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Share-based Compensation (Tables)

3 Months Ended

Sep. 30, 2019

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 September 30,
		2019				2018
Research and development		$	781			$	630
General and administrative			1,332				1,307
Total share-based compensation		$	2,113			$	1,937

Summary of Stock Option Activity and Related Data

Stock option activity for the three months ended September 30, 2019 was as follows:

		Number of Options				Weighted- Average Exercise Price				Weighted-Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
Outstanding at June 30, 2019			8,356,961			$	3.20
Granted			3,083,333				2.50
Exercised			(46,667	)			1.54
Forfeited / Cancelled			(49,186	)			1.81
Expired			(527,080	)			6.89
Outstanding at September 30, 2019			10,817,361				2.83				8.5			$	501,818
Vested and exercisable at September 30, 2019			4,114,253				2.52				7.3			$	428,455

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:

		Three Months Ended September 30,
		2019				2018
Risk-free interest rate			1.8	%			2.8	%
Expected life (years)			6.0				6.0
Expected volatility			73.6	%			86.0	%
Dividend yield			0.0	%			0.0	%
Weighted-average grant date fair value		$	1.63			$	3.11

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- Definition

Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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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