Anebulo Pharmaceuticals (ANEB) 10-K25 Sep 242024 FY Annual reportFinancial data

Company Profile

Cover

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jun. 30, 2024	Sep. 20, 2024	Dec. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--06-30
Entity File Number	001-40388
Entity Registrant Name	ANEBULO PHARMACEUTICALS, INC.
Entity Central Index Key	0001815974
Entity Tax Identification Number	85-1170950
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1017 Ranch Road 620 South
Entity Address, Address Line Two	Suite 107
Entity Address, City or Town	Lakeway
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78734
City Area Code	(512)
Local Phone Number	598-0931
Title of 12(b) Security	Common Stock
Trading Symbol	ANEB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 9,468,006
Entity Common Stock, Shares Outstanding		25,933,217
Documents Incorporated by Reference	None.
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Listing, Par Value Per Share	$ 0.001
Auditor Firm ID	274
Auditor Opinion [Text Block]	We have audited the accompanying balance sheets of Anebulo Pharmaceuticals, Inc. (the “Company”) as of June 30, 2024 and 2023, and the related statements of operations, stockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Auditor Name	EISNERAMPER LLP
Auditor Location	Iselin, New Jersey

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 3,094,200	$ 11,247,403
Prepaid expenses	413,790	422,748
Total current assets	3,507,990	11,670,151
Other assets:
Loan commitment fees	565,124
Total assets	4,073,114	11,670,151
Current liabilities:
Accounts payable	156,426	534,545
Accrued expenses	104,157	534,256
Total liabilities	260,583	1,068,801
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 2,000,000 and no shares authorized, and no shares issued or outstanding at June 30, 2024 and 2023
Common stock, $0.001 par value; 50,000,000 and 40,000,000 shares authorized at June 30, 2024 and 2023, respectively; 25,933,217 and 25,633,217 shares issued and outstanding at June 30, 2024 and 2023, respectively	25,934	25,634
Additional paid-in capital	69,190,341	67,777,757
Accumulated deficit	(65,403,744)	(57,202,041)
Total stockholders’ equity	3,812,531	10,601,350
Total liabilities and stockholders’ equity	$ 4,073,114	$ 11,670,151

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	0
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	40,000,000
Common stock, shares outstanding	25,933,217	25,633,217
Common stock, shares issued	25,933,217	25,633,217

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Research and development	$ 3,548,937	$ 5,600,197
General and administrative	4,759,818	6,183,402
Total operating expenses	8,308,755	11,783,599
Loss from operations	(8,308,755)	(11,783,599)
Other (income) expenses:
Interest expense	151,230
Interest income	(249,022)	(92,407)
Other	(9,260)	41,146
Total other income, net	(107,052)	(51,261)
Net loss	$ (8,201,703)	$ (11,732,338)
Weighted average common shares outstanding, diluted	25,822,258	25,074,481
Weighted average common shares outstanding, basic	25,822,258	25,074,481
Net loss per share, diluted	$ (0.32)	$ (0.47)
Net loss per share, basic	$ (0.32)	$ (0.47)

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Jun. 30, 2022	$ 23,345	$ 60,513,258	$ (45,469,703)	$ 15,066,900
Balance, shares at Jun. 30, 2022	23,344,567
Issuance of common stock, net of offering costs	$ 2,265	6,327,400		6,329,665
Issuance of common stock, net of offering costs, shares	2,264,650
Common stock issued upon exercise of options	$ 24	52,376		52,400
Common stock issued upon exercise of options, shares	24,000
Stock-based compensation expense		884,723		884,723
Net loss			(11,732,338)	(11,732,338)
Balance at Jun. 30, 2023	$ 25,634	67,777,757	(57,202,041)	10,601,350
Balance, shares at Jun. 30, 2023	25,633,217
Issuance of common stock, net of offering costs	$ 300	653,700		$ 654,000
Issuance of common stock, net of offering costs, shares	300,000
Common stock issued upon exercise of options, shares
Stock-based compensation expense		758,884		$ 758,884
Net loss			(8,201,703)	(8,201,703)
Balance at Jun. 30, 2024	$ 25,934	$ 69,190,341	$ (65,403,744)	$ 3,812,531
Balance, shares at Jun. 30, 2024	25,933,217

Statements of Stockholders' E_2

Statements of Stockholders' Equity (Parenthetical) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Offering costs	$ 62,354	$ 317,083

