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Income Taxes (Tables)

6 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit

The components of income tax benefit are as follows (in thousands):

		Six Months Ended December 31,				Year Ended June 30,
		2018				2018				2017				2016
U.S. operations:
Current income tax expense		$	—			$	—			$	—			$	4
Deferred income tax benefit			—				—				—				—
			—				—				—				4
Non-U.S. operations:
Current income tax benefit			—				—				—				(159	)
Deferred income tax benefit			—				—				—				—
			—				—				—				(159	)
Income tax benefit		$	—			$	—			$	—			$	(155	)

Components of Loss Before Income Taxes

The components of loss before income taxes are as follows (in thousands):

		Six Months Ended December 31,				Year Ended June 30,
		2018				2018				2017				2016
U.S. operations		$	(44,804	)		$	(53,000	)		$	(17,566	)		$	(19,780	)
Non-U.S. operations			84				(171	)			(919	)			(1,922	)
Loss before income taxes		$	(44,720	)		$	(53,171	)		$	(18,485	)		$	(21,702	)

Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit

The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 21% for the six months ended December 31, 2018, 27.5% for fiscal 2018 and 34% for each of fiscal 2017 and fiscal 2016 to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):

		Six Months Ended December 31,				Year Ended June 30,
		2018				2018				2017				2016
Income tax benefit at statutory rate		$	(9,391	)		$	(14,622	)		$	(6,284	)		$	(7,379	)
State income taxes, net of federal benefit			(1,657	)			(1,552	)			(928	)			(1,044	)
Non-U.S. income tax rate differential			186				(66	)			(121	)			778
Change in fair value of derivative			3,900				7,227				—				—
Change in federal tax rate			—				14,673				—				—
Research and development tax credits			(231	)			(284	)			(242	)			(397	)
Permanent items			—				(15	)			(9	)			216
Changes in valuation allowance			7,166				(5,385	)			7,489				6,789
Other, net			27				24				95				882
Income tax benefit		$	—			$	—			$	—			$	(155	)

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows (in thousands):

		December 31,				June 30,
		2018				2018				2017
Deferred tax assets:
Net operating loss carryforwards		$	53,259			$	47,774			$	39,439
Deferred revenue			70				—				20
Stock-based compensation			4,788				4,241				5,107
Tax credits			3,696				3,463				1,727
Other			682				185				186
Total deferred tax assets			62,495				55,663				46,479
Deferred tax liabilities:
Intangible assets			8,207				8,542				123
Deferred tax assets, net			54,288				47,121				46,356
Valuation allowance			54,288				47,121				46,356
Total deferred tax liability		$	—			$	—			$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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