Immunomedics (IMMU) 10-Q/A 10 Feb 17 2017 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2016	Feb. 06, 2017
Document And Entity Information [Abstract]
Document Type	10-Q/A
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	IMMU
Entity Registrant Name	IMMUNOMEDICS INC
Entity Central Index Key	722,830
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		106,079,504

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Current Assets:
Cash and cash equivalents	$ 5,011,316	$ 13,203,625
Marketable securities	41,602,301	37,424,221
Accounts receivable, net of allowance for doubtful accounts of $28,727 at December 31, 2016 and $74,546 at June 30, 2016	187,954	513,992
Inventory	737,931	350,524
Other receivables	4,952	236,768
Prepaid expenses	1,042,100	1,038,155
Other current assets	230,000	183,820
Total current assets	48,816,554	52,951,105
Property and equipment, net of accumulated depreciation of $29,100,002 and $28,637,606 at December 31, 2016 and June 30, 2016, respectively	4,277,895	3,969,163
Other long-term assets	30,000	30,000
Total Assets	53,124,449	56,950,268
Current Liabilities:
Accounts payable and accrued expenses	14,099,368	15,188,189
Warrant liability	14,543,343
Deferred revenues	218,261	235,372
Total current liabilities	28,860,972	15,423,561
Convertible senior notes - net of unamortized debt issuance costs of $2,280,694 at December 31, 2016 and $2,645,602 at June 30, 2016	97,719,309	97,354,398
Other liabilities	1,726,404	1,699,276
Commitments and Contingencies (Note 12)
Stockholders' Deficit:
Preferred stock, $.01 par value; authorized 10,000,000 shares; no shares issued and outstanding at December 31, 2016 and June 30, 2016
Common stock, $.01 par value; authorized 155,000,000 shares; issued 106,026,321 shares and outstanding 105,991,596 shares at December 31, 2016; issued 95,867,298 shares and outstanding 95,832,573 shares at June 30, 2016	1,060,262	958,672
Capital contributed in excess of par	334,187,988	311,320,651
Treasury stock, at cost: 34,725 shares at December 31, 2016 and at June 30, 2016	(458,370)	(458,370)
Accumulated deficit	(409,150,186)	(368,504,954)
Accumulated other comprehensive loss	(79,366)	(132,226)
Total Immunomedics, Inc. stockholders' deficit	(74,439,672)	(56,816,227)
Noncontrolling interest in subsidiary	(742,564)	(710,740)
Total stockholders' deficit	(75,182,236)	(57,526,967)
Total Liabilities and Stockholders' Deficit	$ 53,124,449	$ 56,950,268

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 28,727	$ 74,546
Property and equipment, accumulated depreciation	29,100,002	28,637,606
Unamortized debt issuance costs	$ 2,280,694	$ 2,645,602
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	155,000,000	155,000,000
Common stock, shares issued	106,026,321	95,867,298
Common stock, shares outstanding	105,991,596	95,832,573
Treasury stock, shares	34,725	34,725

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Product sales	$ 316,968	$ 589,947	$ 914,482	$ 1,171,195
License fee and other revenues	10,007	25,403	25,114	36,228
Research and development	57,195	55,754	186,380	194,559
Total revenues	384,170	671,104	1,125,976	1,401,982
Costs and Expenses:
Costs of goods sold	46,762	64,519	301,867	122,783
Research and development	12,748,026	14,261,676	27,273,890	27,174,806
Sales and marketing	185,075	386,696	400,931	530,217
General and administrative	2,763,956	1,655,841	3,455,540	3,380,135
Total costs and expenses	15,743,819	16,368,732	31,432,228	31,207,941
Operating loss	(15,359,649)	(15,697,628)	(30,306,252)	(29,805,959)
Changes in fair market value of warrant liability	(7,230,340)		(7,230,340)
Interest expense	(1,369,956)	(1,369,956)	(2,739,911)	(2,739,911)
Interest and other income, net	69,756	83,762	154,962	175,720
Other financing expenses	346,568		346,568
Foreign currency transaction gain (loss), net	(211,406)	6,950	(208,947)	(3,511)
Loss before income tax	(24,448,163)	(16,976,872)	(40,677,056)	(32,373,661)
Income tax benefit		3,204,250		3,185,000
Net loss	(24,448,163)	(13,772,622)	(40,677,056)	(29,188,661)
Less: Net loss attributable to noncontrolling interest	(779)	(26,572)	(31,824)	(48,789)
Net loss attributable to Immunomedics, Inc. stockholders	$ (24,447,384)	$ (13,746,050)	$ (40,645,232)	$ (29,139,872)
Loss per common share attributable to Immunomedics, Inc. stockholders (basic and diluted):	$ (0.23)	$ (0.15)	$ (0.41)	$ (0.31)
Weighted average shares used to calculate loss per common share (basic and diluted)	104,657,280	94,664,758	100,270,504	94,630,292
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	$ 73,708	$ (54,739)	$ 110,816	$ (37,271)
Unrealized loss on securities available for sale	(25,347)	(112,964)	(57,956)	(79,267)
Other comprehensive income (loss), net of tax:	48,361	(167,703)	52,860	(116,538)
Comprehensive loss	(24,399,802)	(13,940,325)	(40,624,196)	(29,305,199)
Less comprehensive loss attributable to noncontrolling interest	(779)	(26,572)	(31,824)	(48,789)
Comprehensive loss attributable to Immunomedics, Inc. stockholders	$ (24,399,023)	$ (13,913,753)	$ (40,592,372)	$ (29,256,410)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (40,677,056)	$ (29,188,661)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of warrant liability	7,230,340
Depreciation and amortization	459,402	336,127
Amortization of deferred revenue	(25,114)	(2,152)
Amortization of bond premiums	159,469	381,107
Amortization of debt issuance costs	364,911	364,911
Amortization of deferred rent	27,128	49,758
(Loss) gain on sale of marketable securities	15,040	(1,844)
(Decrease) increase in allowance for doubtful accounts	(45,819)	13,298
Non-cash expense related to stock compensation	1,445,806	1,965,816
Other	346,568
Changes in operating assets and liabilities	(809,080)	4,258,184
Changes in operating assets and liabilities:
Net cash used in operating activities	(31,508,405)	(21,823,456)
Cash flows from investing activities:
Proceeds from sales/maturities of marketable securities	24,750,000	26,128,088
Purchases of marketable securities	(29,160,546)	(2,749,117)
Purchases of property and equipment	(730,627)	(1,230,726)
Net cash (used in) provided by investing activities	(5,141,173)	22,148,245
Cash flows from financing activities:
Sale of common stock and warrants, net of related expenses	28,578,473
Exercise of stock options	105,133	158,079
Tax withholding payments for stock compensation	(194,050)	(185,499)
Net cash provided by (used in) financing activities	28,489,556	(27,420)
Effect of changes in exchange rates on cash and cash equivalents	(32,287)	(33,937)
Net (decrease) increase in cash and cash equivalents	(8,192,309)	263,432
Cash and cash equivalents beginning of period	13,203,625	13,452,775
Cash and cash equivalents end of period	5,011,316	13,716,207
Supplemental disclosure of cash flow information:
Interest paid	$ 2,375,000	$ 2,427,778

