SHARE-BASED COMPENSATION AND WARRANTS (Tables)

9 Months Ended

Mar. 31, 2022

SHARE-BASED COMPENSATION AND WARRANTS

Schedule of the Number of Shares Authorized, Outstanding, and Available for Future Grants Under Stock Option

Presented below is a summary of the number of shares authorized, outstanding, and available for future grants under each of the Company’s stock option plans as of March 31, 2022 (in thousands):

	Plan Termination	Number of Shares
Description	Date	Authorized	Outstanding	Available
2015 Plan	February 2020	45	45	—
2016 Plan	October 2021	260	260	—
2019 Plan	July 2029	200	200	—
2021 Plan	March 2030	1,200	1,082	118
Total		1,705	1,587	118

Summary of the Stock Option Activity

The following table sets forth a summary of the activity under all of the Company’s stock option plans for the nine months ended March 31, 2022 (shares in thousands):

	Shares	Price (1)		Term (2)
Outstanding, June 30, 2021	1,285	$	16.35	8.7
Granted	421		5.37
Expired	(61)		20.19
Forfeited	(58)		10.28
Outstanding, March 31, 2022	1,587		13.41	8.6
Vested, March 31, 2022	620		19.23	7.5

(1) Represents the weighted average exercise price.

(2) Represents the weighted average remaining contractual term for the number of years until the stock options expire.

Schedule of the Fair Value of Stock Options was Estimated on the Date of Grant Using the BSM Option-Pricing Model Using following Weighted-Average Assumptions

Market price of common stock on grant date	$	4.09
Expected volatility		94	%
Risk free interest rate		1.8	%
Expected term (years)		6.1
Dividend yield		0	%

Schedule of Share-Based Compensation Expense

Share-based compensation expense for the three and nine months ended March 31, 2022 and 2021 is included under the following captions in the unaudited condensed consolidated statements of operations (in thousands):

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
Research and development	$	327	$	284	$	1,014	$	1,098
General and administrative		523		246		1,687		1,207
Total	$	850	$	530	$	2,701	$	2,305

Schedule of Warrant Activity

In addition, the Company has issued warrants in conjunction with various debt and equity financings and for services. The following table sets forth a summary of the warrant activity (excluding the 2021 PFWs) for the nine months ended March 31, 2022 (shares in thousands):

	Shares	Price (1)		Term (2)
Outstanding, beginning of period	1,252	$	28.91	4.8
Warrant expirations	(94)		95.79
Outstanding, end of period	1,158		23.45	4.4

(1) Represents the weighted average exercise price.

(2) Represents the weighted average remaining contractual term for the number of years until the warrants expire.