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Stockholders' Deficit (Tables)

12 Months Ended

Jun. 30, 2017


	Number of Shares			Weighted Average Exercise Price
	2017	2016	2015	2017		2016		2015
Options outstanding, beginning of year	4,015,895	4,525,340	5,308,617	$	3.42	$	3.48	$	3.41
Options granted	376,032	880,681	955,361	$	4.07	$	2.15	$	3.82
Options exercised	(1,279,354)	(1,097,500)	(1,202,575)	$	3.35	$	2.53	$	2.46
Options expired or forfeited	(219,333)	(292,626)	(536,063)	$	4.15	$	3.88	$	4.50
Options outstanding, end of year	2,893,240	4,015,895	4,525,340	$	3.48	$	3.42	$	3.48
Options exercisable, end of year	2,495,650	2,733,842	3,115,798	$	3.42	$	3.64	$	3.27

Options Outstanding under Plan


		Weighted		Weighted		Weighted
	Number	average		average	Number	average
Range of	outstanding	exercise		remaining	exercisable	exercise
exercise price	at June 30, 2017	price		term (yrs.)	at June 30, 2017	price
$1.59 - 3.00	655,163	$	1.98	5.30	491,533	$	1.88
3.01 - 5.00	1,950,233		3.65	3.54	1,763,729		3.59
5.01 - 7.00	242,844		5.15	3.16	240,388		5.15
7.01 - 9.50	45,000		8.70	7.00	—		—
	2,893,240	$	3.48	3.96	2,495,650		3.42

Schedule of Options Weighted-Average Assumptions

The fair value of each option granted during the years ended June 30, 2017, 2016, and 2015 is estimated on the date of grant using the Black‑Scholes option‑pricing model with the following weighted-average assumptions in the following table:


	Years ended June 30,
	2017	2016	2015
Expected dividend yield	0%	0%	0%
Expected option term (years)	5.04	5.03	5.07
Expected stock price volatility	63%	58%	57%
Risk-free interest rate	1.16% - 2.15%	1.00% - 1.64%	1.37% - 1.72%

Non-Vested Restricted Stock Units


		Weighted-Average
		per Share of
		Market Value
Non-Vested Restricted Stock	Number of Awards	on Grant Date
Non-vested at June 30, 2016	2,066,041	$	2.57
Restricted Units Granted(a)	106,061		3.30
Cancelled	(14,469)		3.11
Vested/Exercised(b)	(657,633)		3.33
Non-vested at June 30, 2017	1,500,000	$	2.28

^(a)

For the year ended June 30, 2017, 106,061 restricted stock units were awarded to the Company’s former President and Chief Executive Officer.

^(b)

Represents restricted stock units to the Company’s former President and Chief Executive Officer which vested upon her termination and pursuant to the Company’s change of control, and the Chairman which vested upon the Company’s change of control.

Summary of Stock-Based Compensation Expense by Consolidated Statements of Comprehensive Loss Line Items

The following table summarizes the stock-based compensation expense by the consolidated statements of comprehensive loss line items for the fiscal years ended June 30, 2017, 2016 and 2015 (in thousands):


	Fiscal Year Ended June 30,
	2017		2016		2015
Research and development	$	2,600	$	2,245	$	1,673
General and administrative		1,733		1,496		1,116
Total expense	$	4,333	$	3,741	$	2,789

Goldenberg Agreement [Member] | Restricted Stock Units

Schedule of Options Weighted-Average Assumptions


Expected dividend	0	%
Expected option term (years)	5
Expected stock price volatility	49.6	%
Risk-free interest rate	1.32	%