0000950170-22-018236 | 10-K | XBRL Viewer

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Jun. 30, 2022	Sep. 07, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity File Number	000-50484
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0407811
Entity Address, Address Line One	11455 El Camino Real
Entity Address, City or Town	San Diego
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	369-7100
Trading Symbol	MEIP
Entity Registrant Name	MEI Pharma, Inc.
Entity Central Index Key	0001262104
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.00000002 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		133,260,865
Entity Public Float			$ 353.2
Documents Incorporated by Reference	Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant’s definitive proxy statement for the annual meeting of stockholders to be held in December 2022, which will be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year ended June 30, 2022.
Auditor Firm ID	243
Auditor Location	San Diego, California
Auditor Name	BDO USA, LLP

BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 15,740	$ 8,543
Short-term investments	137,512	144,883
Total cash, cash equivalents and short-term investments	153,252	153,426
Unbilled receivables	10,044	7,582
Prepaid expenses and other current assets	3,830	3,809
Total current assets	167,126	164,817
Operating lease right-of use assets	9,054	7,774
Property and equipment, net	1,660	1,507
Total assets	177,840	174,098
Current liabilities:
Accounts payable	7,918	6,355
Accrued liabilities	10,820	8,402
Deferred revenue	4,834	4,526
Operating lease liability	871	928
Total current liabilities	24,443	20,211
Deferred revenue, long-term	90,610	74,696
Operating lease liability, long term	8,771	7,370
Warrant liability	1,603	22,355
Total liabilities	125,427	124,632
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.01 par value; 100 shares authorized; none outstanding	0	0
Common stock, $0.00000002 par value; 226,000 shares authorized; 133,152 and 112,615 shares issued and outstanding at June 30, 2022 and 2021, respectively	0	0
Additional paid-in-capital	426,572	369,171
Accumulated deficit	(374,159)	(319,705)
Total stockholders' equity	52,413	49,466
Total liabilities and stockholders' equity	$ 177,840	$ 174,098

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00000002	$ 0.00000002
Common stock, shares authorized	226,000,000	226,000,000
Common stock, shares issued	133,152,000	112,615,000
Common stock, shares outstanding	133,152,000	112,615,000

STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 40,697	$ 34,796	$ 27,756
Operating expenses:
Cost of revenue	0	1,408	2,671
Research and development	85,641	69,398	34,065
General and administrative	30,540	24,414	16,717
Total operating expenses	116,181	95,220	53,453
Loss from operations	(75,484)	(60,424)	(25,697)
Other income (expense):
Change in fair value of warrant liability	20,752	18,122	(22,870)
Interest and dividend income	284	510	1,395
Other (expense) income, net	(6)	486	0
Income tax expense	0	(8)	(1)
Total other income (expense), net	21,030	19,110	(21,476)
Net loss	(54,454)	(41,314)	(47,173)
Net loss:
Basic	(54,454)	(41,314)	(47,173)
Diluted	$ (62,500)	$ (68,708)	$ (47,173)
Net loss per share:
Basic	$ (0.44)	$ (0.37)	$ (0.52)
Diluted	$ (0.50)	$ (0.60)	$ (0.52)
Shares used in computing net loss per share:
Basic	124,473	112,527	91,080
Diluted	125,142	114,481	91,080

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional paid in capital	Accumulated Deficit
Beginning Balance at Jun. 30, 2019	$ 47,930	$ 73,545	$ 279,148	$ (231,218)
Net loss	(47,173)			(47,173)
Issuance of common stock, net	69,231	37,815	69,231
Exercise of stock options	272	154	272
Share-based compensation expense	6,801		6,801
Ending Balance at Jun. 30, 2020	77,061	111,514	355,452	(278,391)
Net loss	(41,314)			(41,314)
Issuance of common stock, net	3,136	958	3,136
Exercise of warrants	6	1	6
Exercise of stock options	332	142	332
Share-based compensation expense	10,245		10,245
Ending Balance at Jun. 30, 2021	49,466	112,615	369,171	(319,705)
Net loss	(54,454)			(54,454)
Issuance of common stock, net	48,673	20,125	48,673
Issuance of common stock for vested restricted stock units	(194)	63	(194)
Exercise of stock options	572	349	572
Share-based compensation expense	8,350		8,350
Ending Balance at Jun. 30, 2022	$ 52,413	$ 133,152	$ 426,572	$ (374,159)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 3,652	$ 64	$ 3,731

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (54,454)	$ (41,314)	$ (47,173)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Change in fair value of warrant liability	(20,752)	(18,122)	22,870
Share-based compensation	8,350	10,245	6,801
Non-cash lease expense	909	0	0
Depreciation and amortization	326	285	109
Impairment of intangible assets	0	0	227
Changes in operating assets and liabilities:
Unbilled Receivables	(2,462)	(4,724)	(2,347)
Receivable for foreign tax withholding	0	20,420	(20,420)
Prepaid expenses and other current assets	(21)	(1,073)	(812)
Accounts payable	1,563	3,918	(2,350)
Accrued liabilities	2,418	2,312	1,470
Deferred revenue	16,222	(4,435)	75,883
Operating lease liability	(845)	524	0
Net cash provided by (used in) operating activities	(48,746)	(31,964)	34,258
Cash flows from investing activities:
Purchases of property and equipment	(479)	(708)	(894)
Purchases of short-term investments	(272,652)	(420,153)	(190,279)
Proceeds from maturity of short-term investments	280,023	445,569	84,879
Net cash (used in) provided by investing activities	6,892	24,708	(106,294)
Cash flows from financing activities:
Proceeds from issuance of common stock, gross	52,325	3,200	72,962
Payment of issuance costs	(3,652)	(64)	(3,731)
Proceeds from exercise of stock options	572	332	272
Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders	(194)	0	0
Collection of common stock proceeds receivable	0	0	5,274
Net cash provided by financing activities	49,051	3,468	74,777
Net increase (decrease) in cash and cash equivalents	7,197	(3,788)	2,741
Cash and cash equivalents at beginning of the year	8,543	12,331	9,590
Cash and cash equivalents at end of the year	15,740	8,543	12,331
Supplemental cash flow information:
Income taxes paid	0	(8)	(1)
Operating Lease right-of-use asset obtained in exchange for operating lease liability	2,189	8,689	0
Non-cash financing activities:
Warrants issued pursuant to cashless exercise	$ 0	$ 6	$ 0

The Company and Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2022

The Company and Summary of Significant Accounting Policies

Note 1. The Company and Summary of Significant Accounting Policies

The Company

MEI Pharma, Inc. is a late-stage pharmaceutical company committed to the development and commercialization of novel cancer therapies intended to improve outcomes for patients. Our portfolio of drug candidates includes three clinical-stage assets, including zandelisib (f/k/a ME-401), currently in multiple ongoing clinical studies intended to support marketing applications with the U.S. Food and Drug Administration (“FDA”) and other regulatory authorities globally. Our common stock is listed on the Nasdaq Capital Market under the symbol “MEIP.”

Clinical Development Programs

We build our pipeline by licensing or acquiring promising cancer agents and creating value in programs through development, commercialization and strategic partnerships, as appropriate. Our objective is to leverage the mechanisms and properties of our pipeline drug candidates to optimize the balance between efficacy and tolerability to meet the needs of patients with cancer. Our drug candidate pipeline includes:

•

zandelisib (f/k/a ME-401), an oral phosphatidylinositol 3-kinase (“PI3K”) delta inhibitor;

•

voruciclib, an oral cyclin-dependent kinase ("CDK") 9 inhibitor; and

•

ME-344, a mitochondrial inhibitor targeting the oxidative phosphorylation (“OXPHOS”) complex.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. We use estimates that affect the reported amounts (including assets, liabilities, revenues and expenses) and related disclosures. Actual results could materially differ from those estimates.

Liquidity

We have accumulated losses of $374.2 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of June 30, 2022, we had $153.3 million in cash, cash equivalents and short-term investments. We believe that these resources will be sufficient to meet our obligations and fund our liquidity and capital expenditure requirements for at least the next 12 months from the issuance of these financial statements. Our current business operations are focused on continuing the clinical development of our drug candidates. Changes to our research and development plans or other changes affecting our operating expenses may affect actual future use of existing cash resources. Our research and development expenses are expected to increase in the foreseeable future. We cannot determine with certainty costs associated with ongoing and future clinical trials or the regulatory approval process. The duration, costs and timing associated with the development of our product candidates will depend on a variety of factors, including uncertainties associated with the results of our clinical trials.

To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. In order to continue the development of our drug candidates, at some point in the future we expect to pursue one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships. There can be no assurance that we will be able to continue to raise additional capital in the future.

Reclassifications

Proceeds from issuance of common stock and payment of issuance costs have been reclassified in the prior year financial statements to conform to the current year financial statement presentation. These changes did not impact previously reported net loss, loss per share, stockholders’ equity, total assets or total cash flows.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less when purchased. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. We have not experienced any losses related to these balances.

Short-Term Investments

Short-term investments are marketable securities with maturities greater than three months but less than one year from date of purchase. As of June 30, 2022 and 2021, our short-term investments consisted of $137.5 million and $144.9 million, respectively, in United States, "U.S.", government securities. The short-term investments held as of June 30, 2022 and 2021 are considered to be “held to maturity” and are carried at amortized cost. As of June 30, 2022 and 2021, the gross unrealized gains and losses were immaterial.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value is as follows:

•

Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•

Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment

Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets (generally three to seven years) using the straight-line method. Leasehold improvements are stated at cost and are amortized over the shorter of the estimated useful lives of the assets or the lease term.

Leases

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases ("Topic 842") establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the Balance Sheets for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. We elected the following as practical expedients: 1) an entity need not reassess whether any expired or existing contracts are or contain leases, 2) an entity need not reassess the lease classification for any expired or existing leases, and 3) an entity need not reassess initial direct costs for any existing leases.

