Array 10-Q 10 May 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 04, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ARRAY BIOPHARMA INC
Entity Central Index Key	1,100,412
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		170,800,223

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 83,749	$ 56,598
Marketable securities	122,996	53,344
Accounts receivable	32,507	39,302
Prepaid expenses and other current assets	7,699	6,057
Total current assets	246,951	155,301
Long-term assets
Marketable securities	647	596
Property and equipment, net	8,488	6,680
Other long-term assets	116	6,323
Total long-term assets	9,251	13,599
Total assets	256,202	168,900
Current liabilities
Accounts payable	7,758	10,147
Accrued outsourcing costs	30,608	19,140
Accrued compensation and benefits	7,437	8,633
Other accrued expenses	2,373	1,068
Deferred rent	614	590
Notes payable at fair value	12,100	0
Deferred revenue	10,360	12,856
Total current liabilities	71,250	52,434
Long-term liabilities
Deferred rent	5,881	4,184
Deferred revenue	31,179	35,961
Long-term debt, net	119,394	113,655
Other long-term liabilities	784	598
Total long-term liabilities	157,238	154,398
Total liabilities	228,488	206,832
Commitments and contingencies
Stockholders' equity (deficit)
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value; 280,000,000 shares authorized, 169,897,032 and 143,690,104 shares issued and outstanding as of March 31, 2017 and June 30, 2016, respectively	170	144
Additional paid-in capital	916,699	763,324
Accumulated other comprehensive income	(86)	7
Accumulated deficit	(889,069)	(801,407)
Total stockholders' equity (deficit)	27,714	(37,932)
Total liabilities and stockholders' equity (deficit)	$ 256,202	$ 168,900

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Jun. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	280,000,000	280,000,000
Common stock, issued (in shares)	169,897,032	143,690,104
Common stock, outstanding (in shares)	169,897,032	143,690,104

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Revenue
Reimbursement revenue	$ 26,085	$ 36,941	$ 85,354	$ 73,912
Collaboration and other revenue	5,530	5,249	17,849	18,800
License and milestone revenue	1,665	857	13,871	1,962
Total revenue	33,280	43,047	117,074	94,674
Operating expenses
Cost of partnered programs	7,432	5,847	25,303	17,722
Research and development for proprietary programs	46,069	48,802	139,101	111,151
General and administrative	11,714	8,406	28,410	25,702
Total operating expenses	65,215	63,055	192,814	154,575
Loss from operations	(31,935)	(20,008)	(75,740)	(59,901)
Other income (expense)
Impairment loss related to cost method investment	0	0	(1,500)	0
Realized gains on investments and other	785	0	785	0
Change in fair value of notes payable	(1,300)	0	(2,100)	0
Interest income	228	76	510	167
Interest expense	(3,095)	(2,743)	(9,181)	(8,092)
Total other income (expense), net	(3,382)	(2,667)	(11,486)	(7,925)
Net loss	(35,317)	(22,675)	(87,226)	(67,826)
Change in unrealized loss on marketable securities	(36)	51	(93)	9
Comprehensive loss	$ (35,353)	$ (22,624)	$ (87,319)	$ (67,817)
Net loss per share – basic (in dollars per share)	$ (0.21)	$ (0.16)	$ (0.54)	$ (0.47)
Net loss per share – diluted (in dollars per share)	$ (0.21)	$ (0.16)	$ (0.54)	$ (0.47)
Weighted average shares outstanding – basic (in shares)	169,020	143,338	160,689	142,792
Weighted average shares outstanding – diluted (in shares)	169,020	143,338	160,689	142,792

Condensed Statement of Stockhol

Condensed Statement of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Follow on offering	Market offering	Common Stock	Common StockFollow on offering	Common StockMarket offering	Additional Paid-in Capital	Additional Paid-in CapitalFollow on offering	Additional Paid-in CapitalMarket offering	Accumulated Other Comprehensive Income	Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Cumulative effect adjustment upon adoption of ASU 2016-09	$ 0						$ 436				$ (436)
Balance (in shares) at Jun. 30, 2016				143,690
Balance at Jun. 30, 2016	(37,932)			$ 144			763,324			$ 7	(801,407)
Increase (Decrease) in Stockholders' Equity
Shares issued for cash under employee share plans, net (in shares)				729
Shares issued for cash under employee share plans, net	2,298			$ 1			2,297
Employee share-based compensation expense	6,898						6,898
Issuance of common stock, net of offering costs (in shares)					21,160	4,318
Issuance of common stock, net of offering costs		$ 124,192	$ 19,577		$ 21	$ 4		$ 124,171	$ 19,573
Change in unrealized loss on marketable securities	(93)									(93)
Net loss	(87,226)										(87,226)
Balance (in shares) at Mar. 31, 2017				169,897
Balance at Mar. 31, 2017	$ 27,714			$ 170			$ 916,699			$ (86)	$ (889,069)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net loss	$ (87,226)	$ (67,826)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,499	1,278
Non-cash interest expense	5,311	4,719
Share-based compensation expense	6,898	5,417
Realized gain from investment	(529)	0
Impairment loss related to cost method investment	1,500	0
Financing fees on notes payable	240	0
Change in fair value of notes payable	2,100	0
Changes in operating assets and liabilities:
Accounts receivable	6,795	(44,614)
Prepaid expenses and other assets	3,040	(341)
Accounts payable and other accrued expenses	(1,084)	10,640
Accrued outsourcing costs	11,468	5,820
Accrued compensation and benefits	(1,196)	(794)
Deferred rent	1,721	(360)
Deferred revenue	(7,278)	23,364
Other long-term liabilities	80	69
Net cash used in operating activities	(56,661)	(62,628)
Cash flows from investing activities
Purchases of property and equipment	(3,307)	(2,726)
Proceeds from investment	529	0
Purchases of marketable securities	(351,438)	(101,968)
Proceeds from sales and maturities of marketable securities	281,751	169,145
Net cash (used in) provided by investing activities	(72,465)	64,451
Cash flows from financing activities
Net proceeds from notes payable at fair value	9,760	0
Proceeds from employee stock purchases and options exercised	2,298	2,060
Payments of Comerica term loan principal	(14,550)	0
Proceeds from the issuance of the SVB term loan	15,000	0
Net cash provided by financing activities	156,277	4,944
Net increase in cash and cash equivalents	27,151	6,767
Cash and cash equivalents at beginning of period	56,598	55,691
Cash and cash equivalents at end of period	83,749	62,458
Supplemental disclosure of cash flow information
Cash paid for interest	2,324	2,352
Change in unrealized loss on marketable securities	(93)	9
Follow on offering
Cash flows from financing activities
Net proceeds from the issuance of common stock	124,192	0
Market offering
Cash flows from financing activities
Net proceeds from the issuance of common stock	$ 19,577	$ 2,884

