Estimated Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2016

Estimated Fair Value of Financial Instruments

Financial Instruments Recorded on Condensed Consolidated Balance Sheets

Cash equivalents and marketable securities:

	($ in thousands)
December 31, 2016	Level 1		Level 2		Level 3		Total
Money Market Funds Note (a)	$	3,761	$	—	$	—	$	3,761
Marketable Securities:
U.S. Treasury Bonds		9,696		—		—		9,696
Certificate of Deposits		5,363		—		—		5,363
U.S. Government Sponsored Agencies		9,307		—		—		9,307
Corporate Debt Securities		9,726		—		—		9,726
Commercial Paper		7,510		—		—		7,510
Total	$	45,363	$	—	$	—	$	45,363

	($ in thousands)
June 30, 2016	Level 1		Level 2		Level 3		Total
Money Market Funds Note (a)	$	10,012	$	—	$	—	$	10,012
Marketable Securities:
U.S. Treasury Bonds		5,065		—		—		5,065
Certificate of Deposits		3,003		—		—		3,003
U.S. Government Sponsored Agencies		14,342		—		—		14,342
Corporate Debt Securities		15,014		—		—		15,014
Total	$	47,436	$	—	$	—	$	47,436

Schedule of Carrying Amounts and Estimated Fair Values (Level 2) of Debt Instruments

The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows (in thousands):

	As of December 31, 2016				As of June 30, 2016
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
Convertible Senior Notes	$	97,719	$	93,877	$	97,354	$	71,359

Schedule of changes in the estimated fair value for the warrant liability

	October 11,	December 31,
	2016	2016
Risk-free interest rate	0.87%	1.20%
Expected remaining term	2.0 years	1.78 years
Expected volatility	75.00%	77.87%
Dividend yield	0%	0%

Schedule of assumptions used in estimating fair value of the warrant liability

	Level 2
Fair value – July 1, 2016	$	—
Additions, pursuant to October 11, 2016 public offering		7,313
Change in fair value		7,230
Fair value – December 31, 2016	$	14,543