Rent expense for operating leases is recognized on a straight-line basis over the lease term based on the total lease payments. We have elected the practical expedient to not separate lease and non-lease components for our real estate leases. Our non-lease components are primarily related to property maintenance, which varies based on future outcomes, and thus is recognized in rent expense when incurred.

Revenue Recognition

Revenue from Customers

In accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), we recognize revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. For enforceable contracts with our customers, we first identify the distinct performance obligations – or accounting units – within the contract. Performance obligations are commitments in a contract to transfer a distinct good or service to the customer.

Payments received under commercial arrangements, such as licensing technology rights, may include non-refundable fees at the inception of the arrangements, milestone payments for specific achievements designated in the agreements, and royalties on the sale of products. At the inception of arrangements that include milestone payments, we use judgment to evaluate whether the milestones are probable

of being achieved, and we estimate the amount to include in the transaction price using the most likely method. If it is probable that a significant revenue reversal will not occur, the estimated amount is included in the transaction price. Milestone payments that are not within our or the licensee’s control, such as regulatory approvals, are not included in the transaction price until those approvals are received. At the end of each reporting period, we re-evaluate the probability of achievement of development milestones and any related constraint and, as necessary, we adjust our estimate of the overall transaction price.

We may enter into arrangements that consist of multiple performance obligations. Such arrangements may include any combination of our deliverables. To the extent a contract includes multiple promised deliverables, we apply judgment to determine whether promised deliverables are capable of being distinct and are distinct in the context of the contract. If these criteria are not met, the promised deliverables are accounted for as a combined performance obligation. For arrangements with multiple distinct performance obligations, we allocate variable consideration related to our 50-50 cost share for development services directly to the associated performance obligation and then allocate the remaining consideration among the performance obligations based on their relative stand-alone selling price. Stand-alone selling price is the price at which we would sell a promised good or service separately to the customer. When not directly observable, we typically estimate the stand-alone selling price for each distinct performance obligation. Variable consideration that relates specifically to our efforts to satisfy specific performance obligations is allocated entirely to those performance obligations. Other components of the transaction price are allocated based on the relative stand-alone selling price, over which management has applied significant judgment. We develop assumptions that require judgment to determine the stand-alone selling price for license-related performance obligations, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical, regulatory and commercial success. We estimate stand-alone selling price for research and development performance obligations by forecasting the expected costs of satisfying a performance obligation plus an appropriate margin.

In the case of a license that is a distinct performance obligation, we recognize revenue allocated to the license from non-refundable, up-front fees at the point in time when the license is transferred to the licensee and the licensee can use and benefit from the license. For licenses that are bundled with other distinct or combined obligations, we use judgment to assess the nature of the performance obligation to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the performance obligation is satisfied over time, we evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. From time to time, we perform additional services for Kyowa Kirin Co., Ltd. ("KKC") at their request, the costs of which are fully reimbursed to us. The cost of these services is recognized in the Statements of Operations as research and development expense.

The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. Revenue is recorded proportionally as costs are incurred. We generally use the cost-to-cost measure of progress because it best depicts the transfer of control to the customer which occurs as we incur costs. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation (an “input method” under Topic 606). We use judgment to estimate the total cost expected to complete the research and development performance obligations, which include subcontractors’ costs, labor, materials, other direct costs and an allocation of indirect costs. We evaluate these cost estimates and the progress each reporting period and, as necessary, we adjust the measure of progress and related revenue recognition.

For arrangements that include sales-based or usage-based royalties, we recognize revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, we have not recognized any sales-based or usage-based royalty revenue from license agreements.

We recognized revenue associated with the following license agreements for the periods presented (in thousands):


	Years Ended June 30,
	2022		2021		2020
License Agreement:
KKC Commercialization Agreement	$	40,697	$	34,356	$	26,386
Helsinn License Agreement		—		440		1,370
	$	40,697	$	34,796	$	27,756
Timing of Revenue Recognition:
Development services performed over time	$	37,304	$	31,302	$	6,768
Pass through services at a point in time		3,393		3,494		—
License transferred at a point in time		—		—		20,988
	$	40,697	$	34,796	$	27,756

Based on the characteristics of the Helsinn License Agreement, we recognized revenue based on the extent of progress towards completion of the performance obligations. The performance obligations under the Helsinn License Agreement were completed in June 2021, and the Helsinn License Agreement was terminated in November 2021.

Contract Balances

Accounts receivable are included on our Balance Sheets in “Prepaid expenses and other current assets”, and contract liabilities are included in “Deferred revenue” and “Deferred revenue, long-term” in our Balance Sheets. The following table presents changes in accounts receivable, unbilled receivables and contract liabilities accounted for under Topic 606 for the periods presented (in thousands):


	Years Ended June 30,
	2022			2021
Accounts receivable
Accounts receivable, beginning of year	$	—		$	83
Amounts billed		54,611			25,682
Payments received		(54,611	)		(25,765	)
Accounts receivable, end of year	$	—		$	—
Unbilled receivables
Unbilled receivables, beginning of year	$	7,582		$	2,858
Billable amounts		56,816			30,406
Amounts billed		(54,354	)		(25,682	)
Unbilled receivables, end of year	$	10,044		$	7,582
Contract liabilities
Contract liabilities, beginning of year	$	14,677		$	19,108
Revenue recognized		(3,777	)		(4,798	)
Payments received		20,000			367
Contract liabilities, end of year	$	30,900		$	14,677

The timing of revenue recognition, invoicing and cash collections results in billed accounts receivable and unbilled receivables (contract assets) and deferred revenue (contract liabilities). We invoice our customers in accordance with agreed-upon contractual terms, typically at periodic intervals or upon achievement of contractual milestones. Invoicing may occur subsequent to revenue recognition, resulting in unbilled receivables. We may receive advance payments from our customers before revenue is recognized, resulting in contract liabilities. The unbilled receivables and deferred revenue reported on the Balance Sheets relate to the KKC Commercialization Agreement.

As of June 30, 2022 and 2021, we had unbilled receivables of $10.0 million and $7.6 million, respectively, related to our remaining performance obligations under the KKC Commercialization Agreement. Our unbilled receivables are comprised of amounts that are billable based on the contractual provisions of the license agreement but not yet billed.

As of June 30, 2022 and 2021, we had $95.4 million and $79.2 million, respectively, of deferred revenue associated with the KKC Commercialization Agreement, of which $64.5 million relates to the U.S. license which is a unit of account under the scope of ASC Topic 808, Collaborative Arrangements ("Topic 808") and is not a performance obligation under Topic 606. The remaining balance of deferred revenue as of June 30, 2022 and 2021 of $30.9 million and $14.7 million, respectively, relates to the development services performance obligations which are under the scope of Topic 606.

Our contract liabilities accounted for under Topic 606 relate to the amount of initial upfront consideration that was allocated to the development services performance obligations. Contract liabilities are recognized over the duration of the performance obligations based on the costs incurred relative to total expected costs.

Revenue from Collaborators

At contract inception, we assess whether the collaboration arrangements are within the scope of Topic 808, to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed based on the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of Topic 808 that contain multiple units of account, we first determine which units of account within the arrangement are within the scope of Topic 808 and which elements are within the scope of Topic 606. For units of account within collaboration arrangements that are accounted for pursuant to Topic 808, an appropriate recognition method is determined and applied consistently, by analogy to authoritative accounting literature. For elements of collaboration arrangements that are accounted for pursuant to Topic 606, we recognize revenue as discussed above. Consideration received that does not meet the requirements to satisfy Topic 606 revenue recognition criteria is recorded as deferred revenue in the accompanying Balance Sheets, classified as either current or long-term deferred revenue based on our best estimate of when such amounts will be recognized.

Cost of Revenue

Cost of revenue primarily includes external costs paid to third party contractors to perform research, conduct clinical trials and develop and manufacture drug materials, and internal compensation and related personnel expenses to support our research and development performance obligations associated with the Helsinn License Agreement which was terminated in November 2021.

Research and Development

Research and development costs are expensed as incurred and include costs paid to third party contractors to perform research, conduct clinical trials and develop and manufacture drug materials. Clinical trial costs, including costs associated with third party contractors, are a significant component of research and development expenses. We expense research and development costs based on work performed. In determining the amount to expense, management relies on estimates of total costs based on contract components completed, the enrollment of subjects, the completion of trials, and other events. Costs incurred related to the purchase or licensing of in-process research and development for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.

Share-Based Compensation

Share-based compensation expense for stock options and restricted stock units ("RSUs") granted to employees and directors is recognized in the Statements of Operations based on estimated amounts. The cost of stock options is measured at the grant date, based on the estimated fair value of the stock option using the Black-Scholes valuation model, which incorporates various assumptions including expected volatility, risk-free interest rate, the expected term of the award and the dividend yield on the underlying stock. Expected volatility is calculated based on the historical volatility of our stock over the expected option life and other appropriate factors. The expected option term is computed using the "simplified" method as permitted under the provisions of ASC 718-10-S99. We use the simplified method to calculate the expected term of share options and similar instruments as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Risk-free interest rates are calculated based on continuously compounded risk-free rates for the appropriate term. The dividend yield is assumed to be zero as we have never paid or declared any cash dividends and does not intend to do so in the foreseeable future. For RSUs, we estimate the grant date fair value using our closing stock price on the date of grant. The estimated fair value of stock options and RSUs is amortized on a straight-line basis over the requisite service period, adjusted for actual forfeitures at the time they occur. The requisite service period is generally the time over which our share-based awards vest.

Interest and Dividend Income

Interest on cash balances is recognized when earned. Dividend income is recognized when the right to receive the payment is established.

Income Taxes

Our income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2022 and 2021, we have established a valuation allowance to fully reserve our net deferred tax assets. Tax rate changes are reflected in income during the period such changes are enacted. Changes in our ownership may limit the amount of net operating loss carryforwards that can be utilized in the future to offset taxable income.