Business Overview and Basis of

Business Overview and Basis of Presentation	6 Months Ended
	Dec. 31, 2016
Business Overview and Basis of Presentation
Business Overview and Basis of Presentation	1. Immunomedics is a clinical-stage biopharmaceutical company that develops monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. The Company has continued to transition its focus away from the development and commercialization of diagnostic imaging products in order to accelerate the development of its therapeutic product candidates, although the Company still manufactures and commercializes its LeukoScan ® product in territories where regulatory approvals have previously been granted in Europe, Canada and in other markets outside the U.S. LeukoScan ® is indicated for diagnostic imaging for determining the location and extent of infection and inflammation in bone of patients with suspected osteomyelitis, including patients with diabetic foot ulcers. The Company has two foreign subsidiaries, Immunomedics B.V. in the Netherlands and Immunomedics GmbH in Rodermark, Germany, that assist the Company in managing sales efforts and coordinating clinical trials in Europe. In addition, included in the accompanying condensed financial statements is the majority-owned U.S. subsidiary, IBC Pharmaceuticals, Inc. (“IBC”), which works on the development of novel cancer radiotherapeutics using patented pre-targeting technologies with proprietary, bispecific antibodies. The accompanying unaudited condensed consolidated financial statements of Immunomedics, which incorporate our subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), for interim financial information and the instructions to the Quarterly Report on Form 10‑Q and Regulation S‑X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete annual financial statements. With respect to the financial information for the interim periods included in this Quarterly Report on Form 10-Q, which is unaudited, management believes that all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation of the results for such interim periods have been included. Operating results for the three and six-month periods ended December 31, 2016 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2017, or any other period. Immunomedics is subject to significant risks and uncertainties, including, without limitation, the risk that the Company may be unable to successfully obtain financing for product development; the Company’s inability to further identify, develop and achieve commercial success for new products and technologies; the possibility of delays in the research and development necessary to select drug development candidates and delays in clinical trials; the risk that clinical trials may not result in marketable products; the risk that the Company or its’ collaborators may be unable to secure regulatory approval of and market its drug candidates; the Company’s dependence upon pharmaceutical and biotechnology collaborations; the levels and timing of payments under the Company’s collaborative agreements, if any; uncertainties about the Company’s ability to obtain new corporate collaborations and acquire new technologies on satisfactory terms, if at all; the development or regulatory approval of competing products; the Company’s ability to protect its proprietary technologies; patent-infringement claims; and risks of new, changing and competitive technologies and regulations in the United States and internationally. Since its inception in 1982, Immunomedics’ principal sources of funds have been the private and public sale of equity and debt securities, and revenues from licensing agreements, including up-front and milestone payments, funding of development programs, and other forms of funding from collaborations. As of December 31, 2016 the Company had $46.6 million in cash, cash equivalents and marketable securities. During fiscal 2017, the Company plans to continue its Phase 2 clinical trials of sacituzumab govitecan (“IMMU-132”) in patients with metastatic triple negative breast cancer (“TNBC”), metastatic non-small-cell lung cancer (“NSCLC”), small-cell lung cancer (“SCLC”), and metastatic urothelial cancers (“UC”). The Company also plans to continue, without interruption, the preparation and initiation of the Phase 3 confirmatory clinical trial in TNBC, and the large-scale manufacture of IMMU-132. These activities are necessary to support the planned submission of a BLA to FDA for accelerated approval of IMMU-132 in metastatic TNBC. The Company anticipates that it can also continue its other operations and research and development programs at a reduced spending level. Based on the Company’s cash flow projections, it believes its cash and marketable securities balance as of December 31, 2016, are sufficient to continue its planned operations and research and development programs, as described above, for at least the next twelve months. The Company will require additional funding to complete its clinical trials currently underway or planned, continue research and new development programs, and continue operations. The Company continues to pursue potential strategic licensing or collaboration agreements as a possible source of financing to fund its business plan. These business arrangements may be with new or existing partners and may include the Company’s clinical development programs as well as any of its intellectual property estate. Other potential sources of funding include equity and potential debt financing. Additionally, on November 16, 2016, venBio Select Advisor LLC and Behzad Aghazadeh (collectively, “venBio”), filed with the SEC a preliminary proxy statement on Schedule 14A for the purpose of electing four individuals nominated by venBio as directors of the Company at its 2016 annual meeting of stockholders, scheduled to be held on February 16, 2017. On December 6, 2016, venBio filed with the SEC its definitive proxy statement. If a settlement with venBio is not reached prior to the 2016 annual meeting, it is possible that the venBio nominees could constitute a majority of the Company’s board of directors following the 2016 annual meeting. The Company’s business, operating results or financial condition could be harmed by this proxy contest because, among other things: responding to the proxy contest is costly and time-consuming, is a significant distraction for its board of directors, management and employees, and diverts the attention of its board of directors and senior management from the pursuit of its business strategy, which could adversely affect its results of operations and financial condition. Until the Company can generate significant cash through strategic licensing or collaboration agreements, it expects to continue to fund its operations with its current financial resources. These financial resources will not be adequate to sustain the Company’s operations at the current level of activity. Having insufficient funds will require the Company to further delay, scale-back, or eliminate some or all of its programs, or renegotiate less favorable terms than it would otherwise choose. Failure to obtain adequate financing also may adversely affect its ability to operate as a going concern. Consequently, if the Company cannot obtain sufficient funding through strategic licensing or collaborations, it could be required to finance future cash needs through the sale of additional equity and/or debt securities in capital markets. However, there can be no assurance that the Company will be able to raise the additional capital needed to complete its pipeline of research and development programs on commercially acceptable terms, if at all. The capital markets have experienced volatility in recent years, which has resulted in uncertainty with respect to availability of capital and hence the timing to meet an entity’s liquidity needs. The Company’s existing debt may also negatively impact the Company’s ability to raise additional capital. If the Company is unable to raise capital on acceptable terms, its ability to continue its business would be materially and adversely affected.