Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (15,092)	$ (27,032)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	2,207	3,730
Depreciation and amortization	45	48
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(600)	(95)
Accounts payable	(397)	1,003
Accrued liabilities	(537)	1,019
Net cash used in operating activities	(14,374)	(21,327)
Cash flows from investing activities:
Purchases of property and equipment	(3)	(16)
Purchases of short-term investments	(40,190)	(65,063)
Proceeds from maturity of short-term investments	50,136	50,024
Net cash provided by investing activities	9,943	(15,055)
Cash flows from financing activities:
Net proceeds from issuance of common stock		43,070
Net cash provided by financing activities		43,070
Net (decrease) increase in cash and cash equivalents	(4,431)	6,688
Cash and cash equivalents at beginning of the period	18,722	13,777
Cash and cash equivalents at end of the period	$ 14,291	$ 20,465