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)

9 Months Ended

Mar. 31, 2021

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 of the number of shares authorized, outstanding, and available for future grants under each of the Company’s stock option plans as of March 31, 2021 (in thousands):


	Termination	Number of Shares
Description	Date	Authorized	Outstanding	Available
2014 Plan	March 2019	3	3	—
2015 Plan	February 2020	88	88	—
2016 Plan	October 2021	560	483	77
2019 Plan	July 2029	300	300	—
Total		951	874	77

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 nine months ended March 31, 2021 (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
Stock options forfeited:
Awards with time-based vesting	(72)		95.28
Awards with hybrid vesting conditions	(25)		14.50
Outstanding, March 31, 2021	874		28.41	7.2
Vested, March 31, 2021	508		38.02	6.5

⁽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 nine months ended March 31, 2021 and 2020 is included in compensation and benefits under the following captions in the unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2021		2020		2021		2020

Research and development	$	284	$	354	$	1,098	$	1,279
General and administrative		246		321		1,207		1,455
Total	$	530	$	675	$	2,305	$	2,734

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 nine months ended March 31, 2021 (shares in thousands):


	Shares		Price(1)		Term(2)
Outstanding, June 30, 2020	618		$	57.46	2.3
Warrants issued	820	(3)		19.50
Warrants expired	(1)			92.50
Outstanding, March 31, 2021	1,437			35.77	4.4

⁽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 Fiscal 2021 Equity Financing on October 9, 2020. The warrants are exercisable at $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.