OVERVIEW, BASIS OF PRESENTATION

OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Array BioPharma Inc. (also referred to as "Array,","we", "us", "our" or "the Company"), incorporated in Delaware on February 6, 1998, is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule cancer therapies. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting and, as permitted under those rules, do not include all of the disclosures required by U.S. generally accepted accounting principles ("U.S. GAAP") for complete financial statements. The unaudited condensed financial statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the Company's financial position, results of operations and cash flows for the interim periods presented. Operating results for an interim period are not necessarily indicative of the results that may be expected for a full year. The Company's management performed an evaluation of its activities through the date of filing of this Quarterly Report on Form 10-Q. These unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements and the notes thereto for the fiscal year ended June 30, 2016 , included in its Annual Report on Form 10-K filed with the SEC on August 19, 2016, from which the Company derived its balance sheet data as of June 30, 2016 . The Company operates in one reportable segment and, accordingly, no segment disclosures have been presented herein. All of the Company's equipment, leasehold improvements and other fixed assets are physically located within the U.S., and the vast majority of its agreements with its partners are denominated in U.S. dollars. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Management bases its estimates on the Company's historical experience and on various other assumptions that it believes are reasonable under the circumstances. These estimates are the basis for the Company's judgments about the carrying values of assets and liabilities, which in turn may impact its reported revenue and expenses. The Company's actual results could differ significantly from these estimates under different assumptions or conditions. The Company believes its financial statements are most significantly impacted by the following accounting estimates and judgments: (i) identifying deliverables under collaboration and license agreements involving multiple elements and determining whether such deliverables are separable from other aspects of the contractual relationship; (ii) estimating the selling price of deliverables for the purpose of allocating arrangement consideration for revenue recognition; (iii) estimating the periods over which the allocated consideration for deliverables is recognized; (iv) estimating accrued outsourcing costs for clinical trials and preclinical testing; and (v) estimating fair value of the notes payable. Liquidity With the exception of the 2015 fiscal year, the Company has incurred operating losses and an accumulated deficit as a result of ongoing research and development spending since inception. As of March 31, 2017 , the Company had an accumulated deficit of $889.1 million and it had net losses of $35.3 million and $87.2 million for the three and nine months ended March 31, 2017 , respectively. The Company had a net loss of $92.8 million for the fiscal year ended June 30, 2016. The Company had net income of $9.4 million for the fiscal year ended June 30, 2015, primarily as a result of an $80.0 million net gain related to the return of rights to binimetinib and our acquisition of rights to encorafenib, as well as $16.3 million of realized gains from the sale of marketable securities. The Company had a net loss of $85.3 million for the fiscal year ended June 30, 2014. The Company has historically funded its operations from upfront fees, proceeds from research and development reimbursement arrangements, and license and milestone payments received under its drug collaborations and license agreements, the sale of equity securities, and debt provided by convertible debt and other credit facilities. The Company believes that its cash, cash equivalents, marketable securities and accounts receivable as of March 31, 2017 will enable it to continue to fund operations in the normal course of business for at least the next 12 months. Until the Company can generate sufficient levels of cash from operations, which it does not expect to achieve in the next two years, and because sufficient funds may not be available to it when needed from existing collaborations, the Company expects that it will be required to continue to fund its operations in part through the sale of debt or equity securities, and through licensing select programs or partial economic rights that include upfront, royalty and/or milestone payments. On October 3, 2016, Array closed an underwritten public offering of 21.2 million shares of its common stock at a public offering price of $6.25 per share. The total net proceeds from the offering were $124.2 million , after underwriting discounts and commissions and offering expenses. The Company also sells shares of its common stock to the public from time to time in an at-the-market offering under a Sales Agreement with Cantor Fitzgerald. As of March 31, 2017, the Company has received net proceeds totaling $142.6 million since September 2013 under the Sales Agreement, and the Company may sell up to $52.4 million in additional shares of common stock under the Sales Agreement with Cantor Fitzgerald. The Company's ability to successfully raise sufficient funds through the sale of debt or equity securities or from debt financing from lenders when needed is subject to many risks and uncertainties and, even if it were successful, future equity issuances would result in dilution to its existing stockholders. The Company also may not successfully consummate new collaboration and license agreements that provide for upfront fees or milestone payments, or the Company may not earn milestone payments under such agreements when anticipated, or at all. The Company's ability to realize milestone or royalty payments under existing agreements and to enter into new arrangements that generate additional revenue through upfront fees and milestone or royalty payments is subject to a number of risks, many of which are beyond the Company's control. The Company's assessment of its future need for funding and its ability to continue to fund its operations is a forward-looking statement that is based on assumptions that may prove to be wrong and that involve substantial risks and uncertainties. If the Company is unable to generate enough revenue from its existing or new collaboration and license agreements when needed or to secure additional sources of funding and receive related full and timely collections of amounts due, it may be necessary to significantly reduce the current rate of spending through reductions in staff and delaying, scaling back, or stopping certain research and development programs, including more costly late phase clinical trials on its wholly-owned programs. Insufficient liquidity may also require the Company to relinquish greater rights to product candidates at an earlier stage of development or on less favorable terms to the Company and its stockholders than the Company would otherwise choose in order to obtain upfront license fees needed to fund operations. These events could prevent the Company from successfully executing its operating plan and, in the future, could raise substantial doubt about its ability to continue as a going concern. Further, as discussed in Note 4 – Debt - Silicon Valley Bank Term Loan , the Company is required to maintain during the term of the loan agreement a balance of unrestricted cash and cash equivalents at Silicon Valley Bank plus eligible accounts of at least two times the entire outstanding debt balance with Silicon Valley Bank, which is currently $15.0 million . Concentration of Business Risks The following counterparties contributed greater than 10% of the Company's total revenue during at least one of the periods set forth below. The revenue from these counterparties as a percentage of total revenue was as follows: Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Novartis Pharmaceuticals 79.7 % 87.9 % 74.1 % 80.9 % Loxo Oncology 6.1 % 6.2 % 11.4 % 9.9 % 85.8 % 94.1 % 85.5 % 90.8 % The loss of one or more of the Company's significant partners or collaborators could have a material adverse effect on its business, operating results or financial condition. Although the Company is impacted by economic conditions in the biotechnology and pharmaceutical sectors, management does not believe significant credit risk exists as of March 31, 2017 . Geographic Information The following table details revenue by geographic area based on the country in which the Company's counterparties are located (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 North America $ 3,200 $ 4,432 $ 16,826 $ 17,158 Europe 29,223 38,615 97,564 77,516 Asia Pacific 857 — 2,684 — Total revenue $ 33,280 $ 43,047 $ 117,074 $ 94,674 Accounts Receivable Novartis Pharmaceutical Ltd. and Novartis Pharma AG (collectively, "Novartis") accounted for 80.2% and 85% of the Company's total accounts receivable balance as of March 31, 2017 and June 30, 2016 , respectively. Pierre Fabre Medicament SAS ("Pierre Fabre") accounted for 13.0% and 5.4% of the Company's total accounts receivable balance as of March 31, 2017 and June 30, 2016 , respectively. Summary of Significant Accounting Policies The Company's other significant accounting policies are described in Note 1 to its audited financial statements for the fiscal year ended June 30, 2016 , included in its Annual Report on Form 10-K filed with the SEC. Equity Investments Prior to September 30, 2016, the shares of preferred stock of VentiRx Pharmaceuticals, Inc. ("VentiRx") that the Company received under a February 2007 collaboration and licensing agreement with VentiRx had a recorded cost of $1.5 million . The Company did not have a controlling interest nor did it exert significant influence over VentiRx. During the quarter ended September 30, 2016, a triggering event occurred related to the underlying viability of the investment, which caused the Company to record a $1.5 million impairment loss related to this investment at that time. During the quarter ended March 31, 2017, Celgene Corporation acquired all of the outstanding capital stock of VentiRx, and the Company received $0.5 million as its share of proceeds from this acquisition and recorded a corresponding realized gain of $0.5 million . Fair Value Measurements The Company follows accounting guidance on fair value measurements for financial instruments measured at fair value on a recurring basis, as well as for certain assets and liabilities that are initially recorded at their estimated fair values. Fair value is defined as the exit price, or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value our financial instruments: Level 1: Unadjusted quoted prices in active markets for identical instruments. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability.Estimated fair values of financial instruments classified in Level 3 of the fair value hierarchy are determined using pricing models, discounted cash flow methodologies, or similar techniques, where the determination of fair value requires significant judgment or estimation. Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires us to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed or initial amounts recorded may not be indicative of the amount that we or holders of the instruments could realize in a current market exchange. Certain of the Company's financial instruments are not measured at fair value on a recurring basis, but are recorded at amounts that approximate their fair value due to their liquid or short-term nature, such as cash, accounts receivable and payable, and other financial instruments in current assets or current liabilities. Notes Payable Fair Value Option As described further in Note 4 - Debt - Notes Payable , in September 2016, the Company issued Subordinated Convertible Promissory Notes to Redmile Capital Offshore Fund II, Ltd. and Redmile Biopharma Investments I, L.P. in the aggregate original principal amount of $10.0 million . The Company has elected the fair value option to account for these notes due to the complexity and number of embedded features. Accordingly, the Company records these notes at fair value with changes in fair value recorded in the statement of operations. As a result of applying the fair value option, direct costs and fees related to the notes were recognized in earnings (as "change in fair value of notes payable") as incurred and were not deferred. Stock-Based Compensation Previously, FASB Accounting Standards Codification ("ASC") Topic 718, Compensation - Stock Compensation, ASC 718 , required forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differed from those estimates. FASB subsequently issued Accounting Standards Update ("ASU") Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") , which allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures when they occur. In the third quarter of 2017, the Company adopted ASU 2016-09 and elected to modify its accounting policy to account for forfeitures as they occur. The Company applied this change in accounting policy on a modified retrospective basis, with July 1, 2016 as the effective date of adoption. As a result, the Company recorded a cumulative effect adjustment to retained earnings which resulted in an increase to accumulated deficit of $0.4 million with an offsetting increase to additional paid-in capital (zero net total equity impact) as of the date of adoption. These adjustments were principally related to additional stock compensation expense that would have been recognized under ASC 718 on unvested outstanding options and restricted stock units that were unadjusted for estimated forfeitures. The Company classifies the excess tax benefits from employee stock plans as a reduction from financing cash flows for all periods presented. In addition, under ASU 2016-09, previously unrecognized deferred tax assets were recognized on a modified retrospective basis as of July 1, 2016. As a result, the Company recorded approximately $5.5 million of additional deferred tax assets, which are fully offset by a valuation allowance. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The FASB subsequently issued ASU No. 2016-10, Revenue from Contracts with Customer (Topic 606) Identifying Performance Obligations and Licensing, to address issues arising from implementation of the new revenue recognition standard. ASU 2014-09 and ASU 2016-10 are effective for interim and annual periods beginning July 1, 2018, and may be adopted earlier, but not before July 1, 2017. The revenue standards are required to be adopted by taking either a full retrospective or a modified retrospective approach. The Company is currently evaluating the impact that ASU 2014-09 and 2016-10 will have on the Company’s financial statements and determining the transition method, including the period of adoption, that it will apply. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern , which defines management's responsibility to assess an entity's ability to continue as a going concern and requires related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. ASU No. 2014-15 is effective for Array for the fiscal year ending on June 30, 2017, and for annual and interim periods thereafter, with early adoption permitted. The Company will adopt ASU No. 2014-15 in the fourth quarter of fiscal 2017 and does not anticipate that it will have a material impact on its financial statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . ASU No. 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact that ASU No. 2016-01 will have on its financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company does not anticipate that ASU No. 2016-02 will have a material impact on its financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in ASU No. 2016-09 are effective for annual reporting periods beginning after December 15, 2016 and interim reporting periods within those reporting periods. The Company early adopted ASU No. 2016-09 during the quarter ended March 31, 2017 using the modified retrospective transition method, as described above under Summary of Significant Accounting Policies - Stock-Based Compensation . In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires that companies record expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses when estimated credit losses declines. The new standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption will be available for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect that the impact that ASU 2016-13 will have on its financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) . This amendment will provide guidance on the presentation and classification of specific cash flow items to improve consistency within the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2017, with early adoption permitted. The Company is evaluating the effect that ASU 2016-15 will have on its financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash . The new guidance requires that the reconciliation of the beginning-of-period and end-of-period amounts shown in the statement of cash flows include restricted cash and restricted cash equivalents. If restricted cash is presented separately from cash and cash equivalents on the balance sheet, companies will be required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Companies will also need to disclose information about the nature of the restrictions. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not anticipate ASU 2016-18 will have a material impact on its financial statements upon adoption. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business . The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company does not anticipate ASU 2017-01 will have a material impact on its financial statements upon adoption.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	9 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES Marketable securities consisted of the following as of March 31, 2017 and June 30, 2016 (in thousands): March 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Short-term available-for-sale securities: U.S. treasury securities $ 122,800 $ — $ (86 ) $ 122,714 Mutual fund securities 282 — — 282 123,082 — (86 ) 122,996 Long-term available-for-sale securities: Mutual fund securities 647 647 647 — — 647 Total $ 123,729 $ — $ (86 ) $ 123,643 June 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Short-term available-for-sale securities: U.S. treasury securities $ 53,113 $ 8 $ (1 ) $ 53,120 Mutual fund securities 224 — — 224 53,337 8 (1 ) 53,344 Long-term available-for-sale securities: Mutual fund securities 596 — — 596 596 — — 596 Total $ 53,933 $ 8 $ (1 ) $ 53,940 The majority of the mutual fund securities shown in the above tables are securities held under the Array BioPharma Inc. Deferred Compensation Plan. The estimated fair value of the Company's marketable securities, all of which are classified as Level 1 (quoted prices are available), was $123.6 million and $53.9 million as of March 31, 2017 and June 30, 2016 , respectively. The estimated fair value of the Company's marketable securities is determined using quoted prices in active markets for identical assets based on the closing price as of the balance sheet date. As of March 31, 2017 , the amortized cost and estimated fair value of available-for-sale securities by contractual maturity were as follows (in thousands): Amortized Fair Cost Value Due in one year or less $ 122,800 $ 122,714 Total $ 122,800 $ 122,714

COLLABORATION AND OTHER AGREEME

COLLABORATION AND OTHER AGREEMENTS	9 Months Ended
	Mar. 31, 2017
Collaboration and Other Agreements [Abstract]
COLLABORATION AND OTHER AGREEMENTS	COLLABORATION AND OTHER AGREEMENTS The following table summarizes total revenue recognized for the periods indicated (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Reimbursement revenue Novartis (1) $ 26,085 $ 36,941 $ 85,354 $ 73,912 Collaboration and other revenue Loxo 1,937 2,568 6,742 8,287 Pierre Fabre 1,919 — 6,072 — Mirati 875 900 2,625 2,474 Novartis (2) 450 900 1,350 2,700 Asahi Kasei 257 — 885 — Cascadian Therapeutics 71 63 123 107 Biogen Idec — — — 2,816 Celgene — 782 — 2,224 Other partners 21 36 52 192 Total collaboration and other revenue 5,530 5,249 17,849 18,800 License and milestone revenue Pierre Fabre 750 750 2,250 855 Asahi Kasei 600 — 1,800 — Mirati 209 — 625 — Loxo 106 107 6,571 1,107 Roche — — 2,500 — Other Partners — — 125 — Total license and milestone revenue 1,665 857 13,871 1,962 Total revenue $ 33,280 $ 43,047 $ 117,074 $ 94,674 (1) Consists of reimbursable expenses incurred and accrued as reimbursement revenue that are receivable under the Transition Agreements with Novartis. (2) Represents the recognition of revenue that was deferred from the consideration received in March 2015 upon the effective date of the Termination and Asset Transfer Agreement with Novartis relating to binimetinib. Deferred revenue balances were as follows for the dates indicated (in thousands): March 31, June 30, 2017 2016 Pierre Fabre $ 26,145 $ 28,395 Asahi Kasei 9,600 11,400 Mirati 2,542 3,167 Loxo 2,798 4,049 Novartis 450 1,800 Other partners 4 6 Total deferred revenue 41,539 48,817 Less: Current portion (10,360 ) (12,856 ) Deferred revenue, long-term portion $ 31,179 $ 35,961 Milestone Payments The Development and Commercialization Agreement with Pierre Fabre Medicament SAS contains substantive potential milestone payments of up to $35.0 million for achievement of three regulatory milestones relating to European Commission marketing approvals for three specified indications and of up to $390.0 million for achievement of seven commercialization milestones if certain net sales amounts are achieved for any licensed indications. The Drug Discovery Collaboration Option Agreement with Mirati Therapeutics, Inc. contains substantive potential milestone payments of up to $9.3 million for four remaining developmental milestones and up to $337.0 million for the achievement of seven commercialization milestones if certain net sales amounts are achieved in the United States, the European Union and Japan. The Drug Discovery Collaboration Agreement with Loxo Oncology contains substantive potential milestone payments of up to $8.0 million for three remaining developmental milestones and up to $420.0 million for the achievement of fifteen commercialization milestones if certain net sales amounts are achieved for any licensed drug candidates in the United States, the European Union and Japan. The Collaboration and License Agreement with Asahi Kasei contains milestone payments of up to $11.0 million related to the achievement of four regulatory milestones for up to five drug candidates and up to $52.5 million for a milestone payment at the time of the first commercial sale and the achievement of three commercialization milestones if certain net sales amounts are achieved for any licensed drug candidates. The Collaboration and License Agreement with AstraZeneca, PLC contains substantive potential milestone payments of up to $36.0 million for nine remaining developmental milestones for Selumetinib and a back-up program and up to $34.0 million for the achievement of three commercialization milestones if certain net sales amounts are achieved in the United States, the European Union and Japan. Array is also entitled to double-digit royalties based on net sales under the agreement.

