SHARE-BASED COMPENSATION AND WARRANTS (Tables)
|
9 Months Ended |
Mar. 31, 2025 |
SHARE-BASED COMPENSATION AND WARRANTS |
|
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 equity incentive plans as of March 31, 2025: | | | | | | | | | Number of Shares | Description | | Authorized | | Outstanding | | Available | 2015 Plan | | 15,500 | | 15,500 | | — | 2016 Plan | | 122,900 | | 122,900 | | — | 2019 Plan | | 200,000 | | 200,000 | | — | 2021 Plan | | 14,096,589 | | 12,653,971 | | 1,442,618 | Inducement Awards | | 1,500,000 | | 425,000 | | 1,075,000 | Total | | 15,934,989 | | 13,417,371 | | 2,517,618 |
|
Schedule of the stock option plans |
For the nine months ended March 31, 2025, the following table sets forth a summary of the combined stock option activity under the Company’s equity incentive plans and inducement awards: | | | | | | | | | | Shares | | Price (1) | | Term (2) | Outstanding, June 30, 2024 | | 10,890,540 | | $ | 3.82 | | 8.1 | Granted | | 2,541,300 | | | 4.65 | | | Exercised | | (271,823) | (3) | | 2.80 | | | Expired | | (43,000) | | | 14.39 | | | Forfeited | | (488,146) | | | 2.95 | | | Outstanding, March 31, 2025 | | 12,628,871 | (4) | | 4.01 | | 7.7 | Vested, March 31, 2025 | | 6,604,569 | (5) | | 4.61 | | 6.9 |
(1) | Represents the weighted average exercise price. |
(2) | Represents the weighted average remaining contractual term for the number of years 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 nine months ended March 31, 2025, was $0.5 million. |
(4) | As of March 31, 2025, the intrinsic value of outstanding options was approximately $4.2 million. |
(5) | As of March 31, 2025, the aggregate intrinsic value of vested stock options was approximately $1.6 million. |
|
Schedule of the fair value of stock options |
For the nine months ended March 31, 2025, the fair value of stock options was estimated on the respective dates of grant, with the following weighted-average assumptions: | | | | | Market price of common stock on grant date | | $ | 4.65 | | Expected volatility | | | 84 | % | Risk free interest rate | | | 4.3 | % | Expected term (years) | | | 5.9 | | Dividend yield | | | 0 | % |
|
Schedule of the combined RSU activity |
For the nine months ended March 31, 2025, the following table sets forth a summary of the combined RSU activity under the Company’s 2021 Plan: | | | | | | | | Shares | | Price (1) | Unvested, June 30, 2024 | | — | | $ | — | Granted | | 788,500 | | | 4.61 | Vested | | — | | | — | Forfeited | | — | | | — | Unvested, March 31, 2025 | | 788,500 | | | 4.61 |
(1) | Represents the weighted average grant price based on the closing market price of each of the stock grants. |
|
Schedule of share-based compensation expense |
Share-based compensation expense for the nine months ended March 31, 2025 and 2024 is included under the following captions in the unaudited condensed consolidated statements of operations and comprehensive loss (in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | March 31, | | March 31, | | | | 2025 | | 2024 | | 2025 | | 2024 | | Research and development | | $ | 924 | | $ | 863 | | $ | 2,357 | | $ | 2,544 | | General and administrative | | | 981 | | | 1,040 | | | 2,393 | | | 3,045 | | Total | | $ | 1,905 | | $ | 1,903 | | $ | 4,750 | | $ | 5,589 | |
|
Legacy warrants |
|
SHARE-BASED COMPENSATION AND WARRANTS |
|
Schedule of warrant activity |
For the nine months ended March 31, 2025, no Legacy Warrants were granted or exercised. The following table sets forth a summary of all Legacy Warrants for the nine months ended March 31, 2025: | | | | | | | | | | Shares | | Price (1) | | Term (2) | Outstanding, June 30, 2024 | | 860,562 | | $ | 20.28 | | 3.2 | Expirations | | (10,000) | | | 52.00 | | | Outstanding, March 31, 2025 | | 850,562 | | | 19.90 | | 2.5 |
(1) | Represents the weighted average exercise price. |
(2) | Represents the weighted average remaining contractual term for the number of years until the warrants expire. |
|