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

Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION AND WARRANTS (Tables)

SHARE-BASED COMPENSATION AND WARRANTS (Tables)

6 Months Ended

Dec. 31, 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 December 31, 2021 (in thousands):


	Termination	Number of Shares
Description	Date	Authorized	Outstanding	Available
2015 Plan	February 2020	50	50	—
2016 Plan	October 2021	260	260	—
2019 Plan	July 2029	200	200	—
2021 Plan	March 2030	1,200	797	403
Total		1,710	1,307	403

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 six months ended December 31, 2021 (shares in thousands):


	Shares	Price ⁽¹⁾		Term ⁽²⁾
Outstanding, June 30, 2021	1,285	$	16.35	8.7
Granted	109		7.69
Forfeited	(87)		19.33
Outstanding, December 31, 2021	1,307		15.43	8.6
Vested, December 31, 2021	541		20.13	7.8

(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	$	7.69
Expected volatility		90	%
Risk free interest rate		1.1	%
Expected term (years)		6.1
Dividend yield		0	%

Schedule of share-based compensation expense

Share-based compensation expense for the three and six months ended December 31, 2021 and 2020 is included under the following captions in the unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Research and development	$	378	$	493	$	687	$	814
General and administrative		631		648		1,164		961
Total	$	1,009	$	1,141	$	1,851	$	1,775

Schedule of warrant activity

In addition, 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 (excluding the Pre-Funded Warrants) for the six months ended December 31, 2021 (shares in thousands):


	Shares	Price⁽¹⁾		Term⁽²⁾
Outstanding, June 30, 2021	1,252	$	28.91	4.8
Warrants expired	(65)		82.50
Outstanding, December 31, 2021	1,187		25.97	4.5

(1)	Represents the weighted average exercise price.

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