The FASB Topic on income taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of June 30, 2022 and 2021.

Net Loss Per Share

Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of common stock subject to repurchase or forfeiture for the years ended June 30, 2022, 2021 and 2020. Our potentially dilutive shares, which include outstanding stock options, restricted stock units, and warrants, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The assessment of dilution is made on a quarterly basis and therefore the annual determination of diluted net loss per share only includes those quarters in which the potential common stock equivalents were determined to be dilutive.

The following table presents the calculation of net loss used to calculate basic and diluted loss per share for the periods presented (in thousands):


	Years Ended June 30,
	2022			2021			2020
Net loss—basic	$	(54,454	)	$	(41,314	)	$	(47,173	)
Change in fair value of warrant liability		(8,046	)		(27,394	)		—
Net loss—diluted	$	(62,500	)	$	(68,708	)	$	(47,173	)

Shares used in calculating net loss per share for the periods presented was determined as follows (in thousands):


	Years Ended June 30,
	2022	2021	2020
Weighted average shares used in calculating basic net loss per share	124,473	112,527	91,080
Effect of potentially dilutive common shares from equity awards and liability-classified warrants	669	1,954	—
Weighted average shares used in calculating diluted net loss per share	125,142	114,481	91,080

The following potentially dilutive shares have been excluded from the calculation of net loss per share for the periods presented because of their anti-dilutive effect (in thousands):


	Years Ended June 30,
	2022	2021	2020
Stock options	20,488	15,887	11,030
Warrants	8,030	4,015	16,062
Restricted stock units	229	427	—
Total anti-dilutive shares	28,747	20,329	27,092

Recent Account Pronouncement

In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), as amended. The amendments in ASU 2016-13 require, among other things, financial assets measured at amortized cost basis to be presented at the net amount expected to be collected as compared to previous U.S. GAAP which delayed recognition until it was probable a loss had been incurred. The amendments in this standard are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2016-13 will have on our financial statements and related disclosures.

KKC Agreements

12 Months Ended

Jun. 30, 2022

KKC License, Development and Commercialization Agreement

Note 2. KKC License, Development and Commercialization Agreement

In April 2020, we entered into the License, Development and Commercialization Agreement (the “KKC Commercialization Agreement”) with Kyowa Kirin Company (“KKC”). Under the KKC Commercialization Agreement, we granted to KKC a co-exclusive, sublicensable, payment-bearing license under certain patents and know-how controlled by us to develop and commercialize zandelisib and any pharmaceutical product containing zandelisib for all human indications in the U.S. (the "U.S. License"), and an exclusive (subject to certain retained rights to perform obligations under the KKC Commercialization Agreement), sublicensable, payment-bearing, license under certain patents and know-how controlled by us to develop and commercialize zandelisib and any pharmaceutical product containing zandelisib for all human indications in countries outside of the U.S. (the “Ex-U.S.” or the “Ex-U.S. License”). KKC granted to us a co-exclusive, sublicensable, license under certain patents and know-how controlled by KKC to develop and commercialize zandelisib for all human indications in the U.S., and a co-exclusive, sublicensable, royalty-free, fully paid license under certain patents and know-how controlled by KKC to perform our obligations in the Ex-U.S. under the KKC Commercialization Agreement. KKC paid us an initial payment of $100 million in May 2020. Additionally, we may earn up to approximately $582.5 million in potential development, regulatory and commercialization milestone payments, plus royalties on net sales of zandelisib in the Ex-U.S., which are tiered beginning in the teens.

KKC will be responsible for the development and commercialization of zandelisib in the Ex-U.S. and, subject to certain exceptions, will be solely responsible for all costs related thereto. We will co-develop and co-promote zandelisib with KKC in the U.S., with the Company recording all revenue from U.S. sales. We will share U.S. profits and costs (including development costs) on a 50-50 basis with KKC. We will also provide to KKC certain drug supplies necessary for the development and commercialization of zandelisib in the Ex-U.S., with the understanding that KKC will assume responsibility for manufacturing for the Ex-U.S. as soon as practicable.

We assessed the KKC Commercialization Agreement in accordance with Topic 808 and Topic 606 and determined that our obligations comprise the U.S. License, the Ex-U.S. License, and development services (the “Development Services”). We determined that the KKC Commercialization Agreement is a collaborative arrangement in accordance with Topic 808 that contains multiple units of account, as we and KKC are both active participants in the development and commercialization activities and are exposed to significant risks and rewards that are dependent on commercial success of the activities of the arrangement. The U.S. License is a unit of account under the scope of Topic 808 and is not a deliverable under Topic 606, while the Ex-U.S. License and Development Services performance obligations are under the scope of Topic 606.

We determined, at the time of our initial assessment, that the total transaction price of $191.5 million is comprised of the upfront payment of $100.0 million, expected milestone payments of $20.0 million, estimated variable consideration related to development cost-sharing of $66.3 million, and deferred revenue of $5.2 million from the KKC Commercialization Agreement. During the year ended June 30, 2022, we updated our estimate of variable consideration related to development cost sharing to $234.9 million. We increased our estimate primarily as a result of further visibility into total expected costs for these development estimates. Any variable consideration related to sales-based royalties and commercial milestones related to licenses of intellectual property will be determined when the sale or usage occurs and is, therefore, excluded from the transaction price. In addition, we are eligible to receive future development and regulatory milestones upon the achievement of certain criteria; however, these amounts are excluded from variable consideration as the risk of significant revenue reversal will only be resolved depending on future research and development and/or regulatory approval outcomes. We re-evaluate the estimated variable consideration included in the transaction price and any related constraints at the end of each reporting period.

We allocated the transaction price to each unit of account. Variable consideration that relates specifically to our efforts to satisfy specific performance obligations are allocated entirely to those performance obligations. Other components of the transaction price are allocated based on the relative stand-alone selling price, over which management has applied significant judgment. We developed the estimated stand-alone selling price for the licenses using the risk-adjusted net present values of estimated cash flows, and the estimated stand-alone selling price of the development services performance obligations by estimating costs to be incurred, and an appropriate margin, using an income approach.

We determined that control of the U.S. License and Ex-U.S. License were transferred to KKC during the year ended June 30, 2020, and recognized revenue of $21.0 million related to the Ex-U.S. License. The $64.5 million transaction price allocated to the U.S. License obligation accounted for under Topic 808 is recorded as non-current deferred revenue and will begin to be recognized upon future commercialization as non-ASC 606 revenue. As of June 30, 2022 and 2021, we recorded deferred revenue of $30.9 million and $14.7 million, respectively, for the transaction price allocated to the Development Services performance obligations, and we are recognizing this revenue based on the proportional performance of these development activities which we expect to recognize through fiscal year 2030.

BeiGene Collaboration

12 Months Ended

Jun. 30, 2022

BeiGene Collaboration

Note 3. BeiGene Collaboration

In October 2018, we entered into a clinical collaboration with BeiGene, Ltd. (“BeiGene”) to evaluate the safety and efficacy of zandelisib in combination with BeiGene’s zanubrutinib (marketed as Brukinsa), an investigational inhibitor of Bruton’s tyrosine kinase (“BTK”), for the treatment of patients with B-cell malignancies. Under the terms of the clinical collaboration agreement with BeiGene, we amended our ongoing Phase 1b trial to include evaluation of zandelisib in combination with zanubrutinib in patients with B-cell malignancies. Study costs are being shared equally by the parties, and we agreed to supply zandelisib and BeiGene agreed to supply zanubrutinib. We record the costs reimbursed by BeiGene as a reduction of our research and development expenses. We retained full commercial rights for zandelisib, and BeiGene retained full commercial rights for zanubrutinib.

Other License Agreements

12 Months Ended

Jun. 30, 2022

Licensing Arrangements [Abstract]

Other License Agreements

Note 4. Other License Agreements

Presage License Agreement

In September 2017, we, as licensee, entered into a license agreement with Presage Biosciences, Inc. (“Presage”). Under the terms of the license agreement, Presage granted to us exclusive worldwide rights to develop, manufacture and commercialize voruciclib, a clinical-stage, oral and selective CDK inhibitor, and related compounds. In exchange, we paid $2.9 million to Presage. With respect to the first indication, an incremental $2.0 million payment, due upon dosing of the first subject in the first registration trial, will be owed to Presage, for total payments of $4.9 million prior to receipt of marketing approval of the first indication in the U.S., EU or Japan. Additional potential payments of up to $179 million will be due upon the achievement of certain development, regulatory and commercial milestones. We will also pay mid-single digit tiered royalties on the net sales of any product successfully developed. As an alternative to milestone and royalty payments related to countries in which we sublicense product rights, we will pay to Presage a tiered percentage (which decreases as product development progresses) of amounts received from such sublicensees.

Helsinn License Agreement

In August 2016, we entered into an exclusive worldwide license, development, manufacturing and commercialization agreement with Helsinn Healthcare SA, a Swiss pharmaceutical corporation, for pracinostat in acute myeloid leukemia, myelodysplastic syndrome and other potential indications (the “Helsinn License Agreement”). As of June 30, 2021, our performance obligations related to the Helsinn License Agreement had been met, and the Helsinn License Agreement was terminated in November 2021.

Fair Value Measurements

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

The carrying amounts of financial instruments such as cash equivalents, short-term investments and accounts payable approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash in financial instruments which are readily convertible into cash, such as money market funds and U.S. government securities. Cash equivalents and short-term investments are classified as Level 1 as defined by the fair value hierarchy.

