v3.24.1.u1
Shareholders' Equity (Tables)
 9 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Stock by Class As of March 31, 2024, the Company has reserved the following authorized, but unissued, shares of common stock:
Employee Stock Purchase Plan159 
Stock awards outstanding under 2020 Plan18,457,999 
Stock awards available for grant under 2020 Plan2,849,703 
Options outstanding under 2003 Plan523,356 
Total21,831,217 
Schedule of Share-Based Compensation Activity
Total share-based compensation for stock awards included in selling, general, and administrative expense in the condensed consolidated statements of comprehensive income (loss) was as follows for the periods presented:
Three Months Ended March 31,Nine Months Ended March 31,
(in thousands)2024202320242023
Share-based compensation related to:
Equity classified stock options$673 $799 $2,109 $2,495 
Equity classified RSU's1,992 1,563 5,850 4,490 
Equity classified PSU's— 77 33 29 
Equity classified PVU's850 486 2,520 1,384 
Total $3,515 $2,925 $10,512 $8,398 
Schedule of Stock Options Roll Forward The following table summarizes stock option activity under the Stock Plans for the nine months ended March 31, 2024:
Number of OptionsWeighted- Average Exercise PriceWeighted- Average Remaining Contractual Term (in Years)Aggregate Intrinsic Value (in Thousands)
Outstanding—June 30, 2023
3,847,339 $11.56 
Options granted
— — 
Options exercised
(16,000)0.53 
Options forfeited/expired/cancelled
(64,358)7.38 
Outstanding—March 31, 2024
3,766,981 $11.68 6.70$178 
Vested and exercisable—March 31, 2024
2,505,019 $11.77 6.35$178 
Schedule of Restricted Stock Unit Activity
The following table summarizes restricted stock unit activity under the 2020 Stock Plan for the nine months ended March 31, 2024:

Number of Restricted Stock UnitsWeighted-Average Grant Date Fair Value
Unvested as of June 30, 2023
4,911,613 $2.57 
Granted6,578,688 1.49 
Vested(2,468,847)2.08 
Forfeited(217,727)2.12 
Unvested as of March 31, 2024
8,803,727 $1.91 
Schedule of Performance Stock Activity The following table summarizes performance stock unit activity under the 2020 Stock Plan for the nine months ended March 31, 2024:
Number of Performance Stock UnitsWeighted-Average Grant Date Fair Value
Unvested as of June 30, 2023
13,365 $17.96 
Granted— — 
Vested(14,477)17.95 
Forfeited— — 
Performance adjustment(1)
1,112 — 
Unvested as of March 31, 2024
— $— 
(1) Represents adjustments to previously granted PSU’s to reflect changes in estimates of future financial performance against targets.
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table summarizes the number of shares, stock price hurdles, service periods, and performance periods for each tranche, for the PVU’s awarded during the nine months ended March 31, 2024:

Number of Shares per TrancheGrant Date Fair Value (per Share)Stock Price Hurdle (per Share)Performance PeriodRequisite Service Period
Tranche 1559,202 $1.85 $2.50 
August 1, 2023 - August 1, 2028
1 year - 3 years
Tranche 2559,175 $1.69 $5.00 
August 1, 2023 - August 1, 2028
1.41 years - 3 years
Tranche 3559,213 $1.55 $7.50 
August 1, 2023 - August 1, 2028
1.96 years - 3 years
Tranche 4559,185 $1.45 $10.00 
August 1, 2023 - August 1, 2028
2.27 years - 3 years
Tranche 5
8,439 $0.98 $2.50 
February 1, 2024 - February 1, 2029
1.29 years - 3 years
Tranche 6
8,437 $0.84 $5.00 
February 1, 2024 - February 1, 2029
2.20 years - 3 years
Tranche 7
8,441 $0.75 $7.50 
February 1, 2024 - February 1, 2029
2.64 years - 3 years
Tranche 8
8,438 $0.67 $10.00 
February 1, 2024 - February 1, 2029
2.90 years - 3 years

The following table summarizes the number of shares, stock price hurdles, service periods, and performance periods for each tranche, for the PVU’s awarded during the nine months ended March 31, 2023:

Number of Shares per TrancheGrant Date Fair Value (per Share)Stock Price Hurdle (per Share)Performance PeriodRequisite Service Period
Tranche 11,055,674 $1.52 $4.00 August 1, 2022 - August 1, 2027
1.39 years - 3 years
Tranche 21,055,648 $1.25 $7.50 August 1, 2022 - August 1, 2027
2.33 years - 3 years
Tranche 31,055,674 $1.11 $10.00 August 1, 2022 - August 1, 2027
2.66 years - 3 years
Tranche 41,055,648 $1.01 $12.50 August 1, 2022 - August 1, 2027
2.90 years - 3 years
Schedule of Stock Options, Valuation Assumptions The Company used the following weighted-average assumptions for the PVU’s granted as of the date below:
Shares Granted February 1, 2024
Shares Granted August 1, 2023
Shares Granted August 1, 2022
Share price as of grant date $1.11$1.38$1.80
Volatility90.8%94.3%79.3%
Risk-free interest rate3.7%4.1%2.6%
Cost of Equity11.6%9.2%10.6%
Dividend yield—%—%—%
Schedule of Nonvested Share Activity
The following table summarizes price-vested stock unit activity under the 2020 Stock Plan for the nine months ended March 31, 2024:

Number of Price-Vested UnitsWeighted-Average Grant Date Fair Value
Unvested as of June 30, 2023
4,044,180 $1.22 
Granted2,270,530 1.62
Vested— — 
Forfeited(70,802)1.36
Unvested as of March 31, 2024
6,243,908 $1.37