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Cover Page - shares	12 Months Ended
Cover Page - shares	Jun. 30, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	RENALYTIX PLC
Entity Central Index Key	0001811115
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding	74,760,432
Document Accounting Standard	U.S. GAAP
Entity Address, Address Line One	Finsgate 5-7 Cranwood Street
Entity Address, City or Town	London
Entity Address, Postal Zip Code	EC1V 9EE
Entity Address, Country	GB
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-39387
Document Shell Company Report	false
Document Registration Statement	false
No Trading Symbol Flag	true
Title of 12(b) Security	Ordinary shares, nominal value £0.0025 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	X0
ICFR Auditor Attestation Flag	false
Auditor Name	Ernst & Young LLP	Deloitte & Touche LLP
Auditor Location	Iselin, New Jersey	Parsippany, New Jersey
Auditor Firm ID	42	34
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	Finsgate 5-7 Cranwood Street
Entity Address, City or Town	London
Entity Address, Postal Zip Code	EC1V 9EE
Entity Address, Country	GB
Contact Personnel Name	James McCullough Chief Executive Officer
City Area Code	20
Local Phone Number	3139 2910
American Depositary Shares [Member]
Document Information [Line Items]
Trading Symbol	RNLX
Title of 12(b) Security	American Depositary Shares, each representing two ordinary shares, nominal value £0.0025 per share
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 41,333	$ 65,128
Accounts receivable	901	594
Prepaid expenses and other current assets	2,445	993
Note receivable from Kantaro	75	75
Receivable from affiliates		1
Total current assets	44,754	66,791
Property and equipment, net	2,558	2,490
Investment in VericiDx	2,744	9,295
Investment in Kantaro	9
Total assets	50,065	78,576
Current liabilities:
Accounts payable	1,376	1,403
Accounts payable - related party	1,083	361
Accrued expenses and other current liabilities	3,060	4,602
Accrued expenses - related party	1,496	224
Deferred revenue	46	122
Convertible notes-current	4,660
Payable to affiliate - current	55	350
Total current liabilities	11,776	7,062
Convertible notes-noncurrent	7,682
Other liabilities		53
Total liabilities	19,458	7,115
Commitments and contingencies (Note 8)
Shareholders' equity:
Ordinary shares, 0.0025 par value per share: 79,315,333 shares authorized; 74,760,432 and 72,197,286 shares issued and outstanding at June 30, 2022 and June 30, 2021, respectively	228	220
Additional paid-in capital	164,012	150,407
Accumulated other comprehensive income	(915)	8,276
Accumulated deficit	(132,718)	(87,442)
Total shareholders' equity	30,607	71,461
Total liabilities and shareholders' equity	$ 50,065	$ 78,576

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jun. 30, 2022 £ / shares shares	Jun. 30, 2021 £ / shares shares
Statement of Financial Position [Abstract]
Common stock par or stated value per share \| (per share)	£ 0.0025	£ 0.0025
Common stock shares authorized	79,315,333	79,315,333
Common stock shares issued	74,760,432	72,197,286
Common stock shares outstanding	74,760,432	72,197,286

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 2,970	$ 1,491	$ 0
Cost of revenue	2,096	858	0
Gross profit	874	633	0
Operating expenses:
Research and development	14,648	10,040	4,565
General and administrative	39,524	23,479	5,750
Performance of contract liability to affiliate	(115)	(970)	0
Total operating expenses	54,057	32,549	10,315
Loss from operations	(53,183)	(31,916)	(10,315)
Equity in net (losses) earnings of affiliate	9	(2,112)	(63)
Foreign currency gain (loss), net	9,694	(8,772)	245
Fair value adjustment to VericiDx investment	(5,900)	6,483	0
Fair value adjustment to Convertible notes	3,998	0	0
Other income, net	131	981	289
Net loss before income taxes	(45,251)	(35,336)	(9,844)
Income tax expense	(25)	0	0
Net loss	(45,276)	(35,336)	(9,844)
Net loss attributable to noncontrolling interest	0	(611)	0
Net loss attributable to ordinary shareholders	$ (45,276)	$ (34,725)	$ (9,844)
Earnings Per Share, Basic	$ (0.62)	$ (0.49)	$ (0.17)
Earnings Per Share, Diluted	$ (0.67)	$ (0.49)	$ (0.17)
Weighted Average Number of Shares Outstanding, Basic	72,861,448	71,484,934	59,079,522
Weighted Average Number of Shares Outstanding, Diluted	73,837,496	71,484,934	59,079,522
Other comprehensive income (loss):
Changes in the fair value of the convertible notes	$ 536	$ 0	$ 0
Foreign exchange translation adjustment	(9,727)	9,501	(378)
Comprehensive loss	(54,467)	(25,835)	(10,222)
Comprehensive loss attributable to noncontrolling interest	0	(72)	0
Comprehensive loss attributable to Renalytix	$ (54,467)	$ (25,763)	$ (10,222)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	IPO [Member]	Secondary Offer [Member]	Common Stock [Member]	Common Stock [Member] IPO [Member]	Common Stock [Member] Secondary Offer [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] IPO [Member]	Additional Paid-in Capital [Member] Secondary Offer [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Total shareholders' equity attributable to Renalytix [Member]	Total shareholders' equity attributable to Renalytix [Member] IPO [Member]	Total shareholders' equity attributable to Renalytix [Member] Secondary Offer [Member]	Noncontrolling interests [Member]
Beginning balance at Jun. 30, 2019	$ 8,551			$ 162			$ 52,084			$ (822)	$ (42,873)	$ 8,551
Beginning balance, Shares at Jun. 30, 2019				53,816,134
Sale of ordinary shares, net of offering costs underwriting fees (Value)			$ 16,424			$ 17			$ 16,407					$ 16,424
Sale of ordinary shares, net of offering costs underwriting fees (Shares)						5,600,000
Stock-based compensation expense	1,159						1,159					1,159
Currency translation adjustments	(378)									(378)		(378)
Net loss	(9,844)										(9,844)	(9,844)
Ending balance at Jun. 30, 2020	15,912			$ 179			69,650			(1,200)	(52,717)	15,912
Ending balance, shares at Jun. 30, 2020				59,416,134
Sale of ordinary shares, net of offering costs underwriting fees (Value)		$ 76,134			$ 40			$ 76,094					$ 76,134
Sale of ordinary shares, net of offering costs underwriting fees (Shares)					12,613,500
VericiDx distribution in specie							1,638			(25)		1,613			$ (1,613)
Deconsolidation of Verici	2,296														2,296
Shares issued under the employee share purchase plan (Value)	111						111					111
Shares issued under the employee share purchase plan (Shares)				17,652
Exercise of stock options (Value)	252			$ 1			251					252
Exercise of stock options (Shares)				150,000
Stock-based compensation expense	2,663						2,663					2,663
Currency translation adjustments	9,429									9,501		9,501			(72)
Net loss	(35,336)										(34,725)	(34,725)			$ (611)
Ending balance at Jun. 30, 2021	71,461			$ 220			150,407			8,276	(87,442)	71,461
Ending balance, shares at Jun. 30, 2021				72,197,286
Shares issued under the Securities Purchase Agreement (Value)	8,586			$ 8			8,578					8,586
Shares issued under the Securities Purchase Agreement (Shares)				2,428,688
Shares issued under the employee share purchase plan (Value)	209						209					209
Shares issued under the employee share purchase plan (Shares)				33,734
Exercise of stock options (Value)	$ 197						197					197
Exercise of stock options (Shares)	100,724			100,724
Stock-based compensation expense	$ 4,621						4,621					4,621
Changes in the fair value of the convertible notes	536									536		536
Currency translation adjustments	(9,727)									(9,727)		(9,727)
Net loss	(45,276)										(45,276)	(45,276)
Ending balance at Jun. 30, 2022	$ 30,607			$ 228			$ 164,012			$ (915)	$ (132,718)	$ 30,607
Ending balance, shares at Jun. 30, 2022				74,760,432

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
IPO [Member]
Payment of stock issuance costs	$ 9,007
Secondary Offer [Member]
Payment of stock issuance costs		$ 842

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (45,276)	$ (35,336)	$ (9,844)
Adjustments to reconcile net loss to net cash used in operating activities
Gain on VericiDx deconsolidation		(46)
Depreciation and amortization	489	282	70
Stock-based compensation	4,621	2,663	1,159
Gain on loan		(255)
Realized gain on short-term investments		(18)	(128)
Equity in (net earnings) losses of affiliate	(9)	2,112	63
Reduction of Kantaro Liability	(119)	(495)
Fair value adjustment to VericiDx investment	5,900	(6,483)	0
Unrealized foreign exchange (gain) loss	(7,340)	5,539	(213)
Fair value adjustment to convertible Debt	(3,998)	(0)	(0)
Changes in operating assets and liabilities:
Accounts receivable	(307)	(594)
Prepaid expenses and other current assets	(1,487)	(710)	(325)
Receivable from affiliates	1	17	(18)
Accounts payable	1,418	782	355
Accounts payable - related party	722
Accrued expenses and other current liabilities	(1,505)	4,353	(456)
Accrued expenses - related party	1,271	585
Deferred revenue	(76)	122
Payable to affiliate - current	(176)	(970)	(185)
Other liabilities	(53)	53
Net cash used in operating activities	(45,924)	(28,399)	(9,522)
Cash flows from investing activities:
Purchases of property and equipment	(557)	(773)	(804)
Software development costs	(105)	(749)	(427)
Purchase of short-term investments			(21,260)
Proceeds from short-term investments		1,000	21,400
Note receivable-related party		(167)	(83)
Decrease in cash (VericiDx deconsolidation)		(62)
Net cash used in investing activities	(662)	(751)	(1,174)
Cash flows from financing activities:
Procceds from convertible notes	18,020
Gross proceeds from the issuance of ordinary shares, net of underwriting fees	0	79,182
Gross proceeds from the issuance of ordinary shares	8,804		17,276
Payment of offering costs	(218)	(2,305)	(1,593)
Proceeds from the issuance of ordinary shares under employee share purchase plan	209	111
Proceeds from exercise of stock options	197	252
Payment of debt issuance costs	(1,382)
Proceeds from PPP Loan			255
Net cash provided by financing activities	25,630	77,240	15,938
Effect of exchange rate changes on cash	(2,839)	3,745	(150)
Net (decrease) increase in cash and cash equivalents	(23,795)	51,835	5,092
Cash and cash equivalents, beginning of period	65,128	13,293	8,201
Cash and cash equivalents, end of period	$ 41,333	65,128	13,293
Supplemental noncash investing and financing activities:
Financing costs in accounts payable and accrued expenses			1,630
Reclassification of note receivable in Kantaro to Investment in Kantaro		175
Deemed distribution of VericiDx ordinary shares		75
Conversion of distribution of VericiDx note receivable into VericiDx ordinary shares		$ 2,556
Software development costs in accounts payable and accrued expenses			177
Purchase of property and equipment in accounts payable and accrued expenses			56
Fair value of services exchanged for equity method investment of which services are recorded as the payable to affiliate			$ 2,000

Business and risks

12 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and risks

1. Business and risks

Renalytix and its wholly-owned subsidiaries, Renalytix AI, Inc. and Renalytix AI Limited, (collectively, “Renalytix”, or the “Company”) is an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and significantly lower healthcare costs. KidneyIntelX, the Company’s first-in-class diagnostic platform, employs a proprietary artificial intelligence-enabled algorithm that combines diverse data inputs, including validated blood-based biomarkers, inherited genetics and personalized patient data from EHR systems, to generate a unique patient risk score. Additionally, the Company has successfully completed the first stage of a statement of work with AstraZeneca Pharmaceuticals LP (“AstraZeneca”) to conduct a feasibility study to determine the impact of the use of the Company’s KidneyIntelX platform to optimize utilization of various CKD agents. Further, in December 2020 the Company entered into a master service agreement with AstraZeneca for future services of this nature. As a result of the initial success with AstraZeneca the Company plans to pursue further collaborations with pharmaceutical companies and make ‘Pharmaceutical Services Revenue’ a core part of the business going forward with the goal of improving guideline-based standard-of-care for optimal utilization of existing and novel therapeutics using the KidneyIntelX testing platform and proprietary care management software.

In August 2020, the Company created a wholly-owned subsidiary of Renalytix AI plc, Renalytix AI Limited (“Limited”) to facilitate operations in Ireland.

Since inception in March 2018, the Company has focused primarily on organizing and staffing the Company, raising capital, developing the KidneyIntelX platform, conducting clinical validation studies for KidneyIntelX, establishing and protecting its intellectual property portfolio and commercial laboratory operations, pursuing regulatory clearance and developing a reimbursement strategy. The Company has funded its operations primarily through equity and debt financings.

The Company is subject to risks and uncertainties common to early-stage companies in the diagnostics industry, including, but not limited to, ability to secure additional capital to fund operations, compliance with governmental regulations, development by competitors of new technological innovations, dependence on key personnel and protection of proprietary technology. To achieve widespread usage, KidneyIntelX and additional diagnostic products currently under development will require extensive clinical testing and validation prior to regulatory approval and commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities.

Liquidity and Going Concern

12 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidity and Going Concern

2. Liquidity and Going Concern

The Company has incurred recurring losses and negative cash flows from operations since inception and had an accumulated deficit of $132.7 million as of June 30, 2022. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of KidneyIntelX or any future products currently in development. Management believes its cash and cash equivalents of $41.3 million as of June 30, 2022, are sufficient to fund the projected operations for at least the next twelve months from the issuance date of these financial statements. Such expectation is based, in part, on the achievement of a certain volume of assumed revenue; however, there is no guarantee we will achieve this amount of revenue during the time period we assume. Management assessed various additional operating cost reduction options that are available to the Company and would be implemented, if assumed levels of revenue are not achieved and additional funding is not obtained.

Substantial additional capital will be necessary to fund the Company's operations, expand its commercial activities and develop other potential diagnostic related products. The Company plans to seek additional funding through public or private equity offerings, debt financings, other collaborations, strategic alliances and licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances or other arrangements on favorable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s shareholders. If the Company is unable to obtain funding, the Company could be required to delay, curtail or discontinue research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospect.

Basis of presentation and summary of significant accounting policies

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of presentation and summary of significant accounting policies

3. Basis of presentation and summary of significant accounting policies

The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Principles of consolidation

The consolidated financial statements include the accounts of Renalytix plc, and its wholly-owned subsidiaries, Renalytix AI, Inc. and Renalytix AI Limited. All inter-company balances and transactions have been eliminated in consolidation. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting.

Deconsolidation

Upon the occurrence of certain events and on a regular basis, the Company evaluates whether it no longer has a controlling interest in its subsidiaries, including consolidated variable interest entities. If the Company determines it no longer has a controlling interest, the subsidiary is deconsolidated. The Company records a gain or loss on deconsolidation based on the difference on the deconsolidation date between (i) the aggregate of (a) the fair value of any consideration received, (b) the fair value of any retained noncontrolling investment in the former subsidiary and (c) the carrying amount of any noncontrolling interest in the subsidiary being deconsolidated, less (ii) the carrying amount of the former subsidiary’s assets and liabilities.

