Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Expense for Income Taxes

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

	Year Ended June 30,
	2016		2015		2014
Federal
Current	$	—	$	—	$	—
Deferred		—		—		—
Total Federal		—		—		—
State
Current		(5,054)		2		1
Deferred		—		—		—
Total State		(5,054)		2		1
Foreign
Current		—		56		7
Deferred		—		—		—
Total Foreign		—		56		7
Total (Benefit) Expense	$	(5,054)	$	58	$	8

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:

	2016		2015		2014
Statutory rate	(34.0)	%	(34.0)	%	(34.0)	%
Foreign income tax	—	%	0.1	%	0.1	%
Change in valuation allowance	30.4	%	34.7	%	27.5	%
State income taxes, (net of federal tax benefit)	(2.8)	%	—	%	—	%
Other	(1.6)	%	(0.7)	%	6.4	%
Effective rate	(8.0)	%	0.1	%	—	%

Tax Effects of Temporary Differences in Deferred Tax Assets

For fiscal year 2016, the Company sold certain State of New Jersey State Net Operating Losses (“NOL”) and Research and Development (“R&D”) tax credits through the New Jersey Economic Development Authority Technology Business Tax Certificate Transfer Program. Pursuant to such sale, for the year ended June 30, 2016, the Company recorded a tax benefit of $5.1 million, as a result of its sale of approximately $66.2 million, of New Jersey State NOL and $1.5 million of New Jersey R&D tax credits. There were no sales of NOL or R&D for the fiscal years 2015 and 2014.

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets as of June 30, 2016 and 2015 are presented below (in thousands):

	2016		2015
Deferred tax assets:
NOL carry forwards	$	103,171	$	84,697
Research and development credits		15,322		13,604
Property and equipment		3,693		3,883
Other		3,734		4,528
Total		125,920		106,712
Valuation allowance		(125,920)		(106,712)
Net deferred taxes	$	—	$	—