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Stockholders' Equity (Tables)

6 Months Ended

Dec. 31, 2012

The following table provides a reconciliation of all US$ warrants for the six months ended December 31, 2012 and 2011:


	Six Months Ended December 31,
	2012					2011
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price

Balance at beginning of period		2,064,710		$	6.17		7,614,748		$	7.35
Issued		623,605			2.50		—			—
Expired		(1,512,210	)		6.60		(2,814,701	)		8.76


Balance at end of period		1,176,105		$	3.67		4,800,047		$	6.53


Exercisable at end of period		552,500		$	5.00		4,800,047		$	6.53

Key Assumptions Used to Apply Option Pricing Model for Options Granted

The Company calculated the Black-Scholes value of options awarded during the six months ended December 31, 2012 based on the following key assumptions:


Expected term (in years)	5.50 - 6.25
Stock volatility	94.7% - 97.8	%
Risk-free interest rate	0.81% - 0.98	%
Expected dividends	0	%

Compensation Expense from Stock-Based Payment Awards

The Company’s statements of operations included total compensation expense from stock-based payment awards for the six months ended December 31, 2012 and 2011, as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2012		2011		2012		2011
	(In thousands)

Compensation expense included in:
Research and development	$	127	$	122	$	306	$	269
General and administrative		136		43		300		373


	$	263	$	165	$	606	$	642

2008 Incentive Plan

Stock Option Activity

The following table provides a reconciliation of stock option activity under the 2008 Plan for the six months ended December 31, 2012:


	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
					(in years)		(in thousands)

Outstanding at July 1, 2012		3,053,355	$	3.10
Granted		616,760		2.14


Outstanding at December 31, 2012		3,670,115	$	2.94		7.37	$	50


Outstanding at December 31, 2012 - vested or unvested and expected to vest		3,592,370	$	2.93		7.35	$	50


Exercisable at December 31, 2012		2,293,860	$	2.78		6.62	$	50

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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