Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION AND WARRANTS (Tables)

v3.23.3
SHARE-BASED COMPENSATION AND WARRANTS (Tables)
3 Months Ended
Sep. 30, 2023
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 September 30, 2023 (in thousands):

    

Plan Termination

    

Number of Shares

Description

    

Date

    

Authorized

    

Outstanding

    

Available

2015 Plan

 

February 2020

 

17

 

17

 

2016 Plan

 

October 2021

 

123

 

123

 

2019 Plan

 

July 2029

 

200

 

200

 

2021 Plan

March 2031

10,700

8,769

1,931

Total

 

  

 

11,040

 

9,109

 

1,931

Summary of the stock option plans

The following table sets forth a summary of the activity under all of the Company’s stock option plans for the three months ended September 30, 2023 (shares in thousands):

    

Shares

    

Price (1)

    

Term (2)

Outstanding, June 30, 2023

 

8,745

$

4.56

8.8

Grants to employees

415

1.51

Expired

(27)

12.67

Forfeited

(24)

4.06

Outstanding, September 30, 2023

 

9,109

 

4.40

 

8.6

Vested, September 30, 2023

 

3,188

 

6.21

 

8.2

(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 three months ended September 30, 2023, the fair value of stock options was estimated on the respective dates of grant, with the following weighted-average assumptions:

Market price of common stock on grant date

$

1.51

Expected volatility

    

94

%

Risk free interest rate

 

4.2

%

Expected term (years)

 

6.1

Dividend yield

 

0

%

Schedule of share-based compensation expense

Share-based compensation expense for the three months ended September 30, 2023 and 2022 is included under the following captions in the unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):

2023

    

2022

Research and development

$

840

$

870

General and administrative

 

1,009

 

1,009

Total

$

1,849

$

1,879

Schedule of warrant activity

For the three months ended September 30, 2023, no warrants were granted, exercised or expired. Excluding the 2021 PFWs and the 2022 PFWs discussed above, the following table sets forth a summary of all other warrants for the three months ended September 30, 2023 (shares in thousands):

    

Shares

    

Price (1)

    

Term (2)

Outstanding, June 30, 2023

 

888

  

$

22.10

 

4.1

Outstanding, September 30, 2023

 

888

  

 

22.10

 

3.8

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