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (8,201,703)	$ (11,732,338)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	758,884	884,723
Amortization of loan commitment fee	151,230
Changes in operating assets and liabilities:
Prepaid expenses	8,958	608,212
Accounts payable	(378,119)	153,717
Accrued expenses	(430,099)	402,553
Net cash used in operating activities	(8,090,849)	(9,683,133)
Cash flows from financing activities:
Proceeds from issuance of common stock to the public, net of underwriter discount		6,646,748
Payment of offering costs	(62,354)	(317,083)
Proceeds from issuance of common stock upon exercise of options		52,400
Net cash (used in) provided by financing activities	(62,354)	6,382,065
Net decrease in cash	(8,153,203)	(3,301,068)
Cash and cash equivalents, beginning of period	11,247,403	14,548,471
Cash and cash equivalents, end of the period	3,094,200	11,247,403
Noncash investing and financing activities:
Financing commitment fee funded through issuance of common stock	$ 654,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (8,201,703)	$ (11,732,338)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
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

Nature of business and basis of

Nature of business and basis of presentation	12 Months Ended
Nature of business and basis of presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of business and basis of presentation	Nature of business and basis of presentation Organization Anebulo Pharmaceuticals, Inc. (“the Company”) was founded on April 23, 2020, as a Delaware corporation. The Company is a clinical stage biotechnology company focused on developing treatments for cannabis toxicity, such as unintentional cannabis poisoning, acute cannabinoid intoxication (“ACI”), and the broader landscape of acute cannabis-induced conditions. The Company’s principal operations are located in Lakeway, Texas. Liquidity and capital resources Since inception, the Company’s activities have consisted primarily of performing research and development to advance its product candidates. The Company is still in the development phase and has not been marketing any developed products to date. Since inception, the Company has incurred losses, including a net loss of $ 8.2 million for the fiscal year ended June 30, 2024. As of June 30, 2024, the Company had an accumulated deficit of $ 65.4 million. The Company expects to continue to generate operating losses. The Company expects that its cash and cash equivalents, plus available funding under the Loan and Security Agreement (“LSA”), will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of the financial statements. Until such time, if ever, as the Company can generate substantial product revenue from sales of any current or future product candidates, the Company expects to seek additional funding in order to reach its development and commercialization objectives through various potential sources, such as equity and debt financings or through collaboration, license and development agreements. The Company may not be able to obtain funding or enter into collaboration, license or development agreements on acceptable terms, or at all. The terms of any funding may be dilutive to or adversely affect the rights of the Company’s stockholders. If the Company is unable to obtain funding on satisfactory terms, or at all, the Company could be forced to delay, scale back or eliminate the development of its current or future product candidates or other business. Risks and uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include uncertainty regarding results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current or future product candidates, uncertainty of market acceptance of the Company’s product candidates, if approved, competition from substitute products and larger companies, securing and protecting proprietary technology, ability to establish strategic relationships and dependence on key individuals and sole source suppliers. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities and may not ultimately lead to a marketing approval and commercialization of a product. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Even if the Company’s product development and regulatory efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Basis of presentation The accompanying financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Use of estimates The preparation of the audited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Fair Value of Financial Instruments Fair value is applied for all financial assets and liabilities. The carrying amount of the Company’s financial instruments, including accounts payable and accrued expenses, approximate fair value due to the short-term duration of those instruments. The Company’s cash equivalents, which consists of a money market fund, are classified as Level 1 in the fair value hierarchy per ASC 820. Level 1 represents quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company holds cash at major financial institutions that from time to time will exceed Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company manages its credit risk associated with cash concentrations by concentrating its cash deposits in high-quality financial institutions and by periodically evaluating the credit quality of the primary financial institutions holding such deposits. Financing Issuance Costs The Company capitalizes incremental legal, professional, accounting and other third-party fees that are directly associated with its stock offerings as other non-current assets until the offerings are consummated. Upon consummation, these costs are recorded in stockholders’ equity as a reduction of additional paid-in-capital generated as a result of the offerings. Should a planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statement of operations. After consummation of an equity offering, which closed on September 28, 2022, total offering costs of approximately $ 0.3 million were recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the offering. As of June 30, 2024 and 2023, there were no deferred offering costs. Research and Development Costs Research and development costs are charged to expense as incurred. Payments for these activities will be based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development. Research and development activities may consist of employee related expenses such as salaries, stock-based compensation expense, benefits, and travel expense, direct third-party costs such as expenses incurred under agreements with contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), costs associated with research and development activities of consultants, and other third-party expenses directly attributable to the development of our product candidates. Stock-Based Compensation The Company recognizes stock-based compensation expense related to stock options granted to employees and non-employees based on the estimated fair value of the awards on the date of grant. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, for stock options that only have service vesting requirements or performance-based vesting requirements without market conditions using the Black-Scholes option-pricing model. The grant date fair value of the stock-based awards with service vesting requirements is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. determining the appropriate amount to expense for performance-based awards based on the achievement of stated goals requires judgment. The estimate of expense is revised periodically based on the probability of achieving the required performance targets and adjustments are made as appropriate. The cumulative impact of any revisions is reflected in the period of change. If any applicable financial performance goals are not met, no compensation cost is recognized, and any previously recognized compensation cost is reversed. The Black-Scholes option-pricing model requires the use of highly subjective assumptions, which determine the fair value of stock-based awards. These assumptions include: Expected term Common stock price Expected volatility Risk-free interest rate Expected dividend The Company has made an entity-wide accounting policy election to account for pre-vesting award forfeitures when they occur. Leases The Company determines if an arrangement is or contains a lease at inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the lease consideration in the contracts over the expected lease term. The Company does not record leases with an initial term of 12 months or less on the Company’s balance sheet but continue to record rent expense on a straight-line basis over the lease term. To the extent that any lease agreements include options to extend or renew the lease terms, such options are excluded from the ROU assets and lease liabilities unless they are reasonably certain to be exercised. The Company accounts for the lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. In August 2020, the Company entered into a month-to-month sub-lease for office space in Lakeway, Texas, from a related party. In July 2023, the lease was amended to reduce the monthly rent to $ 400 . The Company recorded rent expense of approximately $ 4,800 and $ 15,100 for the fiscal years ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and 2023, the Company had no ROU assets or lease liabilities recorded on the balance sheet. Loss Per Share Basic and diluted net loss per share are calculated using the weighted average number of shares of common stock outstanding for the year. Basic and diluted net loss per share are the same because the impact of assuming the exercise of common stock options and warrants outstanding would be anti-dilutive and excludes such common stock options from the computation of diluted weighted-average shares outstanding. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that these assets may not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. if it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. The Company does not have any material uncertain tax positions for which reserves would be required. Segment and geographic information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”) or decision-making group, in deciding how to allocate resources and in assessing performance. The CODM is the Company’s Chief Executive Officer. The Company views its operations as and manages its business in one operating segment operating exclusively in the United States. The Company has one lead product candidate, selonabant, under development, which was licensed from Vernalis Development Ltd in May 2020 (“License Agreement”), as described in Note 5. Recent Accounting Pronouncements The Company considers the applicability and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or expected to have minimal impact on the financial statements. In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Prepaid Expenses

