Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2022

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

We measure the following financial instruments at fair value on a recurring basis. The fair values of these financial instruments were as follows (in thousands):

	March 31, 2022						June 30, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Warrant liability	$	—	$	—	$	1,536	$	—	$	—	$	22,355
Total	$	—	$	—	$	1,536	$	—	$	—	$	22,355

Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability

To calculate the fair value of the warrant liability, the following assumptions were used:

	March 31, 2022			June 30, 2021
Risk-free interest rate		1.7	%		0.2	%
Expected life (years)		1.1			1.9
Expected volatility		122.1	%		88.5	%
Dividend yield		0.0	%		0.0	%
Black-Scholes Fair Value	$	0.10		$	1.39

Schedule of Changes in Estimated Fair Value of Warrant Liability

The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the nine months ended March 31, 2022 and 2021 (in thousands):

	Fair Value of Warrants Using Significant Unobservable Inputs (Level 3)
	2022			2021
Balance at July 1,	$	22,355		$	40,483
Reclassification of derivative liability to equity upon exercise of warrants		—			(6	)
Change in estimated fair value of liability classified warrants		(20,819	)		(11,035	)
Balance at March 31,	$	1,536		$	29,442