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<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; text-indent: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">1.</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Organization and Operations </div></div></div></td></tr></table><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="clear: both; max-height: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Applied Genetic Technologies Corporation (the &#8220;Company&#8221; or &#8220;AGTC&#8221;) was incorporated as a Florida corporation on January&#160;19, 1999 and reincorporated as a Delaware corporation on October&#160;24, 2003. The Company is a clinical-stage biotechnology company that uses a proprietary gene therapy platform to develop transformational genetic therapies for people suffering from rare and debilitating ophthalmic, otologic and central nervous system diseases. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has devoted substantially all of its efforts to research and development, including clinical trials. The Company has not completed the development of any products. The Company has generated revenue from collaboration agreements, licensing of its intellectual property, sponsored research and grants, but has not generated product revenue to date and is subject to a number of risks similar to those of other early stage companies in the biotechnology industry, including dependence on key individuals, the difficulties inherent in the development of commercially viable products, the need to obtain additional capital necessary to fund the development of its products, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, protection of proprietary technology, compliance with government regulations and the ability to transition to large-scale production of products. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of June&#160;30, 2021, the Company had (i)&#160;an accumulated deficit of $239.3&#160;million and (ii)&#160;cash and cash equivalents and liquid investments of $107.1&#160;million. Management believes that there is sufficient funding available to allow the Company to generate data from its ongoing and planned clinical programs and fund currently planned research and discovery programs. While the Company expects to generate some revenue from partnering, sponsored research, grants and licensing of its intellectual property, management believes that the Company will incur losses for the foreseeable future. The Company has funded its operations to date primarily through public offerings of its common stock and warrants to purchase its common stock, private placements of its preferred stock, collateralized borrowing and collaborations. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; text-indent: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">2.</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Summary of Significant Accounting Policies </div></div></div></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of presentation </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;). The Company&#8217;s fiscal year ends on June 30. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Segment reporting </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker when making decisions regarding resource allocation and assessing performance. To date, management has viewed the Company&#8217;s operations and managed its business as one segment. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of estimates </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP and guidelines from the Securities and Exchange Commission (the &#8220;SEC&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and cash equivalents </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 days or less at the time of purchase and generally include money market accounts. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; text-indent: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Investments </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">The Company&#8217;s investments have historically consisted of certificates of deposit and debt securities classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity.&#160;Management</div></div> determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation at each balance sheet date.&#160;Debt securities are classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity</div></div> when management has the positive intent and ability to hold the securities to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">maturity.&#160;Held-to-maturity</div></div> securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity.&#160;Such amortization is included in investment income, net.&#160;Interest income from debt securities classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity</div></div> is also included in investment income, net. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company uses the specific identification method to determine the cost basis of securities sold. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary.&#160;The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer, as well as specific events or circumstances that may influence the operations of the issuer, and the Company&#8217;s intent to sell the security or the likelihood that it will be required to sell the security before recovery of its amortized cost.&#160;Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to investment income, net and a new cost basis in the investment is established. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentrations of Credit Risk </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">As of June&#160;30, 2021, the Company&#8217;s cash and cash equivalents were held on deposit with a financial institution that is federally insured. However, a large portion of those cash and cash equivalents exceed federally insured limits and, as a result, could potentially expose the Company to significant concentrations of credit risk. To date, the Company has not experienced any losses associated with this credit risk and management continues to believe that this exposure is not significant. The Company invests its excess cash primarily in money market funds, certificates of deposit, and debt instruments of corporations and U.S. government agencies. These investments generally mature within a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">one-year</div> period from their purchase date, which is consistent with the Company&#8217;s investment policy that seeks to maintain adequate liquidity and preserve capital. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Inventory </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Purchases of clinical materials stored for master and working viral banks that remain at the sites in anticipation of their future use at that site are charged to expense when the related liability is incurred. Since the Company can use each of the raw materials in only a single product, each raw material is deemed to have no future economic value independent of the development status of that unique drug. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair value of financial instruments </div></div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is required to disclose information regarding all assets and liabilities reported at fair value that enables an assessment of the inputs used when determining the reported fair values. The Financial Accounting Standards Board (the &#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 820, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurements and Disclosures</div>, establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use when pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&#8217;s assumptions about the inputs that market participants would use when pricing an asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used when determining the reported fair value of financial instruments and is not a measure of an investment&#8217;s credit quality. The three levels of the fair value hierarchy are described below. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 1&#8212;Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 2&#8212;Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 3&#8212;Valuations that require inputs that reflect the Company&#8217;s own assumptions that are both significant to the fair value measurement and unobservable. </div></div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">To the extent that a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company when determining fair value is greatest for financial instruments categorized in Level&#160;3. A financial instrument&#8217;s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.</div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-size: 10pt; letter-spacing: 0px;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Property and equipment</div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, which consists of laboratory equipment, furniture and fixtures, computer equipment and leasehold improvements, is recorded at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the underlying asset, which is generally three to ten years. Leasehold improvements are amortized over the shorter of the estimated useful life of the underlying asset or the related lease term, including any renewal periods that are deemed to be reasonably assured. As of June&#160;30, 2021, the weighted average useful life of the Company&#8217;s property and equipment was 6.6 years. Repair and maintenance costs that do not improve service potential or extend an asset&#8217;s economic life are recorded as an expense when incurred.</div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">The Company follows the provisions of ASC Topic 842, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases </div>(&#8220;Topic 842&#8221;), for all contracts and agreements that are within its scope. Under&#160;Topic 842, leases are accounted for using a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> model whereby a lessee must record a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> asset and a related lease liability on its balance sheet for most of its leases. Under Topic 842, leases are classified as either operating or finance arrangements, with such classification affecting the pattern of expense recognition in an entity&#8217;s income statement. For operating leases, Topic 842 requires recognition of a single lease cost in an entity&#8217;s statement of operations, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Finance lease accounting is not material to the Company. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">The Company&#160;does not record <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a&#160;right-of-use&#160;asset</div></div> or lease liability for leases with an expected duration of 12 months or less at inception; however, such leases are not material to the Company. For leases with terms greater than 12 months, the Company records <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a&#160;right-of-use&#160;asset</div></div> and lease liability at the present value of the future lease payments. