Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

The expense (benefit) for income taxes is as follows (in thousands):



	Year Ended June 30,
	2018		2017		2016
Federal
Current	$	—	$	—	$	—
Deferred	—		—		—
Total Federal	—		—		—
State
Current	2		2		(5,054		)
Deferred	—		—		—
Total State	2		2		(5,054		)
Foreign
Current	154		19		—
Deferred	—		—		—
Total Foreign	154		19		—
Total Expense (Benefit)	$	156	$	21	$	(5,054	)

Reconciliation of Statutory Tax Rates and Effective Tax Rates

A reconciliation of the statutory tax rates and the effective tax rates for each of the years ended June 30 is as follows:



	2018		2017		2016
Statutory rate	(28.0	)%	(34.0	)%	(34.0	)%
Foreign income tax	—	%	—	%	—	%
Change in valuation allowance	21.1	%	21.9	%	30.4	%
State income taxes, (net of federal tax benefit)	(4.3	)%	(4.8	)%	(2.8	)%
Permanent differences, (primarily warrant-related expenses)	11.3	%	15.3	%	—	%
Other	—	%	1.6	%	(1.6	)%
Effective rate	0.1	%	—	%	(8.0	)%

Tax Effects of Temporary Differences in Deferred Tax Assets

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets as of June 30, 2018 and 2017 are presented below (in thousands):



	2018			2017
Deferred tax assets:
NOL carry forwards	$	90,931		$	134,476
Research and development credits	17,730			14,357
Property and equipment	—			3,406
Liability related to sale of future royalties	49,235			—
Other	3,489			7,335
Total	161,385			159,574
Valuation allowance	(160,540		)	(159,574		)
Net deferred assets	$	845		$	—
Deferred tax liabilities:
Property and equipment	$	(845	)	$	—
Net deferred assets and liabilities	$	—		$	—