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) |