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Fair Value Measurements (Tables) | 9 Months Ended
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Mar. 31, 2022
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):
|  | March 31, 2022 |  |  | June 30, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Warrant liability |  | $ | — |  |  | $ | — |  |  | $ | 1,536 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,355 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,536 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,355 |
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:
|  | March 31, 2022 |  |  | June 30, 2021 |
Risk-free interest rate |  |  | 1.7 | % |  |  | 0.2 | %
Expected life (years) |  |  | 1.1 |  |  |  | 1.9 |
Expected volatility |  |  | 122.1 | % |  |  | 88.5 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Black-Scholes Fair Value |  | $ | 0.10 |  |  | $ | 1.39 |
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 nine months ended March 31, 2022 and 2021 (in thousands):
|  | Fair Value of Warrants Using Significant Unobservable Inputs (Level 3) |
|  | 2022 |  |  | 2021 |
Balance at July 1, |  | $ | 22,355 |  |  | $ | 40,483 |
Reclassification of derivative liability to equity upon exercise of warrants |  |  | — |  |  |  | (6 | )
Change in estimated fair value of liability classified warrants |  |  | (20,819 | ) |  |  | (11,035 | )
Balance at March 31, |  | $ | 1,536 |  |  | $ | 29,442 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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