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Share-Based Compensation | 3 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Share-Based Compensation | SHARE-BASED COMPENSATION On November 30, 2017, the Company’s shareholders approved the adoption of the 2017 Employee, Director and Consultant Equity Incentive Plan (as amended, the “2017 Plan”). On November 29, 2018 and December 5, 2019, the shareholders approved amendments to the 2017 Plan increasing the shares available to grant. The 2017 Plan allows the Company, under the direction of the Compensation Committee of the Board of Directors, to make grants of restricted and unrestricted stock awards to employees, consultants and directors. As of September 30, 2020, the Company may grant additional shares of common stock under the 2017 Plan with respect to the 0.1 options outstanding under our 2003 Plan and 4.8 options and restricted stock units outstanding under our 2010 Plan, to the extent that those options and restricted stock units expire or are cancelled without delivery of shares of common stock. If an RSU awarded under the 2017 Plan is cancelled or forfeited without the issuance of shares of common stock, the unissued or reacquired shares, which were subject to the RSU, shall again be available for issuance pursuant to the 2017 Plan. The number of shares, terms, and vesting periods are determined by the Company’s Board of Directors or a committee thereof on an award-by-award basis. RSUs granted to employees generally vest ratably over four years on the anniversary date of the designated day of the last week of the month in which the RSUs are granted. The number of RSUs awarded to certain executive officers may be increased or reduced based on certain additional performance metrics. Options and RSUs granted to our non-employee directors vest in full upon completion of one year of service on the anniversary following the date of the grant. Options generally vest ratably over service periods of four years. Options granted after December 5, 2012 expire eight years from the date of grant, and options granted prior to that date generally expire ten years from the date of grant. In September 2014, the Company began generally issuing RSUs in lieu of stock options. During the three months ended September 30, 2020, the Company granted stock-based awards to the Company's new President and Chief Executive Officer as an inducement material to his commencement of employment and entry into an employment agreement with the Company. The inducement awards were made in accordance with Nasdaq Stock Market rules and were not made under the Company's existing equity plans; the inducement awards are included in the tables below. Stock Options A summary of the stock option activity under the Company’s equity plans, including the Company's inducement awards, for the three months ended September 30, 2020 is as follows:
| Number of shares |  | Weighted average exercise price
Options outstanding at June 30, 2020 | 4.8 |  |  | $ | 24.47 |
Options granted | 0.7 |  |  | $ | 13.38 |
Less: |  |  |
Options exercised | — |  |  | $ | — |
Options canceled or expired | (0.1) |  |  | $ | 16.40 |
Options outstanding at September 30, 2020 | 5.4 |  |  | $ | 23.19 |
Options exercisable at September 30, 2020 | 4.7 |  |  | $ | 24.62 |
As of September 30, 2020, there was $5.2 of unrecognized share-based compensation expense related to the inducement stock options that will be recognized over a weighted-average period of 2.8 years. Restricted Stock Units A summary of the RSU activity under the Company’s plans, including the Company's inducement awards and RSU awards with performance metrics, for the three months ended September 30, 2020 is as follows:
| Number of shares |  | Weighted average grant date fair value
RSUs outstanding at June 30, 2020 | 2.3 |  |  | $ | 32.50 |
RSUs granted | 0.4 |  |  | $ | 13.24 |
Less: |  |  |
RSUs vested | (0.8) |  |  | $ | 33.07 |
RSUs canceled | — |  |  | $ | — |
RSUs outstanding at September 30, 2020 | 1.9 |  |  | $ | 27.70 |
As of September 30, 2020, there was $44.1 of total unrecognized share-based compensation expense related to RSUs that will be recognized over a weighted-average period of 2.5 years. Employee Stock Purchase Plan The Company also has an Employee Stock Purchase Plan that was approved by shareholders in 2012 (the “2012 Purchase Plan”), under which 2.0 shares of common stock have been authorized. Shares are issued under the 2012 Purchase Plan twice yearly at the end of each offering period. As of September 30, 2020, approximately 0.3 shares of common stock are available for issuance under the 2012 Purchase Plan. Share-Based Compensation Expense Share-based compensation expense recognized and included in the condensed consolidated statements of operations and comprehensive loss was allocated as follows:
| Three months ended September 30, |
| 2020 |  | 2019 |
Cost of molecular diagnostic testing | $ | 0.3 |  |  | $ | 0.2 |  |
Cost of pharmaceutical and clinical services | 0.1 |  |  | 0.1 |  |
Research and development expense | 1.3 |  |  | 1.5 |  |
Selling, general, and administrative expense | 6.7 |  |  | 7.0 |  |
Total share-based compensation expense | $ | 8.4 |  |  | $ | 8.8 |  |

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