XML 53 R41.htm IDEA: XBRL DOCUMENT v3.21.2
LOAN AND SECURITY AGREEMENT - Additional Information (Details) - USD ($)
3 Months Ended 12 Months Ended
Apr. 13, 2031
Apr. 14, 2021
Jun. 30, 2021
Jun. 30, 2021
Jun. 30, 2020
Apr. 14, 2020
Debt Instrument [Line Items]            
Net carrying value     $ 13,968,000 $ 13,968,000 $ 0  
Loan and security agreement            
Debt Instrument [Line Items]            
Maximum borrowing capacity   $ 30,000,000       $ 30,000,000
Funding based on ability to obtain equity or subordinated debt financing and the achievement of certain clinical milestones   $ 70,000,000        
Stated interest rate   8.75%        
Variable margin rate   0.12% 0.12%      
Contractual rate     8.87% 8.87%    
Non-refundable facility fee   1.00%        
Final fee   4.75%        
Financial advisory and legal fees     $ 500,000 $ 500,000    
Facility Fee and Final Fee     $ 800,000 $ 800,000    
Exit fee on the funded principal balance   4.00%        
Percentage of entity's shares held by investors   35.00%        
Default interest rate   5.00%        
Loan and security agreement | Term A loan            
Debt Instrument [Line Items]            
Gross proceeds from issuance of debt   $ 15,000,000        
Stated interest rate     12.60% 12.60%    
Total debt discount       $ 1,700,000    
Embedded derivative associated with the exit fee and prepayment fee related to the term A loan       400,000    
Debt discounts     $ 1,745,000 1,745,000    
Fair value of embedded derivatives   354,000        
Non-operating loss on change in fair value of embedded derivative       5,869    
Outstanding principal balance     15,000,000 15,000,000    
Outstanding Final Fee     700,000 700,000    
Total contractual payments     15,713,000 15,713,000    
Net carrying value     13,968,000 13,968,000    
Loan and security agreement | Term B loan            
Debt Instrument [Line Items]            
Remaining borrowing capacity   7,500,000        
Funding based on ability to obtain equity or subordinated debt financing and the achievement of certain clinical milestones   35,000,000        
Cash balance requirement   5,000,000        
Debt discounts     $ 1,700,000 $ 1,700,000    
Loan and security agreement | Term C loan            
Debt Instrument [Line Items]            
Remaining borrowing capacity   7,500,000        
Funding based on ability to obtain equity or subordinated debt financing and the achievement of certain clinical milestones   $ 35,000,000        
Minimum | Loan and security agreement            
Debt Instrument [Line Items]            
Prepayment fee   1.00%        
Maximum | Loan and security agreement            
Debt Instrument [Line Items]            
Prepayment fee   3.00%        
Forecast | Loan and security agreement            
Debt Instrument [Line Items]            
Exit fee $ 600,000