v3.25.1
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.