OPERATING LEASES

9 Months Ended

Mar. 31, 2022

OPERATING LEASES

OPERATING LEASES

NOTE 3 — OPERATING LEASES

The carrying value of right-of-use  assets and operating lease liabilities are as follows (in thousands):

	March 31,		June 30,
	2022		2021
Right-of-use assets, net	$	175	$	396
Operating lease liabilities:
Current	$	107	$	265
Long-term		107		187
Total	$	214	$	452

For the three and nine months ended March 31, 2022 and 2021, operating lease expense was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
Research and development	$	66	$	75	$	216	$	185
General and administrative		32		28		75		83
Total	$	98	$	103	$	291	$	268

As of March 31, 2022, the weighted average remaining lease term under operating leases was 1.9 years, and the weighted average discount rate for operating lease liabilities was 6.0%. Future payments under all operating lease agreements as of March 31, 2022 are as follows (in thousands):

Fiscal year ending June 30,
Remainder of fiscal year 2022	$	29
2023		117
2024		79
Total lease payments		225
Less imputed interest		(11)
Present value of operating lease liabilities	$	214

As discussed in Note 13, the Company entered into a new lease agreement in April 2022 that provides for total cash payments of approximately $2.9 million over the 60-month lease term. These payments are excluded from the table set forth above.