Share-based Compensation (Tables)

6 Months Ended

Dec. 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 December 31,				Six Months Ended December 31,
	2017		2016		2017		2016
Research and development	$	257	$	243	$	541	$	482
General and administrative		445		431		1,157		929
Total share-based compensation	$	702	$	674	$	1,698	$	1,411

Summary of Stock Option Activity and Related Data

Stock option activity for the six months ended December 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, 2017		4,259,083		$	3.21
Granted		1,692,000			2.82
Exercised		(113,391	)		1.66
Forfeited / Cancelled		(252,603	)		2.44
Expired		(122,343	)		5.26
Outstanding at December 31, 2017		5,462,746			3.11		7.1	$	1,680,120
Vested and exercisable at December 31, 2017		2,758,956		$	3.84		5.3	$	946,930

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:

	Six Months Ended December 31,
	2017			2016
Risk-free interest rate		2.1	%		1.2	%
Expected life (years)		6.0			5.9
Expected volatility		97.1	%		108.2	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	2.19		$	1.12