Stockholders' Equity

9 Months Ended

Mar. 31, 2022

Stockholders' Equity

Note 9. Stockholders’ Equity

Equity Transactions

Underwritten Registered Offering

In December 2021, we completed an underwritten registered offering of 20,125,000 shares of common stock at a price per share of $2.60 for gross proceeds of $52.3 million. We received net cash proceeds of $48.7 million associated with the offering, after costs of $3.7 million.

Shelf Registration Statement

We have a shelf registration statement that permits us to sell, from time to time, up to $200.0 million of common stock, preferred stock and warrants. The shelf registration was filed and declared effective in May 2020, replacing our prior shelf registration statement that was filed and declared effective in May 2017, and carrying forward approximately $107.5 million of unsold securities registered under the prior shelf registration statement. As of March 31, 2022, there is $123.4 million aggregate value of securities available under the shelf registration statement, including up to $60.0 million remaining available under the 2020 ATM Sales Agreement described below.

At-The-Market Equity Offering

On November 10, 2020, we entered into an At-The-Market Equity Offering Sales Agreement (the “2020 ATM Sales Agreement”), pursuant to which we may sell an aggregate of up to $60.0 million of our common stock pursuant to the shelf registration statement. As of March 31, 2022, there is $60.0 million remaining available under the 2020 ATM Sales Agreement.

During the nine months ended March 31, 2021, we sold 958,083 shares under a previous ATM agreement for gross proceeds of $3.2 million. We received net cash proceeds of $3.1 million, after costs of $0.1 million.

Warrants

As of March 31, 2022, we have outstanding warrants to purchase 16,058,985 shares of our common stock. The warrants are fully vested, exercisable at a price of $2.54 per share and expire in May 2023. Pursuant to the terms of the warrants, we could be required to settle the warrants in cash in the event of an acquisition of the Company and, as a result, the warrants are required to be measured at fair value and reported as a liability in the Condensed Balance Sheet. Therefore, we are required to account for the warrants as liabilities and record them at fair value. The warrants were revalued as of March 31, 2022 and June 30, 2021 at $1.5 million and $22.4 million, respectively; the changes in fair value were recorded in our Condensed Statement of Operations.