Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2015

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, 2015 based on the following key assumptions:


Option life (in years)	6.25
Stock volatility	80	%
Risk-free interest rate	1.89	%
Expected dividends	0	%

Compensation Expense from Stock-Based Payment Awards

The Company’s statements of comprehensive (loss) income included total compensation expense from stock-based payment awards for the three months ended September 30, 2015 and 2014, as follows (in thousands):


	Three Months Ended September 30,
	2015		2014
Compensation expense included in:
Research and development	$	145	$	112
General and administrative		260		197

	$	405	$	309

2008 Incentive Plan [Member]

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, 2015:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2015		4,447,975		$	3.36
Granted		446,000			4.09
Exercised		(5,000	)		1.81

Outstanding at September 30, 2015		4,888,975		$	3.42		6.33	$	2,839

Outstanding at September 30, 2015 - vested and unvested and expected to vest		4,795,301		$	3.41		6.28	$	2,829

Exercisable at September 30, 2015		3,490,538		$	3.19		5.36	$	2,667