Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION AND WARRANTS (Tables)

v3.22.2.2
SHARE-BASED COMPENSATION AND WARRANTS (Tables)
12 Months Ended
Jun. 30, 2022
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 June 30, 2022 (in thousands):

    

Plan Termination

    

Number of Shares

Description

    

Date

    

Authorized

    

Outstanding

    

Available

2015 Plan

 

February 2020

 

36

 

36

 

2016 Plan

 

October 2021

 

256

 

256

 

2019 Plan

 

July 2029

 

200

 

200

 

2021 Plan

March 2030

10,700

8,014

2,686

Total

 

  

 

11,192

 

8,506

 

2,686

Summary of the Stock Option Activity

The following table sets forth a summary of the combined stock option activity under all of the Company’s stock option plans for the fiscal years ended June 30, 2022 and 2021 (shares in thousands):

2022

2021

    

Shares

    

Price (1)

    

Term (2)

    

Shares

    

Price (1)

    

Term (2)

Outstanding, beginning of fiscal year

 

1,285

$

16.35

 

8.7

 

963

$

33.06

 

8.1

Granted

Directors and officers

3,660

3.40

485

12.47

Employees

3,713

3.62

228

12.28

Expired

(78)

19.03

(391)

50.29

Forfeited

(74)

9.72

Outstanding, end of fiscal year

 

8,506

 

5.24

 

9.7

 

1,285

 

16.35

 

8.7

Vested, end of fiscal year

 

685

 

18.63

 

7.5

 

440

 

23.07

 

7.1

(1) Represents the weighted average exercise price.
(2) Represents the weighted average remaining contractual term until the stock options expire.
Schedule of the Fair Value of Stock Options The fair value of stock options was estimated on the date of grant using the BSM option-pricing model, with the following weighted-average assumptions for the fiscal years ended June 30, 2022 and 2021:

    

2022

2021

Market price of common stock on grant date

$

3.51

$

12.41

Expected volatility

    

94

%

118

%

Risk free interest rate

 

3.1

%

0.9

%

Expected term (years)

 

6.1

5.7

Dividend yield

 

0

%

0

%

Schedule of Share-Based Compensation Expense

Share-based compensation expense is included in under the following captions in the consolidated statements of operations for the fiscal years ended June 30, 2022 and 2021 (in thousands):

2022

    

2021

Research and development

$

1,405

$

1,880

General and administrative

 

2,280

 

2,085

Total

$

3,685

$

3,965

Schedule of Warrant Activity Excluding the pre-funded warrants discussed above, the following table summarizes activity for all other warrants for the fiscal years ended June 30, 2022 and 2021 (shares in thousands):

2022

2021

    

Shares

    

Price (1)

    

Term (2)

    

Shares

    

Price (1)

    

Term (2)

Outstanding, beginning of fiscal year

 

1,252

  

$

28.91

 

4.8

 

618

  

$

57.46

 

2.3

Warrants granted

 

 

 

  

 

820

(3)  

 

19.50

 

  

Warrant expirations

 

(102)

  

 

97.79

 

  

 

(186)

  

 

82.39

 

  

Outstanding, fiscal year

 

1,150

  

 

22.83

 

4.2

 

1,252

  

 

28.91

 

4.8

(1) Represents the weighted average exercise price.
(2) Represents the weighted average remaining contractual term for the number of years until the warrants expire.
(3) 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.