The Company assesses whether a deconsolidation is required to be presented as discontinued operations in its consolidated financial statements on the deconsolidation date. This assessment is based on whether or not the deconsolidation represents a strategic shift that has or will have a major effect on the Company’s operations or financial results. If the Company determines that a deconsolidation requires presentation as a discontinued operation on the deconsolidation date, or at any point during the one-year period following such date, it will present the former subsidiary as a discontinued operation in current and comparative period financial statements.

Verici Dx plc

In April 2020, the Company created a wholly-owned subsidiary, Verici Dx plc (“VericiDx”), to hold technology in-licensed from the Icahn School of Medicine at Mount Sinai (“ISMMS” or “Mount Sinai”) in late 2018. In May 2020, the Company transferred the in-licensed FractalDx technology and associated assets to VericiDx in exchange for $2.0 million, which was satisfied by the issuance of convertible loan notes of VericiDx to the Company. The reduction of capital necessary to implement this transaction was approved by the Company’s shareholders at a general meeting held on May 15, 2020 and confirmed by the High Court in England and Wales on June 9, 2020. The Company’s board of directors declared the distribution of shares of VericiDx to the then shareholders of the Company, to effect the FractalDx spin-off, on July 7, 2020, and the distribution occurred on July 10, 2020.

The Company announced on July 8, 2020 that the share capital of VericiDx had been re-designated into 59,416,134 A Shares of £0.001 each and one golden share of £0.001 (the “Golden Share”) and that Renalytix would retain the Golden Share and its associated controlling voting rights. Subsequent to that announcement, the Company entered into a declaration of trust whereby Renalytix AI plc had declared that it held the Golden Share as nominee and on trust for certain Directors of Renalytix AI and accordingly, the Company itself had no ongoing beneficial interest in VericiDx shares. This triggered a reconsideration event for ongoing consolidation of VericiDx and since the Company was still the primary funding source for VericiDx, the Company continued to hold a controlling financial interest in VericiDx and continued to consolidate VericiDx. Consequently, the Company recognized noncontrolling interest of $1.6 million to reflect VericiDx’s distribution of A Shares and the Golden Share.

As the Company had been the primary funding source for VericiDx since its distribution to the Company’s stockholders, the operations and financial position of VericiDx were included in the consolidated financial statements of the Company. Participation of the stockholders in the net assets and losses of VericiDx were reflected in the line items “Noncontrolling interests” in the Company’s consolidated balance sheets and “Net loss attributable to the noncontrolling interests” in the Company’s consolidated statements of operations and comprehensive loss. Noncontrolling interests adjusts the Company’s consolidated results of operations and comprehensive loss to exclude all of the losses of VericiDx as Renalytix AI had no direct equity ownership in VericiDx from the date of the distribution through October 28, 2020. Changes in the underlying net book value of VericiDx due to equity issuances are reflected as equity transaction in the Company’s consolidated statements of stockholders’ equity.

On November 3, 2020, VericiDx completed an initial public offering on AIM and raised gross proceeds of £14.5 million (“VericiDx IPO”) triggering a reconsideration event for ongoing consolidation of VericiDx. The VericiDx IPO resulted in the Company no longer having a controlling financial interest in VericiDx as the Company was no longer VericiDx’s primary funding source. VericiDx previously issued the Company an aggregate of $2.5 million in convertible loan notes which reflected the $2.0 million consideration for the FractalDx assets and $0.5 million of additional funding the Company provided VericiDx through October 28, 2020. Prior to the VericiDx IPO, on October 28, 2020, the Company gave notice to convert the aggregate outstanding $2.5 million convertible loan notes into 9,831,681 ordinary shares of VericiDx. As a result of the VericiDx IPO, the Company deconsolidated VericiDx from the consolidated financial statements of the Company as of that date and recognized a gain of $46,000 within other (expense) income in the consolidated statements of operations and comprehensive loss for the year ended June 30, 2021.

Since VericiDx is publicly traded on the AIM market, the Company accounts for its retained interest in VericiDx as an investment at fair value in accordance with ASC 321, Investments-Equity Securities, with changes to fair value recorded in earnings. In connection with the deconsolidation of VericiDx, the Company evaluated whether the results of VericiDx should be presented as discontinued operations for the year ended June 30, 2021. The Company concluded that the deconsolidation of VericiDx, as a result of the VericiDx IPO, is not a development that significantly impacts the Company’s overall operations and financial results. Research and development expenses incurred related to this program accounted for a minor portion of the Company’s overall annual research and development expenses and the Company remains focused on developing the KidneyIntelX platform. Therefore, the Company has not presented the results related to VericiDx as discontinued operations in its consolidated statements of operations and comprehensive loss for the year ended June 30, 2021.

Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. 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 consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results may materially vary from these estimates.

Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant areas that require management’s estimate include the assumptions used in determining the fair value of share-based awards, determining the fair value of the bonds, recording the prepaid/accrual and associated expense for research and development activities performed for the Company by third parties, determining useful lives of property and equipment and capitalized software, the assessment of noncontrolling interest and equity method investments.

Segment information

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is to make significant improvements in kidney disease diagnosis and prognosis, clinical care, patient stratification for drug clinical trials, and drug target discovery.

Foreign currency

The Company’s consolidated financial statements are presented in U.S. dollars, the reporting currency of the Company. The functional currency of Renalytix plc and Renalytix AI Limited is GB Pounds. The functional currency of Renalytix AI, Inc. is the U.S. dollar. Assets and liabilities of Renalytix plc and Renalytix AI Limited are translated at the rate of exchange at

period-end, while the statements of operations are translated at the weighted average exchange rates in effect during the reporting period. The net effect of these translation adjustments is shown as a component of accumulated other comprehensive income (loss). Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency are included in income in the period in which the change occurs and reported in the consolidated statements of operations and comprehensive loss.

Concentrations of credit risk and major customers

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable balances. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and are not exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships and has not experienced any losses on such accounts.

The Company’s accounts receivable are derived from revenue earned from customers located in the U.S. Two customers provided approximately 99% of the Company's revenue, of which one customer made up 91%, for the year ended June 30, 2022. The Company performs initial and ongoing credit reviews on customers, which involve consideration of the customers’ financial information, their location, and other factors to assess the customers’ ability to pay.

Fair value of financial instruments

At June 30, 2022 and 2021, the Company’s financial instruments included accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities. The carrying amounts of these assets and liabilities approximates fair value due to their short-term nature. The convertible notes are recorded at its estimated fair value.

Fair value option

Under the Fair Value Option Subsections of ASC subtopic 825-10, Financial Instruments – Overall, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument-by-instrument basis, with changes in fair value reported in earnings (see Note 5). The Company has elected to measure and record the convertible notes at their estimated fair value.

Cash and cash equivalents

The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. As of June 30, 2022 and 2021, the Company had a cash balance of $41.3 million and $65.1 million, respectively.

Accounts receivable

Accounts receivable are recorded at the invoice amount and are non-interest bearing. The Company considers receivables past due based on the contractual payment terms. The Company reserves specific receivables if collectability is no longer reasonably assured. Estimates for allowances for doubtful accounts are determined based on existing contractual obligations, historical payment patterns, and individual customer circumstances. No reserves have been recorded as of June 30, 2022 and 2021.

Property and equipment

Property and equipment are recorded at cost. Depreciation is determined using the straight-line method over the estimated useful lives ranging from three to ten years. Expenditures for maintenance and repairs are expensed as incurred while renewals and betterments are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in operations.

Performance of contract liability to affiliate

In May 2020, the Company and the Icahn School of Medicine at Mount Sinai entered into an operating agreement (“Kantaro Operating Agreement”) to form a joint venture, Kantaro Biosciences LLC (“Kantaro”), for the purpose of

developing and commercializing laboratory tests for the detection of antibodies against SARS-CoV-2 originally developed by Mount Sinai. Kantaro has a fiscal year ending December 31st. Kantaro has partnered with Bio-Techne Corporation to develop and launch the new test which are designed for use in any authorized clinical testing laboratory without the need for proprietary equipment. During the years ended June 30, 2022 and 2021, the Company recognized $0.1 million and $1.0 million, respectively, related to the performance of the contract liability with Kantaro.

Equity method investments

The Company accounts for equity investments where it owns a non-controlling interest, but has the ability to exercise significant influence, under the equity method of accounting. Under the equity method of accounting, the original cost of the investment is adjusted for the Company’s share of equity in the earnings of the equity investee and reduced by dividends and distributions of capital received, unless the fair value option is elected, in which case the investment balance is marked to fair value each reporting period and the impact of changes in fair value of the equity investment are reported in earnings.

Kantaro Biosciences LLC

As the Company can exert significant influence over, but does not control, Kantaro’s operations through voting rights or representation on Kantaro’s board of directors, the Company accounts for this investment using the equity method of accounting. The Company records its share in Kantaro’s earnings and losses in the consolidated statement of operations. The Company assesses its investment for other-than-temporary impairment when events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable and recognize an impairment loss to adjust the investment to its then-current fair value (see Note 5). The Company owned 25% of the membership equity units in Kantaro at June 30, 2022 and June 30, 2021.

VericiDx plc

In the current year it was determined that the Company no longer can exert significant influence over VericiDx's operations and will now account for its ownership of VericiDx securities at fair value in accordance with ASC 321, Investments-Equity Securities, with changes in fair value recorded in earnings as the fair value of VericiDx's ordinary shares is readily determinable via the London Stock Exchange. Based on closing stock price of VericiDx, the fair value of the investment in VericiDx was $2.7 million and $9.3 million at June 30, 2022 and 2021, respectively. During the year ended June 30, 2022 and 2021, the Company recorded a fair value adjustment of $(5.9) million and $6.5 million, respectively, in the consolidated statements of operations and comprehensive loss. The Company owned 5.8% and 6.94% of the ordinary shares of VericiDx at June 30, 2022 and 2021, respectively.

Impairment assessment

The Company evaluates its investments that are in unrealized loss positions, if any, and equity method investments for other-than-temporary impairment on a quarterly basis (see Note 5). Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers or investees. Factors considered by the Company include (i) the length of time and the extent to which an investment’s fair value has been below its cost; (ii) the financial condition, credit worthiness, and near-term prospects of the issuer; (iii) the length of time to maturity; (iv) future economic conditions and market forecasts; (v) the Company’s intent and ability to retain its investment for a period of time sufficient to allow for recovery of market value; (vi) an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value; and (vii) whether events or changes in circumstances indicate that the investment’s carrying amount might not be recoverable.

Software development costs

The Company follows the provisions of ASC 985, Software, which requires software development costs for software to marketed externally to be expensed as incurred until the establishment of technological feasibility, at which time those costs are capitalized until the software is available for general release and amortized over its estimated useful life of ten years. For the year ended June 30, 2022, the Company capitalized $0.1 million of research and development expenses related to software development. For the year ended June 30, 2021, the Company capitalized $0.7 million of research and development Expense related to software development. Technological feasibility is established upon the completion of a working model that has been validated.

Revenue recognition

Pursuant to ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when a customer obtains control of promised goods or services. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company only applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services that it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. Certain contracts have options for the customer to acquire additional services. The Company evaluates these options to determine if a material right exists. If, after that evaluation, it determines a material right does exist, it assigns value to the material right based upon the renewal option approach. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. The Company uses present right to payment and customer acceptance as indicators to determine the transfer of control to the customer occurs at a point in time. Sales tax and other similar taxes are excluded from revenues.

Cost of revenue

Cost of revenue consists of costs directly attributable to the services rendered, including labor, rent, lab consumables, depreciation, amortization and sample collection costs directly related to revenue generating activities.

Research and development expenses

Research and development costs consist primarily of internal and external labor costs incurred in connection with the development of KidneyIntelX as well as expenses related to studies and clinical trials to further the clinical value, performance and utility of KidneyIntelX. Research and development costs are expensed as incurred.

Share-based compensation

The Company measures equity classified share-based awards granted to employees and nonemployees based on the estimated fair value on the date of grant and recognizes compensation expense of those awards over the requisite service period, which is the vesting period of the respective award. The Company accounts for forfeitures as they occur. For share-based awards with service-based vesting conditions, the Company recognizes compensation expense on a straight-line basis over the service period. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the Company’s expected dividend yield. The Company was a privately-held organization prior to November 2018 and has been a publicly-traded company for a limited period of time and therefore lacks company-specific historical and implied volatility information for its shares. Therefore, it estimates its expected share price volatility based on the historical volatility of publicly-traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is none based on the fact that the Company has never paid cash dividends on ordinary shares and does not expect to pay any cash dividends in the foreseeable future.

The Company classifies share-based compensation expense in its consolidated statement of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Income taxes

Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes (ASC 740). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A reduction in the carrying value of the deferred tax assets is required when it is not more likely than not that such deferred tax assets are realizable.

FASB ASC Subtopic 740-10, Accounting for Uncertainty of Income Taxes (ASC 740-10), defines the criterion an individual tax position must meet for any part of the benefit of the tax position to be recognized in financial statements prepared in conformity with U.S. GAAP. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not such tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the respective tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. In accordance with disclosure requirements of ASC 740-10, the Company’s policy on income statement classification of interest and penalties related to income tax obligations is to include such items as part of income tax expense.

Comprehensive loss

Comprehensive loss includes net loss as well as other changes in shareholders’ equity that result from transactions and economic events other than those with shareholders. For the periods presented changes in shareholders’ equity includes foreign currency translation as well as changes in fair value of the convertible note due to changes in instrument specific credit risk. The change in instrument specific credit risk was calculated as the change in the risk yield from the convertible debt issuance date to the valuation date. The instrument specific credit risk at issuance date was calibrated such that the fair value of the convertible bond was equal to the issue price as of the issuance date. The risk yield was adjusted to reflect the change in credit spreads between the issuance date and the valuation date.

Net loss per ordinary share

Basic net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during each period. Diluted net loss per ordinary share includes the effect, if any, from the potential exercise or conversion of securities, such as options and convertible debt which would result in the issuance of incremental ordinary shares.

The dilutive effect of convertible securities is calculated using the if-converted method. Under the if-converted method, interest charges applicable to the convertible debt as well as nondiscretionary adjustments which include any expenses or charges that are determined based on the income (loss) for the period are added back to net income. The convertible debt is assumed to have been converted at the beginning of the period (or at time of issuance, if later).

For the year ended June 30, 2022, the diluted and basic net loss per share calculation excluded 4,554,901 shares related to stock options, as the exercise price of these options was greater than their market value. Dilutive securities outstanding of 4,265,958 and 3,028,858 as of June 30, 2021 and 2020, respectively, have been excluded from the computation of basic and diluted weighted average shares outstanding as they would be anti-dilutive. Therefore, the weighted average number of shares used to calculate both basic and diluted net loss per share are the same.

