset was recorded for the three months ended September 30, 2026. As of September 30, 2026, the weighted-average remaining lease term is approximately 1.5 years.

At September 30, 2026, the future minimum annual lease receivables for the Company’s operating lease income is as follows:


Years Ending June 30, (in thousands)
2027	$	1,988
2028		2,063
Total lease income receivable	$	4,051

Guarantees and Indemnifications

We enter into standard indemnification arrangements in the ordinary course of business. Pursuant to certain of these arrangements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party for third party claims in connection with our breach of the agreement, our negligence or willful misconduct in connection with the agreement, or any trade secret, copyright, patent or other intellectual property infringement claim with respect to our technology. The term of these indemnification arrangements is generally perpetual. The maximum potential amount of future payments we could be required to make under these agreements is not determinable because it involves claims that may be made against us in the future, but have not yet been made.

We indemnify our officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving in such capacity, as permitted under Delaware law, in accordance with our certificate of incorporation and bylaws, and pursuant to agreements providing for indemnification entered into with our officers and directors. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity.

The maximum amount of potential future indemnification of directors and officers is unlimited; however, we currently hold director and officer liability insurance. This insurance allows the transfer of risk associated with our exposure and may enable us to recover a portion of any future amounts paid.

We believe that the fair value of these indemnification obligations is minimal. Accordingly, we have not recognized any liabilities relating to these obligations for any period presented.

Collaborative Research and Development Agreements - Narrative (Details)			3 Months Ended
	Jan. 31, 2025 USD ($)	Oct. 23, 2020 USD ($)	Sep. 30, 2026 USD ($) Milestone	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) Milestone	Sep. 30, 2018 USD ($)
Disaggregation of Revenue [Line Items]
Collaboration revenue			$ 30,274,000		$ 76,320,000
GSK \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue			$ 0		$ 0
Number of milestone \| Milestone			1		1
GSK \| JEMPERLI Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue			$ 29,600,000		$ 24,900,000
GSK \| Zejula Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue			700,000		1,400,000
GSK \| Fourth commercial sales milestone \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 75,000,000
GSK \| Phase 3 clinical trial initiation - first indication \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue						$ 5,000,000
GSK \| Royalty Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue			30,300,000		26,300,000
GSK \| Royalty Agreement, up To $1. 0 billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		8.00%
Royalty sales		$ 1,000,000,000
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		12.00%
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| PD-1 (Jemperli/Dostarlimab) \| Minimum
Disaggregation of Revenue [Line Items]
Royalty sales		$ 1,000,000,000
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| PD-1 (Jemperli/Dostarlimab) \| Maximum
Disaggregation of Revenue [Line Items]
Royalty sales		$ 1,500,000,000
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		20.00%
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| PD-1 (Jemperli/Dostarlimab) \| Minimum
Disaggregation of Revenue [Line Items]
Royalty sales		$ 1,500,000,000
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| PD-1 (Jemperli/Dostarlimab) \| Maximum
Disaggregation of Revenue [Line Items]
Royalty sales		$ 2,500,000,000
GSK \| Royalty Agreement, above $2.5 billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales		25.00%
Royalty sales		$ 2,500,000,000
Vanda \| Commercial Sales Milestone [Member]
Disaggregation of Revenue [Line Items]
Royalty sales			$ 100,000,000
Vanda \| Exclusive License Agreement
Disaggregation of Revenue [Line Items]
Royalty percent on net sales			10.00%
Upfront payment			$ 15,000,000
Vanda \| Exclusive License Agreement \| License
Disaggregation of Revenue [Line Items]
Collaboration revenue			0		0
Upfront payment	$ 10,000,000
Vanda \| Exclusive License Agreement \| Transaction Service
Disaggregation of Revenue [Line Items]
Collaboration revenue			100,000		$ 100,000
Vanda \| Exclusive License Agreement \| Drug Supply
Disaggregation of Revenue [Line Items]
Upfront payment			$ 5,000,000

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Income (Loss) Per Share

The following table sets forth the weighted-average outstanding potentially dilutive securities that have been excluded in the calculation of diluted net income (loss) per share because to do so would be anti-dilutive (in common stock equivalent shares):


	Three Months Ended September 30,
(in thousands)	2026		2025
Options to purchase common stock		90		6,736
Stock awards		48		39
Total		138		6,775

Commitments and Contingencies - Schedule of Future Minimum Annual Obligations (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2027	$ 1,988
2028	2,725
2029	2,807
2030	2,891
2031	2,978
Thereafter	509
Total minimum payments required	13,898
Less: imputed interest	(1,331)
Total	$ 12,567

Fair Value Measurements and Available for Sale Investments (Tables)

3 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At September 30, 2026
Money market funds(1)	$	45,738	$	45,738
Mutual funds(1)		24,218		24,218
U.S. Treasury securities(1)(2)		77,326		77,326
At June 30, 2026
Money market funds(1)	$	41,874	$	41,874	$	—	$	—
Mutual funds(1)		36,503		36,503		—		—
U.S. Treasury securities(1)(2)		74,990		74,990		—		—
Commercial and corporate obligations(2)		5,075		—		5,075		—

(1)

Included in cash and cash equivalents in the accompanying balance sheets.

(2)

Included in short-term investments in the accompanying balance sheets depending on the respective maturity date.

Schedule of Available-for-sale Investments

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents and short-term investments as of September 30, 2026 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Fair Value
U.S. Treasury securities(1)	$	77,338	$	—	$	(12	)	$	77,326
Total available-for-sale investments	$	77,338	$	—	$	(12	)	$	77,326

(1)

Of our outstanding U.S. Treasury securities, $77.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of September 30, 2026.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Fair Value
Commercial and corporate obligations(1)	$	5,072	$	3	$	-		$	5,075
U.S. Treasury securities(2)		74,974		17		(1	)		74,990
Total available-for-sale investments	$	80,046	$	20	$	(1	)	$	80,065

(1)

Of our outstanding commercial and corporate obligations, $5.1 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.

(2)

Of our outstanding U.S. Treasury securities, $75.0 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.

Schedule of Unrealized Loss and Fair Values in a Loss Position

The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2026, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	September 30, 2026
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	72,239	$	(12	)	$	—	$	—	$	72,239	$	(12	)
Total	$	72,239	$	(12	)	$	—	$	—	$	72,239	$	(12	)

The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2026, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	June 30, 2026
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury Securities	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)
Total	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)

Sale of Future Royalties - Narrative (Details)	1 Months Ended			3 Months Ended
Sale of Future Royalties - Narrative (Details)	May 31, 2024 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2021 USD ($)	Sep. 30, 2026 USD ($) Milestone	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) Milestone	Jun. 30, 2026 USD ($)	Jan. 01, 2021
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue				$ 30,274,000		$ 76,320,000
Liability related to sale of future royalties				249,819,000			$ 256,493,000
Non-cash interest expense				$ 18,742,000		$ 22,515,000
GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Number of milestone \| Milestone				1		1
Collaboration revenue				$ 0		$ 0
JEMPERLI Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Net of proceeds			$ 299,500,000
Effective interest rate				31.10%
Non-cash interest expense for the sale of future royalties				$ 19,000,000		22,300,000
Issuance costs related to the sale of future royalties			400,000
JEMPERLI Royalty Monetization Agreement \| Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties			250,000,000
Royalties and milestones received				300,800,000
JEMPERLI Royalty Monetization Agreement \| Sagard \| By the end of 2026
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received			600,000,000
JEMPERLI Royalty Monetization Agreement \| Sagard \| During 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received			675,000,000
JEMPERLI Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue				29,600,000		24,900,000
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Net of proceeds		$ 34,800,000
Issuance costs related to the sale of future royalties		200,000
Zejula Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue				700,000		1,400,000
Settlement agreement rate								0.50%
Non-cash interest expense				300,000		200,000
Zejula Royalty Monetization Agreement \| DRI Healthcare Trust
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties		35,000,000
Liability related to sale of future royalties		$ 35,000,000
Jemperli Royalty Monetization Agreement Amendment 1 \| Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties	$ 50,000,000		$ 50,000,000
Issuance costs related to the sale of future royalties	$ 100,000
Fourth commercial sales milestone \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue					$ 75,000,000
Third commercial sales milestone \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue				50,000,000		50,000,000
Annual sales milestone threshold				$ 750,000,000		$ 750,000,000