In May 2018, we issued warrants in connection with our private placement of shares of common stock. Pursuant to the terms of the warrants, we could be required to settle the warrants in cash in the event of an acquisition of the Company and, as a result, the warrants are required to be measured at fair value and reported as a liability in the Balance Sheets. We recorded the fair value of the warrants upon issuance using the Black-Scholes valuation model and are required to revalue the warrants at each reporting date with any changes in fair value recorded on our Statements of Operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. Inputs used to determine the estimated fair value of the warrant liabilities include the estimated fair value of the underlying stock at the valuation date, the estimated term of the warrants, risk-free interest rates, expected dividends and the expected volatility of the underlying stock. The significant unobservable inputs used in the fair value measurement of the warrant liabilities were the volatility rate and the estimated term of the warrants. Generally, increases or decreases in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement. The changes in the fair value of the Level 3 warrant liability are reflected on the Statements of Operations for the years ended June 30, 2022, 2021 and 2020.

To calculate the fair value of the warrant liability, the following assumptions were used for the periods presented:


	June 30,
	2022			2021
Risk-free interest rate		2.8	%		0.2	%
Expected life (years)		0.9			1.9
Expected volatility		139.4	%		88.5	%
Dividend yield		0.0	%		0.0	%
Black-Scholes fair value	$	0.10		$	1.39

The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the years ended June 30, 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 warrant liability to equity upon exercise of warrants		—			(6	)
Change in estimated fair value of liability classified warrants		(20,752	)		(18,122	)
Balance at June 30,	$	1,603		$	22,355

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

12 Months Ended

Jun. 30, 2022

Property and Equipment

Note 6. Property and Equipment

Property and equipment consisted of the following, in thousands:


	June 30,
	2022			2021
Furniture and equipment	$	1,254		$	896
Leasehold improvements		1,054			941
		2,308			1,837
Less: accumulated depreciation		(648	)		(330	)
Property and equipment, net	$	1,660		$	1,507

Depreciation expense of property and equipment for the years ended June 30, 2022, 2021 and 2020 was approximately $326,000, $285,000 and $75,000, respectively.

Accrued Liabilities

12 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 7. Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:


	June 30,
	2022		2021
Accrued pre-clinical and clinical trial expenses	$	5,264	$	4,004
Accrued compensation and benefits		4,346		3,513
Accrued legal and professional services expenses		1,036		813
Other		174		72
Total accrued liabilities	$	10,820	$	8,402

Stockholders' Equity

12 Months Ended

Jun. 30, 2021

Stockholders' Equity

Note 8. Stockholders’ Equity

Equity Transactions

Underwritten Registered Offering

During the year ended June 30, 2022, we completed an underwritten registered offering of 20,125,000 shares of common stock at a price per share of $2.60 for net cash proceeds of $48.7 million, after offering costs of $3.7 million. During the year ended June 30, 2020, we completed an underwritten registered offering of 32,343,750 shares of common stock at a price per share of $1.60 for net cash proceeds of $48.5 million, after offering costs of $3.3 million.

Shelf Registration Statement

We have a shelf registration statement that permits us to sell, from time to time, up to $200.0 million of common stock, preferred stock and warrants. The shelf registration was filed and declared effective in May 2020, replacing our prior shelf registration statement that was filed and declared effective in May 2017, and carrying forward approximately $107.5 million of unsold securities registered under the prior shelf registration statement. As of June 30, 2022, there was $123.4 million aggregate value of securities available under the shelf registration statement.

At-The-Market Equity Offering

On November 10, 2020, we entered into an At-The-Market Equity Offering Sales Agreement (the “2020 ATM Sales Agreement”), pursuant to which we may sell an aggregate of up to $60.0 million of our common stock pursuant to the shelf registration statement. We had previously entered into an At-The-Market Equity Offering Sales Agreement in November 2017 (the “2017 ATM Sales Agreement”), pursuant to which we could sell an aggregate of up to $30.0 million of our common stock pursuant to the shelf registration statement. The 2017 ATM Sales Agreement expired on November 8, 2020. During the year ended June 30, 2020, we sold 5,471,684 shares under the 2017 ATM Sales Agreement for net proceeds of $20.7 million, after costs of $0.4 million. During the year ended June 30, 2021, we sold 958,083 shares under the 2017 ATM Sales Agreement for net proceeds of $3.1 million, after costs of $0.1 million. As of June 30, 2022, there was $60.0 million available under the 2020 ATM Sales Agreement.

Warrants

As of June 30, 2022, we have outstanding warrants to purchase 16,058,985 shares of our common stock. The warrants are fully vested, exercisable at a price of $2.54 per share and expire in May 2023. Pursuant to the terms of the warrants, we could be required to settle the warrants in cash in the event of an acquisition of the Company and, as a result, the warrants are required to be measured at fair value and reported as a liability in the Balance Sheets. The warrants were revalued as of June 30, 2022, 2021 and 2020 at $1.6 million, $22.4 million and $40.5 million, respectively. The changes in fair value were recorded on our Statements of Operations for the years ended June 30, 2022, 2021 and 2020. During the year ended June 30, 2021, a warrant holder completed a cashless exercise of 2,617 warrants for 964 shares of common stock. No warrants were exercised during the years ended June 30, 2022 and 2020.

Description of Capital Stock

Our total authorized share capital is 226,100,000 shares consisting of 226,000,000 shares of common stock, $0.00000002 par value per share, and 100,000 shares of preferred stock, $0.01 par value per share.

Common Stock

The holders of common stock are entitled to one vote per share. In the event of a liquidation, dissolution or winding up of our affairs, holders of the common stock will be entitled to share ratably in all our assets that are remaining after payment of our liabilities and the liquidation preference of any outstanding shares of preferred stock. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of holders of common stock are subject to any series of preferred stock that we have issued or that we may issue in the future. The holders of common stock have no pre-emptive rights and are not subject to future calls or assessments by us.

Preferred Stock

Our board of directors has the authority to issue up to 100,000 shares of preferred stock with a par value of $.01 per share in one or more series and to fix the rights, preferences, privileges and restrictions in respect of that preferred stock, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption (including sinking fund provisions), redemption prices and liquidation preferences, and the number of shares constituting such series and the designation of any such series, without future vote or action by the stockholders. Therefore, the board of directors, without the approval of the stockholders, could authorize the issue of preferred stock with voting, conversion and other rights that could affect the voting power, dividend and other rights of the holders of shares or that could have the effect of delaying, deferring or preventing a change of control. There were no shares of preferred stock outstanding as of June 30, 2022 or 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Share-Based Compensation

12 Months Ended

Jun. 30, 2022

Share-Based Compensation

Note 9. Share-Based Compensation

We use equity-based compensation programs to provide long-term performance incentives for our employees. These incentives consist primarily of stock options and RSUs. In December 2008, we adopted the MEI Pharma, Inc. 2008 Stock Omnibus Equity Compensation Plan (the “Omnibus Plan”), as amended and restated from time to time, under which 29,014,794 shares of common stock are authorized for issuance. The Omnibus Plan provides for the grant of options and/or other stock-based or stock-denominated awards to our non-employee directors, officers, employees and advisors. As of June 30, 2022, there were 9,154,665 shares available for future grant under the Omnibus Plan.

In May 2021, we adopted the 2021 Inducement Plan ("Inducement Plan"), under which 2,500,000 shares of common stock are authorized for issuance. The Inducement Plan is intended to assist us in attracting and retaining selected individuals to serve as employees who are expected to contribute to our success, by providing an inducement for such individuals to enter into employment with us, and to achieve long-term objectives that will benefit stockholders of the Company. As of June 30, 2022, there were 143,000 shares available for future grant under the Inducement Plan.

Total share-based compensation expense for all stock awards consists of the following, in thousands:


	Years Ended June 30,
	2022		2021		2020
Research and development	$	2,610	$	4,144	$	2,777
General and administrative		5,740		6,101		4,024
Total share-based compensation	$	8,350	$	10,245	$	6,801

Stock Options

Stock options granted to employees vest 25% one year from the date of grant and ratably each month thereafter for a period of 36 months and expire ten years from the date of grant. Stock options granted to directors vest ratably each month for a period of 12 months from the date of grant and expire ten years from the date of grant. As of June 30, 2022, there were a total of 19,934,007 options outstanding. Of the total outstanding options, 17,577,007 were granted under the Omnibus Plan and 2,357,000 were granted under the Inducement Plan.

A summary of our stock option activity and related data follows:


	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at June 30, 2021	16,668,542	$3.01
Granted	7,124,734	$2.57
Exercised	(348,547)	$1.64
Forfeited	(3,510,722)	$3.15
Outstanding at June 30, 2022	19,934,007	$2.85	7.4	$50,600
Vested and exercisable at June 30, 2022	10,844,635	$2.95	6.2	$—

As of June 30, 2022, the aggregate intrinsic value of outstanding options is calculated as the difference between the exercise price of the underlying options and the closing price of our common stock of $0.61 on that date. The total fair value of options that vested during the years ended June 30, 2022, 2021 and 2020 was $9.0 million, $6.4 million and $5.4 million, respectively.

Unrecognized compensation expense related to non-vested stock options totaled $6.6 million as of June 30, 2022. Such compensation expense is expected to be recognized over a weighted-average period of 1.7 years. As of June 30, 2022, we expect all outstanding options to vest.

We use a Black-Scholes valuation model to estimate the grant date fair value of stock options. To calculate these fair values, the following weighted-average assumptions were used:


	Years Ended June 30,
	2022			2021			2020
Risk-free interest rate		1.3	%		0.5	%		1.7	%
Expected life (years)		6.0			6.0			6.0
Expected volatility		69.6	%		80.1	%		74.1	%
Dividend yield		0.0	%		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.57		$	2.30		$	1.64

Restricted Stock Units

A summary of our RSU activity and related data follows:


	Number of RSUs	Weighted-Average Grant Date Fair Value
Non-vested at June 30, 2021	400,650	$3.49
Vested	(130,000)	$3.49
Forfeited	(86,250)	$3.49
Non-vested at June 30, 2022	184,400	$3.49

Each RSU represents the contingent right to receive one share of our common stock. Under the terms of the Omnibus Plan, each of the RSUs is calculated as 1.25 shares of common stock for purposes of determining the number of shares available for future grant. As of June 30, 2022, unrecognized compensation expense related to the unvested portion of our RSUs was de minimis.

