MEI Pharma (MEIP) 10-K 2 Sep 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2015	Aug. 31, 2015	Dec. 31, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	MEIP
Entity Registrant Name	MEI Pharma, Inc.
Entity Central Index Key	1,262,104
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,155,997
Entity Public Float			$ 128,000,000

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 18,722	$ 13,777
Short-term investments	45,057	35,016
Total cash, cash equivalents and short-term investments	63,779	48,793
Prepaid expenses and other current assets	502	497
Total current assets	64,281	49,290
Intangible assets, net	401	435
Property and equipment, net	68	83
Total assets	64,750	49,808
Current liabilities:
Accounts payable	863	1,708
Accrued liabilities	4,096	2,908
Total current liabilities	$ 4,959	$ 4,616
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.01 par value; 100,000 shares authorized; none outstanding
Common stock, $0.00000002 par value; 113,000,000 shares authorized; 34,155,997 shares and 21,607,296 shares issued and outstanding at June 30, 2015 and 2014, respectively	$ 0	$ 0
Additional paid-in-capital	215,930	168,637
Accumulated deficit	(156,139)	(123,445)
Total stockholders' equity	59,791	45,192
Total liabilities and stockholders' equity	$ 64,750	$ 49,808

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00	$ 0.00
Common stock, shares authorized	113,000,000	113,000,000
Common stock, shares issued	34,155,997	21,607,296
Common stock, shares outstanding	34,155,997	21,607,296

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Operating expenses:
Research and development	$ (23,823)	$ (19,331)	$ (6,084)
General and administrative	(8,948)	(7,897)	(5,138)
Total operating expenses	(32,771)	(27,228)	(11,222)
Loss from operations	(32,771)	(27,228)	(11,222)
Other income (expense):
Interest and dividend income	78	81	37
Income tax expense	(1)	(1)	(1)
Net loss	$ (32,694)	$ (27,148)	$ (11,186)
Net loss per share, basic and diluted	$ (1.16)	$ (1.35)	$ (1.10)
Weighted average shares outstanding - basic and diluted	28,204,356	20,061,387	10,160,835

Statement of Stockholders' Equi

Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock	Common Shares	Additional paid in capital	Accumulated Deficit
Beginning Balance (in shares) at Jun. 30, 2012		1,000	3,416,491
Beginning Balance at Jun. 30, 2012	$ 4,599			$ 89,710	$ (85,111)
Net loss	(11,186)				(11,186)
Issuance of common stock (in shares)			11,196,665
Issuance of common stock	39,453			39,453
Exercise of warrants(in shares)			1,503,159
Conversion of Series A preferred stock		(1,000)	804,500
Issuance of common stock for purchase of intangible assets (in shares)			195,756
Issuance of common stock for purchase of intangible assets	500			500
Share-based compensation expense	1,506			1,506
Ending Balance (in shares) at Jun. 30, 2013			17,116,571
Ending Balance at Jun. 30, 2013	34,872			131,169	(96,297)
Net loss	(27,148)				(27,148)
Issuance of common stock (in shares)			4,375,000
Issuance of common stock	32,695			32,695
Exercise of warrants	26			26
Exercise of warrants(in shares)			115,725
Share-based compensation expense	4,747			4,747
Ending Balance (in shares) at Jun. 30, 2014			21,607,296
Ending Balance at Jun. 30, 2014	45,192			168,637	(123,445)
Net loss	(32,694)				(32,694)
Issuance of common stock (in shares)			11,500,000
Issuance of common stock	43,070			43,070
Exercise of warrants(in shares)			1,048,701
Share-based compensation expense	4,223			4,223
Ending Balance (in shares) at Jun. 30, 2015			34,155,997
Ending Balance at Jun. 30, 2015	$ 59,791			$ 215,930	$ (156,139)

Statements of Cash Flows

Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net loss	$ (32,694)	$ (27,148)	$ (11,186)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	4,223	4,747	1,506
Depreciation and amortization	64	50	45
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(5)	(41)	(310)
Accounts payable	(845)	1,171	(57)
Accrued liabilities	1,188	1,770	(42)
Net cash used in operating activities	(28,069)	(19,451)	(10,044)
Cash flows from investing activities:
Purchases of property and equipment	(15)	(50)	(38)
Purchases of short-term investments	(70,077)	(69,997)
Proceeds from maturity of short-term investments	60,036	34,981
Net cash used in investing activities	(10,056)	(35,066)	(38)
Cash flows from financing activities:
Net proceeds from issuance of common stock	43,070	32,721	39,453
Net cash provided by financing activities	43,070	32,721	39,453
Net increase (decrease) in cash and cash equivalents	4,945	(21,796)	29,371
Cash and cash equivalents at beginning of the period	13,777	35,573	6,202
Cash and cash equivalents at end of the period	18,722	13,777	35,573
Supplemental cash flow information:
Income taxes paid	$ (1)	$ (1)	$ (1)
Issuance of common stock for purchase of intangible assets			500

