XML 57 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2014
Summary of Significant Accounting Policies  
Schedule of inventory

Inventory at June 30, 2014 and 2013 is summarized below (in thousands):

 
   June 30,  
 
   2014   2013  

Raw materials

   $ 437   $ 75  

Work in process

     2,513     628  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 2,950   $ 703  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of components of other accrued liabilities

Other accrued liabilities consisted of the following at June 30, 2014 and 2013 (in thousands):

 
   June 30,  
 
   2014   2013  

Accrued contract payments

   $ 2,914   $ 2,406  

Accrued clinical trial costs

     1,778     1,849  

Accrued professional services

     833     678  

Accrued employee benefits

     454     411  

Accrued public reporting charges

     183     179  

Other current accrued liabilities

     506     526  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 6,668   $ 6,049  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of assets that are required to be measured at fair value on a recurring basis

The following table represents the fair value hierarchy for the Company's financial assets measured at fair value on a recurring basis as of June 30, 2014 (in thousands):

 
   Fair Value Measurements at June 30, 2014 Using  
 
    
   Quoted Prices in
Active Markets for
Identical Assets		   Significant Other
Observable Inputs		   Significant
Unobservable
Inputs		  
 
   Total   (Level 1)   (Level 2)   (Level 3)  

Cash and cash equivalents

   $ 142,261   $ 142,261   $ —   $ —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

       The following table represents the fair value hierarchy for the Company's financial assets measured at fair value on a recurring basis as of June 30, 2013 (in thousands):

 
   Fair Value Measurements at June 30, 2013 Using  
 
    
   Quoted Prices in
Active Markets for
Identical Assets		   Significant Other
Observable Inputs		   Significant
Unobservable
Inputs		  
 
   Total   (Level 1)   (Level 2)   (Level 3)  

Cash, cash equivalents and restricted cash

   $ 197,191   $ 197,191   $ —   $ —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of estimated useful lives of property and equipment

 

 

Machinery and equipment

   5 years

Computer hardware and software

   3 years

Furniture and fixtures

   5 years

Leasehold improvements

   Shorter of remaining lease term or 7 years
Schedule of common stock equivalents, as calculated in accordance with the treasury-stock method

The Company's common stock equivalents, as calculated in accordance with the treasury-stock method, are shown in the following table (in thousands):

 
   June 30,  
 
   2014   2013   2012  

Options outstanding to purchase common stock and unvested restricted stock

     8,486     7,703     6,442  

Common stock equivalents under treasury stock method

     1,820     2,149     2,194  
Schedule of weighted-average assumptions used to estimate the fair value of each stock option

 

 

 
   Year Ended June 30,  
 
   2014   2013   2012  

Dividend

     None     None     None  

Volatility

     60.44 %   60.44 %   59.70 %

Risk-free interest rate

     1.74 %   0.87 %   2.16 %

Expected life (years)

     6.3     6.3     7.1  
Summary of stock option activity

A summary of option activity under the 2006 Plan as of June 30, 2014, and changes during the twelve month period then ended is presented below (in thousands, except weighted-average data):

 
   Number of
Stock
Options		   Weighted-
Average
Exercise
Price		   Weighted-
Average
Remaining
Life in Yrs		   Aggregate
Intrinsic
Value		  

Outstanding at June 30, 2013

     7,653   $ 10.79              

Granted

     2,391   $ 18.18              

Exercised

     (1,134 ) $ 8.05              

Forfeited/Canceled

     (461 ) $ 16.70              
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding at June 30, 2014

     8,449   $ 12.93     6.88   $ 14,351  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Outstanding at June 30, 2014—vested or unvested and expected to vest

     8,233   $ 12.83     6.82   $ 14,346  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Exercisable at June 30, 2014

     4,637   $ 9.79     5.48   $ 14,211  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Summary of restricted stock activity

A summary of restricted stock activity under the 2006 Plan as of June 30, 2014, and changes during the twelve month period then ended is presented below (in thousands, except weighted-average data):

 
   Number of
Restricted
Stock		   Weighted-
Average
Exercise
Price		  

Unvested at June 30, 2013

     50,000   $ 11.93  

Vested

     (12,500 ) $ 11.93  
           
​ ​ ​ ​ ​ ​ ​ ​

Unvested at June 30, 2014

     37,500   $ 11.93  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Summary of vested stock option activity

A summary of option activity for options vested during the fiscal years ended June 30, 2014, 2013 and 2012 is presented below (in thousands):

 
   Year Ended June 30,  
 
   2014   2013   2012  

Total fair value of options vested

   $ 12,535   $ 9,670   $ 5,647  

Total intrinsic value of options exercised

     9,961     6,737     12,476  

Cash received for exercise of stock options

     9,136     4,026     6,988  
Schedule of percentage of total revenue recognized from each significant customer
 
   Year Ended
June 30,		  
Collaborative Partner:
  2014   2013   2012  

Amgen

     6 %   6 %   30 %

Bayer HealthCare

     — %   4 %   15 %

Biotest

     3 %   5 %   14 %

Lilly

     18 %   2 %   2 %

Novartis

     38 %   49 %   16 %

Roche

     34 %   30 %   — %

Sanofi

     1 %   3 %   23 %