DEBT

DEBT	9 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
DEBT	DEBT Debt consists of the following (in thousands): March 31, June 30, 2017 2016 Notes payable at fair value $ 12,100 $ — Notes Payable at fair value (current) $ 12,100 $ — Comerica term loan $ — $ 14,550 Silicon Valley Bank term loan (1) 16,200 — Convertible senior notes 132,250 132,250 Long-term debt, gross 148,450 146,800 Less: Unamortized debt discount and fees (29,056 ) (33,145 ) Long-term debt, net $ 119,394 $ 113,655 (1) Includes $15.0 million term loan outstanding as well as $1.2 million final payment fee. Notes Payable On September 2, 2016, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with Redmile Capital Offshore Fund II, Ltd. and Redmile Biopharma Investments I, L.P. (collectively, “Redmile”) pursuant to which the Company issued to Redmile Subordinated Convertible Promissory Notes (the “Notes”) in the aggregate original principal amount of $10.0 million . The Notes bear interest at the rate of 5% per annum and, unless converted or otherwise repaid or satisfied as described below, the principal amount and all accrued interest thereon plus an aggregate exit fee of $3.0 million (the “Repayment Amount”) is due and payable on September 1, 2017 (the “Maturity Date”). If an event of default specified under the Notes occurs, the Note holders may declare the Repayment Amount, and any other amounts payable under the Notes, immediately due and payable. Conversion of the Notes The Notes contemplate that, solely at the Company’s choice, the Company may elect to form a subsidiary (the “797 Subsidiary”) and contribute certain assets and rights relating to its drug ARRY-797 in exchange for all of the outstanding equity of such 797 Subsidiary. In such event, and if a preferred stock financing of the 797 Subsidiary of at least $10.0 million in aggregate gross proceeds (excluding conversion of the Note) to bona fide institutional investors other than the Note holders (a “Qualified Financing”) closes prior to the Maturity Date, then all outstanding principal and accrued interest under the Notes shall convert automatically into the shares of capital stock issued in the Qualified Financing at a conversion price equal to the lesser of (A) 80% of the purchase price of the securities sold in the Qualified Financing if the closing of the Qualified Financing occurs on or prior to March 1, 2017, or 70% of the purchase price of the securities sold in the Qualified Financing if the closing of the Qualified Financing occurs after March 1, 2017, and (B) the price per share calculated in the same manner as the price per share of equity securities sold in the Qualified Financing, but instead based on a pre-money valuation of the 797 Subsidiary of $75.0 million . If the Company has not formed the 797 Subsidiary by the Maturity Date or, if a 797 Subsidiary was formed and a Qualified Financing has not closed on or prior to the Maturity Date, then the Company shall have the right to convert, on the Maturity Date, the Repayment Amount into shares of a newly established series of the Company's preferred stock, to be designated as Series A Convertible Preferred Stock, at a conversion price equal to the average daily volume-weighted average price per share of the Company’s common stock during the ten ( 10 ) consecutive trading days ending on the trading day immediately preceding the Maturity Date. The shares issued upon any such conversion shall be subject to an aggregate cap equal to 19.99% of the outstanding shares of the Company’s common stock, on an as-converted basis, on the Maturity Date. Other Repayment Provisions If, solely at the Company’s choice, prior to the closing of a Qualified Financing or other conversion or repayment or other satisfaction in full of the Notes, the Company sells or transfers substantially all of the assets and rights relating to ARRY-797 to a third party other than the holders of the Notes or any of its affiliates (a “797 Sale”), then upon the closing of such 797 Sale and in full satisfaction of the Notes, the Company is required to pay to the Note holders an amount equal to the greater in the aggregate of (i) $20.0 million or (ii) 15% of the fair market value of the consideration actually paid to the Company or the 797 Subsidiary (or any of their respective affiliates or stockholders) in the 797 Sale, subject to an aggregate $100.0 million cap. If, solely at the Company’s choice, the Company enters into an agreement with a third party other than the holders of the Notes or any of their affiliates to license ARRY 797 on an exclusive basis for the development and commercialization of ARRY-797 in all fields of use in the United States and any other territories (a “Qualified 797 License”) prior to the closing of a Qualified Financing or other conversion or repayment or other satisfaction in full of the Notes, then upon entering into such Qualified 797 License and in full satisfaction of the Notes, the Company is required to pay to the Note holders an amount in the aggregate equal to 50% of the first $50.0 million in aggregate milestone or royalty payments plus 20% of any subsequent milestone or royalty payments, in each case actually paid to the Company or the 797 Subsidiary (or any of their respective affiliates), as the case may be, pursuant to such Qualified 797 License, subject to an aggregate cap of $100.0 million . In addition, if solely at its choice the Company enters into an exclusive license for the development and commercialization of ARRY-797 to a third party in one or more territories that do not include the United States, the Note holders have the right to elect to treat such license agreement as a “Qualified 797 License” by giving Array written notice of such election with five business days of the effective date of the license agreement. If all or substantially all of the assets of the Company are sold or other change in control of the Company specified in the Notes occurs prior to the closing of a Qualified Financing or other conversion or repayment or other satisfaction in full of the Notes, then upon the closing of such transaction and in full satisfaction of the Notes, at the third party acquirer’s option, the Company is required to either: (i) pay to the Note holders a cash amount in the aggregate equal to $40.0 million ; or (ii) (A) pay to the Note holders a cash amount in the aggregate equal to $25.0 million ; and (B) grant, or cause to be granted, a right of first refusal to the Note holders to acquire the 797 Subsidiary or the 797 Assets, as the case may be. Registration Rights If the Company elects to convert the Notes into shares of Series A Convertible Preferred Stock as described above, the Company has agreed in the Note Purchase Agreement to register such shares under the Securities Act of 1933, as amended (the “Securities Act”), on a registration statement on Form S-3. In such event, the Company must file the registration statement on the Maturity Date and use commercially reasonable efforts to cause the registration statement to become effective as promptly as possible after such filing, but no later than 75 days after the Maturity Date. The Company may suspend the availability of the registration statement for up to 90 days for no more than 45 days in any 12 -month period for any bona fide reason. If the Company defaults on certain of its obligations relating to the registration of such shares of Series A Preferred Stock, the Company must pay an amount in the aggregate equal to 5% of the purchase price of the Notes to which the affected registered shares relate. The Company has agreed to pay all costs and expenses associated with the registration of the Series A Convertible Preferred Stock and, with certain exceptions, to indemnify the holders of shares registered on any such registration against liabilities relating to any such registration. Accounting for the Notes Due to the complexity and number of embedded features within the Notes and as permitted under accounting guidance, the Company elected to account for the Notes and all the embedded features under the fair value option. The Company recognizes the Notes at fair value rather than at historical cost, with changes in fair value recorded in the statements of operations. Direct costs and fees incurred to issue the Notes were recognized in earnings as incurred and were not deferred. On the initial measurement date of September 2, 2016, the fair value of the Notes was estimated at $10.0 million . Upfront costs and fees related to items for which the fair value option is elected was $0.2 million and was recorded as a component of other expenses for the nine months ended March 31, 2017 . As of March 31, 2017 , the fair value of the Notes was $12.1 million . For more information on the fair value determination of the Notes, see Note 5 - Redmile Notes . Comerica Term Loan Effective December 22, 2016, the Company terminated the Loan and Security Agreement with Comerica Bank dated June 28, 2005 and repaid in full the $15.0 million term loan, of which $14.6 million was outstanding, and terminated the standby letter of credit issued under the revolving line of credit of $2.8 million which had not been drawn down. In connection with the termination of the Loan and Security Agreement, Comerica Bank released all liens it held on the Company's assets. Silicon Valley Bank Term Loan On December 22, 2016 the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”) providing for a term loan in the original principal amount of $15.0 million (the “Term Loan Amount”) and a revolving line of credit of up to $5.0 million (“Revolving Line”). The Company may request advances under the revolving line of credit, which may be repaid and reborrowed, or utilize the line of credit for the issuance of letters of credit, foreign exchange contracts or other cash management services. The Company utilized $14.6 million of the proceeds from the term loan to repay in full its outstanding obligations under the Loan and Security Agreement dated June 28, 2005, as amended, with Comerica Bank. The entire Term Loan Amount was loaned on the Effective Date, and the Company has obtained a letters of credit in the aggregate amount of $2.9 million to secure the Company's obligations under its lease agreement for its Boulder, Colorado and Cambridge, Massachusetts facilities. The cost of the term loan approximates its fair value. The outstanding principal amount under the term loan bears interest at a floating per annum rate equal to the Prime Rate minus 2.0% (but not less than 0.0% ) and the principal amount of any advances outstanding under the revolving line bear interest at a floating per annum rate equal to the prime rate. The interest rate was 2.0% as of March 31, 2017 . The Company must make monthly payments of interest under the term loan commencing January 1, 2017 until maturity and, commencing on January 1, 2019 and monthly thereafter, the Company must also make payments of principal under the term loan based on a 36 -month amortization schedule. Payments of accrued interest on any advances outstanding under the revolving line of credit are payable monthly. A final payment of accrued interest and principal due on the term loan and on any outstanding advances is due on the maturity date of December 1, 2021. The Loan Agreement provides for a revolving line commitment fee of $50 thousand , payable in five equal installments from the Effective Date and an unusued revolving line facility fee equal to 0.2% per annum of the average unused portion of the Revolving Line. Upon repayment or acceleration of the term loan, a final payment fee equal to 8.0% of the Term Loan Amount is payable. The final payment fee of $1.2 million is being recognized on a straight line basis over the term of the loan and is being reflected as debt discount. If the term loan is prepaid or accelerated prior to the maturity date, the Company must also pay a fee equal to (i) 2.0% of the Term Loan Amount if such prepayment or acceleration occurs on or prior to the first anniversary of the Effective Date, or (ii) 1.0% of the Term Loan Amount if such prepayment or acceleration occurs after the first anniversary of the Effective Date. If the revolving line is terminated prior to the maturity date for any reason, the Company must pay a termination fee equal to (i) 2.0% of the Revolving Line if such termination occurs on or prior to the first anniversary of the Effective Date, or (ii) 1.0% of the Revolving Line if such termination occurs after the first anniversary of the Effective Date. The Company granted SVB a first priority security interest in all assets other than its intellectual property, provided that accounts and proceeds of the Company’s intellectual property constitutes collateral and the Company has agreed not to encumber its intellectual property without SVB’s consent. The Loan Agreement contains customary covenants, including restrictions on changes in control of the Company, the incurrance of additional indebtedness, future encumbrances on Array’s assets, the payment of dividends or distributions on the Company’s common stock and the sale, lease, transfer or disposition of Binimetinib and Encorafenib outside of certain markets if the Company’s cash and cash equivalents maintained with SVB fall below certain levels. In addition, the Company must maintain a liquidity ratio, defined as (i) the Company’s unrestricted cash and cash equivalents maintained at SVB or its affiliates plus eligible accounts divided by (ii) all outstanding obligations owed to SVB, of at least 2.0 to 1.0, measured monthly. Upon an event of default under the Loan Agreement, SVB is entitled to accelerate and demand payment of all amounts outstanding under the Loan Agreement, including payment of all applicable termination and prepayment fees, demand that the Company deposit at least 105% of the face amount of any letters of credit remaining undrawn to secure all obligations thereunder, and exercise other remedies available to SVB under the Loan Agreement and at law or in equity. Convertible Senior Notes On June 10, 2013, through a registered underwritten public offering, the Company issued and sold $132.3 million aggregate principal amount of 3.00% convertible senior notes due 2020 (the "Convertible Notes"), resulting in net proceeds to Array of approximately $128.0 million after deducting the underwriting discount and offering expenses. The Convertible Notes are the general senior unsecured obligations of Array. The Convertible Notes bear interest at a rate of 3.00% per year, payable semi-annually on June 1 and December 1 of each year with all principal due at maturity. The Notes will mature on June 1, 2020, unless earlier converted by the holders or redeemed by the Company. Prior to March 1, 2020, holders may convert the Convertible Notes only upon the occurrence of certain events described in a supplemental indenture the Company entered into with Wells Fargo Bank, N.A., as trustee, upon issuance of the Notes. On or after March 1, 2020, until the close of business on the scheduled trading day immediately prior to the maturity date, holders may convert their Notes at any time. Upon conversion, the holders will receive, at the Company's option, shares of the Company's common stock, cash or a combination of shares and cash. The Convertible Notes will be convertible at an initial conversion rate of 141.8641 shares per $1,000 in principal amount of Convertible Notes, equivalent to a conversion price of approximately $7.05 per share. The conversion rate is subject to adjustment upon the occurrence of certain events described in the supplemental indenture. Holders of the Notes may require the Company to repurchase all or a portion of their Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if there is a qualifying change in control or termination of trading of the Company's common stock. On or after June 4, 2017, the Company may redeem for cash all or part of the outstanding Convertible Notes if the last reported sale price of its common stock exceeds 130% of the applicable conversion price for 20 or more trading days in a period of 30 consecutive trading days ending within seven trading days immediately prior to the date the Company provides the notice of redemption to holders. The redemption price will equal 100% of the principal amount of the Convertible Notes to be redeemed, plus all accrued and unpaid interest. If the Company were to provide a notice of redemption, the holders could convert their Convertible Notes up until the business day immediately preceding the redemption date. In accordance with ASC 470-20, the Company used an effective interest rate of 10.25% to determine the liability component of the Convertible Notes. This resulted in the recognition of $84.2 million as the liability component of the Convertible Notes and the recognition of the residual $48.0 million as the debt discount with a corresponding increase to additional paid-in capital for the equity component of the Convertible Notes. The underwriting discount and estimated offering expenses of $4.3 million were allocated between the debt and equity issuance costs in proportion to the allocation of the liability and equity components of the Convertible Notes. Equity issuance costs of $1.6 million were recorded as an offset to additional paid-in capital. Total debt issuance costs of $2.7 million were recorded on the issuance date, and are reflected in the Company's balance sheets for all periods presented on a consistent basis with the debt discount, or as a direct deduction from the carrying value of the associated debt liability. The debt discount and debt issuance costs will be amortized as non-cash interest expense through June 1, 2020. The balance of unamortized debt issuance costs was $1.5 million and $1.8 million as of March 31, 2017 and June 30, 2016 , respectively. The fair value of the Convertible Notes was approximately $190.5 million and $110.2 million at March 31, 2017 and June 30, 2016 , respectively, and was determined using Level 2 inputs based on their quoted market values. Summary of Interest Expense The following table shows the details of the Company's interest expense for all of its debt arrangements outstanding during the periods presented, including contractual interest, and amortization of debt discount, debt issuance costs and loan transaction fees that were charged to interest expense (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Notes payable Simple interest $ 123 $ — $ 289 $ — Fees paid — — 240 — Total interest expense on the notes payable at fair value 123 — 529 — Comerica Term Loan Simple interest — 130 247 372 Amortization of prepaid fees for letters of credit — 8 2 25 Total interest expense on the Comerica term loan — 138 249 397 Silicon Valley Bank Term Loan Simple interest 66 — 73 — Amortization of debt discount 84 — 84 — Amortization of prepaid fees for line of credit 43 — 43 — Total interest expense on the Silicon Valley Bank term loan 193 — 200 — Convertible Senior Notes Contractual interest 992 992 2,976 2,976 Amortization of debt discount 1,691 1,527 4,946 4,466 Amortization of debt issuance costs 96 86 281 253 Total interest expense on the convertible senior notes 2,779 2,605 8,203 7,695 Total interest expense $ 3,095 $ 2,743 $ 9,181 $ 8,092

