Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2016

Summary of Significant Accounting Policies

Schedule of inventory

Inventory at June 30, 2016 and 2015 is summarized below (in thousands):

	June 30,
	2016		2015
Raw materials	$	317	$	279
Work in process		590		2,656
Total	$	907	$	2,935

Schedule of components of other accrued liabilities

Other accrued liabilities consisted of the following at June 30, 2016 and 2015 (in thousands):

	June 30,
	2016		2015
Accrued contract payments	$	4,202	$	5,830
Accrued clinical trial costs		3,096		1,735
Accrued professional services		1,028		788
Accrued employee benefits		640		567
Accrued public reporting charges		192		192
Other current accrued liabilities		555		1,329
Total	$	9,713	$	10,441

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, 2016 (in thousands):

	Fair Value Measurements at June 30, 2016 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	219,918	$	219,918	$	—	$	—

As of June 30, 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 June 30, 2015 (in thousands):

	Fair Value Measurements at June 30, 2015 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	269,304	$	269,304	$	—	$	—

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 for the options and the if-converted method for the convertible notes, are shown in the following table (in thousands):

	June 30,
	2016	2015	2014
Options outstanding to purchase common stock and unvested restricted stock	11,919	9,739	8,486
Common stock equivalents under treasury stock method for options	735	770	1,820
Shares issuable upon conversion of convertible notes	23,878	—	—
Common stock equivalents under if-converted method for convertible notes	718	—	—

Schedule of risk-free rate of the stock options based on US Treasury rate

	Year Ended June 30,
	2016		2015		2014
Dividend	None		None		None
Volatility	66.34	%	60.86	%	60.40	%
Risk-free interest rate	1.80	%	1.84	%	1.74	%
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, 2016, and changes during the twelve month period then ended is presented below (in thousands, except weighted‑average data):

		Weighted‑		Weighted‑
	Number of	Average		Average	Aggregate
	Stock	Exercise		Remaining	Intrinsic
	Options	Price		Life in Yrs	Value
Outstanding at June 30, 2015	9,689	$	12.49
Granted	3,340	$	14.34
Exercised	(555)	$	9.30
Forfeited/Canceled	(661)	$	14.84
Outstanding at June 30, 2016	11,813	$	13.03	6.82	$	—
Outstanding at June 30, 2016—vested or unvested and expected to vest	11,475	$	13.05	6.76	$	—
Exercisable at June 30, 2016	6,453	$	12.63	5.30	$	—

Summary of restricted stock activity

A summary of restricted stock activity under the 2006 Plan as of June 30, 2016, and changes during the twelve month period then ended is presented below (in thousands, except weighted‑average data):

		Weighted‑
	Number of	Average
	Restricted	Exercise
	Stock Shares	Price
Unvested at June 30, 2015	50,000	$	9.23
Awarded	75,000	$	5.65
Vested	(18,750)	$	10.13
Unvested at June 30, 2016	106,250	$	6.54

Summary of vested stock option activity

A summary of option activity for options vested during the fiscal years ended June 30, 2016, 2015 and 2014 is presented below (in thousands):

	Year Ended June 30,
	2016		2015		2014
Total fair value of options vested	$	15,298	$	16,145	$	12,535
Total intrinsic value of options exercised		3,142		3,275		9,961
Cash received for exercise of stock options		5,161		4,429		9,136

Schedule of percentage of total revenues recognized from each significant customer

	Year Ended
	June 30,
Collaborative Partner:	2016		2015		2014
Bayer	17	%	—	%	—	%
Lilly	11	%	21	%	18	%
Novartis	1	%	43	%	38	%
Roche	43	%	23	%	34	%
Takeda	16	%	—	%	—	%