SHARE-BASED COMPENSATION AND WARRANTS (Tables)
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9 Months Ended |
Mar. 31, 2024 |
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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 outstanding, authorized, and available for future grants under the Company’s stock option plans and the Inducement Grant as of March 31, 2024 (in thousands):
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Number of Shares |
Description |
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Authorized |
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Outstanding |
|
Available |
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|
|
|
|
|
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2015 Plan |
|
17 |
|
17 |
|
— |
2016 Plan |
|
123 |
|
123 |
|
— |
2019 Plan |
|
200 |
|
200 |
|
— |
2021 Plan |
|
10,695 |
|
10,293 |
|
402 |
Inducement Grant |
|
275 |
|
275 |
|
— |
Total |
|
11,310 |
|
10,908 |
|
402 |
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| Schedule of the stock option plans |
For the nine months ended March 31, 2024, the following table sets forth a summary of the activity with respect to all outstanding options (shares in thousands):
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Shares |
|
Price (1) |
|
Term (2) |
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|
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|
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Outstanding, June 30, 2023 |
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8,745 |
|
$ |
4.56 |
|
8.8 |
Grants to employees |
|
2,482 |
|
|
1.18 |
|
|
Exercises |
|
(5) |
|
|
1.92 |
|
|
Expired |
|
(43) |
|
|
9.49 |
|
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Forfeited |
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(271) |
|
|
2.66 |
|
|
Outstanding, March 31, 2024 |
|
10,908 |
(3) |
|
3.82 |
|
8.3 |
Vested, March 31, 2024 |
|
4,374 |
(4) |
|
5.59 |
|
7.7 |
| (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. |
| (3) |
As of March 31, 2024, the intrinsic value of outstanding options was approximately $3.6 million.
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| (4) |
As of March 31, 2024, the aggregate intrinsic value of vested stock options was approximately $0.2 million.
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| Schedule of the fair value of stock options |
For the nine months ended March 31, 2024, 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 |
|
$ |
1.18 |
|
Expected volatility |
|
|
99 |
% |
Risk free interest rate |
|
|
4.1 |
% |
Expected term (years) |
|
|
5.6 |
|
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, 2024 and 2023 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 |
|
Nine Months Ended |
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March 31, |
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March 31, |
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2024 |
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2023 |
|
2024 |
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2023 |
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|
|
|
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|
|
|
|
|
|
|
|
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Research and development |
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$ |
863 |
|
$ |
849 |
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$ |
2,544 |
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$ |
2,449 |
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General and administrative |
|
|
1,040 |
|
|
1,006 |
|
|
3,045 |
|
|
3,016 |
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Total |
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$ |
1,903 |
|
$ |
1,855 |
|
$ |
5,589 |
|
$ |
5,465 |
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| Schedule of warrant activity |
For the nine months ended March 31, 2024, no Other Warrants were granted or exercised. The following table sets forth a summary of all Other Warrants for the nine months ended March 31, 2024 (shares in thousands):
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Shares |
|
Price (1) |
|
Term (2) |
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|
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|
|
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Outstanding, June 30, 2023 |
|
888 |
|
$ |
22.10 |
|
4.1 |
Expirations |
|
(27) |
|
|
78.60 |
|
|
Outstanding, March 31, 2024 |
|
861 |
|
|
20.28 |
|
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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