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Details) - USD ($)	3 Months Ended
	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2017	Mar. 31, 2016	Jun. 30, 2015
Disaggregation of Revenue [Line Items]
Collaboration revenue	$ 30,274,000		$ 76,320,000
Milestone revenue recognition	Cash is generally received within 30 days of milestone achievement.
GSK \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue	$ 0		0
GSK \| PD-1 (Jemperli/Dostarlimab) \| Initiated in vivo toxicology studies using good laboratory practices (GLPs)
Disaggregation of Revenue [Line Items]
Collaboration revenue														$ 1,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| IND clearance from the FDA
Disaggregation of Revenue [Line Items]
Collaboration revenue													$ 4,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 2 clinical trial initiation
Disaggregation of Revenue [Line Items]
Collaboration revenue												$ 3,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 3 clinical trial initiation - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue											$ 5,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 3 clinical trial initiation - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue										$ 5,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first BLA - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue									$ 10,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first MAA - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue									$ 5,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first BLA - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue								$ 10,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First BLA approval - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue							$ 20,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First MAA approval - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue							$ 10,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First BLA approval - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue						$ 20,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first MAA - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	5,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First MAA approval - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	10,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 15,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Second commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 25,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Third commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue	50,000,000		$ 50,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Fourth commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue		$ 75,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Milestones recognized through December 31, 2025
Disaggregation of Revenue [Line Items]
Collaboration revenue	258,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Milestones that may be recognized in the future
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	15,000,000
Vanda \| Milestones recognized through December 31, 2025
Disaggregation of Revenue [Line Items]
Collaboration revenue	0
Vanda \| Milestones that may be recognized in the future
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	35,000,000
Vanda \| FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	5,000,000
Vanda \| Regulatory approval for marketing of the first licensed product in the EU
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	5,000,000
Vanda \| Commercial sales first exceed $100.0 million
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	$ 25,000,000

Summary of Significant Accounting Policies - Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	138	6,775
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	90	6,736
Stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	48	39

Discontinued Operations - Schedule of Carrying Value of Assets Distributed as Part of Spin-Off (Details) - First Tracks Biotherapeutics $ in Thousands	Apr. 20, 2026 USD ($)
Assets:
Cash and cash equivalents	$ 100,000
Prepaid expenses and other current assets	2,948
Total current assets	102,948
Property and equipment, net	1,174
Total assets	$ 104,122

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of.

+ References + Details

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Equity Incentive Plans (Tables)

3 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Activity Related to Stock Option Awards

A summary of the activity related to stock option awards during the three months ended September 30, 2026 is as follows:


	Shares Subject to Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2026		6,072,369		$	18.62		7.04	$	297,386
Granted		—		$	—
Exercises		(200,660	)	$	15.82
Forfeitures and cancellations		(1,650	)	$	78.28
Outstanding at September 30, 2026		5,870,059		$	18.70		6.93	$	186,967
Exercisable at September 30, 2026		3,668,323		$	18.74		6.18	$	117,310

Schedule of Time-based Restricted Stock Units Activity


	Number of Restricted Stock Units			Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2026		1,505,309		$	7.13		1.47	$	101,608
Granted		—		$	—
Released		(12,143	)	$	1.53
Forfeitures and cancellations		—		$	—
Outstanding at September 30, 2026		1,493,166		$	7.18		1.23	$	75,047
RSU expected to vest at September 30, 2026		1,493,166		$	7.18		1.23	$	75,047

Schedule of Weighted Average Assumptions used to Estimate Fair Value

The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


	Three Months Ended September 30,
	2026			2025
Risk-free interest rate		0.0	%		4.0	%
Expected volatility		—			82.6	%
Expected dividend yield		—		—%
Expected term (in years)		0.00			6.49
Weighted average grant date fair value per share	$	—		$	14.97

Schedule of Non-cash Stock-based Compensation Expense

Total non-cash stock-based compensation expense for all stock awards that was recognized in the statements of operations and comprehensive income is as follows:


	Three Months Ended September 30,
(in thousands)	2026		2025
Research and development	$	—	$	(290	)
General and administrative		3,215		497
Total	$	3,215	$	207

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Royalty and milestone payments to Sagard

$ 5,916

$ 1,007

Jemperli Royalty Monetization Agreement

Beginning balance

234,705

Amortization of issuance costs

Royalty and milestone payments to Sagard

(24,907)

Non-cash interest expense recognized

^[1]

19,027

Ending balance

228,861

Zejula Royalty Monetization Agreement

Beginning balance

21,788

Amortization of issuance costs

Royalty and milestone payments to Sagard

(509)

Non-cash interest expense recognized

^[1]

(328)

Ending balance

$ 20,958

[1]	Of the non-cash interest expense recognized, none was negative amortization for the three months ended September 30, 2026.

Fair Value Measurements and Available for Sale Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 30, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	$ 77,326	$ 80,065
U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	77,326	74,990
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments		5,075
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	45,738	41,874
Recurring \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	24,218	36,503
Recurring \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments		74,990
Recurring \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments		5,075
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	45,738	41,874
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	24,218	36,503
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	77,326
Fair Value included in short-term or long-term investments	$ 77,326	74,990
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments		0
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents		0
Recurring \| Significant Other Observable Inputs (Level 2) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents		0
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments		0
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments		5,075
Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents		0
Recurring \| Significant Unobservable Inputs (Level 3) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents		0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments		0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments		$ 0

Discontinued Operations (Tables)

3 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Carrying Value of Assets and Pretax Loss from Discontinued Operations to After-tax Loss in Discontinued Operations

The following table represents the carrying value of assets distributed as part of the Spin-Off on April 20, 2026:


(in thousands)	April 20, 2026
Assets:
Cash and cash equivalents	$	100,000
Prepaid expenses and other current assets		2,948
Total current assets		102,948
Property and equipment, net		1,174
Total assets	$	104,122

The following table presents a reconciliation of the major classes of line items constituting pretax loss from discontinued operations to after-tax loss in discontinued operations for the three months ended September 30, 2025:


	Three Months Ended September 30,
(in thousands)	2025
Research and development	$	33,442
General and administrative		9,126
Total operating expenses		42,568
Loss from operations		(42,568	)
Interest income		1,063
Total other income, net		1,063
Loss from discontinued operations before income taxes		(41,505	)
Benefit for income taxes		269
Loss from discontinued operations, net of tax	$	(41,236	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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

Income Taxes

3 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

We account for income taxes in accordance with ASC 740, Income Taxes. For interim periods, we applied ASC 740-270, which generally requires an estimated annual effective tax rate to be applied to year-to-date ordinary income (loss).

We recorded an income tax benefit of $0.6 million and an income tax provision of $0.3 million for the three months ended September 30, 2026 and 2025, respectively.

The variance from the U.S. federal statutory rate of 21% for the three months ended September 30, 2026 was primarily attributable to tax deductions associated with windfall tax benefits on equity compensation. The variance from the U.S. federal statutory rate of 21% for the three months ended September 30, 2025 was primarily attributable to the utilization of operating loss carryovers which were previously offset by a valuation allowance against quarterly income.

We assess the realizability of our deferred tax assets each reporting period, weighing all available positive and negative evidence, including our history of cumulative losses, projected future taxable income and the timing of reversal of existing temporary differences. Based on this assessment, we concluded that a substantial portion of our deferred tax assets are realizable with the exception of certain deductible differences and IRC Section 382 limited tax attributes expected to reverse following the lapse of royalty and license revenue streams. Prior to the Spin-Off, we maintained a full valuation allowance against our net deferred tax assets. We will continue to evaluate the need for a valuation allowance each reporting period.

The One Big Beautiful Bill Act of 2025 ("OBBBA") was signed into law on July 4, 2025. The OBBBA makes changes to the U.S. corporate income tax including immediate expensing of domestic research and development costs while foreign expenditures will continue to be capitalized and amortized over 15 years and modifications to the timing of the deduction for interest expense.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not to be sustained on examination, based on the technical merits. As of September 30, 2026, we had unrecognized tax benefits of $14.1 million. If recognized, $11.3 million would affect the effective tax rate. As of September 30, 2025, we had unrecognized tax benefits of $8.2 million.

- Definition

The entire disclosure for income tax.

+ References

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

Sale of Future Royalties

3 Months Ended

Sep. 30, 2026

Other Liabilities Disclosure [Abstract]

Sale of Future Royalties

5. Sale of Future Royalties

Jemperli Royalty Monetization Agreement

In October 2021, we signed a royalty monetization agreement (“Jemperli Royalty Monetization Agreement”) with Sagard Healthcare Royalty Partners, LP (“Sagard”). Under the terms of the Jemperli Royalty Monetization Agreement, we received $250.0 million in exchange for royalties and milestones payable to us under our GSK collaboration on annual global net sales of Jemperli.