Prepaid Expenses	12 Months Ended
Prepaid Expenses	Jun. 30, 2024
Prepaid Expenses
Prepaid Expenses	Note 3. Prepaid Expenses Prepaid expenses consisted of the following: Schedule of Prepaid Expenses 2024 2023 June 30, 2024 2023 Prepaid insurance $ 95,871 $ 391,750 Prepaid research and development 274,879 - Prepaid other 43,040 30,998 Total prepaid expenses $ 413,790 $ 422,748

Accrued Expenses

Accrued Expenses	12 Months Ended
Accrued Expenses	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Note 4. Accrued Expenses Accrued expenses consisted of the following: Schedule of Accrued Expenses 2024 2023 June 30, 2024 2023 Accrued research and development $ 47,554 $ 344,135 Accrued payroll related expenses 29,512 190,121 Accrued professional fees 27,091 - Total accrued expenses $ 104,157 $ 534,256

License Agreement

License Agreement	12 Months Ended
License Agreement	Jun. 30, 2024
License Agreement
License Agreement	Note 5. License Agreement In May 2020, the Company licensed certain intellectual property, know-how and clinical trial data from Vernalis Development Limited (“Vernalis”) pursuant to the License Agreement. The initial consideration in exchange for the license was $ 150,000 0.4 million to $ 3.0 million, up to a total development milestone payment of $ 29.9 million, and sales milestone payments of $ 10.0 million and $ 25.0 million, in the first year when cumulative annual net sales of licensed product exceeds $ 500.0 million and $ 1.0 billion, respectively. The Company is also required to pay single-digit royalties annual on net product sales over the term of the License Agreement. As part of the IPO in May 2021, the Company issued 192,857 shares of common stock to Vernalis in lieu of future milestone payments by the Company of $ 1.4 million, whether or not the Company achieves those milestones. The Company has determined that no further milestone payments are considered probable as of June 30, 2024, and therefore no liability has been recorded.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
Stockholders’ Equity	Jun. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Note 6. Stockholders’ Equity On September 28, 2022, the Company completed a private placement financing of 2,264,650 units (collectively, the “Units”), with each Unit consisting of (i) one share of its common stock and (ii) a warrant to purchase one share of its common stock, for aggregate gross proceeds of approximately $ 6.6 million (or $ 2.935 per Unit). The Company received approximately $ 6.3 million in net proceeds after deducting offering costs of approximately $ 0.3 million. Each warrant has an exercise price of $ 4.215 per share, which is subject to customary adjustments in the event of any combination or split of the Company’s common stock. The warrants expire on September 28, 2027. The Company’s amended and restated certificate of incorporation (the “Restated Certificate”) with the Secretary of the State of Delaware authorizes the Company to issue up to 40,000,000 shares of common stock, par value $ 0.001 per share, and 2,000,000 shares of preferred stock, par value $ 0.001 per share. On November 20, 2023, the Company’s stockholders approved an amendment to the Restated Certificate to increase the authorized number of shares of common stock from 40,000,000 50,000,000 On November 13, 2023, the Company issued 300,000 shares of common stock in conjunction with a Loan and Security Agreement – see Note 10.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 7. Income Taxes The reconciliation of the U.S. federal statutory rate ( 21 %) to the Company’s effective tax rate for the fiscal years ended June 30, 2024 and 2023 is as follows: Schedule of Effective Income Tax Rate 2024 2023 U.S. statutory federal income tax rate 21.0 % 21.0 % Change in valuation allowance -21.0 % -21.0 % Effective tax rate 0.0 % 0.0 % The significant components of the Company’s deferred tax assets consist of the following at June 30, 2024 and 2023: Schedule of Deferred Tax Assets 2024 2023 June 30, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 3,738,702 $ 2,866,860 Other assets and liabilities 226,530 272,162 Stock- based compensation 457,501 298,135 Capitalized research and development expenditures 1,985,585 1,248,760 Gross deferred tax assets 6,408,318 4,685,917 Valuation allowance $ (6,408,318 ) $ (4,685,917 ) Total deferred tax assets, net of valuation allowance - - The Company did not record a benefit for income taxes. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based upon the level of historical U.S. losses and future projections over the period in which the net deferred tax assets are deductible, at this time, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and as a result the Company continues to maintain a valuation allowance for the full amount of the deferred tax assets until there is sufficient evidence to support the reversal of some portion of the allowance. The valuation allowance increased by approximately $ 1.7 million for the fiscal year ended June 30, 2024. The increase in the 2024 valuation allowance is primarily attributable to the current year loss and capitalized research and development expenditures under Section 174. As of June 30, 2024, the Company had federal net operating losses (“NOLs”) of approximately $ 17.8 million, which are available to offset future taxable income. These net operating loss carryforwards will carryforward indefinitely but are subject to annual taxable income limitations in the year of utilization. Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. Generally, an ownership change occurs when certain shareholders increase their aggregated ownership by more than 50 percentage points over their lowest ownership percentage in a testing period (typically three years). The Company has not completed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since becoming a “loss corporation” as defined in Section 382. Future changes in stock ownership, which may be outside of the Company’s control, may trigger an ownership change. In addition, future equity offerings or acquisitions that have an equity component of the purchase price could result in an ownership change. If an ownership change has occurred or does occur in the future, utilization of the NOL carryforwards or other tax attributes may be limited, which could potentially result in the expiration of a portion of the federal and state net operating losses and tax credit carryforwards before utilization, the reduction of the Company’s gross deferred tax assets and corresponding valuation allowance, and increased future tax liability to the Company. The Company has no unrecognized tax benefits. Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expenses in the accompanying statements of operations. At June 30, 2024 and 2023, the Company had no accrued interest or penalties related to uncertain tax positions. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal tax authorities for all tax years in which a loss carryforward was generated or used, and the statute of limitations for assessment will remain open for three years after the NOL is used.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation In June 2020, the Board of Directors adopted the 2020 Stock Incentive Plan, which provided for the grant of qualified incentive stock options and nonqualified stock options or other awards to the Company’s employees, officers, directors, advisors, and outside consultants for the purchase of up to 1,650,000 shares of the Company’s common stock. On October 22, 2021, the Company’s stockholders approved an increase of the total authorized shares to 3,650,000 shares. Other awards include restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five to ten years from the date of grant. As of June 30, 2024 and 2023, the Company had 324,452 and 594,187 , respectively, shares available for future issuance under the 2020 Stock Incentive Plan. The Company grants non-qualified stock option awards under the 2020 Stock Incentive Plan to its directors, employees and consultants of the Company. These awards are subject to vesting requirements pursuant to the award and satisfaction of certain performance targets in some cases. The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as assumptions the Company makes for the volatility of the Company’s common stock, the expected term of the stock options, the risk-free interest rate for a period that approximates the expected term, and the Company’s expected dividend yield. Each of these inputs is subjective and generally requires significant judgement to determine. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. The following table provides the assumptions used in determining the fair value of option awards for the fiscal years ended June 30, 2024 and 2023: Schedule of Fair Value Assumptions of Stock Options June 30, 2024 June 30, 2023 Expected volatility 60.0 % - 90.0 % 50.0 % - 60.0 % Risk-free interest rate 4.24 % - 4.77 % 2.87 % - 4.32 % Expected dividend yield – – Expected term (in years) 5.25 – 6.25 4.5 – 6.25 The following table summarizes stock option activity for the fiscal year ended June 30, 2024: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2023 2,049,313 $ 4.54 3.7 - Granted 1,159,573 $ 2.76 Exercised - $ - Forfeited (889,838 ) $ 6.24 Outstanding at June 30, 2024 2,319,048 $ 3.00 6.0 $ 0.5 million Options exercisable at June 30, 2024 813,423 $ 3.14 3.0 $ 0.3 million The weighted-average grant date fair value of options awarded during the fiscal years ended June 30, 2024 and 2023 was approximately $ 1.75 and $ 1.86 , respectively, per share. As of June 30, 2024, unrecognized stock-based compensation expense related to unvested stock options totaled approximately $ 2.4 million, which is expected to be recognized over a weighted average period of 2.5 years. The Company recorded stock-based compensation expense of approximately $ 0.8 million and $ 0.9 million for the fiscal years ended June 30, 2024 and 2023, respectively, all of which is included in general and administrative expenses.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	12 Months Ended
Net Loss Per Share Attributable to Common Stockholders	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Note 9. Net Loss Per Share Attributable to Common Stockholders The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 2024 2023 June 30, 2024 2023 Stock options outstanding 2,319,048 2,049,313 Warrants outstanding 2,264,650 2,264,650 Total 4,583,698 4,313,963

