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Shareholders' Equity and Share-based Compensation | 9 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Shareholders' Equity and Share-based Compensation | Shareholders’ Equity and Share-based Compensation Time-based Restric ted Stock Units (“TRSUs”) The following table summarizes the Company’ TRSU activities for the nine months ended March 31, 2025:
| Number of Time-based Restricted Stock Units |  | Weighted Average Grant Date Fair Value Per Share |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Nonvested at June 30, 2024 | 1,469,135 |  |  | $ | 29.13 |  |  | 1.66 |  | $ | 54,901,575 |
Granted | 614,488 |  |  | $ | 29.82 |  |  |  |  |
Vested | (522,441) |  |  | $ | 31.54 |  |  |  |  |
Forfeited | (52,233) |  |  | $ | 28.39 |  |  |  |  |
Nonvested at March 31, 2025 | 1,508,949 |  |  | $ | 28.61 |  |  | 1.82 |  | $ | 37,512,472 |
Market-based Restricted Stock Units (“MSUs”) In December 2021, the Company granted 1.0 million market-based restricted stock units (“MSUs”) to certain personnel. The number of shares to be earned at the end of performance period was determined based on the Company’s achievement of specified stock prices and revenue thresholds during the performance period from January 1, 2022 to December 31, 2024 as well as the recipients remaining in continuous service with the Company through such period. The MSUs vest in four equal annual installments after the end of performance period. The Company estimated the grant date fair values of its MSUs using a Monte-Carlo simulation model. In September 2023, the Company determined it was no longer probable that it would achieve the minimum revenue threshold specified in the awards. Therefore, the Company reversed all of the previously recognized expenses of $6.4 million for these MSUs. In addition, on September 19, 2023, the Compensation Committee of the Board approved a modification of the terms of MSUs to extend the performance period through December 31, 2025, changed the commencement date for the four-year time-based service period to January 1, 2026, and reduced the achievement of specified stock prices and revenue thresholds. The fair value of these MSUs was revalued to reflect the change using a Monte-Carlo simulation model. In June 2024, the Company determined it was no longer probable that the revenue thresholds for the modified MSU would be achieved. Therefore, the Company reversed $2.4 million in the June 2024 quarter that was recorded during the fiscal year 2024 related to the modification on September 19, 2023. On August 8, 2024, the Compensation Committee of the Board approved a modification of the terms of MSUs to extend the performance period through December 31, 2026, change the commencement date for the four-year time-based service period to January 1, 2027, and reduce the revenue thresholds. The fair value of these MSUs was revalued to reflect the change using a Monte-Carlo simulation model with the following assumptions: risk-free interest rate of 3.93%, expected term of 2.40 years, expected volatility of 57.81% and dividend yield of 0%. The Company recorded $1.4 million and $3.6 million of expenses for the three and nine months ended March 31, 2025. The Company recorded $1.1 million of expenses for the three months ended March 31, 2024, and a negative $4.0 million of expenses for the nine months ended March 31, 2024 due to a $6.4 million of reversal of the prior recognized expenses. During the quarter ended September 30, 2018, the Company granted 1.3 million MSUs to certain personnel. The number of shares to be earned at the end of performance period is determined based on the Company’s achievement of specified stock prices and revenue thresholds during the performance period from January 1, 2019 to December 31, 2021 as well as the recipients remaining in continuous service with the Company through such period. The MSUs vest in four equal annual installments after the end of the performance period. The Company estimated the grant date fair values of its MSUs using a Monte-Carlo simulation model. On August 31, 2020, the Compensation Committee of the Board approved a modification of the terms of MSU to (i) extend the performance period through December 31, 2022 and (ii) change the commencement date for the four-year time-based service period to January 1, 2023. The fair value of these MSUs was recalculated to reflect the change as of August 31, 2020 and the unrecognized compensation amount was adjusted to reflect the increase in fair value. The Company recorded $0.1 million and $0.5 million of expenses for MSUs during the three and nine months ended March 31, 2025, respectively, and $0.2 million and $0.8 million of expenses during the three and nine months ended March 31, 2024, respectively. The following table summarizes the Company’ MSUs activities for the nine months ended March 31, 2025:
