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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Taxes

Provision for income taxes

​

​	​	​	​	​	​	​
​	​	Year Ended June 30,
​	​	2021		​	2020
​	​	(In thousands)
Current:		​			​
Federal	​	$	—	​	$	—
State	​		16	​		—
Total current tax expense	​		16	​		—
Deferred:	​		​	​	​	​
Federal	​		200	​	​	—
State	​		43	​	​	—
Total deferred tax expense	​		243	​	​	—
Provision for income taxes	​	$	259	​	$	—

​

Effective income tax rate reconciliation

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended June 30,
​	​	2021				​	​	2020
​	​	​	(In thousands)
Tax at statutory rate		$	(12,185)		(21.00)	%		$	(2,934)		(21.00)	%
State income taxes, net of federal benefit		​	(2,461)	​	(4.24)	%		​	(798)	​	(5.71)	%
Stock based compensation		​	43	​	0.07	%		​	(35)	​	(0.25)	%
Contingent consideration		​	(667)	​	(1.15)	%		​	54	​	0.39	%
162(m) limitation	​	​	235	​	0.40	%	​	​	—	​	0.00	%
Transaction costs	​	​	160	​	0.28	%	​	​	—	​	0.00	%
Loss on debt extinguishment and interest expense		​	—	​	0.00	%		​	167	​	1.20	%
Change in valuation allowance		​	14,483	​	24.96	%		​	3,496	​	25.02	%
Other		​	651	​	1.13	%		​	50	​	0.35	%
Net income tax provision (benefit)		$	259	​	0.45	%		$	—	​	0.00	%

Deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	Year Ended June 30,
​	​	2021		​	2020
​	​	(In thousands)
Deferred tax assets:		​			​
Net operating loss carry forward	​	$	106,712	​	$	37,191
Accrued Rebates	​	​	8,412	​	​	—
Share-based compensation	​		2,330	​		1,891
Accrued expenses	​	​	1,507	​	​	855
R&D credits	​		2,115	​		9
Interest	​	​	2,064	​	​	—
Inventory	​		1,704	​		789
Lease liability	​		1,031	​		261
Other	​	​	1,526	​	​	358
Total deferred tax assets	​	​	127,401	​	​	41,354
Less: valuation allowance	​	​	(116,494)	​	​	(39,552)
Deferred tax assets, net of valuation allowance	​	​	10,907	​	​	1,802
Deferred tax liabilities:	​	​	​	​	​	​
Intangibles	​		(9,396)	​		(1,578)
ROU asset	​		(1,009)	​		(224)
Fixed assets	​	​	(745)	​	​	—
Total deferred tax liabilities	​	​	(11,150)	​	​	(1,802)
Net deferred tax liabilities	​	$	(243)	​	$	—

Tabular rollforward of gross unrecognized tax benefits

​

​	​	​	​	​	​	​	​
​		June 30,
​	​	2021		​	2020		​
​	​	(In thousands)					​
Beginning balance	​	$	—	​	$	—	​
Increase resulting from prior period tax positions	​		12,017	​		—	​
Increase resulting from current period tax positions	​	​	2	​	​	—	​
Decrease resulting from current period tax positions	​		(482)	​		—	​
Ending balance	​	$	11,537	​	$	—	​

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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