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following table shows the fair value of the Company's financial instruments classified into the fair value hierarchy and measured on a recurring basis on the condensed balance sheets as of March 31, 2017 : Fair Value Measurement as of March 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Current Assets U.S. treasury securities $ 122,714 $ — $ — $ 122,714 Mutual fund securities $ 282 $ — $ — $ 282 Long-term Assets Mutual fund securities $ 647 $ — $ — $ 647 Liabilities Notes payable, at fair value $ — $ — $ 12,100 $ 12,100 The table below provides a rollforward of the changes in fair value of Level 3 financial instruments for the nine months ended March 31, 2017 , comprising the Redmile Notes described below: ($ in thousands) Notes Payable at Fair Value Balance at June 30, 2016 $ — Additions during the period 10,000 Change in fair value 2,100 Balance at March 31, 2017 $ 12,100 Redmile Notes To measure the fair value of the principal amount on the Notes issued to Redmile, the Company was required to determine the fair value of the principal amount on the Notes and the conversion feature of the Notes. The Company utilized a Monte Carlo simulation to determine the method of payment of the principal amount by potential outcome and scenario, and applied the income approach to determine the fair value of the Notes, discounting the principal amount due under the Notes by market interest rates under potential scenarios. The Monte Carlo simulation utilized the following assumptions: (i) expected term; (ii) common stock price; (iii) risk-free interest rate; and (iv) expected volatility. The assumptions the Company used in the simulation were based on factors the Company believed that participants would use in pricing the liability components, including market interest rates, credit standing, yield curves, volatilities, and risk-free rates, all of which are defined as Level 3 observable inputs. To measure the fair value of the conversion feature of the Notes issued to Redmile, the Company performed an analysis to estimate the pre-money value of the 797 Subsidiary. The Company then applied the pre-money value of the 797 Subsidiary to the conversion scenarios under the Notes to determine the fair value of the conversion feature. The Company incorporated the estimated volatilities and the risk-free rates on the principal amount of the Notes into the Monte Carlo simulation under each potential scenario and weighted volatility and rates based on the probability of each scenario occurring. Subsequently, the estimated implied interest rates were applied to the principal amount of these Notes under potential scenarios and were weighted based on the probability of each scenario occurring. The fair value of the Notes was impacted by certain unobservable inputs, most significantly management's assumptions regarding the discount rates used, the probabilities of certain scenarios occurring, expected volatility, share price performance, and expected scenario timing. Significant changes to these inputs in isolation or in the aggregate could result in a significantly different fair value measurement.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	9 Months Ended
	Mar. 31, 2017
Equity [Abstract]
STOCKHOLDERS' DEFICIT	STOCKHOLDERS’ DEFICIT Common Stock Offering On October 3, 2016, the Company closed an underwritten public offering of 21.2 million shares of its common stock, which included 2.8 million shares of common stock issued upon the exercise in full of the option to purchase additional shares granted to the underwriters in the offering. The shares were sold to the public at an offering price of $6.25 per share. The total net proceeds from the offering were $124.2 million , after underwriting discounts and commissions and offering expenses. The Company intends to use the net proceeds from this offering to fund research and development efforts, including clinical trials for its proprietary candidates, and for general corporate purposes. At-the-Market Equity Offering The Company has entered into a Sales Agreement with Cantor Fitzgerald & Co. ("Cantor") dated March 27, 2013, which has been subsequently amended to permit the sale by Cantor, acting as its sales agent, of up to $75.0 million in additional shares of the Company's common stock from time to time in an at-the-market offering under the Sales Agreement. All sales of shares have been and will continue to be made pursuant to an effective shelf registration statement on Form S-3 filed with the SEC. The Company pays Cantor a commission of approximately 2% of the aggregate gross proceeds the Company receives from all sales of the Company's common stock under the Sales Agreement. The amended Sales Agreement continues indefinitely until either party terminates the Sales Agreement, which may be done on 10 days prior written notice. The Company received net proceeds on sales under the Sales Agreement of approximately $7.3 million and $19.6 million at a weighted average price of $9.30 and $4.65 during the three and nine months ended March 31, 2017 , respectively.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Share-based compensation expense for all equity awards issued pursuant to the Array BioPharma Amended and Restated Stock Option and Incentive Plan (the "Option and Incentive Plan") and for estimated shares to be issued under the Employee Stock Purchase Plan ("ESPP") for the current purchase period was approximately $2.9 million and $6.9 million , and $1.8 million and $5.4 million for the three and nine months ended March 31, 2017 and 2016, respectively. The Company uses the Black-Scholes option pricing model to estimate the fair value of its share-based awards. In applying this model, the Company uses the following assumptions: • Risk-free interest rate - The Company determines the risk-free interest rate by using a weighted average assumption equivalent to the expected term based on the U.S. Treasury constant maturity rate. • Expected term - The Company estimates the expected term of its options based upon historical exercises and post-vesting termination behavior. • Expected volatility - The Company estimates expected volatility using daily historical trading data of its common stock. • Dividend yield - The Company has never paid dividends and currently have no plans to do so; therefore, no dividend yield is applied. • Forfeitures - Effective July 1, 2016, the Company accounts for forfeitures as they occur. Option Awards The fair value of the Company's option awards were estimated using the assumptions below: Nine Months Ended March 31, 2017 2016 Risk-free interest rate 1.1% - 2.1% 1.4% - 1.8% Expected option term in years 5.5 5.5 - 6.25 Expected volatility 57.0% - 64.5% 55.7% - 60.1% Dividend yield 0% 0% Weighted average grant date fair value $4.46 $2.78 The following table summarizes the Company's stock option activity under the Option and Incentive Plan for the nine months ended March 31, 2017 : Number of Weighted Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at June 30, 2016 11,647,595 $ 4.80 Granted 3,763,140 $ 7.85 Exercised (399,545 ) $ 4.33 Forfeited (101,359 ) $ 5.88 Expired or canceled (190,529 ) $ 8.50 Outstanding balance at March 31, 2017 14,719,302 $ 5.54 7.6 $ 51,452 Vested and expected to vest at March 31, 2017 14,697,080 $ 5.53 7.6 $ 51,399 Exercisable at March 31, 2017 5,708,378 $ 4.76 5.6 $ 24,291 The aggregate intrinsic value in the above table is calculated as the difference between the closing price of the Company's common stock at March 31, 2017 , of $8.94 per share and the exercise price of the stock options that had strike prices below the closing price. The total intrinsic value of all options exercised was $1.7 million during the nine months ended March 31, 2017 . The total intrinsic value of all options exercised during the nine months ended March 31, 2016 was $704 thousand . As of March 31, 2017 , there was approximately $24.8 million of total unrecognized compensation expense related to the unvested stock options shown in the table above, which is expected to be recognized over a weighted average period of 3.1 years . Restricted Stock Units ("RSUs") The Option and Incentive Plan provides for the issuance of RSUs that each represent the right to receive one share of Array common stock, cash or a combination of cash and stock, typically following achievement of time- or performance-based vesting conditions. The Company's RSU grants that vest subject to continued service over a defined period of time, will typically vest between two to four years, with a percentage vesting on each anniversary date of the grant, or they may be vested in full on the date of grant. Vested RSUs will be settled in shares of common stock upon the vesting date, upon a predetermined delivery date, upon a change in control of Array, or upon the employee leaving Array. All outstanding RSUs may only be settled through the issuance of common stock to recipients, and the Company intends to continue to grant RSUs that may only be settled in stock. RSUs are assigned the value of Array common stock at date of grant, and the grant date fair value is amortized over the applicable vesting period. A summary of the status of the Company's unvested RSUs as of March 31, 2017 and changes during the nine months ended March 31, 2017 , is presented below: Number of RSUs Weighted Unvested at June 30, 2016 832,100 $ 4.55 Granted 411,394 $ 8.62 Vested (125,141 ) $ 4.02 Forfeited (3,333 ) $ 5.10 Unvested at March 31, 2017 1,115,020 $ 6.11 As of March 31, 2017 , there was $5.1 million of total unrecognized compensation cost related to unvested RSUs granted under the Option and Incentive Plan. The cost is expected to be recognized over a weighted-average period of approximately 3.1 years . The fair market value on the grant date for RSUs that vested during the nine months ended March 31, 2017 and 2016 was $503 thousand and $497 thousand , respectively. RSUs granted during the nine months ended March 31, 2017 and 2016 had a value of $3.5 million and $228 thousand , respectively, as of the grant date. Employee Stock Purchase Plan On October 27, 2016, the stockholders of the Company approved an increase, previously approved by the Board of Directors, in the number of shares of common stock reserved for issuance under the ESPP by 750 thousand shares to an aggregate of 6 million shares. The ESPP allows qualified employees (as defined in the ESPP) to purchase shares of the Company's common stock at a price equal to 85% of the lower of (i) the closing price at the beginning of the offering period or (ii) the closing price at the end of the offering period. Effective each January 1, a new 12 -month offering period begins that will end on December 31 of that year. However, if the closing stock price on July 1 is lower than the closing stock price on the preceding January 1, then the original 12 -month offering period terminates, and the purchase rights under the original offering period roll forward into a new six -month offering period that begins July 1 and ends on December 31. As of March 31, 2017 , the Company had 1.1 million shares available for issuance under the ESPP. The Company issued 282 thousand and 265 thousand shares under the ESPP during fiscal 2017 and 2016, respectively.