In May 2024, we entered into an amendment to the Jemperli Royalty Monetization Agreement, Amendment No. 1 (the “Jemperli Amendment”) under which we sold additional receivables to Sagard in exchange for $50.0 million. The Jemperli Amendment includes all Jemperli sales, including any product containing Jemperli, whether or not such product constitutes a combination product, and the threshold amounts of aggregate Jemperli royalties and milestones to be received by Sagard under the Jemperli Amendment are either $600.0 million if received by the end of March 31, 2031, or $675.0 million if received thereafter. Once either of these thresholds is met, the Jemperli Royalty Monetization Agreement and the Jemperli Amendment will expire, resulting in us regaining all subsequent Jemperli royalties and milestones. As of September 30, 2026, Sagard has received a total of $300.8 million in royalties and milestones.

The proceeds received from Sagard of $250.0 million and $50.0 million were recorded as a nonrecourse liability, net of transaction costs of $0.4 million and $0.1 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. The aggregate future estimated payments, less the $299.5 million, net of proceeds, will be recognized as non-cash interest expense over the life of the agreement. Royalty and milestone revenue will be recognized as earned on net sales of Jemperli, and these payments to Sagard will be recorded as a reduction of the liability when paid. As such payments are made to Sagard, the balance of the liability will be effectively repaid over the life of the Jemperli Royalty Monetization Agreement.

We estimate the effective interest rate used to record non-cash interest expense under the Jemperli Royalty Monetization Agreement based on the estimate of future royalty payments to be received by Sagard. As of September 30, 2026, the estimated effective rate under the agreement was 31.1%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and the timing of the royalty payments received by Sagard and changes in our forecasted royalties. At each reporting date, we will reassess our estimate of total future royalty payments to be received and if such payments are materially different than our prior estimates, we will prospectively adjust the imputed interest rate and the related amortization of the royalty obligation.

No sales milestones were recognized during the three months ended September 30, 2026. One sales milestone for $50.0 million was recognized during the three months ended September 30, 2025 when Jemperli annual sales exceeded $750 million. This sales milestone is Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement.

We recognized Jemperli non-cash royalty revenue of approximately $29.6 million and $24.9 million during the three months ended September 30, 2026 and 2025, respectively, and non-cash interest expense of approximately $19.0 million and $22.3 million during the three months ended September 30, 2026 and 2025, respectively. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Statements of Operations.

The following table shows the activity within the liability account for the three months ended September 30, 2026:


(in thousands)	September 30, 2026
Liability related to sale of future Jemperli royalties and milestones - balance at 6/30/2026	$	234,705
Amortization of issuance costs		36
Royalty and milestone payments to Sagard		(24,907	)
Non-cash interest expense recognized(1)		19,027
Liability related to sale of future royalties and milestones - ending balance	$	228,861

(1) Of the non-cash interest expense recognized, none was negative amortization for the three months ended September 30, 2026.

Zejula Royalty Monetization Agreement

In October 2020, in connection with GSK Amendment No. 3, GSK agreed, under the terms of a settlement agreement (the “GSK Settlement Agreement”), to pay us a royalty of 0.5% on all GSK net sales of Zejula starting January 1, 2021.

In September 2022, we signed a purchase and sale agreement (the “Zejula Royalty Monetization Agreement”) with a wholly owned subsidiary of DRI to monetize all of our future royalties on global net sales of Zejula under the GSK Settlement Agreement. Under the terms of the Zejula Royalty Monetization Agreement, we received $35.0 million in exchange for all royalties payable by GSK to us under the GSK Settlement Agreement on global net sales of Zejula starting in July 2022.

The proceeds received from DRI of $35.0 million were recorded as a nonrecourse liability, net of transaction costs of $0.2 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. Royalty revenue will be recognized as earned on net sales of Zejula, and these royalty payments to DRI will be recorded as a reduction of the liability when paid. The aggregate future estimated payments, less the $34.8 million of net proceeds, will be recorded as non-cash interest expense over the life of the agreement. As such payments are made to DRI, the balance of the liability will be effectively repaid over the life of the Zejula Royalty Monetization Agreement.

We recognized Zejula non-cash royalty revenue of approximately $0.7 million and $1.4 million during the three months ended September 30, 2026 and 2025, respectively. We recognized negative non-cash interest expense of approximately $0.3 million and approximately $0.2 million during the three months ended September 30, 2026 and 2025, respectively. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Statements of Operations.

The following table shows the activity within the liability account for the three months ended September 30, 2026:


(in thousands)	September 30, 2026
Liability related to sale of future Zejula royalties - balance at 6/30/2026	$	21,788
Amortization of issuance costs		7
Royalty and milestone payments to DRI		(509	)
Non-cash interest expense recognized (1)		(328	)
Liability related to sale of future royalties - ending balance	$	20,958

(1) Of the non-cash interest expense recognized, none was negative amortization for the three months ended September 30, 2026.

Fair Value Measurements and Available for Sale Investments

3 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements and Available for Sale Investments

6. Fair Value Measurements and Available for Sale Investments

Fair Value Measurements

Our financial instruments consist principally of cash, cash equivalents, and short-term investments, receivables, and accounts payable. Certain of our financial assets and liabilities have been recorded at fair value in the balance sheet in accordance with the accounting standards for fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 - Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At September 30, 2026
Money market funds(1)	$	45,738	$	45,738
Mutual funds(1)		24,218		24,218
U.S. Treasury securities(1)(2)		77,326		77,326
At June 30, 2026
Money market funds(1)	$	41,874	$	41,874	$	—	$	—
Mutual funds(1)		36,503		36,503		—		—
U.S. Treasury securities(1)(2)		74,990		74,990		—		—
Commercial and corporate obligations(2)		5,075		—		5,075		—

(1)

Included in cash and cash equivalents in the accompanying balance sheets.

(2)

Included in short-term investments in the accompanying balance sheets depending on the respective maturity date.

The following methods and assumptions were used to estimate the fair value of our financial instruments for which it is practicable to estimate that value:

Marketable Securities. For fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. For fair values determined by Level 2 inputs, which utilize quoted prices in less active markets for similar assets, the level of judgment required to estimate fair value is also considered relatively low.

Fair Value of Other Financial Instruments

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, receivables, accounts payable, and accrued expenses approximate fair value due to their short-term nature.

Available for Sale Investments

We invest our excess cash in agency securities, debt instruments of financial institutions and corporations, commercial obligations, and U.S. Treasury securities, which we classify as available-for-sale investments. These investments are carried at fair value and are included in the tables above.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Fair Value
U.S. Treasury securities(1)	$	77,338	$	—	$	(12	)	$	77,326
Total available-for-sale investments	$	77,338	$	—	$	(12	)	$	77,326

(1)

Of our outstanding U.S. Treasury securities, $77.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of September 30, 2026.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Fair Value
Commercial and corporate obligations(1)	$	5,072	$	3	$	-		$	5,075
U.S. Treasury securities(2)		74,974		17		(1	)		74,990
Total available-for-sale investments	$	80,046	$	20	$	(1	)	$	80,065

(1)

Of our outstanding commercial and corporate obligations, $5.1 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.

(2)

Of our outstanding U.S. Treasury securities, $75.0 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.


	September 30, 2026
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	72,239	$	(12	)	$	—	$	—	$	72,239	$	(12	)
Total	$	72,239	$	(12	)	$	—	$	—	$	72,239	$	(12	)


	June 30, 2026
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury Securities	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)
Total	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)

As of September 30, 2026 and June 30, 2026 unrealized losses on available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

- 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
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-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
-SubTopic 10
-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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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

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

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

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

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

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-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

Description of the Business

3 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

1. Description of the Business

AnaptysBio, Inc. (“we,” “us,” “our,” or the “Company”) was incorporated in the state of Delaware in November 2005. Prior to the separation described below in Note 11, Discontinued Operations, we were a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. We also discovered and out-licensed, in financial collaborations, multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly) or “Jemperli”) to GSK and an IL-36R antagonist (“Quimilza”) to Vanda Pharmaceuticals Inc. (“Vanda”). We recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK and license and transition services revenue from our collaboration with Vanda.

Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next 12 months from the issuance of our financial statements. The accompanying financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Equity Incentive Plans

3 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

8. Equity Incentive Plans

2017 Equity Incentive Plan

In January 2017, our Board of Directors and stockholders approved and adopted the 2017 Equity Incentive Plan (the “2017 Plan”). Under the 2017 Plan, we may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then our employees, officers, directors or consultants. In addition, the number of shares of stock available for issuance under the 2017 Plan were to be automatically increased each January 1, beginning on January 1, 2018, by 4% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our Board of Directors. At our annual stockholder meeting on June 12, 2024, the 2017 Plan was amended, eliminating the automatic annual share increase and the number of shares available for issuance was increased by 2,700,000 shares. At our annual stockholder meeting on June 17, 2025, the 2017 Plan was amended and restated to further increase the number of shares available for issuance by 1,650,000 shares. At our annual stockholder meeting on August 11, 2026, the 2017 Plan was amended and restated to extend the expiration of the 2017 Plan from January 2027 to August 2036. All future share increases will require stockholder approval. As of September 30, 2026, 2,189,325 shares were available for future issuance.

Employee Stock Purchase Plan

In January 2017, our Board of Directors and stockholders approved and adopted the 2017 Employee Stock Purchase Plan (“ESPP”). In addition, the number of shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2018, by 1% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our Board of Directors. The Board of Directors determined that due to sufficient shares being available in the ESPP, the number of shares available as of January 1, 2025 and January 1, 2026 would not increase. As of September 30, 2026, 294,081 shares have been issued under the ESPP and 1,804,726 shares were available for future issuance under the ESPP. This plan will expire in January 2027.

Stock Options

Stock options granted to employees and non-employees generally vest over a four-year period while stock options granted to directors generally vest over a one-year period. Each stock option award has a maximum term of 10 years from the date of grant, subject to earlier cancellation prior to vesting upon cessation of service to us. A summary of the activity related to stock option awards during the three months ended September 30, 2026 is as follows:


	Shares Subject to Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2026		6,072,369		$	18.62		7.04	$	297,386
Granted		—		$	—
Exercises		(200,660	)	$	15.82
Forfeitures and cancellations		(1,650	)	$	78.28
Outstanding at September 30, 2026		5,870,059		$	18.70		6.93	$	186,967
Exercisable at September 30, 2026		3,668,323		$	18.74		6.18	$	117,310

Total cash received from the exercise of stock options was approximately $4.4 million during the three months ended September 30, 2026.

Time-Based Restricted Stock Units

Each Restricted Stock Unit (“RSU”) represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis. The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued.


	Number of Restricted Stock Units			Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2026		1,505,309		$	7.13		1.47	$	101,608
Granted		—		$	—
Released		(12,143	)	$	1.53
Forfeitures and cancellations		—		$	—
Outstanding at September 30, 2026		1,493,166		$	7.18		1.23	$	75,047
RSU expected to vest at September 30, 2026		1,493,166		$	7.18		1.23	$	75,047

Stock-Based Compensation Expense

We recognize stock-based compensation expense for awards issued to employees and non-employees over the requisite service period based on the estimated grant-date fair value of such awards. The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


	Three Months Ended September 30,
	2026			2025
Risk-free interest rate		0.0	%		4.0	%
Expected volatility		—			82.6	%
Expected dividend yield		—		—%
Expected term (in years)		0.00			6.49
Weighted average grant date fair value per share	$	—		$	14.97

We determine the appropriate risk-free interest rate, expected term for employee stock-based awards, contractual term for non-employee stock-based awards, and volatility assumptions. The weighted-average expected option term for employee and non-employee stock-based awards reflects the historical option term. Expected volatility incorporates the historical volatility of our stock price. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected or contractual term of the stock-based payment awards. The assumed dividend yield is based on our expectation of not paying dividends in the foreseeable future.

Total non-cash stock-based compensation expense for all stock awards that was recognized in the statements of operations and comprehensive income is as follows:


	Three Months Ended September 30,
(in thousands)	2026		2025
Research and development	$	—	$	(290	)
General and administrative		3,215		497
Total	$	3,215	$	207

At September 30, 2026, there was $7.2 million of unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of 2.17 years and $8.3 million of unrecognized cost related to unvested RSU awards, which is expected to be recognized over a period of 2.09 years.

On March 26, 2026, our then Chief Legal Officer entered into a transition and separation agreement, conditioned upon and effective on the Spin-Off. In connection with their transition and separation agreement, we modified certain equity awards and recognized approximately $1.1 million in non-cash stock-based compensation expense during the three months ended September 30, 2026.

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Parenthetical) (Details) $ in Millions	3 Months Ended
	Sep. 30, 2026 USD ($)
Jemperli Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Non-cash interest expense capitalized	$ 0
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Non-cash interest expense capitalized	$ 0

Equity Incentive Plans - Schedule of Activity Related to Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2026	Jun. 30, 2026
Shares Subject to Options
Beginning balance (in shares)	6,072,369
Granted (in shares)	0
Exercises (in shares)	(200,660)
Forfeitures and cancellations (in shares)	(1,650)
Ending balance (in shares)	5,870,059	6,072,369
Stock options exercisable, ending balance (in shares)	3,668,323
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 18.62
Granted (in dollars per share)	0
Exercises (in dollars per share)	15.82
Forfeitures and cancellations (in dollars per share)	78.28
Ending balance (in dollars per share)	18.7	$ 18.62
Stock options exercisable, ending balance (in dollars per share)	$ 18.74
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, options outstanding	6 years 11 months 4 days	7 years 14 days
Weighted average remaining contractual term, options exercisable	6 years 2 months 4 days
Aggregate intrinsic value, options outstanding	$ 186,967	$ 297,386
Aggregate intrinsic value, options exercisable	$ 117,310

Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,876	$ 15,113
Less: Loss from discontinued operations, net of tax	0	41,236
Net income from continuing operations	3,876	56,349
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	5	4
Stock-based compensation	3,215	207
Accretion/amortization of investments, net	(92)	(1,130)
Amortization of right-of-use assets – operating	490	470
Non-cash interest expense for sale of future royalties	18,742	22,515
Deferred tax asset	(608)	0
Changes in operating assets and liabilities:
Receivables from collaborative partners	(4,860)	(54,267)
Prepaid expenses and other assets	2,690	(303)
Accounts payable and other liabilities	(32,474)	(18,561)
Operating lease liabilities	(528)	(490)
Net cash (used in) provided by operating activities of continuing operations	(9,544)	4,794
Net cash used in operating activities of discontinued operations	0	(32,151)
Net cash used in operating activities	(9,544)	(27,357)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	(9,908)	(19,656)
Sales and maturities of investments	22,500	67,249
Net cash provided by investing activities of continuing operations	12,592	47,593
Net cash used in investing activities of discontinued operations	0	(12)
Net cash provided by investing activities	12,592	47,581
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	4,436	336
Principal repayment of liability for sale of future royalties	(5,916)	(1,007)
Payments for repurchase of common stock	0	(9,720)
Net cash used in by financing activities	(1,480)	(10,391)
Net increase in cash and cash equivalents	1,568	9,833
Cash and cash equivalents in continuing operations, beginning of period	133,826	0
Cash and cash equivalents within discontinued operations, beginning of period	0	100,000
Less: Cash and cash equivalents within discontinued operations, end of period	0	100,000
Cash and cash equivalents in continuing operations, end of period	135,394	9,833
Non-cash investing and financing activities:
Amounts accrued for repurchase of common stock	0	554
Receivable related to issuance of common stock, upon exercise of stock options	$ (48)	$ 452

Commitments and Contingencies (Tables)

3 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Non-Cancellable Office Lease Costs

The following non-cancellable office lease costs are included in our statements of cash flow (in thousands):


		Three Months Ended September 30,
Leases	Classification on the Cash Flow	2026		2025
Operating lease cost	Operating	$	619	$	619
Cash paid for amounts included in the measurement of lease liabilities	Operating		658		639

Schedule of Future Minimum Annual Obligations

At September 30, 2026, the future minimum annual obligations for the Company’s operating lease liabilities are as follows:


Years Ending June 30, (in thousands)
2027	$	1,988
2028		2,725
2029		2,807
2030		2,891
2031		2,978
Thereafter		509
Total minimum payments required	$	13,898
Less: imputed interest		(1,331	)
Total	$	12,567

Schedule of Future Minimum Annual Lease Receivables

At September 30, 2026, the future minimum annual lease receivables for the Company’s operating lease income is as follows:


Years Ending June 30, (in thousands)
2027	$	1,988
2028		2,063
Total lease income receivable	$	4,051