The Company and Summary of Sign

The Company and Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2015
The Company and Summary of Significant Accounting Policies	Note 1. The Company and Summary of Significant Accounting Policies The Company MEI Pharma, Inc., or “the Company”, is an oncology company focused on the clinical development of novel therapies for cancer. The Company’s common stock is listed on the Nasdaq Capital Market under the symbol “MEIP”. The Company was incorporated in December 2000 as a wholly-owned subsidiary of Novogen Limited (“Novogen”). In December 2012, Novogen distributed to its shareholders substantially all of its MEI Pharma common stock. The Company’s business purpose is the development of drugs for the treatment of cancer. The Company’s portfolio of clinical drug candidates includes Pracinostat, an orally available HDAC inhibitor currently in Phase II clinical trials for the treatment of advanced hematologic diseases such as AML and MDS. In August 2012, the Company completed the acquisition of certain assets and intellectual property, including those related to Pracinostat, from S*Bio Pte Ltd (“S*Bio”). The Company’s clinical development pipeline also includes ME-344, an isoflavone-based mitochondrial inhibitor that showed clinical evidence of activity in a Phase I dose-escalation study in refractory solid tumors. The Company’s third clinical drug candidate is PWT143, an oral inhibitor of PI3K delta. The Company initiated a first-in-human study of PWT143 in June 2015. The Company owns exclusive worldwide rights to all of our drug candidates, including Pracinostat, ME-344 and PWT143. The results of pre-clinical studies and completed clinical trials are not necessarily predictive of future results, and the Company’s current drug candidates may not have favorable results in later studies or trials. The commercial opportunity will be reduced or eliminated if competitors develop and market products that are more effective, have fewer side effects or are less expensive than the Company’s drug candidates. The Company will need substantial additional funds to progress the clinical trial program for the drug candidates Pracinostat, ME-344 and PWT143, and to develop new compounds. The actual amount of funds that will be needed are determined by a number of factors, some of which are beyond the Company’s control. Negative U.S. and global economic conditions may pose challenges to the Company’s business strategy, which relies on funding from the financial markets or collaborators. Reverse Stock Split and Presentation On December 18, 2012, the Company effected a 1-for-6 reverse stock split (the “2012 Reverse Stock Split”) of the Company’s common stock. As a result of the 2012 Reverse Stock Split, every six shares of the Company’s issued and outstanding common stock were combined into one share of common stock. The 2012 Reverse Stock Split did not change the number of authorized shares of the Company’s common stock, nor the common stock par value. All financial data and share information is presented on an as-adjusted basis to give effect to the 2012 Reverse Stock Split. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The Company uses estimates for certain accruals including drug development costs, clinical and pre-clinical study fees and expenses, and share-based compensation, among others. Actual results could materially differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less when purchased. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. Short-Term Investments Investments that have maturities of greater than three months but less than one year are classified as short-term investments. Short-term investments are considered to be ‘held to maturity’ and are recorded at their amortized cost. As of June 30, 2015 and 2014, the Company’s short-term investments consisted of $45.1 million and $35.0 million, respectively, in U.S. government securities. The short-term investments held as of June 30, 2015 and 2014 had maturity dates of less than one year. Due to the short-term maturities of these instruments, the amortized cost approximates the related fair values. As of June 30, 2015 and 2014, the gross holding gains and losses were immaterial. Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash equivalents, short-term investments and accounts payable approximate the related fair values due to the short-term maturities of these instruments. The Company invests its excess cash in financial instruments which are readily convertible into cash, such as money market funds and U.S. government securities. The fair value of financial assets and liabilities is measured under a three-tier fair value hierarchy as follows: Level 1 fair value is determined from observable, quoted prices in active markets for identical assets or liabilities. Level 2 fair value is determined from quoted prices for similar items in active markets or quoted prices for identical or similar items in markets that are not active. Level 3 fair value is determined using the entity’s own assumptions about the inputs that market participants would use in pricing an asset or liability. Cash equivalents, where applicable, and short-term investments are classified as Level 1 as defined by the fair value hierarchy. Intangible Assets Intangible assets consist of patents acquired from S*Bio in August 2012, relating to a family of heterocyclic compounds that inhibit HDACs. Capitalized amounts are amortized on a straight-line basis over the expected life of the intellectual property of 14 years from the date of acquisition. The carrying values of intangible assets are periodically reviewed to determine if the facts and circumstances suggest that a potential impairment may have occurred. Results of operations for the years ended June 30, 2015, 2014 and 2013 do not reflect any write-downs associated with the potential impairment of intangible assets. Property and Equipment Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets (generally three to seven years) using the straight-line method. Leasehold improvements are stated at cost and are amortized over the shorter of the estimated useful lives of the assets or the lease term. Research and Development Costs Research and development costs are expensed as incurred and include costs paid to third-party contractors to perform research, conduct clinical trials and develop and manufacture drug materials. Clinical trial costs, including costs associated with third-party contractors, are a significant component of research and development expenses. The Company accrues research and development costs based on work performed. In determining the amount to accrue, management relies on estimates of total costs based on contract components completed, the enrollment of subjects, the completion of trials, and other events. Costs incurred related to the purchase of in-process research and development for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred. License Fees Costs incurred related to the licensing of products that have not yet received regulatory approval to be marketed, or that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred. Share-based Compensation Share-based compensation expense for employees and directors is recognized in the statement of operations based on estimated amounts, including the grant date fair value and the expected service period. For stock options, the Company estimates the grant date fair value using a binomial valuation model, which requires the use of multiple subjective inputs including estimated future volatility, expected forfeitures and the expected term of the awards. The Company estimates the expected future volatility based on the stock’s historical price volatility. The stock’s future volatility may differ from our estimated volatility at the grant date. For RSU equity awards, the Company estimates the grant date fair value using the Company’s closing stock price on the date of grant. Share-based compensation recorded in the statement of operations is based on the awards expected to ultimately vest and has been reduced for estimated forfeitures. The estimated forfeiture rates may differ from actual forfeiture rates which would affect the amount of expense recognized during the period. The Company recognizes the value of the awards over the awards’ requisite service or performance periods. The requisite service period is generally the time over which the share-based awards vest. Interest and Dividend Income Interest on cash balances is recognized when earned. Dividend income is recognized when the right to receive the payment is established. Income Taxes The Company’s income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2015 and 2014, the Company has established a valuation allowance to fully reserve its net deferred tax assets. Tax rate changes are reflected in income during the period such changes are enacted. Changes in ownership of the Company may limit the amount of net operating loss carry-forwards that can be utilized in the future to offset taxable income. The FASB Topic on Income Taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of June 30, 2015 and 2014. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to current period financial statement presentation. These changes did not impact previously reported net loss, loss per share, stockholders’ equity, total assets or cash flows. Net Loss Per Share Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of common stock subject to repurchase or forfeiture for the years ended June 30, 2015, 2014 and 2013. Net loss per share was determined as follows (in thousands, except share and per share amounts): Years ended June 30, 2015 2014 2013 Numerator Net loss $ (32,694 ) $ (27,148 ) $ (11,186 ) Denominator Weighted average common shares outstanding 28,204,356 20,061,387 10,160,835 Basic and diluted net loss per share $ (1.16 ) $ (1.35 ) $ (1.10 ) Because the Company is in a net loss position, it has excluded stock options, warrants, unvested restricted stock units and convertible preferred stock from its calculation of diluted net loss per share, and the Company’s diluted net loss per share is the same as the Company’s basic net loss per share. For the years ended June 30, 2015, 2014 and 2013, the Company did not have any items that would be classified as other comprehensive income or losses. The table below presents the potentially dilutive securities that were excluded in the Company’s calculation of diluted net loss per share allocable to common stockholders as they were antidilutive as of June 30, 2015, 2014 and 2013. Years ended June 30, 2015 2014 2013 Anti-dilutive securities not included in diluted loss per share: Stock options 1,614,317 1,194,854 635,094 Warrants 3,761,407 4,900,999 5,062,000 Restricted stock units 266,667 400,000 400,000 Total anti-dilutive securities not included in diluted net loss per share 5,642,391 6,495,853 6,097,094

Intangible Assets

Intangible Assets	12 Months Ended
	Jun. 30, 2015
Intangible Assets	Note 2. Intangible Assets Intangible assets consisted of the following, in thousands: June 30, 2015 2014 S*Bio Patents - Gross $ 500 $ 500 S*Bio Patents - Accumulated amortization (99 ) (65 ) Intangible assets, net $ 401 $ 435 Amortization expense of intangible assets for the years ended June 30, 2015, 2014 and 2013 was $34,000, $35,000 and $30,000, respectively. We expect to record amortization of $35,000 per year through 2026 for our S*Bio patents.