Commitments and Contingencies

12 Months Ended

Jun. 30, 2022

Commitments and Contingencies

Note 10. Commitments and Contingencies

We have contracted with various consultants and third parties to assist us in pre-clinical research and development and clinical trials work for our leading drug compounds. The contracts are terminable at any time, but obligate us to reimburse the providers for any time or costs incurred through the date of termination. We also have employment agreements with certain of our current employees that provide for severance payments and accelerated vesting for share-based awards if their employment is terminated under specified circumstances.

Presage License Agreement

As discussed in Note 4. Other License Agreements, we are party to a license agreement with Presage under which we may be required to make future payments upon the achievement of certain development, regulatory and commercial milestones, as well as potential future royalties based upon net sales. As of June 30, 2022, we had not accrued any amounts for potential future payments as achievement of the milestones had not been met.

COVID-19

As a result of the ongoing COVID-19 pandemic, various public health orders and guidance measures have been implemented across much of the U.S., and across the globe, including in the locations of our office, clinical trial sites, key vendors and partners. Despite the relaxation of many governmental orders earlier this year, the ongoing COVID-19 pandemic still impacts the normal conduct of business. While we continue to enroll and dose patients in our clinical trials, our clinical development program timelines may continue to be subject to potential negative impacts from the ongoing pandemic in the U.S. and globally.

We may experience enrollment delays and suspensions, patient withdrawals, postponement of planned clinical or preclinical studies, redirection of site resources from studies, and study deviations or noncompliance. We may also need to maintain or implement study modifications, suspensions, or terminations, the introduction of additional remote study procedures and modified informed consent procedures, study site changes, direct delivery of investigational products to patient homes or alternative sites, which may require state licensing, and

changes or delays in site monitoring. The foregoing may require that we consult with relevant review and ethics committees, Institutional Review Boards and the FDA. The foregoing may also impact the integrity of our study data. The ongoing COVID-19 pandemic may further increase the need for clinical trial patient monitoring and regulatory reporting of adverse effects, and may delay regulatory authority meetings, inspections, assessments, or the regulatory review of marketing or investigational applications or submissions.

Not only might the ongoing COVID-19 pandemic impact the conduct of our clinical trials, but it may also impact our ability to procure the necessary supply of our investigational drug products, as well as any ancillary supplies necessary for the conduct of our studies. Third party manufacturers may also need to implement measures and changes, or deviate from typical manufacturing requirements that may otherwise adversely impact our product candidates.

Government stimulus programs enacted in response to the ongoing COVID-19 pandemic have not had a material impact on our financial condition, results of operations, or liquidity.

Nasdaq Bid Price Letter

On May 9, 2022, we received a letter from Nasdaq indicating that, for the last thirty consecutive business days, the bid price for our common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Capital Market.

In accordance with Nasdaq listing rules, we were provided an initial period of 180 calendar days, or until November 7, 2022, to regain compliance. The letter states that Nasdaq will provide written notification that we have achieved compliance with its rules if at any time before November 7, 2022, the bid price of our common stock closes at $1.00 per share or more for a minimum of ten consecutive business days. The Nasdaq letter had no immediate effect on the listing or trading of our common stock and the common stock continued to trade on The Nasdaq Capital Market.

If we do not regain compliance with Nasdaq listing rules by November 7, 2022, we may be eligible for an additional 180 calendar day compliance period. To qualify, we would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of our intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to Nasdaq that we will not be able to cure the deficiency, or if we are otherwise not eligible, Nasdaq would notify us that our securities would be subject to delisting. In the event of such a notification, we may appeal Nasdaq’s determination to delist our securities, but there can be no assurance Nasdaq would grant our request for continued listing.

We have not regained compliance with Nasdaq listing rules as of September 8, 2022.

Leases

12 Months Ended

Jun. 30, 2022

Disclosure Text Block [Abstract]

Leases

Note 11. Leases

In July 2020, we entered into a lease agreement (the "Initial Lease Agreement") for approximately 32,800 square feet of office space in San Diego, California. The Lease Agreement was scheduled to expire in March 2028 but was extended by 20 months to November 2029 in accordance with the amended lease agreement we entered into in January 2022 (the "Amended Lease Agreement"). The Initial and Amended Lease Agreements are collectively referred to as the lease agreements. The lease agreements contain rent escalations over the lease term. We have accounted for the lease agreements as operating leases. The lease agreements contain an option to renew and extend the lease term, which is not included in the determination of the ROU asset and operating lease liability, as it was not reasonably certain to be exercised. Upon commencement of the Amended Lease Agreement, to extend the lease term, we recognized an additional operating lease ROU asset and a corresponding operating lease liability. The lease agreements include variable non-lease components (e.g., common area maintenance, maintenance, etc.) that are not included in the ROU asset and operating lease liability and are reflected as an expense in the period incurred.

The Amended Lease Agreement also provides for an additional 12,300 square feet of office space adjacent to our current office in San Diego, beginning on July 1, 2022, for approximately 45,100 square feet of office space, which will be accounted for as an additional ROU asset and operating lease liability once we obtain control of the additional lease space. Our total contractual obligation for the additional lease space is $5.7 million.

The total operating lease costs for the Lease Agreement were as follows for the periods presented (in thousands):


	Years Ended June 30,
	2022		2021		2020
Operating lease cost	$	1,583	$	1,507	$	692

Supplemental cash flow information related to our operating leases was as follows for the periods presented (in thousands):


	Years Ended June 30,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,519	$	983	$	—
Right-of-use assets obtained in exchange for operating lease obligations:	$	2,189	$	8,689	$	—

The following is a schedule of the future minimum rental payments for our operating leases, reconciled to the lease liability as of June 30, 2022 (in thousands):


	June 30, 2022
Years ending June 30,
2023	$	1,565
2024		1,612
2025		1,168
2026		1,710
2027		1,761
Thereafter		5,090
Total lease payments		12,906
Less: Present value discount		(3,264	)
Total operating lease liability	$	9,642

Balance Sheet Classification - Operating Leases
Operating lease liability	$	871
Operating lease liability, long-term		8,771
Total operating lease liability	$	9,642

Other Balance Sheet Information - Operating Leases
Weighted average remaining lease term (in years)		7.4
Weighted average discount rate		7.50	%

Segment Information

12 Months Ended

Jun. 30, 2022

Segment Information

Note 12. Segment Information

We have one operating segment which is the development of pharmaceutical compounds. All of our assets and liabilities were located in the U.S. as of June 30, 2022 and 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes

12 Months Ended

Jun. 30, 2022

Income Taxes

Note 13. Income Taxes

Pre-tax loss consists of the following jurisdictions (in thousands):


	Years Ended June 30,
	2022			2021			2020
Domestic	$	(54,454	)	$	(41,306	)	$	(47,172	)
Foreign		—			—			—
Pre-tax loss	$	(54,454	)	$	(41,306	)	$	(47,172	)

The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):


	Years Ended June 30,
	2022						2021						2020
	$			%			$			%			$			%
Tax benefit at U.S. statutory rates	$	11,435			21	%	$	8,674			21	%	$	9,906			21	%
State tax		191			0	%		(99	)		0	%		9			0	%
Warrant liability costs		4,358			8	%		3,806			9	%		(4,803	)		(10	)%
Equity compensation		(71	)		0	%		(6	)		0	%		(2	)		0	%
Increase in valuation allowance		(15,473	)		(28	)%		(10,536	)		(26	)%		(4,473	)		(10	)%
Other		(440	)		(1	)%		(1,847	)		(4	)%		(638	)		(1	)%
	$	0			0	%	$	(8	)		0	%	$	(1	)		0	%

Deferred tax liabilities and assets are comprised of the following (in thousands):


	June 30,
	2022			2021
Deferred tax assets (liabilities):
Deferred revenue	$	20,362		$	16,637
Fixed and intangible assets		13,283			15,924
Share-based payments		4,869			4,182
Tax losses carried forward		29,581			16,104
Compensation accruals		927			727
Consultant and other accruals		25			22
Right-of-use assets		(1,932	)		(1,633	)
Lease liabilities		2,057			1,742
Charitable contributions		7			1
Total deferred tax assets (liabilities)		69,179			53,706
Valuation allowance for deferred tax assets		(69,179	)		(53,706	)
Net deferred tax assets and liabilities	$	—		$	—

We evaluate the recoverability of the deferred tax assets and the amount of the required valuation allowance. Due to the uncertainty surrounding the realization of the tax deductions in future tax returns, we have recorded a valuation allowance against our net deferred tax assets as of June 30, 2022 and 2021. At such time as it is determined that it is more likely than not that the deferred tax assets will be realized, the valuation allowance would be reduced.

We had federal and state net operating loss carryforwards of approximately $133.9 million and $23.8 million as of June 30, 2022. The federal net operating loss will carry forward indefinitely subject to an 80% taxable income limitation. The state net operating loss carryforwards will begin to expire in 2030 unless previously utilized.

Our ability to utilize our net operating loss carryforwards may be substantially limited due to ownership changes that have occurred or that could occur in the future under Section 382 of the Internal Revenue Code and similar state laws. During 2022, we completed a study to analyze whether one or more ownership changes had occurred and determined that two such ownership changes did occur. While the ownership changes do limit the amount of net operating loss we are able to use each year, all of our net operating losses are expected to be available for utilization prior to expiring.

None of our prior income tax returns have been selected for examination by a major taxing jurisdiction; however, the statutes of limitations for various filings remain open. The oldest filings subject to potential examination for federal and state purposes are 2019 and 2018, respectively. If we utilize a net operating loss related to a closed tax year, the tax year in which the loss was incurred is subject to adjustment up to the amount of the net operating loss.