Emerging growth company

The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). Under the JOBS Act, companies have extended transition periods available for complying with new or revised accounting standards. The Company has elected to avail itself of this exemption and, therefore, while the Company is an emerging growth company it will not be subject to new or revised accounting standards at the same time that they become applicable to other public emerging growth companies that have not elected to avail themselves of this exemption.

Recently issued accounting pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), in order to increase transparency and comparability among organizations by, among other provisions, recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous U.S. GAAP. For public companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. In transition, entities may also elect a package of practical expedients that must be applied in its entirety to all leases commencing before the adoption date, unless the lease is modified, and permits entities to not reassess (a) the existence of a lease, (b) the lease classification or (c) the determination of initial direct costs, as of the adoption date, which effectively allows entities to carryforward accounting conclusions under previous U.S. GAAP. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities an optional transition method to apply the guidance under Topic 842 as of the adoption date, rather than as of the earliest period presented. In June 2020, the FASB issued ASU No 2020-05 that further delayed the effective date of Topic 842 to fiscal years beginning July 1, 2022, and interim periods within those years. The Company plans to implement ASU 2016-02 in the fiscal year beginning July 1, 2022 and evaluated the impact of ASU 2016-02 and it is not expected to have a material impact on the consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This is different from the current guidance as this will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. The new guidance will be effective for the Company on July 1, 2023. The Company is currently evaluating the impact of adopting this guidance to its consolidated financial statements.

In January 2020, FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which, generally, provides guidance for investments in entities accounted for under the equity method of accounting. ASU 2020-01 is effective for all entities with fiscal years beginning after December 15, 2021, including interim periods therein. The Company is currently evaluating the impact of adopting this guidance to its consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 eliminates two of the three models in ASC 470-20 that require issuers to separately account for embedded conversion features and eliminates some of the requirements for equity classification in ASC 815-40-25 for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and generally requires them to include the effect of potential share settlement for instruments that may be settled in cash or shares. It is effective for annual periods beginning after December 15, 2023, and interim periods therein. The Company evaluated the effect ASU 2020-06 and it is not expected to have a material impact on the consolidated financial statements.

Revenue

12 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

4. Revenue

Testing services revenue

Testing services revenue is generated from the KidneyIntelX platform, which provides analytical services to customers. Each individual test is a performance obligation that is satisfied at a point in time upon completion of the testing process (when results are reported) which is when control passes to the customer and revenue is recognized. During the years ended June 30, 2022 and 2021, the Company recognized $2.7 million and $0.4 million, respectively, of testing services revenue. Sales tax and other similar taxes are excluded from revenues. There was no testing services revenue recognized in fiscal 2020.

Pharmaceutical services revenue

Pharmaceutical services revenue is generated from the provision of analytical services to customers. Contracts with customers generally include an initial upfront payment and additional payments upon achieving performance milestones. The Company uses present right to payment and customer acceptance as indicators to determine the transfer of control to the customer which may occur at a point in time or over time depending on the individual contract terms. Sales tax and other similar taxes are excluded from revenues.

During the years ended June 30, 2022 and 2021, the Company recognized $0.2 million and $0.5 million, respectively, of pharmaceutical services revenue where performance obligations are satisfied at a point in time. There was no pharmaceutical services revenue recognized in fiscal 2020.

Professional services revenue

Professional services revenue consists of services related to the creation of a branded care navigation portal/pathway for use with KidneyIntelX. Revenue is recognized when control of the promised services is transferred to customers and the performance obligation is fulfilled in an amount that reflects the consideration that the Company expects to be entitled in exchange for those services. During the year ended June 30, 2021 the Company recognized $0.6 million of other services revenue where performance obligations are satisfied at a point in time. There was no professional services revenue recognized in fiscal 2022 and 2020.

Deferred revenue

Deferred revenue represents the allocated transaction price to the material right which will be recognized as revenue when the renewal options are exercised which is expected to occur over the next 6 months.

The following table summarizes the changes in deferred revenue:


(in thousands)	June 30, 2022			June 30, 2021			June 30, 2020
Balance, beginning of period	$	122		$	—		$	—
Deferral of revenue		67			250			—
Revenue recognized		(143	)		(128	)		—
Balance, end of period	$	46		$	122		$	—

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Fair value measurements and the fair value option

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair value measurements and the fair value option

5. Fair value measurements and the fair value option

Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

•

Level 1—Quoted prices (unadjusted in active markets for identical assets or liabilities)

•

Level 2—Inputs other than quoted prices in active markets that are observable either directly or indirectly

•

Level 3—Unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions

This hierarchy requires the use of observable market data when available and to minimize the use of unobservable inputs when determining fair value. The following fair value hierarchy table presents information about the Company’s assets measured at fair value on a recurring basis:


	Fair value measurement at
	reporting date using
(in thousands)	(Level 1)		(Level 2)		(Level 3)
June 30, 2022
Assets:
Available for sale securities	$	2,744	$	—	$	—
Liabilities:
Convertible notes	$	—	$	—	$	12,342
June 30, 2021
Assets:
Equity investment in VericiDx	$	9,295	$	—	$	—

As further described in Note 9, in April 2022 the Company issued convertible promissory notes (the “Notes”) to various investors. The fair value option, as prescribed by ASC 815, Derivatives and Hedging, was elected and applied in connection with the preparation of these consolidated financial statements. The fair value of the Notes is determined using a scenario-based analysis that estimates the fair value based on the probability-weighted present value of expected future investment returns, considering each of the possible outcomes available to the noteholders.

The Company adjusts the carrying value of the Notes to their estimated fair value at each reporting date, with qualifying increases or decreases in the fair value recorded as change in fair value of convertible promissory notes in the statements of operations and comprehensive loss. Changes in the fair value resulting from changes in the instrument-specific credit risk will be presented separately in other comprehensive income.


(in thousands)	June 30, 2022
Balance at the beginning of the year	$	—
Issuance of convertible promissory notes		16,959
Fair value adjustments		(3,998	)
Change in credit risk		(536	)
FX Impact		(83	)
Balance at June 30, 2022	$	12,342

Non-financial assets and liabilities

The Company’s non-financial assets, which primarily consist of property and equipment and equity method investments, are not required to be measured at fair value on a recurring basis, and instead are reported at carrying value in its consolidated balance sheet. However, on a periodic basis or whenever events or changes in circumstances indicate that they may not be fully recoverable, the respective carrying value of non-financial assets are assessed for impairment and, if ultimately considered impaired, are adjusted and written down to their fair value, as estimated based on consideration of external market participant assumptions.

During the year ended June 30, 2021, based on sales forecasts, the Company concluded that its equity method investment in Kantaro was impaired due to a shift in focus from COVID antibody testing to promoting vaccination in the United States and European Union. As a result of this shift, demand for COVID antibody testing decreased. The forecasts indicate there is a prolonged period of time that Kantaro’s fair value is below the carrying value of the investment and the discounted and undiscounted cash flows are also below the carrying value of the investment. For these reasons, the Company concluded the decline in value is other-than-temporary. As such, during the year ended June 30, 2021, the Company determined the fair value using a discounted cash flow model and concluded that the fair value of the equity method investment in Kantaro was zero. Accordingly, during the year ended June 30, 2021 the Company recorded a $1.9 million impairment charge within equity in losses of affiliate in the consolidated statements of operations.

- 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 + Details

Property and equipment

12 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and equipment

6. Property and equipment

Property and equipment consists of (in thousands):


(in thousands)	June 30, 2022			June 30, 2021
Lab equipment	$	1,143		$	592
Software		1,476			1,534
Office equipment		124			84
Office furniture		35			35
Leasehold improvements		576			576
Construction in progress		—			—
Total		3,354			2,821
Less accumulated depreciation and amortization		(796	)		(331	)
	$	2,558		$	2,490

Depreciation expense was $0.3 million, $0.2 million and $0.1 million for the years ended June 30, 2022, 2021 and 2020, respectively.

As of June 30, 2022 and 2021 there was $1.2 million and $1.3 million, respectively, of unamortized costs of software development and purchased software. Amortization expense related to capitalized software development costs was $0.2 million and $85,000 for the years ended June 30, 2022 and 2021, respectively, and was expensed within cost of revenue in the consolidated statement of operations. There was no amortization expense related to capitalized software development costs for fiscal 2020.

As of June 30, 2022, the expected amortization expense for the next five years and thereafter is as follows:


(in thousands)
2023	$	175
2024		175
2025		175
2026		140
2027		120
Thereafter		403
	$	1,188

Accrued expenses and other current liabilities

12 Months Ended

Jun. 30, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued expenses and other current liabilities

7. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of (in thousands):


	June 30, 2022		June 30, 2021
Consulting and professional fees	$	551	$	954
Research and development		1,060		—
Payroll and related benefits		1,437		3,493
Other		12		155
	$	3,060	$	4,602

Debt

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

8. Debt

Paycheck Protection Program

On April 29, 2020, the Company entered into an original loan agreement with Fortis Private Bank as the lender (“Lender”) for a loan in an aggregate principal amount of $255,000 (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and implemented by the U.S. Small Business Administration. In June 2020, the Paycheck Protection Program Flexibility Act was enacted which, among other things, extended the deferral period for loan payments to either (1) the date that SBA remits the borrower’s loan forgiveness amount to the lender or (2) if the borrower does not apply for loan forgiveness, ten months after the end of the borrower’s loan forgiveness covered period. The Loan matures in two years and bears interest at a rate of 1% per year, with all payments deferred through August 15, 2021. Principal and interest are payable monthly commencing on August 15, 2021 and may be prepaid by the Company at any time prior to maturity without penalty. The Company may apply for forgiveness of amounts due under the Loan, with the amount of potential loan forgiveness to be calculated in accordance with the requirements of the PPP based on payroll costs, any mortgage interest payments, any covered rent payments and any covered utilities payments during the 8–24 week period after the origination date of the Loan.

On April 28, 2021, the Company received notification that the full amount of the PPP Loan and accrued interest was forgiven. The forgiveness of the PPP Loan was recorded within 'Other (expense) income, net' within the consolidated statements of operations and comprehensive loss.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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+ Details

Convertible Notes

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Convertible Notes

9. Convertible Notes

In April 2022, the Company issued amortizing senior convertible bonds with a principal amount $21.2 million in amortizing senior convertible bonds due in April 2027 (the "Bonds"). The Bonds were issued at 85% par value with total net proceeds of $18.0 million and accrue interest at an annual rate of 5.5%, payable quarterly in arrears, in cash or ADSs valued at the ADS Settlement Price at the option of the Company. The principal and interest payments are due in equal quarterly installments starting in July 2022. The Bonds contain various conversion and redemption features. The initial conversion price for the Convertible Bonds of $8.70 has been set at a 20 per cent. premium to the Reference ADS Price. The Conversion Price may reset down at 12, 24 and 36 months, depending on share price performance and save in limited circumstances, the Bonds have a hard floor in the conversion price of $7.25. Between amortization dates, the Convertible Bond Investor retains the right to advance future amortization payments, provided that (a) there shall be no amortization advancements during the first 12 months, (b) no more than 2 amortization advancements may occur in any 12 month period, and (c) no more than 1 amortization advancement may occur in any 3 month period.

The Convertible Bond Investor is also permitted to defer up to two amortization payments to a subsequent amortization date. The Company retains the option to repay any deferred amortization in cash at 100 per cent. of the nominal amount As of June 20, 2022, the entire principal amount was outstanding.

On issuance, the Company elected to account for the Bonds at fair value in accordance with ASC 815, Derivatives and Hedging, with qualifying changes in fair value being recognized through the statements of operations until the Bonds are settled. Changes in fair value related to instrument-specific credit risk are recognized through comprehensive loss until the Bonds are settled. The fair value of the bonds is determined using a scenario-based analysis that estimates the fair value based on the probability-weighted present value of expected future investment returns, considering each of the possible outcomes available to the noteholders. Significant assumptions used in the fair value analysis include the volatility rate, risk-free rate, dividend yield and risky yield. The fair value of the Bonds was determined to be $16.9 million on issuance, which is the principal amount of the Bonds. On issuance, total debt issuance costs of $1.4 million were immediately expensed as a component of general and administrative expense in consolidated statement of operations during the year end June 30, 2022. The Company recognized a change in fair value of the Notes related to the instrument-specific credit risk of $-0.5 million in the comprehensive loss and a change in fair value related to non-instrument specific credit risk of $4.0 million in the consolidated statement of operations during the year ended June 30, 2022.

Commitments and contingencies

12 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

10. Commitments and contingencies

Leases

The Company entered into operating lease agreements for office space and laboratory testing facilities with terms ranging from month-to-month to five years. The Company recognized rent expense of $0.7 million, $0.4 million and $0.5 million during the years ended June 30, 2022, 2021 and 2020, respectively, related to all leases.

The future minimum payments for noncancelable leases with terms in excess of one year for each fiscal year are as follows (in thousands):


2023	$	162
2024		153
2025		45
Total	$	360

DaVita Inc.

In January 2021, the Company entered into a Master Care Coordination Services Agreement with DaVita Inc. (“DaVita”) whereby DaVita agreed to provide certain care coordination services to covered patients as requested by the Company, with those covered patients identified by the Company’s KidneyIntelX diagnostic and subject to insurance coverage. Those covered patients may also be included in connection with various clinical research studies or quality improvement initiatives (each a “Study”). Both parties agreed to establish a joint steering committee to oversee the care coordination services and exchange and evaluate results of each Study. The Company will pay DaVita a monthly fixed fee based on the number of covered patients. The initial term of the agreement is three years with successive one-year renewals upon written mutual agreement of both parties. For the Care Coordination Services furnished by DaVita (or an affiliate of DaVita) under the terms of a statement of work, the Company shall pay DaVita (or such affiliate of DaVita) a monthly payment of (a) $10.00 in respect of Care Coordination Services multiplied by the number of Covered Patients, plus (b) $3.50, in respect of patient engagement services, multiplied by the number of Covered Patients .

Employment agreements

The Company has entered into employment agreements with certain key executives providing for compensation and severance in certain circumstances, as set forth in the agreements.

Retirement plans

The Company maintains a defined contribution 401(k) retirement plan which covers all U.S. employees. Employees are eligible after three months of service. Under the 401(k) plan, participating employees may make contributions in an amount up to the limit set by the Internal Revenue Service on an annual basis. The Company has a safe harbor plan and makes contributions to employee accounts of 5% of compensation (as defined by the plan). The Company paid $0.4 million, $0.2 million and $0.1 million in contributions for the year ended June 30, 2022, 2021, 2020, respectively.

Legal proceedings

The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies.