Loan and Security Agreement

Loan and Security Agreement	12 Months Ended
Loan and Security Agreement	Jun. 30, 2024
Loan And Security Agreement
Loan and Security Agreement	Note 10. Loan and Security Agreement Loan and Security Agreement On November 13, 2023, the Company entered into an LSA with 22NW, LP (“22NW”) and JFL Capital Management LLC (“JFL” and collectively with 22NW, the “Lenders”) which will allow the Company to draw up to $ 10 0.25 3 All principal drawn and interest accrued under the LSA will be due and payable on the Maturity Date. The Company issued 300,000 shares of common stock to 22NW upon the signing of the LSA. The Company will also issue 0.03 shares of common stock per dollar loaned in each Advance (rounded up or down to the nearest whole share) up to a maximum aggregate of 300,000 (the “Advance Shares”); provided that a minimum of 50,000 Advance Shares will be issued in connection with the first Advance. The Advance Shares shall be issued to the Lenders on a pro rata basis according to the portion of each Advance such Lender funds. There was no balance outstanding under the LSA as of June 30, 2024. Joseph F. Lawler, M.D., Ph.D., the Company’s founder and a member of its Board of Directors, is the founder and Managing Member of JFL. Aron R. English, the President and Portfolio Manager of 22NW, and Nathaniel Calloway, the lead for 22NW, are each members of the Company’s Board of Directors.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11. Fair Value Measurements The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2024: Schedule of Financial Instruments Measured at Fair Value on Recurring Basis Level 1 Level 2 Level 3 Total Money market fund $ 2,671,889 $ – $ – $ 2,671,889 Total $ 2,671,889 $ – $ – $ 2,671,889 There were no financial instruments that were measured at fair value on a recurring basis as of June 30, 2023. Money market funds are classified as Level 1 of the fair value hierarchy because they are valued using quoted market prices in an active market. During the periods presented, the Company had not changed the manner in which it values assets and liabilities that are measured at fair value. There were no transfers within the hierarchy during either of the years ended June 30, 2024 and 2023, respectively.

