Share-based Compensation (Tables)

3 Months Ended

Sep. 30, 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 September 30,
	2021		2020
Research and development	$	622	$	1,129
General and administrative		1,917		1,813
Total share-based compensation	$	2,539	$	2,942

Summary of Stock Option Activity and Related Data

Stock option activity for the three months ended September 30, 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		5,051,400			2.93
Forfeited / Cancelled		(1,078,419	)		3.10
Outstanding at September 30, 2021		20,641,523			2.98		7.9	$	4,131,984
Vested and exercisable at September 30, 2021		9,748,144			2.86		6.6	$	3,610,815

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:

	Three Months Ended September 30,
	2021			2020
Risk-free interest rate		1.1	%		0.4	%
Expected life (years)		6.1			6.0
Expected volatility		67.8	%		80.6	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.78		$	2.35

Summary of RSU activity

RSU activity for the three months ended September 30, 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		(38,000	)	$	3.49
Non-vested at September 30, 2021		232,650		$	3.49