Discontinued Operations - Reconciliation of Major Classes of Line Items Constituting Pretax Loss from Discontinued Operations to After-Tax Loss In Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax	$ 0	$ (41,236)
First Tracks Biotherapeutics
Disposal Group, Including Discontinued Operations [Line Items]
Research and development		33,442
General and administrative		9,126
Total operating expenses		42,568
Loss from operations		(42,568)
Interest income		1,063
Total other income, net		1,063
Loss from discontinued operations before income taxes		(41,505)
Benefit for income taxes		269
Loss from discontinued operations, net of tax		$ (41,236)

Discontinued Operations - Narrative (Details) - First Tracks Biotherapeutics - USD ($) $ in Millions		3 Months Ended
	Apr. 20, 2026	Sep. 30, 2026
Disposal Group, Including Discontinued Operations [Line Items]
Number of common stock shares received	1
Record date of distribution	Apr. 06, 2026
Transition services expenses		$ 0.5

- 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 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

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	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 3,215	$ 207
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	3,215	497
Location, Statement of Income, Balance [Axis]: anab:ResearchAndDevelopment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 0	$ (290)

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+ Details

Balance Sheet Accounts and Supplemental Disclosures - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 30, 2026
Property, Plant, and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (106)	$ (101)
Total property and equipment, net	97	102
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 203	$ 203

- 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

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+ Details

Collaborative Research and Development Agreements

3 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Collaborative Research and Development Agreements

4. Collaborative Research and Development Agreements

GSK Collaboration

In March 2014, we entered into a Collaboration and Exclusive License Agreement (the “GSK Agreement”) with TESARO, Inc. (“Tesaro”), an oncology-focused biopharmaceutical subsidiary of GSK (Tesaro and GSK are hereinafter referred to, collectively, as “GSK”). Currently, under the GSK Agreement, GSK is developing Jemperli (dostarlimab) as a monotherapy and in combination with additional therapies, for various solid tumor indications.

For dostarlimab, the remaining development program under the GSK Agreement, we are eligible to receive milestone payments if a European regulatory submission and approval in a second indication is achieved. On October 23, 2020, Amendment No. 3 to the GSK Agreement (the “GSK Amendment No. 3”) was agreed to by both parties to permit GSK to conduct development and commercialization in combination with any third party molecules of Zejula, an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor (“Zejula”). Under GSK Amendment No. 3, we were granted increased royalties upon sales of Jemperli, equal to 8% of net sales (as defined in the GSK Agreement) below $1.0 billion, 12% of net sales between $1.0 billion and $1.5 billion, 20% of net sales between $1.5 billion and $2.5 billion and 25% of net sales above $2.5 billion. Unless earlier terminated by either party upon specified circumstances, the GSK Agreement will terminate, with respect to each specific developed product, upon the later of the 12th anniversary of the first commercial sale of the product or the expiration of the last to expire of any patent.

We assessed these arrangements in accordance with Accounting Standards Codification (“ASC”) 606 and concluded that the contract counterparty, GSK, is a customer. We identified the following material promises under the GSK Agreement: (1) the licenses under certain patent rights and transfer of certain development and regulatory information, (2) research and development (“R&D”) services, and (3) joint steering committee meetings. We considered the research and discovery capabilities of GSK for these specific programs and the fact that the discovery and optimization of these antibodies is proprietary and could not, at the time of contract inception, be provided by other vendors, to conclude that the license does not have stand-alone functionality and is therefore not distinct. Additionally, we determined that the joint steering committee participation would not have been provided without the R&D services and GSK Agreement. Based on these assessments, we identified all services to be interrelated and therefore concluded that the promises should be combined into a single performance obligation at the inception of the arrangement.

As of September 30, 2026, the transaction price for the GSK Agreement and its associated amendments includes the upfront payment, research reimbursement revenue and milestones and royalties earned to date, which are allocated in their entirety to the single performance obligation.

We recognized $30.3 million in royalty revenue during the three months ended September 30, 2026 related to GSK’s net sales of Jemperli and Zejula during the period, which we estimate based on either GSK’s prior sales experience or actuals. Of the royalty revenue recognized during the three months ended September 30, 2026, $29.6 million is Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement (as amended), and $0.7 million is Zejula non-cash revenue related to the Zejula Royalty Monetization Agreement, each of such agreements as described in Note 5. We recognized $26.3 million in royalty revenue during the three months ended September 30, 2025, related to GSK’s net sales of Jemperli and Zejula during the period based on GSK’s prior sales experience or actuals. Of the royalty revenue recognized during the three months ended September 30, 2025, $24.9 million is Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement (as amended) and $1.4 million is Zejula non-cash revenue related to the Zejula Royalty Monetization Agreement. GSK reports sales information to us on a one quarter lag and differences between actual and estimated royalty revenues will be adjusted in the following quarter.

No clinical or sales milestones were recognized during the three months ended September 30, 2026. One sales milestone for $50.0 million was recognized during the three months ended September 30, 2025 when Jemperli annual sales exceeded $750 million. No other future clinical or regulatory milestones have been included in the transaction price, as all future milestone amounts were subject to the revenue constraint. As part of the constraint evaluation, we considered numerous factors including the fact that the receipt of milestones is outside of our control and contingent upon regulatory filing and approval in a second indication, an outcome that is difficult to predict, and GSK’s efforts. We will re-evaluate the variable transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Milestones under the GSK Agreement are as follows:


	PD-1 (Jemperli/Dostarlimab)
Milestone Event	Amount	Quarter Recognized
Initiated in vivo toxicology studies using good laboratory practices (GLPs)	$1.0M	Q2’15
IND clearance from the FDA	$4.0M	Q1’16
Phase 2 clinical trial initiation	$3.0M	Q2’17
Phase 3 clinical trial initiation - first indication	$5.0M	Q3’18
Phase 3 clinical trial initiation - second indication	$5.0M	Q2’19
Filing of the first BLA(1) - first indication	$10.0M	Q1’20
Filing of the first MAA(2) - first indication	$5.0M	Q1’20
Filing of the first BLA - second indication	$10.0M	Q1’21
First BLA approval - first indication	$20.0M	Q2’21
First MAA approval - first indication	$10.0M	Q2’21
First BLA approval - second indication	$20.0M	Q3’21
Filing of the first MAA - second indication(3)	$5.0M	—
First MAA approval - second indication(3)	$10.0M	—
First commercial sales milestone(3)	$15.0M	Q3’24
Second commercial sales milestone(3)	$25.0M	Q4’24
Third commercial sales milestone(3)	$50.0M	Q3’25
Fourth commercial sales milestone(4)	$75.0M	Q4’25

Milestones recognized through September 30, 2026	$258.0M	—
Milestones that may be recognized in the future	$15.0M	—

(1)

Biologics License Application (“BLA”)

(2)

Marketing Authorization Application (“MAA”)

(3)

For Jemperli, the filing and approval of the first MAA for a second indication and first three commercial sales milestones are included as part of the royalty monetization agreement with Sagard (as defined below). For more information, see Note 5. Cash is generally received within 30 days of milestone achievement.

(4)

For Jemperli, we retained the rights to a $75.0 million sales milestone when Jemperli annual net sales exceeded $1 billion. We received the cash milestone payment in December 2025.

We are currently party to litigation with GSK with respect to the GSK Agreement. See Part II, Item 1. “Legal Proceedings” for additional information.

Vanda Collaboration

On January 31, 2025, we entered into an Exclusive License Agreement (the “Vanda License Agreement”) with Vanda pursuant to which we granted to Vanda an exclusive, global license for the development and commercialization of Quimilza (IL-36R antagonist mAb), which has completed two registration-enabling global Phase 3 trials, GEMINI-1 and GEMINI-2, evaluating the safety and efficacy of Quimilza in patients with generalized pustular psoriasis (“GPP”).

Pursuant to the terms of the Vanda License Agreement, we received an upfront payment of $10.0 million for the license and a $5.0 million payment for existing drug supply. We allocated the total transaction price of $15.0 million on a relative standalone selling price in accordance with ASC 606. During the three months ended September 30, 2026, we recognized no license revenue and less

than $0.1 million of transition services revenue. During the three months ended September 30, 2025, we recognized no license revenue and $0.1 million of transition services revenue. We are also eligible to receive a 10% royalty on net sales.

