Share-based Compensation (Tables)

12 Months Ended

Jun. 30, 2021

Share-Based Compensation Expense for Stock Awards

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

	Years Ended June 30,
	2021		2020		2019
Research and development	$	4,144	$	2,777	$	2,239
General and administrative		6,101		4,024		4,323
Total share-based compensation	$	10,245	$	6,801	$	6,562

Summary of Stock Option Activity and Related Data

A summary of our stock option activity and related data follows:

	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2020		11,252,976		$	2.81
Granted		6,201,300		$	3.39
Exercised		(141,907	)	$	2.34
Forfeited / Cancelled		(643,827	)	$	3.43
Outstanding at June 30, 2021		16,668,542		$	3.01		7.7	$	4,739,572
Vested and exercisable at June 30, 2021		8,416,964		$	2.78		6.6	$	3,954,990

Non-vested Stock Option Activity

A summary of our non-vested stock option activity:

	Number of Options			Weighted-Average Grant Date Fair Value
Non-vested at June 30, 2020		5,777,907		$	2.05
Granted		6,201,300		$	2.30
Forfeited		(587,890	)	$	2.31
Vested		(3,139,739	)	$	2.04
Non-vested at June 30, 2021		8,251,578		$	2.23

Fair Value of Stock Options Weighted-Average Assumptions Used

We use a Black-Scholes valuation model to estimate the grant date fair value of stock options. To calculate these fair values, the following weighted-average assumptions were used:

	Years Ended June 30,
	2021			2020			2019
Risk-free interest rate		0.5	%		1.7	%		2.7	%
Expected life (years)		6.0			6.0			6.0
Expected volatility		80.1	%		74.1	%		82.5	%
Dividend yield		0.0	%		0.0	%		0.0	%
Weighted-average grant date fair value	$	2.30		$	1.64		$	2.78

Summary of RSU activity and related data

A summary of our RSU activity and related data follows:

	Number of RSUs			Weighted-Average Grant Date Fair Value
Non-vested at June 30, 2020		—		$	—
Granted		442,650		$	3.49
Forfeited		(42,000	)	$	3.49
Non-vested at June 30, 2021		400,650		$	3.49