License and services agreements

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

License and services agreements

11. License and services agreements

Mount Sinai license and sponsored research agreements

On May 30, 2018, the Company entered into an exclusive license agreement (the “ISMMS License Agreement”) and, on March 7, 2019, a sponsored research agreement (the “ISMMS SRA”) with Mount Sinai. Under the terms of the ISMMS License Agreement, ISMMS granted the Company (i) an exclusive, sublicensable license to use certain patent rights covering specific inventions concerning the utilization of biomarkers guided artificial intelligence techniques for detecting kidney functional decline (the “ISMMS Technology”), (ii) a non-exclusive license under unregistered licensed copyrights and licensed know-how and (iii) an exclusive option to obtain licensed technology conceived after May 30, 2018. The Company is obligated to pay Mount Sinai $1.5 million and $7.5 million in commercial milestone payments upon achieving worldwide net sales of KidneyIntelX of $50.0 million and $300.0 million, respectively. The Company is also obligated to pay Mount Sinai a 4% to 5% royalty on net sales of KidneyIntelX, subject to customary reductions. Royalties are payable on a product-by-product basis from first commercial sale of such product until the later of (1) expiration of the last valid claim of a licensed patent covering such product or (2) on a country-by-country basis, 12 years from first commercial sale of such product in such country. Moreover, the Company is obligated to pay Mount Sinai between 15% and 25% of any consideration received from a sublicensee. Furthermore, the Company agreed to carry out and fund a clinical utility study for KidneyIntelX at an estimated cost of $0.7 million upon approval of the study protocol by the Institutional Review Board.

As part of the ISMMS SRA, the Company has agreed to fund several research projects to further develop the ISMMS Technology. The Company incurred $1.4 million, $0.4 million and $0.2 million related to the ISMMS SRA for the year ended June 30, 2022, 2021 and 2020, respectively.

Mount Sinai license agreement for FractalDx

On December 21, 2018, the Company entered into an exclusive license agreement (the “ISMMS FractalDx License Agreement”) with ISMMS. Under the terms of the ISMMS FractalDx License Agreement, ISMMS granted the Company (i) an exclusive license, with sub-license rights, to use certain patent rights covering specific inventions concerning the utilization of biomarkers guided artificial intelligence techniques for detecting kidney functional decline (the ISMMS Technology), (ii) a non-exclusive license under unregistered licensed copyrights and licensed know-how and (iii) an exclusive option to obtain licensed technology conceived after May 30, 2018. The Company is obligated to pay Mount Sinai $0.3 million upon receipt of certain regulatory clearance and approval, $0.3 million upon receipt of U.S. CMS reimbursement code or PAMA reimbursement approval. In addition, the Company is obligated to pay Mount Sinai $1.0 million and $4.0 million in commercial milestone payments upon achieving worldwide net sales of FractalDx of $50.0 million and $250.0 million, respectively. The Company is also obligated to pay Mount Sinai a 6% to 8% royalty on net sales of FractalDx, subject to customary reductions. Moreover, the Company is obligated to pay Mount Sinai between 15% and 70% of any consideration received from a sublicensee.

Royalties are payable on a product-by-product basis from first commercial sale of such product until the later of (1) expiration of the last valid claim of a licensed patent covering such product or (2) on a country-by-country basis, 12 years from first commercial sale of such product in such country. The Company is also subject to an annual license maintenance fee of $25,000 in calendar year 2020 and 2021, $50,000 in calendar year 2022 and 2023, $0.1 million in calendar years 2024 through 2027, and $0.2 million for calendar year 2028 and beyond.

As discussed in Note 3, in May 2020, the Company transferred the in-licensed FractalDx technology and associated assets to VericiDx.

Mount Sinai COVID-19 sponsored research agreement

In August, 2020 and as amended in December 2020, the Company entered into a Multi-center Assessment of Survivors for Kidney Disease after COVID-19 Study (the “ MASKeD-COVID Study”) with ISMMS. This study involves multiple major academic institutions, including Mount Sinai, University of Michigan, Johns Hopkins, Yale University and Rutgers University. The goal of this study is to understand the long-term kidney epidemiology of CKD in survivors of COVID-19 and validate KidneyIntelX for prediction of long-term kidney outcomes post-COVID hospitalization that will inform further prevention, treatment and clinical care.

Under the terms of the MASKeD-COVID Study, the Company is obligated to pay for all direct and indirect costs incurred under the sponsored research agreement in an amount totaling $1.1 million. As of June 30, 2022, amounts due to ISMMS under the MASKeD-COVID study totaled $1.1 million and $0.8 million was expensed during the year ended June 30, 2022. As of June 30, 2021, amounts due to ISMMS under the MASKeD-COVID Study totaled $0.3 million and $0.3 million was expensed during the year ended June 30, 2021.

Mount Sinai Clinical Trial agreement

In July 2021, the Company entered into a Clinical Trial Agreement (the "CTA") with ISMMS. Under the CTA, ISMMS will undertake a sponsored clinical trial entitled, “A prospective decision impact trial of KidneyIntelX in patients with Type 2 diabetes and existing chronic kidney disease”. The clinical trial is to be conducted at ISMMS with Renalytix agreeing to pay ISMMS is accordance with the agreed upon budget. The clinical trial is expected to last up to four years with a total estimated budget of $3.2 million. As of June 30, 2022, amounts due to ISMMS under the CTA totaled $0.4 million and $0.6 million was expensed during the year ended June 30, 2022.

Joslin diabetes center agreement

In October 2018, the Company purchased a worldwide exclusive license agreement (the “Joslin Agreement”) with the Joslin Diabetes Center, Inc. (“Joslin”) that was previously entered into with EKF Diagnostics Holding Plc (“EKF”), a related party, in July 2017. The license agreement provides the Company with the right to develop and commercialize licensed products covering a novel methodology of diagnosing and predicting kidney disease using certain biomarkers (the “Joslin Diabetes Technology”).

Under the terms of the Joslin Agreement, the Company is obligated to pay Joslin aggregate commercial milestone payments of $0.3 million and $1.0 million in commercial milestone payments upon achieving worldwide net sales of licensed products and processes of $2.0 million and $10.0 million, respectively. The Company is also obligated to pay Joslin a 5% royalty on net sales of any licensed products or licensed processes, subject to customary reductions. Moreover, the Company is obligated to pay Joslin 25% of any consideration received from a sublicensee. Royalties recorded for the year ended June 30, 2022 were immaterial.

The Joslin Agreement initially expires on July 31, 2025 and is subject to an automatic five-year extension unless either party notifies the other party of its intent not to extend the agreement at least 180 days prior to initial expiration. Either party may terminate the Joslin Agreement earlier upon an uncured material breach of the agreement by the other party, the insolvency of the other party, or in the event the other party is unable to perform its obligations under the agreement for a specified period. Additionally, Joslin may terminate the agreement in the event that the Company ceases developing or commercializing licensed products or processes, if the Company fails to maintain certain required insurance policies, and if the Company fails to pay patent expenses related to the licensed patents.

Shareholders' equity

12 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Shareholders' equity

12. Shareholders’ equity

Ordinary shares

As of June 30, 2022, the Company had 79,315,333 ordinary shares authorized on a fully diluted basis. Each share entitles the holder to one vote on all matters submitted to a vote of the Company’s shareholders. Ordinary shareholders are entitled to receive dividends as may be declared by the board of directors. From inception through June 30, 2022, no cash dividends have been declared or paid.

PIPE Funding

On March 31, 2022, the Company entered into subscription agreements to sell an aggregate of 2,428,688 ordinary shares, including in the form of ADSs (the "PIPE Shares"), for a purchase price of $3.626 per ordinary share and an aggregate purchase price of $8.8 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Name Accounting Standards Codification
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+ Details

Share-based compensation

12 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Share-based compensation

13. Share-based compensation

Equity Incentive Plan

In November 2018, Company established the Renalytix AI plc Share Option Plan (the “Plan”) and a U.S. Sub-Plan and Non-Employee Sub-Plan. In July 2020, the Company's board of directors adopted and the Company's shareholders approved the 2020 Equity Incentive Plan (the “EIP”), which superseded the 2018 Share Option Plan. The equity incentive plan provides for the Company to grant options, restricted share awards and other share-based awards to employees, directors and consultants of the Company. As of June 30, 2022, there were 11,162,027 shares available for future issuance under the EIP.

The EIP is administered by the board of directors. The exercise prices, vesting and other restrictions are determined at their discretion, except that all options granted have exercise prices equal to the fair value of the underlying ordinary shares on the date of the grant and the term of stock option may not be greater than ten years from the grant date.

With respect to the options granted as of June 30, 2022, 2,984,801 vest equally over twelve quarters following the grant date, 1,070,100 options which vest 25% on the one year anniversary and equally over twelve quarters following the one year anniversary and 500,000 which vest 1/12th immediately and the remainder equally over the remaining eleven quarters. If options remain unexercised after the date one day before the tenth anniversary of grant, the options expire. On termination of employment, any options that remain unexercised are either forfeited immediately or after a delayed expiration period, depending on the circumstances of termination. Upon the exercise of awards, new ordinary shares are issued by the Company.

The Company recorded share-based compensation expense in the following expense categories in the consolidated statements of operations for the years ended June 30, 2022, 2021 and 2020 (in thousands):


	Twelve Months Ended June 30,
	2022		2021		2020
Research and development	$	345	$	683	$	568
General and administrative		4,276		1,903		591
	$	4,621	$	2,586	$	1,159

The fair value of options is estimated using the Black-Scholes option pricing model, which takes into account inputs such as the exercise price, the value of the underlying ordinary shares at the grant date, expected term, expected volatility, risk-free interest rate and dividend yield. The fair value of each grant of options during the years ended June 30, 2022, 2021, 2020 were determined using the methods and assumptions discussed below.

•

The expected term of employee options is determined using the “simplified” method, as prescribed in SEC’s Staff Accounting Bulletin No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to the Company’s lack of sufficient historical data.

•

The expected volatility is based on historical volatility of the publicly-traded common stock of a peer group of companies.

•

The risk-free interest rate is based on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected term.

•

The expected dividend yield is none because the Company has not historically paid and does not expect for the foreseeable future to pay a dividend on its ordinary shares.

For the years ended June 30, 2022, 2021, and 2020, the grant date fair value of all option grants was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted average assumptions:


	Twelve Months Ended June 30,
	2022			2021			2020
Expected term (in years)		5.6		5.9			5.7
Expected volatility		61.4	%		70.2	%		63.7	%
Risk-free rate		1.3	%		0.8	%		1.7	%
Dividend yield		—	%		—	%		—	%

The weighted average fair value of the options granted during the years ended June 30, 2022, 2021 and 2020 was $5.64, $6.60 and $2.09 per share, respectively.

The following table summarizes the stock option granted to employees and non-employees for the year ended June 30, 2022:


	Number of shares under option plan			Weighted- average exercise price per option		Weighted- average remaining contractual life (in years)
Outstanding at June 30, 2021		4,265,958		$	4.73		8.2
Granted		555,000		$	9.59
Exercised		(100,724	)	$	1.89
Forfeited		(165,333	)	$	7.34
Outstanding at June 30, 2022		4,554,901		$	5.34		8.1
Exercisable at June 30, 2022		3,368,195		$	3.72		7.0
Vested and expected to vest at June 30, 2022		4,554,901		$	5.34		8.1

As of June 30, 2022, there was $5.5 million in unrecognized compensation cost related to unvested options that will be recognized as expense over a weighted average period of 8.9 years. The aggregate intrinsic value of options outstanding and options exercisable at June 30, 2022 was nil, respectively.

Employee Share Purchase Plan

The Company’s 2020 Employee Share Purchase Plan (the “ESPP”) became effective on August 17, 2020. The ESPP authorizes the issuance of up to 850,000 shares of the Company’s common stock. The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the ESPP shall automatically increase on January 1st of each year, commencing on January 1, 2021 and continuing for ten years, in an amount equal to the lesser of one percent of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, and 2,000,000 ordinary shares, subject to the discretion of the board of directors or renumeration committee to determine a lesser number of shares shall be added for such year.

Under the ESPP, eligible employees can purchase the Company’s common stock through accumulated payroll deductions at such times as are established by the board of directors or renumeration committee. Eligible employees may purchase the Company’s common stock at 85% of the lower of the fair market value of the Company’s common stock on the first day of the offering period or on the purchase date. Eligible employees may contribute up to 15% of their eligible compensation. Under the ESPP, a participant may not purchase more than $25,000 worth of the Company’s common stock for each calendar year in which such rights is outstanding. During the years ended June 30, 2022 and 2021, 33,734 and 17,652 shares were purchased under the ESPP, respectively.

In accordance with the guidance in ASC 718-50 – Compensation – Stock Compensation, the ability to purchase shares of the Company’s common stock at 85% of the lower of the price on the first day of the offering period or the last day of the offering period (i.e. the purchase date) represents an option and, therefore, the ESPP is a compensatory plan under this guidance. Accordingly, share-based compensation expense is determined based on the option’s grant-date fair value as estimated by applying the Black Scholes option-pricing model and is recognized over the withholding period. The Company recognized share-based compensation expense of $72,000 and $57,000 in general and administrative expense and $41,000 and $20,000 in research and development expense during the years ended June 30, 2022 and 2021, respectively, related to the ESPP.

Income taxes

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income taxes

14. Income taxes

Loss from operations before income taxes was comprised of the following (in thousands):


	Twelve Months Ended June 30,
	2022			2021			2020
United Kingdom	$	(13,061	)	$	(6,199	)	$	(1,898	)
United States	$	(32,194	)		(29,137	)		(7,946	)
	$	(45,255	)	$	(35,336	)	$	(9,844	)

Due to the pretax losses reported in both the United Kingdom and United States for all periods since inception there is no income tax expense or benefit.

A reconciliation of income tax benefit from continuing operations as reflected in the financial statements is as follows:


	Twelve Months Ended June 30,
	2022				2021				2020
U.K tax benefit at statutory rate		(19.0	)	%		(19.0	)	%		(19.0	)	%
State taxes, net of federal benefit		(3.7	)			(12.4	)			(6.6	)
Permanent differences		1.4				(0.1	)			1.6
Research and development		0.0				(0.1	)			0.0
Change in valuation allowance		24.1				34.5				25.0
Other		(2.7	)			(2.9	)			(1.0	)
Effective tax rate		0.1		%		0.0		%		0.0		%

The principal components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	Twelve Months Ended June 30,
	2022			2021			2020
Deferred tax assets:
Net operating losses	$	27,201		$	13,491		$	4,296
Research and development licenses		3,150			4,133			2,550
Development costs		—			—			418
Share-based compensation		1,025			762			198
Unrealized foreign exchange loss		—			1,739			—
Deferred interest expense		—			2,112			—
Accrued expenses		311			741			—
Other		4			144			—
Valuation allowances		(31,113	)		(21,046	)		(7,331	)
Total deferred tax assets		578			2,076			131
Deferred tax liabilities:
Depreciation		(473	)		(431	)		(91	)
Mark-to-market securities		(89	)		(1,645	)		—
Unrealized foreign exchange loss		(16	)		—			—
Other		—			—			(40	)
Total deferred tax liabilities		(578	)		(2,076	)		(131	)
Net deferred tax	$	—		$	—		$	—

The Company does not have unrecognized tax benefits as of June 30, 2022, 2021, 2020. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

The Company’s net operating loss carryforwards (“NOL”) for U.K., U.S. federal and U.S. state income tax purposes consisted of the following (in thousands):


	Twelve Months Ended June 30,
	2022		2021		2020
United Kingdom	$	13,452	$	9,981	$	3,640
U.S. Federal		79,896		33,613		11,817
U.S. State and Local		120,146		67,291		21,520

The UK and federal net operating loss carryforwards have no expiration. The amount of UK annual profits that can be relieved by losses carried forward is limited to 50%, in excess of a threshold amount of £5 million of profits. Certain state net operating loss carryforwards begin to expire in 2038. The Company recorded a valuation allowance on the deferred tax assets as of June 30, 2022, 2021, and 2020 because of the uncertainty of their realization. The valuation allowance increased by $10.1 million for the year ended June 30, 2022, $13.7 million for the year ended June 30, 2021 and by $2.3 million for the year ended June 30, 2020.