Subsequent Event

Subsequent Event	12 Months Ended
Subsequent Event	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Note 12. Subsequent Event On July 16, 2024, the Company was awarded the first tranche of $ 0.9 two-year cooperative grant of up to a total of approximately $ 1.9 million from the National Institute on Drug Abuse (“NIDA”), part of the National Institutes of Health (“NIH”), to support the development of intravenous selonabant, for the potential use as an emergency treatment of acute cannabis-induced toxicities, including cannabis-induced CNS depression in children. The grant comes in the form of two tranches with the initial award of $ 0.9 million in the first year and subsequent funding of approximately $ 1 million subject to certain conditions and milestones in the second year, specifically that the Investigational New Drug Application to the FDA for a Phase 1 single ascending dose study of intravenous selonabant in healthy adults is permitted to proceed or an FDA clinical hold is imposed that cannot be successfully addressed with available time and resources. The grant was awarded under NIH award number 1U01DA059995-01.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Use of estimates	Use of estimates The preparation of the audited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is applied for all financial assets and liabilities. The carrying amount of the Company’s financial instruments, including accounts payable and accrued expenses, approximate fair value due to the short-term duration of those instruments. The Company’s cash equivalents, which consists of a money market fund, are classified as Level 1 in the fair value hierarchy per ASC 820. Level 1 represents quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company holds cash at major financial institutions that from time to time will exceed Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company manages its credit risk associated with cash concentrations by concentrating its cash deposits in high-quality financial institutions and by periodically evaluating the credit quality of the primary financial institutions holding such deposits.
Financing Issuance Costs	Financing Issuance Costs The Company capitalizes incremental legal, professional, accounting and other third-party fees that are directly associated with its stock offerings as other non-current assets until the offerings are consummated. Upon consummation, these costs are recorded in stockholders’ equity as a reduction of additional paid-in-capital generated as a result of the offerings. Should a planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statement of operations. After consummation of an equity offering, which closed on September 28, 2022, total offering costs of approximately $ 0.3 million were recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the offering. As of June 30, 2024 and 2023, there were no deferred offering costs.
Research and Development Costs	Research and Development Costs Research and development costs are charged to expense as incurred. Payments for these activities will be based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development. Research and development activities may consist of employee related expenses such as salaries, stock-based compensation expense, benefits, and travel expense, direct third-party costs such as expenses incurred under agreements with contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), costs associated with research and development activities of consultants, and other third-party expenses directly attributable to the development of our product candidates.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation expense related to stock options granted to employees and non-employees based on the estimated fair value of the awards on the date of grant. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, for stock options that only have service vesting requirements or performance-based vesting requirements without market conditions using the Black-Scholes option-pricing model. The grant date fair value of the stock-based awards with service vesting requirements is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. determining the appropriate amount to expense for performance-based awards based on the achievement of stated goals requires judgment. The estimate of expense is revised periodically based on the probability of achieving the required performance targets and adjustments are made as appropriate. The cumulative impact of any revisions is reflected in the period of change. If any applicable financial performance goals are not met, no compensation cost is recognized, and any previously recognized compensation cost is reversed. The Black-Scholes option-pricing model requires the use of highly subjective assumptions, which determine the fair value of stock-based awards. These assumptions include: Expected term Common stock price Expected volatility Risk-free interest rate Expected dividend The Company has made an entity-wide accounting policy election to account for pre-vesting award forfeitures when they occur.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the lease consideration in the contracts over the expected lease term. The Company does not record leases with an initial term of 12 months or less on the Company’s balance sheet but continue to record rent expense on a straight-line basis over the lease term. To the extent that any lease agreements include options to extend or renew the lease terms, such options are excluded from the ROU assets and lease liabilities unless they are reasonably certain to be exercised. The Company accounts for the lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. In August 2020, the Company entered into a month-to-month sub-lease for office space in Lakeway, Texas, from a related party. In July 2023, the lease was amended to reduce the monthly rent to $ 400 . The Company recorded rent expense of approximately $ 4,800 and $ 15,100 for the fiscal years ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and 2023, the Company had no ROU assets or lease liabilities recorded on the balance sheet.
Loss Per Share	Loss Per Share Basic and diluted net loss per share are calculated using the weighted average number of shares of common stock outstanding for the year. Basic and diluted net loss per share are the same because the impact of assuming the exercise of common stock options and warrants outstanding would be anti-dilutive and excludes such common stock options from the computation of diluted weighted-average shares outstanding.
Income Taxes	Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that these assets may not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. if it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. The Company does not have any material uncertain tax positions for which reserves would be required.
Segment and geographic information	Segment and geographic information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”) or decision-making group, in deciding how to allocate resources and in assessing performance. The CODM is the Company’s Chief Executive Officer. The Company views its operations as and manages its business in one operating segment operating exclusively in the United States. The Company has one lead product candidate, selonabant, under development, which was licensed from Vernalis Development Ltd in May 2020 (“License Agreement”), as described in Note 5.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or expected to have minimal impact on the financial statements. In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	12 Months Ended
Prepaid Expenses (Tables)	Jun. 30, 2024
Prepaid Expenses
Schedule of Prepaid Expenses	Prepaid expenses consisted of the following: Schedule of Prepaid Expenses 2024 2023 June 30, 2024 2023 Prepaid insurance $ 95,871 $ 391,750 Prepaid research and development 274,879 - Prepaid other 43,040 30,998 Total prepaid expenses $ 413,790 $ 422,748

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
Accrued Expenses (Tables)	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: Schedule of Accrued Expenses 2024 2023 June 30, 2024 2023 Accrued research and development $ 47,554 $ 344,135 Accrued payroll related expenses 29,512 190,121 Accrued professional fees 27,091 - Total accrued expenses $ 104,157 $ 534,256

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate	Schedule of Effective Income Tax Rate 2024 2023 U.S. statutory federal income tax rate 21.0 % 21.0 % Change in valuation allowance -21.0 % -21.0 % Effective tax rate 0.0 % 0.0 %
Schedule of Deferred Tax Assets	The significant components of the Company’s deferred tax assets consist of the following at June 30, 2024 and 2023: Schedule of Deferred Tax Assets 2024 2023 June 30, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 3,738,702 $ 2,866,860 Other assets and liabilities 226,530 272,162 Stock- based compensation 457,501 298,135 Capitalized research and development expenditures 1,985,585 1,248,760 Gross deferred tax assets 6,408,318 4,685,917 Valuation allowance $ (6,408,318 ) $ (4,685,917 ) Total deferred tax assets, net of valuation allowance - -

