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Share-based Compensation (Tables)

6 Months Ended

Dec. 31, 2016

Share-Based Compensation Expense for Stock Awards

Total share-based compensation expense for all stock awards consists of the following, in thousands:

		Three Months Ended December 31,								Six Months Ended December 31,
		2016				2015				2016				2015
Research and development		$	243			$	257			$	482			$	465
General and administrative			431				541				929				1,103
Total share-based compensation		$	674			$	798			$	1,411			$	1,568

Summary of Stock Option Activity

Stock option activity for the six months ended December 31, 2016 was as follows:

		Number of Options				Weighted- Average Exercise Price				Weighted-Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
Outstanding at June 30, 2016			2,827,172			$	4.29
Granted			1,527,083				1.37
Forfeited / Cancelled			(33,333	)			1.36
Expired			(39,900	)			9.98
Outstanding at December 31, 2016			4,281,022			$	3.22				7.0			$	137,680
Vested and exercisable at December 31, 2016			1,773,019			$	4.78				4.8			$	8,534

Fair Value of Stock Options Weighted-Average Assumptions Used

The following weighted-average assumptions were used to determine the fair value of options granted during the period:

		Six Months Ended December 31,
		2016				2015
Risk-free interest rate			1.2	%			1.8	%
Expected life (years)			5.9				5.7
Expected volatility			108.2	%			117.3	%
Dividend yield			0.0	%			0.0	%
Weighted-average grant date fair value		$	1.12			$	1.38

X

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

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X

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

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X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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