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The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jun. 30, 2020
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):
|  | June 30, 2020 |  |  | June 30, 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Warrant liability |  | $ | — |  |  | $ | — |  |  | $ | (40,483 | ) |  | $ | — |  |  | $ | — |  |  | $ | (17,613 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | (40,483 | ) |  | $ | — |  |  | $ | — |  |  | $ | (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:
|  | June 30, 2020 |  |  | June 30, 2019 |
Risk-free interest rate |  |  | 0.2 | % |  |  | 1.7 | %
Expected life (years) |  |  | 2.9 |  |  |  | 3.8 |
Expected volatility |  |  | 77.4 | % |  |  | 56.8 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Black-Scholes Fair Value |  | $ | 2.52 |  |  | $ | 1.10 |
Schedule of Changes in Estimated Fair Value of Warrant Liability | The following table sets forth a summary of changes in the estimated f a ir value of our Level 3 warrant liability for the years ended June 30, 2020 and 2019 (in thousands):
|  | Fair Value of Warrants Using Significant Unobservable Inputs (Level 3) |
|  | 2020 |  |  | 2019 |
Balance at July 1, |  | $ | 17,613 |  |  | $ | 46,313 |
Reclassification of derivative liability to equity upon exercise of warrants |  |  | — |  |  |  | (1,068 | )
Change in estimated fair value of liability classified warrants |  |  | 22,870 |  |  |  | (27,632 | )
Balance at June 30, |  | $ | 40,483 |  |  | $ | 17,613 |
Schedule Of Revenue Associated With License Agreement | We recognized revenue associated with the following license agreements (in thousands):
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
KKC Agreements |  | $ | 27,543 |  |  | $ | 2,557 |  |  | $ | — |
Helsinn License Agreement |  |  | 1,370 |  |  |  | 2,358 |  |  |  | 1,622 |
|  | $ | 28,913 |  |  | $ | 4,915 |  |  | $ | 1,622 |
Timing of Revenue Recognition: |  |  |  |  |  |  |  |  |  |  |  |
License transferred at a point in time |  | $ | 20,988 |  |  | $ | 879 |  |  | $ | — |
Services performed over time |  |  | 4,860 |  |  |  | 4,036 |  |  |  | 1,622 |
Cumulative catch-up adjustment |  |  | 3,065 |  |  |  | — |  |  |  | — |
|  | $ | 28,913 |  |  | $ | 4,915 |  |  | $ | 1,622 |
Schedule of Changes in Contract Assets and Contract Liabilities | The following table presents changes in contract assets and contract liabilities during the year ended June 30, 2020 and 2019 (in thousands):
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |
Receivables |  |  |  |  |  |  |  |
Receivables, beginning of year |  | $ | — |  |  | $ | 82 |
Net change |  |  | 2,605 |  |  |  | (82 | )
Receivables, end of year |  | $ | 2,605 |  |  | $ | — |
Contract assets |  |  |  |  |  |  |  |
Contract assets, beginning of year |  | $ | 686 |  |  | $ | 312 |
Net change |  |  | (82 | ) |  |  | 374 |
Contract assets, end of year |  | $ | 604 |  |  | $ | 686 |
Contract liabilities |  |  |  |  |  |  |  |
Contract liabilities, beginning of year |  | $ | 7,774 |  |  | $ | 788 |
Net change |  |  | 74,726 |  |  |  | 6,986 |
Contract liabilities, end of year |  | $ | 82,500 |  |  | $ | 7,774 |
Schedule of Income (Loss) Per Share, Basic and Diluted | The following table presents the calculation of net loss used to calculate basic and diluted loss per share (in thousands):
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net loss—basic |  | $ | (46,016 | ) |  | $ | (16,819 | ) |  | $ | (40,068 | )
Change in fair value of warrant liability |  |  | — |  |  |  | (37,794 | ) |  |  | — |
Net loss—diluted |  | $ | (46,016 | ) |  | $ | (54,613 | ) |  | $ | (40,068 | )
Calculation of Weighted Average Shares Used to Calculate Basic and Diluted (Loss) Earnings Per Share | Shares used in calculating net loss per share was determined as follows (in thousands):
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Weighted average shares outstanding |  |  | 91,080 |  |  |  | 71,139 |  |  |  | 41,064 |
Effect of vested restricted stock units |  |  | — |  |  |  | — |  |  |  | 367 |
Weighted average shares used in calculating net loss per share |  |  | 91,080 |  |  |  | 71,139 |  |  |  | 41,431 |
Effect of potentially dilutive common shares from equity awards and liability-classified warrants |  |  | — |  |  |  | 1,246 |  |  |  | — |
Weighted average shares used in calculating diluted loss per share |  |  | 91,080 |  |  |  | 72,385 |  |  |  | 41,431 |
Antidilutive Securities | The following potentially dilutive shares (in thousands) that have been excluded from the calculation of net loss per share because of their anti-dilutive effect:
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Stock options |  |  | 11,030 |  |  |  | 8,057 |  |  |  | 5,606 |
Restricted stock units |  |  | — |  |  |  | 32 |  |  |  | 336 |
Warrants |  |  | 16,062 |  |  |  | 8,062 |  |  |  | 3,532 |
Total anti-dilutive shares |  |  | 27,092 |  |  |  | 16,151 |  |  |  | 9,474 |

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