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. These unaudited condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2016. The Company adheres to the same accounting policies in preparation of its interim financial statements. Principles of Consolidation and Presentation The condensed consolidated financial statements include the accounts of Immunomedics and its subsidiaries. Noncontrolling interests in consolidated subsidiaries in the condensed consolidated balance sheets represent minority stockholders’ proportionate share of the deficit in such subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Financial Instruments The carrying amounts of cash and cash equivalents, other current assets and current liabilities approximate fair value due to the short-term maturity of these instruments. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Marketable Securities Marketable securities, all of which are available-for-sale, consists of corporate debt securities, U.S. bonds, U.S. sponsored agencies and municipal bonds. Corporate debt securities include Eurodollar issues of U.S. corporations, and U.S. dollar denominated issues of foreign corporations. Marketable securities are carried at fair value, with unrealized gains and losses, net of related income taxes, reported as accumulated other comprehensive loss, except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net loss and are included in interest and other income (net), at which time the average cost basis of these securities are adjusted to fair value. Fair values are based on quoted market prices at the reporting date. Interest and dividends on available-for-sale securities are included in interest and other income (net). Inventory Inventory, which consists of raw materials, work-in-process and the finished product of LeukoScan ® , is stated at the lower of cost (which approximates first-in, first-out) or market, and includes materials, labor and manufacturing overhead. Revenue Recognition The Company has accounted for revenue arrangements that include multiple deliverables as a separate unit of accounting if both of the following criteria are met: a) the delivered item has value to the customer on a standalone basis, and b) if the right of return exists, delivery of the undelivered items is considered probable and substantially in the control of the vendor. If these criteria are not met, the revenue elements must be considered a single unit of accounting for purposes of revenue recognition. The Company allocates revenue consideration, excluding contingent consideration, based on the relative selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Relative selling prices are determined using vendor specific objective evidence, if it exists; otherwise third-party evidence or the Company’s best estimate of selling price is used for each deliverable. Payments received under contracts to fund certain research activities are recognized as revenue in the period in which the research activities are performed. Payments received in advance that are related to future performance are deferred and recognized as revenue when the research projects are performed. Upfront nonrefundable fees associated with license and development agreements where the Company has continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. The Company estimates the period of continuing involvement based on the best evidential matter available at each reporting period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. In order to determine the revenue recognition for contingent milestones, the Company evaluates the contingent milestones using the criteria as provided by the Financial Accounting Standards Boards (“FASB”) guidance on the milestone method of revenue recognition, as explained in ASU 2010-17, “ Milestone Method of Revenue Recognition,” at the inception of a collaboration agreement. The criteria requires that (i) the Company determines if the milestone is commensurate with either its performance to achieve the milestone or the enhancement of value resulting from the Company’s activities to achieve the milestone, (ii) the milestone be related to past performance, and (iii) the milestone be reasonable relative to all deliverable and payment terms of the collaboration arrangement. If these criteria are met then the contingent milestones can be considered as substantive milestones and will be recognized as revenue in the period that the milestone is achieved. Royalties are recognized as earned in accordance with the terms of various research and collaboration agreements. Revenue from the sale of diagnostic products is recorded when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable or collectability is reasonably assured. Allowances, if any, are established for uncollectible amounts, estimated product returns and discounts. Since allowances are recorded based on management’s estimates, actual amounts may be different in the future. Research and Development Costs Research and development costs are expensed as incurred. Costs incurred for clinical trials for patients and investigators are expensed as services are performed in accordance with the agreements in place with the institutions. Reimbursement of Research & Development Costs Research and development costs that are reimbursable under collaboration agreements are included as a reduction of research and development expenses. The Company records these reimbursements as a reduction of research and development expenses as the Company’s partner in the collaboration agreement has the financial risks and responsibility for conducting these research and development activities. Stock-Based Compensation The Company utilizes stock-based compensation in the form of stock options, stock appreciation rights, stock awards, stock unit awards, performance shares, cash-based performance units and other stock-based awards, each of which may be granted separately or in tandem with other awards. The grant-date fair value of stock awards is based upon the underlying price of the stock on the date of grant. The grant-date fair value of stock option awards must be determined using an option pricing model. Option pricing models require the use of estimates and assumptions as to (a) the expected term of the option, (b) the expected volatility of the price of the underlying stock and (c) the risk-free interest rate for the expected term of the option. The Company uses the Black-Scholes-Merton option pricing formula for determining the grant-date fair value of such awards. The expected term of the option is based upon the contractual term and expected employee exercise and expected post-vesting employment termination behavior. The expected volatility of the price of the underlying stock is based upon the historical volatility of the Company’s stock computed over a period of time equal to the expected term of the option. The risk free interest rate is based upon the implied yields currently available from the U.S. Treasury yield curve in effect at the time of the grant. Pre-vesting forfeiture rates are estimated based upon past voluntary termination behavior and past option forfeitures. The following table sets forth the weighted-average assumptions used to calculate the fair value of options granted for the six-month periods ended December 31, 2016 and 2015: Six Months Ended December 31, 2016 2015 Expected dividend yield 0% 0% Expected option term (years) 5.05 5.03 Expected stock price volatility 62% 56% Risk-free interest rate 1.16% - 1.91% 1.28% - 1.64% The Company uses historical data to estimate forfeitures. The expected term of options granted represents the period of time that options granted are expected to be outstanding. Expected stock price volatility was calculated based on the Company’s daily stock trading history. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Changes in any of these assumptions could impact, potentially materially, the amount of expense recorded in future periods related to stock-based awards. Common Stock Warrants In connection with a public offering in October 2016, the Company issued warrants and recorded them as liability due to certain net cash settlement provisions. The warrants were recorded at fair value using the Black-Scholes valuation model. The Black-Scholes valuation model takes into account, as of the valuation date, factors including the current exercise price, the term of the warrant, the current price of the underlying stock and its expected volatility, expected dividends on the stock, and the risk-free interest rate for the term of the warrant. These warrants are subject to re-measurement at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in the fair value of warrant liability” in the consolidated statements of operations. Income Taxes The Company uses the asset and liability method to account for income taxes, including the recognition of deferred tax assets and deferred tax liabilities for the anticipated future tax consequences attributable to differences between financial statement amounts and their respective tax bases. The Company reviews its deferred tax assets for recovery. A valuation allowance is established when the Company believes that it is more likely than not that its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. The Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2016. At June 30, 2016, the Company has available net operating loss carry forwards for federal income tax reporting purposes of approximately $288.7 million and for state income tax reporting purposes of approximately $108.5 million, which expire at various dates between fiscal 2017 and 2036. Pursuant to Section 382 of the Internal Revenue Code of 1986, as amended, the annual utilization of a company’s net operating loss and research credit carry forwards may be limited if the Company experiences a change in ownership as defined in Section 382 of the Internal Revenue Code. The Company’s net operating loss carry forwards available to offset future federal taxable income arising before such ownership changes may be limited. Similarly, the Company may be restricted in using its research credit carry forwards arising before such ownership changes to offset future federal income tax expense. The Company’s U.S. operations reported net losses for the three and six-month periods ended December 31, 2016 and 2015, resulting in tax benefits that were fully offset by valuation allowances. The foreign jurisdictions during the three and six-month periods ended December 31, 2016 reported a net loss, resulting in a tax benefit that was fully offset by a valuation allowance. Income taxes provided for profitable foreign jurisdictions during the three-month period ended September 30, 2015 were reversed as a result of the net loss for the six-month period ended December 31, 2015 with respect to such jurisdictions. During the three and six-month periods ended December 31, 2015, the Company sold certain State of New Jersey State Net Operating Losses (“NOL”) and Research and Development (“R&D”) tax credits through the New Jersey Economic Development Authority Technology Business Tax Certificate Transfer Program. Pursuant to such sale, during the three and six-month periods ended December 31, 2015, the Company recorded a tax benefit of $3.2 million as a result of its sale of approximately $35.9 million of New Jersey State NOL and $1.3 million of New Jersey R&D tax credits. There was no such sale during the current fiscal year. The Company has no liability for uncertain tax positions as of December 31, 2016. Net Loss Per Share Allocable to Common Stockholders Net loss per basic and diluted common share allocable to common stockholders is based on the net loss for the relevant period, divided by the weighted-average number of common shares outstanding during the period. For purposes of the diluted net loss per common share calculations, the exercise or conversion of all potential common shares is not included because their effect would have been anti-dilutive, due to the net loss recorded for the three and six-month periods ended December 31, 2016 and 2015. The common stock equivalents excluded from the diluted per share calculation are 30,900,783 and 27,902,219 shares at December 31, 2016 and 2015, respectively. Net Comprehensive Loss Net comprehensive loss consists of net loss, unrealized loss on available for sale securities and foreign exchange translation adjustments and is presented in the condensed consolidated statements of comprehensive loss. Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Clarification of Certain Cash Receipts and Cash Payments”, which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. ASU 2016-15 provides for retrospective application for all periods presented. The Company is assessing ASU 2016-15’s impact and will adopt it when effective. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Public companies will be required to adopt this standard in annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period provided that the entire standard is adopted. The Company does not expect ASU 2016-09 to have a material impact on the consolidated financial statement presentation. In February 2016, the FASB issued ASU 2016-02, “ Leases ”. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early application is permitted. The Company is assessing ASU 2016-02’s impact and will adopt it when effective. In August 2014, the FASB issued ASU 2014-15, “ Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ”. This guidance clarifies that an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The amendments in this update are effective for annual reporting periods ending after December 15, 2016, and annual and interim periods thereafter, and early application is permitted. The Company is assessing ASU 2014-15’s impact and will adopt it when effective. On May 28, 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, ” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, with the issuance of ASU 2015-14, the FASB amended the effective date of this ASU to fiscal years beginning after December 15, 2017, and early adoption is permitted only for fiscal years beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is assessing ASU 2014-09’s impact and will adopt it when effective.