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Right-of-use</div></div> assets may also include initial direct costs incurred by the Company and lease payments made to a lessor on or before the related lease commencement date, less any lease incentives received directly from the lessor. When it is reasonably certain that the Company will exercise a renewal option or termination provision for one of its leases, the present value of the lease payments for the affected lease is adjusted accordingly. Variable lease payments that are not dependent on an index or a rate are excluded from the determination of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Company&#8217;s&#160;right-of-use&#160;assets</div></div> and lease liabilities, and such payments are recognized as expense in the period that the related obligation is incurred. As the Company&#8217;s leases do not provide readily determinable implicit interest rates, an incremental borrowing rate commensurate with a lease&#8217;s term is used to discount future lease payments. The Company&#8217;s operating leases include rent escalation clauses that are factored into the determination of future lease payments when appropriate. The Company does not separate lease and nonlease components of its contracts when applying the provisions of Topic 842. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s leases are further discussed at Note 3 in these Notes to Financial Statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Intangible assets </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets primarily consist of licenses and patents. The Company obtains licenses from third parties and capitalizes the costs related to exclusive licenses that have alternative future use in multiple existing and/or potential programs. The Company also capitalizes costs related to filing, issuance and prosecution of patents. The Company reviews its capitalized costs periodically to determine that such costs relate to patent applications that have future value and an alternative future use. The Company writes off costs associated with patents that are no longer being actively pursued or provide no future benefit. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of the underlying asset, which is generally eight to twenty years (a weighted average useful life of 13.2 years as of June&#160;30, 2021). The Company amortizes <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-licensed</div> patents and patent applications from the date of the applicable license and internally developed patents and patent applications from the date of the initial application. Licenses and patents converted to research use only are immediately expensed.<div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Impairment of long-lived assets </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company reviews its long-lived asset groups for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Such evaluation could be triggered by a number of factors, including current and projected operating results/cash flows and changes in management&#8217;s strategic direction, as well as external economic and market factors. The Company evaluates the recoverability of assets and asset groups by determining whether their carrying values can be recovered through undiscounted future cash flows. If events or circumstances indicate that the carrying values might not be recoverable based on undiscounted future cash flows, an impairment charge may be recognized. Management considers various factors when calculating an impairment charge, including trends and prospects, as well as the effects of obsolescence, demand, competition and other macroeconomic information. The Company did not record any impairment charges for long-lived assets during the years ended June&#160;30, 2021 and 2020. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financing fees </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financing fees consist of costs, including those for legal services, that are necessary to secure commitments under debt financing arrangements. Those costs are deferred and recognized as interest expense over the period of the related financing arrangement using the effective interest method. If a financing arrangement is terminated or otherwise satisfied, any remaining deferred financing fees are immediately recognized as interest expense. The Company&#8217;s financial statements present deferred financing fees as a direct reduction of the carrying amount of the corresponding liability. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue recognition </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company follows the provisions of ASC Topic 606, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue from Contracts with Customers </div>(&#8220;Topic 606&#8221;), for all customer contracts and agreements that are within its scope. </div></div> <div style="font-family: &quot;times new roman&quot;; 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(ii)&#160;determination of whether the promised goods or services are performance obligations; (iii)&#160;measurement of the transaction price, including any constraints on variable consideration; (iv)&#160;allocation of the transaction price to the performance obligations; and (v)&#160;recognition of revenue when (or as) the Company satisfies each performance obligation.&#160;The Company only applies the five-step model to contracts if it is probable that it will collect consideration that the Company is entitled to in exchange for the goods or services it transfers to the customer. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Performance obligations are promises to transfer distinct goods or services to a customer.&#160;Promised goods or services are considered distinct when (i)&#160;the customer can benefit from the good or service on its own or together with other readily available resources and (ii)&#160;the promised good or service is separately identifiable from other promises in the contract.&#160;When assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of a customer to develop the intellectual property on its own or whether the required expertise is readily available. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company estimates the transaction price based on the amount expected to be received for transferring the promised goods or services in the contract.&#160;The consideration may include both fixed consideration and variable consideration.&#160;At the inception of an arrangement that includes variable consideration and at the end of each reporting period, the Company evaluates the amount of potential customer payments and the likelihood that such payments will be received.&#160;The Company utilizes either the most likely amount method or the expected amount method to estimate the amount to be received based on which method better predicts the amount expected to be received.&#160;If it is probable that a significant revenue reversal would not occur, the variable consideration is included in the transaction price. The Company will assess its revenue generating arrangements to determine whether a significant financing component exists and conclude that a significant financing component does not exist in an arrangement if the: (a)&#160;promised consideration approximates the cash selling price of the promised goods and services or any significant difference is due to factors other than financing; and (b)&#160;timing of payment approximates the transfer of goods and services and performance is over a relatively short period of time within the context of the entire term of the contract. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">The Company&#8217;s contracts often include development and regulatory milestone payments. At contract inception, the Company evaluates whether any such milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method.&#160;If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price.&#160;Milestone payments that are not within the Company&#8217;s control or the customer&#8217;s control, such as regulatory approvals, are not included in the transaction price.&#160;At the end of each subsequent reporting period, the Company&#160;reevaluates&#160;the probability of achievement of such development milestones and any related constraint and, if necessary, adjusts its estimate of the overall transaction price.&#160;Any such adjustments are recorded on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">cumulative&#160;catch-up&#160;basis,</div> which would affect collaboration revenue and earnings in the period of adjustment. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For arrangements that may include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i)&#160;when the related sale occurs or (ii)&#160;when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).&#160;To date, the Company has not recognized any royalty revenue resulting from any of the Company&#8217;s collaboration arrangements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company allocates the transaction price based on the estimated stand-alone selling price of the underlying performance obligation or, in the case of certain variable consideration, to one or more performance obligations.&#160;The Company uses assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in a contract.&#160;The Company utilizes key assumptions to determine the stand-alone selling price, which may include other comparable transactions, pricing considered in negotiating the transaction and the estimated costs to complete the related performance obligation.&#160;Certain variable consideration is allocated specifically to one or more performance obligation in a contract when the terms of the variable consideration relate to the satisfaction of a performance obligation and the resulting amounts allocated to each performance obligation are consistent with the amounts the Company would expect to receive for each performance obligation. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For performance obligations consisting of licenses and other promises, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined 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 from&#160;upfront&#160;fees.&#160;The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance&#160;and related revenue recognition.&#160;If the license to the Company&#8217;s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from&#160;upfront&#160;fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">The Company receives payments from its customers based on billing terms established in each contract. Such billings generally <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">have&#160;30-day&#160;payment</div> terms. Upfront payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under those arrangements. Amounts are recorded as accounts receivable when the right to consideration is unconditional. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaboration arrangements </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC Topic 808,<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;Collaborative Arrangements</div>&#160;(&#8220;Topic 808&#8221;), and 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 throughout the life of a collaboration arrangement with special consideration given to changes in the responsibilities of the parties in the arrangement. For collaboration arrangements within the scope of Topic 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of Topic 808 and those that are more reflective of a vendor-customer relationship and, therefore, within the scope of Topic 606. For elements of collaboration arrangements that are accounted for pursuant to Topic 808, a recognition method is determined and applied consistently, generally by analogy to Topic 606. </div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; text-indent: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;">As discussed below under the heading &#8220;New accounting pronouncements&#8212;Adopted during the year ended June&#160;30, 2021,&#8221; the Company adopted Accounting Standards Update <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2018-18,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaborative Arrangements (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;808): Clarifying the Interaction between Topic 808 and Topic 606</div>, on July&#160;1, 2020; however, the new standard did not have a significant impact on the Company&#8217;s financial statements. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s collaboration arrangements are further discussed at Note 9 in these Notes to Financial Statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income taxes </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company uses the asset and liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are projected to be recovered or settled. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">As required by U.S. GAAP, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;more-likely-than-not&#160;threshold,</div> the amount recognized in the financial statements is the largest benefit that has a greater than 50&#160;percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Interest and penalties related to uncertain tax positions are reflected in the provision for (benefit from) income taxes. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s income taxes are further discussed at Note 11 in these Notes to Financial Statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Research and development expenses </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">Research and development expenses include costs incurred in identifying, developing and testing product candidates and generally comprise compensation and related benefits <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">and&#160;non-cash&#160;share-based</div> compensation to research-related employees; laboratory costs; animal and laboratory maintenance and supplies; rent; utilities; clinical <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">and&#160;preclinical&#160;expenses;</div> and payments for sponsored research, scientific and regulatory consulting fees and testing. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As part of the process of preparing the Company&#8217;s financial statements, estimates of accrued expenses are necessary. The estimation process involves reviewing quotations and contracts, identifying services that have been performed on the Company&#8217;s behalf, and determining the level of services performed and associated costs incurred for services for which the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company&#8217;s service providers invoice monthly in arrears for services performed or when contractual milestones are met. Management estimates the Company&#8217;s accrued expenses at the end of each reporting period based on the facts and circumstances known at that time. The significant estimates in the Company&#8217;s accrued research and development expenses primarily relate to expenses incurred with respect to academic research centers, contract research organizations and other vendors in connection with research and development activities for which the Company has not yet been invoiced. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There are instances where the Company&#8217;s service providers require advance payments at the inception of a contract and other circumstances where the Company&#8217;s payments to a vendor will exceed the level of services provided, in both cases resulting in a prepayment of research and development expenses. Such prepayments are charged to research and development expense as and when the service is provided or when a specific milestone outlined in the contract is reached. Prepayments related to research and development activities were $0.9&#160;million and $1.0&#160;million at June&#160;30, 2021 and 2020, respectively, and are included in prepaid and other current assets on the Company&#8217;s balance sheets. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Share-based compensation </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company accounts for share-based awards issued to employees in accordance with ASC Topic 718,<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;Compensation&#8212;Stock Compensation,</div>&#160;and generally recognizes share-based compensation expense on a straight-line basis over the period that an employee is required to provide service in exchange for the award. In certain instances, the Company uses a graded vesting schedule to recognize compensation expense. The Company also awards stock options and restricted stock units to nonemployees in exchange for consulting services. The determination of share-based compensation costs for&#160;nonemployees&#160;is generally consistent with that of employee awards, with expense recognized as services are provided to the Company over the related service period. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For purposes of calculating share-based compensation expense, the Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The determination of the fair value of a share-based compensation award utilizing the Black-Scholes model is affected by the Company&#8217;s stock price and a number of assumptions, including the expected volatility of the Company&#8217;s stock, the expected life of the stock option, the risk-free interest rate and expected dividends. Additionally, the Company uses a Monte Carlo simulation model to determine the fair value of restricted stock units with market-based vesting conditions for purposes of calculating share-based compensation expense. The Monte Carlo simulation model incorporates the probability of satisfying a market condition and uses transaction details such as the Company&#8217;s stock price, contractual terms, maturity and risk-free interest rates, as well as volatility. The fair value of restricted stock units with no performance or market vesting conditions is based on the market value of the Company&#8217;s common stock on the date of grant. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">If factors change and the Company employs different assumptions, share-based compensation expense may differ significantly from what has been recorded in the past. If there is a difference between the assumptions used in determining share-based compensation expense and the actual factors that become known over time, specifically with respect to anticipated forfeitures, the Company may change the input factors used in determining share-based compensation costs for future awards. These changes, if any, may materially impact the Company&#8217;s results of operations in the period that such changes are made. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Net income or loss per share </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Basic net income or loss per share is calculated by dividing net income or loss by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income or loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effects of common stock equivalents outstanding during the period, determined using the treasury stock method. For purposes of diluted net income or loss per share calculations, warrants to purchase the Company&#8217;s common stock, stock options, restricted stock awards, restricted stock units and performance service awards are considered to be common stock equivalents if they are dilutive. The dilutive impact of common stock equivalents for the years ended June&#160;30, 2021 and 2020 was approximately 0.4&#160;million and 0.2&#160;million shares, respectively. However, the dilutive impact of common stock equivalents was excluded from the calculations of diluted net loss per share for each of the years ended June&#160;30, 2021 and 2020 because their effects were anti-dilutive. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The abovementioned dilutive impact of common stock equivalents for the year ended June&#160;30, 2021 excluded certain warrants to purchase the Company&#8217;s common stock, which are described at Note 14 in these Notes to Financial Statements, because the exercise price of such warrants was greater than the average market price of the Company&#8217;s common stock for the related period. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Comprehensive loss </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">Comprehensive income or loss consists of net income or loss and changes in equity during a period from transactions and other equity and circumstances generated <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">from&#160;non-owner&#160;sources.</div> For the years ended June&#160;30, 2021 and 2020, the Company&#8217;s net loss is the same as its comprehensive loss.