Utilization of the net operating losses and general business tax credits carryforwards may be subject to a substantial limitation under Sections 382 and 383 of the Internal Revenue Code of 1986 as amended, if changes in ownership of the company have occur previously or occur in the future. Ownership changes may limit the amount of net operating losses and general business tax credits carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of 5-percent shareholders in the stock of a corporation by more than 50 percentage points over a three-year period. If the Company experiences a Section 382 ownership change, the tax benefits related to the NOL carry forwards may be further limited or lost. The Company may also experience ownership changes as a result of shifts in share ownership, some of which are outside its control. Therefore, as a result of ownership changes with respect to ordinary shares, the ability to use current net operating losses and other pre-change tax attributes to offset post-change taxable income or taxes could be subject to limitation.

The Company files income tax returns in the United Kingdom, Ireland the U.S. federal jurisdiction and various state jurisdictions. The Company's 2018 through 2021 tax years remain subject to examine. Carryforward attributes from prior years may be adjusted upon examination by tax authorities if they are used in an open period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Related-party transactions

12 Months Ended

Jun. 30, 2022

Related-party transactions

15. Related-party transactions

EKF Diagnostic Holdings

During the years ended June 30, 2022, 2021, 2020, the Company incurred expenses of $0.1 million, $0.2 million and $0.1 million respectively, related to employees of EKF who provided services to Renalytix.

Icahn School of Medicine at Mount Sinai

In May 2018, the Company secured its cornerstone license agreement with ISMMS for research and clinical study work and intended commercialization by the Company (see Note 11). As part of the collaboration, ISMMS became a shareholder in the Company and has subsequently made equity investments both in the Company’s IPO on AIM in November 2018, the subsequent sale of ordinary shares in July 2019 and the Company’s IPO on Nasdaq in July 2020. As of June 30, 2022 and 2021, amounts due to ISMMS totaled $2.6 million and 0.3 million, respectively. During the years ended June 30, 2022, 2021, 2020, the Company incurred expenses of $3.1 million, $1.3 million and $0.3 million, respectively.

Kantaro Biosciences LLC

In connection with the formation of Kantaro, the Company entered into a five-year Advisory Services Agreement (“Advisory Agreement”) pursuant to which the Company has agreed to provide certain advisory services to Kantaro. Pursuant to the Kantaro Operating Agreement, Kantaro issued 750 Class A Units to Mount Sinai in exchange for Mount Sinai granting licenses to Kantaro under certain intellectual property rights of Mount Sinai and 250 Class A Units to the Company as the sole consideration for the services to be rendered by the Company under the Advisory Agreement. The Company determined the fair value of the services to be provided under the Advisory Agreement was $2.0 million and the fair value of the Class A units received from Kantaro was $2.0 million. Fair value was determined using discounted cash flows which is a Level 3 measurement in the fair value hierarchy. The method requires several judgments and assumptions

which include discount rates and future cash flows, among others. As a result of the impairment charge discussed in Note 5, the carrying value of the Kantaro investment was written down to zero.

A contributing factor to the impairment consideration for Kantaro was lower forecasted sales volume and consequently, a lower time commitment from Renalytix employees. Based on these circumstances, the Company adjusted the liability to perform services to Kantaro under the Advisory Agreement. The adjustment for the change in estimate that resulted in a decrease of the liability of $0.5 million is classified within other income, net in the statements of operations and other comprehensive loss. As of June 30, 2022, the total liability associated with the services was $0.1 million, of which the total amount is classified as a current liability. As of June 30, 2021, the total liability associated with the services was $0.8 million, of which the total amount is classified as a current liability.

For the year ended June 30, 2022, the Company recognized $0.1 million in the statement of operations related to services performed under the Advisory Agreement. For the year ended June 30, 2022, $0.05 million of costs incurred related to the performance of the Advisory Agreement services were included within research and development and $0.07 million was included within general and administrative expense, respectively. For the year ended June 30, 2021, the Company recognized $1.0 million in the statement of operations related to services performed under the Advisory Agreement. For the year ended June 30, 2021, $0.5 million of costs incurred related to the performance of the Advisory Agreement services were included within research and development and $0.2 million was included within general and administrative expense, respectively.

In addition to the equity granted at formation, the Company and Mount Sinai each committed to making a loan to Kantaro. Mount Sinai committed to lend an initial amount of $0.3 million and an additional $0.5 million thereafter. The Company committed to lend an initial amount of $83,333 and an additional $166,667 thereafter. Each loan bears interest at a per year rate equal to 0.25%, compounded monthly, until repaid, and is repayable from the first amounts that would otherwise constitute cash available for distribution to the members of Kantaro (provided that each loan repayment will be made, 75% to Mount Sinai and 25% to the Company based on each investor’s proportionate ownership). The Company loaned Kantaro $250,000 and initially recorded a note receivable. At June 30, 2021, the Company determined that $175,000 was uncollectible and accordingly recorded an impairment charge within equity in losses of affiliate in the consolidated statements of operations. In addition, the Company recognized gains of $0.01 million on their investment in Kantaro during the year ended June 30, 2022. The Company recognized losses of $0.2 million on their investment in Kantaro during the year ended June 30, 2021. The Company elects to recognize the equity investment losses based on the ownership level of each specific investment and will continue to record equity method losses until the amount of the loan receivable is reduced to zero.

VericiDx

During the year ended June 30, 2021 the Company paid the salary of an executive of VericiDx and VericiDx has agreed to reimburse the Company for those amounts. During the year ended June 30, 2022, the Company no longer paid the salary of a VericiDx executive as they were removed from Renalytix Inc.'s payroll. As of June 30, 2022 and 2021, amounts due from VericiDx were de minimis.

Private Placement

In April 2022, the Company also entered into a private placement agreement to sell, an aggregate of 2,428,688 shares of common stock (the “PIPE Shares”), for a purchase price of $3.625 per share and an aggregate purchase price of $8.8 million. Certain related parties, directors of the company and executive officers participated in the private placement.

Mount Sinai subscribed for a total of 1,103,448 new ordinary shares at $3.625 per ordinary share.

EKF Diagnostics Holdings, subscribed for a total of 137,930 new ordinary shares at $3.625 per ordinary share.

Christopher Mills, Non-Executive Chairman, and his related parties subscribed for a total of 551,724 new ordinary shares at $3.625 per ordinary share.

Timothy Scannell, Non-Executive Director, subscribed for a total of 68,964 new ordinary shares at $3.625 per ordinary share.

Thomas McLain, President, subscribed for a total of 55,172 new ordinary shares at $3.625 per ordinary share.

Net loss per ordinary share

12 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net loss per ordinary share

16. Net loss per ordinary share

The following is a reconciliation of basic net loss per share to diluted net loss per share for the fiscal years ended June 30, 2022, 2021 and 2020.


	Year ended June 30,
	2022			2021				2020
Basic earnings per share	$	(0.62	)	$		(0.49	)	$		(0.17	)
Average shares outstanding - basic		72,861,448				71,484,934				59,079,522
Convertible debt shares		976,048			—				—
Adjusted average shares outstanding - diluted		73,837,496				71,484,934				59,079,522
Diluted earnings per share	$	(0.67	)	$		(0.49	)	$		(0.17	)

For the fiscal year ended June 30, 2022, the diluted net loss per share calculation included the dilutive effect of convertible debt as well as the impact of the $3.9 million fair value gain related to the convertible debt, which further increase net loss used in the diluted loss per share calculation. For the year ended June 30, 2022, the basic and diluted loss per share calculation excluded 4,554,901 shares related to stock options, as the exercise price of these options was greater than their average market value.

For the fiscal years ended June 30, 2021 and 2020, the basic and diluted loss per share excluded 4,265,958 and 3,028,858 shares related to stock options respectively, as the exercise price of these options was greater than their average market value.

