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v3.22.1

Restatement of Previously Issued Financial Statements (Tables) | 6 Months Ended
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Dec. 31, 2021
Schedule of Amounts Originally Reported Derived from Original Quarterly Report | The amounts originally reported were derived from the Original Quarterly Report (in thousands, except per share amounts):
|  | December 31, 2021 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 13,515 |  |  | $ | (7,850 | ) |  | $ | 5,665 |
Total current liabilities |  |  | 30,523 |  |  |  | (7,850 | ) |  |  | 22,673 |
Deferred revenue, long-term |  |  | 80,527 |  |  |  | 11,766 |  |  |  | 92,293 |
Total liabilities |  |  | 132,214 |  |  |  | 3,916 |  |  |  | 136,130 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |
Accumulated deficit |  |  | (345,455 | ) |  |  | (3,916 | ) |  |  | (349,371 | )
Total stockholders’ equity |  |  | 77,250 |  |  |  | (3,916 | ) |  |  | 73,334 |
|  | December 31, 2020 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 19,482 |  |  | $ | (15,228 | ) |  | $ | 4,254 |
Total current liabilities |  |  | 37,012 |  |  |  | (15,228 | ) |  |  | 21,784 |
Deferred revenue, long-term |  |  | 65,352 |  |  |  | 10,153 |  |  |  | 75,505 |
Total liabilities |  |  | 130,382 |  |  |  | (5,075 | ) |  |  | 125,307 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |
Accumulated deficit |  |  | (290,780 | ) |  |  | 5,075 |  |  |  | (285,705 | )
Total stockholders’ equity |  |  | 73,498 |  |  |  | 5,075 |  |  |  | 78,573 |
|  | Three Months Ended December 31, 2021 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Revenue |  | $ | 18,222 |  |  | $ | (6,390 | ) |  | $ | 11,832 |
Loss from operations |  |  | (11,235 | ) |  |  | (6,390 | ) |  |  | (17,625 | )
Net loss |  |  | (5,766 | ) |  |  | (6,390 | ) |  |  | (12,156 | )
Net loss: |  |  |  |  |  |  |  |  |
Basic |  |  | (5,766 | ) |  |  | (6,390 | ) |  |  | (12,156 | )
Diluted |  |  | (11,224 | ) |  |  | (6,390 | ) |  |  | (17,614 | )
Net loss per share: |  |  |  |  |  |  |  |  |
Basic |  |  | (0.05 | ) |  |  | (0.05 | ) |  |  | (0.10 | )
Diluted |  |  | (0.09 | ) |  |  | (0.05 | ) |  |  | (0.14 | )
|  | Six Months Ended December 31, 2021 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Revenue |  | $ | 31,609 |  |  | $ | (12,020 | ) |  | $ | 19,589 |
Loss from operations |  |  | (25,710 | ) |  |  | (12,020 | ) |  |  | (37,730 | )
Net loss |  |  | (17,646 | ) |  |  | (12,020 | ) |  |  | (29,666 | )
Net loss: |  |  |  |  |  |  |  |  |
Basic |  |  | (17,646 | ) |  |  | (12,020 | ) |  |  | (29,666 | )
Diluted |  |  | (25,691 | ) |  |  | (12,021 | ) |  |  | (37,712 | )
Net loss per share: |  |  |  |  |  |  |  |  |
Basic |  |  | (0.15 | ) |  |  | (0.11 | ) |  |  | (0.26 | )
Diluted |  |  | (0.22 | ) |  |  | (0.10 | ) |  |  | (0.32 | )
|  | Three Months Ended December 31, 2020 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Revenue |  | $ | 9,167 |  |  | $ | 3,428 |  |  | $ | 12,595 |
Loss from operations |  |  | (19,201 | ) |  |  | 3,428 |  |  |  | (15,773 | )
Net loss |  |  | (11,454 | ) |  |  | 3,428 |  |  |  | (8,026 | )
Net loss: |  |  |  |  |  |  |  |  |
Basic |  |  | (11,454 | ) |  |  | 3,428 |  |  |  | (8,026 | )
Diluted |  |  | (18,537 | ) |  |  | 3,428 |  |  |  | (15,109 | )
Net loss per share: |  |  |  |  |  |  |  |  |
Basic |  |  | (0.10 | ) |  |  | 0.03 |  |  |  | (0.07 | )
Diluted |  |  | (0.16 | ) |  |  | 0.03 |  |  |  | (0.13 | )
|  | Six Months Ended December 31, 2020 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Revenue |  | $ | 13,001 |  |  | $ | 6,232 |  |  | $ | 19,233 |
Loss from operations |  |  | (34,787 | ) |  |  | 6,232 |  |  |  | (28,555 | )
Net loss |  |  | (13,546 | ) |  |  | 6,232 |  |  |  | (7,314 | )
Net loss: |  |  |  |  |  |  |  |  |
Basic |  |  | (13,546 | ) |  |  | 6,232 |  |  |  | (7,314 | )
