Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2014

Key Assumptions Used to Apply Option Pricing Model for Options Granted

The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2014, 2013 and 2012 were as follows:

	2014	2013	2012
Option life (in years)	5.50 - 6.25	5.50 - 6.25	3.50 - 6.25
Stock volatility	94% - 96%	95% - 98%	88% - 97%
Risk-free interest rate	1.70% - 1.99%	0.81% - 0.98%	0.53% - 2.02%
Expected dividends	0.0%	0.0%	0.0%

Summary of Information about Stock Options

The following table summarizes information about stock options for the years ended June 30, 2014, 2013 and 2012 (in thousands except per share amounts):

	2014		2013		2012
Weighted-average grant date fair value, per share	$	2.48	$	1.29	$	2.41
Total cash received from exercise of stock options		987		—		114
Total intrinsic value of stock options exercised		841		—		119

Compensation Expense from Stock-Based Payment Awards

The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):

	Year Ended June 30,
	2014		2013		2012
Compensation expense included in:
Research and development	$	516	$	632	$	597
General and administrative		895		685		814
	$	1,411	$	1,317	$	1,411

2008 Incentive Plan [Member]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 2014:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2013		3,554,549		$	2.92
Granted		778,500			3.51
Exercised		(425,435	)		2.32
Forfeited		(116,613	)		3.97
Outstanding at June 30, 2014		3,791,001		$	3.08		6.49	$	5,120
Outstanding at June 30, 2014—vested or unvested and expected to vest		3,719,977		$	3.07		6.46	$	5,050
Exercisable at June 30, 2014		2,465,556		$	2.88		5.49	$	3,809