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Stockholders' Equity (Tables)
12 Months Ended
Jun. 30, 2016
Stockholders' Equity [Abstract]  
Summary of changes in options outstanding
  Number of Shares  Weighted Average Exercise Price Per Share  Weighted Average Remaining Contractual Term (Years)  Aggregate Intrinsic Value 
Outstanding and expected to vest at July 1, 2014  673,034  $5.56   9.2  $2,988,000 
Granted  311,100  $12.63   9.6     
Forfeited  (206,504) $9.12   -     
Outstanding and expected to vest at June 30, 2015  777,630  $7.44   8.6  $2,787,000 
Granted  106,795  $4.13   9.4     
Forfeited  (242,221) $8.70   -     
Outstanding and expected to vest at June 30, 2016  642,204  $6.41   7.7  $21,500 
Options exercisable at June 30, 2016  349,953  $5.69   7.0  $1,300

 

Summary of Black-Scholes option pricing model assumptions used to determine the fair value of options granted
  Year Ended June 30,
2016
  Year Ended June 30, 
2015
 
Risk free interest rate  0.87% to 1.7%  1.5% to 1.8%
Dividend yield  0%  0%
Volatility  71% to 80%  71% to 76%
Expected term (in years)  6.25   6.25

 

Schedule of stock-based compensation expense
  Year Ended June 30,
2016
  Year ended June 30,
2015
 
Research and development $210,100  $321,900 
General and administrative  792,500   475,100 
Total $1,002,600  $797,000
Summary of the changes in outstanding restricted stock
  Number of Shares  Weighted Average Fair Value Per Share 
Outstanding and expected to issue at July 1, 2014  -  $- 
Granted  104,000  $13.79 
Forfeited  (10,000) $14.65 
Outstanding and expected to issue at June 30, 2015  94,000  $13.80 
Forfeited  (44,375) $13.24 
Outstanding and vested at June 30, 2016  49,625  $14.10
Summary of changes in warrants outstanding
  Number of Shares  Weighted Average Exercise Price Per Share 
Outstanding and vested at July 1, 2014  8,628,911  $6.40 
Granted  173,643  $4.00 
Exercised  (2,040,277) $7.50 
Forfeited  (1,400,094) $7.50 
Outstanding and vested at June 30, 2015  5,362,183  $5.60 
Exercised  (1,137,610) $0.27 
Outstanding and vested at June 30, 2016  4,224,573  $7.04