Marketable Securities

Marketable Securities	6 Months Ended
	Dec. 31, 2016
Marketable Securities
Marketable Securities	3. Marketable Securities Marketable securities at December 31, 2016 consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ $ $ $ Certificate of Deposits — U.S. Government Sponsored Agencies Corporate Debt Securities — Commercial Paper — $ $ $ $ Maturities of debt securities classified as available-for-sale were as follows at December 31, 2016 (in thousands): Net Carrying Fair Value Amount Due within one year $ $ Due after one year through five years — — $ $ Marketable securities at June 30, 2016 consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ $ $ — $ Certificate of Deposits — U.S. Government Sponsored Agencies — Corporate Debt Securities $ $ $ $ Maturities of debt securities classified as available-for-sale were as follows at June 30, 2016 (in thousands): Net Carrying Fair Value Amount Due within one year $ $ Due after one year through five years — — $ $

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Dec. 31, 2016
Convertible Senior Notes
Convertible Senior Notes	4. In February 2015, the Company issued $100.0 million of Convertible Senior Notes (net proceeds of approximately $96.3 million after deducting the initial purchasers’ fees and offering expenses) in a private offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon Rule 144A under the Securities Act. The Convertible Senior Notes will mature on February 15, 2020, unless earlier purchased or converted. The debt issuance costs of approximately $3.7 million, primarily consisting of underwriting, legal and other professional fees, are amortized over the term of the Convertible Senior Notes. The Convertible Senior Notes are senior unsecured obligations of the Company. Interest at 4.75% is payable semiannually on February 15 and August 15 of each year. The effective interest rate on the Convertible Senior Note was 5.48% for the period from the date of issuance through December 31, 2016. The Convertible Senior Notes are convertible at the option of holders into approximately 19.6 million shares of Immunomedics common stock at any time prior to the close of business on the day immediately preceding the maturity date. The conversion rate will initially be 195.8336 shares of common stock per $1,000 principal amount of Convertible Senior Notes (equivalent to an initial conversion price of approximately $5.11 per share of Immunomedics common stock). If the Company undergoes a fundamental change (as defined in the indenture governing the Convertible Senior Notes), holders may require Immunomedics to purchase for cash all or part of the Convertible Senior Notes at a purchase price equal to 100% of the principal amount of the Convertible Senior Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date, subject to certain exceptions. In addition, if certain make-whole fundamental changes (as defined in the indenture governing the Convertible Senior Notes) occur, Immunomedics will, in certain circumstances, increase the conversion rate for any Convertible Note converted in connection with such make-whole fundamental change. The indenture does not limit the amount of debt which may be issued by the Company under the indenture or otherwise, does not contain any financial covenants or restrict the Company from paying dividends, selling or disposing of assets, or issuing or repurchasing its other securities, provided that such event is not deemed to be a fundamental change (as defined in the indenture governing the Convertible Senior Notes). The indenture contains customary terms and covenants and events of default. If an event of default with respect to the Convertible Senior Notes occurs, holders may, upon satisfaction of certain conditions, accelerate the principal amount of the Convertible Senior Notes plus premium, if any, and accrued and unpaid interest, if any. In addition, the principal amount of the Convertible Senior Notes plus premium, if any, and accrued and unpaid interest, if any, will automatically become due and payable in the case of certain types of bankruptcy or insolvency events of default involving the Company. Total interest expense for the Convertible Senior Notes was $1.4 million and $2.7 million for three and six-month periods ended December 31, 2016 and 2015. Included in interest expense is the amortization of debt issuance costs of $0.2 million and $0.4 million for the three and six-month periods ended December 31, 2016 and 2015.

Warrant Liability

Warrant Liability	6 Months Ended
	Dec. 31, 2016
Warrants and Rights Note Disclosure [Abstract]
Warrant Liability	5. Due to certain net cash settlement provisions, the warrants issued in connection with a public offering in October 2016, do not meet the criteria for classification as equity and are recorded as a liability The Company recognized these warrants as a liability at their fair value and re-measures them at fair value on each reporting date. The Company uses Level 2 inputs for its valuation methodology for the warrant liability. The estimated fair value was determined using a Black-Scholes valuation model based on various assumptions. The warrant liability is adjusted to reflect estimated fair value at each period end, with any changes in the fair value being recorded in changes in fair value of warrant liability. The estimated fair value of the warrant liability was approximately $14.5 million and $7.3 million, as of December 31, 2016 and October 11, 2016 (date of issuance), respectively. The change in fair value of the warrant liability for the three and six months December 31, 2016 was approximately $7.2 million.

Estimated Fair Value of Financi

Estimated Fair Value of Financial Instruments	6 Months Ended
	Dec. 31, 2016
Estimated Fair Value of Financial Instruments
Estimated Fair Value of Financial Instruments	6. The Company’s financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses, warrant liability and Convertible Senior Notes. The carrying amount of accounts receivable, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments as of December 31, 2016 and June 30, 2016. The Company has categorized its other financial instruments, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial instruments recorded on the condensed consolidated balance sheets as of December 31, 2016 and June 30, 2016 are categorized based on the inputs to the valuation techniques as follows (in thousands): · Level 1 – Financial instruments whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the company has the ability to access at the measurement date (examples include active exchange-traded equity securities and most U.S. Government and agency securities). · Level 2 – Financial instruments whose value are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. · Level 3 – Financial instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset. Cash equivalents and marketable securities: ($ in thousands) December 31, 2016 Level 1 Level 2 Level 3 Total Money Market Funds Note (a) $ $ — $ — $ Marketable Securities: U.S. Treasury Bonds — — Certificate of Deposits — — U.S. Government Sponsored Agencies — — Corporate Debt Securities — — Commercial Paper — — Total $ $ — $ — $ ($ in thousands) June 30, 2016 Level 1 Level 2 Level 3 Total Money Market Funds Note (a) $ $ — $ — $ Marketable Securities: U.S. Treasury Bonds — — Certificate of Deposits — — U.S. Government Sponsored Agencies — — Corporate Debt Securities — — Total $ $ — $ — $ (a) The money market funds noted above are included in cash and cash equivalents. Convertible Senior Notes The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows (in thousands): As of December 31, 2016 As of June 30, 2016 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Convertible Senior Notes $ $ $ $ The fair value of the Convertible Senior Notes, which differs from their carrying values, is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices for the Convertible Senior Notes observed in market trading which are Level 2 inputs. Warrant Liability The Company has determined its warrant liability to be a Level 2 fair value measurement and used the Black Scholes valuation model to calculate the fair value as of October 11, 2016 and December 31, 2016: At the measurement dates, the Company estimated the fair value for the warrants based on Black-Scholes valuation model and using the following assumptions: October 11, December 31, 2016 2016 Risk-free interest rate 0.87% 1.20% Expected remaining term 2.0 years 1.78 years Expected volatility 75.00% 77.87% Dividend yield 0% 0% The following table sets forth the changes in the fair value for the warrant liability during the six-month period ended December 31, 2016 (in thousands): Level 2 Fair value – July 1, 2016 $ — Additions, pursuant to October 11, 2016 public offering Change in fair value Fair value – December 31, 2016 $

