Estimated Fair Value of Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2017

Estimated Fair Value of Financial Instruments

Financial Instruments Recorded on Condensed Consolidated Balance Sheets

Cash equivalents and marketable securities:

	($ in thousands)
September 30, 2017	Level 1		Level 2		Level 3		Total
Money Market Funds Note (a)	$	39,166	$	—	$	—	$	39,166
Marketable Securities:
U.S. Treasury Bonds		32,091		—		—		32,091
Certificate of Deposits		13,026		—		—		13,026
U.S. Government Sponsored Agencies		12,870		—		—		12,870
Corporate Debt Securities		28,503		—		—		28,503
Commercial Paper		10,185		—		—		10,185
Total	$	135,841	$	—	$	—	$	135,841

	($ 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

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

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 September 30, 2017				As of June 30, 2017
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
Convertible Senior Notes	$	19,653	$	54,374	$	98,084	$	180,950

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

	September 30,	September 30,	June 30,	June 30,
	2017 (1)	2017 (2)	2017 (1)	2017 (2)
Risk-free interest rate	1.06%	1.31%	1.14%	1.38%
Expected remaining term	0.26 years	1.03 years	0.51 years	1.28 years
Expected volatility	63.73%	70.69%	69.34%	73.85%
Dividend yield	0%	0%	0%	0%

₍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 on public offering.

Schedule of warrant liability

The following table sets forth the changes in the fair value for the warrant liability during the three-month period ended September 30, 2017 ($ in thousands):

	Warrants	Level 2
Fair value – June 30, 2017	18,655,804	$	90,706
Reclass of warrant liability to capital contributed in excess of par due to exercise	(1,575,000)		(11,241)
Change in fair value	—		86,378
Fair value – September 30, 2017	17,080,804	$	165,843