Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Summary of Federal And State Income Tax Provision (Benefit)

The table below summarizes the Company’s provision for income taxes for the years indicated.

	Year Ended June 30,
In thousands	2020		2019
Current tax expense:
Federal	$	—	$	—
State		83		76
Total current tax expense		83		76
Deferred tax expense:
Federal		—		—
State		—		—
Total deferred tax expense		—		—
Provision for income taxes	$	83	$	76

Significant Components of Deferred Tax Assets (Liabilities)

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The table below summarizes the significant components of the Company’s deferred tax assets (liabilities).

	June 30,
In thousands	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	30,077		$	20,526
Tax credit carryforwards		29,557			25,501
Lease liabilities - operating		1,314			—
Accruals and other		3,644			3,513
Depreciation and amortization		317			238
Gross deferred tax assets		64,909			49,778
Deferred tax asset valuation allowance		(64,032	)		(49,778	)
Total deferred tax assets, net of valuation allowance		877			—
Deferred tax liabilities:
Right-of-use assets - operating leases		(877	)		—
Total deferred tax liabilities		(877	)		—
Net deferred tax asset (liability)	$	—		$	—

Reconciliation of Income Tax Expense

The items comprising the differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on the loss before provision for income taxes for the years indicated are summarized in the table below.

	Year Ended June 30,
	2020			2019
Federal income tax benefit at statutory rate		21	%		21	%
State income taxes, net of federal benefit		4			(3	)
Permanent differences-incentive share-based compensation		(1	)		(27	)
Permanent differences-transportation and travel		—			(9	)
Research and development tax credits		8			100
Rate change		—			14
Other		—			(9	)
Change in valuation allowance		(32	)		(91	)
Effective income tax rate		0	%		(4	)%