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION	9 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTION	RELATED PARTY TRANSACTION As described above in Note 4 - Debt , the Company entered into a Note Purchase Agreement with Redmile and issued Notes to Redmile on September 2, 2016. At that time, affiliates of Redmile held more than 10% of the Company's common stock. The Company is party to an agreement with Mirati Therapeutics, Inc. ("Mirati") whereby Array conducted a feasibility program for Mirati related to a particular target in exchange for an upfront payment of $1.6 million that was received in October 2014 (which was recognized as revenue over the subsequent twelve months ) and other payments and potential payments as described below. In September 2015, Mirati exercised an option to extend the feasibility program for six months , for which Array received a $750 thousand option extension fee (which was recognized as revenue over the subsequent six months ). During April 2016, Mirati elected to exercise an option to take an exclusive, worldwide license to an active compound under the agreement and Array received $2.5 million ("Option Exercise Fee") and will receive additional fess as reimbursement for research and development services. In accordance with the revenue recognition criteria under ASC Topic 605, the Company determined that the Mirati agreement is a multi-deliverable arrangement with multiple deliverables: (1) the license rights, (2) services related to obtaining enhanced intellectual property rights through the issuance of a particular patent and (3) clinical development services. The Company determined that the license granted under the Mirati Agreement does not have stand-alone value apart from the services Array will provide. Accordingly, the Option Exercise Fee received in the quarter ended June 30, 2016 is recorded as deferred revenue and is being recognized on a straight-line basis over three years , the period during which management expects that substantial development activities will be performed. Revenue recognized under this agreement was $1.1 million and $0.9 million for the three months ended March 31, 2017 and 2016, respectively, and $3.3 million and $2.5 million for the nine months ended March 31, 2017 and 2016, respectively. Dr. Charles Baum, a current member of Array’s Board of Directors, is the President and Chief Executive Officer of Mirati.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Basic and diluted loss per common share are computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share includes the determinants of basic net income per share and, in addition, gives effect to the potential dilution that would occur if securities or other contracts to issue common stock were exercised, vested or converted into common stock, unless they are anti-dilutive. Diluted weighted average common shares include common stock potentially issuable under our convertible notes, notes payable at fair value, vested and unvested stock options and unvested RSUs, except where the effect of including them is anti-dilutive. The following table summarizes the earnings (loss) per share calculation (in thousands, except per share amount): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Net loss - basic and diluted $ (35,317 ) $ (22,675 ) $ (87,226 ) $ (67,826 ) Weighted average shares outstanding - basic 169,020 143,338 160,689 142,792 Weighted average shares outstanding - diluted 169,020 143,338 160,689 142,792 Per share data: Basic $ (0.21 ) $ (0.16 ) $ (0.54 ) $ (0.47 ) Diluted $ (0.21 ) $ (0.16 ) $ (0.54 ) $ (0.47 ) For the periods where the Company reported losses, all common stock equivalents are excluded from the computation of diluted loss per share, since the result would be anti-dilutive. Common stock equivalents not included in the calculations of diluted loss per share because to do so would have been anti-dilutive, include the following (amounts in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Convertible senior notes 18,762 18,762 18,762 18,762 Warrants — 12,000 — 12,000 Stock options 14,719 9,550 14,719 9,550 RSUs 1,115 609 1,115 609 Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation 34,596 40,921 34,596 40,921

OVERVIEW, BASIS OF PRESENTATI16

OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting and, as permitted under those rules, do not include all of the disclosures required by U.S. generally accepted accounting principles ("U.S. GAAP") for complete financial statements. The unaudited condensed financial statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the Company's financial position, results of operations and cash flows for the interim periods presented. Operating results for an interim period are not necessarily indicative of the results that may be expected for a full year. The Company's management performed an evaluation of its activities through the date of filing of this Quarterly Report on Form 10-Q. These unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements and the notes thereto for the fiscal year ended June 30, 2016 , included in its Annual Report on Form 10-K filed with the SEC on August 19, 2016, from which the Company derived its balance sheet data as of June 30, 2016 .
Segment Reporting	The Company operates in one reportable segment and, accordingly, no segment disclosures have been presented herein.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Management bases its estimates on the Company's historical experience and on various other assumptions that it believes are reasonable under the circumstances. These estimates are the basis for the Company's judgments about the carrying values of assets and liabilities, which in turn may impact its reported revenue and expenses. The Company's actual results could differ significantly from these estimates under different assumptions or conditions. The Company believes its financial statements are most significantly impacted by the following accounting estimates and judgments: (i) identifying deliverables under collaboration and license agreements involving multiple elements and determining whether such deliverables are separable from other aspects of the contractual relationship; (ii) estimating the selling price of deliverables for the purpose of allocating arrangement consideration for revenue recognition; (iii) estimating the periods over which the allocated consideration for deliverables is recognized; (iv) estimating accrued outsourcing costs for clinical trials and preclinical testing; and (v) estimating fair value of the notes payable.
Fair Value Measurements and Fair Value Option	Fair Value Measurements The Company follows accounting guidance on fair value measurements for financial instruments measured at fair value on a recurring basis, as well as for certain assets and liabilities that are initially recorded at their estimated fair values. Fair value is defined as the exit price, or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value our financial instruments: Level 1: Unadjusted quoted prices in active markets for identical instruments. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability.Estimated fair values of financial instruments classified in Level 3 of the fair value hierarchy are determined using pricing models, discounted cash flow methodologies, or similar techniques, where the determination of fair value requires significant judgment or estimation. Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires us to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed or initial amounts recorded may not be indicative of the amount that we or holders of the instruments could realize in a current market exchange. Certain of the Company's financial instruments are not measured at fair value on a recurring basis, but are recorded at amounts that approximate their fair value due to their liquid or short-term nature, such as cash, accounts receivable and payable, and other financial instruments in current assets or current liabilities. Notes Payable Fair Value Option As described further in Note 4 - Debt - Notes Payable , in September 2016, the Company issued Subordinated Convertible Promissory Notes to Redmile Capital Offshore Fund II, Ltd. and Redmile Biopharma Investments I, L.P. in the aggregate original principal amount of $10.0 million . The Company has elected the fair value option to account for these notes due to the complexity and number of embedded features. Accordingly, the Company records these notes at fair value with changes in fair value recorded in the statement of operations. As a result of applying the fair value option, direct costs and fees related to the notes were recognized in earnings (as "change in fair value of notes payable") as incurred and were not deferred.
Stock-based Compensation	Previously, FASB Accounting Standards Codification ("ASC") Topic 718, Compensation - Stock Compensation, ASC 718 , required forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differed from those estimates. FASB subsequently issued Accounting Standards Update ("ASU") Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") , which allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures when they occur. In the third quarter of 2017, the Company adopted ASU 2016-09 and elected to modify its accounting policy to account for forfeitures as they occur. The Company applied this change in accounting policy on a modified retrospective basis, with July 1, 2016 as the effective date of adoption. As a result, the Company recorded a cumulative effect adjustment to retained earnings which resulted in an increase to accumulated deficit of $0.4 million with an offsetting increase to additional paid-in capital (zero net total equity impact) as of the date of adoption. These adjustments were principally related to additional stock compensation expense that would have been recognized under ASC 718 on unvested outstanding options and restricted stock units that were unadjusted for estimated forfeitures.
Recent Accounting Pronouncements	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The FASB subsequently issued ASU No. 2016-10, Revenue from Contracts with Customer (Topic 606) Identifying Performance Obligations and Licensing, to address issues arising from implementation of the new revenue recognition standard. ASU 2014-09 and ASU 2016-10 are effective for interim and annual periods beginning July 1, 2018, and may be adopted earlier, but not before July 1, 2017. The revenue standards are required to be adopted by taking either a full retrospective or a modified retrospective approach. The Company is currently evaluating the impact that ASU 2014-09 and 2016-10 will have on the Company’s financial statements and determining the transition method, including the period of adoption, that it will apply. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern , which defines management's responsibility to assess an entity's ability to continue as a going concern and requires related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. ASU No. 2014-15 is effective for Array for the fiscal year ending on June 30, 2017, and for annual and interim periods thereafter, with early adoption permitted. The Company will adopt ASU No. 2014-15 in the fourth quarter of fiscal 2017 and does not anticipate that it will have a material impact on its financial statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . ASU No. 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact that ASU No. 2016-01 will have on its financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company does not anticipate that ASU No. 2016-02 will have a material impact on its financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in ASU No. 2016-09 are effective for annual reporting periods beginning after December 15, 2016 and interim reporting periods within those reporting periods. The Company early adopted ASU No. 2016-09 during the quarter ended March 31, 2017 using the modified retrospective transition method, as described above under Summary of Significant Accounting Policies - Stock-Based Compensation . In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires that companies record expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses when estimated credit losses declines. The new standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption will be available for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect that the impact that ASU 2016-13 will have on its financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) . This amendment will provide guidance on the presentation and classification of specific cash flow items to improve consistency within the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2017, with early adoption permitted. The Company is evaluating the effect that ASU 2016-15 will have on its financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash . The new guidance requires that the reconciliation of the beginning-of-period and end-of-period amounts shown in the statement of cash flows include restricted cash and restricted cash equivalents. If restricted cash is presented separately from cash and cash equivalents on the balance sheet, companies will be required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Companies will also need to disclose information about the nature of the restrictions. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not anticipate ASU 2016-18 will have a material impact on its financial statements upon adoption. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business . The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company does not anticipate ASU 2017-01 will have a material impact on its financial statements upon adoption.