The Separation and Distribution Agreement provides that any and all rights to receive milestone payments under the Vanda License Agreement will be allocated to First Tracks Biotherapeutics as follows:


Milestone Event	Amount	Quarter Recognized
FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP	$5.0M	—
Regulatory approval for marketing of the first licensed product in the EU	$5.0M	—
Commercial sales first exceed $100.0 million	$25.0M	—

Milestones recognized through September 30, 2026	—	—
Milestones that may be recognized in the future	$35.0M	—

Segment Reporting (Tables)

3 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Revenue, Income and Significant Expenses

The following table presents our segment information for the three months ended September 30, 2026 and 2025 and is a summary of segment revenue, income and our significant expenses (in thousands):


	Three Months Ended September 30,
	2026			2025
Collaboration revenue	$	30,274		$	76,320
Operating expenses:
Total R&D		(1,267	)		31,407
External G&A(1)		8,068			2,247
Internal G&A(2)		3,568			7,962
Total G&A		11,636			10,209
Total operating expenses		10,369			41,616
Income from operations		19,905			34,704

Interest income		1,438			2,924
Sublease income		667			—
Non-cash interest expense		(18,742	)		(22,515	)
Total other expense, net		(16,637	)		(19,591	)

Income before income taxes		3,268			15,113
Benefit for income taxes		608			—
Segment net income	$	3,876		$	15,113

(1)

External G&A consists of general and administrative expenses including transaction costs, legal services, insurance, professional fees for auditing, tax, and facility-related costs.

(2)

Internal G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 31
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Oct. 31, 2021
Deferred Revenue Arrangement [Line Items]
Milestone revenue recognition	Cash is generally received within 30 days of milestone achievement.
Sagard Healthcare Royalty Partners, LP [Member] \| Jemperli Royalty Monetization Agreement
Deferred Revenue Arrangement [Line Items]
Rights retained		$ 75.0
Royalties agreement, maximum annual royalty payout capacity		$ 1,000.0
Vanda \| Commercial sales first exceed $100.0 million
Deferred Revenue Arrangement [Line Items]
Royalty sales	$ 100.0

Commitments and Contingencies - Schedule of Non-Cancellable Office Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 619	$ 619
Cash paid for amounts included in the measurement of lease liabilities	$ 658	$ 639

Commitments and Contingencies - Narrative (Details)			3 Months Ended
Commitments and Contingencies - Narrative (Details)	Jun. 15, 2026 ft² $ / shares	May 04, 2020 USD ($) $ / shares	Sep. 30, 2026 USD ($) ft²	Sep. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Apr. 20, 2026	Apr. 05, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets			$ 11,070,000		$ 11,560,000
Total			$ 12,567,000
Weighted-average discount rate (as a percent)			4.00%
Sublease income			$ 667,000	$ 0
Weighted average remaining lease term (in years)			4 years 10 months 24 days
Sublease Agreement
Lessee, Lease, Description [Line Items]
Area of leased property (sqft) \| ft²	45,000
Lease term (in months)						24 months
Lease renewal term (in years)	12 months
Monthly base rate (usd per sqft) \| $ / shares	$ 4.87
Increase in annual rent (as a percent)	3.00%
Sublease income			$ 700,000
Impairment of right of use asset			$ 0
Weighted average remaining lease term (in years)			1 year 6 months
Lease Agreement
Lessee, Lease, Description [Line Items]
Area of leased property (sqft) \| ft²			45,000
Lease term (in months)							124 months
Lease renewal term (in years)		5 years
Lease termination term (in years)		7 years
Lessee, operating lease, termination fee		$ 3,800,000
Lessee, operating lease, termination period (in months)		15 months
Monthly base rate (usd per sqft) \| $ / shares		$ 4.2
Increase in annual rent (as a percent)		3.00%
Operating lease right-of-use assets							$ 20,600,000
Total							$ 20,700,000
Security deposit			$ 300,000

Discontinued Operations - Schedule of Carrying Amount of Assets Total Assets of Discontinued Operations (Details) - First Tracks Biotherapeutics $ in Thousands	Apr. 20, 2026 USD ($)
Assets:
Cash and cash equivalents	$ 100,000
Prepaid expenses and other current assets	2,948
Total current assets	102,948
Property and equipment, net	1,174
Total assets	$ 104,122

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of.

+ References + Details

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Equity Incentive Plans - Schedule of Weighted Average Assumptions used to Estimate Fair Value (Details) - Employee Stock Option Member - $ / shares	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.00%	4.00%
Expected volatility	0.00%	82.60%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	0 years	6 years 5 months 26 days
Weighted average grant date fair value per share (in dollars per share)	$ 0	$ 14.97

- Definition

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

+ References

+ Details

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	29,940,623	29,728,000
Common stock, shares outstanding (in shares)	29,940,623	29,728,000
2026 Repurchase Program
Class of Stock [Line Items]
Authorized repurchase amount			$ 100,000,000
Repurchase program expiration date	Dec. 31, 2026
Remaining repurchase amount	$ 100,000,000

- 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.

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+ Details

- Definition

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

+ References

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-Paragraph 2
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+ Details

Stockholders' Equity

3 Months Ended

Sep. 30, 2026

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

Common Stock

Of the 500,000,000 shares of common stock authorized, 29,940,623 shares were issued and outstanding as of September 30, 2026.

Stock Repurchase Program

In March 2026, our Board of Directors authorized a stock repurchase program (the “2026 Repurchase Program”) to repurchase up to $100.0 million of our outstanding common stock. As of September 30, 2026, $100.0 million remained available for future shares of common stock to be repurchased under the 2026 Repurchase Program. The 2026 Repurchase Program will expire on December 31, 2026.

- Definition

The entire disclosure for equity.

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), with the spin-off of our Biopharma segment (“Biopharma”) presented as discontinued operations. See further details in Note 11, Discontinued Operations. The accompanying financial statements for periods prior to the Spin-Off have been recast to reflect discontinued operations.

The accompanying financial statements include the accounts of the Company. Prior to the dissolution of our wholly owned Australian subsidiary on June 11, 2025, we consolidated the accounts of our Australian subsidiary. All intercompany accounts and transactions were eliminated in consolidation. Following the dissolution of our Australian subsidiary, the Company has no subsidiaries requiring consolidation.

Use of Estimates

The preparation of the accompanying financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. Significant estimates relied upon in preparing these financial statements include estimates related to revenue recognition, accrued research and development expenses, stock-based compensation, and the liability related to the sale of future royalties. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions.

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and awards using the treasury stock method. Common stock equivalents outstanding are comprised of stock options, restricted stock units (“RSUs”) and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when income from continuing operations is reported and their effect is dilutive.


	Three Months Ended September 30,
(in thousands)	2026		2025
Options to purchase common stock		90		6,736
Stock awards		48		39
Total		138		6,775

Accounting Pronouncements

We have implemented all new accounting pronouncements that are in effect and may have an impact on our financial statements. Unless otherwise discussed, we believe the impact of any recently issued and not yet effective pronouncements will not have a material impact on our financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this guidance and assessing the potential impact on our financial statement disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of adoption on our financial statement disclosures.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025
Operating Loss Carryforwards [Line Items]
Income tax (benefit) provision	$ (608)	$ 269
U.S. federal statutory rate	21.00%	21.00%
Capitalized and amortized period	15 years
Unrecognized tax benefits	$ 14,100	$ 8,200
Unrecognized tax benefits that if recognized and realized would affect the effective tax rate	$ 11,300

- Definition

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

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+ Details

Segment Reporting - Schedule of Revenue by Major Customers by Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting Information [Line Items]
Collaboration revenue	$ 30,274	$ 76,320
G&A	11,636	1,083
Total operating expenses	10,369	(952)
Income from operations	19,905	77,272
Interest income	1,438	1,861
Sublease income	667	0
Non-cash interest expense	(18,742)	(22,515)
Total other expense, net	(16,637)	(20,654)
Income before income taxes	3,268	56,618
Benefit for income taxes	608	(269)
Net income	3,876	15,113
Royalty Management
Segment Reporting Information [Line Items]
Collaboration revenue	30,274
R&D	(1,267)
G&A	11,636
Total operating expenses	10,369
Income from operations	19,905
Interest income	1,438
Sublease income	667
Non-cash interest expense	(18,742)
Total other expense, net	(16,637)
Income before income taxes	3,268
Benefit for income taxes	(608)
Net income	3,876
Royalty Management \| Prior to Spin Off
Segment Reporting Information [Line Items]
Collaboration revenue		76,320
R&D		31,407
G&A		10,209
Total operating expenses		41,616
Income from operations		34,704
Interest income		2,924
Sublease income		0
Non-cash interest expense		(22,515)
Total other expense, net		(19,591)
Income before income taxes		15,113
Benefit for income taxes		0
Net income		15,113
Royalty Management \| External
Segment Reporting Information [Line Items]
G&A	8,068
Royalty Management \| External \| Prior to Spin Off
Segment Reporting Information [Line Items]
G&A		2,247
Royalty Management \| Internal
Segment Reporting Information [Line Items]
G&A	$ 3,568
Royalty Management \| Internal \| Prior to Spin Off
Segment Reporting Information [Line Items]
G&A		$ 7,962

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	Segment profit or loss is measured as the net income and is used to monitor results. We do not report identifiable assets by segment as this is not a metric used by our CODM to allocate resources or evaluate performance.

