The Company and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2020

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):

	June 30, 2020							June 30, 2019
	Level 1		Level 2		Level 3			Level 1		Level 2		Level 3
Warrant liability	$	—	$	—	$	(40,483	)	$	—	$	—	$	(17,613	)
Total	$	—	$	—	$	(40,483	)	$	—	$	—	$	(17,613	)

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:

	June 30, 2020			June 30, 2019
Risk-free interest rate		0.2	%		1.7	%
Expected life (years)		2.9			3.8
Expected volatility		77.4	%		56.8	%
Dividend yield		0.0	%		0.0	%
Black-Scholes Fair Value	$	2.52		$	1.10

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 years ended June 30, 2020 and 2019 (in thousands):

	Fair Value of Warrants Using Significant Unobservable Inputs (Level 3)
	2020		2019
Balance at July 1,	$	17,613	$	46,313
Reclassification of derivative liability to equity upon exercise of warrants		—		(1,068	)
Change in estimated fair value of liability classified warrants		22,870		(27,632	)
Balance at June 30,	$	40,483	$	17,613

Schedule Of Revenue Associated With License Agreement

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

	Years Ended June 30,
	2020		2019		2018
KKC Agreements	$	27,543	$	2,557	$	—
Helsinn License Agreement		1,370		2,358		1,622
	$	28,913	$	4,915	$	1,622
Timing of Revenue Recognition:
License transferred at a point in time	$	20,988	$	879	$	—
Services performed over time		4,860		4,036		1,622
Cumulative catch-up adjustment		3,065		—		—
	$	28,913	$	4,915	$	1,622

Schedule of Changes in Contract Assets and Contract Liabilities

The following table presents changes in contract assets and contract liabilities during the year ended June 30, 2020 and 2019 (in thousands):

	Years Ended June 30,
	2020			2019
Receivables
Receivables, beginning of year	$	—		$	82
Net change		2,605			(82	)
Receivables, end of year	$	2,605		$	—
Contract assets
Contract assets, beginning of year	$	686		$	312
Net change		(82	)		374
Contract assets, end of year	$	604		$	686
Contract liabilities
Contract liabilities, beginning of year	$	7,774		$	788
Net change		74,726			6,986
Contract liabilities, end of year	$	82,500		$	7,774

Schedule of Income (Loss) Per Share, Basic and Diluted

The following table presents the calculation of net loss used to calculate basic and diluted loss per share (in thousands):

	Years Ended June 30,
	2020			2019			2018
Net loss—basic	$	(46,016	)	$	(16,819	)	$	(40,068	)
Change in fair value of warrant liability		—			(37,794	)		—
Net loss—diluted	$	(46,016	)	$	(54,613	)	$	(40,068	)

Calculation of Weighted Average Shares Used to Calculate Basic and Diluted (Loss) Earnings Per Share

Shares used in calculating net loss per share was determined as follows (in thousands):

	Years Ended June 30,
	2020		2019		2018
Weighted average shares outstanding		91,080		71,139		41,064
Effect of vested restricted stock units		—		—		367
Weighted average shares used in calculating net loss per share		91,080		71,139		41,431
Effect of potentially dilutive common shares from equity awards and liability-classified warrants		—		1,246		—
Weighted average shares used in calculating diluted loss per share		91,080		72,385		41,431

Antidilutive Securities

The following potentially dilutive shares (in thousands) that have been excluded from the calculation of net loss per share because of their anti-dilutive effect:

	Years Ended June 30,
	2020		2019		2018
Stock options		11,030		8,057		5,606
Restricted stock units		—		32		336
Warrants		16,062		8,062		3,532
Total anti-dilutive shares		27,092		16,151		9,474