Property and Equipment

Property and Equipment	12 Months Ended
	Jun. 30, 2015
Property and Equipment	Note 3. Property and Equipment Property and equipment consisted of the following, in thousands: June 30, 2015 2014 Furniture and equipment $ 123 $ 107 Leasehold improvements 31 32 154 139 Less: accumulated depreciation (86 ) (56 ) Property and equipment, net $ 68 $ 83 Depreciation expense of property and equipment for the years ended June 30, 2015, 2014 and 2013 was $30,000, $15,000 and $15,000, respectively.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Jun. 30, 2015
Accrued Liabilities	Note 4. Accrued Liabilities Accrued liabilities consisted of the following, in thousands: June 30, 2015 2014 Accrued pre-clinical and clinical trial expenses $ 2,881 $ 1,899 Accrued compensation and benefits 995 800 Accrued legal and professional services expenses 141 102 Other 79 107 Total accrued liabilties $ 4,096 $ 2,908

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2015
Related Party Transactions	Note 5. Related Party Transactions Waiver Agreement In December 2012, the Company entered into an agreement (the “Waiver Agreement”) with Novogen and Novogen Research Pty Limited, a wholly-owned subsidiary of Novogen (together, the “Novogen Parties”), Graham Kelly, an individual, and Andrew Heaton, an individual, pursuant to which the Company granted a limited waiver with respect to certain non-compete provisions contained in the Asset Purchase Agreement dated as of December 20, 2010, between the Company and the Novogen Parties. In consideration of the Company’s grant of the limited waiver, upon the execution of the Waiver Agreement, Novogen surrendered to the Company for cancellation warrants held by Novogen for the purchase of 166,666 shares of Common Stock.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2015
Stockholders' Equity	Note 6. Stockholders’ Equity Equity Transactions Shelf Registration Statement In April 2014, the Company filed a shelf registration statement on Form S-3 with the SEC (“shelf registration statement”). The shelf registration statement was declared effective by the SEC in April 2014. The shelf registration statement permits the Company to sell, from time to time, up to $150 million of common stock, preferred stock and warrants. Pursuant to SEC regulations, if the market value of the Company’s public float is below $75 million, the Company cannot sell securities from the shelf registration statement which represent more than one-third of the market value of the Company’s non-affiliated public float during any 12-month period. Underwritten Registered Offerings In December 2014, the Company completed an underwritten registered offering of 11,500,000 shares of its common stock at a price per share of $4.00 pursuant to the April 2014 shelf registration statement. The Company received net proceeds of $43.1 million associated with the offering, after costs of $2.9 million. In October 2013, the Company completed an underwritten registered offering of 4,375,000 shares of its common stock at a price per share of $8.00 pursuant to a shelf registration statement. The Company received net proceeds of $32.7 million associated with the offering, after costs of $2.3 million. In April 2013, the Company completed an underwritten registered offering of 2,030,000 shares of its common stock at a price per share of $7.50 pursuant to a shelf registration statement. The Company received net proceeds of $14.2 million associated with the offering, after costs of $1.0 million. December 2012 Private Placement In December 2012, the Company completed the sale (the “December 2012 private placement”) of 9,166,665 shares of common stock and warrants to purchase an additional 6,416,665 shares of common stock for an aggregate offering price of $27.5 million, pursuant to the terms of the Securities Purchase Agreement, dated November 4, 2012, between the Company and certain accredited investors identified therein. The Company received net proceeds of $25.3 million associated with the Private Placement. In the period from December 2012 through June 2015, the investors exercised, on a cashless basis, warrants representing the right to purchase 3,186,463 shares of common stock. For the years ended June 30, 2015, 2014 and 2013, the Company issued 1,048,701, 112,059, and 1,383,959 shares of common stock, respectively, in conjunction with the exercise of the warrants. Rights Offering In May 2012, the Company completed a rights offering (“Rights Offering”). In conjunction with the Rights Offering , the Company issued 971,700 shares of common stock and warrants to purchase an additional 485,857 shares of common stock. The warrants are exercisable for a five-year period beginning on May 11, 2012. The Company received net proceeds of $4.8 million associated with the Rights Offering. In December 2012, upon the execution of a waiver agreement, Novogen surrendered to the Company for cancellation warrants acquired by Novogen in the Rights Offering for the purchase of 166,666 shares of common stock. No warrants associated with the Rights Offering were exercised during the year ended June 30, 2015. For the years ended June 30, 2014 and 2013, holders exercised warrants acquired in the Rights Offering representing the right to purchase 3,666 and 41 shares of common stock, respectively. S*Bio Asset Purchase In August 2012, the Company acquired from S*Bio certain assets comprised of intellectual property and technology including rights to Pracinostat, in exchange for 195,756 shares of common stock valued at $0.5 million (see Note 8). Series A Warrants The Company issued 410,102 Series A warrants in May 2011 and September 2011 in conjunction with its May 2011 private placement financing. The Series A warrants became exercisable in November 2011 and will expire in November 2016. The exercise price of the Series A warrants is $6.00 per share. In December 2012, the investors exercised, on a cashless basis, Series A warrants representing the right to purchase an aggregate of 194,381 shares of common stock. The Company issued 119,159 shares of common stock in conjunction with the exercise of the Series A warrants. Description of Capital Stock The Company’s total authorized share capital is 113,100,000 shares consisting of 113,000,000 shares of common stock, $0.00000002 par value per share, and 100,000 shares of preferred stock, $0.01 par value per share. Common Stock The holders of common stock are entitled to one vote per share. In the event of a liquidation, dissolution or winding up of the Company’s affairs, holders of the common stock will be entitled to share rateably in all the Company’s assets that are remaining after payment of the Company’s liabilities and the liquidation preference of any outstanding shares of preferred stock. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of holders of common stock are subject to any series of preferred stock that the Company has issued or that the Company may issue in the future. The holders of common stock have no pre-emptive rights and are not subject to future calls or assessments by the Company. Preferred Stock The Company’s Board of Directors has the authority to issue up to 100,000 shares of preferred stock with par value of $.01 per share in one or more series and to fix the rights, preferences, privileges and restrictions in respect of that preferred stock, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption (including sinking fund provisions), redemption prices and liquidation preferences, and the number of shares constituting such series and the designation of any such series, without future vote or action by the stockholders. Therefore, the board without the approval of the stockholders could authorize the issue of preferred stock with voting, conversion and other rights that could affect the voting power, dividend and other rights of the holders of shares or that could have the effect of delaying, deferring or preventing a change of control. There were no shares of preferred stock outstanding as of June 30, 2015 or 2014. Warrants As of June 30, 2015, there were outstanding warrants to purchase 315,484 shares of the Company’s common stock at an exercise price of $7.14 per share, which expire in May 2017, issued in conjunction with the Rights Offering; outstanding Series A warrants and warrants issued to the Company’s placement agent for the May 2011 private placement to purchase up to 215,721 shares of common stock at an exercise price of $6.00 per share, which expire in November 2016, and warrants to purchase 3,230,202 shares of the Company’s common stock at an exercise price of $3.12 per share, which expire in December 2017, issued in conjunction with the December 2012 private placement.

