SHARE-BASED COMPENSATION AND WARRANTS (Tables)
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9 Months Ended |
Mar. 31, 2023 |
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| SHARE-BASED COMPENSATION AND WARRANTS |
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| 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 March 31, 2023 (in thousands):
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Plan Termination |
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Number of Shares |
Description |
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Date |
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Authorized |
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Outstanding |
|
Available |
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|
|
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2015 Plan |
|
February 2020 |
|
17 |
|
17 |
|
— |
2016 Plan |
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October 2021 |
|
140 |
|
140 |
|
— |
2019 Plan |
|
July 2029 |
|
200 |
|
200 |
|
— |
2021 Plan |
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March 2031 |
|
10,700 |
|
8,422 |
|
2,278 |
Total |
|
|
|
11,057 |
|
8,779 |
|
2,278 |
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| 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 nine months ended March 31, 2023 (shares in thousands):
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Shares |
|
Price (1) |
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Term (2) |
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Outstanding, June 30, 2022 |
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8,506 |
|
$ |
5.24 |
|
9.7 |
Grants to employees |
|
668 |
|
|
1.98 |
|
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Expired |
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(116) |
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|
40.73 |
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Forfeited |
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(279) |
|
|
3.78 |
|
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Outstanding, March 31, 2023 |
|
8,779 |
|
|
4.57 |
|
9.1 |
Vested, March 31, 2023 |
|
966 |
|
|
11.65 |
|
7.73 |
| (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. |
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| Schedule of the fair value of stock options |
For the nine months ended March 31, 2023, the fair value of stock options was estimated on the respective dates of grant, with the following weighted-average assumptions:
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|
|
|
|
Market price of common stock on grant date |
|
$ |
1.98 |
|
Expected volatility |
|
|
91 |
% |
Risk free interest rate |
|
|
3.7 |
% |
Expected term (years) |
|
|
6.0 |
|
Dividend yield |
|
|
0 |
% |
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| Schedule of share-based compensation expense |
Share-based compensation expense for the three and nine months ended March 31, 2023 and 2022 is included under the following captions in the unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):
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Three Months Ended |
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Nine Months Ended |
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March 31, |
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March 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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|
|
|
|
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|
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Research and development |
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$ |
849 |
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$ |
327 |
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$ |
2,449 |
|
$ |
1,014 |
General and administrative |
|
|
1,006 |
|
|
523 |
|
|
3,016 |
|
|
1,687 |
Total |
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$ |
1,855 |
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$ |
850 |
|
$ |
5,465 |
|
$ |
2,701 |
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| Schedule of warrant activity |
For the nine months ended March 31, 2023, 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 nine months ended March 31, 2023 (shares in thousands):
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Shares |
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Price (1) |
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Term (2) |
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Outstanding, June 30, 2022 |
|
1,150 |
|
$ |
22.83 |
|
4.2 |
Warrants granted |
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— |
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— |
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Warrant expirations |
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(28) |
|
|
20.36 |
|
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Outstanding, March 31, 2023 |
|
1,122 |
|
|
22.90 |
|
3.5 |
| (1) |
Represents the weighted average exercise price. |
| (2) |
Represents the weighted average remaining contractual term for the number of years until the warrants expire.
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