Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2015

Summary of Significant Accounting Policies

Schedule of assets that are required to be measured at fair value on a recurring basis

As of March 31, 2015, the Company held certain 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 March 31, 2015 (in thousands):

	Fair Value Measurements at March 31, 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	$	111,827	$	111,827	$	—	$	—

As of June 30, 2014, the Company held certain 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, cash equivalents and restricted cash	$	142,261	$	142,261	$	—	$	—

Schedule of inventory

Inventory at March 31, 2015 and June 30, 2014 is summarized below (in thousands):

	March 31, 2015		June 30, 2014
Raw materials	$	353	$	437
Work in process	2,349		2,513
Total	$	2,702	$	2,950

Schedule of common stock equivalents, as calculated in accordance with the treasury-stock method

	March 31,
	2015	2014
Options outstanding to purchase common stock and unvested restricted stock	10,158	8,605

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

	Three Months Ended March 31,				Nine Months Ended  March 31,
	2015		2014		2015		2014
Dividend	None		None		None		None
Volatility	60.76	%	60.44	%	60.46	%	60.44	%
Risk-free interest rate	1.67	%	1.94	%	1.86	%	1.74	%
Expected life (years)	6.3		6.3		6.3		6.3

Schedule of percentage of revenues recognized from significant customers

	Three Months Ended March 31,				Nine Months Ended  March 31,
Collaborative Partner:	2015		2014		2015		2014
Biotest	9	%	13	%	4	%	3	%
Lilly	1	%	15	%	24	%	18	%
Novartis	44	%	22	%	44	%	40	%
Roche	45	%	37	%	19	%	31	%