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value Assumptions of Stock Options	The following table provides the assumptions used in determining the fair value of option awards for the fiscal years ended June 30, 2024 and 2023: Schedule of Fair Value Assumptions of Stock Options June 30, 2024 June 30, 2023 Expected volatility 60.0 % - 90.0 % 50.0 % - 60.0 % Risk-free interest rate 4.24 % - 4.77 % 2.87 % - 4.32 % Expected dividend yield – – Expected term (in years) 5.25 – 6.25 4.5 – 6.25
Schedule of Stock Option Activity	The following table summarizes stock option activity for the fiscal year ended June 30, 2024: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2023 2,049,313 $ 4.54 3.7 - Granted 1,159,573 $ 2.76 Exercised - $ - Forfeited (889,838 ) $ 6.24 Outstanding at June 30, 2024 2,319,048 $ 3.00 6.0 $ 0.5 million Options exercisable at June 30, 2024 813,423 $ 3.14 3.0 $ 0.3 million

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	12 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share	The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 2024 2023 June 30, 2024 2023 Stock options outstanding 2,319,048 2,049,313 Warrants outstanding 2,264,650 2,264,650 Total 4,583,698 4,313,963

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis	The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2024: Schedule of Financial Instruments Measured at Fair Value on Recurring Basis Level 1 Level 2 Level 3 Total Money market fund $ 2,671,889 $ – $ – $ 2,671,889 Total $ 2,671,889 $ – $ – $ 2,671,889

Nature of business and basis _2

Nature of business and basis of presentation (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 8,201,703	$ 11,732,338
Accumulated deficit	$ 65,403,744	$ 57,202,041

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 28, 2022
Subsidiary, Sale of Stock [Line Items]
Deferred offering costs		$ 0	$ 0
Decreased monthly rent	$ 400
Rent expense		$ 4,800	$ 15,100
Income tax description		The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency.
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Deferred offering costs				$ 300,000

Schedule of Prepaid Expenses (D

Schedule of Prepaid Expenses (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Prepaid Expenses
Prepaid insurance	$ 95,871	$ 391,750
Prepaid research and development	274,879
Prepaid other	43,040	30,998
Total prepaid expenses	$ 413,790	$ 422,748

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued research and development	$ 47,554	$ 344,135
Accrued payroll related expenses	29,512	190,121
Accrued professional fees	27,091
Total accrued expenses	$ 104,157	$ 534,256

License Agreement (Details Narr

License Agreement (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
License Agreement (Details Narrative) - USD ($)	May 31, 2021	May 31, 2020	Jun. 30, 2024	Jun. 30, 2023
Research and development expense			$ 3,548,937	$ 5,600,197
Vernalis Development Limited [Member]
Research and development expense		$ 150,000
Development milestone payment		29,900,000
Vernalis Development Limited [Member] \| IPO [Member]
Number of shares of common stock	192,857
Future milestone payments	$ 1,400,000
Vernalis Development Limited [Member] \| Minimum [Member]
Marketing authorization amount		400,000
Sales milestone payments		10,000,000
Cumulative annual net sales amount		500,000,000
Vernalis Development Limited [Member] \| Maximum [Member]
Marketing authorization amount		3,000,000
Sales milestone payments		25,000,000
Cumulative annual net sales amount		$ 1,000,000,000

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)			12 Months Ended
Stockholders’ Equity (Details Narrative) - USD ($)	Nov. 13, 2023	Sep. 28, 2022	Jun. 30, 2024	Jun. 30, 2023	Nov. 20, 2023	May 04, 2021
Subsidiary, Sale of Stock [Line Items]
Financing fees			$ 62,354	$ 317,083
Common stock, shares authorized			50,000,000	40,000,000
Common stock, par value			$ 0.001	$ 0.001
Preferred stock, shares authorized			2,000,000	0
Preferred stock, par value			$ 0.001	$ 0.001
Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock			300,000	2,264,650
Common Stock [Member] \| Loan And Sercurity Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock	300,000
Minimum [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized					40,000,000
Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized					50,000,000
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock		2,264,650
Stock issued during period, value, new issues		$ 6,600,000
Stock issued value per unit		$ 2.935
Proceeds from issuance or sale of equity		$ 6,300,000
Financing fees		$ 300,000
Warrant exercise price per share		$ 4.215
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized						40,000,000
Common stock, par value						$ 0.001
Preferred stock, shares authorized						2,000,000
Preferred stock, par value						$ 0.001

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate (Details)	12 Months Ended
Schedule of Effective Income Tax Rate (Details)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
U.S. statutory federal income tax rate	21%	21%
Change in valuation allowance	(21.00%)	(21.00%)
Effective tax rate	0%	0%

