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SHARE-BASED COMPENSATION AND WARRANTS (Tables) | 9 Months Ended
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Mar. 31, 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 the Inducement Grant as of March 31, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of Shares
Description |  | Authorized |  | Outstanding |  | Available
​ | ​ | ​ | ​ | ​ | ​ | ​
2015 Plan |  | 17 |  | 17 |  | —
2016 Plan |  | 123 |  | 123 |  | —
2019 Plan |  | 200 |  | 200 |  | —
2021 Plan | ​ | 10,695 | ​ | 10,293 | ​ | 402
Inducement Grant | ​ | 275 | ​ | 275 | ​ | —
Total |  | 11,310 |  | 10,908 |  | 402
Schedule of the stock option plans | For the nine months ended March 31, 2024, the following table sets forth a summary of the activity with respect to all outstanding options (shares in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares |  | Price (1) |  | Term (2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding, June 30, 2023 |  | 8,745 | ​ | $ | 4.56 | ​ | 8.8
Grants to employees | ​ | 2,482 | ​ | ​ | 1.18 | ​ | ​
Exercises | ​ | (5) | ​ | ​ | 1.92 | ​ | ​
Expired | ​ | (43) | ​ | ​ | 9.49 | ​ | ​
Forfeited | ​ | (271) | ​ | ​ | 2.66 | ​ | ​
Outstanding, March 31, 2024 |  | 10,908 | (3) |  | 3.82 |  | 8.3
Vested, March 31, 2024 |  | 4,374 | (4) |  | 5.59 |  | 7.7
(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) | As of March 31, 2024, the intrinsic value of outstanding options was approximately $3.6 million.
(4) | As of March 31, 2024, the aggregate intrinsic value of vested stock options was approximately $0.2 million.
​
Schedule of the fair value of stock options | For the nine months ended March 31, 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 | ​ | $ | 1.18 | ​
Expected volatility |  | ​ | 99 | %
Risk free interest rate |  | ​ | 4.1 | %
Expected term (years) |  | ​ | 5.6 | ​
Dividend yield |  | ​ | 0 | %
Schedule of share-based compensation expense | Share-based compensation expense for the three and nine months ended March 31, 2024 and 2023 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, | ​
​ |  | 2024 |  | 2023 | ​ | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ | $ | 863 | ​ | $ | 849 | ​ | $ | 2,544 | ​ | $ | 2,449 | ​
General and administrative | ​ |  | 1,040 | ​ |  | 1,006 | ​ |  | 3,045 | ​ |  | 3,016 | ​
Total | ​ | $ | 1,903 | ​ | $ | 1,855 | ​ | $ | 5,589 | ​ | $ | 5,465 | ​
Schedule of warrant activity | For the nine months ended March 31, 2024, no Other Warrants were granted or exercised. The following table sets forth a summary of all Other Warrants for the nine months ended March 31, 2024 (shares in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares |  | Price (1) |  | Term (2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding, June 30, 2023 |  | 888 |  | $ | 22.10 |  | 4.1
Expirations |  | (27) |  |  | 78.60 |  |
Outstanding, March 31, 2024 |  | 861 |  |  | 20.28 |  | 3.5
(1) | Represents the weighted average exercise price.
(2) | Represents the weighted average remaining contractual term for the number of years until the warrants expire.

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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