Share-based Compensation

Share-based Compensation	12 Months Ended
	Jun. 30, 2015
Share-based Compensation	Note 7. Share-based Compensation The Company uses equity-based compensation programs to provide long-term performance incentives for its employees. These incentives consist primarily of stock options and RSUs. In December 2008, the Company adopted the MEI Pharma, Inc. 2008 Stock Omnibus Equity Compensation Plan (“2008 Plan”), as amended and restated in 2011 and 2013, under which 3,936,000 shares of common stock are authorized for issuance. The 2008 Plan provides for the grant of options and/or other stock-based or stock-denominated awards to the Company’s non-employee directors, officers, employees and advisors. As of June 30, 2015, there were 1,951,286 shares available for future grant under the 2008 Plan. Total share-based compensation expense for all stock awards consists of the following, in thousands: Years Ended June 30, 2015 2014 2013 Research and development $ 1,030 $ 1,549 $ 213 General and administrative 3,193 3,198 1,293 Total share-based compensation $ 4,223 $ 4,747 $ 1,506 Stock Options Stock options granted to employees generally vest 25% one year from the date of grant and ratably each month thereafter for a period of 36 months and expire either five years or ten years from the date of grant. Stock options granted to directors vest ratably each month for periods ranging from seven to 36 months from the date of grant and expire either five years or ten years from the date of grant. As of June 30, 2015, there were a total of 1,614,317 options outstanding, including options representing the right to purchase a total of 29,603 shares of common stock which were granted to one of the Company’s officers outside of the 2008 Plan. A summary of the Company’s stock option activity and related data follows: Number of Weighted-Average Weighted-Average Aggregate Outstanding at June 30, 2014 1,194,854 $ 8.11 Granted 807,697 6.12 Forfeited / Cancelled (339,261 ) 6.89 Expired (48,973 ) 17.83 Outstanding at June 30, 2015 1,614,317 $ 7.07 3.7 $ — Vested and exercisable at June 30, 2015 625,632 $ 7.50 2.7 $ — No stock option exercises occurred during the years ended June 30, 2015, 2014 or 2013. As of June 30, 2015, the aggregate intrinsic value of outstanding options is calculated as the difference between the exercise price of the underlying options and the closing price of the Company’s common stock of $1.71 on that date. The total fair value of options that vested during the years ended June 30, 2015, 2014 and 2013 was $2.6 million, $1.2 million and $0.9 million, respectively. A summary of the Company’s nonvested stock option activity: Number of Weighted-Average Fair Value Nonvested at June 30, 2014 868,397 $ 6.85 Granted 807,697 4.81 Forfeited (290,100 ) 5.58 Vested (397,309 ) 6.62 Nonvested at June 30, 2015 988,685 $ 5.65 Unrecognized compensation expense related to non-vested stock options totalled $2.3 million as of June 30, 2015. Such compensation expense is expected to be recognized over a weighted-average period of 1.6 years. As of June 30, 2015, the Company expects all outstanding options to vest. The Company uses a binomial valuation model to estimate the grant date fair value of stock options. To calculate these fair values, the following weighted-average assumptions were used: Years ended June 30, 2015 2014 2013 Risk-free interest rate 1.6 % 1.5 % 0.7 % Expected life (years) 5.0 5.0 5.0 Expected volatility 115.9 % 145.9 % 159.3 % Dividend yield 0.0 % 0.0 % 0.0 % Weighted-average grant date fair value $ 4.81 $ 6.85 $ 6.57 Restricted Stock Units In March 2013, the Compensation Committee of the Board of Directors granted 400,000 RSUs to the Company’s Chief Executive Officer, Dr. Daniel P. Gold. Each RSU represents the contingent right to receive one share of the Company’s common stock. One-third of the RSUs vested on August 30, 2014, the remaining two-thirds will vest on each of August 30, 2015 and August 30, 2016. The shares underlying the RSUs will be delivered to Dr. Gold on the earliest to occur of (i) March 29, 2018, (ii) Dr. Gold’s death, disability or separation from service from the Company for any reason, or (iii) a change in control involving the Company. The fair value of the RSUs on the date of grant was $3.5 million. The grant date fair value per unit was $8.63. As of June 30, 2015, unrecognized compensation expense related to the unvested portion of the Company’s RSUs was approximately $0.5 million and is expected to be recognized over approximately 1.0 years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2015
Commitments and Contingencies	Note 8. Commitments and Contingencies The Company has contracted with various consultants and third parties to assist it in pre-clinical research and development and clinical trials work for its leading drug compounds. The contracts are terminable at any time, but obligate the Company to reimburse the providers for any time or costs incurred through the date of termination. The Company also has employment agreements with certain of its current employees that provide for severance payments and accelerated vesting for share-based awards if their employment is terminated under specified circumstances. The Company currently leases approximately 8,800 square feet of office space for the Company’s executive and administrative offices. The monthly rental rate is approximately $27,000 during the remaining term of the lease, plus a pro-rata share of certain building expenses. The lease expires in June 2016. Future minimum payments under the lease are $322,000 as of June 30, 2015. Asset Purchase Agreement In August 2012, the Company entered into a definitive asset purchase agreement with S*Bio, pursuant to which the Company agreed to acquire certain assets comprised of intellectual property and technology including rights to Pracinostat, in exchange for $500,000 of common stock. On August 22, 2012, the Company completed the asset purchase and issued 195,756 shares of common stock to S*Bio. The Company has also agreed to make certain milestone payments to S*Bio based on the achievement of certain clinical, regulatory and net sales-based milestones, as well as to make certain contingent earnout payments to S*Bio. Milestone payments will be made to S*Bio up to an aggregate amount of $75.2 million if certain U.S., E.U. and Japanese regulatory approvals are obtained and if certain net sales thresholds are met in North America, the E.U. and Japan. The first milestone payment of $200,000 plus shares of the Company’s common stock having a value of $500,000 will be due upon the first dosing of a patient in a Phase III clinical trial or other pivotal trial, for any indication. Subsequent milestone payments will be due upon certain regulatory approvals and sales-based events. As of June 30, 2015, the Company has accrued $100,000 for potential future payments. License Agreement In September 2012, the Company entered into a license agreement with CyDex Pharmaceuticals, Inc. (“CyDex”). Under the license agreement, CyDex granted to the Company an exclusive, nontransferable license to intellectual property rights relating to Captisol ®

