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SHARE-BASED COMPENSATION AND WARRANTS (Tables)
3 Months Ended
Sep. 30, 2024
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 outstanding, authorized, and available for future grants under the Company’s stock option plans and an inducement grant not associated with a stock option plan as of September 30, 2024 (in thousands):

    

Number of Shares as of September 30, 2024

Description

    

Authorized

    

Outstanding

    

Available

2015 Plan

 

17

 

17

 

2016 Plan

 

123

 

123

 

2019 Plan

 

200

 

200

 

2021 Plan

10,580

10,160

420

Inducement Grant

275

275

Total

 

11,195

 

10,775

 

420

Schedule of the stock option plans

For the three months ended September 30, 2024, the following table sets forth a summary of the combined activity under the Company’s stock option plans and an inducement grant not associated with a stock option plan (shares in thousands):

    

Shares

    

Price (1)

    

Term (2)

Outstanding, June 30, 2024

 

10,891

$

3.82

8.1

Grants to employees

240

4.73

Exercises

(38)

(3)

2.44

Forfeited

(318)

2.61

Outstanding, September 30, 2024

 

10,775

(4)

 

3.88

 

7.7

Vested, September 30, 2024

 

5,525

(5)

 

5.07

 

7.2

(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 three months ended September 30, 2024, was $0.1 million.
(4)As of September 30, 2024, the intrinsic value of outstanding options was approximately $19.2 million.
(5)As of September 30, 2024, the aggregate intrinsic value of vested stock options was approximately $7.5 million.
Schedule of the fair value of stock options

For the three months ended September 30, 2024, 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

$

4.73

Expected volatility

    

84

%

Risk free interest rate

 

3.7

%

Expected term (years)

 

6.1

Dividend yield

 

0

%

Schedule of share-based compensation expense

Share-based compensation expense for the three months ended September 30, 2024 and 2023 is included under the following captions in the unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):

2024

    

2023

Research and development

$

712

$

840

General and administrative

 

688

 

1,009

Total

$

1,400

$

1,849

Legacy warrants  
SHARE-BASED COMPENSATION AND WARRANTS  
Schedule of warrant activity

For the three months ended September 30, 2024, no Legacy Warrants were granted or exercised. The following table sets forth a summary of all Legacy Warrants for the three months ended September 30, 2024 (shares in thousands):

    

Shares

    

Price (1)

    

Term (2)

Outstanding, June 30, 2024

 

861

  

$

20.28

 

3.2

Expirations

 

(10)

  

 

52.00

 

  

Outstanding, September 30, 2024

 

851

  

 

19.90

 

3.0

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