OVERVIEW, BASIS OF PRESENTATI17

OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of concentration of revenue	The following counterparties contributed greater than 10% of the Company's total revenue during at least one of the periods set forth below. The revenue from these counterparties as a percentage of total revenue was as follows: Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Novartis Pharmaceuticals 79.7 % 87.9 % 74.1 % 80.9 % Loxo Oncology 6.1 % 6.2 % 11.4 % 9.9 % 85.8 % 94.1 % 85.5 % 90.8 %
Schedule of revenue by geographic area	The following table details revenue by geographic area based on the country in which the Company's counterparties are located (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 North America $ 3,200 $ 4,432 $ 16,826 $ 17,158 Europe 29,223 38,615 97,564 77,516 Asia Pacific 857 — 2,684 — Total revenue $ 33,280 $ 43,047 $ 117,074 $ 94,674

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	9 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of marketable securities	Marketable securities consisted of the following as of March 31, 2017 and June 30, 2016 (in thousands): March 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Short-term available-for-sale securities: U.S. treasury securities $ 122,800 $ — $ (86 ) $ 122,714 Mutual fund securities 282 — — 282 123,082 — (86 ) 122,996 Long-term available-for-sale securities: Mutual fund securities 647 647 647 — — 647 Total $ 123,729 $ — $ (86 ) $ 123,643 June 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Short-term available-for-sale securities: U.S. treasury securities $ 53,113 $ 8 $ (1 ) $ 53,120 Mutual fund securities 224 — — 224 53,337 8 (1 ) 53,344 Long-term available-for-sale securities: Mutual fund securities 596 — — 596 596 — — 596 Total $ 53,933 $ 8 $ (1 ) $ 53,940
Schedule of amortized cost and estimated fair value of available-for-sale securities by contractual maturity	As of March 31, 2017 , the amortized cost and estimated fair value of available-for-sale securities by contractual maturity were as follows (in thousands): Amortized Fair Cost Value Due in one year or less $ 122,800 $ 122,714 Total $ 122,800 $ 122,714

COLLABORATION AND OTHER AGREE19

COLLABORATION AND OTHER AGREEMENTS (Tables)	9 Months Ended
	Mar. 31, 2017
Collaboration and Other Agreements [Abstract]
Schedule of total revenue	The following table summarizes total revenue recognized for the periods indicated (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Reimbursement revenue Novartis (1) $ 26,085 $ 36,941 $ 85,354 $ 73,912 Collaboration and other revenue Loxo 1,937 2,568 6,742 8,287 Pierre Fabre 1,919 — 6,072 — Mirati 875 900 2,625 2,474 Novartis (2) 450 900 1,350 2,700 Asahi Kasei 257 — 885 — Cascadian Therapeutics 71 63 123 107 Biogen Idec — — — 2,816 Celgene — 782 — 2,224 Other partners 21 36 52 192 Total collaboration and other revenue 5,530 5,249 17,849 18,800 License and milestone revenue Pierre Fabre 750 750 2,250 855 Asahi Kasei 600 — 1,800 — Mirati 209 — 625 — Loxo 106 107 6,571 1,107 Roche — — 2,500 — Other Partners — — 125 — Total license and milestone revenue 1,665 857 13,871 1,962 Total revenue $ 33,280 $ 43,047 $ 117,074 $ 94,674 (1) Consists of reimbursable expenses incurred and accrued as reimbursement revenue that are receivable under the Transition Agreements with Novartis. (2) Represents the recognition of revenue that was deferred from the consideration received in March 2015 upon the effective date of the Termination and Asset Transfer Agreement with Novartis relating to binimetinib.
Schedule of deferred revenue	Deferred revenue balances were as follows for the dates indicated (in thousands): March 31, June 30, 2017 2016 Pierre Fabre $ 26,145 $ 28,395 Asahi Kasei 9,600 11,400 Mirati 2,542 3,167 Loxo 2,798 4,049 Novartis 450 1,800 Other partners 4 6 Total deferred revenue 41,539 48,817 Less: Current portion (10,360 ) (12,856 ) Deferred revenue, long-term portion $ 31,179 $ 35,961

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of debt	Debt consists of the following (in thousands): March 31, June 30, 2017 2016 Notes payable at fair value $ 12,100 $ — Notes Payable at fair value (current) $ 12,100 $ — Comerica term loan $ — $ 14,550 Silicon Valley Bank term loan (1) 16,200 — Convertible senior notes 132,250 132,250 Long-term debt, gross 148,450 146,800 Less: Unamortized debt discount and fees (29,056 ) (33,145 ) Long-term debt, net $ 119,394 $ 113,655 (1) Includes $15.0 million term loan outstanding as well as $1.2 million final payment fee.
Schedule of interest expense	The following table shows the details of the Company's interest expense for all of its debt arrangements outstanding during the periods presented, including contractual interest, and amortization of debt discount, debt issuance costs and loan transaction fees that were charged to interest expense (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Notes payable Simple interest $ 123 $ — $ 289 $ — Fees paid — — 240 — Total interest expense on the notes payable at fair value 123 — 529 — Comerica Term Loan Simple interest — 130 247 372 Amortization of prepaid fees for letters of credit — 8 2 25 Total interest expense on the Comerica term loan — 138 249 397 Silicon Valley Bank Term Loan Simple interest 66 — 73 — Amortization of debt discount 84 — 84 — Amortization of prepaid fees for line of credit 43 — 43 — Total interest expense on the Silicon Valley Bank term loan 193 — 200 — Convertible Senior Notes Contractual interest 992 992 2,976 2,976 Amortization of debt discount 1,691 1,527 4,946 4,466 Amortization of debt issuance costs 96 86 281 253 Total interest expense on the convertible senior notes 2,779 2,605 8,203 7,695 Total interest expense $ 3,095 $ 2,743 $ 9,181 $ 8,092

FAIR VALUE MEASUREMENTS FAIR VA

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair value hierarchy, financial instruments measured at fair value on a recurring basis	The following table shows the fair value of the Company's financial instruments classified into the fair value hierarchy and measured on a recurring basis on the condensed balance sheets as of March 31, 2017 : Fair Value Measurement as of March 31, 2017 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Current Assets U.S. treasury securities $ 122,714 $ — $ — $ 122,714 Mutual fund securities $ 282 $ — $ — $ 282 Long-term Assets Mutual fund securities $ 647 $ — $ — $ 647 Liabilities Notes payable, at fair value $ — $ — $ 12,100 $ 12,100
Rollforward of changes in fair value of Level 3 financial instruments	The table below provides a rollforward of the changes in fair value of Level 3 financial instruments for the nine months ended March 31, 2017 , comprising the Redmile Notes described below: ($ in thousands) Notes Payable at Fair Value Balance at June 30, 2016 $ — Additions during the period 10,000 Change in fair value 2,100 Balance at March 31, 2017 $ 12,100

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of fair value assumptions	The fair value of the Company's option awards were estimated using the assumptions below: Nine Months Ended March 31, 2017 2016 Risk-free interest rate 1.1% - 2.1% 1.4% - 1.8% Expected option term in years 5.5 5.5 - 6.25 Expected volatility 57.0% - 64.5% 55.7% - 60.1% Dividend yield 0% 0% Weighted average grant date fair value $4.46 $2.78
Summary of stock option activity	The following table summarizes the Company's stock option activity under the Option and Incentive Plan for the nine months ended March 31, 2017 : Number of Weighted Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at June 30, 2016 11,647,595 $ 4.80 Granted 3,763,140 $ 7.85 Exercised (399,545 ) $ 4.33 Forfeited (101,359 ) $ 5.88 Expired or canceled (190,529 ) $ 8.50 Outstanding balance at March 31, 2017 14,719,302 $ 5.54 7.6 $ 51,452 Vested and expected to vest at March 31, 2017 14,697,080 $ 5.53 7.6 $ 51,399 Exercisable at March 31, 2017 5,708,378 $ 4.76 5.6 $ 24,291
Summary of status of non-vested shares of RSUs	A summary of the status of the Company's unvested RSUs as of March 31, 2017 and changes during the nine months ended March 31, 2017 , is presented below: Number of RSUs Weighted Unvested at June 30, 2016 832,100 $ 4.55 Granted 411,394 $ 8.62 Vested (125,141 ) $ 4.02 Forfeited (3,333 ) $ 5.10 Unvested at March 31, 2017 1,115,020 $ 6.11

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Computation of earnings per share	The following table summarizes the earnings (loss) per share calculation (in thousands, except per share amount): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Net loss - basic and diluted $ (35,317 ) $ (22,675 ) $ (87,226 ) $ (67,826 ) Weighted average shares outstanding - basic 169,020 143,338 160,689 142,792 Weighted average shares outstanding - diluted 169,020 143,338 160,689 142,792 Per share data: Basic $ (0.21 ) $ (0.16 ) $ (0.54 ) $ (0.47 ) Diluted $ (0.21 ) $ (0.16 ) $ (0.54 ) $ (0.47 )
Anti-dilutive common stock equivalents	Common stock equivalents not included in the calculations of diluted loss per share because to do so would have been anti-dilutive, include the following (amounts in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Convertible senior notes 18,762 18,762 18,762 18,762 Warrants — 12,000 — 12,000 Stock options 14,719 9,550 14,719 9,550 RSUs 1,115 609 1,115 609 Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation 34,596 40,921 34,596 40,921

OVERVIEW, BASIS OF PRESENTATI24

OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Concentration of Revenue (Details) - Sales - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Concentration Risk [Line Items]
Concentration risk percentage	85.80%	94.10%	85.50%	90.80%
Novartis Pharmaceuticals
Concentration Risk [Line Items]
Concentration risk percentage	79.70%	87.90%	74.10%	80.90%
Loxo Oncology
Concentration Risk [Line Items]
Concentration risk percentage	6.10%	6.20%	11.40%	9.90%

OVERVIEW, BASIS OF PRESENTATI25

OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Concentration Risk [Line Items]
Total revenue	$ 33,280	$ 43,047	$ 117,074	$ 94,674
North America
Concentration Risk [Line Items]
Total revenue	3,200	4,432	16,826	17,158
Europe
Concentration Risk [Line Items]
Total revenue	29,223	38,615	97,564	77,516
Asia Pacific
Concentration Risk [Line Items]
Total revenue	$ 857	$ 0	$ 2,684	$ 0

