Rezolute, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION AND WARRANTS (Tables)

STOCK-BASED COMPENSATION AND WARRANTS (Tables)

6 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION AND WARRANTS

Schedule of the number of shares authorized, outstanding, and available for future grants under stock option

Presented below is a summary as of December 31, 2020 of the number of shares authorized, outstanding, and available for future grants under each of the Company’s stock option plans (in thousands):


	Termination	Number of Shares
Description	Date	Authorized	Outstanding	Available
2014 Plan	March 2019	43	43	—
2015 Plan	February 2020	88	88	—
2016 Plan	October 2021	560	517	43
2019 Plan	July 2029	300	300	—
Total		991	948	43

Summary of the stock option activity

The following table sets forth a summary of the stock option activity for options with time-based vesting and hybrid vesting granted under all of the Company’s stock option plans for the six months ended December 31, 2020 (shares in thousands):


	Shares	Price (1)		Term (2)

Outstanding, July 1, 2020	963	$	33.06	8.1
Stock options granted:
Awards with time-based vesting	8		24.05	9.8
Stock options forfeited:
Awards with time-based vesting	(18)		14.50
Awards with hybrid vesting conditions	(5)		14.50
Outstanding, December 31, 2020	948		33.43	7.5
Vested, December 31, 2020	514		48.56	6.7

⁽¹⁾

Represents the weighted average exercise price.

⁽²⁾

Represents the weighted average remaining contractual term for the number of years until the stock options expire.

Schedule of stock-based compensation expense

Stock-based compensation expense for the three and six months ended December 31, 2020 and 2019 is included in compensation and benefits under the following captions in the unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2020		2019		2020		2019

Research and development	$	493	$	351	$	814	$	925
General and administrative		648		314		961		1,134
Total	$	1,141	$	665	$	1,775	$	2,059

Schedule of warrant activity

The Company has issued warrants in conjunction with various debt and equity financings and for services. The following table sets forth a summary of the warrant activity for the six months ended December 31, 2020 (shares in thousands):


	Shares		Price(1)		Term(2)
Outstanding, July 1, 2020	618		$	57.46	2.3
Warrants issued	820	(3)		19.50
Outstanding, December 31, 2020	1,438			35.82	4.6

⁽¹⁾

Represents the weighted average exercise price.

⁽²⁾

Represents the weighted average remaining contractual term for the number of years until the warrants expire.

Represents warrants granted in connection with the October 9, 2020 private placement. The warrants are exercisable for $19.50 per share for a period of 7 years and may be exercised on a cash or cashless basis at the election of the holder.