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 30, 2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 77,338	$ 80,046
Gross Unrealized Gains	0	20
Gross Unrealized Losses	(12)	(1)
Total Fair Value	77,326	80,065
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		5,072
Gross Unrealized Gains		3
Gross Unrealized Losses		0
Total Fair Value		5,075
U.S. Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	77,338	74,974
Gross Unrealized Gains	0	17
Gross Unrealized Losses	(12)	(1)
Total Fair Value	$ 77,326	$ 74,990

- Definition

Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

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

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+ Details

Segment Reporting

3 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

10. Segment Reporting

During 2025, in connection with the proposed separation of our operations into two independent, publicly traded companies, our Chief Executive Officer, who is our chief operating decision maker (“CODM”), revised the information he regularly reviews in evaluating the allocation of resources and assessing operating performance. On April 20, 2026, the separation was completed through the spin-off of the Biopharma segment into First Tracks Biotherapeutics, with the Royalty Management segment remaining as our only operating segment.

Segment profit or loss is measured as the net income and is used to monitor results. We do not report identifiable assets by segment as this is not a metric used by our CODM to allocate resources or evaluate performance.

The following table presents our segment information for the three months ended September 30, 2026 and 2025 and is a summary of segment revenue, income and our significant expenses (in thousands):


	Three Months Ended September 30,
	2026			2025
Collaboration revenue	$	30,274		$	76,320
Operating expenses:
Total R&D		(1,267	)		31,407
External G&A(1)		8,068			2,247
Internal G&A(2)		3,568			7,962
Total G&A		11,636			10,209
Total operating expenses		10,369			41,616
Income from operations		19,905			34,704

Interest income		1,438			2,924
Sublease income		667			—
Non-cash interest expense		(18,742	)		(22,515	)
Total other expense, net		(16,637	)		(19,591	)

Income before income taxes		3,268			15,113
Benefit for income taxes		608			—
Segment net income	$	3,876		$	15,113

(1)

External G&A consists of general and administrative expenses including transaction costs, legal services, insurance, professional fees for auditing, tax, and facility-related costs.

(2)

Internal G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Balance Sheet Accounts and Supplemental Disclosures - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 4,392	$ 5,872
Accrued professional fees and other expenses	2,066	4,411
Accrued research, development and manufacturing expenses	10,012	14,289
Accrued liability - First Tracks Biotherapeutics	2,869	4,226
Total accrued expenses	$ 19,339	$ 28,798

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Sale of Future Royalties (Tables)

3 Months Ended

Sep. 30, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Royalty Transaction Activity

The following table shows the activity within the liability account for the three months ended September 30, 2026:


(in thousands)	September 30, 2026
Liability related to sale of future Jemperli royalties and milestones - balance at 6/30/2026	$	234,705
Amortization of issuance costs		36
Royalty and milestone payments to Sagard		(24,907	)
Non-cash interest expense recognized(1)		19,027
Liability related to sale of future royalties and milestones - ending balance	$	228,861

(1) Of the non-cash interest expense recognized, none was negative amortization for the three months ended September 30, 2026.

The following table shows the activity within the liability account for the three months ended September 30, 2026:


(in thousands)	September 30, 2026
Liability related to sale of future Zejula royalties - balance at 6/30/2026	$	21,788
Amortization of issuance costs		7
Royalty and milestone payments to DRI		(509	)
Non-cash interest expense recognized (1)		(328	)
Liability related to sale of future royalties - ending balance	$	20,958

(1) Of the non-cash interest expense recognized, none was negative amortization for the three months ended September 30, 2026.

Fair Value Measurements and Available for Sale Investments - Narrative (Details) - USD ($)	Sep. 30, 2026	Jun. 30, 2026
Fair Value Disclosures [Abstract]
Available for sale investments	$ 12,000	$ 1,000
Unrealized loss position for greater than 12 months	0	0
Allowance for credit losses	$ 0	$ 0

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2026	Jun. 30, 2026
Debt Securities, Available-for-Sale [Line Items]
Short-term investments	$ 17,599	$ 30,317
Commercial and corporate obligations
Debt Securities, Available-for-Sale [Line Items]
Short-term investments		5,100
Long-term investments		$ 0
Commercial and corporate obligations \| Minimum
Debt Securities, Available-for-Sale [Line Items]
Remaining maturity (in years)		1 year
Commercial and corporate obligations \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Remaining maturity (in years)		2 years
Maturity date (in years)		1 year
U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments	77,300	$ 75,000
Long-term investments	$ 0	$ 0
U.S. Treasury Securities \| Minimum
Debt Securities, Available-for-Sale [Line Items]
Remaining maturity (in years)	1 year
U.S. Treasury Securities \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Remaining maturity (in years)	2 years
Maturity date (in years)	1 year	1 year

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Net Income (Loss) Per Common Share


	Three Months Ended September 30,
(in thousands)	2026		2025
Options to purchase common stock		90		6,736
Stock awards		48		39
Total		138		6,775

Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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

Balance Sheet Accounts and Supplemental Disclosures - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]
Other receivables	$ 220	$ 2,761
Income taxes receivable	3,283	3,238
Prepaid expenses	1,383	2,651
Total prepaid expenses and other assets	$ 4,886	$ 8,650

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 30, 2026
Current assets:
Cash and cash equivalents	$ 135,394	$ 133,826
Receivables from collaborative partners	30,494	25,634
Short-term investments	17,599	30,317
Prepaid expenses and other current assets	4,886	8,650
Total current assets	188,373	198,427
Property and equipment, net	97	102
Deferred tax asset	107,247	106,639
Operating lease right-of-use assets	11,070	11,560
Other long-term assets	256	256
Total assets	307,043	316,984
Current liabilities:
Accounts payable	879	4,394
Accrued expenses	19,339	28,798
Current portion of operating lease liability	2,203	2,161
Total current liabilities	22,421	35,353
Liability related to sale of future royalties	249,819	256,493
Long-term taxes payable	3,619	3,619
Operating lease liability, net of current portion	10,364	10,934
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at September 30, 2026 and June 30, 2026, respectively	0	0
Common stock, $0.001 par value, 500,000 shares authorized, 29,941 shares and 29,728 shares issued and outstanding at September 30, 2026 and June 30,2026, respectively	30	30
Additional paid in capital	658,658	652,269
Accumulated other comprehensive loss	(181)	(151)
Accumulated deficit	(637,687)	(641,563)
Total stockholders' equity	20,820	10,585
Total liabilities and stockholders' equity	$ 307,043	$ 316,984

Balance Sheet Accounts and Supplemental Disclosures

3 Months Ended

Sep. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Accounts and Supplemental Disclosures

3. Balance Sheet Accounts and Supplemental Disclosures

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	September 30, 2026		June 30, 2026
Other receivables	$	220	$	2,761
Income taxes receivable		3,283		3,238
Prepaid expenses		1,383		2,651
Total prepaid expenses and other assets	$	4,886	$	8,650

Property and Equipment, Net

Property and equipment, net consist of the following:


(in thousands)	September 30, 2026			June 30, 2026
Leasehold improvements	$	203		$	203
Less: accumulated depreciation and amortization		(106	)		(101	)
Total property and equipment, net	$	97		$	102

Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	September 30, 2026		June 30, 2026
Accrued compensation and related expenses	$	4,392	$	5,872
Accrued professional fees and other expenses		2,066		4,411
Accrued research, development and manufacturing expenses		10,012		14,289
Accrued liability - First Tracks Biotherapeutics		2,869		4,226
Total accrued expenses	$	19,339	$	28,798

Accrued compensation and related expenses and research, development and manufacturing expenses include amounts incurred prior to the Spin-Off.