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	7. Common stock On October 11, 2016, the Company completed an underwritten public offering of 10 million shares of its common stock and accompanying warrants to purchase 10 million shares of common stock at a purchase price of $3.00 per unit, comprising of one share and one warrant. The Company received gross and net proceeds of $30.0 million and approximately $28.6 million, respectively after deducting the underwriting discounts and commissions and estimated expenses related to the offering payable. The warrants will be exercisable six months following the date of issuance, will expire on the second anniversary of the date of issuance and have an exercise price of $3.75. The shares of common stock were sold pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The warrants under certain situations require cash settlement by the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Dec. 31, 2016
Stockholders' Deficit [Abstract]
Accumulated Other Comprehensive (Loss) Income	8. The components of accumulated other comprehensive loss were as follows (in thousands): Currency Net Unrealized Gains Accumulated Other Translation (Losses) on Available- Comprehensive Adjustments for-Sale Securities (Loss) Income Balance, July 1, 2016 $ $ $ Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive income (a) — Net current-period other comprehensive income Balance, December 31, 2016 $ $ $ Balance, July 1, 2015 $ $ $ Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss (a) — Net current-period other comprehensive loss Balance, December 31, 2015 $ $ $ (a) For the six-month periods ended December 31, 2016 and 2015, a $15 thousand loss and a $2 thousand gain were reclassified from accumulated other comprehensive loss to interest and other income, respectively. All components of accumulated other comprehensive loss are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries.

Stock Incentive Plan

Stock Incentive Plan	6 Months Ended
	Dec. 31, 2016
Stock Incentive Plan
Stock Incentive Plan	9. The Company has a stock incentive plan, the Immunomedics, Inc. 2014 Long-Term Incentive Plan (the “Plan”), that includes a discretionary grant program, a stock issuance program and an automatic grant program. The plan was established to promote the interests of the Company, by providing eligible persons with the opportunity to acquire a proprietary interest in the Company as an incentive to remain with the organization and to align the employee’s interest with our stockholders. Under the Plan option awards are generally granted with an exercise price equal to the closing price of the Company’s common stock on the date of grant. Those option awards generally vest based on four years of continuous service and have seven year contractual terms. Option awards that are granted to non-employee Board members under the annual option grant program are granted with an exercise price equal to the closing price of the Company’s common stock on the date of grant, are vested immediately and have seven year contractual terms. At December 31, 2016, there were 15,645,708 shares of common stock reserved for possible future issuance under the Plan, both currently outstanding (5,991,336 shares) and those available to be issued for future grants (9,654,372 shares). The weighted average fair value at the date of grant for options granted during the six-month periods ended December 31, 2016 and 2015 were $1.76 and $1.00 per share, respectively. The Company uses historical data to estimate employee forfeitures for employees, executive officers and outside directors. The expected term of options granted represents the period of time that options granted are expected to be outstanding and the expected stock price volatility is based on the Company’s daily stock trading history. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Information concerning options for the six-month period ended December 31, 2016 is summarized as follows: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life Value (in 000’s) Outstanding, July 1, 2016 $ Granted $ Exercised $ Cancelled or forfeited $ Outstanding, December 31, 2016 $ 3.66 $ Exercisable, December 31, 2016 $ 2.81 $ A summary of the Company’s non-vested restricted and performance stock units at December 31, 2016, and changes during the six-month period ended December 31, 2016 are presented below: Weighted-Average per Share of Outstanding Non-Vested Market Value on Restricted and Performance Stock Units Number of Awards Grant Date Non-vested at July 1, 2016 $ Restricted Units Granted (a) $ Vested/Exercised $ Cancelled $ Non-vested at December 31, 2016 $ (a) For the six-month period ended December 31, 2016, 106,061 restricted stock units were awarded to the Company’s President and Chief Executive Officer. The Company has 3,186,927 non-vested options, restricted stock units and performance stock units outstanding as of December 31, 2016. As of December 31, 2016, there was $4.5 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is being recognized over a weighted-average period of 2.10 years. The Company recorded $0.7 million and $1.4 million for total stock-based compensation expense for employees, executive officers and non-employee Board members for the three and six-month periods ended December 31, 2016, respectively as compared to $1.1 million and $2.0 million for the three and six-month periods ended December 31, 2015, respectively. On August 20, 2015, the Company awarded an additional 214,205 restricted stock units to certain executive officers of the Company at the closing price on that date ($1.76 per share). These restricted stock units will vest over a four year period. As of December 31, 2016, there was $1.0 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Plan for these executive officers, excluding performance stock units. The cost is being recognized over a weighted-average period of 2.47 years. The Company recorded $0.1 million and $0.3 million for stock-based compensation expense for restricted stock units for the three and six-month periods ended December 31, 2016, respectively, and $0.2 million and $0.3 million for the three and six-month periods ended December 31, 2015, respectively. As part of the Amended and Restated Employment Agreement with Dr. Goldenberg which became effective July 1, 2015, (see Note 11), Dr. Goldenberg received a grant of 1,500,000 Restricted Stock Units, which shall vest, if at all, after the three (3) year period commencing on the grant date of July 14, 2015, provided the applicable milestones based on achievement of certain market conditions (stock prices) are met and conditioned upon Dr. Goldenberg's continued employment through the vesting period, subject to the terms and conditions of the Restricted Stock Units Notice and the Restricted Stock Units Agreement and such other terms and conditions as set forth in the grant agreement. The Company recorded $0.3 million and $0.6 million for the stock-based compensation for the three and six-month periods ended December 31, 2016, respectively, and $0.3 million and $0.5 million for the three and six-month periods ended December 31, 2015, respectively. There is $1.7 million of total unrecognized compensation cost related to these non-vested Restricted Stock Units granted as of December 31, 2016. That cost is being recognized over a remaining weighted-average period of 1.53 years. During fiscal year 2014 the Company awarded certain executive officers Performance Units (as such term is defined in the Plan) of up to 389,864 units of restricted stock units which are subject to attainment of certain performance milestones as well as certain continued service requirements. All or a portion of the Performance Units vest based upon the level of achievement of the milestones set forth in each agreement, which is expected to be achieved within five years of the grant date. The Performance Units that vest based upon attainment of the performance milestone will be exercisable based on a percentage basis on the attainment of anniversary dates. During the six-month period ended December 31, 2016, the Company awarded 9,746 of these restricted stock units to the executive officers as a result of achieving certain continued service requirements. In fiscal years 2016 and 2015, 136,453 units and 116,959 units were awarded from achieving the four performance milestones, respectively. As of December 31, 2016, all four of the performance milestones have been achieved and there are 126,706 Performance Units available that are based on certain continued service requirements that began on each performance milestone vesting date. The Company recorded $47 thousand and $0.1 million for the stock-based compensation for the three and six-month periods ended December 31, 2016, respectively, as compared to $0.1 million and $0.2 million for the three and six-months ended December 31, 2015, respectively. There is $0.1 million of total unrecognized compensation cost related to these non-vested Performance Units granted as of December 31, 2016. That cost is being recognized over a weighted-average period of 1.0 years. The unrecognized compensation cost is based on continued service requirements.