</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">New accounting pronouncements </div></div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Adopted during the year ended June&#160;30, 2021 </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Fair Value Measurement </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In August 2018, the FASB issued Accounting Standards Update&#160;(&#8220;ASU&#8221;) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2018-13,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurement (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;820): Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value Measurement</div>. The new standard eliminates, adds and modifies certain disclosure requirements for fair value measurement as part of the FASB&#8217;s disclosure framework project. Under the new standard, the amount and reason for a transfer between Level&#160;1 and Level&#160;2 of the fair value hierarchy are no longer required to be disclosed, but public companies are required to disclose a range and weighted average of significant unobservable inputs for Level&#160;3 fair value measurements. The Company adopted the new standard on July&#160;1, 2020; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Collaborative Arrangements </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In November 2018, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2018-18,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaborative Arrangements (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;808): Clarifying the Interaction between Topic 808 and Topic 606</div>. The new standard clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under Topic 606 when the counterparty is a customer. The new standard also precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The guidance amends Topic 808 to refer to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">unit-of-account</div></div> guidance in Topic 606 and requires it to be used only when assessing whether a transaction is in the scope of Topic 606. The Company adopted the new standard on July&#160;1, 2020; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Adopted effective July&#160;1, 2021 </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Financial Instruments&#8212;Credit Losses </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In June 2016, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2016-13,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments &#8211; Credit Losses (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;326): Measurement of Credit Losses on Financial Instruments</div>. The new standard requires that financial assets measured at amortized cost be presented at the net amount expected to be collected and separately measure an allowance for credit losses that is deducted from the amortized cost basis of those financial assets. The Company early adopted the new standard on July&#160;1, 2021; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Income Taxes </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In December 2019, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2019-12,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income Taxes (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;740): Simplifying the Accounting for Income Taxes</div>. The new standard includes several provisions that simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and increasing consistency and clarity for the users of financial statements. The Company adopted the new standard on July&#160;1, 2021; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Investments &#8211; Equity Securities, Investments &#8211; Equity Method and Joint Ventures, and Derivatives and Hedging</div> </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In January 2020, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2020-01,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Investments &#8211; Equity Securities (Topic 321), Investments &#8211; Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)&#8212;Clarifying the Interactions between Topic 321, Topic 323, and Topic 815</div>. The new standard addresses interactions between the guidance to account for certain equity securities under ASC Topic 321, the guidance to account for investments under the equity method of accounting in ASC Topic 323 and the guidance in ASC Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC Topic 825, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments</div>. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for any such interactions. The Company adopted the new standard on July&#160;1, 2021; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="letter-spacing: 0px; top: 0px; text-indent: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of presentation </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;). The Company&#8217;s fiscal year ends on June 30. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Segment reporting </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker when making decisions regarding resource allocation and assessing performance. To date, management has viewed the Company&#8217;s operations and managed its business as one segment. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of estimates </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP and guidelines from the Securities and Exchange Commission (the &#8220;SEC&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and cash equivalents </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 days or less at the time of purchase and generally include money market accounts. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; text-indent: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Investments </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">The Company&#8217;s investments have historically consisted of certificates of deposit and debt securities classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity.&#160;Management</div></div> determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation at each balance sheet date.&#160;Debt securities are classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity</div></div> when management has the positive intent and ability to hold the securities to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">maturity.&#160;Held-to-maturity</div></div> securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity.&#160;Such amortization is included in investment income, net.&#160;Interest income from debt securities classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity</div></div> is also included in investment income, net. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company uses the specific identification method to determine the cost basis of securities sold. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary.&#160;The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer, as well as specific events or circumstances that may influence the operations of the issuer, and the Company&#8217;s intent to sell the security or the likelihood that it will be required to sell the security before recovery of its amortized cost.&#160;Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to investment income, net and a new cost basis in the investment is established. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentrations of Credit Risk </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">As of June&#160;30, 2021, the Company&#8217;s cash and cash equivalents were held on deposit with a financial institution that is federally insured. However, a large portion of those cash and cash equivalents exceed federally insured limits and, as a result, could potentially expose the Company to significant concentrations of credit risk. To date, the Company has not experienced any losses associated with this credit risk and management continues to believe that this exposure is not significant. The Company invests its excess cash primarily in money market funds, certificates of deposit, and debt instruments of corporations and U.S. government agencies. These investments generally mature within a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">one-year</div> period from their purchase date, which is consistent with the Company&#8217;s investment policy that seeks to maintain adequate liquidity and preserve capital. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Inventory </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Purchases of clinical materials stored for master and working viral banks that remain at the sites in anticipation of their future use at that site are charged to expense when the related liability is incurred. Since the Company can use each of the raw materials in only a single product, each raw material is deemed to have no future economic value independent of the development status of that unique drug. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">The Company follows the provisions of ASC Topic 842, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases </div>(&#8220;Topic 842&#8221;), for all contracts and agreements that are within its scope. Under&#160;Topic 842, leases are accounted for using a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> model whereby a lessee must record a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> asset and a related lease liability on its balance sheet for most of its leases. Under Topic 842, leases are classified as either operating or finance arrangements, with such classification affecting the pattern of expense recognition in an entity&#8217;s income statement. For operating leases, Topic 842 requires recognition of a single lease cost in an entity&#8217;s statement of operations, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Finance lease accounting is not material to the Company. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">The Company&#160;does not record <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a&#160;right-of-use&#160;asset</div></div> or lease liability for leases with an expected duration of 12 months or less at inception; however, such leases are not material to the Company. For leases with terms greater than 12 months, the Company records <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">a&#160;right-of-use&#160;asset</div></div> and lease liability at the present value of the future lease payments. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Right-of-use</div></div> assets may also include initial direct costs incurred by the Company and lease payments made to a lessor on or before the related lease commencement date, less any lease incentives received directly from the lessor. When it is reasonably certain that the Company will exercise a renewal option or termination provision for one of its leases, the present value of the lease payments for the affected lease is adjusted accordingly. Variable lease payments that are not dependent on an index or a rate are excluded from the determination of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Company&#8217;s&#160;right-of-use&#160;assets</div></div> and lease liabilities, and such payments are recognized as expense in the period that the related obligation is incurred. As the Company&#8217;s leases do not provide readily determinable implicit interest rates, an incremental borrowing rate commensurate with a lease&#8217;s term is used to discount future lease payments. The Company&#8217;s operating leases include rent escalation clauses that are factored into the determination of future lease payments when appropriate. The Company does not separate lease and nonlease components of its contracts when applying the provisions of Topic 842. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s leases are further discussed at Note 3 in these Notes to Financial Statements. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Intangible assets </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets primarily consist of licenses and patents. The Company obtains licenses from third parties and capitalizes the costs related to exclusive licenses that have alternative future use in multiple existing and/or potential programs. The Company also capitalizes costs related to filing, issuance and prosecution of patents. The Company reviews its capitalized costs periodically to determine that such costs relate to patent applications that have future value and an alternative future use. The Company writes off costs associated with patents that are no longer being actively pursued or provide no future benefit. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of the underlying asset, which is generally eight to twenty years (a weighted average useful life of 13.2 years as of June&#160;30, 2021). The Company amortizes <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-licensed</div> patents and patent applications from the date of the applicable license and internally developed patents and patent applications from the date of the initial application. Licenses and patents converted to research use only are immediately expensed.<div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Impairment of long-lived assets </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company reviews its long-lived asset groups for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Such evaluation could be triggered by a number of factors, including current and projected operating results/cash flows and changes in management&#8217;s strategic direction, as well as external economic and market factors. The Company evaluates the recoverability of assets and asset groups by determining whether their carrying values can be recovered through undiscounted future cash flows. If events or circumstances indicate that the carrying values might not be recoverable based on undiscounted future cash flows, an impairment charge may be recognized. Management considers various factors when calculating an impairment charge, including trends and prospects, as well as the effects of obsolescence, demand, competition and other macroeconomic information. The Company did not record any impairment charges for long-lived assets during the years ended June&#160;30, 2021 and 2020. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financing fees </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financing fees consist of costs, including those for legal services, that are necessary to secure commitments under debt financing arrangements. Those costs are deferred and recognized as interest expense over the period of the related financing arrangement using the effective interest method. If a financing arrangement is terminated or otherwise satisfied, any remaining deferred financing fees are immediately recognized as interest expense. The Company&#8217;s financial statements present deferred financing fees as a direct reduction of the carrying amount of the corresponding liability. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue recognition </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company follows the provisions of ASC Topic 606, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue from Contracts with Customers </div>(&#8220;Topic 606&#8221;), for all customer contracts and agreements that are within its scope. </div></div> <div style="font-family: &quot;times new roman&quot;; 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(ii)&#160;determination of whether the promised goods or services are performance obligations; (iii)&#160;measurement of the transaction price, including any constraints on variable consideration; (iv)&#160;allocation of the transaction price to the performance obligations; and (v)&#160;recognition of revenue when (or as) the Company satisfies each performance obligation.&#160;The Company only applies the five-step model to contracts if it is probable that it will collect consideration that the Company is entitled to in exchange for the goods or services it transfers to the customer. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Performance obligations are promises to transfer distinct goods or services to a customer.&#160;Promised goods or services are considered distinct when (i)&#160;the customer can benefit from the good or service on its own or together with other readily available resources and (ii)&#160;the promised good or service is separately identifiable from other promises in the contract.&#160;When assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of a customer to develop the intellectual property on its own or whether the required expertise is readily available. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company estimates the transaction price based on the amount expected to be received for transferring the promised goods or services in the contract.&#160;The consideration may include both fixed consideration and variable consideration.&#160;At the inception of an arrangement that includes variable consideration and at the end of each reporting period, the Company evaluates the amount of potential customer payments and the likelihood that such payments will be received.&#160;The Company utilizes either the most likely amount method or the expected amount method to estimate the amount to be received based on which method better predicts the amount expected to be received.&#160;If it is probable that a significant revenue reversal would not occur, the variable consideration is included in the transaction price. The Company will assess its revenue generating arrangements to determine whether a significant financing component exists and conclude that a significant financing component does not exist in an arrangement if the: (a)&#160;promised consideration approximates the cash selling price of the promised goods and services or any significant difference is due to factors other than financing; and (b)&#160;timing of payment approximates the transfer of goods and services and performance is over a relatively short period of time within the context of the entire term of the contract. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">The Company&#8217;s contracts often include development and regulatory milestone payments. At contract inception, the Company evaluates whether any such milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method.&#160;If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price.&#160;Milestone payments that are not within the Company&#8217;s control or the customer&#8217;s control, such as regulatory approvals, are not included in the transaction price.&#160;At the end of each subsequent reporting period, the Company&#160;reevaluates&#160;the probability of achievement of such development milestones and any related constraint and, if necessary, adjusts its estimate of the overall transaction price.&#160;Any such adjustments are recorded on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">cumulative&#160;catch-up&#160;basis,</div> which would affect collaboration revenue and earnings in the period of adjustment. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For arrangements that may include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i)&#160;when the related sale occurs or (ii)&#160;when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).&#160;To date, the Company has not recognized any royalty revenue resulting from any of the Company&#8217;s collaboration arrangements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company allocates the transaction price based on the estimated stand-alone selling price of the underlying performance obligation or, in the case of certain variable consideration, to one or more performance obligations.&#160;The Company uses assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in a contract.&#160;The Company utilizes key assumptions to determine the stand-alone selling price, which may include other comparable transactions, pricing considered in negotiating the transaction and the estimated costs to complete the related performance obligation.&#160;Certain variable consideration is allocated specifically to one or more performance obligation in a contract when the terms of the variable consideration relate to the satisfaction of a performance obligation and the resulting amounts allocated to each performance obligation are consistent with the amounts the Company would expect to receive for each performance obligation. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For performance obligations consisting of licenses and other promises, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined 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 from&#160;upfront&#160;fees.&#160;The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance&#160;and related revenue recognition.&#160;If the license to the Company&#8217;s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from&#160;upfront&#160;fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">The Company receives payments from its customers based on billing terms established in each contract. Such billings generally <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">have&#160;30-day&#160;payment</div> terms. Upfront payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under those arrangements. Amounts are recorded as accounts receivable when the right to consideration is unconditional. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income taxes </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company uses the asset and liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are projected to be recovered or settled. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">As required by U.S. GAAP, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;more-likely-than-not&#160;threshold,</div> the amount recognized in the financial statements is the largest benefit that has a greater than 50&#160;percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Interest and penalties related to uncertain tax positions are reflected in the provision for (benefit from) income taxes. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s income taxes are further discussed at Note 11 in these Notes to Financial Statements. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Research and development expenses </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">Research and development expenses include costs incurred in identifying, developing and testing product candidates and generally comprise compensation and related benefits <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">and&#160;non-cash&#160;share-based</div> compensation to research-related employees; laboratory costs; animal and laboratory maintenance and supplies; rent; utilities; clinical <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">and&#160;preclinical&#160;expenses;</div> and payments for sponsored research, scientific and regulatory consulting fees and testing. </div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As part of the process of preparing the Company&#8217;s financial statements, estimates of accrued expenses are necessary. The estimation process involves reviewing quotations and contracts, identifying services that have been performed on the Company&#8217;s behalf, and determining the level of services performed and associated costs incurred for services for which the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company&#8217;s service providers invoice monthly in arrears for services performed or when contractual milestones are met. Management estimates the Company&#8217;s accrued expenses at the end of each reporting period based on the facts and circumstances known at that time. The significant estimates in the Company&#8217;s accrued research and development expenses primarily relate to expenses incurred with respect to academic research centers, contract research organizations and other vendors in connection with research and development activities for which the Company has not yet been invoiced. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There are instances where the Company&#8217;s service providers require advance payments at the inception of a contract and other circumstances where the Company&#8217;s payments to a vendor will exceed the level of services provided, in both cases resulting in a prepayment of research and development expenses. Such prepayments are charged to research and development expense as and when the service is provided or when a specific milestone outlined in the contract is reached. Prepayments related to research and development activities were $0.9&#160;million and $1.0&#160;million at June&#160;30, 2021 and 2020, respectively, and are included in prepaid and other current assets on the Company&#8217;s balance sheets. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Share-based compensation </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company accounts for share-based awards issued to employees in accordance with ASC Topic 718,<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;Compensation&#8212;Stock Compensation,</div>&#160;and generally recognizes share-based compensation expense on a straight-line basis over the period that an employee is required to provide service in exchange for the award. In certain instances, the Company uses a graded vesting schedule to recognize compensation expense. The Company also awards stock options and restricted stock units to nonemployees in exchange for consulting services. The determination of share-based compensation costs for&#160;nonemployees&#160;is generally consistent with that of employee awards, with expense recognized as services are provided to the Company over the related service period. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For purposes of calculating share-based compensation expense, the Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The determination of the fair value of a share-based compensation award utilizing the Black-Scholes model is affected by the Company&#8217;s stock price and a number of assumptions, including the expected volatility of the Company&#8217;s stock, the expected life of the stock option, the risk-free interest rate and expected dividends. Additionally, the Company uses a Monte Carlo simulation model to determine the fair value of restricted stock units with market-based vesting conditions for purposes of calculating share-based compensation expense. The Monte Carlo simulation model incorporates the probability of satisfying a market condition and uses transaction details such as the Company&#8217;s stock price, contractual terms, maturity and risk-free interest rates, as well as volatility. The fair value of restricted stock units with no performance or market vesting conditions is based on the market value of the Company&#8217;s common stock on the date of grant. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">If factors change and the Company employs different assumptions, share-based compensation expense may differ significantly from what has been recorded in the past. If there is a difference between the assumptions used in determining share-based compensation expense and the actual factors that become known over time, specifically with respect to anticipated forfeitures, the Company may change the input factors used in determining share-based compensation costs for future awards. These changes, if any, may materially impact the Company&#8217;s results of operations in the period that such changes are made. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Net income or loss per share </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Basic net income or loss per share is calculated by dividing net income or loss by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income or loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effects of common stock equivalents outstanding during the period, determined using the treasury stock method. For purposes of diluted net income or loss per share calculations, warrants to purchase the Company&#8217;s common stock, stock options, restricted stock awards, restricted stock units and performance service awards are considered to be common stock equivalents if they are dilutive. The dilutive impact of common stock equivalents for the years ended June&#160;30, 2021 and 2020 was approximately 0.4&#160;million and 0.2&#160;million shares, respectively. However, the dilutive impact of common stock equivalents was excluded from the calculations of diluted net loss per share for each of the years ended June&#160;30, 2021 and 2020 because their effects were anti-dilutive. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The abovementioned dilutive impact of common stock equivalents for the year ended June&#160;30, 2021 excluded certain warrants to purchase the Company&#8217;s common stock, which are described at Note 14 in these Notes to Financial Statements, because the exercise price of such warrants was greater than the average market price of the Company&#8217;s common stock for the related period. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Comprehensive loss </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">Comprehensive income or loss consists of net income or loss and changes in equity during a period from transactions and other equity and circumstances generated <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">from&#160;non-owner&#160;sources.</div> For the years ended June&#160;30, 2021 and 2020, the Company&#8217;s net loss is the same as its comprehensive loss.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">New accounting pronouncements </div></div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Adopted during the year ended June&#160;30, 2021 </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Fair Value Measurement </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In August 2018, the FASB issued Accounting Standards Update&#160;(&#8220;ASU&#8221;) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2018-13,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurement (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;820): Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value Measurement</div>. The new standard eliminates, adds and modifies certain disclosure requirements for fair value measurement as part of the FASB&#8217;s disclosure framework project. Under the new standard, the amount and reason for a transfer between Level&#160;1 and Level&#160;2 of the fair value hierarchy are no longer required to be disclosed, but public companies are required to disclose a range and weighted average of significant unobservable inputs for Level&#160;3 fair value measurements. The Company adopted the new standard on July&#160;1, 2020; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Collaborative Arrangements </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In November 2018, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2018-18,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Collaborative Arrangements (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;808): Clarifying the Interaction between Topic 808 and Topic 606</div>. The new standard clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under Topic 606 when the counterparty is a customer. The new standard also precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The guidance amends Topic 808 to refer to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">unit-of-account</div></div> guidance in Topic 606 and requires it to be used only when assessing whether a transaction is in the scope of Topic 606. The Company adopted the new standard on July&#160;1, 2020; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Adopted effective July&#160;1, 2021 </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Financial Instruments&#8212;Credit Losses </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In June 2016, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2016-13,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments &#8211; Credit Losses (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;326): Measurement of Credit Losses on Financial Instruments</div>. The new standard requires that financial assets measured at amortized cost be presented at the net amount expected to be collected and separately measure an allowance for credit losses that is deducted from the amortized cost basis of those financial assets. The Company early adopted the new standard on July&#160;1, 2021; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Income Taxes </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In December 2019, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2019-12,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income Taxes (Topic</div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;740): Simplifying the Accounting for Income Taxes</div>. The new standard includes several provisions that simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and increasing consistency and clarity for the users of financial statements. The Company adopted the new standard on July&#160;1, 2021; however, it did not have a significant impact on the Company&#8217;s financial statements. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Investments &#8211; Equity Securities, Investments &#8211; Equity Method and Joint Ventures, and Derivatives and Hedging</div> </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="display:inline;">In January 2020, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2020-01,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Investments &#8211; Equity Securities (Topic 321), Investments &#8211; Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)&#8212;Clarifying the Interactions between Topic 321, Topic 323, and Topic 815</div>. The new standard addresses interactions between the guidance to account for certain equity securities under ASC Topic 321, the guidance to account for investments under the equity method of accounting in ASC Topic 323 and the guidance in ASC Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC Topic 825, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments</div>. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for any such interactions. 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Such assets and liabilities are classified into one of the three levels of a fair value hierarchy defined by U.S. GAAP. The Company&#8217;s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. 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max-height: 0px;"></div><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On June&#160;30, 2020, the Company entered into a Loan and Security Agreement (the &#8220;Loan Agreement&#8221;) with several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as the &#8220;Lenders&#8221;) and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the Lenders (in such capacity, the &#8220;Agent&#8221;). </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Loan Agreement provides for a term loan in an aggregate principal amount of up to $25.0&#160;million to be delivered in multiple tranches (the &#8220;Term Loan&#8221;). The first tranche consisted of&#160;an initial term loan advance of $10.0&#160;million on June&#160;30, 2020 (the &#8220;Closing Date&#8221;). Thereafter,&#160;subject to the Lenders&#8217; investment committee&#8217;s sole discretion, the Company had the right to request that the Lenders make additional term loan advances in an aggregate principal amount of up to $15.0&#160;million prior to January&#160;1, 2022. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effective May&#160;13, 2021, the Loan Agreement was amended (the &#8220;Amendment&#8221;) whereby, among other things, (i)&#160;a second term loan advance of $10.0&#160;million was authorized by the Lenders and advanced to the Company on such date and (ii)&#160;the period of time to request additional discretionary term loan advances of up to $5.0&#160;million was changed to be prior to April&#160;1, 2022 or, if certain conditions are satisfied, then prior to January&#160;1, 2023. However, there can be no assurances </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">that any additional term loan advances will be funded by the Lenders in the future. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In connection with entering into the Loan Agreement, the Company paid an aggregate of $165,000 to the Lenders for an initial facility charge, due diligence fees and reimbursement of legal expenses. Such amount was recorded as either a debt discount or a deferred financing fee, both of which reduce the carrying value of the outstanding Term Loan. Additionally, the Company paid $150,000 of fees to the Lenders to effectuate the Amendment and such amount was recognized as a debt discount. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As a result of the Amendment, the Term Loan now matures on April&#160;1, 2024; provided that, in the event that the Company meets certain conditions, including achievement of performance milestones, then the Term Loan matures on July&#160;1, 2024. The date on which the Term Loan matures (i.e., either April&#160;1, 2024 or July&#160;1, 2024) is referred to as the &#8220;Term Loan Maturity Date.&#8221; </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Term Loan bears interest at a rate equal to the greater of either: (i)&#160;the sum of (x)&#160;the prime rate as reported in<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;The Wall Street Journal</div>&#160;minus 3.25% and (y)&#160;9.75%; or (ii)&#160;9.75%. As a result of the Amendment, borrowings under the Loan Agreement are being repaid in monthly interest-only payments from the Closing Date through March&#160;31, 2022, with the possibility to extend the interest-only period to December&#160;31, 2022 upon the Company&#8217;s achievement of certain performance milestones. After the interest-only period ends, borrowings under the Loan Agreement will be repaid in equal monthly installments of principal and interest until the Term Loan Maturity Date. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company may, at its option, prepay all, but not less than all, of the outstanding Term Loan balance plus all accrued and unpaid interest thereon, together with a prepayment charge equal to: (i)&#160;2.0% of the amount so prepaid if such prepayment occurs after 12&#160;months but prior to 24&#160;months from the Closing Date; (ii) 1.0% of the amount so prepaid if such prepayment occurs after 24&#160;months but prior to&#160;36&#160;months from the Closing Date; and (iii)&#160;zero percent of the amount so prepaid if such prepayment occurs three years or more after the Closing Date. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On the earliest to occur of the (i)&#160;Term Loan Maturity Date, (ii)&#160;date that the Company prepays the outstanding secured payment obligations in full or (iii)&#160;date that the secured payment obligations become due and payable, the Company will pay (in addition to any prepayment charge) an end of term charge of 6.95% of the aggregate term loan advances. End of term charges are recorded as discounts to the carrying value of the outstanding Term Loan each time a term loan advance is received. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Term Loan is secured by substantially all of the Company&#8217;s assets, other than its intellectual property. However, the Company has agreed to not pledge or secure its intellectual property to others. In connection with granting security interests in its cash and cash equivalents and investments, the Company was required to enter into certain account control agreements with the Agent regarding future control of the underlying bank and securities accounts. Pursuant to the terms of the account control agreements, the Company&#8217;s control of those accounts will not be affected unless the Agent elects to obtain unilateral control by declaring that an event of default under the Loan Agreement has occurred and is continuing. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the term of the Loan Agreement, the Lenders or their assignee or nominee have the right to participate in any equity offerings by the Company that are broadly marketed to multiple investors, in an amount up to $2.0&#160;million, on the same terms, conditions and pricing afforded to other investors participating in any such offering. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Loan Agreement contains customary representations, warranties and both affirmative and negative covenants. The Loan Agreement requires that after July&#160;1, 2021 and upon term loan advances exceeding $10.0&#160;million, the Company will maintain minimum unrestricted cash of at least $5.0&#160;million, plus the amount of the Company&#8217;s accounts payable not paid after the 120<div style="font-size: 85%; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">th</div>&#160;day following a vendor&#8217;s invoice date, until the Company has a market capitalization equal to or greater than $300.0&#160;million. The negative covenants in the Loan Agreement include, among other things, agreements by the Company limiting additional indebtedness, liens (including a negative pledge on intellectual property and other assets), guaranties, mergers and consolidations, substantial asset sales, investments and loans, certain corporate changes, transactions with affiliates, and fundamental changes. 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Upon the occurrence of an event of default that has not otherwise been remedied by the Company, the Agent may: (i)&#160;accelerate payment of all or any part of the secured obligations, impose a prepayment charge and terminate the Lenders&#8217; commitments under the Loan Agreement; (ii)&#160;sign and file in the Company&#8217;s name any notices, assignment or agreements necessary to perfect payment; or (iii)&#160;notify any of the Company&#8217;s debtors to make payment directly to such agent. </div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of June&#160;30, 2021 and 2020, the carrying value of the Term Loan on the Company&#8217;s balance sheets was $19.9&#160;million and $9.7&#160;million, respectively, which consisted of the outstanding principal of such loan and the end of term charge accrual, less unamortized debt discounts and deferred financing fees of $1.5&#160;million and $1.0&#160;million, respectively, that are being amortized to interest expense over the duration of the Loan Agreement using an effective interest method. 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Through the AGTC-Bionic Sight collaboration, the companies seek to develop a new optogenetic therapy that leverages AGTC&#8217;s deep experience in gene therapy and ophthalmology and Bionic Sight&#8217;s innovative neuro-prosthetic device and algorithm for retinal coding. The collaboration agreement grants to AGTC, subject to achievement by Bionic Sight of certain development milestones, an option to exclusively negotiate for a limited period of time to acquire: (i)&#160;a majority equity interest in Bionic Sight; (ii)&#160;the Bionic Sight assets to which the collaboration agreement relates; or (iii)&#160;an exclusive license with respect to the product to which the collaboration agreement relates. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">Under the agreement, AGTC made an initial $2.0&#160;million payment to Bionic Sight for an equity interest in that company. This initial investment represented an equity interest of approximately 5% in Bionic Sight. In addition to the initial investment, AGTC contributed ongoing research and development support costs through additional payments and other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-kind</div> contributions (the &#8220;AGTC Ongoing R&amp;D Support&#8221;). The AGTC Ongoing R&amp;D Support payments and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-kind</div> contributions were made over time and continued until December 2019, the month that Bionic Sight received both Investigational New Drug (&#8220;IND&#8221;) clearance from the United States Food and Drug Administration (the &#8220;FDA&#8221;) and receipt of written approval from an internal review board to conduct clinical trials at one clinical site for that product candidate (the &#8220;IND Trigger&#8221;). Prior to the achievement of the IND Trigger, the Company had incurred approximately $2.2&#160;million of research and development support costs and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-kind</div> contributions, which were reported as research and development expenses in the Company&#8217;s financial statements. </div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;">Upon achievement of the IND Trigger, AGTC was (i)&#160;entitled to receive additional equity in Bionic Sight, based on a valuation that was in place at the beginning of the agreement, for the AGTC Ongoing R&amp;D Support payments and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-kind</div> contributions, and (ii)&#160;obligated to purchase additional equity in Bionic Sight for $4.0&#160;million based on certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-determined</div> valuation criteria. The Company made the $4.0&#160;million payment to Bionic Sight in January 2020 and received the incremental shares during March 2020 upon the execution of a subscription agreement between the parties. The Company&#8217;s equity interest in Bionic Sight increased to approximately 15.5% upon the issuance of the additional shares. AGTC is not obligated to purchase additional equity in Bionic Sight or make any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">additional&#160;in-kind&#160;contributions</div> under the agreement. </div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company concluded that the AGTC Ongoing R&amp;D Support was within the scope of Topic 606 because the services rendered represented a distinct service delivered to a counterparty that meets the definition of a customer. The Company further concluded that those services represented one combined performance obligation. Because the consideration that the Company was entitled to was contingent upon achievement of the IND Trigger, that consideration was determined to be variable and the amount was fully constrained until achievement of the IND Trigger. As a result of achieving the IND Trigger, the Company recognized $2.2&#160;million of collaboration revenue during the year ended June&#160;30, 2020. With regard to the obligation to purchase additional equity in Bionic Sight, the Company concluded at contract inception that such option represented a forward contract to be accounted for within the scope of ASC 321,<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;Investments&#8212;Equity Securities</div>. The Company assessed the fair value of this forward contract at the inception of the Bionic Sight agreement and determined the value to be <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">de minimis</div>. As the forward contract did not have a readily determinable fair value, the Company elected to use a measurement alternative for all subsequent measurements of the financial instrument. Under such measurement alternative, the forward contract was remeasured at fair value when observable transactions involving the underlying equity securities or impairment of those securities occurred. As noted above, the Company made a supplemental investment of $4.0&#160;million in Bionic Sight and the underlying equity interests were delivered in March 2020, resulting in the settlement of the forward contract at that time. From the inception of the Bionic Sight arrangement and through the settlement date in March 2020, no observable transactions or impairment involving the underlying equity securities had occurred.