Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
 9 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders’ Equity

Note 11. Stockholders’ Equity


Equity Offering Program


On May 8, 2020, the Company entered into an ATM Equity OfferingSM Sales Agreement with BofA Securities, Inc. and Piper Sandler & Co. (the “Sales Agreement”) pursuant to which the Company may sell from time-to-time shares of its common stock having an aggregate offering price of up to $50,000,000 (the “Equity Offering Program”). On February 22, 2021, the Company entered into Amendment No. 1 to the Sales Agreement , which increased the amount of shares of common stock the Company may sell from time-to-time under the Equity Offering Program by an incremental $50,000,000.


Three months ended   Avg price
per share		     Number of
Shares		     Gross
Proceeds
(in millions)		     Offering
Expenses
(in millions)		     Net
Proceeds
(in millions)		  
September 30, 2020   $ 8.09       416,221     $ 3.4     $ 0.1     $ 3.3  
December 31, 2020   $ 8.93       2,296,023     $ 20.5     $ 0.4     $ 20.1  
March 31, 2021   $ 14.99       2,082,148     $ 31.2     $ 0.5     $ 30.7  
Total   $ 11.49       4,794,392     $ 55.1     $ 1.0     $ 54.1  

February 2021 Registered Direct Offering


On February 19, 2021, the Company entered into securities purchase agreements to sell a total of 1,500,000 shares of its common stock to a limited number of institutional investors in a registered direct offering at a purchase price of $14.3592 per share for aggregate gross proceeds of $21.5 million. The offering closed on February 23, 2021. The Company expects to use the proceeds of the offering to fund the Company’s operations and growth of its business, including for capital expenditures, working capital, research and development, the commercialization of its technology and other general corporate purposes.


Equity Incentive Plans


During the nine months ended March 31, 2021, the Company granted employees options to purchase an aggregate of approximately 0.5 million shares of common stock with a weighted average grant date fair value of $5.05 per share. The fair values of the Company’s options were estimated at the dates of grant using a Black-Scholes option pricing model with the following assumptions:


    Nine Months
Ended
March 31,
2021		  
Exercise price   $ 7.72 – 17.61  
Expected term (years)   4.00 – 5.00  
Risk-free interest rate   0.25% – 0.78%  
Volatility   67 – 68%  
Dividend yield   0%
Weighted Average Grant Date Fair Value of Options granted during the period   $ 5.05  

During the nine months ended March 31, 2021 the Company awarded certain employees and directors grants of an aggregate of approximately 0.8 million restricted stock units (“RSUs”) with a weighted average grant date fair value of $9.74. The RSUs will be expensed over the requisite service period. The terms of the RSUs include vesting provisions based solely on continued service. If the service criteria are satisfied, the RSUs will generally vest over 4 – 5 years.


Compensation expense related to our stock-based awards described above was as follows (in thousands):


    Three Months Ended
March 31,		     Nine Months Ended
March 31,		  
    2021     2020     2021     2020  
Research and Development   $ 1,011     $ 929     $ 2,953     $ 2,675  
General and Administrative     980       874       3,131       2,433  
Total   $ 1,991     $ 1,803     $ 6,084     $ 5,108  

Unrecognized stock-based compensation expense and weighted-average years to be recognized are as follows (in thousands):


    As of March 31, 2021  
    Unrecognized
stock-based
compensation		     Weighted-
average years
to be recognized		  
Options   $ 2,820       2.21  
Restricted stock awards/units   $ 9,064       2.29