Geographic Segments

Geographic Segments	6 Months Ended
	Dec. 31, 2016
Geographic Segments
Geographic Segments	10. Immunomedics manages its operations as one line of business of researching, developing, manufacturing and marketing biopharmaceutical products, particularly antibody-based products for cancer, autoimmune and other serious diseases, and it currently reports as a single industry segment. Immunomedics conducts its research and development activities primarily in the United States. Immunomedics markets and sells LeukoScan ® throughout Europe and in certain other countries outside the United States. The following table presents financial information based on the geographic location of the facilities of Immunomedics as of and for the three-month ended December 31, 2016 and 2015, respectively ($ in thousands): As of and for the three months ended December 31, 2016 United States Europe Total Total assets $ $ $ Property and equipment, net Revenues Loss before taxes As of and for the three months ended December 31, 2015 United States Europe Total Total assets $ $ $ Property and equipment, net Revenues Loss before taxes As of and for the six months ended December 31, 2016 United States Europe Total Revenues $ $ $ Loss before taxes As of and for the six months ended December 31, 2015 United States Europe Total Revenues $ $ $ Loss before income tax expense

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2016
Related Party Transactions
Related Party Transactions	11 . Related Party Transactions Certain of the Company’s affiliates, including members of its senior management and Board of Directors, as well as their respective family members and other affiliates, have relationships and agreements among themselves as well as with the Company and its affiliates, that create the potential for both real, as well as perceived, conflicts of interest. These include Dr. David M. Goldenberg, the Company’s Chairman, Chief Scientific Officer and Chief Patent Officer, Ms. Cynthia L. Sullivan, the President and Chief Executive Officer, who is the wife of Dr. David M. Goldenberg, and certain companies with which the Company does business, including the Center for Molecular Medicine and Immunology (“CMMI”), which has ceased operations, and IBC Pharmaceuticals, Inc ., a majority-owned subsidiary. The Company incurred $1 thousand and $4 thousand of legal expenses on behalf of CMMI for patent related matters for each of the three and six-month periods ended December 31, 2016, as compared to $5 thousand and $14 thousand for the three and six-month periods ended December 31, 2015, respectively. The Company has first rights to license those patents, and may decide whether or not to support them. For the three and six-month periods ended December 31, 2016, Dr. Goldenberg received approximately $10 thousand and $20 thousand, respectively, in compensation for his services to IBC. For the three and six-month periods ended December 31, 2015, such compensation was approximately $22 thousand and $44 thousand, respectively.

