Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2021

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

We measure the following financial instruments at fair value on a recurring basis. The fair values of these financial instruments were as follows (in thousands):

	December 31, 2021						June 30, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Warrant liability	$	—	$	—	$	14,309	$	—	$	—	$	22,355
Total	$	—	$	—	$	14,309	$	—	$	—	$	22,355

Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability

To calculate the fair value of the warrant liability, the following assumptions were used:

	December 31, 2021			June 30, 2021
Risk-free interest rate		0.5	%		0.2	%
Expected life (years)		1.4			1.9
Expected volatility		69.1	%		88.5	%
Dividend yield		0.0	%		0.0	%
Black-Scholes Fair Value	$	0.89		$	1.39

Schedule of Changes in Estimated Fair Value of Warrant Liability

The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the six months ended December 31, 2021 and 2020 (in thousands):

	Fair Value of Warrants Using Significant Unobservable Inputs (Level 3)
	2021			2020
Balance at July 1,	$	22,355		$	40,483
Change in estimated fair value of liability classified warrants		(8,046	)		(20,307	)
Balance at December 31,	$	14,309		$	20,176