The Company and Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Jun. 30, 2022 |
|---|
| Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability |
To calculate the fair value of the warrant liability, the following assumptions were used for the periods presented:
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|
|
June 30, |
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|
|
2022 |
|
|
2021 |
|
Risk-free interest rate |
|
|
2.8 |
% |
|
|
0.2 |
% |
Expected life (years) |
|
|
0.9 |
|
|
|
1.9 |
|
Expected volatility |
|
|
139.4 |
% |
|
|
88.5 |
% |
Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
Black-Scholes fair value |
|
$ |
0.10 |
|
|
$ |
1.39 |
|
|
| Schedule of Changes in Estimated Fair Value of Warrant Liability |
The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the years ended June 30, 2022 and 2021 (in thousands):
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|
Fair Value of Warrants Using Significant
Unobservable Inputs (Level 3) |
|
|
|
2022 |
|
|
2021 |
|
Balance at July 1, |
|
$ |
22,355 |
|
|
$ |
40,483 |
|
Reclassification of warrant liability to equity upon exercise of warrants |
|
|
— |
|
|
|
(6 |
) |
Change in estimated fair value of liability classified warrants |
|
|
(20,752 |
) |
|
|
(18,122 |
) |
Balance at June 30, |
|
$ |
1,603 |
|
|
$ |
22,355 |
|
|
| Schedule Of Revenue Associated With License Agreement |
We recognized revenue associated with the following license agreements for the periods presented (in thousands):
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Years Ended June 30, |
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|
2022 |
|
|
2021 |
|
|
2020 |
|
License Agreement: |
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|
|
|
|
|
|
|
|
KKC Commercialization Agreement |
|
$ |
40,697 |
|
|
$ |
34,356 |
|
|
$ |
26,386 |
|
Helsinn License Agreement |
|
|
— |
|
|
|
440 |
|
|
|
1,370 |
|
|
|
$ |
40,697 |
|
|
$ |
34,796 |
|
|
$ |
27,756 |
|
Timing of Revenue Recognition: |
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|
|
|
|
|
|
|
|
Development services performed over time |
|
$ |
37,304 |
|
|
$ |
31,302 |
|
|
$ |
6,768 |
|
Pass through services at a point in time |
|
|
3,393 |
|
|
|
3,494 |
|
|
|
— |
|
License transferred at a point in time |
|
|
— |
|
|
|
— |
|
|
|
20,988 |
|
|
|
$ |
40,697 |
|
|
$ |
34,796 |
|
|
$ |
27,756 |
|
|
| Schedule of Changes in Accounts Receivable, Unbilled Receivables and Contract Liabilities |
The following table presents changes in accounts receivable, unbilled receivables and contract liabilities accounted for under Topic 606 for the periods presented (in thousands):
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|
Years Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
Accounts receivable |
|
|
|
|
|
|
Accounts receivable, beginning of year |
|
$ |
— |
|
|
$ |
83 |
|
Amounts billed |
|
|
54,611 |
|
|
|
25,682 |
|
Payments received |
|
|
(54,611 |
) |
|
|
(25,765 |
) |
Accounts receivable, end of year |
|
$ |
— |
|
|
$ |
— |
|
Unbilled receivables |
|
|
|
|
|
|
Unbilled receivables, beginning of year |
|
$ |
7,582 |
|
|
$ |
2,858 |
|
Billable amounts |
|
|
56,816 |
|
|
|
30,406 |
|
Amounts billed |
|
|
(54,354 |
) |
|
|
(25,682 |
) |
Unbilled receivables, end of year |
|
$ |
10,044 |
|
|
$ |
7,582 |
|
Contract liabilities |
|
|
|
|
|
|
Contract liabilities, beginning of year |
|
$ |
14,677 |
|
|
$ |
19,108 |
|
Revenue recognized |
|
|
(3,777 |
) |
|
|
(4,798 |
) |
Payments received |
|
|
20,000 |
|
|
|
367 |
|
Contract liabilities, end of year |
|
$ |
30,900 |
|
|
$ |
14,677 |
|
|
| Schedule of Income (Loss) Per Share, Basic and Diluted |
The following table presents the calculation of net loss used to calculate basic and diluted loss per share for the periods presented (in thousands):
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Years Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Net loss—basic |
|
$ |
(54,454 |
) |
|
$ |
(41,314 |
) |
|
$ |
(47,173 |
) |
Change in fair value of warrant liability |
|
|
(8,046 |
) |
|
|
(27,394 |
) |
|
|
— |
|
Net loss—diluted |
|
$ |
(62,500 |
) |
|
$ |
(68,708 |
) |
|
$ |
(47,173 |
) |
|
| Calculation of Weighted Average Shares Used to Calculate Basic and Diluted (Loss) Earnings Per Share |
Shares used in calculating net loss per share for the periods presented was determined as follows (in thousands):
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|
Years Ended June 30, |
|
|
2022 |
|
2021 |
|
2020 |
Weighted average shares used in calculating basic net loss per share |
|
124,473 |
|
112,527 |
|
91,080 |
Effect of potentially dilutive common shares from equity awards and liability-classified warrants |
|
669 |
|
1,954 |
|
— |
Weighted average shares used in calculating diluted net loss per share |
|
125,142 |
|
114,481 |
|
91,080 |
|
| Antidilutive Securities |
The following potentially dilutive shares have been excluded from the calculation of net loss per share for the periods presented because of their anti-dilutive effect (in thousands):
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|
Years Ended June 30, |
|
|
2022 |
|
2021 |
|
2020 |
Stock options |
|
20,488 |
|
15,887 |
|
11,030 |
Warrants |
|
8,030 |
|
4,015 |
|
16,062 |
Restricted stock units |
|
229 |
|
427 |
|
— |
Total anti-dilutive shares |
|
28,747 |
|
20,329 |
|
27,092 |
|