Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2015

Summary of Significant Accounting Policies

Schedule of inventory

        Inventory at June 30, 2015 and 2014 is summarized below (in thousands):

	June 30,
	2015		2014
Raw materials	$	279	$	437
Work in process		2,656		2,513
Total	$	2,935	$	2,950

Schedule of components of other accrued liabilities

        Other accrued liabilities consisted of the following at June 30, 2015 and 2014 (in thousands):

	June 30,
	2015		2014
Accrued contract payments	$	5,830	$	2,914
Accrued clinical trial costs		1,735		1,778
Accrued professional services		788		833
Accrued employee benefits		567		454
Accrued public reporting charges		192		183
Other current accrued liabilities		1,329		506
Total	$	10,441	$	6,668

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, 2015 (in thousands):

	Fair Value Measurements at June 30, 2015 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	$	278,109	$	278,109	$	—	$	—

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	$	—	$	—

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,
	2015		2014		2013
Options outstanding to purchase common stock and unvested restricted stock		9,739		8,486		7,703
Common stock equivalents under treasury stock method		770		1,820		2,149

Schedule of weighted-average assumptions used to estimate the fair value of each stock option

	Year Ended June 30,
	2015			2014			2013
Dividend		None			None			None
Volatility		60.86	%		60.44	%		60.44	%
Risk-free interest rate		1.84	%		1.74	%		0.87	%
Expected life (years)		6.3			6.3			6.3

Summary of stock option activity

A summary of option activity under the 2006 Plan as of June 30, 2015, 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, 2014		8,449		$	12.93
Granted		2,743		$	10.38
Exercised		(651	)	$	6.81
Forfeited/Canceled		(852	)	$	14.42
Outstanding at June 30, 2015		9,689		$	12.49		6.78	$	28,260
Outstanding at June 30, 2015—vested or unvested and expected to vest		9,432		$	12.50		6.72	$	27,446
Exercisable at June 30, 2015		5,380		$	11.89		5.31	$	17,939

Summary of restricted stock activity

A summary of restricted stock activity under the 2006 Plan as of June 30, 2015, and changes during the twelve month period then ended is presented below (in thousands, except weighted-average data):

	Number of Restricted Stock Shares			Weighted- Average Exercise Price
Unvested at June 30, 2014		37,500		$	11.93
Awarded		25,000		$	6.53
Vested		(12,500	)	$	11.93
Unvested at June 30, 2015		50,000		$	9.23

Summary of vested stock option activity

        A summary of option activity for options vested during the fiscal years ended June 30, 2015, 2014 and 2013 is presented below (in thousands):

	Year Ended June 30,
	2015		2014		2013
Total fair value of options vested	$	16,145	$	12,535	$	9,670
Total intrinsic value of options exercised		3,275		9,961		6,737
Cash received for exercise of stock options		4,429		9,136		4,026

Schedule of percentage of total revenues recognized from each significant customer

	Year Ended June 30,
Collaborative Partner:	2015			2014			2013
Lilly		21	%		18	%		2	%
Novartis		43	%		38	%		49	%
Roche		23	%		34	%		30	%