Diluted |  |  | (33,853 | ) |  |  | 6,232 |  |  |  | (27,621 | )
Net loss per share: |  |  |  |  |  |  |  |  |
Basic |  |  | (0.12 | ) |  |  | 0.05 |  |  |  | (0.07 | )
Diluted |  |  | (0.30 | ) |  |  | 0.06 |  |  |  | (0.24 | )
|  | Six Months Ended December 31, 2021 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Statement of Stockholders' Equity |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (345,455 | ) |  | $ | (3,916 | ) |  | $ | (349,371 | )
Total stockholders' equity |  |  | 77,250 |  |  |  | (3,916 | ) |  |  | 73,334 |
|  | Six Months Ended December 31, 2020 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Statement of Stockholders' Equity |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (290,780 | ) |  | $ | 5,075 |  |  | $ | (285,705 | )
Total stockholders' equity |  |  | 73,498 |  |  |  | 5,075 |  |  |  | 78,573 |
|  | Six Months Ended December 31, 2021 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Statement of Cash Flows |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (17,646 | ) |  | $ | (12,020 | ) |  | $ | (29,666 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |
Deferred revenue |  |  | 6,716 |  |  |  | 12,020 |  |  |  | 18,736 |
Net cash used in operating activities |  |  | (16,287 | ) |  |  | — |  |  |  | (16,287 | )
|  | Six Months Ended December 31, 2020 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Statement of Cash Flows |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (13,546 | ) |  | $ | 6,232 |  |  | $ | (7,314 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |
Deferred revenue |  |  | 2,334 |  |  |  | (6,232 | ) |  |  | (3,898 | )
Net cash used in operating activities |  |  | (5,061 | ) |  |  | — |  |  |  | (5,061 | )
Schedule Of Revenue Associated With License Agreement | We recognized revenue associated with the following license agreements (in thousands):
|  | Three Months Ended December 31, |  |  | Six Months Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (As Restated) |  |  | (As Restated) |
KKC License Agreements |  | $ | 11,832 |  |  | $ | 12,518 |  |  | $ | 19,589 |  |  | $ | 18,890 |
Helsinn License Agreement |  |  | — |  |  |  | 77 |  |  |  | — |  |  |  | 343 |
|  | $ | 11,832 |  |  | $ | 12,595 |  |  | $ | 19,589 |  |  | $ | 19,233 |
Timing of Revenue Recognition: |  |  |  |  |  |  |  |  |  |  |  |
Services performed over time |  | $ | 9,625 |  |  | $ | 11,706 |  |  | $ | 16,810 |  |  | $ | 18,003 |
Pass through services at a point in time |  |  | 2,207 |  |  |  | 889 |  |  |  | 2,779 |  |  |  | 1,230 |
|  | $ | 11,832 |  |  | $ | 12,595 |  |  | $ | 19,589 |  |  | $ | 19,233 |
Schedule of Changes in Contract Assets and Contract Liabilities | The following table presents changes in accounts receivable, unbilled receivables, and contract liabilities accounted for under Topic 606 during the six months ended December 31, 2021 and 2020 (in thousands):
|  | Six Months Ended December 31, |
|  | 2021 |  |  | 2020 |
Accounts receivable |  |  |  |  |  |
Accounts receivable, beginning of period |  | $ | — |  |  | $ | 83 |
Amounts billed |  |  | 35,757 |  |  |  | 8,355 |
Payments received |  |  | (35,757 | ) |  |  | (8,037 | )
Accounts receivable, end of period |  | $ | — |  |  | $ | 401 |
Unbilled receivables |  |  |  |  |  |
Unbilled receivables, beginning of period |  | $ | 7,582 |  |  | $ | 2,858 |
Billable amounts |  |  | 38,326 |  |  |  | 15,381 |
Amounts billed |  |  | (35,757 | ) |  |  | (8,355 | )
Unbilled receivables, end of period |  | $ | 10,151 |  |  | $ | 9,884 |
Contract liabilities |  |  |  |  |  |
Contract liabilities, beginning of period |  | $ | 14,677 |  |  | $ | 19,108 |
Revenue recognized |  |  | (1,264 | ) |  |  | (4,260 | )
Payments received |  |  | 20,000 |  |  |  | 366 |
Contract liabilities, end of period |  | $ | 33,413 |  |  | $ | 15,214 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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