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Share-based Compensation (Tables) | 6 Months Ended
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Dec. 31, 2020
Share-Based Compensation Expense for Stock Awards | Total share-based compensation expense for all stock awards consists of the following, (in thousands):
|  | Three Months Ended December 31, |  |  | Six Months Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Research and development |  | $ | 1,160 |  |  | $ | 743 |  |  | $ | 2,289 |  |  | $ | 1,524 |
General and administrative |  |  | 1,449 |  |  |  | 1,028 |  |  |  | 3,262 |  |  |  | 2,360 |
Total share-based compensation |  | $ | 2,609 |  |  | $ | 1,771 |  |  | $ | 5,551 |  |  | $ | 3,884 |
Summary of Stock Option Activity and Related Data | Stock option activity for the six months ended December 31, 2020 was as follows:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at June 30, 2020 |  |  | 11,252,976 |  |  | $ | 2.81 |  |  |  |  |  |  |  |  |
Granted |  |  | 4,890,300 |  |  |  | 3.38 |  |  |  |  |  |  |  |  |
Exercised |  |  | (56,088 | ) |  |  | 2.47 |  |  |  |  |  |  |  |  |
Forfeited / Cancelled |  |  | (178,828 | ) |  |  | 3.53 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 15,908,360 |  |  |  | 2.98 |  |  |  | 8.0 |  |  | $ | 3,430,245 |
Vested and exercisable at December 31, 2020 |  |  | 7,252,642 |  |  |  | 2.71 |  |  |  | 6.9 |  |  | $ | 2,944,999 |
Fair Value of Stock Options Weighted-Average Assumptions Used | The following weighted-average assumptions were used to determine the fair value of options granted during the period:
|  | Six Months Ended December 31, |
|  | 2020 |  |  | 2019 |
Risk-free interest rate |  |  | 0.4 | % |  |  | 1.8 | %
Expected life (years) |  |  | 6.0 |  |  |  | 6.0 |
Expected volatility |  |  | 80.8 | % |  |  | 73.5 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Weighted-average grant date fair value |  | $ | 2.30 |  |  | $ | 1.60 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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