</div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company<div style="display:inline;">&#160;</div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">recorded its initial investment in Bionic Sight using the equity method of accounting for investments. Upon receipt of additional shares in March 2020, the Company concluded that equity method accounting was still appropriate. Because the conversion price used to calculate the number of additional shares that the Company was to receive was based on contractually fixed valuation amounts, the Company assessed whether there was a difference between the cost of the investment and the underlying equity in the net assets of Bionic Sight. The Company concluded that any such difference was not material to the Company&#8217;s financial statements and, therefore, recorded its additional investment in Bionic Sight at $6.2&#160;million during </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">March 2020.</div></div></div><div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="text-decoration:underline;display:inline;">Otonomy, Inc. </div></div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During October 2019, the</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;Company entered into a strategic collaboration agreement with Otonomy, Inc. (&#8220;Otonomy&#8221;) to </div><div style="font-size: 10pt; white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-develop</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> and </div><div style="font-size: 10pt; white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-commercialize</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> an adeno-associated virus-based gene therapy to restore hearing in patients with sensorineural hearing loss caused by a mutation in the gap junction protein beta </div>2<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> gene (&#8220;GJB</div>2<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">&#8221;) </div>&#8211;<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> the most common cause of congenital hearing loss. Mutations in GJB</div>2<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> account for approximately </div>30<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">% of all genetic hearing loss cases. Patients with this mutation can have </div><div style="font-size: 10pt; white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">severe-to-profound</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> deafness in both ears that is identified in screening tests routinely performed on newborns. Under the collaboration agreement, the parties began equally sharing the program costs and proceeds in January </div>2020<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> and can include additional genetic hearing loss targets in the future.</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company concluded that the Otonomy collaboration agreement is within the scope of Topic 808, which defines collaborative arrangements and addresses the presentation of transactions between the parties in an entity&#8217;s statement of operations and the related disclosures. However, Topic 808 does not provide guidance on the recognition of consideration exchanged or accounting for the obligations that may arise between the parties. The Company concluded that ASC Topic 730, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Research and Development,</div> should be applied by analogy to payments between the parties during the development activities. As such, payments made to or received from Otonomy for development activities are recorded as research and development expenses. For the years ended June&#160;30, 2021 and 2020, settlement activity between the parties under the Otonomy agreement had an immaterial effect on the Company&#8217;s research and development expenses. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="text-decoration:underline;display:inline;">SparingVision SAS </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;">Effective April&#160;13, 2021, the Company entered into an agreement that licenses certain of its proprietary technology to SparingVision SAS, a genomic medicine company developing vision-saving treatments for ocular diseases. Under the terms of the agreement, SparingVision SAS received nonexclusive rights to the Company&#8217;s proprietary cone-specific promoter technology for use in the development of two <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-competing</div> products with an opportunity to obtain rights to use the promoter for one additional product in the future. The Company received an upfront license fee payment and will be eligible to receive milestone payments for successful clinical development and royalties on future sales on a per product basis (if any products are approved). The Company recognized the upfront payment of $500,000 as license fee revenue in accordance with the provisions of Topic 606. Milestone and royalty revenue is contingent on future events and, therefore, will be fully constrained until such events occur, if ever. </div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="text-decoration:underline;display:inline;">Contract Liabilities </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of June&#160;30, 2021 and 2020, accrued and other liabilities on the Company&#8217;s balance sheets included $374,000 and $149,000, respectively, of deferred revenue. The account balance at June&#160;30, 2021 included $225,000 that was billed to a customer but remained uncollected as of such date. 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The Company has two equity compensation plans under which awards are currently authorized for issuance: the 2013 Employee Stock Purchase Plan and the 2013 Equity and Incentive Plan. No awards have been issued to date under the 2013 Employee Stock Purchase Plan and, as such, all of the 128,571 shares previously authorized under that plan remain available for issuance. As of June&#160;30, 2021, the total number of shares available for issuance under the 2013 Equity and Incentive Plan was 1,233,889. 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Under the 401(k) Plan, employees may elect to defer up to 25% of their compensation per year (subject to a maximum limit prescribed by federal tax law) and the Company matches a portion of such employee contributions up to a maximum of 4% of eligible salary. 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Amounts related to contingent milestone payments are not considered contractual obligations because they are contingent on the successful achievement of certain development, regulatory and commercial milestones. There is uncertainty regarding the various activities and outcomes needed to reach these milestones and, as such, they may not be achieved. The Company may terminate its license agreements with zero to ninety days written notice depending on the terms of each specific agreement. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company&#8217;s business partners or customers, in connection with any U.S. patent or copyright or other intellectual property infringement claim by any third party with respect to the Company&#8217;s products. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. 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Because future events are subject to change, management&#8217;s best estimates and judgments may require future modification. Therefore, actual results could differ materially from current estimates. 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top: 0px;;display:inline;">&#160;<div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><br/></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 56%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Loss from operations</div></div></td><td style="width: 6%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap;;vertical-align:bottom;">&#160;</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(11,990</td><td style="white-space: nowrap;;vertical-align:bottom;">)&#160;</td><td style="width: 6%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap;;vertical-align:bottom;">&#160;</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(8,930</td><td style="white-space: nowrap;;vertical-align:bottom;">)&#160;</td><td style="width: 6%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap;;vertical-align:bottom;">&#160;</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(11,442</td><td style="white-space: nowrap;;vertical-align:bottom;">)&#160;</td><td style="width: 6%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap;;vertical-align:bottom;">&#160;</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(14,580</td><td style="white-space: nowrap;;vertical-align:bottom;">)&#160;</td></tr><tr style="font-family: times new roman; 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font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Stockholders&#8217; Equity and Related Matters </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="text-decoration:underline;display:inline;">February 2021 Public Offering of AGTC Equity Securities </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; 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The warrants are legally detachable from the common stock that was issued on February&#160;1, 2021 and are separately exercisable by the warrant holders. 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top: 0px;;display:inline;">Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. 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