### Annual report pursuant to Section 13 and 15(d)

#### NET LOSS PER SHARE

v3.22.2.2
NET LOSS PER SHARE
12 Months Ended
Jun. 30, 2022
NET LOSS PER SHARE
NET LOSS PER SHARE

NOTE 13 — NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss by the weighted average number of outstanding shares of common stock and pre-funded warrants that are accounted for as equity instruments. For the calculation of diluted net loss per share, if the impact of accounting for pre-funded warrants as derivative liabilities is dilutive, the numerator is adjusted to eliminate gains on changes in fair value of such pre-funded warrants, and the denominator is adjusted to include the related pre-funded warrant shares.

The calculation of the weighted average number of shares outstanding for purposes of diluted net loss per share is also required to include the dilutive effect, if any, of stock options, warrants, and other common stock equivalents computed using the treasury stock method. For the fiscal years ended June 30, 2022 and 2021, all of such common stock equivalents were antidilutive and exclude from the calculations. In addition, the impact of applying the two-class method related to the Participating Warrants, was antidilutive for the calculation of both basic and diluted net loss per share.

Presented below are the calculations of the numerators and the denominators for basic and diluted net loss per share for the fiscal years ended June 30, 2022 and 2021 (in thousands except per share amounts):

 ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Calculation of Numerators: ​ ​ ​ ​ ​ Net loss for calculation of basic net loss per share \$ (41,060) ​ \$ (20,902) Dilutive derivative gains, net of losses, related to Class B PFWs: ​ ​ ​ ​ ​ Gain from change in fair value of derivative liability ​ (6,565) (1) ​ — Underwriting discount on issuance of derivative ​ 2,495 (1) ​ — Net loss for the calculation of diluted net loss per share \$ (45,130) ​ \$ (20,902) ​ ​ ​ ​ ​ ​ Calculation of Denominators: ​ ​ ​ ​ ​ Weighted Average number of common shares outstanding ​ 16,254 ​ ​ 7,671 Weighted average shares related to pre-funded warrants: ​ ​ ​ ​ ​ 2021 PFWs ​ 1,179 (2) ​ — Class A PFWs ​ 314 (3) ​ — Class B PFWs ​ 450 (4) ​ — Weighted average shares for basic net loss per share ​ 18,197 ​ ​ 7,671 Weighted average adjustment for Class B PFWs ​ 1,290 (5) ​ — Weighted average shares for diluted net loss per share ​ 19,487 ​ ​ 7,671 ​ ​ ​ ​ ​ ​ Net loss per share of common stock: ​ ​ ​ ​ ​ Basic \$ (2.26) ​ \$ (2.72) Diluted \$ (2.32) ​ \$ (2.72)

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 (1) For the calculation of diluted net loss per share, the net impact of the discount expense and the derivative gain related to the Class B PFWs is dilutive and has been eliminated from the denominator for the period from the issuance date on May 4, 2022 through June 16, 2022, when the fair value of the Class B PFWs was reclassified to stockholders’ equity.
 (2) Represents the weighted average number of shares related to the 2021 PFWs discussed in Note 7 for the period from the issuance date on October 15, 2021 through June 30, 2022.
 (3) Represents the weighted average number of shares related to the Class A PFWs discussed in Note 7 for the period from the issuance date on May 4, 2022 through June 30, 2022.
 (4) Represents the weighted average number of shares related to the Class B PFWs discussed in Note 7 for the period when they became equity-classified on June 16, 2022 through June 30, 2022.
 (5) Represents the weighted average number of shares related to the Class B PFWs discussed in Note 7 during the period when they were liability-classified from the issuance date on May 4, 2022 through June 15, 2022.

As of June 30, 2022 and 2021, the following potential common stock equivalents were excluded from the calculation of diluted net loss per share since the impact of inclusion was anti-dilutive (in thousands):

 ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ Stock options ​ 8,506 ​ 1,590 Warrants ​ 1,150 ​ 1,158 Total ​ 9,656 ​ 2,748