Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION AND WARRANTS (Tables)

v3.22.4
SHARE-BASED COMPENSATION AND WARRANTS (Tables)
6 Months Ended
Dec. 31, 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 December 31, 2022 (in thousands):

    

Plan Termination

    

Number of Shares

Description

    

Date

    

Authorized

    

Outstanding

    

Available

2015 Plan

 

February 2020

 

30

 

30

 

2016 Plan

 

October 2021

 

227

 

227

 

2019 Plan

 

July 2029

 

200

 

200

 

2021 Plan

March 2031

10,700

8,043

2,657

Total

 

  

 

11,157

 

8,500

 

2,657

Summary of the Stock Option Activity

The following table sets forth a summary of the activity under all of the Company’s stock option plans for the six months ended December 31, 2022 (shares in thousands):

    

Shares

    

Price (1)

    

Term (2)

Outstanding, June 30, 2022

 

8,506

$

5.24

9.7

Grants to employees

288

2.12

Forfeited

(294)

4.26

Outstanding, December 31, 2022

 

8,500

 

5.17

 

9.2

Vested, December 31, 2022

 

893

 

16.31

 

6.9

(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

For the six months ended December 31, 2022, the fair value of stock options was estimated on the date of grant, with the following weighted-average assumptions:

Market price of common stock on grant date

$

2.12

Expected volatility

    

91

%

Risk free interest rate

 

3.9

%

Expected term (years)

 

6.0

Dividend yield

 

0

%

Schedule of Share-Based Compensation Expense

Share-based compensation expense for the three and six months ended December 31, 2022 and 2021 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, 

2022

    

2021

2022

    

2021

Research and development

$

730

$

378

$

1,600

$

687

General and administrative

 

1,001

 

631

 

2,010

 

1,164

Total

$

1,731

$

1,009

$

3,610

$

1,851

Schedule of Warrant Activity

For the six months ended December 31, 2022, no warrants were granted or exercised. Excluding the 2021 PFWs and the 2022 PFWs discussed above, the following table sets forth a summary of all other warrants for the six months ended December 31, 2022 (shares in thousands):

    

Shares

    

Price (1)

    

Term (2)

Outstanding, June 30, 2022

 

1,150

  

$

22.83

 

4.2

Warrants granted

 

 

 

  

Warrant expirations

 

(5)

  

 

77.85

 

  

Outstanding, December 31, 2022

 

1,145

  

 

22.60

 

3.7

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