| Number of Market-based Restricted Stock Units |  | Weighted Average Grant Date Fair Value Per Share |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Nonvested at June 30, 2024 | 1,727,000 |  |  | $ | 28.15 |  |  | 2.83 |  | $ | 64,537,990 |
Vested | (270,000) |  |  | $ | 5.17 |  |  |  |  |
Forfeited | (21,000) |  |  | $ | 38.14 |  |  |  |  |
Nonvested at March 31, 2025 | 1,436,000 |  |  | $ | 32.32 |  |  | 3.14 |  | $ | 35,698,960 |
Performance-based Restricted Stock Units (“PRSUs”) In March of each year since year 2017, the Company granted PRSUs to certain personnel. The number of shares to be earned under the PRSUs is determined based on the level of attainment of predetermined financial goals. The PRSUs vest in four equal annual installments from the first anniversary date after the grant date if certain predetermined financial goals were met. The Company recorded approximately $1.0 million and $2.9 million of expe ns e for these PRSUs during the three and nine months ended March 31, 2025, respectively, and $0.8 million and $2.0 million of expense for the three and nine months ended March 31, 2024, respectively. The following table summarizes the Company’s PRSUs activities for the nine months ended March 31, 2025:
| Number of Performance-based Restricted Stock Units |  | Weighted Average Grant Date Fair Value Per Share |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Nonvested at June 30, 2024 | 344,125 |  |  | $ | 30.69 |  |  | 1.73 |  | $ | 12,859,951 |
Granted | 209,750 |  |  | $ | 27.61 |  |  |  |  |
Vested | (133,910) |  |  | $ | 33.60 |  |  |  |  |
Forfeited | (10,402) |  |  | $ | 48.65 |  |  |  |  |
Nonvested at March 31, 2025 | 409,563 |  |  | $ | 27.71 |  |  | 2.10 |  | $ | 10,181,736 |
Stock Options The Company did not grant any stock options during the nine months ended March 31, 2025 and 2024. The following table summarizes the Company’s stock option activities for the nine months ended March 31, 2025:
|  |  |  |  |  |  | Weighted |  |
|  |  | Weighted |  |  |  | Average |  |
|  |  | Average |  |  |  | Remaining |  |
| Number of |  | Exercise Price |  |  |  | Contractual |  | Aggregate
| Shares |  | Per Share |  |  |  | Term (in years) |  | Intrinsic Value
Outstanding at June 30, 2024 | 10,000 |  |  | $ | 9.07 |  |  |  |  | 0.13 |  | $ | 283,000 |
Exercised | (10,000) |  |  | $ | 9.07 |  |  |  |  |  |  | $ | 265,267 |
Outstanding at March 31, 2025 | 0 |  |  | $ | 0.00 |  |  |  |  | 0.00 |  | $ | 0.00 |
Employee Share Purchase Plan (“ESPP”) The assumptions used to estimate the fair values of common shares issued under the ESPP were as follows:
| Nine Months Ended March 31,
| 2025 |  |
Volatility rate | 54.1% |  |
Risk-free interest rate | 4.4% |  |
Expected term | 1.3 years |  |
Dividend yield | 0% |  |
Share-based Compensation Expense The total share-based compensation expense recognized in the Condensed Consolidated Statements of Loss for the periods presented was as follows:
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands) |  | (in thousands)
Cost of goods sold | $ | 1,047 |  |  | $ | 1,424 |  |  | $ | 3,185 |  |  | $ | 3,140 |
Research and development | 1,890 |  |  | 2,163 |  |  | 6,018 |  |  | 4,586 |
Selling, general and administrative | 4,199 |  |  | 4,878 |  |  | 12,785 |  |  | 10,348 |
| $ | 7,136 |  |  | $ | 8,465 |  |  | $ | 21,988 |  |  | $ | 18,074 |
As of March 31, 2025, total unrecognized compensation cost under the Company’s share-based compensation plans was $56.6 million, which is expected to be recognized over a weighted-average period of 2.8 years.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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