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Fair Value Measurements (Tables)
 3 Months Ended
Sep. 30, 2019
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis
We measure the following financial instruments at fair value on a recurring basis. The fair values of these financial instruments were as follows (in thousands):
 
   
September 30, 2019
  
June 30, 2019
 
   
Level 1
   
Level 2
   
Level 3
  
Level 1
   
Level 2
   
Level 3
 
Warrant liability
  $—     $—     $(8,344)  $—     $—     $(17,613) 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Total
  $—     $—     $(8,344)  $—     $—     $(17,613) 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability
To calculate the fair value of the warrant liability, the following assumptions were used:
 
   
September 30,
2019
  
June 30,
2019
 
Risk-free interest rate
   1.6%   1.7% 
Expected life (years)
   3.6   3.8 
Expected volatility
   56.9%   56.8% 
Dividend yield
   0.0%   0.0% 
Black-Scholes Fair Value
  $0.52  $1.10 
Schedule of Changes in Estimated Fair Value of Warrant Liability
The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the three months ended September 30, 2019 and 2018 (in thousands):
 
   
Fair Value of Warrants Using Significant
Unobservable Inputs (Level 3)
 
   
2019
  
2018
 
Balance at July 1,
  $17,613   $46,313 
Reclassification of
warrant
 liability to equity upon exercise of warrants
   —      (1,068) 
Change in estimated fair value of liability classified warrants
   (9,269)    4,962 
   
 
 
   
 
 
 
Balance at September 30,
  $8,344   $50,207