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Share-based Compensation (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of share-based payment arrangement.

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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.

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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.

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