Estimated Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2018

Estimated Fair Value of Financial Instruments

Financial Instruments Recorded on Condensed Consolidated Balance Sheets

Cash equivalents and marketable securities:

	($ in thousands)
March 31, 2018	Level 1		Level 2		Level 3		Total
Money Market Funds Note (a)	$	304,589	$	—	$	—	$	304,589
Marketable Securities:
U.S. Treasury Bonds		14,083		—		—		14,083
Certificate of Deposits		8,371		—		—		8,371
U.S. Government Sponsored Agencies		10,872		—		—		10,872
Corporate Debt Securities		8,360		—		—		8,360
Commercial Paper		10,360		—		—		10,360
Total	$	356,635	$	—	$	—	$	356,635

	($ 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 March 31, 2018				As of June 30, 2017
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
Convertible Senior Notes	$	19,726	$	57,087	$	98,084	$	180,950

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

	March 31,	June 30,	June 30,
	2018	2017 (1)	2017 (2)
Risk-free interest rate	1.93%	1.14%	1.38%
Expected remaining term	0.54 years	0.51 years	1.28 years
Expected volatility	71.43%	69.34%	73.85%
Dividend yield	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 nine-month period ended March 31, 2018 ($ 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	(12,205,804)		(70,150)
Change in fair value	—		49,775
Fair value – March 31, 2018	6,450,000	$	70,331