Balance Sheet Accounts and Supplemental Disclosures (Tables)

3 Months Ended

Sep. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	September 30, 2026		June 30, 2026
Other receivables	$	220	$	2,761
Income taxes receivable		3,283		3,238
Prepaid expenses		1,383		2,651
Total prepaid expenses and other assets	$	4,886	$	8,650

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


(in thousands)	September 30, 2026			June 30, 2026
Leasehold improvements	$	203		$	203
Less: accumulated depreciation and amortization		(106	)		(101	)
Total property and equipment, net	$	97		$	102

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	September 30, 2026		June 30, 2026
Accrued compensation and related expenses	$	4,392	$	5,872
Accrued professional fees and other expenses		2,066		4,411
Accrued research, development and manufacturing expenses		10,012		14,289
Accrued liability - First Tracks Biotherapeutics		2,869		4,226
Total accrued expenses	$	19,339	$	28,798

Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 30, 2026
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 72,239	$ 24,842
Less than 12 Months, Gross Unrealized Losses	(12)	(1)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Fair Value	72,239	24,842
Gross Unrealized Losses	(12)	(1)
U.S. Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	72,239	24,842
Less than 12 Months, Gross Unrealized Losses	(12)	(1)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Gross Unrealized Losses	0	0
Fair Value	72,239	24,842
Gross Unrealized Losses	$ (12)	$ (1)

- Definition

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

+ References

+ Details

Cover page - shares	3 Months Ended
Cover page - shares	Sep. 30, 2026	Nov. 09, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-37985
Entity Registrant Name	ANAPTYSBIO, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3828755
Entity Address, Address Line One	10770 Wateridge Circle
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	362-6295
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ANAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,729,847
Entity Central Index Key	0001370053
Document Fiscal Year Focus	2027
Document Fiscal Period Focus	Q1
Amendment Flag	false

Collaborative Research and Development Agreements (Tables)

3 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Milestones Achieved

Milestones under the GSK Agreement are as follows:


	PD-1 (Jemperli/Dostarlimab)
Milestone Event	Amount	Quarter Recognized
Initiated in vivo toxicology studies using good laboratory practices (GLPs)	$1.0M	Q2’15
IND clearance from the FDA	$4.0M	Q1’16
Phase 2 clinical trial initiation	$3.0M	Q2’17
Phase 3 clinical trial initiation - first indication	$5.0M	Q3’18
Phase 3 clinical trial initiation - second indication	$5.0M	Q2’19
Filing of the first BLA(1) - first indication	$10.0M	Q1’20
Filing of the first MAA(2) - first indication	$5.0M	Q1’20
Filing of the first BLA - second indication	$10.0M	Q1’21
First BLA approval - first indication	$20.0M	Q2’21
First MAA approval - first indication	$10.0M	Q2’21
First BLA approval - second indication	$20.0M	Q3’21
Filing of the first MAA - second indication(3)	$5.0M	—
First MAA approval - second indication(3)	$10.0M	—
First commercial sales milestone(3)	$15.0M	Q3’24
Second commercial sales milestone(3)	$25.0M	Q4’24
Third commercial sales milestone(3)	$50.0M	Q3’25
Fourth commercial sales milestone(4)	$75.0M	Q4’25

Milestones recognized through September 30, 2026	$258.0M	—
Milestones that may be recognized in the future	$15.0M	—

(1)

Biologics License Application (“BLA”)

(2)

Marketing Authorization Application (“MAA”)

(3)

(4)

For Jemperli, we retained the rights to a $75.0 million sales milestone when Jemperli annual net sales exceeded $1 billion. We received the cash milestone payment in December 2025.

We are also eligible to receive a 10% royalty on net sales.


Milestone Event	Amount	Quarter Recognized
FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP	$5.0M	—
Regulatory approval for marketing of the first licensed product in the EU	$5.0M	—
Commercial sales first exceed $100.0 million	$25.0M	—

Milestones recognized through September 30, 2026	—	—
Milestones that may be recognized in the future	$35.0M	—

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2026	Jun. 30, 2026
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	29,940,623	29,728,000
Common stock, shares outstanding (in shares)	29,940,623	29,728,000

- 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

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

Commitments and Contingencies - Schedule of Future Minimum Annual Lease Receivables (Details) - Sublease Agreement $ in Thousands	Sep. 30, 2026 USD ($)
Lessor, Lease, Description [Line Items]
2027	$ 1,988
2028	2,063
Total lease income receivable	$ 4,051

Equity Incentive Plans - Narrative (Details) $ in Thousands				3 Months Ended		9 Months Ended
Equity Incentive Plans - Narrative (Details) $ in Thousands	Jun. 17, 2025 shares	Jun. 12, 2024 shares	Jan. 01, 2018	Sep. 30, 2026 USD ($) shares	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised				$ 4,400
Non-cash stock-based compensation expense				3,215	$ 207
Chief Financial Officer and Chief Legal Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation expense				$ 1,100
Employee Stock Option Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
Award expiration period (in years)				10 years
Unrecognized compensation cost				$ 7,200		$ 7,200
Weighted average period remaining for amortization of unrecognized compensation cost (in years)				2 years 2 months 1 day
Employee Stock Option Member \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award equivalent shares				1
Unrecognized compensation cost				$ 8,300		$ 8,300
Weighted average period remaining for amortization of unrecognized compensation cost (in years)				2 years 1 month 2 days
Equity Incentive Plan, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage (as a percent)			4.00%
Number of additional shares authorized \| shares	1,650,000	2,700,000		2,189,325
Employee Stock Purchase Plan, 2017 \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage (as a percent)			1.00%
Shares reserved for future award grants (in shares) \| shares				1,804,726		1,804,726
Expiration date						2027-01
Issued under ESPP (in shares) \| shares				294,081		294,081

Discontinued Operations

3 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

11. Discontinued Operations

On April 20, 2026, we completed the previously announced Spin-Off of First Tracks Biotherapeutics. The Spin-Off of First Tracks Biotherapeutics was achieved through our pro rata distribution of all of the outstanding shares of common stock of First Tracks Biotherapeutics to holders of record of our common stock. Each holder of record of our common stock received one share of First Tracks Biotherapeutics’ common stock for every one share of our common stock held on April 6, 2026, the record date for the distribution. The historical statements of operations of First Tracks Biotherapeutics have been presented as discontinued operations in the financial statements and prior periods have been restated.

In addition to the Separation and Distribution Agreement, we entered into various other agreements to provide a framework for our relationship with First Tracks Biotherapeutics after the Spin-Off, including a transition services agreement.

Under the terms of the transition services agreement, First Tracks Biotherapeutics agreed to provide us on an interim, transitional basis, various services, including, but not limited to, accounts payable administration, information technology services, general administrative services and other support services commencing on the Spin-Off date and terminating up to one year following the date of the Spin-Off. During the three months ended September 30, 2026, there were approximately $0.5 million of transition services expenses associated with the provision of services from First Tracks Biotherapeutics.

The following table represents the carrying value of assets distributed as part of the Spin-Off on April 20, 2026:


(in thousands)	April 20, 2026
Assets:
Cash and cash equivalents	$	100,000
Prepaid expenses and other current assets		2,948
Total current assets		102,948
Property and equipment, net		1,174
Total assets	$	104,122


	Three Months Ended September 30,
(in thousands)	2025
Research and development	$	33,442
General and administrative		9,126
Total operating expenses		42,568
Loss from operations		(42,568	)
Interest income		1,063
Total other income, net		1,063
Loss from discontinued operations before income taxes		(41,505	)
Benefit for income taxes		269
Loss from discontinued operations, net of tax	$	(41,236	)

Statements of Operations and Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]
Collaboration revenue	$ 30,274	$ 76,320
Operating expenses:
Research and development	(1,267)	(2,035)
General and administrative	11,636	1,083
Total operating expenses	10,369	(952)
Income from operations	19,905	77,272
Other income (expense), net:
Interest income	1,438	1,861
Sublease income	667	0
Non-cash interest expense for the sale of future royalties	(18,742)	(22,515)
Total other expense, net	(16,637)	(20,654)
Income before income taxes	3,268	56,618
Benefit (provision) for income taxes	608	(269)
Income from continuing operations	3,876	56,349
Loss from discontinued operations, net of tax	0	(41,236)
Net income	3,876	15,113
Other comprehensive income:
Unrealized (loss) gain on available for sale securities	(30)	53
Total comprehensive income	$ 3,846	$ 15,166
Net income (loss) per common share:
Income from continuing operations - basic	$ 0.13	$ 2.02
Loss from discontinued operations - basic	0	(1.48)
Net income per common share - basic	0.13	0.54
Income from continuing operations - diluted	0.11	1.94
Loss from discontinued operations - diluted	0	(1.42)
Net income per common share - diluted	$ 0.11	$ 0.52
Weighted-average number of shares outstanding:
Basic (in shares)	29,847	27,833
Diluted (in shares)	35,072	29,018