Stockholders’ Equity (Deficit) (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
|---|
| Stockholders’ Equity (Deficit) [Abstract] |
|
| Schedule of Black-Scholes Option Pricing Model |
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:
| |
|
June 30,
2024 |
|
|
June 30,
2023 |
|
| Exercise price |
|
|
$0.59 - $0.97 |
|
|
|
$2.83 - $4.23 |
|
| Expected term (years) |
|
|
4.00 - 4.75 |
|
|
|
4.00 - 5.00 |
|
| Risk-free interest rate |
|
|
4.42 - 4.66% |
|
|
|
3.49 - 4.59% |
|
| Volatility |
|
|
71 - 75% |
|
|
|
67 - 70% |
|
| Dividend yield |
|
|
0% |
|
|
|
0% |
|
| Weighted Average Grant Date Fair Value of Options granted during the period |
|
|
$0.35 |
|
|
|
$1.95 |
|
The fair values of the Company’s MVSUs were
estimated at the dates of grant using a Monte Carlo simulation with the following assumptions:
| |
|
June 30,
2024 |
|
June 30,
2023 |
|
| Grant Date price |
|
$0.76 - $0.97 |
|
$2.83 - $4.23 |
|
| Target Price |
|
$0.97 |
|
$2.79 - $5.23 |
|
| Expected term (years) |
|
3.0 |
|
3.0 |
|
| Risk-free interest rate |
|
4.59 - 4.79% |
|
3.15 - 4.18% |
|
| Volatility |
|
75% |
|
70% |
|
| Weighted Average Grant Date Fair Value of Options granted during the period |
|
$1.41 |
|
$7.60 |
|
|
| Schedule of Option Activity |
The following is a summary of the option activity: | |
| Options |
|
| Weighted-
Average
Exercise
Price |
|
| Weighted-
Average
Remaining
Contractual
Term (in years) |
|
| Aggregate
Intrinsic
Value
(in thousands) |
|
| Outstanding – June 30, 2023 |
| |
3,156,037 |
|
| |
6.61 |
|
| |
|
|
| |
|
|
| Granted |
| |
263,500 |
|
| |
0.59 |
|
| |
|
|
| |
|
|
| Exercised |
| |
— |
|
| |
— |
|
| |
|
|
| |
|
|
| Forfeited/Cancelled |
| |
(566,183 |
) |
| |
7.71 |
|
| |
|
|
| |
|
|
| Outstanding – June 30, 2024 |
| |
2,853,354 |
|
| |
5.83 |
|
| |
2.73 |
|
| |
— |
|
| Exercisable – June 30, 2024 |
| |
2,199,404 |
|
| |
6.08 |
|
| |
2.04 |
|
| |
— |
|
|
| Schedule of Unrecognized Stock-Based Compensation Expense and Weighted-Average Years |
Unrecognized stock-based compensation expense
and weighted-average years to be recognized are as follows (in thousands): | |
| As of
June 30,
2024 |
|
| |
| Unrecognized stock-based
compensation |
|
| Weighted-
average years
to be recognized |
|
| Options |
| $ |
488 |
|
| |
1.53 |
|
| Restricted stock awards/units |
| $ |
4,279 |
|
| |
1.72 |
|
|
| Schedule of Total Operating Expenses in the Consolidated Statements of Operations |
For the years ended June 30, 2024 and 2023, the
Company recorded $2.8 million and $9.4 million, respectively, in stock-based compensation which is reflected in total operating expenses
in the consolidated statements of operations as follows (in thousands):
| |
|
2024 |
|
|
2023 |
|
| Research and Development |
|
$ |
1,976 |
|
|
$ |
3,692 |
|
| General and Administrative |
|
|
677 |
|
|
|
5,715 |
|
| Cost of Revenue |
|
|
195 |
|
|
|
— |
|
| Total |
|
$ |
2,848 |
|
|
$ |
9,407 |
|
|
| Schedule of Unvested Restricted Stock Awards (“RSAs”) and Restricted Stock Unit Awards (“RSUs”) Outstanding |
A summary of unvested restricted stock awards
(“RSAs”) and restricted stock unit awards (“RSUs”) outstanding as of June 30, 2024 and changes during the year
ended is as follows:
| |
|
Number of
RSAs/RSUs |
|
|
Weighted
Average
Fair Value
per
Share/Unit |
|
| Outstanding - June 30, 2023 |
|
|
3,033,235 |
|
|
$ |
5.39 |
|
| Granted |
|
|
1,651,333 |
|
|
|
0.81 |
|
| Vested |
|
|
(894,224 |
) |
|
|
5.62 |
|
| Forfeited/Cancelled/Repurchased |
|
|
(1,064,562 |
) |
|
|
4.06 |
|
| Outstanding – June 30, 2024 |
|
|
2,725,782 |
|
|
$ |
3.06 |
|
A summary of unvested MVSUs outstanding as of
June 30, 2024 and changes during the year ended is as follows:
| |
|
Number of
MVSUs |
|
|
Weighted
Average
Fair Value
per
Share/Unit |
|
| Outstanding - June 30, 2023 |
|
|
395,000 |
|
|
$ |
7.58 |
|
| Granted |
|
|
550,000 |
|
|
|
1.41 |
|
| Vested |
|
|
— |
|
|
|
— |
|
| Forfeited/Cancelled/Repurchased |
|
|
(180,000 |
) |
|
|
4.33 |
|
| Outstanding – June 30, 2024 |
|
|
765,000 |
|
|
|
3.91 |
|
|