Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2016

Summary of Significant Accounting Policies

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

As of September 30, 2016, 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 September 30, 2016 (in thousands):

	Fair Value Measurements at September 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	$	172,058	$	172,058	$	—	$	—

As of June 30, 2016, 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, 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	$	—	$	—

Schedule of inventory

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

	September 30,		June 30,
	2016		2016
Raw materials	$	191	$	317
Work in process		1,836		590
Total	$	2,027	$	907

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):

	September 30,
	2016	2015
Options outstanding to purchase common stock and unvested restricted stock	14,929	11,494
Common stock equivalents under treasury stock method for options	3	1,296
Shares issuable upon conversion of convertible notes	23,878	—
Common stock equivalents under if-converted method for convertible notes	23,878	—

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

	Three Months Ended September 30,
	2016		2015
Dividend	None		None
Volatility	65.65	%	67.07	%
Risk-free interest rate	1.26	%	1.89	%
Expected life (years)	6.3		6.3

Summary of stock option activity

A summary of option activity under the 2006 Plan as of September 30, 2016, and changes during the three month period then ended is presented below (in thousands, except weighted-average data):

		Weighted‑
	Number of	Average
	Stock	Exercise
	Options	Price
Outstanding at June 30, 2016	11,813	$	13.03
Granted	3,341	$	2.95
Exercised	—	$	0.00
Forfeited/Canceled	(436)	$	10.41
Outstanding at September 30, 2016	14,718	$	10.82

Schedule of percentage of total revenues recognized from each significant customer

	Three Months Ended
	September 30,
Collaborative Partner:	2016		2015
Biotest	1	%	16	%
Lilly	1	%	35	%
Roche	81	%	38	%