We have not reduced any tax benefit on our financial statements due to uncertain tax positions as of June 30, 2022 and we are not aware of any circumstance that would significantly change this result through the end of fiscal year 2022. To the extent we incur income-tax related penalties or interest, we will recognize them as additional income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

The Company and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2022

Clinical Development Programs

•

zandelisib (f/k/a ME-401), an oral phosphatidylinositol 3-kinase (“PI3K”) delta inhibitor;

•

voruciclib, an oral cyclin-dependent kinase ("CDK") 9 inhibitor; and

•

ME-344, a mitochondrial inhibitor targeting the oxidative phosphorylation (“OXPHOS”) complex.

Use of Estimates

Liquidity

Reclassification

Reclassifications

Cash and Cash Equivalents

Short-Term Investments

Fair Value Measurements

•

Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment

Leases

Revenue Recognition

Revenue from Customers

We recognized revenue associated with the following license agreements for the periods presented (in thousands):


	Years Ended June 30,
	2022		2021		2020
License Agreement:
KKC Commercialization Agreement	$	40,697	$	34,356	$	26,386
Helsinn License Agreement		—		440		1,370
	$	40,697	$	34,796	$	27,756
Timing of Revenue Recognition:
Development services performed over time	$	37,304	$	31,302	$	6,768
Pass through services at a point in time		3,393		3,494		—
License transferred at a point in time		—		—		20,988
	$	40,697	$	34,796	$	27,756

Contract Balances


	Years Ended June 30,
	2022			2021
Accounts receivable
Accounts receivable, beginning of year	$	—		$	83
Amounts billed		54,611			25,682
Payments received		(54,611	)		(25,765	)
Accounts receivable, end of year	$	—		$	—
Unbilled receivables
Unbilled receivables, beginning of year	$	7,582		$	2,858
Billable amounts		56,816			30,406
Amounts billed		(54,354	)		(25,682	)
Unbilled receivables, end of year	$	10,044		$	7,582
Contract liabilities
Contract liabilities, beginning of year	$	14,677		$	19,108
Revenue recognized		(3,777	)		(4,798	)
Payments received		20,000			367
Contract liabilities, end of year	$	30,900		$	14,677

Revenue from Collaborators

Cost of Revenue

Research and Development Costs

Research and Development

Share-based Compensation

Share-Based Compensation

Interest and Dividend Income

Interest on cash balances is recognized when earned. Dividend income is recognized when the right to receive the payment is established.

Income Taxes

Net Loss Per Share

The following table presents the calculation of net loss used to calculate basic and diluted loss per share for the periods presented (in thousands):


	Years Ended June 30,
	2022			2021			2020
Net loss—basic	$	(54,454	)	$	(41,314	)	$	(47,173	)
Change in fair value of warrant liability		(8,046	)		(27,394	)		—
Net loss—diluted	$	(62,500	)	$	(68,708	)	$	(47,173	)

Shares used in calculating net loss per share for the periods presented was determined as follows (in thousands):


	Years Ended June 30,
	2022	2021	2020
Weighted average shares used in calculating basic net loss per share	124,473	112,527	91,080
Effect of potentially dilutive common shares from equity awards and liability-classified warrants	669	1,954	—
Weighted average shares used in calculating diluted net loss per share	125,142	114,481	91,080

The following potentially dilutive shares have been excluded from the calculation of net loss per share for the periods presented because of their anti-dilutive effect (in thousands):


	Years Ended June 30,
	2022	2021	2020
Stock options	20,488	15,887	11,030
Warrants	8,030	4,015	16,062
Restricted stock units	229	427	—
Total anti-dilutive shares	28,747	20,329	27,092

Recent Accounting Pronouncements

Recent Account Pronouncement

The Company and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2022

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 for the periods presented:


	June 30,
	2022			2021
Risk-free interest rate		2.8	%		0.2	%
Expected life (years)		0.9			1.9
Expected volatility		139.4	%		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 years ended June 30, 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 warrant liability to equity upon exercise of warrants		—			(6	)
Change in estimated fair value of liability classified warrants		(20,752	)		(18,122	)
Balance at June 30,	$	1,603		$	22,355

Schedule Of Revenue Associated With License Agreement

We recognized revenue associated with the following license agreements for the periods presented (in thousands):


	Years Ended June 30,
	2022		2021		2020
License Agreement:
KKC Commercialization Agreement	$	40,697	$	34,356	$	26,386
Helsinn License Agreement		—		440		1,370
	$	40,697	$	34,796	$	27,756
Timing of Revenue Recognition:
Development services performed over time	$	37,304	$	31,302	$	6,768
Pass through services at a point in time		3,393		3,494		—
License transferred at a point in time		—		—		20,988
	$	40,697	$	34,796	$	27,756

Schedule of Changes in Accounts Receivable, Unbilled Receivables and Contract Liabilities

The following table presents changes in accounts receivable, unbilled receivables and contract liabilities accounted for under Topic 606 for the periods presented (in thousands):


	Years Ended June 30,
	2022			2021
Accounts receivable
Accounts receivable, beginning of year	$	—		$	83
Amounts billed		54,611			25,682
Payments received		(54,611	)		(25,765	)
Accounts receivable, end of year	$	—		$	—
Unbilled receivables
Unbilled receivables, beginning of year	$	7,582		$	2,858
Billable amounts		56,816			30,406
Amounts billed		(54,354	)		(25,682	)
Unbilled receivables, end of year	$	10,044		$	7,582
Contract liabilities
Contract liabilities, beginning of year	$	14,677		$	19,108
Revenue recognized		(3,777	)		(4,798	)
Payments received		20,000			367
Contract liabilities, end of year	$	30,900		$	14,677

Schedule of Income (Loss) Per Share, Basic and Diluted

The following table presents the calculation of net loss used to calculate basic and diluted loss per share for the periods presented (in thousands):


	Years Ended June 30,
	2022			2021			2020
Net loss—basic	$	(54,454	)	$	(41,314	)	$	(47,173	)
Change in fair value of warrant liability		(8,046	)		(27,394	)		—
Net loss—diluted	$	(62,500	)	$	(68,708	)	$	(47,173	)

Calculation of Weighted Average Shares Used to Calculate Basic and Diluted (Loss) Earnings Per Share

Shares used in calculating net loss per share for the periods presented was determined as follows (in thousands):


	Years Ended June 30,
	2022	2021	2020
Weighted average shares used in calculating basic net loss per share	124,473	112,527	91,080
Effect of potentially dilutive common shares from equity awards and liability-classified warrants	669	1,954	—
Weighted average shares used in calculating diluted net loss per share	125,142	114,481	91,080

Antidilutive Securities

The following potentially dilutive shares have been excluded from the calculation of net loss per share for the periods presented because of their anti-dilutive effect (in thousands):


	Years Ended June 30,
	2022	2021	2020
Stock options	20,488	15,887	11,030
Warrants	8,030	4,015	16,062
Restricted stock units	229	427	—
Total anti-dilutive shares	28,747	20,329	27,092

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

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 for the periods presented:


	June 30,
	2022			2021
Risk-free interest rate		2.8	%		0.2	%
Expected life (years)		0.9			1.9
Expected volatility		139.4	%		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 years ended June 30, 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 warrant liability to equity upon exercise of warrants		—			(6	)
Change in estimated fair value of liability classified warrants		(20,752	)		(18,122	)
Balance at June 30,	$	1,603		$	22,355

Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2022

Schedule of Property and Equipment

Property and equipment consisted of the following, in thousands:


	June 30,
	2022			2021
Furniture and equipment	$	1,254		$	896
Leasehold improvements		1,054			941
		2,308			1,837
Less: accumulated depreciation		(648	)		(330	)
Property and equipment, net	$	1,660		$	1,507

Accrued Liabilities (Tables)

12 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following, in thousands:


	June 30,
	2022		2021
Accrued pre-clinical and clinical trial expenses	$	5,264	$	4,004
Accrued compensation and benefits		4,346		3,513
Accrued legal and professional services expenses		1,036		813
Other		174		72
Total accrued liabilities	$	10,820	$	8,402

Share-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2022

Share-Based Compensation Expense for Stock Awards

Total share-based compensation expense for all stock awards consists of the following, in thousands:


	Years Ended June 30,
	2022		2021		2020
Research and development	$	2,610	$	4,144	$	2,777
General and administrative		5,740		6,101		4,024
Total share-based compensation	$	8,350	$	10,245	$	6,801

Summary of Stock Option Activity and Related Data

A summary of our stock option activity and related data follows:


	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at June 30, 2021	16,668,542	$3.01
Granted	7,124,734	$2.57
Exercised	(348,547)	$1.64
Forfeited	(3,510,722)	$3.15
Outstanding at June 30, 2022	19,934,007	$2.85	7.4	$50,600
Vested and exercisable at June 30, 2022	10,844,635	$2.95	6.2	$—

Fair Value of Stock Options Weighted-Average Assumptions Used

We use a Black-Scholes valuation model to estimate the grant date fair value of stock options. To calculate these fair values, the following weighted-average assumptions were used:


	Years Ended June 30,
	2022			2021			2020
Risk-free interest rate		1.3	%		0.5	%		1.7	%
Expected life (years)		6.0			6.0			6.0
Expected volatility		69.6	%		80.1	%		74.1	%
Dividend yield		0.0	%		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.57		$	2.30		$	1.64

Summary of RSU activity and related data

A summary of our RSU activity and related data follows:


	Number of RSUs	Weighted-Average Grant Date Fair Value
Non-vested at June 30, 2021	400,650	$3.49
Vested	(130,000)	$3.49
Forfeited	(86,250)	$3.49
Non-vested at June 30, 2022	184,400	$3.49

Leases (Tables)

