Share-based Compensation (Tables)

9 Months Ended

Mar. 31, 2016

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2016		2015		2016		2015
Research and development	$	216	$	317	$	681	$	1,177
General and administrative		423		751		1,526		2,553

Total share-based compensation	$	639	$	1,068	$	2,207	$	3,730

Stock option activity for the nine months ended March 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, 2015		1,614,317		$	7.07
Granted		1,546,625			1.59
Forfeited / Cancelled		(262,392	)		5.10
Expired		(26,867	)		5.53

Outstanding at March 31, 2016		2,871,683		$	4.32		6.2	$	8,607

Vested and exercisable at March 31, 2016		1,188,713		$	5.78		4.3	$	—

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


	Nine Months Ended March 31,
	2016			2015
Risk-free interest rate		1.7	%		1.6	%
Expected life (years)		5.8			5.0
Expected volatility		116.8	%		115.7	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.35		$	5.00