OVERVIEW, BASIS OF PRESENTATI26

OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, shares in Millions	Oct. 03, 2016USD ($)$ / sharesshares	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2017USD ($)	Dec. 22, 2016	Sep. 02, 2016USD ($)
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Number of reportable segments | segment					1
Accumulated deficit		$ (889,069,000)			$ (889,069,000)		$ (801,407,000)			$ (889,069,000)
Net income (loss)		(35,317,000)		$ (22,675,000)	(87,226,000)	$ (67,826,000)	(92,800,000)	$ 9,400,000	$ (85,300,000)
Gain related to the return of rights to binimetinib and our acquisition of rights to encorafenib								80,000,000
Realized gain on investments								$ 16,300,000
Outstanding debt balance		148,450,000			148,450,000		146,800,000			148,450,000
Impairment loss related to cost method investment		0	$ 1,500,000	$ 0	1,500,000	0
Proceeds from investment		500,000			529,000	0
Realized gain from investment		500,000			$ 529,000	$ 0
Cumulative effect adjustment upon adoption of ASU 2016-09							$ 0
Notes payable | Note Purchase Agreement
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Debt instrument, face amount												$ 10,000,000
Accounts Receivable | Customer Concentration Risk | Novartis Pharmaceuticals
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Concentration risk percentage					80.20%		85.00%
Accounts Receivable | Customer Concentration Risk | Pierre Fabre
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Concentration risk percentage					13.00%		5.40%
Line of Credit | Term loan | SVB credit facility
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Outstanding debt balance		16,200,000			$ 16,200,000		$ 0			16,200,000
Follow on offering
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Issuance of common stock (in shares) | shares	21.2
Offering price (in dollars per share) | $ / shares	$ 6.25
Net proceeds from the issuance of common stock	$ 124,200,000
Common Stock | Market offering
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Net proceeds from the issuance of common stock										142,600,000
Amount remaining for future issuance under agreement		52,400,000			52,400,000					52,400,000
Silicon Valley Bank | Line of Credit | Term loan | SVB credit facility
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Percentage of outstanding debt balance required to be maintained as cash and cash equivalents deposit with lender											200.00%
Outstanding debt balance		15,000,000			15,000,000					15,000,000
New accounting pronouncement, effect of early adoption | Accounting Standards Update 2016-09
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Deferred tax assets, gross		5,500,000			5,500,000					5,500,000
Accumulated Deficit
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Net income (loss)					(87,226,000)
Cumulative effect adjustment upon adoption of ASU 2016-09							436,000
Accumulated Deficit | New accounting pronouncement, effect of early adoption | Accounting Standards Update 2016-09
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Cumulative effect adjustment upon adoption of ASU 2016-09		400,000			400,000					400,000
Additional Paid-in Capital
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Cumulative effect adjustment upon adoption of ASU 2016-09							$ (436,000)
Additional Paid-in Capital | New accounting pronouncement, effect of early adoption | Accounting Standards Update 2016-09
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Cumulative effect adjustment upon adoption of ASU 2016-09		$ (400,000)			$ (400,000)					$ (400,000)

MARKETABLE SECURITIES - Schedul

MARKETABLE SECURITIES - Schedule Of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 123,729	$ 53,933
Gross Unrealized Gains	0	8
Gross Unrealized Losses	(86)	(1)
Fair value	123,643	53,940
Short-term Investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	123,082	53,337
Gross Unrealized Gains	0	8
Gross Unrealized Losses	(86)	(1)
Fair value	122,996	53,344
Short-term Investments | U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	122,800	53,113
Gross Unrealized Gains	0	8
Gross Unrealized Losses	(86)	(1)
Fair value	122,714	53,120
Short-term Investments | Mutual fund securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	282	224
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair value	282	224
Long-term Investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	647	596
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair value	647	596
Long-term Investments | Mutual fund securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	647	596
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair value	$ 647	$ 596

MARKETABLE SECURITIES - Sched28

MARKETABLE SECURITIES - Schedule of Amortized Cost And Estimated Fair Value (Details) $ in Thousands	Mar. 31, 2017USD ($)
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 122,800
Amortized Cost	122,800
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	122,714
Fair Value	$ 122,714

MARKETABLE SECURITIES - Additio

MARKETABLE SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 123,643	$ 53,940
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 123,600	$ 53,900

COLLABORATION AND OTHER AGREE30

COLLABORATION AND OTHER AGREEMENTS - Schedule of Total Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Reimbursement revenue	$ 26,085	$ 36,941	$ 85,354	$ 73,912
Collaboration and other revenue	5,530	5,249	17,849	18,800
License and milestone revenue	1,665	857	13,871	1,962
Total revenue	33,280	43,047	117,074	94,674
Novartis Pharmaceuticals
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Reimbursement revenue	26,085	36,941	85,354	73,912
Collaboration and other revenue	450	900	1,350	2,700
Loxo Oncology
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Collaboration and other revenue	1,937	2,568	6,742	8,287
License and milestone revenue	106	107	6,571	1,107
Pierre Fabre
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Collaboration and other revenue	1,919	0	6,072	0
License and milestone revenue	750	750	2,250	855
Mirati
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Collaboration and other revenue	875	900	2,625	2,474
License and milestone revenue	209	0	625	0
Asahi Kasei
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Collaboration and other revenue	257	0	885	0
License and milestone revenue	600	0	1,800	0
Cascadian Therapeutics
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Collaboration and other revenue	71	63	123	107
Biogen Idec
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Collaboration and other revenue	0	0	0	2,816
Celgene
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Collaboration and other revenue	0	782	0	2,224
Roche
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
License and milestone revenue	0	0	2,500	0
Other partners
Collaborative Arrangements and Non-collaborative Arrangements [Line Items]
Collaboration and other revenue	21	36	52	192
License and milestone revenue	$ 0	$ 0	$ 125	$ 0

COLLABORATION AND OTHER AGREE31

COLLABORATION AND OTHER AGREEMENTS - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 41,539	$ 48,817
Less: Current portion	(10,360)	(12,856)
Deferred revenue, long-term portion	31,179	35,961
Pierre Fabre
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	26,145	28,395
Asahi Kasei
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	9,600	11,400
Mirati
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	2,542	3,167
Loxo Oncology
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	2,798	4,049
Novartis Pharmaceuticals
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	450	1,800
Other partners
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 4	$ 6

COLLABORATION AND OTHER AGREE32

COLLABORATION AND OTHER AGREEMENTS - Additional Information (Details) $ in Millions	Mar. 31, 2017USD ($)indicationmilestonedrug
Pierre Fabre | Regulatory milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 35
Number of milestones | milestone	3
Number of specified indications | indication	3
Pierre Fabre | Commercial milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 390
Number of milestones | milestone	7
Mirati | Commercial milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 337
Number of milestones | milestone	7
Mirati | Developmental milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 9.3
Number of milestones | milestone	4
Loxo Oncology | Commercial milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 420
Number of milestones | milestone	15
Loxo Oncology | Developmental milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 8
Number of milestones | milestone	3
Asahi Kasei | Regulatory milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 11
Number of milestones | milestone	4
Number of drug candidates | drug	5
Asahi Kasei | Commercial milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 52.5
Number of milestones | milestone	3
AstraZeneca | Selumetinib | Commercial milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 34
Number of milestones | milestone	3
AstraZeneca | Selumetinib | Developmental milestones
Collaboration and Other Agreements, by Type [Line Items]
Potential milestone payments | $	$ 36
Number of milestones | milestone	9

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Mar. 31, 2017	Dec. 22, 2016	Jun. 30, 2016
Short-term Debt [Line Items]
Notes Payable at fair value (current)	$ 12,100,000		$ 0
Debt Instrument [Line Items]
Long-term debt, gross	148,450,000		146,800,000
Less: Unamortized debt discount and fees	(29,056,000)		(33,145,000)
Long-term debt, net	119,394,000		113,655,000
Notes payable | Notes payable
Short-term Debt [Line Items]
Notes Payable at fair value (current)	12,100,000		0
Comerica term loan | Line of Credit | Term loan
Debt Instrument [Line Items]
Long-term debt, gross	0		14,550,000
Silicon Valley Bank term loan | Line of Credit | Term loan
Debt Instrument [Line Items]
Long-term debt, gross	16,200,000		0
Silicon Valley Bank term loan | Line of Credit | Term loan | Silicon Valley Bank
Debt Instrument [Line Items]
Long-term debt, gross	15,000,000
Maximum borrowing capacity		$ 15,000,000
Silicon Valley Bank term loan | Line of Credit | Term loan | Prime Rate | Silicon Valley Bank
Debt Instrument [Line Items]
Exit fee due upon redemption		$ 1,200,000
Convertible senior notes | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 132,250,000		$ 132,250,000

DEBT - Summary of Interest Expe

DEBT - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Debt Instrument [Line Items]
Amortization of prepaid fees for letters of credit and debt issuance costs			$ 240	$ 0
Total interest expense	$ 3,095	$ 2,743	9,181	8,092
Line of Credit | Term loan | Comerica term loan
Debt Instrument [Line Items]
Simple and contractual interest	0	130	247	372
Amortization of prepaid fees for letters of credit and debt issuance costs	0	8	2	25
Total interest expense	0	138	249	397
Line of Credit | Term loan | Silicon Valley Bank term loan
Debt Instrument [Line Items]
Simple and contractual interest	66	0	73	0
Amortization of debt discount	84	0	84	0
Amortization of prepaid fees for letters of credit and debt issuance costs	43	0	43	0
Total interest expense	193	0	200	0
Senior Notes | Convertible senior notes
Debt Instrument [Line Items]
Simple and contractual interest	992	992	2,976	2,976
Amortization of debt discount	1,691	1,527	4,946	4,466
Amortization of prepaid fees for letters of credit and debt issuance costs	96	86	281	253
Total interest expense	2,779	2,605	8,203	7,695
Notes payable | Notes payable
Debt Instrument [Line Items]
Simple and contractual interest	123	0	289	0
Fees paid	0	0	240	0
Total interest expense	$ 123	$ 0	$ 529	$ 0

DEBT - Notes Payable (Details)

DEBT - Notes Payable (Details) - USD ($)	Sep. 02, 2016	Mar. 31, 2017
Short-term Debt [Line Items]
Notes payable, at fair value		$ 12,100,000
Notes payable | Note Purchase Agreement
Short-term Debt [Line Items]
Aggregate principal amount	$ 10,000,000
Stated interest rate	5.00%
Exit fee due upon redemption	$ 3,000,000
Preferred stock financing gross proceeds threshold	$ 10,000,000
Conversion to shares of capital stock, percentage of purchase price if closed before March 1, 2017	80.00%
Conversion to shares of capital stock, percentage of purchase price if closed after March 1, 2017	70.00%
Pre-money valuation of subsidiary	$ 75,000,000
Conversion price, threshold consecutive trading days	10 days
Shares issues upon conversion, aggregate cap on outstanding shares	19.99%
Event of sale of subsidiary, amount due to note holders	$ 20,000,000
Event of sale of subsidiary, due to note holders, percentage of consideration received	15.00%
Event of sale of subsidiary, aggregate cap on amount due to note holders	$ 100,000,000
Event of license agreement, percentage due to note holders under initial milestone	50.00%
Event of license agreement, initial milestone threshold for amount due to note holders	$ 50,000,000
Event of license agreement, percentage due to note holders under subsequent milestone	20.00%
Event of license agreement, aggregate cap on amount due to note holders	$ 100,000,000
Event of change in control or sale of assets, cash payment due under option one	40,000,000
Event of change in control or sale of asset, cash payment due under option two	25,000,000
Notes payable, at fair value	$ 10,000,000	12,100,000
Fair value option upfront costs and fees		$ 200,000

