Stockholders' Equity (Tables)

6 Months Ended

Dec. 31, 2015

Key Assumptions Used to Apply Option Pricing Model for Options Awarded

The Company calculated the Black-Scholes value of options awarded during the six months ended December 31, 2015 based on the following key assumptions:

Option life (in years)	5.50 – 6.25
Stock volatility	76% – 80%
Risk-free interest rate	1.83% – 1.97%
Expected dividends	0%

Compensation Expense from Stock-Based Payment Awards

The Company’s statements of comprehensive (loss) income included total compensation expense from stock-based payment awards for the three and six months ended December 31, 2015 and 2014, as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2015		2014		2015		2014
Compensation expense included in:
Research and development	$	196	$	198	$	341	$	310
General and administrative		287		219		547		416
	$	483	$	417	$	888	$	726

2008 Incentive Plan [Member]

Stock Option Activity under Plan

The following table provides a reconciliation of stock option activity under the 2008 Plan for the six months ended December 31, 2015:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Options			Price		Life		Value
						(in years)		(in thousands)
Outstanding at July 1, 2015		4,447,975		$	3.36
Granted		846,000			4.09
Exercised		(215,554	)		1.57
Outstanding at December 31, 2015		5,078,421		$	3.55		6.47	$	6,539
Outstanding at December 31, 2015— vested or unvested and expected to vest		4,987,765		$	3.55		6.43	$	6,463
Exercisable at December 31, 2015		3,305,234		$	3.30		5.23	$	5,117