Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity (Tables)

v3.23.2
Stockholders’ Equity (Tables)
 12 Months Ended
Jun. 30, 2023
Stockholders’ Equity  
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,
2023		     June 30,
2022		  
Exercise price   $ 2.83 - $4.23     $ 3.79 - $10.15  
Expected term (years)     4.00 - 5.00       4.75 - 5.00  
Risk-free interest rate     3.49 - 4.59%     0.76 - 3.38%
Volatility     67 - 70%     66 - 67%
Dividend yield     0%       0%
Weighted Average Grant Date Fair Value of Options granted during the period    $ 1.95     $ 4.71  
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, 2022     3,020,002       6.49                  
Granted     297,798       3.48                  
Exercised    
—
      
—
                  
Forfeited/Cancelled     (161,763 )     7.12                  
Outstanding – June 30, 2023     3,156,037       6.61       3.50       231  
Exercisable – June 30, 2023     2,032,665       6.24       2.51       218  
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, 2023  
    Unrecognized stock-based
compensation		     Weighted-
average years
to be recognized		  
Options   $ 1,771       1.91  
Restricted stock awards/units   $ 9,838       2.06  
Schedule of Total Operating Expenses in the Consolidated Statements of Operations For the years ended June 30, 2023 and 2022, the Company recorded $9.4 million and $10.2 million, respectively, in stock-based compensation which is reflected in total operating expenses in the consolidated statements of operations as follows (in thousands):
    2023     2022  
Research and Development   $ 3,692     $ 5,586  
General and Administrative     5,715       4,661  
Total   $ 9,407     $ 10,247  
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, 2023 and changes during the year ended is as follows:
    Number of
RSAs/RSUs		     Weighted
Average
Fair Value
per
Share/Unit		  
Outstanding - June 30, 2022     2,177,585     $ 8.30  
 Granted     2,135,760       3.20  
Vested     (1,030,674 )     6.50  
Forfeited/Cancelled/Repurchased     (249,436 )     7.54  
Outstanding – June 30, 2023     3,033,235     $ 5.39  

 

A summary of unvested MVSUs outstanding as of June 30, 2023 and changes during the year ended is as follows:
    Number of
MVSUs		     Weighted
Average
Fair Value
per
Share/Unit		  
Outstanding - June 30, 2022     —     $ —  
 Granted     415,000       7.60  
Vested     —       —  
Forfeited/Cancelled/Repurchased     20,000       7.86  
Outstanding – June 30, 2023     395,000       7.58