Segment Information

Segment Information	12 Months Ended
	Jun. 30, 2015
Segment Information	Note 9. Segment Information The Company has one operating segment, the development of pharmaceutical compounds. All of the Company’s assets and liabilities were located in the United States of America as of June 30, 2015, 2014 and 2013.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2015
Income Taxes	Note 10. Income Taxes Pre-tax loss consists of the following jurisdictions (in thousands): Years ended June 30, 2015 2014 2013 Domestic $ (32,694 ) $ (27,148 ) $ (11,186 ) Foreign — — — Pre-tax loss $ (32,694 ) $ (27,148 ) $ (11,186 ) The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): Years Ended June 30, 2015 2014 2013 $ % $ % $ % Tax benefit at U.S. statutory rates $ 11,116 34 % $ 9,230 34 % $ 3,803 34 % State tax 1,906 6 % 1,583 6 % 652 6 % Increase in valuation allowance (13,023 ) -40 % (10,814 ) -40 % (4,456 ) -40 % $ (1 ) 0 % $ (1 ) 0 % $ (1 ) 0 % Deferred tax liabilities and assets are comprised of the following (in thousands): June 30, 2015 2014 Deferred tax liabilities: Change in accounting method adjustments $ — $ (804 ) Total deferred tax liabilities — (804 ) Deferred tax assets: Tax carried forward losses 4,348 2,947 Share-based payments 4,164 2,948 Consultant and other accruals 35 39 Fixed and intangible assets 28,899 19,858 Compensation accruals 409 319 Capital loss carryforward 26,382 26,382 Total deferred tax assets 64,237 52,493 Valuation allowance for deferred tax assets (64,237 ) (51,689 ) Net deferred tax assets and liabilities $ — $ — Management evaluates the recoverability of the deferred tax assets and the amount of the required valuation allowance. Due to the uncertainty surrounding the realization of the tax deductions in future tax returns, the Company has recorded a valuation allowance against its net deferred tax assets as of June 30, 2015 and 2014. At such time as it is determined that it is more likely than not that the deferred tax assets will be realized, the valuation allowance would be reduced. The Company had federal and state net operating loss carryforwards of approximately $11.3 million and $8.9 million as of June 30, 2015. The federal and state net operating losses will begin to expire in 2022 and 2029, respectively. The Company also had federal and state capital loss carryforwards of approximately $66.2 million that will expire in 2017. The Company’s ability to utilize its net operating loss carryforwards may be substantially limited due to ownership changes that have occurred or that could occur in the future under Section 382 of the Internal Revenue Code and similar state laws. The Company has not completed a study to determine whether one or more ownership changes have occurred. None of the Company’s prior income tax returns have been selected for examination by a major taxing jurisdiction; however, the statutes of limitations for various filings remain open. The oldest filings subject to potential examination for federal, state, and foreign purposes are 2011, 2010, and 2010, respectively. If the Company utilizes a net operating loss related to a closed year, the statute for that year would re-open. The Company has not reduced any tax benefit on its financial statements due to uncertain tax positions as of June 30, 2015 and it is not aware of any circumstance that would significantly change this result through the end of fiscal year 2016. To the extent the Company incurs income-tax related penalties or interest, the Company recognizes them as additional income tax expense.

Selected Quarterly Financial In

Selected Quarterly Financial Information (Unaudited)	12 Months Ended
	Jun. 30, 2015
Selected Quarterly Financial Information (Unaudited)	Note 11. Selected Quarterly Financial Information (Unaudited) The following table presents the Company’s unaudited quarterly results of operations for the years ended June 30, 2015 and 2014 (in thousands, except per share amounts). Quarters Ended June 30, 2015 March 31, 2015 December 31, 2014 September 30, 2014 Net loss $ (5,662 ) $ (8,930 ) $ (9,109 ) $ (8,993 ) Basic and diluted loss per share $ (0.17 ) $ (0.27 ) $ (0.39 ) $ (0.42 ) Quarters Ended June 30, 2014 March 31, 2014 December 31, 2013 September 30, 2013 Net loss $ (8,541 ) $ (7,387 ) $ (6,324 ) $ (4,896 ) Basic and diluted loss per share $ (0.40 ) $ (0.34 ) $ (0.32 ) $ (0.29 )

The Company and Summary of Si18

The Company and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2015
Reverse Stock Split and Presentation	Reverse Stock Split and Presentation On December 18, 2012, the Company effected a 1-for-6 reverse stock split (the “2012 Reverse Stock Split”) of the Company’s common stock. As a result of the 2012 Reverse Stock Split, every six shares of the Company’s issued and outstanding common stock were combined into one share of common stock. The 2012 Reverse Stock Split did not change the number of authorized shares of the Company’s common stock, nor the common stock par value. All financial data and share information is presented on an as-adjusted basis to give effect to the 2012 Reverse Stock Split.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The Company uses estimates for certain accruals including drug development costs, clinical and pre-clinical study fees and expenses, and share-based compensation, among others. Actual results could materially differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less when purchased. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances.
Short-Term Investments	Short-Term Investments Investments that have maturities of greater than three months but less than one year are classified as short-term investments. Short-term investments are considered to be ‘held to maturity’ and are recorded at their amortized cost. As of June 30, 2015 and 2014, the Company’s short-term investments consisted of $45.1 million and $35.0 million, respectively, in U.S. government securities. The short-term investments held as of June 30, 2015 and 2014 had maturity dates of less than one year. Due to the short-term maturities of these instruments, the amortized cost approximates the related fair values. As of June 30, 2015 and 2014, the gross holding gains and losses were immaterial.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash equivalents, short-term investments and accounts payable approximate the related fair values due to the short-term maturities of these instruments. The Company invests its excess cash in financial instruments which are readily convertible into cash, such as money market funds and U.S. government securities. The fair value of financial assets and liabilities is measured under a three-tier fair value hierarchy as follows: Level 1 fair value is determined from observable, quoted prices in active markets for identical assets or liabilities. Level 2 fair value is determined from quoted prices for similar items in active markets or quoted prices for identical or similar items in markets that are not active. Level 3 fair value is determined using the entity’s own assumptions about the inputs that market participants would use in pricing an asset or liability. Cash equivalents, where applicable, and short-term investments are classified as Level 1 as defined by the fair value hierarchy.
Intangible Assets	Intangible Assets Intangible assets consist of patents acquired from S*Bio in August 2012, relating to a family of heterocyclic compounds that inhibit HDACs. Capitalized amounts are amortized on a straight-line basis over the expected life of the intellectual property of 14 years from the date of acquisition. The carrying values of intangible assets are periodically reviewed to determine if the facts and circumstances suggest that a potential impairment may have occurred. Results of operations for the years ended June 30, 2015, 2014 and 2013 do not reflect any write-downs associated with the potential impairment of intangible assets.
Property and Equipment	Property and Equipment Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets (generally three to seven years) using the straight-line method. Leasehold improvements are stated at cost and are amortized over the shorter of the estimated useful lives of the assets or the lease term.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred and include costs paid to third-party contractors to perform research, conduct clinical trials and develop and manufacture drug materials. Clinical trial costs, including costs associated with third-party contractors, are a significant component of research and development expenses. The Company accrues research and development costs based on work performed. In determining the amount to accrue, management relies on estimates of total costs based on contract components completed, the enrollment of subjects, the completion of trials, and other events. Costs incurred related to the purchase of in-process research and development for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.
License Fees	License Fees Costs incurred related to the licensing of products that have not yet received regulatory approval to be marketed, or that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.
Share-based Compensation	Share-based Compensation Share-based compensation expense for employees and directors is recognized in the statement of operations based on estimated amounts, including the grant date fair value and the expected service period. For stock options, the Company estimates the grant date fair value using a binomial valuation model, which requires the use of multiple subjective inputs including estimated future volatility, expected forfeitures and the expected term of the awards. The Company estimates the expected future volatility based on the stock’s historical price volatility. The stock’s future volatility may differ from our estimated volatility at the grant date. For RSU equity awards, the Company estimates the grant date fair value using the Company’s closing stock price on the date of grant. Share-based compensation recorded in the statement of operations is based on the awards expected to ultimately vest and has been reduced for estimated forfeitures. The estimated forfeiture rates may differ from actual forfeiture rates which would affect the amount of expense recognized during the period. The Company recognizes the value of the awards over the awards’ requisite service or performance periods. The requisite service period is generally the time over which the share-based awards vest.
Interest and Dividend Income	Interest and Dividend Income Interest on cash balances is recognized when earned. Dividend income is recognized when the right to receive the payment is established.
Income Taxes	Income Taxes The Company’s income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2015 and 2014, the Company has established a valuation allowance to fully reserve its net deferred tax assets. Tax rate changes are reflected in income during the period such changes are enacted. Changes in ownership of the Company may limit the amount of net operating loss carry-forwards that can be utilized in the future to offset taxable income. The FASB Topic on Income Taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of June 30, 2015 and 2014.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year financial statements to conform to current period financial statement presentation. These changes did not impact previously reported net loss, loss per share, stockholders’ equity, total assets or cash flows.
Net Loss Per Share	Net Loss Per Share Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of common stock subject to repurchase or forfeiture for the years ended June 30, 2015, 2014 and 2013. Net loss per share was determined as follows (in thousands, except share and per share amounts): Years ended June 30, 2015 2014 2013 Numerator Net loss $ (32,694 ) $ (27,148 ) $ (11,186 ) Denominator Weighted average common shares outstanding 28,204,356 20,061,387 10,160,835 Basic and diluted net loss per share $ (1.16 ) $ (1.35 ) $ (1.10 ) Because the Company is in a net loss position, it has excluded stock options, warrants, unvested restricted stock units and convertible preferred stock from its calculation of diluted net loss per share, and the Company’s diluted net loss per share is the same as the Company’s basic net loss per share. For the years ended June 30, 2015, 2014 and 2013, the Company did not have any items that would be classified as other comprehensive income or losses. The table below presents the potentially dilutive securities that were excluded in the Company’s calculation of diluted net loss per share allocable to common stockholders as they were antidilutive as of June 30, 2015, 2014 and 2013. Years ended June 30, 2015 2014 2013 Anti-dilutive securities not included in diluted loss per share: Stock options 1,614,317 1,194,854 635,094 Warrants 3,761,407 4,900,999 5,062,000 Restricted stock units 266,667 400,000 400,000 Total anti-dilutive securities not included in diluted net loss per share 5,642,391 6,495,853 6,097,094

