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Subsequent Events
 9 Months Ended
Mar. 31, 2022
Subsequent Events  
Subsequent Events

20. Subsequent Events

On April 14, 2022, upon receiving Fast Track designation from the FDA for AR101, a milestone payment of $1.5 million is due and payable to Rumpus in cash or in shares of the Company’s common stock. In May 2022, the Company issued 2,188,940 shares of common stock and $75,000 in cash for the full repayment of the amount due under the Fast Track designation milestone.

On April 19, 2022, the Company issued 3,030,000 shares of common stock to holders of the March 7, 2022 Pre-Funded Warrants upon exercise of these warrants at an exercise price of $0.0001.

On May 12, 2022, the Company entered into an agreement with Tris to terminate the License, Development, Manufacturing and Supply Agreement dated November 2, 2018 (the “License Agreement”). Pursuant to such termination, the Company agreed to pay Tris a total of approximately $6 million to $9 million, which reduced our total liability for minimum payments by approximately $8 million from the original License Agreement. The settlement payment will be paid in three installments from December 2022 through July 2024.