12 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Total Operating Costs

The total operating lease costs for the Lease Agreement were as follows for the periods presented (in thousands):


	Years Ended June 30,
	2022		2021		2020
Operating lease cost	$	1,583	$	1,507	$	692

Schedule of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to our operating leases was as follows for the periods presented (in thousands):


	Years Ended June 30,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,519	$	983	$	—
Right-of-use assets obtained in exchange for operating lease obligations:	$	2,189	$	8,689	$	—

Schedule of Future Minimum Rental Payments

The following is a schedule of the future minimum rental payments for our operating leases, reconciled to the lease liability as of June 30, 2022 (in thousands):


	June 30, 2022
Years ending June 30,
2023	$	1,565
2024		1,612
2025		1,168
2026		1,710
2027		1,761
Thereafter		5,090
Total lease payments		12,906
Less: Present value discount		(3,264	)
Total operating lease liability	$	9,642

Balance Sheet Classification - Operating Leases
Operating lease liability	$	871
Operating lease liability, long-term		8,771
Total operating lease liability	$	9,642

Other Balance Sheet Information - Operating Leases
Weighted average remaining lease term (in years)		7.4
Weighted average discount rate		7.50	%

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Pre-Tax loss Information

Pre-tax loss consists of the following jurisdictions (in thousands):


	Years Ended June 30,
	2022			2021			2020
Domestic	$	(54,454	)	$	(41,306	)	$	(47,172	)
Foreign		—			—			—
Pre-tax loss	$	(54,454	)	$	(41,306	)	$	(47,172	)

Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Tax Expense

The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):


	Years Ended June 30,
	2022						2021						2020
	$			%			$			%			$			%
Tax benefit at U.S. statutory rates	$	11,435			21	%	$	8,674			21	%	$	9,906			21	%
State tax		191			0	%		(99	)		0	%		9			0	%
Warrant liability costs		4,358			8	%		3,806			9	%		(4,803	)		(10	)%
Equity compensation		(71	)		0	%		(6	)		0	%		(2	)		0	%
Increase in valuation allowance		(15,473	)		(28	)%		(10,536	)		(26	)%		(4,473	)		(10	)%
Other		(440	)		(1	)%		(1,847	)		(4	)%		(638	)		(1	)%
	$	0			0	%	$	(8	)		0	%	$	(1	)		0	%

Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets are comprised of the following (in thousands):


	June 30,
	2022			2021
Deferred tax assets (liabilities):
Deferred revenue	$	20,362		$	16,637
Fixed and intangible assets		13,283			15,924
Share-based payments		4,869			4,182
Tax losses carried forward		29,581			16,104
Compensation accruals		927			727
Consultant and other accruals		25			22
Right-of-use assets		(1,932	)		(1,633	)
Lease liabilities		2,057			1,742
Charitable contributions		7			1
Total deferred tax assets (liabilities)		69,179			53,706
Valuation allowance for deferred tax assets		(69,179	)		(53,706	)
Net deferred tax assets and liabilities	$	—		$	—

Restatement of Previously Issued Financial Statements - Schedule of Impact of Restatement on Liabilities and Stockholders' Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Current liabilities:
Deferred revenue	$ 4,834	$ 4,526
Total current liabilities	24,443	20,211
Deferred revenue, long-term	90,610	74,696
Total liabilities	125,427	124,632
Stockholders' equity:
Accumulated deficit	(374,159)	(319,705)
Total stockholders' equity	$ 52,413	$ 49,466	$ 77,061	$ 47,930

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

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-SubTopic 10
-Section 50
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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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Restatement of Previously Issued Financial Statements - Summary of Impact of the Restatement on Revenue and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	$ 40,697	$ 34,796	$ 27,756
Loss from operations	(75,484)	(60,424)	(25,697)
Net loss	(54,454)	(41,314)	(47,173)
Net loss:
Basic	(54,454)	(41,314)	(47,173)
Diluted	$ (62,500)	$ (68,708)	$ (47,173)
Net loss per share:
Basic	$ (0.44)	$ (0.37)	$ (0.52)
Diluted	$ (0.50)	$ (0.60)	$ (0.52)

Restatement of Previously Issued Financial Statements - Summary of Impact of the Restatement on Statement of Stockholders' Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated deficit	$ (374,159)	$ (319,705)
Total stockholders' equity	$ 52,413	$ 49,466	$ 77,061	$ 47,930

- Definition

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Restatement of Previously Issued Financial Statements - Summary of Impact of the Restatement on Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ (54,454)	$ (41,314)	$ (47,173)
Changes in operating assets and liabilities:
Deferred revenue	16,222	(4,435)	75,883
Net cash provided by (used in) operating activities	$ (48,746)	$ (31,964)	$ 34,258

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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The Company and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Targeted or Tracking Stock, Stock [Line Items]
Short-term investments	$ 137,512	$ 144,883
Unbilled receivables	10,000	7,600
Deferred Revenue, Revenue Recognized	95,400	79,200
Unrecognized tax benefits	$ 0	$ 0
Common stock subject to repurchase or forfeiture	0	0	0
Accumulated Losses Since Inception	$ (374,159)	$ (319,705)
Cash And Cash Equivalents,Short Term Investments And Common Stock Proceeds Receivable		153,300
Unbilled receivables, Current	$ 10,044	7,582	$ 2,858
Changes in unrecognized tax position	An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.
US License
Targeted or Tracking Stock, Stock [Line Items]
Deferred Revenue, Revenue Recognized	$ 64,500
Development services performance obligations member
Targeted or Tracking Stock, Stock [Line Items]
Deferred Revenue, Revenue Recognized	$ 30,900	$ 14,700
Minimum
Targeted or Tracking Stock, Stock [Line Items]
Property and equipment, estimated useful life	3 years
Maximum
Targeted or Tracking Stock, Stock [Line Items]
Property and equipment, estimated useful life	7 years

The Company - Revenue Associated With The Following license agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 40,697	$ 34,796	$ 27,756
KKC Agreements [Member]
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	40,697	34,356	26,386
Helsinn License Agreement [Member]
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	0	440	1,370
Services performed over time [Member] \| Service
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	37,304	31,302	6,768
Transferred at a point in time [Member] \| Service
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	3,393	3,494	0
Transferred at a point in time [Member] \| License
Recognized Revenue Associated with The Following License Agreements [Line Items]
Revenues	$ 0	$ 0	$ 20,988

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

The Company - Schedule of Changes in Accounts Receivable, Unbilled Receivables and Contract Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Contract with Customer Asset and Liability [Line Items]
Account receivables, beginning of year	$ 0	$ 83
Amount billed	54,611	25,682
Payments received	(54,611)	(25,765)
Accounts receivables, end of year	0	0
Unbilled receivables, beginning of year	7,582	2,858
Billable amounts	56,816	30,406
Amount billed	(54,354)	(25,682)
Unbilled receivables, end of year	10,044	7,582
Contract liabilities, beginning of year	14,677	19,108
Revenue recognized	(3,777)	(4,798)
Payments received	20,000	367
Contract liabilities, end of year	$ 30,900	$ 14,677

Calculation of Net (Loss) Income Used to Calculate Basic and Diluted (Loss) Per Share (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Potentially Dilutive Securities Outstanding [Line Items]
Net loss—basic	$ (54,454)	$ (41,314)	$ (47,173)
Change in fair value of warrant liability	(8,046)	(27,394)
Net loss—diluted	$ (62,500)	$ (68,708)	$ (47,173)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Calculation of Weighted Average Shares Used to Calculate Basic and Diluted (Loss) Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares used in calculating net loss per share	124,473	112,527	91,080
Effect of potentially dilutive common shares from equity awards and liability-classified warrants	669	1,954
Weighted Average Number of Shares Outstanding, Diluted, Total	125,142	114,481	91,080

Antidilutive Securities (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	28,747	20,329	27,092
Employee Stock option
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	20,488	15,887	11,030
Restricted Stock Units (RSUs)
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	229	427
Warrants
Potentially Dilutive Securities Outstanding [Line Items]
Total anti-dilutive shares	8,030	4,015	16,062

KKC Agreements (As Restated) - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	May 31, 2020
Performance obligation revenue recognised	$ (3,777)	$ (4,798)
Kyowa Kirin Co
Total upfront payment receivable for grant of rights			$ 100,000
Kyowa Kirin Co \| Potential Payments on Achievement of Development Regulatory and Commercial Milestones \| Maximum
Milestone payment receivable amount	582,500
Kyowa Kirin Co \| KKC License Agreement
Upfront payment	100,000
Transaction price relating to the performance obligation	191,500
Estimated development cost sharing recovered through earnings	66,300
Deferred revenue	5,200
Expected milestone payment receivable	20,000
Kyowa Kirin Co \| KKC License Agreement \| Maximum
Estimated development cost sharing recovered through earnings	234,900
Kyowa Kirin Co \| KKC License Agreement \| Ex US License
Performance obligation revenue recognised	21,000
License Obligation Account Transaction Price Allocated	64,500
Kyowa Kirin Co \| KKC License Agreement \| Development Services
Contract with customer liability non current	$ 30,900	$ 14,700

Other License Agreements - Additional Information (Detail) - Presage License Agreement - Presage Biosciences, Inc. $ in Millions	1 Months Ended
	Sep. 30, 2017 USD ($)
Related Party Transaction [Line Items]
Compensation payable for grant of rights	$ 4.9
Payment for license	2.9
Incremental Payment
Related Party Transaction [Line Items]
Compensation payable for grant of rights	2.0
Potential Payments on Achievement of Development Regulatory and Commercial Milestones
Related Party Transaction [Line Items]
Milestone payment receivable amount	$ 179.0

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

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+ Details

Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability (Detail)	Jun. 30, 2022 USD ($) yr	Jun. 30, 2021 USD ($) yr
Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	2.8	0.2
Expected life years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input \| yr	0.9	1.9
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	139.4	88.5
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0	0.0
Black-Scholes Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input \| $	0.10	1.39