The Company and Summary of Si19

The Company and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2015
Net Loss Per Share	Net loss per share was determined as follows (in thousands, except share and per share amounts): Years ended June 30, 2015 2014 2013 Numerator Net loss $ (32,694 ) $ (27,148 ) $ (11,186 ) Denominator Weighted average common shares outstanding 28,204,356 20,061,387 10,160,835 Basic and diluted net loss per share $ (1.16 ) $ (1.35 ) $ (1.10 )
Antidilutive Securities	The table below presents the potentially dilutive securities that were excluded in the Company’s calculation of diluted net loss per share allocable to common stockholders as they were antidilutive as of June 30, 2015, 2014 and 2013. Years ended June 30, 2015 2014 2013 Anti-dilutive securities not included in diluted loss per share: Stock options 1,614,317 1,194,854 635,094 Warrants 3,761,407 4,900,999 5,062,000 Restricted stock units 266,667 400,000 400,000 Total anti-dilutive securities not included in diluted net loss per share 5,642,391 6,495,853 6,097,094

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Jun. 30, 2015
Schedule of Intangible Assets	Intangible assets consisted of the following, in thousands: June 30, 2015 2014 S*Bio Patents - Gross $ 500 $ 500 S*Bio Patents - Accumulated amortization (99 ) (65 ) Intangible assets, net $ 401 $ 435

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Jun. 30, 2015
Schedule of Property and Equipment	Property and equipment consisted of the following, in thousands: June 30, 2015 2014 Furniture and equipment $ 123 $ 107 Leasehold improvements 31 32 154 139 Less: accumulated depreciation (86 ) (56 ) Property and equipment, net $ 68 $ 83

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Jun. 30, 2015
Accrued Liabilities	Accrued liabilities consisted of the following, in thousands: June 30, 2015 2014 Accrued pre-clinical and clinical trial expenses $ 2,881 $ 1,899 Accrued compensation and benefits 995 800 Accrued legal and professional services expenses 141 102 Other 79 107 Total accrued liabilties $ 4,096 $ 2,908

Share-based Compensation (Table

Share-based Compensation (Tables)	12 Months Ended
	Jun. 30, 2015
Share-Based Compensation Expense for Stock Awards	Total share-based compensation expense for all stock awards consists of the following, in thousands: Years Ended June 30, 2015 2014 2013 Research and development $ 1,030 $ 1,549 $ 213 General and administrative 3,193 3,198 1,293 Total share-based compensation $ 4,223 $ 4,747 $ 1,506
Summary of Stock Option Activity and Related Data	A summary of the Company’s stock option activity and related data follows: Number of Weighted-Average Weighted-Average Aggregate Outstanding at June 30, 2014 1,194,854 $ 8.11 Granted 807,697 6.12 Forfeited / Cancelled (339,261 ) 6.89 Expired (48,973 ) 17.83 Outstanding at June 30, 2015 1,614,317 $ 7.07 3.7 $ — Vested and exercisable at June 30, 2015 625,632 $ 7.50 2.7 $ —
Nonvested Stock Option Activity	A summary of the Company’s nonvested stock option activity: Number of Weighted-Average Fair Value Nonvested at June 30, 2014 868,397 $ 6.85 Granted 807,697 4.81 Forfeited (290,100 ) 5.58 Vested (397,309 ) 6.62 Nonvested at June 30, 2015 988,685 $ 5.65
Fair Value of Stock Options Weighted-Average Assumptions Used	The Company uses a binomial valuation model to estimate the grant date fair value of stock options. To calculate these fair values, the following weighted-average assumptions were used: Years ended June 30, 2015 2014 2013 Risk-free interest rate 1.6 % 1.5 % 0.7 % Expected life (years) 5.0 5.0 5.0 Expected volatility 115.9 % 145.9 % 159.3 % Dividend yield 0.0 % 0.0 % 0.0 % Weighted-average grant date fair value $ 4.81 $ 6.85 $ 6.57

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2015
Pre-Tax Loss Information	Pre-tax loss consists of the following jurisdictions (in thousands): Years ended June 30, 2015 2014 2013 Domestic $ (32,694 ) $ (27,148 ) $ (11,186 ) Foreign — — — Pre-tax loss $ (32,694 ) $ (27,148 ) $ (11,186 )
Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Tax Expense	The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): Years Ended June 30, 2015 2014 2013 $ % $ % $ % Tax benefit at U.S. statutory rates $ 11,116 34 % $ 9,230 34 % $ 3,803 34 % State tax 1,906 6 % 1,583 6 % 652 6 % Increase in valuation allowance (13,023 ) -40 % (10,814 ) -40 % (4,456 ) -40 % $ (1 ) 0 % $ (1 ) 0 % $ (1 ) 0 %
Deferred Tax Liabilities and Assets	Deferred tax liabilities and assets are comprised of the following (in thousands): June 30, 2015 2014 Deferred tax liabilities: Change in accounting method adjustments $ — $ (804 ) Total deferred tax liabilities — (804 ) Deferred tax assets: Tax carried forward losses 4,348 2,947 Share-based payments 4,164 2,948 Consultant and other accruals 35 39 Fixed and intangible assets 28,899 19,858 Compensation accruals 409 319 Capital loss carryforward 26,382 26,382 Total deferred tax assets 64,237 52,493 Valuation allowance for deferred tax assets (64,237 ) (51,689 ) Net deferred tax assets and liabilities $ — $ —

