Warrant Liabilities	9 Months Ended
Mar. 31, 2018
Warrant Liabilities
Warrant Liabilities	5. Warrant Liabilities In connection with a public offering conducted during October 2016, the Company issued warrants that contain net cash settlement provisions. Additionally, in connection with a stock purchase agreement entered into with Seattle Genetics, Inc. during February 2017 (the “SGEN Warrant”), the Company issued warrants that also have similar net cash settlement provisions. Accordingly, both warrants do not meet the criteria for classifications as equity and are recorded as liabilities on the Company’s balance sheet. The Company recorded these warrants as liabilities at their fair values as calculated at their respective dates of inception. The change in the fair value of each warrant is measured, and booked as an income or expense to adjust the warrant liability on a periodic basis at the end of each fiscal quarter or upon exercise of the warrants. On July 18, 2017, and September 1, 2017, warrants to purchase 900,000 and 675,000 shares of the Company’s common stock, issued in to the October 2016 public offering were exercised, respectively. The fair value of the warrants exercised increased $2.6 million from June 30, 2017 to the respective dates of exercise, which has been recognized in the accompanying condensed consolidated statements of comprehensive loss. The $11.2 million fair value of the warrants as of the exercise dates was reclassified to Capital Contributed in Excess of Par. On December 5, 2017, and December 14, 2017, warrants to purchase 575,000 shares of the Company’s common stock issued in the October 2016 public offering and the SGEN Warrant to purchase 8,655,804 shares of the Company’s common stock issued to Seattle Genetics in the February 2017 Stock Purchase Agreement were exercised, respectively. The fair value of the aggregate warrants exercised increased $2.2 million from June 30, 2017 to the dates of exercise, which has been recognized in the accompanying condensed consolidated statements of comprehensive loss. The $41.1 million fair value of the warrants as of the exercise dates was reclassified to Capital Contributed in Excess of Par. On February 22, 2018, warrants to purchase 1,400,000 shares of the Company’s common stock issued in the October 2016 public offering were exercised. The fair value of the aggregate warrants exercised increased $10.1 million from June 30, 2017 to the date of exercise, which has been recognized in the accompanying condensed consolidated statements of comprehensive loss. The $17.8 million fair value of the warrants as of the exercise dates was reclassified to Capital Contributed in Excess of Par. The Company uses Level 2 inputs for its valuation methodology for the warrant liabilities. The estimated fair value was determined using a Black-Scholes valuation model based on various assumptions. The warrant liabilities are adjusted to reflect estimated fair value at each period end, with any changes in the fair value being recorded in changes in fair value of warrant liabilities. The estimated fair value of the warrant liabilities was approximately $70.3 million and $90.7 million, as of March 31, 2018 and June 30, 2017, respectively. The change in fair value of the warrant liabilities for the three and nine-month periods ended March 31, 2018 resulted in a gain of approximately $9.8 million and a loss of approximately $49.8 million, respectively.

5. Warrant Liabilities

In connection with a public offering conducted during October 2016, the Company issued warrants that contain net cash settlement provisions. Additionally, in connection with a stock purchase agreement entered into with Seattle Genetics, Inc. during February 2017 (the “SGEN Warrant”), the Company issued warrants that also have similar net cash settlement provisions. Accordingly, both warrants do not meet the criteria for classifications as equity and are recorded as liabilities on the Company’s balance sheet. The Company recorded these warrants as liabilities at their fair values as calculated at their respective dates of inception. The change in the fair value of each warrant is measured, and booked as an income or expense to adjust the warrant liability on a periodic basis at the end of each fiscal quarter or upon exercise of the warrants.

On July 18, 2017, and September 1, 2017, warrants to purchase 900,000 and 675,000 shares of the Company’s common stock, issued in to the October 2016 public offering were exercised, respectively. The fair value of the warrants exercised increased $2.6 million from June 30, 2017 to the respective dates of exercise, which has been recognized in the accompanying condensed consolidated statements of comprehensive loss. The $11.2 million fair value of the warrants as of the exercise dates was reclassified to Capital Contributed in Excess of Par.

On December 5, 2017, and December 14, 2017, warrants to purchase 575,000 shares of the Company’s common stock issued in the October 2016 public offering and the SGEN Warrant to purchase 8,655,804 shares of the Company’s common stock issued to Seattle Genetics in the February 2017 Stock Purchase Agreement were exercised, respectively. The fair value of the aggregate warrants exercised increased $2.2 million from June 30, 2017 to the dates of exercise, which has been recognized in the accompanying condensed consolidated statements of comprehensive loss. The $41.1 million fair value of the warrants as of the exercise dates was reclassified to Capital Contributed in Excess of Par.

On February 22, 2018, warrants to purchase 1,400,000 shares of the Company’s common stock issued in the October 2016 public offering were exercised. The fair value of the aggregate warrants exercised increased $10.1 million from June 30, 2017 to the date of exercise, which has been recognized in the accompanying condensed consolidated statements of comprehensive loss. The $17.8 million fair value of the warrants as of the exercise dates was reclassified to Capital Contributed in Excess of Par.

The Company uses Level 2 inputs for its valuation methodology for the warrant liabilities. The estimated fair value was determined using a Black-Scholes valuation model based on various assumptions. The warrant liabilities are adjusted to reflect estimated fair value at each period end, with any changes in the fair value being recorded in changes in fair value of warrant liabilities.

The estimated fair value of the warrant liabilities was approximately $70.3 million and $90.7 million, as of March 31, 2018 and June 30, 2017, respectively. The change in fair value of the warrant liabilities for the three and nine-month periods ended March 31, 2018 resulted in a gain of approximately $9.8 million and a loss of approximately $49.8 million, respectively.