Basis of presentation and summary of significant accounting policies (Policies)	12 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of Renalytix plc, and its wholly-owned subsidiaries, Renalytix AI, Inc. and Renalytix AI Limited. All inter-company balances and transactions have been eliminated in consolidation. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting.
Deconsolidation	Deconsolidation Upon the occurrence of certain events and on a regular basis, the Company evaluates whether it no longer has a controlling interest in its subsidiaries, including consolidated variable interest entities. If the Company determines it no longer has a controlling interest, the subsidiary is deconsolidated. The Company records a gain or loss on deconsolidation based on the difference on the deconsolidation date between (i) the aggregate of (a) the fair value of any consideration received, (b) the fair value of any retained noncontrolling investment in the former subsidiary and (c) the carrying amount of any noncontrolling interest in the subsidiary being deconsolidated, less (ii) the carrying amount of the former subsidiary’s assets and liabilities. The Company assesses whether a deconsolidation is required to be presented as discontinued operations in its consolidated financial statements on the deconsolidation date. This assessment is based on whether or not the deconsolidation represents a strategic shift that has or will have a major effect on the Company’s operations or financial results. If the Company determines that a deconsolidation requires presentation as a discontinued operation on the deconsolidation date, or at any point during the one-year period following such date, it will present the former subsidiary as a discontinued operation in current and comparative period financial statements. Verici Dx plc In April 2020, the Company created a wholly-owned subsidiary, Verici Dx plc (“VericiDx”), to hold technology in-licensed from the Icahn School of Medicine at Mount Sinai (“ISMMS” or “Mount Sinai”) in late 2018. In May 2020, the Company transferred the in-licensed FractalDx technology and associated assets to VericiDx in exchange for $2.0 million, which was satisfied by the issuance of convertible loan notes of VericiDx to the Company. The reduction of capital necessary to implement this transaction was approved by the Company’s shareholders at a general meeting held on May 15, 2020 and confirmed by the High Court in England and Wales on June 9, 2020. The Company’s board of directors declared the distribution of shares of VericiDx to the then shareholders of the Company, to effect the FractalDx spin-off, on July 7, 2020, and the distribution occurred on July 10, 2020. The Company announced on July 8, 2020 that the share capital of VericiDx had been re-designated into 59,416,134 A Shares of £0.001 each and one golden share of £0.001 (the “Golden Share”) and that Renalytix would retain the Golden Share and its associated controlling voting rights. Subsequent to that announcement, the Company entered into a declaration of trust whereby Renalytix AI plc had declared that it held the Golden Share as nominee and on trust for certain Directors of Renalytix AI and accordingly, the Company itself had no ongoing beneficial interest in VericiDx shares. This triggered a reconsideration event for ongoing consolidation of VericiDx and since the Company was still the primary funding source for VericiDx, the Company continued to hold a controlling financial interest in VericiDx and continued to consolidate VericiDx. Consequently, the Company recognized noncontrolling interest of $1.6 million to reflect VericiDx’s distribution of A Shares and the Golden Share. As the Company had been the primary funding source for VericiDx since its distribution to the Company’s stockholders, the operations and financial position of VericiDx were included in the consolidated financial statements of the Company. Participation of the stockholders in the net assets and losses of VericiDx were reflected in the line items “Noncontrolling interests” in the Company’s consolidated balance sheets and “Net loss attributable to the noncontrolling interests” in the Company’s consolidated statements of operations and comprehensive loss. Noncontrolling interests adjusts the Company’s consolidated results of operations and comprehensive loss to exclude all of the losses of VericiDx as Renalytix AI had no direct equity ownership in VericiDx from the date of the distribution through October 28, 2020. Changes in the underlying net book value of VericiDx due to equity issuances are reflected as equity transaction in the Company’s consolidated statements of stockholders’ equity. On November 3, 2020, VericiDx completed an initial public offering on AIM and raised gross proceeds of £14.5 million (“VericiDx IPO”) triggering a reconsideration event for ongoing consolidation of VericiDx. The VericiDx IPO resulted in the Company no longer having a controlling financial interest in VericiDx as the Company was no longer VericiDx’s primary funding source. VericiDx previously issued the Company an aggregate of $2.5 million in convertible loan notes which reflected the $2.0 million consideration for the FractalDx assets and $0.5 million of additional funding the Company provided VericiDx through October 28, 2020. Prior to the VericiDx IPO, on October 28, 2020, the Company gave notice to convert the aggregate outstanding $2.5 million convertible loan notes into 9,831,681 ordinary shares of VericiDx. As a result of the VericiDx IPO, the Company deconsolidated VericiDx from the consolidated financial statements of the Company as of that date and recognized a gain of $46,000 within other (expense) income in the consolidated statements of operations and comprehensive loss for the year ended June 30, 2021. Since VericiDx is publicly traded on the AIM market, the Company accounts for its retained interest in VericiDx as an investment at fair value in accordance with ASC 321, Investments-Equity Securities, with changes to fair value recorded in earnings. In connection with the deconsolidation of VericiDx, the Company evaluated whether the results of VericiDx should be presented as discontinued operations for the year ended June 30, 2021. The Company concluded that the deconsolidation of VericiDx, as a result of the VericiDx IPO, is not a development that significantly impacts the Company’s overall operations and financial results. Research and development expenses incurred related to this program accounted for a minor portion of the Company’s overall annual research and development expenses and the Company remains focused on developing the KidneyIntelX platform. Therefore, the Company has not presented the results related to VericiDx as discontinued operations in its consolidated statements of operations and comprehensive loss for the year ended June 30, 2021.
Use of estimates	Use of estimates The preparation of the consolidated financial statements in conformity with U.S. 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 consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant areas that require management’s estimate include the assumptions used in determining the fair value of share-based awards, determining the fair value of the bonds, recording the prepaid/accrual and associated expense for research and development activities performed for the Company by third parties, determining useful lives of property and equipment and capitalized software, the assessment of noncontrolling interest and equity method investments.
Segment information	Segment information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is to make significant improvements in kidney disease diagnosis and prognosis, clinical care, patient stratification for drug clinical trials, and drug target discovery.
Foreign currency	Foreign currency The Company’s consolidated financial statements are presented in U.S. dollars, the reporting currency of the Company. The functional currency of Renalytix plc and Renalytix AI Limited is GB Pounds. The functional currency of Renalytix AI, Inc. is the U.S. dollar. Assets and liabilities of Renalytix plc and Renalytix AI Limited are translated at the rate of exchange at period-end, while the statements of operations are translated at the weighted average exchange rates in effect during the reporting period. The net effect of these translation adjustments is shown as a component of accumulated other comprehensive income (loss). Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency are included in income in the period in which the change occurs and reported in the consolidated statements of operations and comprehensive loss.
Concentrations of credit risk and major customers	Concentrations of credit risk and major customers Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable balances. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and are not exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships and has not experienced any losses on such accounts. The Company’s accounts receivable are derived from revenue earned from customers located in the U.S. Two customers provided approximately 99% of the Company's revenue, of which one customer made up 91%, for the year ended June 30, 2022. The Company performs initial and ongoing credit reviews on customers, which involve consideration of the customers’ financial information, their location, and other factors to assess the customers’ ability to pay.
Fair value of financial instruments	Fair value of financial instruments At June 30, 2022 and 2021, the Company’s financial instruments included accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities. The carrying amounts of these assets and liabilities approximates fair value due to their short-term nature. The convertible notes are recorded at its estimated fair value.
Fair value option	Fair value option Under the Fair Value Option Subsections of ASC subtopic 825-10, Financial Instruments – Overall, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument-by-instrument basis, with changes in fair value reported in earnings (see Note 5). The Company has elected to measure and record the convertible notes at their estimated fair value.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. As of June 30, 2022 and 2021, the Company had a cash balance of $41.3 million and $65.1 million, respectively.
Accounts receivable	Accounts receivable Accounts receivable are recorded at the invoice amount and are non-interest bearing. The Company considers receivables past due based on the contractual payment terms. The Company reserves specific receivables if collectability is no longer reasonably assured. Estimates for allowances for doubtful accounts are determined based on existing contractual obligations, historical payment patterns, and individual customer circumstances. No reserves have been recorded as of June 30, 2022 and 2021.
Property and equipment	Property and equipment Property and equipment are recorded at cost. Depreciation is determined using the straight-line method over the estimated useful lives ranging from three to ten years. Expenditures for maintenance and repairs are expensed as incurred while renewals and betterments are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in operations.
Performance of contract liability to affiliate	Performance of contract liability to affiliate In May 2020, the Company and the Icahn School of Medicine at Mount Sinai entered into an operating agreement (“Kantaro Operating Agreement”) to form a joint venture, Kantaro Biosciences LLC (“Kantaro”), for the purpose of developing and commercializing laboratory tests for the detection of antibodies against SARS-CoV-2 originally developed by Mount Sinai. Kantaro has a fiscal year ending December 31st. Kantaro has partnered with Bio-Techne Corporation to develop and launch the new test which are designed for use in any authorized clinical testing laboratory without the need for proprietary equipment. During the years ended June 30, 2022 and 2021, the Company recognized $0.1 million and $1.0 million, respectively, related to the performance of the contract liability with Kantaro.
Equity method investment	Equity method investments The Company accounts for equity investments where it owns a non-controlling interest, but has the ability to exercise significant influence, under the equity method of accounting. Under the equity method of accounting, the original cost of the investment is adjusted for the Company’s share of equity in the earnings of the equity investee and reduced by dividends and distributions of capital received, unless the fair value option is elected, in which case the investment balance is marked to fair value each reporting period and the impact of changes in fair value of the equity investment are reported in earnings. Kantaro Biosciences LLC As the Company can exert significant influence over, but does not control, Kantaro’s operations through voting rights or representation on Kantaro’s board of directors, the Company accounts for this investment using the equity method of accounting. The Company records its share in Kantaro’s earnings and losses in the consolidated statement of operations. The Company assesses its investment for other-than-temporary impairment when events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable and recognize an impairment loss to adjust the investment to its then-current fair value (see Note 5). The Company owned 25% of the membership equity units in Kantaro at June 30, 2022 and June 30, 2021. VericiDx plc In the current year it was determined that the Company no longer can exert significant influence over VericiDx's operations and will now account for its ownership of VericiDx securities at fair value in accordance with ASC 321, Investments-Equity Securities, with changes in fair value recorded in earnings as the fair value of VericiDx's ordinary shares is readily determinable via the London Stock Exchange. Based on closing stock price of VericiDx, the fair value of the investment in VericiDx was $2.7 million and $9.3 million at June 30, 2022 and 2021, respectively. During the year ended June 30, 2022 and 2021, the Company recorded a fair value adjustment of $(5.9) million and $6.5 million, respectively, in the consolidated statements of operations and comprehensive loss. The Company owned 5.8% and 6.94% of the ordinary shares of VericiDx at June 30, 2022 and 2021, respectively.
Impairment assessment	Impairment assessment The Company evaluates its investments that are in unrealized loss positions, if any, and equity method investments for other-than-temporary impairment on a quarterly basis (see Note 5). Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers or investees. Factors considered by the Company include (i) the length of time and the extent to which an investment’s fair value has been below its cost; (ii) the financial condition, credit worthiness, and near-term prospects of the issuer; (iii) the length of time to maturity; (iv) future economic conditions and market forecasts; (v) the Company’s intent and ability to retain its investment for a period of time sufficient to allow for recovery of market value; (vi) an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value; and (vii) whether events or changes in circumstances indicate that the investment’s carrying amount might not be recoverable.
Software development costs	Software development costs The Company follows the provisions of ASC 985, Software, which requires software development costs for software to marketed externally to be expensed as incurred until the establishment of technological feasibility, at which time those costs are capitalized until the software is available for general release and amortized over its estimated useful life of ten years. For the year ended June 30, 2022, the Company capitalized $0.1 million of research and development expenses related to software development. For the year ended June 30, 2021, the Company capitalized $0.7 million of research and development Expense related to software development. Technological feasibility is established upon the completion of a working model that has been validated.
Revenue recognition	Revenue recognition Pursuant to ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when a customer obtains control of promised goods or services. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services that it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. Certain contracts have options for the customer to acquire additional services. The Company evaluates these options to determine if a material right exists. If, after that evaluation, it determines a material right does exist, it assigns value to the material right based upon the renewal option approach. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. The Company uses present right to payment and customer acceptance as indicators to determine the transfer of control to the customer occurs at a point in time. Sales tax and other similar taxes are excluded from revenues.
Cost of revenue	Cost of revenue Cost of revenue consists of costs directly attributable to the services rendered, including labor, rent, lab consumables, depreciation, amortization and sample collection costs directly related to revenue generating activities.
Research and development expenses	Research and development expenses Research and development costs consist primarily of internal and external labor costs incurred in connection with the development of KidneyIntelX as well as expenses related to studies and clinical trials to further the clinical value, performance and utility of KidneyIntelX. Research and development costs are expensed as incurred.
Share-based compensation	Share-based compensation The Company measures equity classified share-based awards granted to employees and nonemployees based on the estimated fair value on the date of grant and recognizes compensation expense of those awards over the requisite service period, which is the vesting period of the respective award. The Company accounts for forfeitures as they occur. For share-based awards with service-based vesting conditions, the Company recognizes compensation expense on a straight-line basis over the service period. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the Company’s expected dividend yield. The Company was a privately-held organization prior to November 2018 and has been a publicly-traded company for a limited period of time and therefore lacks company-specific historical and implied volatility information for its shares. Therefore, it estimates its expected share price volatility based on the historical volatility of publicly-traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is none based on the fact that the Company has never paid cash dividends on ordinary shares and does not expect to pay any cash dividends in the foreseeable future. The Company classifies share-based compensation expense in its consolidated statement of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.
Income taxes	Income taxes Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes (ASC 740). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A reduction in the carrying value of the deferred tax assets is required when it is not more likely than not that such deferred tax assets are realizable. FASB ASC Subtopic 740-10, Accounting for Uncertainty of Income Taxes (ASC 740-10), defines the criterion an individual tax position must meet for any part of the benefit of the tax position to be recognized in financial statements prepared in conformity with U.S. GAAP. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not such tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the respective tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. In accordance with disclosure requirements of ASC 740-10, the Company’s policy on income statement classification of interest and penalties related to income tax obligations is to include such items as part of income tax expense.
Comprehensive loss	Comprehensive loss Comprehensive loss includes net loss as well as other changes in shareholders’ equity that result from transactions and economic events other than those with shareholders. For the periods presented changes in shareholders’ equity includes foreign currency translation as well as changes in fair value of the convertible note due to changes in instrument specific credit risk. The change in instrument specific credit risk was calculated as the change in the risk yield from the convertible debt issuance date to the valuation date. The instrument specific credit risk at issuance date was calibrated such that the fair value of the convertible bond was equal to the issue price as of the issuance date. The risk yield was adjusted to reflect the change in credit spreads between the issuance date and the valuation date.
Net loss per ordinary share	Net loss per ordinary share Basic net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during each period. Diluted net loss per ordinary share includes the effect, if any, from the potential exercise or conversion of securities, such as options and convertible debt which would result in the issuance of incremental ordinary shares. The dilutive effect of convertible securities is calculated using the if-converted method. Under the if-converted method, interest charges applicable to the convertible debt as well as nondiscretionary adjustments which include any expenses or charges that are determined based on the income (loss) for the period are added back to net income. The convertible debt is assumed to have been converted at the beginning of the period (or at time of issuance, if later). For the year ended June 30, 2022, the diluted and basic net loss per share calculation excluded 4,554,901 shares related to stock options, as the exercise price of these options was greater than their market value. Dilutive securities outstanding of 4,265,958 and 3,028,858 as of June 30, 2021 and 2020, respectively, have been excluded from the computation of basic and diluted weighted average shares outstanding as they would be anti-dilutive. Therefore, the weighted average number of shares used to calculate both basic and diluted net loss per share are the same.
Emerging growth company	Emerging growth company The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). Under the JOBS Act, companies have extended transition periods available for complying with new or revised accounting standards. The Company has elected to avail itself of this exemption and, therefore, while the Company is an emerging growth company it will not be subject to new or revised accounting standards at the same time that they become applicable to other public emerging growth companies that have not elected to avail themselves of this exemption.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), in order to increase transparency and comparability among organizations by, among other provisions, recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous U.S. GAAP. For public companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. In transition, entities may also elect a package of practical expedients that must be applied in its entirety to all leases commencing before the adoption date, unless the lease is modified, and permits entities to not reassess (a) the existence of a lease, (b) the lease classification or (c) the determination of initial direct costs, as of the adoption date, which effectively allows entities to carryforward accounting conclusions under previous U.S. GAAP. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities an optional transition method to apply the guidance under Topic 842 as of the adoption date, rather than as of the earliest period presented. In June 2020, the FASB issued ASU No 2020-05 that further delayed the effective date of Topic 842 to fiscal years beginning July 1, 2022, and interim periods within those years. The Company plans to implement ASU 2016-02 in the fiscal year beginning July 1, 2022 and evaluated the impact of ASU 2016-02 and it is not expected to have a material impact on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This is different from the current guidance as this will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. The new guidance will be effective for the Company on July 1, 2023. The Company is currently evaluating the impact of adopting this guidance to its consolidated financial statements. In January 2020, FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which, generally, provides guidance for investments in entities accounted for under the equity method of accounting. ASU 2020-01 is effective for all entities with fiscal years beginning after December 15, 2021, including interim periods therein. The Company is currently evaluating the impact of adopting this guidance to its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 eliminates two of the three models in ASC 470-20 that require issuers to separately account for embedded conversion features and eliminates some of the requirements for equity classification in ASC 815-40-25 for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and generally requires them to include the effect of potential share settlement for instruments that may be settled in cash or shares. It is effective for annual periods beginning after December 15, 2023, and interim periods therein. The Company evaluated the effect ASU 2020-06 and it is not expected to have a material impact on the consolidated financial statements.

Revenue (Tables)

12 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Summarizes the Changes in Deferred Revenue

The following table summarizes the changes in deferred revenue:


(in thousands)	June 30, 2022			June 30, 2021			June 30, 2020
Balance, beginning of period	$	122		$	—		$	—
Deferral of revenue		67			250			—
Revenue recognized		(143	)		(128	)		—
Balance, end of period	$	46		$	122		$	—

Fair value measurements and the fair value option (Tables)

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets measured at fair value on a recurring basis:


	Fair value measurement at
	reporting date using
(in thousands)	(Level 1)		(Level 2)		(Level 3)
June 30, 2022
Assets:
Available for sale securities	$	2,744	$	—	$	—
Liabilities:
Convertible notes	$	—	$	—	$	12,342
June 30, 2021
Assets:
Equity investment in VericiDx	$	9,295	$	—	$	—

Schedule of Changes in the fair value resulting from changes in the instrument-specific credit risk

Changes in the fair value resulting from changes in the instrument-specific credit risk will be presented separately in other comprehensive income.


(in thousands)	June 30, 2022
Balance at the beginning of the year	$	—
Issuance of convertible promissory notes		16,959
Fair value adjustments		(3,998	)
Change in credit risk		(536	)
FX Impact		(83	)
Balance at June 30, 2022	$	12,342

Property and equipment (Tables)

12 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

Property and equipment consists of (in thousands):


(in thousands)	June 30, 2022			June 30, 2021
Lab equipment	$	1,143		$	592
Software		1,476			1,534
Office equipment		124			84
Office furniture		35			35
Leasehold improvements		576			576
Construction in progress		—			—
Total		3,354			2,821
Less accumulated depreciation and amortization		(796	)		(331	)
	$	2,558		$	2,490

Schedule of Expected Amortization Expense for the Next Five Years and Thereafter

As of June 30, 2022, the expected amortization expense for the next five years and thereafter is as follows:


(in thousands)
2023	$	175
2024		175
2025		175
2026		140
2027		120
Thereafter		403
	$	1,188

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Jun. 30, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of (in thousands):


	June 30, 2022		June 30, 2021
Consulting and professional fees	$	551	$	954
Research and development		1,060		—
Payroll and related benefits		1,437		3,493
Other		12		155
	$	3,060	$	4,602

Commitments and contingencies (Tables)

12 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments and Contingencies

The future minimum payments for noncancelable leases with terms in excess of one year for each fiscal year are as follows (in thousands):


2023	$	162
2024		153
2025		45
Total	$	360

Share-based compensation (Tables)

12 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of total stock-based compensation expenses

The Company recorded share-based compensation expense in the following expense categories in the consolidated statements of operations for the years ended June 30, 2022, 2021 and 2020 (in thousands):


	Twelve Months Ended June 30,
	2022		2021		2020
Research and development	$	345	$	683	$	568
General and administrative		4,276		1,903		591
	$	4,621	$	2,586	$	1,159

Summary of stock Option Pricing Model Assumption


	Twelve Months Ended June 30,
	2022			2021			2020
Expected term (in years)		5.6		5.9			5.7
Expected volatility		61.4	%		70.2	%		63.7	%
Risk-free rate		1.3	%		0.8	%		1.7	%
Dividend yield		—	%		—	%		—	%

Summary of option activity

The following table summarizes the stock option granted to employees and non-employees for the year ended June 30, 2022:


