Share-based Compensation (Tables)

9 Months Ended

Mar. 31, 2024

Share-Based Compensation Expense for Stock Awards

Total share-based compensation expense for all stock awards consisted of the following for the periods presented (in thousands):

	For the Three Months Ended March 31,				For the Nine Months Ended March 31,
	2024		2023		2024		2023
Research and development	$	194	$	374	$	254	$	1,224
General and administrative		474		544		1,627		2,066
Total share-based compensation	$	668	$	918	$	1,881	$	3,290

Summary of Stock Option Activity and Related Data

A summary of our stock option activity and related data follows:

	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2023		1,284,907		$	38.32
Granted		290,437		$	6.92
Forfeited		(201,877	)	$	40.28
Outstanding at March 31, 2024		1,373,467		$	31.39		7.3	$	—
Vested and expected to vest at March 31, 2024		1,373,467		$	31.39		7.3	$	—

Fair Value of Stock Options Weighted-Average Assumptions Used

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of option grants were as follows:

	For the Nine Months Ended March 31,
	2024			2023
Risk-free interest rate		4.5	%		2.9	%
Expected life (years)		5.7			6.0
Volatility		89.8	%		84.1	%
Dividend yield		—	%		—	%
Weighted-average grant date fair value	$	5.20		$	7.71