Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Mar. 31, 2022

Schedule of Impact of the Restatement Adjustments on Financial Statements

The following tables reflect the impact of the restatement adjustments to the specific line items presented in our previously reported financial statements for the periods indicated. The amounts originally reported were derived from our Original Quarterly Report (in thousands, except per share amounts):

	March 31, 2021
	As Originally Reported			Adjustments			As Restated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deferred revenue	$	19,143		$	(15,064	)	$	4,079
Total current liabilities		33,376			(15,064	)		18,312
Deferred revenue, long-term		70,734			4,298			75,032
Total liabilities		141,160			(10,766	)		130,394
Stockholders’ equity:
Accumulated deficit		(322,093	)		10,766			(311,327	)
Total stockholders’ equity		44,962			10,766			55,728

	Three Months Ended March 31, 2021
	As Originally Reported			Adjustments		As Restated
Revenue	$	2,418		$	5,691	$	8,109
Loss from operations		(22,086	)		5,691		(16,395	)
Net loss		(31,313	)		5,691		(25,622	)
Net loss:
Basic		(31,313	)		5,691		(25,622	)
Diluted		(31,313	)		5,691		(25,622	)
Net loss per share:
Basic		(0.28	)		0.05		(0.23	)
Diluted		(0.28	)		0.05		(0.23	)

	Nine Months Ended March 31, 2021
	As Originally Reported			Adjustments		As Restated
Revenue	$	15,419		$	11,923	$	27,342
Loss from operations		(56,873	)		11,923		(44,950	)
Net loss		(44,859	)		11,923		(32,936	)
Net loss:
Basic		(44,859	)		11,923		(32,936	)
Diluted		(65,166	)		11,923		(53,243	)
Net loss per share:
Basic		(0.40	)		0.11		(0.29	)
Diluted		(0.57	)		0.10		(0.47	)

	Nine Months Ended March 31, 2021
	As Originally Reported			Adjustments		As Restated
Statement of Stockholders' Equity
Accumulated deficit	$	(322,093	)	$	10,766	$	(311,327	)
Total stockholders' equity		44,962			10,766		55,728

	Nine Months Ended March 31, 2021
	As Originally Reported			Adjustments			As Restated
Statement of Cash Flows
Cash flows from operating activities:
Net loss	$	(44,859	)	$	11,923		$	(32,936	)
Changes in operating assets and liabilities:
Deferred revenue		7,377			(11,923	)		(4,546	)
Net cash used in operating activities		(20,707	)		—			(20,707	)

Schedule Of Revenue Associated With License Agreement

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

	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
			(As Restated)				(As Restated)
KKC License Agreements	$	9,694	$	8,012	$	29,283	$	26,902
Helsinn License Agreement		—		97		—		440
	$	9,694	$	8,109	$	29,283	$	27,342
Timing of Revenue Recognition:
Development services performed over time	$	9,694	$	7,556	$	26,970	$	25,559
Pass through services at a point in time		—		553		2,313		1,783
	$	9,694	$	8,109	$	29,283	$	27,342

Schedule of Changes in Accounts Receivable, Unbilled Receivables, and Contract Liabilities

The following table presents changes in accounts receivable, unbilled receivables, and contract liabilities accounted for under Topic 606 during the nine months ended March 31, 2022 and 2021 (in thousands):

	Nine Months Ended March 31,
	2022			2021
				(As Restated)
Accounts receivable
Accounts receivable, beginning of period	$	—		$	83
Amounts billed		45,927			18,267
Payments received		(45,927	)		(18,350	)
Accounts receivable, end of period	$	—		$	—
Unbilled receivables
Unbilled receivables, beginning of period	$	7,582		$	2,858
Billable amounts		46,791			22,841
Amounts billed		(45,927	)		(18,267	)
Unbilled receivables, end of period	$	8,446		$	7,432
Contract liabilities
Contract liabilities, beginning of period	$	14,677		$	19,108
Revenue recognized		(2,513	)		(4,908	)
Payments received		20,000			366
Contract liabilities, end of period	$	32,164		$	14,566