	Number of shares under option plan			Weighted- average exercise price per option		Weighted- average remaining contractual life (in years)
Outstanding at June 30, 2021		4,265,958		$	4.73		8.2
Granted		555,000		$	9.59
Exercised		(100,724	)	$	1.89
Forfeited		(165,333	)	$	7.34
Outstanding at June 30, 2022		4,554,901		$	5.34		8.1
Exercisable at June 30, 2022		3,368,195		$	3.72		7.0
Vested and expected to vest at June 30, 2022		4,554,901		$	5.34		8.1

Income taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Summary of Operations Before Income Taxes

Loss from operations before income taxes was comprised of the following (in thousands):


	Twelve Months Ended June 30,
	2022			2021			2020
United Kingdom	$	(13,061	)	$	(6,199	)	$	(1,898	)
United States	$	(32,194	)		(29,137	)		(7,946	)
	$	(45,255	)	$	(35,336	)	$	(9,844	)

Summary of Income Tax Benefit From Continuing Operations As Reflected in the Financial Statement

A reconciliation of income tax benefit from continuing operations as reflected in the financial statements is as follows:


	Twelve Months Ended June 30,
	2022				2021				2020
U.K tax benefit at statutory rate		(19.0	)	%		(19.0	)	%		(19.0	)	%
State taxes, net of federal benefit		(3.7	)			(12.4	)			(6.6	)
Permanent differences		1.4				(0.1	)			1.6
Research and development		0.0				(0.1	)			0.0
Change in valuation allowance		24.1				34.5				25.0
Other		(2.7	)			(2.9	)			(1.0	)
Effective tax rate		0.1		%		0.0		%		0.0		%

Summary of Company's Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	Twelve Months Ended June 30,
	2022			2021			2020
Deferred tax assets:
Net operating losses	$	27,201		$	13,491		$	4,296
Research and development licenses		3,150			4,133			2,550
Development costs		—			—			418
Share-based compensation		1,025			762			198
Unrealized foreign exchange loss		—			1,739			—
Deferred interest expense		—			2,112			—
Accrued expenses		311			741			—
Other		4			144			—
Valuation allowances		(31,113	)		(21,046	)		(7,331	)
Total deferred tax assets		578			2,076			131
Deferred tax liabilities:
Depreciation		(473	)		(431	)		(91	)
Mark-to-market securities		(89	)		(1,645	)		—
Unrealized foreign exchange loss		(16	)		—			—
Other		—			—			(40	)
Total deferred tax liabilities		(578	)		(2,076	)		(131	)
Net deferred tax	$	—		$	—		$	—

Summary of Company's Net Operating Loss Carryforwards

The Company’s net operating loss carryforwards (“NOL”) for U.K., U.S. federal and U.S. state income tax purposes consisted of the following (in thousands):


	Twelve Months Ended June 30,
	2022		2021		2020
United Kingdom	$	13,452	$	9,981	$	3,640
U.S. Federal		79,896		33,613		11,817
U.S. State and Local		120,146		67,291		21,520

Net loss per ordinary share (Tables)

12 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic Net Loss Per Share to Diluted Net Loss Per Share

The following is a reconciliation of basic net loss per share to diluted net loss per share for the fiscal years ended June 30, 2022, 2021 and 2020.


	Year ended June 30,
	2022			2021				2020
Basic earnings per share	$	(0.62	)	$		(0.49	)	$		(0.17	)
Average shares outstanding - basic		72,861,448				71,484,934				59,079,522
Convertible debt shares		976,048			—				—
Adjusted average shares outstanding - diluted		73,837,496				71,484,934				59,079,522
Diluted earnings per share	$	(0.67	)	$		(0.49	)	$		(0.17	)

Liquidity and Going Concern - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Going Concern [Line Items]
Retained earnings surplus deficit	$ (132,718)	$ (87,442)
Cash and cash equivalents	$ 41,333	$ 65,128

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Basis of presentation and summary of significant accounting policies- Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Oct. 28, 2020	Jul. 08, 2020	May 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Line Items]
Gain on deconsolidation					$ 46
Cash current				$ 41,300	65,100
Cash equivalents current				41,333	65,128
Accounts receivable reserves recorded amount				0	0	$ 0
Equity method investments fair value disclosure				2,700	9,300
Triggering A Reconsideration Event For On Going Consolidation Vericidx [Member] \| VericiDx IPO [Member]
Accounting Policies [Line Items]
Proceeds from issuance initial public offering				14,500
Kantaro Bio Sciences LLC [Member]
Accounting Policies [Line Items]
Performance of the contract liability				$ 100	$ 1,000
Equity method investment ownership percentage				25.00%	25.00%
Verici Dx Limited [Member]
Accounting Policies [Line Items]
Share capital redesignated into A shares				59,416,134
Noncontrolling interest		$ 1,600
Amount of convertible loan notes	$ 2,500
Gain on deconsolidation					$ 46,000
Fair value adjustment of investments				$ 5,900	$ 6,500
Percentage owned in the ordinary shares				5.80%	6.94%
Verici Dx Limited [Member] \| Ordinary Share Of Vericidx [Member]
Accounting Policies [Line Items]
Debt conversion converted instrument shares issued	9,831,681
Verici Dx Limited [Member] \| Convertible Promissory Note [Member]
Accounting Policies [Line Items]
Debt conversion convertible instrument amount	$ 2,500
Verici Dx Limited [Member] \| A Shares [Member]
Accounting Policies [Line Items]
Per share value		$ 0.001
Verici Dx Limited [Member] \| Golden Shares [Member]
Accounting Policies [Line Items]
Per share value		$ 0.001
Verici Dx Limited [Member] \| Receipt of Assets in Satisfaction of Debt [Member]
Accounting Policies [Line Items]
Nonmonetary transaction value of consideration	2,000		$ 2,000
Additional funding provided as a consideration	$ 500
Software and Software Development Costs [Member]
Accounting Policies [Line Items]
Estimated useful life				10 years
Research and development expense				$ 100	$ 700
Share-based Payment Arrangement, Option [Member]
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				4,554,901	4,265,958	3,028,858

Revenue - Additional Information (Detail) - Transferred at Point in Time [Member] - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Testing Services Revenue [Member]
Revenue From Contract With Customer [Line Items]
Revenue from contract with customer excluding assessed tax	$ 2,700,000	$ 400,000	$ 0
Pharmaceutical Services Revenue [Member]
Revenue From Contract With Customer [Line Items]
Revenue from contract with customer excluding assessed tax	200,000	500,000	0
Other Services Revenue [Member]
Revenue From Contract With Customer [Line Items]
Revenue from contract with customer excluding assessed tax		$ 600,000
Professional Services Revenue [Member]
Revenue From Contract With Customer [Line Items]
Revenue from contract with customer excluding assessed tax	$ 0		$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Summarizes the Changes in Deferred Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Balance, beginning of period	$ 122	$ 0	$ 0
Deferral of revenue	67	250	0
Revenue recognized	(143)	(128)	0
Balance, end of period	$ 46	$ 122	$ 0

Fair value measurements and the fair value option - Schedule of Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Assets, Fair Value Disclosure [Abstract]
Equity investment in VericiDx	$ 2,700	$ 9,300
Level 1 [Member] \| Fair Value, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Available for sale securities	2,744
Equity investment in VericiDx		9,295
Convertible notes	0
Level 2 [Member] \| Fair Value, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Available for sale securities	0
Equity investment in VericiDx		0
Convertible notes	0
Level 3 [Member] \| Fair Value, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Available for sale securities	0
Equity investment in VericiDx		$ 0
Convertible notes	$ 12,342

Fair value measurements and the fair value option - Schedule of Changes in the fair value resulting from changes in the instrument-specific credit risk (Detail) $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the year	$ 0
Issuance of convertible promissory notes	16,959
Fair value adjustments	(3,998)
Change in credit risk	(536)
FX Impact	(83)
Balance at June 30, 2022	$ 12,342

Fair value measurements and the fair value option - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair value of equity method investment in Kantaro	$ 0	$ 0
Impairment charge	$ 1,900,000

Property and equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,354	$ 2,821
Less accumulated depreciation	(796)	(331)
Property, plant and equipment, net	2,558	2,490
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,143	592
Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,476	1,534
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	124	84
Office Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	35	35
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	576	576
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 0	$ 0

Property and equipment - Schedule of Expected Amortization Expense for the Next Five Years and Thereafter (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Property, Plant and Equipment [Abstract]
2023	$ 175
2024	175
2025	175
2026	140
2027	120
Thereafter	403
Amortization expense	$ 1,188

Property and equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Depreciation Expense	$ 300,000	$ 200,000	$ 100,000
Unamortized costs of software development and purchased software	1,200,000	1,300,000
Amortization expense related to Capitalized software costs	$ 200,000	$ 85,000	$ 0

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Consulting and professional fees	$ 551	$ 954
Research and development	1,060	0
Payroll and related benefits	1,437	3,493
Other	12	155
Accrued expenses and other current liabilities	$ 3,060	$ 4,602

Debt - Additional Information (Detail) - USD ($)	2 Months Ended	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2022	Apr. 07, 2022	Apr. 05, 2022	Apr. 29, 2020
Debt Instrument [Line Items]
Debt instrument face value				$ 16,900,000	$ 21,200,000
Proceeds from long term debt others		$ 255,000
Loan Under Coronavirus Relief Aid And Economic Security Act [Member] \| Fortis Private Bank [Member]
Debt Instrument [Line Items]
Debt instrument face value						$ 255,000
Long term debt stated interest rate			1.00%
Long term debt term			2 years
Long term debt terms of payment	Principal and interest are payable monthly commencing
Long term debt maturity start date	Aug. 15, 2021
Loan Under Coronavirus Relief Aid And Economic Security Act [Member] \| Fortis Private Bank [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Forgiveness Application Period After Origination Date Of Loan	56 days
Loan Under Coronavirus Relief Aid And Economic Security Act [Member] \| Fortis Private Bank [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Forgiveness Application Period After Origination Date Of Loan	168 days

Convertible Notes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Apr. 07, 2022	Apr. 05, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 16,900	$ 21,200
Senior convertible bond par value percentage		85.00%
Conversion price per share		$ 7.25
Convertible bonds, Conversion price percentage		20.00%
Reset down term one		12 months
Reset down term two		24 months
Reset down term three		36 months
Repayment of deferred amortization percentage		100.00%
Proceeds from Notes Payable	18,000
Debt Instrument, Interest Rate, Effective Percentage		5.50%
Debt issuance costs	$ 1,400
Fair value adjustment to convertible Debt			$ (3,998)	$ (0)	$ (0)
American depository shares member
Debt Instrument [Line Items]
Conversion price per share		$ 8.70
Instrument Specific Credit Risk [Member]
Debt Instrument [Line Items]
Fair value adjustment to convertible Debt			500
Non Instrument Specific Credit Risk [Member]
Debt Instrument [Line Items]
Fair value adjustment to convertible Debt			$ 4,000

Commitments and contingencies - Schedule of Commitments and Contingencies (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
2023	$ 162
2024	153
2025	45
Future Minimum Payments	$ 360

Commitments and contingencies - Additional Information (Detail) - USD ($)		12 Months Ended
	Jan. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Rent expenses		$ 700,000	$ 400,000	$ 500,000
Davita Inc [Member] \| Master Care Coordination Services Agreement [Member]
Initial term of agreement		3 years
Renewal term		1 year
Monthly payment commitment for care coordination services multiplied by the number of covered patients	$ 10.00
Payment commitment for patient engagement services multiplied by the number of covered patients	$ 3.50
Maximum [Member]
Lease term		5 years
SafeHarborPlan [Member]
Defined benefit contribution percentage		5.00%
Defined benefit contribution amount		$ 400,000	$ 200,000	$ 100,000

License and services agreements - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of License Agreements [Line Items]
Revenue		$ 2,970,000	$ 1,491,000	$ 0
Research and development expenses		14,648,000	10,040,000	4,565,000
Amount due to ISMMS under Study		1,100,000	300,000
Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Annual license maintenance fees payable within one year		25,000
Annual license maintenance fees payable after one Year and within Two Years		50,000
Annual license maintenance fee payable after five years and within six years		100,000
Annual License maintenance fee payable eight years and thereafter		$ 200,000
Joslin License [Member]
Disclosure Of License Agreements [Line Items]
Royalty as a percentage of net sales		5.00%
Date of expiry of license agreement		Jul. 31, 2025
License agreement period of extension		5 years
License agreement period of notice to be given for termination of agreement		180 days
Payable Upon Receipt of Regulatory Clearance and Approval [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Other commitments		$ 300,000
Payable Upon Receipt of Us Cms Reimbursement Code [Member] \| Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Other commitments		$ 300,000
Milestone Three [Member] \| Joslin License [Member]
Disclosure Of License Agreements [Line Items]
Percentage of obligation on sublicense consideration received		25.00%
Milestone One [Member] \| Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Milestone payment payable		$ 1,000,000.0
Milestone One [Member] \| Joslin License [Member]
Disclosure Of License Agreements [Line Items]
Milestone payment payable		300,000
Milestone One [Member] \| Fractal Dx [Member] \| Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Revenue		50,000,000.0
Milestone One [Member] \| Licensed Products [Member] \| Joslin License [Member]
Disclosure Of License Agreements [Line Items]
Revenue		2,000,000.0
Milestone Two [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Milestone payment payable		4,000,000.0
Milestone Two [Member] \| Joslin License [Member]
Disclosure Of License Agreements [Line Items]
Milestone payment payable		1,000,000.0
Milestone Two [Member] \| Fractal Dx [Member] \| Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Revenue		250,000,000.0
Milestone Two [Member] \| Licensed Products [Member] \| Joslin License [Member]
Disclosure Of License Agreements [Line Items]
Revenue		$ 10,000,000.0
Maximum [Member] \| Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Royalty as a percentage of net sales		8.00%
Expiration period from first commercial sale of product		12 years
Maximum [Member] \| Milestone Three [Member] \| Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Percentage of obligation on sublicense consideration received		70.00%
Minimum [Member] \| Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Royalty as a percentage of net sales		6.00%
Minimum [Member] \| Milestone Three [Member] \| Ismms Fractal Dl License Agreement [Member]
Disclosure Of License Agreements [Line Items]
Percentage of obligation on sublicense consideration received		15.00%
Mount Sinai [Member]
Disclosure Of License Agreements [Line Items]
Estimated cost for carrying out of clinical study and fund upon approval of study protoal by the institutional review board		$ 700,000
Mount Sinai [Member] \| Mount Sinai COVID-19 sponsored research agreement [Member] \| MASKeD-COVID Study [Mmeber]
Disclosure Of License Agreements [Line Items]
Amount obligated to pay for all direct and indirect costs incurred under agreement		1,100,000
Expensed amount		800,000	300,000
Mount Sinai [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Research and development expenses		1,400,000	$ 400,000	$ 200,000
Mount Sinai [Member] \| Milestone One [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Milestone payment payable		1,500,000
Revenue		50,000,000.0
Mount Sinai [Member] \| Milestone Two [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Milestone payment payable		7,500,000
Revenue		$ 300,000,000.0
Mount Sinai [Member] \| Maximum [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Royalty as a percentage of net sales		5.00%
Expiration period from first commercial sale of product		12 years
Mount Sinai [Member] \| Maximum [Member] \| Milestone Three [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Percentage of obligation on sublicense consideration received		25.00%
Mount Sinai [Member] \| Minimum [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Royalty as a percentage of net sales		4.00%
Mount Sinai [Member] \| Minimum [Member] \| Milestone Three [Member] \| ISSMS And SRA [Member]
Disclosure Of License Agreements [Line Items]
Percentage of obligation on sublicense consideration received		15.00%
Mount Sinai Clinical Trial Agreement [Member] \| ISMMS [Member]
Disclosure Of License Agreements [Line Items]
Estimated budget cost for the agreement	$ 3,200,000
Related party transaction, amount due to related party		$ 400,000
Expense related to the agreement		$ 600,000

