Stockholders' Equity

3 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholders’ Equity

Note 8. Stockholders’ Equity

Equity Offering Program

The Company has in place an ATM Equity Offering^SM Sales Agreement with BofA Securities, Inc. and Piper Sandler & Co. (the “Sales Agreement”), pursuant to which the Company may sell from time-to-time shares of its common stock having an aggregate offering price of up to $100,000,000 (the “Equity Offering Program”).

The following table summarizes sales through the Equity Offering Program during the quarter ended September 30, 2021:

Three months ended	Avg price per share		Number of Shares		Gross Proceeds (in millions)		Offering Expenses (in millions)		Net Proceeds (in millions)
September 30, 2021	$	9.99		555,455	$	5.5	$	0.1	$	5.4
Total				555,455	$	5.5	$	0.1	$	5.4

Equity Incentive Plans

During the three months ended September 30, 2021, the Company granted employees options to purchase an aggregate of approximately 0.4 million shares of common stock. The fair values of the Company’s options were estimated at the dates of grant using a Black-Scholes option pricing model with the following assumptions:

	Three Months Ended September 30, 2021
Exercise price	$	9.18 –10.15
Expected term (years)		4.75 – 5.00
Volatility		67	%
Risk-free interest rate		0.76%–0.81	%
Dividend yield		0	%
Weighted Average Grant Date Fair Value of Options granted during the period	$	5.53

During the three months ended September 30, 2021 the Company awarded certain employees and directors grants of an aggregate of approximately 0.6 million restricted stock units (“RSUs”) with a weighted average grant date fair value of $9.99. The RSUs will be expensed over the requisite service period. The terms of the RSUs include vesting provisions based solely on continued service. If the service criteria are satisfied, the RSUs will generally vest over 4 – 5 years.

Compensation expense related to our stock-based awards described above was as follows (in thousands):

	Three Months Ended September 30,
	2021		2020
Research and Development	$	1,232	$	1,014
General and Administrative		1,116		1,013
Total	$	2,348	$	2,027

Unrecognized stock-based compensation expense and weighted-average years to be recognized are as follows (in thousands):

	As of September 30, 2021
	Unrecognized stock-based compensation		Weighted- average years to be recognized
Options	$	4,056		2.55
Restricted stock units	$	12,386		2.51