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Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2014

Equity [Abstract]

Stock Option Activity under Plan

The following table provides a reconciliation of stock option activity under the 2008 Plan for the three months ended September 30, 2014:

		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life				Aggregate Intrinsic Value
										(in years)				(in thousands)
Outstanding at July 1, 2014			3,791,001			$	3.08
Granted			456,200				4.47
Exercised			(39,037	)			1.43
Forfeited			(2,125	)			5.05
Outstanding at September 30, 2014			4,206,039			$	3.24				6.63			$	5,268
Outstanding at September 30, 2014 - vested or unvested and expected to vest			4,117,608			$	3.23				6.58			$	5,217
Exercisable at September 30, 2014			2,960,677			$	3.02				5.73			$	4,396

Key Assumptions used to Apply Option Pricing Model for Options Awarded

The Company calculated the Black-Scholes value of options awarded during the three months ended September 30, 2014 based on the following key assumptions:

Option life (in years)			6.25
Stock volatility			93	%
Risk-free interest rate			2.00	%
Expected dividends			0	%

Compensation Expense from Stock-Based Payment Awards

The Company’s statements of comprehensive income (loss) included total compensation expense from stock-based payment awards for the three months ended September 30, 2014 and 2013, as follows (in thousands):

		Three Months Ended September 30,
		2014				2013
Compensation expense included in:
Research and development		$	112			$	77
General and administrative			197				140
		$	309			$	217

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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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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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