Quarterly report pursuant to Section 13 or 15(d)

Stockholders' equity

v3.21.1
Stockholders' equity
9 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders' equity
10. Stockholders’ equity
Common Stock
On October 6, 2020, the Company announced the closing of an underwritten public offering of 2,666,644 shares of its common stock at a price to the public of $3.10 per share. The Company also announced that the underwriter fully exercised its over-allotment option to purchase 483,870 additional shares of its common stock at the offering price of $3.10 per share.
Warrants
On October 6, 2020, the Company announced the closing of an underwritten public offering of 559,162 shares of common stock underlying
pre-funded
warrants initially purchased for $3.09 per share and immediately exercisable at $0.01 per share
(“Pre-Funded
Warrants”). All 559,162
Pre-Funded
Warrants issued had been exercised as of March 31, 2021.
 
The activity related to warrants during for the three and nine months ended March 31, 2021, is summarized as follows:
 
     Common Stock
from Warrants
     Weighted-
average
Exercise Price
(per share)
 
Outstanding at July 1, 2020
     145,424      $ 29.48  
Granted
     —          —    
Exercised
     —          —    
Forfeited
     (38,326      82.50  
    
 
 
    
 
 
 
Outstanding and exercisable at September 30, 2020
     107,098      $ 10.50  
Granted
     559,162        3.09  
Exercised
     (281,581      3.10  
Forfeited
     —          —    
    
 
 
    
 
 
 
Outstanding and exercisable at December 31, 2020
     384,679      $ 5.15  
Granted
     —          —    
Exercised
     (277,581      3.10  
Forfeited
     —          —    
    
 
 
    
 
 
 
Outstanding and exercisable at March 31, 2021
     107,098      $ 10.50  
    
 
 
    
 
 
 
Equity Incentive Plan
Employee Share Option Plan
Upon the
re-domiciliation,
the Company assumed BBL’s obligations with respect to the settlement of options that were issued by BBL prior to the
re-domiciliation
pursuant to the Benitec Officers’ and Employees’ Share Option Plan (the “Share Option Plan”). This includes the Company’s assumption of the Share Option Plan and all award agreements pursuant to which each of the options were granted. Each option when exercised entitles the option holder to one share in the Company. Options are exercisable on or before an expiry date, do not carry any voting or dividend rights and are not transferable except on death of the option holder or in certain other limited circumstances. Employee options vest one third on each anniversary of the applicable grant date for three years. If an employee dies, retires or otherwise leaves the Company and certain exercise conditions have been satisfied, generally, the employee has 12 months to exercise their options or the options are cancelled. After the
re-domiciliation,
no new options have been or will be issued under the Share Option Plan.
Equity and Incentive Compensation Plan
On December 9, 2020, the Company’s stockholders approved the Company’s 2020 Equity and Incentive Compensation Plan (the “2020 Plan”). The 2020 Plan provides for the grant of various equity awards. Currently, only stock options are outstanding under the 2020 Plan. Each option when exercised entitles the option holder to one share of the Company’s common stock. Options are exercisable on or before an expiry date, do not carry any voting or dividend rights, and are not transferable except on death of the option holder or in certain other limited circumstances. Employee stock options vest in increments of
one-third
on each anniversary of the applicable grant date for three years.
Non-employee
director options vest in increments of
one-third
on the day prior to each of the Company’s next three annual stockholder meetings following the grant date. If an option holder dies or terminates employment or service due to Disability (as defined in the 2020 Plan) and certain exercise conditions have been satisfied, generally, the option holder has 12 months to exercise their options or the options are cancelled. If an option holder otherwise leaves the Company, other than for a termination by the Company for Cause (as defined in the 2020 Plan) and certain exercise conditions have been satisfied, generally, the option holder has 90 days to exercise their options or the options are cancelled. Any future equity grants will be made under the 2020 Plan.
Equity Awards
The activity related to equity awards, which comprised of stock options during the three and nine months ended March 31, 2021, is summarized as follows:
 
     Stock
Options
     Weighted-
average
Exercise
Price
     Weighted-
average
Remaining
Contractual Term
     Aggregate
Intrinsic Value
 
Outstanding at June 30, 2020
     70,154      $ 60.42        2.89 years      $ —    
Granted
     —          —                      
Exercised
     —          —                      
Forfeited
     (444      69.32                    
    
 
 
    
 
 
                   
Outstanding at September 30, 2020
     69,710      $ 60.00        2.65 years        —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Granted
     525,547        2.98        9.95 years           
Exercised
     —          —                      
Forfeited
     (7,967      153.78                    
    
 
 
    
 
 
    
 
 
    
 
 
 
Outstanding at December 31, 2020
     587,290        7.64        9.2 years        —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Outstanding at March 31, 2021
     587,290        7.64        8.9 years        —    
Exercisable at March 31, 2021
     41,686      $ 47.34        2.3 years      $ —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Share-Based Compensation Expense
The classification of share-based compensation expense is summarized as follows:
 
    
Three Months Ended

March 31,
    
Nine Months Ended

March 31,
 
(US$’000)
  
2021
    
2020
    
2021
    
2020
 
Research and development
   $ 18      $ 18      $ 33      $  53  
General and administrative
     217        70        322        127  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total share-based compensation expense
   $ 235      $ 88      $ 355      $ 180  
    
 
 
    
 
 
    
 
 
    
 
 
 
As of March 31, 2021, there was $1,159,000 of unrecognized share-based compensation expense related to stock options issued under the Share Option Plan and the 2020 Plan.