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Fair Value Considerations (Tables)

9 Months Ended

Mar. 31, 2022

Fair Value Considerations

Schedule of fair value on a recurring basis

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Fair Value Measurements at March 31, 2022

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Fair Value at March 31,

​

​

​

​

​

2022

(Level 1)

(Level 2)

(Level 3)

​

​

(In thousands)

Assets:

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​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

27,613

​

$

27,613

​

$

—

​

$

—

Total

​

$

27,613

$

27,613

$

—

​

$

—

Liabilities:

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​

​

​

​

​

​

​

​

​

​

​

Contingent consideration

$

371

$

—

$

—

$

371

CVR liability

​

720

​

—

​

—

​

720

Total

​

$

1,091

$

—

$

—

​

$

1,091

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​

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Fair Value Measurements at June 30, 2021

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Fair Value at June 30,

​

​

​

​

​

2021

(Level 1)

(Level 2)

(Level 3)

​

(In thousands)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

49,649

​

$

49,649

​

$

—

​

$

—

Total

​

$

49,649

$

49,649

$

—

​

$

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Contingent consideration

​

$

12,057

$

—

$

—

$

12,057

CVR liability

​

​

1,395

​

—

​

—

​

1,395

Total

​

$

13,452

$

—

$

—

​

$

13,452

Schedule of changes in Level 3 inputs

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​	​	​	​	​	​	​	​	​	​
​		CVR			Contingent		​	​	Warrant
​	​	Liability		​	Consideration		​	​	Liability
​	​	(In thousands)
Balance as of June 30, 2021		$	1,395	​	$	12,057	​	$	—
Included in earnings		​	(675)	​	​	579	​	​	(211)
Purchases, issues, sales and settlements:			​	​	​	​	​		​
Issues			—	​		—	​		590
Settlements*			—	​		(12,265)	​		(379)
Balance as of March 31, 2022		$	720	​	$	371	​	$	—

Schedule of significant assumptions used in valuation

Significant assumptions used in valuing CVRs were as follows:

​	​	​	​
​	​	March 31,
​		2022
Leveraged Beta		0.79	​
Market risk premium	​	6.22	%
Risk-free interest rate	​	2.12	%
Discount	​	19.50	%
Company specific discount		10.00	%

​

Significant assumptions used in valuing the warrants were as follows:

​	​	​	​
​	​	January 26,
​		2022
Expected volatility		56.75	%
Equivalent term (years)	​	5.00	​
Risk-free rate	​	1.66	%
Dividend yield	​	0.00	%

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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