Shareholders' equity - Additional Information (Detail)	1 Months Ended		12 Months Ended
Shareholders' equity - Additional Information (Detail)	Apr. 30, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2022 £ / shares shares	Jun. 30, 2021 £ / shares shares
Common stock shares authorized \| shares				79,315,333	79,315,333
Cash dividends \| $			$ 0
Common stock shares issued \| shares		2,428,688		74,760,432	72,197,286
Common stock par or stated value per share \| (per share)		$ 3.626		£ 0.0025	£ 0.0025
PaymentsForRepurchaseOfCommonStock \| $		$ 8,800,000
Common Stock [Member]
Common stock shares issued \| shares	2,428,688
Common stock par or stated value per share \| $ / shares	$ 3.625
PaymentsForRepurchaseOfCommonStock \| $	$ 8,800,000

Share-based compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share based compensation weighted average fair value of the options granted	$ 9.59
share-based compensation expense	$ 4,621,000	$ 2,586,000	$ 1,159,000
General and Administrative [Member]
share-based compensation expense	4,276,000	1,903,000	591,000
Research and Development [Member]
share-based compensation expense	$ 345,000	$ 683,000	$ 568,000
Renalytix AI plc Share Option Plan [Member]
Share based Compensation options vested	2,984,801
Share based compensation weighted average fair value of the options granted	$ 5.64	$ 6.60	$ 2.09
Unrecognized compensation expense related to stock options	$ 5,500,000
Unrecognized compensation expense related to stock options weighted average period	8 years 10 months 24 days
Share based compensation weighted aggregate intrinsic value of the options outstanding	$ 0
Share based compensation weighted aggregate intrinsic value of the options exercisable	$ 0
Equity Incentive Plan [Member]
Common stock reserved for future issuance	11,162,027
Equity Incentive Plan [Member] \| Restricted Stock [Member]
Share based Compensation options granted	1,070,100
Share based Compensation options granted percentage	25.00%
Share based Payment terms of award description	With respect to the options granted as of June 30, 2022, 2,984,801 vest equally over twelve quarters following the grant date, 1,070,100 options which vest 25% on the one year anniversary and equally over twelve quarters following the one year anniversary
Equity Incentive Plan [Member] \| Restricted Stock [Member] \| 1/12th on the one year anniversary [Member]
Share based Compensation options granted	500,000
Equity Incentive Plan [Member] \| Restricted Stock [Member] \| 1/12th [Member]
Share based Compensation options granted percentage	0.08%
Share based Payment terms of award description	500,000 which vest 1/12th immediately and the remainder equally over the remaining eleven quarters.
Employee Share Purchase Plan Member [Member]
Share based compensation,number of shares authorized for issuance	850,000
Share based compensation,purchase price of common stock at lower of the fair market value on the first day of offering period or purchase date percent	85.00%
Share based compensation,Employees may contribute upto their eligible compensation for purchase of common stock ,Percentage	15.00%
Share based compensation,Purchase of Maximum number of shares worth of common stock for each calender year in which rights is outstanding	25,000
Share based compensation, number of shares purchased	33,734	17,652
Employee Share Purchase Plan Member [Member] \| General and Administrative [Member]
share-based compensation expense	$ 72,000	$ 57,000
Employee Share Purchase Plan Member [Member] \| Research and Development [Member]
share-based compensation expense	$ 41,000	$ 20,000
Employee Share Purchase Plan Member [Member] \| Maximum [Member]
Share based compensation,increase in number of shares for a period	10 years
Employee Share Purchase Plan Member [Member] \| Minimum [Member]
Increase in number of shares percentage of the total number of shares common stock outstanding during preceding calendar year End	1.00%
Share based compensation,Minimum number of shares to be added for each preceding calendar year end	2,000,000

Share-based compensation - Summary of Total Stock-based Compensation Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
share-based compensation expense	$ 4,621	$ 2,586	$ 1,159
Research and Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
share-based compensation expense	345	683	568
General and Administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
share-based compensation expense	$ 4,276	$ 1,903	$ 591

Share-based compensation - Summary of Stock Option Pricing Model Assumption (Detail)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 7 months 6 days	5 years 10 months 24 days	5 years 8 months 12 days
Expected volatility	61.40%	70.20%	63.70%
Risk-free rate	1.30%	0.80%	1.70%
Dividend yield	0.00%	0.00%	0.00%

Share-based compensation - Summary of Option Activity (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Number of shares under option plan, Beginning balance	4,265,958
Number of shares under option plan, Granted	555,000
Number of shares under option plan, Exercised	(100,724)
Number of shares under option plan, Forfeited	(165,333)
Number of shares under option plan, Ending balance	4,554,901	4,265,958
Number of shares under option plan, Exercisable at June 30, 2022	3,368,195
Number of shares under option plan, Vested and expected to vest at June 30,2022	4,554,901
Weighted-average exercise price per option, Beginning balance	$ 4.73
Weighted-average exercise price per option, Granted	9.59
Weighted-average exercise price per option, Exercised	1.89
Weighted-average exercise price per option, Forfeited	7.34
Weighted-average exercise price per option, Ending balance	5.34	$ 4.73
Weighted-average exercise price per option, Exercisable at June 30, 2022	3.72
Weighted- average exercise price per option Vested and expected to vest at June 30, 2022	$ 5.34
Weighted- Average Remaining Contractual Life (years)	8 years 1 month 6 days	8 years 2 months 12 days
Weighted- average remaining contractual life Exercisable at June 30, 2022	7 years
Weighted- average remaining contractual life Vested and expected to vest at June 30, 2022	8 years 1 month 6 days

Income taxes - Summary of Operations Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
United Kingdom	$ (13,061)	$ (6,199)	$ (1,898)
United States	(32,194)	(29,137)	(7,946)
Total	$ (45,255)	$ (35,336)	$ (9,844)

Income taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Line Items]
Income tax expense benefit domestic			$ 0	$ 0
Income tax expense benefit foreign	$ 0	$ 0	0
Unrecognised tax benefits	0	0	0
Deferred tax assets increase decrease in valuation allowance	$ 10,100,000	$ 13,700,000	$ 2,300,000
Net operating loss description	In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of 5-percent shareholders in the stock of a corporation by more than 50 percentage points over a three-year period.
United Kingdom
Income Tax Disclosure [Line Items]
Threshold percentage set off of annual profits by operating loss carry forward	50.00%
Threshold operating loss carry forward can be set off	$ 5,000,000
State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Operating carry forwards description of the expiry period	Certain state net operating loss carryforwards begin to expire in 2038.	Certain state net operating loss carryforwards begin to expire in 2038.	Certain state net operating loss carryforwards begin to expire in 2038.
Domestic And Foreign [Member]
Income Tax Disclosure [Line Items]
Operating carry forwards description of the expiry period	The UK and federal net operating loss carryforwards have no expiration.	The UK and federal net operating loss carryforwards have no expiration.	The UK and federal net operating loss carryforwards have no expiration.

Income taxes - Summary of Income Tax Benefit From Continuing Operations As Reflected in the Financial Statement (Detail)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
U.K. tax benefit at statutory rate	(19.00%)	(19.00%)	(19.00%)
State taxes, net of federal benefit	(3.70%)	(12.40%)	(6.60%)
Permanent differences	1.40%	(0.10%)	1.60%
Research and development	0.00%	(0.10%)	0.00%
Change in valuation allowance	24.10%	34.50%	25.00%
Other	(2.70%)	(2.90%)	(1.00%)
Effective tax rate	0.10%	0.00%	0.00%

Income taxes - Summary of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Deferred tax assets:
Net operating losses	$ 27,201	$ 13,491	$ 4,296
Research and development licenses	3,150	4,133	2,550
Development costs	0	0	418
Share-based compensation	1,025	762	198
Unrealized foreign exchange loss	0	1,739	0
Deferred interest expense	0	2,112	0
Accrued expenses	311	741	0
Other	4	144	0
Valuation allowances	(31,113)	(21,046)	(7,331)
Total deferred tax assets	578	2,076	131
Deferred tax liabilities:
Depreciation	(473)	(431)	(91)
Mark-to-market securities	(89,000)	(1,645)	0
Unrealized foreign exchange loss	(16)	0	0
Other	0	0	(40)
Total deferred tax liabilities	(578)	(2,076)	(131)
Net deferred tax	$ 0	$ 0	$ 0

Income taxes - Summary of Company's Net Operating Loss Carryforwards (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
United Kingdom
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 13,452	$ 9,981	$ 3,640
U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	79,896	33,613	11,817
U.S. State and Local [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 120,146	$ 67,291	$ 21,520

Related-party transactions - Additional Information (Detail)	1 Months Ended		12 Months Ended
	Apr. 30, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2022 £ / shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 £ / shares	Jun. 30, 2021 USD ($) shares
Related Party Transaction [Line Items]
Equity method investments at fair value							$ 0		$ 0
Equity method investment net income loss			$ 9,000	$ (2,112,000)	$ (63,000)
Due to affiliates current									$ 175,000
Common stock shares issued \| shares		2,428,688					74,760,432		72,197,286
Common stock par or stated value per share \| (per share)		$ 3.626				£ 0.0025		£ 0.0025
Payments for Repurchase of Common Stock		$ 8,800,000
Common Stock [Member]
Related Party Transaction [Line Items]
Common stock shares issued \| shares	2,428,688
Common stock par or stated value per share \| $ / shares	$ 3.625
Payments for Repurchase of Common Stock	$ 8,800,000
Mount Sinai [Member] \| Ordinary Shares [Member]
Related Party Transaction [Line Items]
Common stock par or stated value per share \| $ / shares	$ 3.625
ordinary shares subscribed \| shares	1,103,448
Capital Unit, Class A [Member] \| Mount Sinai [Member]
Related Party Transaction [Line Items]
Equity method investment shares \| shares							750
Other Income [Member]
Related Party Transaction [Line Items]
Decrease in liability due to change in estimate			500,000
Kantaro Bio Sciences LLC [Member]
Related Party Transaction [Line Items]
Loan commitment to related party							$ 83,333
Equity method investment ownership percentage							25.00%		25.00%
Payment towards advances to related parties			250,000
Equity method investment net income loss			10,000.00	200,000
Carrying value of investment written down			$ 0
Kantaro Bio Sciences LLC [Member] \| Compounded Monthly [Member]
Related Party Transaction [Line Items]
Related party transaction interest rate			0.25%
Kantaro Bio Sciences LLC [Member] \| Mount Sinai [Member]
Related Party Transaction [Line Items]
Loan commitment to related party							$ 300,000
Additional loan commitment to related party							$ 500,000
Equity method investment ownership percentage							75.00%
Kantaro Bio Sciences LLC [Member] \| Advisory Agreement [Member]
Related Party Transaction [Line Items]
Period of service agreement with related party			5 years
Fair value of services to be provided to the related party							$ 100,000		$ 800,000
Due to affiliates							100,000		800,000
Recognised amount for services performed under agreement			$ 100,000	1,000,000.0
Kantaro Bio Sciences LLC [Member] \| Advisory Agreement [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Fair Value, Inputs, Level 3 [Member]
Related Party Transaction [Line Items]
Fair value of services to be provided to the related party							2,000,000.0
Due to affiliates							$ 2,000,000.0
Kantaro Bio Sciences LLC [Member] \| Advisory Agreement [Member] \| Capital Unit, Class A [Member]
Related Party Transaction [Line Items]
Equity method investment shares \| shares							250
Kantaro Bio Sciences LLC [Member] \| Advisory Agreement [Member] \| Capital Unit, Class A [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Fair Value, Inputs, Level 3 [Member]
Related Party Transaction [Line Items]
Equity method investments at fair value							$ 2,000,000.0
Kantaro Bio Sciences LLC [Member] \| Commitment To Lend Additional Amount [Member]
Related Party Transaction [Line Items]
Additional loan commitment to related party							166,667
Kantaro Bio Sciences LLC [Member] \| Research and Development [Member] \| Advisory Agreement [Member]
Related Party Transaction [Line Items]
Costs incurred related to the performance of the services			50,000.00	500,000
Kantaro Bio Sciences LLC [Member] \| General and Administrative [Member] \| Advisory Agreement [Member]
Related Party Transaction [Line Items]
Costs incurred related to the performance of the services			70,000.00	200,000
Ekf Diagnostics [Member]
Related Party Transaction [Line Items]
Related party transaction expenses			100,000	200,000	100,000
Icahn School Of Medicine At Mount Shenai [Member]
Related Party Transaction [Line Items]
Related party transaction expenses			$ 3,100,000	$ 1,300,000	$ 300,000
Amount due to related party							$ 2,600,000		$ 300,000
EKF Diagnostics Holdings [Member] \| Ordinary Shares [Member]
Related Party Transaction [Line Items]
Common stock par or stated value per share \| $ / shares	$ 3.625
ordinary shares subscribed \| shares	137,930
Christopher Mills [Member] \| Ordinary Shares [Member]
Related Party Transaction [Line Items]
Common stock par or stated value per share \| $ / shares	$ 3.625
ordinary shares subscribed \| shares	551,724
Timothy Scannell [Member] \| Ordinary Shares [Member]
Related Party Transaction [Line Items]
Common stock par or stated value per share \| $ / shares	$ 3.625
ordinary shares subscribed \| shares	68,964
Thomas McLain [Member] \| Ordinary Shares [Member]
Related Party Transaction [Line Items]
Common stock par or stated value per share \| $ / shares	$ 3.625
ordinary shares subscribed \| shares	55,172

Net loss per ordinary share - Reconciliation of Basic Net Loss Per Share to Diluted Net Loss Per Share (Details) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic earnings per share	$ (0.62)	$ (0.49)	$ (0.17)
Average shares outstanding - basic	72,861,448	71,484,934	59,079,522
Convertible debt shares	976,048
Adjusted average shares outstanding - diluted	73,837,496	71,484,934	59,079,522
Diluted earnings per share	$ (0.67)	$ (0.49)	$ (0.17)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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- Definition

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

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Net loss per ordinary share - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Fair value gain related to convertible debt	$ 3.9
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the computation of earnings per share	4,554,901	4,265,958	3,028,858