Share-based Compensation (Tables)

9 Months Ended

Mar. 31, 2017

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 March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
Research and development	$	213	$	216	$	695	$	681
General and administrative		401		423		1,330		1,526
Total share-based compensation	$	614	$	639	$	2,025	$	2,207

Summary of Stock Option Activity

Stock option activity for the nine months ended March 31, 2017 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		(54,630	)		9.15
Outstanding at March 31, 2017		4,266,292		$	3.21		6.7	$	467,597
Vested and exercisable at March 31, 2017		2,017,037		$	4.54		4.9	$	81,367

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:

	Nine Months Ended March 31,
	2017			2016
Risk-free interest rate		1.2	%		1.7	%
Expected life (years)		5.9			5.8
Expected volatility		108.2	%		116.8	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.12		$	1.35