NET LOSS PER SHARE

12 Months Ended

Jun. 30, 2024

NET LOSS PER SHARE

NET LOSS PER SHARE

NOTE 13 — NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss by the weighted average number of outstanding shares of common stock and PWFs during periods when the PFWs are accounted for as equity instruments. Common shares associated with PFWs that are accounted for as equity instruments are included in the computation of basic and diluted net loss per share since the exercise price is negligible and all of the PFWs are fully vested and exercisable. For the calculation of diluted net loss per share for the fiscal year ended June 30, 2024, during the period when PFWs were accounted for as derivative liabilities, such PFWs were excluded from the calculation since the impact of PFWs was antidilutive.

Calculation of the weighted average number of shares outstanding for purposes of diluted net loss per share is also required to include the dilutive effect, if any, of stock options, Legacy Warrants, and other common stock equivalents computed using the treasury stock method. For the fiscal years ended June 30, 2024 and 2023, all of such common stock equivalents were antidilutive and excluded from the calculations. In addition, the impact of applying the two-class method related to the Participating Warrants, was antidilutive for the calculation of both basic and diluted net loss per share.

Presented below are the calculations of the numerators and the denominators for basic and diluted net loss per share for the fiscal years ended June 30, 2024 and 2023 (in thousands except per share amounts):

		2024			2023
Calculation of Numerators:
Net loss for calculation of basic and diluted net loss per share	$	(68,459)		$	(51,787)
Calculation of Denominators:
Weighted average number of common shares outstanding		39,499			36,605
Weighted average shares related to pre-funded warrants:
2021 PFWs		1,195			1,661
2022 PFWs		10,245			12,921
Exchange PFWs		393			—
2024 PFWs		133	(1)		—
Weighted average shares for basic and diluted net loss per share		51,465			51,187
Net loss per share of common stock:
Basic	$	(1.33)		$	(1.01)
Diluted	$	(1.33)		$	(1.01)

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(1) Represents the weighted average number of shares related to the Exchange PFWs discussed in Note 7 for the period when they became equity-classified on May 13, 2024 through June 30, 2024.

As of June 30, 2024 and 2023, the following potential common stock equivalents were excluded from the calculation of diluted net loss per share since the impact of inclusion was anti-dilutive (in thousands):

	2024	2023
Stock options	10,891	8,745
Legacy warrants	861	888
Total	11,752	9,633