Share-based Compensation (Tables)

9 Months Ended

Mar. 31, 2022

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 March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Research and development	$	1,118	$	1,207	$	2,398	$	3,496
General and administrative		1,719		1,438		5,302		4,700
Total share-based compensation	$	2,837	$	2,645	$	7,700	$	8,196

Summary of Stock Option Activity and Related Data

Stock option activity for the nine months ended March 31, 2022 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		6,694,734			2.71
Exercised		(348,547	)		1.64
Forfeited / Cancelled		(2,423,119	)		3.15
Outstanding at March 31, 2022		20,591,610			2.91		7.7	$	738
Vested and exercisable at March 31, 2022		10,115,129			2.93		6.4	$	—

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:

	Nine Months Ended March 31,
	2022			2021
Risk-free interest rate		1.2	%		0.5	%
Expected life (years)		6.0			6.0
Expected volatility		68.8	%		81.1	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.65		$	2.32

Summary of RSU activity

RSU activity for the nine months ended March 31, 2022 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		(46,250	)	$	3.49
Non-vested at March 31, 2022		224,400		$	3.49