Selected Quarterly Financial 25

Selected Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Jun. 30, 2015
Unaudited Quarterly Results of Operations	The following table presents the Company’s unaudited quarterly results of operations for the years ended June 30, 2015 and 2014 (in thousands, except per share amounts). Quarters Ended June 30, 2015 March 31, 2015 December 31, 2014 September 30, 2014 Net loss $ (5,662 ) $ (8,930 ) $ (9,109 ) $ (8,993 ) Basic and diluted loss per share $ (0.17 ) $ (0.27 ) $ (0.39 ) $ (0.42 ) Quarters Ended June 30, 2014 March 31, 2014 December 31, 2013 September 30, 2013 Net loss $ (8,541 ) $ (7,387 ) $ (6,324 ) $ (4,896 ) Basic and diluted loss per share $ (0.40 ) $ (0.34 ) $ (0.32 ) $ (0.29 )

Company and Summary of Signific

Company and Summary of Significant Accounting Policies - Additional Information (Detail)	Dec. 18, 2012	Dec. 31, 2000	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares	Jun. 30, 2013USD ($)shares
Targeted or Tracking Stock, Stock [Line Items]
Incorporation date, year and month		2000-12
Reverse stock split ratio	0.1667
Reverse stock split description			On December 18, 2012, the Company effected a 1-for-6 reverse stock split (the "2012 Reverse Stock Split") of the Company's common stock.
Highly liquid investments, maturity period maximum			3 months
Short-term investments			$ 45,057,000	$ 35,016,000
Estimated life of the intellectual property			14 years
Impairment of intangible assets			$ 0	0	$ 0
Percentage of likelihood of income tax being sustained			50.00%
Unrecognized tax benefits			$ 0	$ 0
Common stock subject to repurchase or forfeiture | shares			0	0	0
Minimum
Targeted or Tracking Stock, Stock [Line Items]
Short-term investments, maturity			3 months
Property and equipment, estimated useful life			3 years
Maximum
Targeted or Tracking Stock, Stock [Line Items]
Short-term investments, maturity			1 year	1 year
Property and equipment, estimated useful life			7 years

Components of Net Loss Per Shar

Components of Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Numerator
Net loss	$ (5,662)	$ (8,930)	$ (9,109)	$ (8,993)	$ (8,541)	$ (7,387)	$ (6,324)	$ (4,896)	$ (32,694)	$ (27,148)	$ (11,186)
Denominator
Weighted average common shares outstanding									28,204,356	20,061,387	10,160,835
Basic and diluted net loss per share	$ (0.17)	$ (0.27)	$ (0.39)	$ (0.42)	$ (0.40)	$ (0.34)	$ (0.32)	$ (0.29)	$ (1.16)	$ (1.35)	$ (1.10)

Antidilutive Securities (Detail

Antidilutive Securities (Detail) - shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Anti-dilutive securities not included in diluted loss per share:
Total anti-dilutive securities not included in diluted net loss per share	5,642,391	6,495,853	6,097,094
Stock Option
Anti-dilutive securities not included in diluted loss per share:
Total anti-dilutive securities not included in diluted net loss per share	1,614,317	1,194,854	635,094
Warrants
Anti-dilutive securities not included in diluted loss per share:
Total anti-dilutive securities not included in diluted net loss per share	3,761,407	4,900,999	5,062,000
Restricted Stock Unit
Anti-dilutive securities not included in diluted loss per share:
Total anti-dilutive securities not included in diluted net loss per share	266,667	400,000	400,000

Schedule of Intangible Assets (

Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 401	$ 435
S*Bio Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets - Gross	500	500
Intangible assets - Accumulated amortization	(99)	(65)
Intangible assets, net	$ 401	$ 435

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 34,000	$ 35,000	$ 30,000
S*Bio Patents
Finite-Lived Intangible Assets [Line Items]
Expected amortization expense per year	$ 35,000
Amortization period	2,026

Schedule of Property and Equipm

Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Property plant and equipment, Gross	$ 154	$ 139
Less: accumulated depreciation	(86)	(56)
Property and equipment, net	68	83
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment, Gross	123	107
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment, Gross	$ 31	$ 32

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 30,000	$ 15,000	$ 15,000

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Accrued Liabilities [Line Items]
Accrued pre-clinical and clinical trial expenses	$ 2,881	$ 1,899
Accrued compensation and benefits	995	800
Accrued legal and professional services expenses	141	102
Other	79	107
Total accrued liabilities	$ 4,096	$ 2,908

Related Party Transaction - Add

Related Party Transaction - Additional Information (Detail)	Dec. 31, 2012shares
Novogen | Warrants Cancelled
Related Party Transaction [Line Items]
Warrants to purchase common stock	166,666

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Aug. 22, 2012	May. 11, 2012	Dec. 31, 2014	Apr. 30, 2014	Oct. 31, 2013	Apr. 30, 2013	Dec. 31, 2012	May. 31, 2012	Sep. 30, 2011	May. 31, 2011	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2015	Aug. 31, 2012	Aug. 07, 2012
Class of Stock [Line Items]
Public float maximum market value				$ 75,000,000
Net proceeds from issuance of common stock											$ 43,070,000	$ 32,721,000	$ 39,453,000
Warrants exercised												3,666	41	3,186,463
Common stock issued upon exercise of warrants											1,048,701	112,059	1,383,959
Issuance of common stock to acquire intellectual property and technology rights	195,756
Common stock value											$ 0	$ 0		$ 0
Total authorized share capital											113,100,000			113,100,000
Common stock, shares authorized											113,000,000	113,000,000		113,000,000
Common stock, par value											$ 0.00	$ 0.00		$ 0.00
Preferred stock, shares authorized											100,000	100,000		100,000
Preferred stock, par value											$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares outstanding											0	0		0
Series A warrants
Class of Stock [Line Items]
Issuance of common stock (in shares)							194,381		410,102	410,102
Common stock issued upon exercise of warrants							119,159
Investment warrants exercise price							$ 6
Warrants outstanding											215,721			215,721
Exercise price											$ 6			$ 6
Warrants expiration date											2016-11
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement				$ 150,000,000
Rights Offering
Class of Stock [Line Items]
Issuance of common stock (in shares)								971,700
Net proceeds from issuance of common stock								$ 4,800,000
Warrants issued								485,857
Warrant exercisable period		5 years
Warrants outstanding											315,484			315,484
Exercise price											$ 7.14			$ 7.14
Warrants expiration date											2017-05
Warrants Cancelled | Novogen
Class of Stock [Line Items]
Warrants to purchase common stock							166,666
Phase Three Clinical Trial
Class of Stock [Line Items]
Common stock value															$ 500,000	$ 500,000
Underwritten Registered Offering
Class of Stock [Line Items]
Issuance of common stock (in shares)			11,500,000		4,375,000	2,030,000
Common stock, sales price per share			$ 4		$ 8	$ 7.50
Net proceeds from issuance of common stock			$ 43,100,000		$ 32,700,000	$ 14,200,000
Payment of stock offering cost			$ 2,900,000		$ 2,300,000	$ 1,000,000
December 2012 Private Placement
Class of Stock [Line Items]
Issuance of common stock (in shares)							9,166,665
Net proceeds from issuance of common stock							$ 27,500,000
Warrants issued							6,416,665
Proceed from issuance of private placement							$ 25,300,000
Warrants outstanding											3,230,202			3,230,202
Exercise price											$ 3.12			$ 3.12
Warrants expiration date											2017-12

