Share-based Compensation (Tables)

6 Months Ended

Dec. 31, 2021

Share-Based Compensation Expense for Stock Awards

Total share-based compensation expense for all stock awards consists of the following (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
Research and development	$	658	$	1,160	$	1,280	$	2,289
General and administrative		1,666		1,449		3,583		3,262
Total share-based compensation	$	2,324	$	2,609	$	4,863	$	5,551

Summary of Stock Option Activity and Related Data

Stock option activity for the six months ended December 31, 2021 was as follows:

	Number of Options			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2021		16,668,542		$	3.01
Granted		5,573,734			2.93
Exercised		(102,047	)		2.09
Forfeited / Cancelled		(1,778,214	)		3.13
Outstanding at December 31, 2021		20,362,015			2.98		7.7	$	3,439,237
Vested and exercisable at December 31, 2021		10,129,870			2.88		6.4	$	3,177,213

Fair Value of Stock Options Weighted-Average Assumptions Used

The following weighted-average assumptions were used to determine the fair value of options granted during the period:

	Six Months Ended December 31,
	2021			2020
Risk-free interest rate		1.1	%		0.4	%
Expected life (years)		6.0			6.0
Expected volatility		68.0	%		80.8	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.78		$	2.30

Summary of RSU activity

RSU activity for the six months ended December 31, 2021 was as follows:

	Number of RSUs			Weighted-Average Grant Date Fair Value
Non-vested at June 30, 2021		400,650		$	3.49
Vested		(130,000	)	$	3.49
Forfeited / Cancelled		(46,250	)	$	3.49
Non-vested at December 31, 2021		224,400		$	3.49