Restatement of Previously Issued Financial Statements (Tables)

6 Months Ended

Dec. 31, 2021

Schedule of Amounts Originally Reported Derived from Original Quarterly Report

The amounts originally reported were derived from the Original Quarterly Report (in thousands, except per share amounts):

	December 31, 2021
	As Originally Reported			Adjustments			As Restated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deferred revenue	$	13,515		$	(7,850	)	$	5,665
Total current liabilities		30,523			(7,850	)		22,673
Deferred revenue, long-term		80,527			11,766			92,293
Total liabilities		132,214			3,916			136,130
Stockholders’ equity:
Accumulated deficit		(345,455	)		(3,916	)		(349,371	)
Total stockholders’ equity		77,250			(3,916	)		73,334
	December 31, 2020
	As Originally Reported			Adjustments			As Restated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deferred revenue	$	19,482		$	(15,228	)	$	4,254
Total current liabilities		37,012			(15,228	)		21,784
Deferred revenue, long-term		65,352			10,153			75,505
Total liabilities		130,382			(5,075	)		125,307
Stockholders’ equity:
Accumulated deficit		(290,780	)		5,075			(285,705	)
Total stockholders’ equity		73,498			5,075			78,573

	Three Months Ended December 31, 2021
	As Originally Reported			Adjustments			As Restated
Revenue	$	18,222		$	(6,390	)	$	11,832
Loss from operations		(11,235	)		(6,390	)		(17,625	)
Net loss		(5,766	)		(6,390	)		(12,156	)
Net loss:
Basic		(5,766	)		(6,390	)		(12,156	)
Diluted		(11,224	)		(6,390	)		(17,614	)
Net loss per share:
Basic		(0.05	)		(0.05	)		(0.10	)
Diluted		(0.09	)		(0.05	)		(0.14	)
	Six Months Ended December 31, 2021
	As Originally Reported			Adjustments			As Restated
Revenue	$	31,609		$	(12,020	)	$	19,589
Loss from operations		(25,710	)		(12,020	)		(37,730	)
Net loss		(17,646	)		(12,020	)		(29,666	)
Net loss:
Basic		(17,646	)		(12,020	)		(29,666	)
Diluted		(25,691	)		(12,021	)		(37,712	)
Net loss per share:
Basic		(0.15	)		(0.11	)		(0.26	)
Diluted		(0.22	)		(0.10	)		(0.32	)
	Three Months Ended December 31, 2020
	As Originally Reported			Adjustments			As Restated
Revenue	$	9,167		$	3,428		$	12,595
Loss from operations		(19,201	)		3,428			(15,773	)
Net loss		(11,454	)		3,428			(8,026	)
Net loss:
Basic		(11,454	)		3,428			(8,026	)
Diluted		(18,537	)		3,428			(15,109	)
Net loss per share:
Basic		(0.10	)		0.03			(0.07	)
Diluted		(0.16	)		0.03			(0.13	)
	Six Months Ended December 31, 2020
	As Originally Reported			Adjustments			As Restated
Revenue	$	13,001		$	6,232		$	19,233
Loss from operations		(34,787	)		6,232			(28,555	)
Net loss		(13,546	)		6,232			(7,314	)
Net loss:
Basic		(13,546	)		6,232			(7,314	)
Diluted		(33,853	)		6,232			(27,621	)
Net loss per share:
Basic		(0.12	)		0.05			(0.07	)
Diluted		(0.30	)		0.06			(0.24	)

	Six Months Ended December 31, 2021
	As Originally Reported			Adjustments			As Restated
Statement of Stockholders' Equity
Accumulated deficit	$	(345,455	)	$	(3,916	)	$	(349,371	)
Total stockholders' equity		77,250			(3,916	)		73,334
	Six Months Ended December 31, 2020
	As Originally Reported			Adjustments			As Restated
Statement of Stockholders' Equity
Accumulated deficit	$	(290,780	)	$	5,075		$	(285,705	)
Total stockholders' equity		73,498			5,075			78,573

	Six Months Ended December 31, 2021
	As Originally Reported			Adjustments			As Restated
Statement of Cash Flows
Cash flows from operating activities:
Net loss	$	(17,646	)	$	(12,020	)	$	(29,666	)
Changes in operating assets and liabilities:
Deferred revenue		6,716			12,020			18,736
Net cash used in operating activities		(16,287	)		—			(16,287	)
	Six Months Ended December 31, 2020
	As Originally Reported			Adjustments			As Restated
Statement of Cash Flows
Cash flows from operating activities:
Net loss	$	(13,546	)	$	6,232		$	(7,314	)
Changes in operating assets and liabilities:
Deferred revenue		2,334			(6,232	)		(3,898	)
Net cash used in operating activities		(5,061	)		—			(5,061	)

Schedule Of Revenue Associated With License Agreement

We recognized revenue associated with the following license agreements (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(As Restated)				(As Restated)
KKC License Agreements	$	11,832	$	12,518	$	19,589	$	18,890
Helsinn License Agreement		—		77		—		343
	$	11,832	$	12,595	$	19,589	$	19,233
Timing of Revenue Recognition:
Services performed over time	$	9,625	$	11,706	$	16,810	$	18,003
Pass through services at a point in time		2,207		889		2,779		1,230
	$	11,832	$	12,595	$	19,589	$	19,233

Schedule of Changes in Contract Assets and Contract Liabilities

The following table presents changes in accounts receivable, unbilled receivables, and contract liabilities accounted for under Topic 606 during the six months ended December 31, 2021 and 2020 (in thousands):

	Six Months Ended December 31,
	2021			2020
Accounts receivable
Accounts receivable, beginning of period	$	—		$	83
Amounts billed		35,757			8,355
Payments received		(35,757	)		(8,037	)
Accounts receivable, end of period	$	—		$	401
Unbilled receivables
Unbilled receivables, beginning of period	$	7,582		$	2,858
Billable amounts		38,326			15,381
Amounts billed		(35,757	)		(8,355	)
Unbilled receivables, end of period	$	10,151		$	9,884
Contract liabilities
Contract liabilities, beginning of period	$	14,677		$	19,108
Revenue recognized		(1,264	)		(4,260	)
Payments received		20,000			366
Contract liabilities, end of period	$	33,413		$	15,214