Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

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Stockholders’ Equity
 3 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Stockholders’ Equity

Note 12. Stockholders’ Equity

 

Equity Incentive Plans

 

During the three months ended September 30, 2023, the Company granted employees options to purchase an aggregate of approximately 2 thousand shares of common stock. 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:

 

    Three Months
Ended
September 30,
2023		  
Exercise price   $     0.97  
Expected term (years)     4.75  
Volatility     71 %
Risk-free interest rate     4.42 %
Dividend yield     0 %
Weighted Average Grant Date Fair Value of Options granted during the period   $ 0.59  

  

During the three months ended September 30, 2023 the Company awarded certain employees and directors grants of an aggregate of approximately 979 thousand restricted stock units (“RSUs”) with a weighted average grant date fair value of $0.95. 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.

 

During the three months ended September 30, 2023 the Company awarded certain employees grants of an aggregate of approximately 550 thousand restricted stock units with market value appreciation conditions (“MVSUs”) with a weighted average grant date fair value of $1.41. The MVSUs will be expensed over the requisite service period. The terms of the MVSUs include vesting provisions based on continued service. The number of shares of the Company’s common stock earned at vesting is based on the Company’s stock price performance with amounts earned subject to a vesting multiplier ranging from 0% to 200%. If the service criteria are satisfied, the MVSUs will vest over 3 years.

 

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

 

    Three Months Ended
September 30,		  
    2023     2022  
Research and Development   $ 533     $ 1,168  
General and Administrative     1,288     $ 1,181  
Cost of revenue     62      
—
  
Total   $ 1,883     $ 2,349  

 

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

 

    As of September 30, 2023  
    Unrecognized
stock-based
compensation		     Weighted-
average years
to be recognized		  
Options   $ 1,344       1.90  
Restricted stock units   $ 9,343       2.15