Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Jun. 30, 2015

Quarterly Financial Information (Unaudited)

Schedule of Quarterly Financial Information (Unaudited)

	Fiscal Year 2015
	First Quarter Ended September 30, 2014			Second Quarter Ended December 31, 2014			Third Quarter Ended March 31, 2015			Fourth Quarter Ended June 30, 2015
	(In thousands, except per share data)
Revenues:
License and milestone fees	$	6,234		$	41,417		$	5,078		$	5,086
Royalty revenue		4,166			4,625			5,099			(23	)
Non-cash royalty revenue related to the sale of future royalties		—			—			—			5,484
Research and development support		776			832			532			708
Clinical materials revenue		2,027			1,426			718			1,356
Total revenues		13,203			48,300			11,427			12,611
Expenses:
Research and development		28,018			27,647			25,666			30,437
General and administrative		7,095			6,872			7,000			7,261
Total expenses		35,113			34,519			32,666			37,698
(Loss) income from operations		(21,910	)		13,781			(21,239	)		(25,087	)
Non-cash interest expense on liability related to sale of future royalty		—			—			—			(5,437	)
Other (expense) income, net		(372	)		(146	)		(379	)		50
Net (loss) income	$	(22,282	)	$	13,635		$	(21,618	)	$	(30,474	)
Basic and diluted net (loss) income per common share	$	(0.26	)	$	0.16		$	(0.25	)	$	(0.35	)

	Fiscal Year 2014
	First Quarter Ended September 30, 2013			Second Quarter Ended December 31, 2013		Third Quarter Ended March 31, 2014			Fourth Quarter Ended June 30, 2014
	(In thousands, except per share data)
Revenues:
License and milestone fees	$	13,167		$	25,678	$	305		$	305
Royalty revenue		2,053			2,335		2,558			3,400
Research and development support		1,990			1,922		1,948			1,327
Clinical materials revenue		8			125		2,064			711
Total revenues		17,218			30,060		6,875			5,743
Expenses:
Research and development		22,029			20,862		38,280			25,787
General and administrative		6,526			5,447		6,040			6,456
Total expenses		28,555			26,309		44,320			32,243
(Loss) income from operations		(11,337	)		3,751		(37,445	)		(26,500	)
Other income (expense), net		111			62		(7	)		1
Net (loss) income	$	(11,226	)	$	3,813	$	(37,452	)	$	(26,499	)
Basic and diluted net (loss) income per common share	$	(0.13	)	$	0.04	$	(0.44	)	$	(0.31	)