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Share-based Compensation (Tables)

9 Months Ended

Mar. 31, 2021

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 March 31,										Nine Months Ended March 31,
		2021					2020					2021					2020
Research and development			$	1,207				$	696				$	3,496				$	2,220
General and administrative				1,438					854					4,700					3,214
Total share-based compensation			$	2,645				$	1,550				$	8,196				$	5,434

Summary of Stock Option Activity and Related Data

Stock option activity for the nine months ended March 31, 2021 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				5,763,300					3.40
Exercised				(119,042	)				2.22
Forfeited / Cancelled				(223,828	)				3.65
Outstanding at March 31, 2021				16,673,406					3.01					7.9				$	9,775,096
Vested and exercisable at March 31, 2021				7,802,361					2.74					6.7				$	7,006,856

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:

		Nine Months Ended March 31,
		2021					2020
Risk-free interest rate				0.5	%				1.8	%
Expected life (years)				6.0					6.0
Expected volatility				81.1	%				73.6	%
Dividend yield				0.0	%				0.0	%
Weighted-average grant date fair value			$	2.32				$	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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