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details)	Dec. 22, 2016USD ($)installment	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Debt terminated, repayment of amount outstanding		$ 14,550,000	$ 0
Term loan | Line of Credit | Comerica Bank | Comerica term loan
Debt Instrument [Line Items]
Debt terminated	$ 15,000,000
Debt terminated, repayment of amount outstanding	14,600,000
Term loan | Line of Credit | Silicon Valley Bank | SVB credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000
Fee for prepayment or acceleration if occurs on or prior to the first anniversary of the Effective Date	2.00%
Fee for prepayment or acceleration if occurs after the first anniversary of the Effective Date	1.00%
Term loan | Line of Credit | Silicon Valley Bank | SVB credit facility | Prime Rate
Debt Instrument [Line Items]
Spread on variable interest rate	(2.00%)
Spread on variable interest rate, floor	0.00%
Interest rate at end of period		2.00%
Term of facility	36 months
Exit fee due upon redemption	$ 1,200,000
Letter of credit | Line of Credit | Comerica Bank | Comerica term loan
Debt Instrument [Line Items]
Debt terminated	2,800,000
Letter of credit | Line of Credit | Silicon Valley Bank | SVB credit facility
Debt Instrument [Line Items]
Amount outstanding	2,900,000
Revolving line of credit | Line of Credit | Silicon Valley Bank | SVB credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	5,000,000
Commitment fee	$ 50,000
Commitment fee, number of installments | installment	5
Unused revolving line facility fee	0.20%
Final payment fee	8.00%
Fee for prepayment or acceleration if occurs on or prior to the first anniversary of the Effective Date	2.00%
Fee for prepayment or acceleration if occurs after the first anniversary of the Effective Date	1.00%
Minimum liquidity ratio	2
Deposit required in event of default, percent of face amount of undrawn letters of credit	105.00%

DEBT - Convertible Senior Notes

DEBT - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	Jun. 10, 2013USD ($)d$ / shares	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Proceeds from the issuance of the SVB term loan		$ 15,000	$ 0
Senior Notes | Convertible senior notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 132,300
Stated interest rate	3.00%
Proceeds from the issuance of the SVB term loan	$ 128,000
Conversion ratio	0.1418641
Conversion price (in dollars per share) | $ / shares	$ 7.05
Percentage of principal amount of convertible debt required to be repurchased upon qualifying change in control or termination of trading of common stock	100.00%
Threshold percentage of stock price trigger	130.00%
Threshold trading days | d	20
Threshold consecutive trading days	30 days
Threshold consecutive trading days, number of days immediately prior to redemption notice date	7 days
Redemption price, percentage of principal amount to be redeemed	100.00%
Effective interest rate	10.25%
Convertible notes, liability component	$ 84,200
Convertible notes, equity component	48,000
Underwriting discount and offering expenses	4,300
Equity issuance costs recorded as an offset to additional paid-in capital	1,600
Unamortized debt issuance costs		1,500		$ 1,800
Senior Notes | Convertible senior notes | Other Noncurrent Assets [Member]
Debt Instrument [Line Items]
Underwriting discount and offering expenses	$ 2,700
Senior Notes | Convertible senior notes | Level 2
Debt Instrument [Line Items]
Fair value of notes		$ 190,500		$ 110,200

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current Assets
Marketable securities	$ 122,996	$ 53,344
Long-term Assets
Marketable securities	647	$ 596
Liabilities
Notes payable, at fair value	12,100
Fair Value, Measurements, Recurring | Level 1
Liabilities
Notes payable, at fair value	0
Fair Value, Measurements, Recurring | Level 2
Long-term Assets
Marketable securities	0
Liabilities
Notes payable, at fair value	0
Fair Value, Measurements, Recurring | Level 3
Long-term Assets
Marketable securities	0
Liabilities
Notes payable, at fair value	12,100
U.S. treasury securities
Current Assets
Marketable securities	122,714
U.S. treasury securities | Fair Value, Measurements, Recurring | Level 1
Current Assets
Marketable securities	122,714
U.S. treasury securities | Fair Value, Measurements, Recurring | Level 2
Current Assets
Marketable securities	0
U.S. treasury securities | Fair Value, Measurements, Recurring | Level 3
Current Assets
Marketable securities	0
Mutual fund securities
Current Assets
Marketable securities	282
Mutual fund securities | Fair Value, Measurements, Recurring | Level 1
Current Assets
Marketable securities	282
Mutual fund securities | Fair Value, Measurements, Recurring | Level 2
Current Assets
Marketable securities	0
Mutual fund securities | Fair Value, Measurements, Recurring | Level 3
Current Assets
Marketable securities	$ 0

FAIR VALUE MEASUREMENTS - Rollf

FAIR VALUE MEASUREMENTS - Rollforward of Change in Level 3 Financial Instruments (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at June 30, 2016	$ 0
Additions during the period	10,000
Change in fair value	2,100
Balance at March 31, 2017	$ 12,100

STOCKHOLDERS' DEFICIT - Additio

STOCKHOLDERS' DEFICIT - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions	Oct. 03, 2016	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 27, 2013
Class of Stock [Line Items]
Sales agreement, termination notice period			10 days
Common Stock
Class of Stock [Line Items]
Dollar amount of stock that may be sold under the agreement						$ 75,000,000
Commission under sales agreement		2.00%	2.00%		2.00%
Net proceeds from the issuance of common stock			$ 19,600,000
Average price per share (in dollars per share)		$ 9.30	$ 4.65
Follow on offering
Class of Stock [Line Items]
Issuance of common stock (in shares)	21.2
Offering price (in dollars per share)	$ 6.25
Net proceeds from the issuance of common stock	$ 124,200,000
Net proceeds from the issuance of common stock			$ 124,192,000	$ 0
Underwriters option
Class of Stock [Line Items]
Issuance of common stock (in shares)	2.8
Market offering
Class of Stock [Line Items]
Net proceeds from the issuance of common stock			$ 19,577,000	$ 2,884,000
Market offering | Common Stock
Class of Stock [Line Items]
Net proceeds from the issuance of common stock					$ 142,600,000
Net proceeds from the issuance of common stock					$ 7,300,000

SHARE-BASED COMPENSATION - Fair

SHARE-BASED COMPENSATION - Fair Value Assumptions (Details) - Stock options - $ / shares	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	1.10%	1.40%
Risk-free interest rate, maximum	2.10%	1.80%
Expected option term in years	5 years 6 months
Expected volatility, minimum	57.00%	55.70%
Expected volatility, maximum	64.50%	60.10%
Dividend yield	0.00%	0.00%
Weighted average grant date fair value (in dollars per share)	$ 4.46	$ 2.78
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option term in years		5 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option term in years		6 years 3 months

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Number of Options [Roll Forward]
Number of Options Outstanding, beginning of period (in shares) | shares	11,647,595
Number of Options, Granted (in shares) | shares	3,763,140
Number of Options, Exercised (in shares) | shares	(399,545)
Number of Options, Forfeited (in shares) | shares	(101,359)
Number of Options, Expired or canceled (in shares) | shares	(190,529)
Number of Options Outstanding, end of period (in shares) | shares	14,719,302
Number of Options, Vested and expected to vest at end of period (in shares) | shares	14,697,080
Number of Options, Exercisable at end of period (in shares) | shares	5,708,378
Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price, beginning of period (in dollars per share) | $ / shares	$ 4.80
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares	7.85
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares	4.33
Weighted Average Exercise Price, Forfeited (in dollars per share) | $ / shares	5.88
Weighted Average Exercise Price, Expired or Canceled (in dollars per share) | $ / shares	8.50
Weighted Average Exercise Price, end of period (in dollars per share) | $ / shares	5.54
Weighted Average Exercise Price, Vested and expected to vest at end of period (in dollars per share) | $ / shares	5.53
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share) | $ / shares	$ 4.76
Weighted Average Remaining Contractual Term, Outstanding at end of period (in years)	7 years 6 months 29 days
Weighted Average Remaining Contractual Term, Vested and expected to vest at end of period (in years)	7 years 6 months 29 days
Weighted Average Remaining Contractual Term, Exercisable at end of period (in years)	5 years 6 months 29 days
Aggregate Intrinsic Value, Number of Options Outstanding, end of period | $	$ 51,452
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $	51,399
Aggregate Intrinsic Value, Exercisable at end of period | $	$ 24,291

SHARE-BASED COMPENSATION - Su43

SHARE-BASED COMPENSATION - Summary of RSUs (Details) - RSUs	9 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of RSUs, beginning of period (in shares) | shares	832,100
Number of RSUs, Granted (in shares) | shares	411,394
Number of RSUs, Vested (in shares) | shares	(125,141)
Number of RSUs, Forfeited (in shares) | shares	(3,333)
Number of RSUs, end of period (in shares) | shares	1,115,020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, beginning of period (in dollars per share) | $ / shares	$ 4.55
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares	8.62
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	4.02
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	5.10
Weighted Average Grant Date Fair Value, end of period (in dollars per share) | $ / shares	$ 6.11

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 27, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in dollars per share)		$ 8.94		$ 8.94
Total intrinsic value of all options exercised				$ 1,700	$ 704
Total unrecognized compensation expense		$ 24,800		$ 24,800
Weighted-average period for recognition of unrecognized compensation expense (in years)				3 years 1 month 10 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in common stock reserved for issuance (in shares)	750,000
Total shares of common stock reserved for issuance (in shares)	6,000,000
Purchase price of common stock (as a percent)				85.00%
Original offering period (in months)				12 months
New offering period on termination of original offering period (in months)				6 months
Common shares available for issuance under ESPP (in shares)		1,100,000		1,100,000
Shares issued under ESPP (shares)				282,000		265,000
Employee and non-employee awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 2,900	$ 1,800	$ 6,900	5,400
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense		$ 5,100		$ 5,100
Weighted-average period for recognition of unrecognized compensation expense (in years)				3 years 1 month 20 days
Fair market value on grant date, vested				$ 503	497
Fair market value on grant date, granted				$ 3,500	$ 228
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				2 years
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years

RELATED PARTY TRANSACTION - Add

RELATED PARTY TRANSACTION - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended			9 Months Ended
	Apr. 30, 2016	Sep. 30, 2015	Oct. 31, 2014	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 02, 2016
Redmile | Investor
Related Party Transaction [Line Items]
Common stock ownership percentage by related party (more than)									10.00%
Mirati | Director
Related Party Transaction [Line Items]
Upfront payments received			$ 1,600
Deferred revenue, recognition period			12 months		3 years
Collaborative arrangement, extension term		6 months
Collaborative arrangement, option extension fee	$ 2,500	$ 750
Revenue from related parties				$ 1,100		$ 900	$ 3,300	$ 2,500

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net Income (Loss) Attributable to Parent, Diluted [Abstract]
Net loss - basic and diluted	$ (35,317)	$ (22,675)	$ (87,226)	$ (67,826)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average shares outstanding – basic (in shares)	169,020	143,338	160,689	142,792
Weighted average shares outstanding – diluted (in shares)	169,020	143,338	160,689	142,792
Per share data:
Basic (in dollars per share)	$ (0.21)	$ (0.16)	$ (0.54)	$ (0.47)
Diluted (in dollars per share)	$ (0.21)	$ (0.16)	$ (0.54)	$ (0.47)

NET LOSS PER SHARE - Anti-dilut

NET LOSS PER SHARE - Anti-dilutive Common Stock Equivalents (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation	34,596	40,921	34,596	40,921
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation	18,762	18,762	18,762	18,762
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation	0	12,000	0	12,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation	14,719	9,550	14,719	9,550
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation	1,115	609	1,115	609