Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans

12 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

(10) Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans

Stock Option Activity Summary

The Company’s stock option activity for the years ended June 30, 2024 and 2023, was as follows:

			Weighted
			Average
	Shares		Exercise Price
Outstanding at June 30, 2022	34,284		$	40.50
Granted	6,962			12.47
Exercised	—			—
Canceled or expired	(3,080	)		139.29
Outstanding at June 30, 2023	38,166		$	27.34
Granted	131,840			10.01
Exercised	—			—
Canceled or expired	(13,378	)		10.70
Outstanding at June 30, 2024	156,628		$	14.18

The aggregate intrinsic value of options exercisable at June 30, 2024, was $0 as the fair value of the Company’s common stock is less than the exercise prices of these options. The aggregate intrinsic value of all options outstanding at June 30, 2024, was $3 thousand.

			Options
			Outstanding						Options
			Weighted-						Exercisable
			Average		Weighted-				Weighted-
	Number		Remaining		Average		Number		Average
	Outstanding		Contractual		Exercise		Exercisable		Exercise
Range of exercise prices			Life (years)		Price				Price
$7.47 – $19.20		154,003		8.25	$	11.83		21,379	$	18.55
$55.50 – $84.90		418		4.37		61.52		418		61.52
$159.00 – $175.50		2,207		2.86		168.97		2,207		168.97
$7.47 – $175.50		156,628		8.17	$	14.18		24,004	$	33.13

Compensation costs recognized related to vested stock option awards during the years ended June 30, 2024 and 2023, were $480 thousand and $189 thousand, respectively. At June 30, 2024, there was $973 thousand of total unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a weighted average period of 1.81 years.

Restricted Stock

The Company’s restricted stock activity for the years ended June 30, 2024 and 2023, was as follows:

				Weighted
				Average
	Shares			Grant-Date
				Fair Value
Outstanding at June 30, 2022		75,873		$	39.00
Granted		2,150			11.83
Vested		(26,742	)		46.68
Canceled or expired		(610	)		60.60
Outstanding at June 30, 2023		50,671		$	33.43
Granted		20,000			10.10
Vested		(26,898	)		45.50
Canceled or expired		—			—
Outstanding at June 30, 2024		43,773		$	15.36

Compensation costs recognized related to vested restricted stock awards during the years ended June 30, 2024 and 2023, were $1.0 million and $1.3 million, respectively. At June 30, 2024, there was $551 thousand of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 2.50 years.

Stock-based Compensation in Operating Expenses

The Company’s stock-based compensation by category for the years ended  June 30, 2024 and 2023, was as follows:

	Year Ended		Year Ended
(in thousands)	June 30, 2024		June 30, 2023
Selling, Administration and General	$	1,364	$	1,457
Research & Development		114		41
Total	$	1,478	$	1,498

Fair Value of Stock-Based Compensation

Stock-based compensation costs are generally based on the fair value calculated from the Black-Scholes model on the date of the grant of stock options. The fair values of stock options are amortized as compensation expense on a straight-line basis over the vesting period of the grants. The Company recognizes forfeitures as they occur. The assumptions used for the years ended June 30, 2024 and 2023, and the resulting estimates of weighted-average fair value per share of options granted or modified are summarized in the following table: 

	Year Ended			Year Ended
	June 30, 2024			June 30, 2023
Expected Dividend Yield		—			—
Expected Volatility		99.85	%		104.67	%
Risk-Free Interest Rates		4.36	%		1.59	%
Expected Option Life (in years)		3.5			3.5
Weighted-average grant-date fair value of options awarded	$	11.63		$	20.22

•  The expected dividend yield is based on the Company’s current dividend yield and the best estimate of projected dividend yield for future periods within the expected life of the option, which is currently 0%.

•  The Company estimated volatility using the historical share price performance over the expected life. Management believes the historical estimated volatility is materially indicative of expectations about future volatility.

•  The estimate of the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.

•  For the years ended June 30, 2024 and 2023, the Company used the simplified method of calculating the expected life of the options.