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding		1,614,317	1,194,854
Stock option exercised		0	0	0
Total fair value of options vested		$ 2.6	$ 1.2	$ 0.9
Unrecognized compensation expense related to non-vested stock options		$ 2.3
Expected weighted average period for recognition of compensation expense		1 year 7 months 6 days
2008 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized		3,936,000
Shares available for future grant		1,951,286
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding		1,614,317
Closing price of common stock		$ 1.71
Stock Compensation Plan | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding		29,603
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted average period for recognition of compensation expense		1 year
Fair value of RSUs on the date of grant	$ 3.5
RSUs grant date fair value per unit	$ 8.63
Unrecognized compensation expense related to non-vested RSUs		$ 0.5
Restricted Stock Units (RSUs) | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	400,000
Number of common stock to be received for each RSUs	1
Restricted Stock Units (RSUs) | Chief Executive Officer | Vesting Schedule One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
One third of RSUs vesting date	Aug. 30, 2014
Restricted Stock Units (RSUs) | Chief Executive Officer | Vesting Schedule Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
One third of RSUs vesting date	Aug. 30, 2015
Restricted Stock Units (RSUs) | Chief Executive Officer | Vesting Schedule Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
One third of RSUs vesting date	Aug. 30, 2016
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vested percentage		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		36 months
Employee Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		5 years
Employee Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Directors | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		7 months
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		5 years
Directors | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		36 months
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years

Share-Based Compensation Expens

Share-Based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 4,223	$ 4,747	$ 1,506
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	1,030	1,549	213
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 3,193	$ 3,198	$ 1,293

Summary of Stock Option Activit

Summary of Stock Option Activity and Related Data (Detail) - Jun. 30, 2015 - USD ($)	Total
Number of Options
Beginning Balance	1,194,854
Granted	807,697
Forfeited / Cancelled	(339,261)
Expired	(48,973)
Ending balance	1,614,317
Vested and exercisable at end of period	625,632
Weighted- Average Exercise Price
Beginning Balance	$ 8.11
Granted	6.12
Forfeited / Cancelled	6.89
Expired	17.83
Ending balance	7.07
Vested and exercisable at end of period	$ 7.50
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	3 years 8 months 12 days
Vested and exercisable at end of period	2 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding at end of period	$ 0
Vested and exercisable at end of period	$ 0

Nonvested Stock Option Activity

Nonvested Stock Option Activity (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Number of options
Beginning balance	868,397
Granted	807,697
Forfeited	(290,100)
Vested	(397,309)
Ending balance	988,685	868,397
Weighted average grant date fair value
Beginning balance	$ 6.85
Granted	4.81	$ 6.85	$ 6.57
Forfeited	5.58
Vested	6.62
Ending balance	$ 5.65	$ 6.85

Fair Value of Stock Options Wei

Fair Value of Stock Options Weighted-Average Assumptions Used (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share based Compensation Arrangement Assumptions Used to Estimate Fair Values of Share Options Granted [Line Items]
Risk-free interest rate	1.60%	1.50%	0.70%
Expected life (years)	5 years	5 years	5 years
Expected volatility	115.90%	145.90%	159.30%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average grant date fair value	$ 4.81	$ 6.85	$ 6.57

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Aug. 22, 2012shares	Sep. 30, 2012	Aug. 31, 2012USD ($)	Jun. 30, 2015USD ($)ft²	Jun. 30, 2014USD ($)	Aug. 07, 2012USD ($)
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Lease expiration month and year				2016-06
Lease arrangement rent area, square feet | ft²				8,800
Lease rental rate				$ 27,000
Future minimum payment next year				322,000
Issuance of common stock to acquire intellectual property and technology rights			$ 500,000
Issuance of common stock to purchase asset, shares | shares	195,756
Future aggregate milestone payments			75,200,000
First milestone payment			200,000
Common stock value				0	$ 0
Accrued potential future payments				$ 100,000
Percentage of Purchase Requirement		100.00%
License and supply agreement notice period		90 days
Phase Three Clinical Trial
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Common stock value			$ 500,000			$ 500,000

Segment Information - Additiona

Segment Information - Additional Information (Detail)	12 Months Ended
	Jun. 30, 2015Segment
Segment Reporting Information [Line Items]
Number of operating segments	1

Pre- Tax Loss Jurisdictions (De

Pre- Tax Loss Jurisdictions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Pre-tax Income [Line Items]
Domestic	$ (32,694)	$ (27,148)	$ (11,186)
Foreign	0	0	0
Pre-tax loss	$ (32,694)	$ (27,148)	$ (11,186)

Reconciliation of Income Taxes

Reconciliation of Income Taxes Computed at U.S Federal Statutory Tax rates to Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Reconciliation of Statutory Federal Tax Rate [Line Items]
Tax benefit at U.S. statutory rates	$ 11,116	$ 9,230	$ 3,803
State tax	1,906	1,583	652
Increase in valuation allowance	(13,023)	(10,814)	(4,456)
Income tax expense	$ (1)	$ (1)	$ (1)
Tax benefit at U.S. statutory rates	34.00%	34.00%	34.00%
State tax	6.00%	6.00%	6.00%
Increase in valuation allowance	(40.00%)	(40.00%)	(40.00%)
Effective Income Tax Rate, Continuing Operations, Total	0.00%	0.00%	0.00%

Deferred Tax Liabilities and As

Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Deferred tax liabilities:
Change in accounting method adjustments		$ (804)
Total deferred tax liabilities		(804)
Deferred tax assets:
Tax carried forward losses	$ 4,348	2,947
Share-based payments	4,164	2,948
Consultant and other accruals	35	39
Fixed and intangible assets	28,899	19,858
Compensation accruals	409	319
Capital loss carryforward	26,382	26,382
Total deferred tax assets	64,237	52,493
Valuation allowance for deferred tax assets	(64,237)	(51,689)
Net deferred tax assets and liabilities	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Income Taxes [Line Items]
Federal net operating loss carry forwards	$ 11.3
State net operating loss carry forwards	8.9
Capital Loss Carry Forward	$ 66.2
Capital Loss Expiration Year	2,017
Federal
Income Taxes [Line Items]
Expiration year of operating loss carry forwards	2,022
State
Income Taxes [Line Items]
Expiration year of operating loss carry forwards	2,029

Quarterly Financial Information

Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Quarterly Financial Information [Line Items]
Net loss	$ (5,662)	$ (8,930)	$ (9,109)	$ (8,993)	$ (8,541)	$ (7,387)	$ (6,324)	$ (4,896)	$ (32,694)	$ (27,148)	$ (11,186)
Basic and diluted loss per share	$ (0.17)	$ (0.27)	$ (0.39)	$ (0.42)	$ (0.40)	$ (0.34)	$ (0.32)	$ (0.29)	$ (1.16)	$ (1.35)	$ (1.10)