Estimated Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2017


	($ in thousands)
June 30, 2017	Level 1		Level 2		Level 3		Total
Money Market Funds Note (a)	$	36,776	$	—	$	—	$	36,776
Marketable Securities:
U.S. Treasury Bonds		35,062		—		—		35,062
Certificate of Deposits		15,298		—		—		15,298
U.S. Government Sponsored Agencies		18,344		—		—		18,344
Corporate Debt Securities		32,659		—		—		32,659
Commercial Paper		10,145		—		—		10,145
Total	$	148,284	$	—	$	—	$	148,284


	($ 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

(a)

The money market funds noted above are included in cash and cash equivalents.

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

⁽¹⁾

Represents the fair value assumptions for the warrants issued in connection with February 10, 2017 stock purchase agreement.

⁽²⁾

Represents the fair value assumptions for the warrants issued in connection with October 11, 2016 public offering.

The following table sets forth the warrant activity for the year ended June 30, 2017 ($ in thousands):


		Estimated Fair
	Number of	Value
	Warrants	Level 2
Warrants outstanding as of July 1, 2016	—	$	—
Additions, pursuant to October 11, 2016 public offering	10,000,000		7,313
Additions, pursuant to February 16, 2017 stock purchase agreement with Seattle Genetics, Inc.	8,655,804		22,319
Change in fair value	—		61,074
Warrants outstanding as of June 30, 2017	18,655,804	$	90,706