SHARE-BASED COMPENSATION AND WARRANTS (Tables)

12 Months Ended

Jun. 30, 2024

Class of Warrant or Right [Line Items]

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 the Company’s stock option plans and the Inducement Grant (defined below) as of June 30, 2024 (in thousands):

	Number of Shares
Description	Authorized	Outstanding	Available
2015 Plan	17	17	—
2016 Plan	123	123	—
2019 Plan	200	200	—
2021 Plan	10,618	10,276	342
Inducement Grant	275	275	—
Total	11,233	10,891	342

Schedule of the stock option plans

The following table sets forth a summary of the combined activity under all of the Company’s stock option plans, including Inducement Grant discussed below, for the fiscal years ended June 30, 2024 and 2023 (shares in thousands):

	2024					2023
	Shares		Price (1)		Term (2)	Shares	Price (1)		Term (2)
Outstanding, beginning of fiscal year	8,745		$	4.56	8.8	8,506	$	5.24	9.7
Grants to employees	2,642			1.31		740		2.00
Exercises	(82)	(3)		3.02		—		—
Expired	(110)			6.11		(116)		40.73
Forfeited	(304)			2.63		(385)		3.75
Outstanding, end of fiscal year	10,891	(4)		3.82	8.1	8,745		4.56	8.8
Vested, end of fiscal year	4,892	(5)		5.39	7.7	2,676		6.57	8.4

(1) Represents the weighted average exercise price.

(2) Represents the weighted average remaining contractual term until the stock options expire.

(3) The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of stock options exercised during the year ended June 30, 2024, was $0.1 million.

(4) As of June 30, 2024, the intrinsic value of outstanding options was approximately $14.6 million.

(5) As of June 30, 2024, the aggregate intrinsic value of vested stock options was approximately $4.1 million.

Schedule of the fair value of stock options

The fair value of stock options was estimated on the dates of grant using the BSM option-pricing model, with the following weighted-average assumptions for the fiscal years ended June 30, 2024 and 2023:

	2024			2023
Market price of common stock on grant date	$	1.31		$	3.73
Expected volatility		99	%		91	%
Risk free interest rate		4.2	%		3.7	%
Expected term (years)		5.6			6.0
Dividend yield		0	%		0	%

Schedule of share-based compensation expense

Share-based compensation expense is included under the following captions in the consolidated statements of operations for the fiscal years ended June 30, 2024 and 2023 (in thousands):

	2024		2023
Research and development	$	3,379	$	3,243
General and administrative		3,981		4,025
Total	$	7,360	$	7,268

Legacy warrants

Class of Warrant or Right [Line Items]

Schedule of warrant activity

. The following table sets forth a summary of activity related to the Legacy Warrants for the fiscal years ended June 30, 2024 and 2023 (shares in thousands):

	2024				2023
	Shares	Price (1)		Term (2)	Shares	Price (1)		Term (2)
Outstanding, beginning of fiscal year	888	$	22.10	4.1	1,150	$	22.83	4.2
Expirations	(27)		78.60		(262)		25.32
Outstanding, end of fiscal year	861		20.28	3.2	888		22.10	4.1

(1) Represents the weighted average exercise price.

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