Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION AND WARRANTS (Tables)

v3.21.2
SHARE-BASED COMPENSATION AND WARRANTS (Tables)
3 Months Ended
Sep. 30, 2021
SHARE-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 September 30, 2021 (in thousands):

Termination

Number of Shares

Description

    

Date

    

Authorized

    

Outstanding

    

Available

2015 Plan

 

February 2020

 

50

 

50

 

2016 Plan

 

October 2021

 

313

 

313

 

2019 Plan

 

July 2029

 

200

 

200

 

2021 Plan

 

March 2030

 

1,200

 

766

 

434

Total

 

  

 

1,763

 

1,329

 

434

Summary of the stock option activity

The following table sets forth a summary of the stock option activity under all of the Company’s stock option plans for the three months ended September 30, 2021 (shares in thousands):

    

Shares

    

Price (1)

    

Term (2)

Outstanding, June 30, 2021

 

1,285

$

16.35

 

8.7

Granted

 

75

 

8.96

 

Forfeited

(31)

22.67

Outstanding, September 30, 2021

 

1,329

 

15.78

 

8.5

Vested, September 30, 2021

 

507

 

21.07

 

7.2

(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 the fair value of stock options was estimated on the date of grant using the BSM option-pricing model using following weighted-average assumptions

Market price of common stock on grant date

   

$

8.96

Expected volatility

 

92

%

Risk free interest rate

 

0.97

%

Expected term (years)

 

6.0

Dividend yield

 

0

%

Schedule of share-based compensation expense

Share-based compensation expense for the three months ended September 30, 2021 and 2020 is included under the following captions in the unaudited condensed consolidated statements of operations (in thousands):

    

2021

    

2020

Research and development

$

309

$

321

General and administrative

 

533

 

313

Total

$

842

$

634

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 three months ended September 30, 2021 (shares in thousands):

    

Shares

    

Price(1)

    

Term(2)

Outstanding, June 30, 2021

 

1,252

$

28.91

 

4.8

Warrants expired

(28)

82.50

Outstanding, September 30, 2021

 

1,224

 

27.66

 

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.