Schedule of Deferred Tax Assets

Schedule of Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 3,738,702	$ 2,866,860
Other assets and liabilities	226,530	272,162
Stock- based compensation	457,501	298,135
Capitalized research and development expenditures	1,985,585	1,248,760
Gross deferred tax assets	6,408,318	4,685,917
Valuation allowance	(6,408,318)	(4,685,917)
Total deferred tax assets, net of valuation allowance

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
Income Taxes (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%
Valuation allowance increased	$ 1,700,000
Federal net operating losses	17,800,000
Unrecognized tax benefits, income tax penalties and interest charges	0	$ 0
Unrecognized tax benefits, income tax penalties and interest accrued	$ 0	$ 0

Schedule of Fair Value Assumpti

Schedule of Fair Value Assumptions of Stock Options (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	60%	50%
Risk-free interest rate	4.24%	2.87%
Expected term (in years)	5 years 3 months	4 years 6 months
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	90%	60%
Risk-free interest rate	4.77%	4.32%
Expected term (in years)	6 years 3 months	6 years 3 months

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Number of shares, outstanding, beginning balance	2,049,313
Weighted average exercise price, outstanding, beginning balance	$ 4.54
Weighted average remaining contractual term (years)	6 years	3 years 8 months 12 days
Aggregate intrinsic value, outstanding, beginning balance
Number of shares, granted	1,159,573
Weighted average exercise price, granted	$ 2.76
Number of shares, exercised
Weighted average exercise price, exercised
Number of shares, forfeited	(889,838)
Weighted average exercise price, forfeited	$ 6.24
Number of shares, outstanding, ending balance	2,319,048	2,049,313
Weighted average exercise price, outstanding, ending balance	$ 3	$ 4.54
Aggregate intrinsic value, outstanding, ending balance	$ 0.5
Number of shares, exercisable	813,423
Weighted average exercise price, exercisable	$ 3.14
Weighted average remaining contractual term (years)	3 years
Aggregate intrinsic value, exercisable	$ 0.3

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
Stock-Based Compensation (Details Narrative) - USD ($)	Oct. 22, 2021	Jun. 30, 2020	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, per share			$ 1.75	$ 1.86
Unrecognized stock-based compensation			$ 2,400,000
weighted average period for recognition			2 years 6 months
Stock based compensation			$ 758,884	$ 884,723
2020 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant	3,650,000
Share-based compensation, terms of award	Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five to ten years from the date of grant.
Common stock, capital shares reserved for future issuance			324,452	594,187
2020 Stock Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock option granted		1,650,000

Schedule of Anti-dilutive Secur

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,583,698	4,313,963
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,319,048	2,049,313
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,264,650	2,264,650

Loan and Security Agreement (De

Loan and Security Agreement (Details Narrative) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Nov. 13, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock, net of offering costs, shares		300,000	2,264,650
Loan And Sercurity Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Line of credit borrowings capacity, descripition	the Company entered into an LSA with 22NW, LP (“22NW”) and JFL Capital Management LLC (“JFL” and collectively with 22NW, the “Lenders”) which will allow the Company to draw up to $10 million (the “Facility Amount”) as needed to fund future operations until the third anniversary of the LSA (the “Maturity Date”). Pursuant to the LSA, if the Company elects to draw on the Facility Amount (an “Advance”), JFL has the right, but not the obligation to fund 50% of the Advance at the request of the Company. If JFL elects not to fund 50% of the Advance, then 22NW will fund 100% of the Advance. The outstanding balance will accrue interest at 0.25% per annum and no fee will be assessed on the unused balance. Upon the draw of at least $3 million in the aggregate, the LSA will be collateralized by substantially all of the Company’s assets.
Line of credit maximum borrowings capacity	$ 10
Line of credit interest rate	0.25%
Line of credit maximum borrowings capacity	$ 3
Loan And Sercurity Agreement [Member] \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock, net of offering costs, shares	300,000
Share price	$ 0.03
Loan And Sercurity Agreement [Member] \| Common Stock [Member] \| First Advance [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock, net of offering costs, shares	50,000

Schedule of Financial Instrumen

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member]	Jun. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 2,671,889
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,671,889
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,671,889
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,671,889
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - Fair Value, Recurring [Member] - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments	$ 0
Fair value, measurement recurring basis, liability, transfers, net	$ 0	$ 0

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) - Subsequent Event [Member] $ in Millions	Jul. 16, 2024 USD ($)
Subsequent Event [Line Items]
Shares granted, value, share-based payment arrangement	$ 1
Share-Based Payment Arrangement, Tranche One [Member]
Subsequent Event [Line Items]
[custom:SharebasedCompensationArrangementPaymentAwardPeriod]	$ 0.9
Award vesting period	2 years
Shares granted, value, share-based payment arrangement	$ 1.9
Share-Based Payment Arrangement, Tranche Two [Member]
Subsequent Event [Line Items]
Shares granted, value, share-based payment arrangement	$ 0.9