Schedule of Changes in Estimated Fair Value of Warrant Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Fair value measurements Significant unobservable inputs [Line Items]
Beginning balance	$ 22,355	$ 40,500
Change in estimated fair value of liability classified warrants	(20,752)	(18,122)	$ 22,870
Ending balance	1,603	22,355	40,500
Fair Value, Measurements, Recurring [Member] \| Level 3
Fair value measurements Significant unobservable inputs [Line Items]
Beginning balance	22,355	40,483
Reclassification of warrant liability to equity upon exercise of warrants	0	(6)
Change in estimated fair value of liability classified warrants	(20,752)	(18,122)
Ending balance	$ 1,603	$ 22,355	$ 40,483

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Impairment of finite lived intangible assets	$ 0	$ 0	$ 227

Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,308	$ 1,837
Less: accumulated depreciation	(648)	(330)
Property and equipment, net	1,660	1,507
Furniture And Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,254	896
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,054	$ 941

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 326,000	$ 2,850,000	$ 75,000

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Accrued Liabilities [Line Items]
Accrued pre-clinical and clinical trial expenses	$ 5,264	$ 4,004
Accrued compensation and benefits	4,346	3,513
Accrued legal and professional services expenses	1,036	813
Other	174	72
Total accrued liabilities	$ 10,820	$ 8,402

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Nov. 10, 2020	Nov. 08, 2017
Class of Stock [Line Items]
Fair value of warrants	$ 1,603	$ 22,355	$ 40,500
Aggregate Value of Securities Available Under Agreement	$ 123,400
Total authorized share capital	226,100,000
Common stock, shares authorized	226,000,000	226,000,000
Common stock, par value	$ 0.00000002	$ 0.00000002
Preferred stock, shares authorized	100,000	100,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	100,000
Common stock voting rights	one vote per share
Preferred stock, shares outstanding	0	0
Number Of Warrants Exercised	0	2,617
Number Of Shares Issued On Warrant Exercise		964
Common stock Value Issued	$ 48,673	$ 3,136	69,231
Proceeds from offering net of costs	52,325	3,200	72,962
Payments of Stock Issuance Costs	3,652	64	3,731
Unsold Securities Shares and Warrants Under Agreement	107,500
Aggregate Value of Securities Available Under Agreement	$ 123,400
Warrants
Class of Stock [Line Items]
Exercise price	$ 2.54
Warrants outstanding	16,058,985
ATM Sales Agreement
Class of Stock [Line Items]
Aggregate Value of Securities Available Under Agreement		$ 100	$ 400
Common stock share issued		958,083	5,471,684
Common stock Value Issued		$ 3,100	$ 20,700
Aggregate Value of Securities Available Under Agreement		$ 100	$ 400
Underwritten Registered Offering
Class of Stock [Line Items]
Common stock share issued	20,125,000		32,343,750
Offering price per share	$ 2.60		$ 1.60
Proceeds from Issuance Initial Public Offering	$ 48,700		$ 48,500
Payments of Stock Issuance Costs	3,700		$ 3,300
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement	200,000
Maximum \| ATM Sales Agreement
Class of Stock [Line Items]
Sale of shares under agreement					$ 30,000
Maximum \| Two Thousand And Twenty At The Market Sale Agreement Member
Class of Stock [Line Items]
Sale of shares under agreement	$ 60,000			$ 60,000

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2020 USD ($)	May 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to unvested stock options \| $	$ 6.6
Expected weighted average period for recognition of compensation expense	1 year 8 months 12 days
Options outstanding	19,934,007,000	16,668,542,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of common stock \| $ / shares	$ 0.61
Total fair value of options vested \| $	$ 9.0	$ 6.4	$ 5.4
Options outstanding	19,934,007
Employee Stock Option \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	12 months
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Employee Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vested percentage	25.00%
Share-based compensation arrangement by share-based payment award, award vesting period	36 months
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock to be received for each RSUs	1
Number Of Shares For Each Unit Of Restricted Stock	1.25
2008 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized		29,014,794,000
Shares available for future grant	9,154,665,000
2008 Omnibus Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	17,577,007
Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized				2,500,000,000
Shares available for future grant	143,000,000
Inducement Plan [Member] \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	2,357,000

Share-Based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 8,350	$ 10,245	$ 6,801
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	2,610	4,144	2,777
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 5,740	$ 6,101	$ 4,024

Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Number of Options
Beginning Balance \| shares	16,668,542
Granted \| shares	7,124,734
Exercised \| shares	(348,547)
Forfeited \| shares	(3,510,722)
Ending balance \| shares	19,934,007
Vested and exercisable at end of period \| shares	10,844,635
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 3.01
Granted \| $ / shares	2.57
Exercised \| $ / shares	1.64
Forfeited \| $ / shares	3.15
Ending balance \| $ / shares	2.85
Vested and exercisable at end of period \| $ / shares	$ 2.95
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	7 years 4 months 24 days
Vested and exercisable at end of period	6 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 50,600
Vested and exercisable at end of period \| $	$ 0

Fair Value of Stock Options Weighted-Average Assumptions Used (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.30%	0.50%	1.70%
Expected life (years)	6 years	6 years	6 years
Expected volatility	69.60%	80.10%	74.10%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average grant date fair value	$ 1.57	$ 2.30	$ 1.64

Share Based Compensation - Summary of RSU activity and related data (Details) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance	400,650
Granted	7,124,734,000
Vested	(130,000)
Forfeited	(86,250)
Ending balance	184,400	400,650
Weighted average grant date fair value
Beginning balance	$ 3.49
Granted	1.57	$ 2.30	$ 1.64
Vested	3.49
Forfeited	3.49
Ending balance	$ 3.49	$ 3.49

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May 09, 2022	Jun. 30, 2022
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Minimum bid price per share	$ 1.00
Presage License Agreement
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Accrued payment for potential future payments		$ 0

Leases - Additional Information (Detail) $ in Thousands	12 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Jun. 30, 2022 USD ($)	Jul. 31, 2022 USD ($) SqFeet Segment	Jul. 31, 2020 SqFeet
Number of square feet under lease \| SqFeet			32,800
Lease expire date	Mar. 31, 2028
Extended date	November 2029
Operating lease liabilities \| $	$ 9,642
San Diego California [Member]
Contractual obligation \| $		$ 5,700
Accounting Standards Update 2016-02 [Member]
Number of square feet under lease \| SqFeet		12,300
Accounting Standards Update 2016-02 [Member] \| San Diego California [Member]
Number of square feet under lease \| Segment		45,100

Schedule of Total Operating Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 1,583	$ 1,507	$ 692

Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,519	$ 983	$ 0
Right-of-use assets obtained in exchange for operating lease obligations:	$ 2,189	$ 8,689	$ 0

Schedule of Future Minimum Rental Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
2023	$ 1,565
2024	1,612
2025	1,168
2026	1,710
2027	1,761
Thereafter	5,090
Total Lease Payments	12,906
Less: Present value discount	(3,264)
Total operating lease liability	9,642
Operating lease liability	871	$ 928
Operating lease liability, long term	8,771	$ 7,370
Total operating lease liability	$ 9,642
Weighted average remaining lease term	7 years 4 months 24 days
Weighted average discount rate	7.50%

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2022 Segment
Segment Reporting Information [Line Items]
Number of Operating Segments	1

Pre- Tax loss Jurisdictions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Pre tax Income Loss [Line Items]
Domestic	$ (54,454)	$ (41,306)	$ (47,172)
Foreign	0	0	0
Pre-tax loss	$ (54,454)	$ (41,306)	$ (47,172)

Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax rates to Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Reconciliation Of Statutory Federal Tax Rate [Line Items]
Tax benefit at U.S. statutory rates	$ 11,435	$ 8,674	$ 9,906
State tax	191	(99)	9
Warrant liability costs	4,358	3,806	(4,803)
Equity compensation	(71)	(6)	(2)
Increase in valuation allowance	(15,473)	(10,536)	(4,473)
Other	(440)	(1,847)	(638)
Income tax expense	$ 0	$ (8)	$ (1)
Tax benefit (expense) at U.S. statutory rates	21.00%	21.00%	21.00%
State tax	0.00%	0.00%	0.00%
Warrant liability costs	8.00%	9.00%	(10.00%)
Equity compensation	0.00%	0.00%	0.00%
(Increase) decrease in valuation allowance	(28.00%)	(26.00%)	(10.00%)
Other	(1.00%)	(4.00%)	(1.00%)
Effective Income Tax Rate, Continuing Operations, Total	0.00%	0.00%	0.00%

Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Components of Deferred Tax Assets [Abstract]
Deferred revenue	$ 20,362	$ 16,637
Fixed and intangible assets	13,283	15,924
Share-based payments	4,869	4,182
Tax losses carried forward	29,581	16,104
Compensation accruals	927	727
Consultant and other accruals	25	22
Right-of-use assets	(1,932)	(1,633)
Lease liabilities	2,057	1,742
Charitable contributions	7	1
Total deferred tax assets	69,179	53,706
Valuation allowance for deferred tax assets	(69,179)	(53,706)
Net deferred tax assets and liabilities	$ 0	$ 0

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($)
Income Taxes Line Items [Line Items]
Federal net operating loss carry forwards	$ 133.9
State net operating loss carry forwards	$ 23.8
Taxable income percentage	80.00%
State
Income Taxes Line Items [Line Items]
Expiration year of operating loss carry forwards	2030

Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Quarterly Financial Information [Line Items]
Total revenues	$ 40,697	$ 34,796	$ 27,756
Net income (loss)	$ (54,454)	$ (41,314)	$ (47,173)
Basic income (loss) per share	$ (0.44)	$ (0.37)	$ (0.52)
Diluted loss per share	$ (0.50)	$ (0.60)	$ (0.52)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.