Collaboration Agreement

Collaboration Agreement	6 Months Ended
	Dec. 31, 2016
Collaboration Agreement
Collaboration Agreement	12. The Bayer Group (formerly Algeta ASA) In fiscal 2013 the Company entered into a collaboration agreement, referred to herein as the Collaboration Agreement, with Algeta ASA (subsequently acquired by The Bayer Group “Bayer”), for the development of epratuzumab to be conjugated with Algeta’s proprietary thorium-227 alpha-pharmaceutical payload. Under the terms of the Collaboration Agreement, the Company manufactured and supplied clinical-grade epratuzumab to Bayer, which has rights to evaluate the potential of a Targeted Thorium Conjugate (TTC), linking thorium-227 to epratuzumab, for the treatment of patients with cancer. Bayer has the right to terminate the Collaboration Agreement with three months prior written notice, subject to certain provisions. Bayer will fund all non-clinical and clinical development costs up to the end of Phase 1 clinical testing. Upon successful completion of Phase 1 testing, the parties shall negotiate terms for a license agreement at Bayer’s request. The Company and Bayer have agreed to certain parameters in the Collaboration Agreement. Under the terms of the Collaboration Agreement, as amended, Immunomedics received an upfront cash payment and other payments aggregating $6.0 million, which have been recognized in prior periods upon the Company fulfilling its obligations under the Collaboration Agreement. For the year ended June 30, 2015, the Company recognized $1.0 million in license and other revenue for the completion of the clinical development milestone as described in the Collaboration Agreement, which required the shipment of sufficient quantities of clinical grade material to Bayer to complete their Phase 1 clinical trial. In addition, in January 2016 and 2015, the Company recorded revenue of $0.3 million representing an anniversary payment under the agreement. The contract provides for the Company to receive one more similar payment of $0.3 million, representing “anniversary payment” over the 2017 fiscal year.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2016
Commitments and Contingencies.
Commitments and Contingencies	13. Employment Contracts Dr. David M. Golderberg Effective July 1, 2015, the Company entered into the Amended and Restated Employment Agreement with Dr. Goldenberg pertaining to Dr. Goldenberg’s service to the Company as the Company’s Chairman of the Board, Chief Scientific Officer and Chief Patent Officer (the “Amended and Restated Goldenberg Agreement”). The Amended and Restated Goldenberg Agreement will continue, unless earlier terminated by the parties, until July 1, 2020. Dr. Goldenberg’s current annual base salary under the Amended and Restated Goldenberg Agreement is $0.6 million, which shall be reviewed annually for appropriate increases by the Board or the Compensation Committee. Dr. Goldenberg is also eligible to participate in the Company’s incentive compensation plan in place for its senior level executives. Dr. Goldenberg’s annual bonus target is 50% of his base salary, subject to achievement of performance goals established by the Compensation Committee, with a potential payout from 0 to 150% of the target amount. For the 2016 fiscal year, the strategic goal to out-license sacituzumab govitecan was not met. Taking into account the importance to the Company of out-licensing sacituzumab govitecan, the Compensation Committee determined that although certain individual performance goals were met, the Company’s overall strategic plan had not been accomplished and, therefore, that any cash incentive payment that Dr. Goldenberg was eligible for, based on his performance during 2016, would not be granted. Dr. Goldenberg will also be eligible to receive equity compensation awards under the Plan, or any such successor equity compensation plan as may be in place from time to time, at the discretion of the Compensation Committee. In lieu of any annual performance equity or equity-based grants throughout the term of the Amended and Restated Goldenberg Agreement, Dr. Goldenberg received a grant of 1,500,000 Restricted Stock Units (as such term is defined in the Plan), which shall vest, if at all, after the three 3 year period commencing on the grant date of July 14, 2015, provided the applicable milestones based on achievement of certain market conditions (stock prices) are met and conditioned upon Dr. Goldenberg's continued employment through the vesting period, subject to the terms and conditions of the Restricted Stock Units Notice and the Restricted Stock Units Agreement and such other terms and conditions as set forth in the grant agreement. Dr. Goldenberg is also eligible to receive certain additional incentive compensation during the agreement term. For any fiscal year in which the Company records an annual net loss, Dr. Goldenberg shall receive a sum equal to 0.75% of the consideration the Company receives from any licensing agreement, sale of intellectual property or similar transaction with any third party, with certain exceptions as defined in the Goldenberg Agreement. For any fiscal year in which the Company records net income, Dr. Goldenberg shall receive a sum equal to 1.50% of the Company’s Annual Net Revenue as defined in the Goldenberg Agreement for each such fiscal year, and thereafter throughout the non-competition period, as described in the Agreement. Dr. Goldenberg is also eligible to receive royalty payments on royalties received by the Company. For each fiscal year the Company shall pay Dr. Goldenberg a sum equal to a percentage of the annual royalties the Company receives on each of the products for which Dr. Goldenberg is an Inventor, and all products using, related to or derived from products for which Dr. Goldenberg is an Inventor. The percentage of royalties that the Company will pay to Dr. Goldenberg on each patented product will be determined based on the percentage of royalties that the Company must pay to external third parties. Dr. Goldenberg is also eligible to receive minimum payments of $150 thousand during each of the fiscal years, payable in equal quarterly payments, as an advance against the amounts due as additional incentive compensation, royalty payments and dispositions of undeveloped assets. In the event the Company completes a disposition of the Company’s undeveloped assets for which Dr. Goldenberg was an Inventor, the Company will pay Dr. Goldenberg a sum equal to at least twenty percent or more of the consideration the Company receives from each disposition. The Company’s obligation to compensate Dr. Goldenberg upon dispositions of undeveloped assets applies to all dispositions of such assets completed within the contract term or within three years thereafter. For the 2016, 2015 and 2014 fiscal years, Dr. Goldenberg received the minimum payment under the employment agreement. Dr. Goldenberg also is compensated by IBC Pharmaceuticals as discussed in greater detail below. Cynthia L. Sullivan Effective July 1, 2014, the Company entered into the Fifth Amended and Restated Employment Agreement with Cynthia L. Sullivan pertaining to Ms. Sullivan’s service to the Company as the Company’s President and Chief Executive Officer (the “Amended Sullivan Agreement”), which terminates on June 30, 2017. Ms. Sullivan’s current annual base salary under the Amended Sullivan Agreement is $0.7 million, which is reviewed annually for appropriate increases by the Board or the Compensation Committee. Ms. Sullivan’s annual bonus target is 50% of her base salary, subject to achievement of performance goals, with a potential payout from 0% to 150% of the target amount. For the 2016 fiscal year, the strategic goal to out-license sacituzumab govitecan was not met. Taking into account the importance to the Company of out-licensing sacituzumab govitecan, the Compensation Committee determined that although certain individual performance goals were met, the Company’s overall strategic plan had not been accomplished and, that any cash incentive payment that Ms. Sullivan was eligible for, based on her performance during 2016, would not be granted. Ms. Sullivan is also eligible to receive equity compensation awards under the Plan, or any such successor equity compensation plan as may be in place from time to time. The Board of Directors of the Company has determined not to renew the Amended Sullivan Agreement, and Ms. Sullivan will step down upon the Company’s filing for Accelerated Approval of IMMU-132 to the Food and Drug Administration, which is expected to occur in mid-2017. Accordingly, the Governance and Nominating Committee of the Board has initiated a search for a new Chief Executive Officer, with the assistance of a leading, independent, executive search firm. Change of Control Agreements Certain executives have Change of Control Agreements, whereby if a majority of a new board of directors is constituted by newly elected board members not endorsed by the Company’s current Board of Directors, and if, subsequent to such a change, there is a significant change in the responsibilities or employment status of these executives, then severance provisions included in their Change of Control Agreements could be triggered. These severance provisions could result in accelerated vesting of equity compensation and significant, unbudgeted, cash severance payments. Legal Matters The following is a summary of legal matters that are outstanding: Patent litigation: Immunomedics filed a first amended complaint on October 22, 2015 and a second amended complaint on January 14, 2016 in the United States District Court for the District of New Jersey, against Roger Williams Medical Center (“RWMC”), Richard P. Junghans, M.D., Ph.D. and Steven C. Katz, M.D. The second amended complaint alleges that RWMC and Dr. Junghans breached a Material Transfer Agreement (“MTA”) through which it provided to them a monoclonal antibody known as MN-14 and related materials. Defendants are alleged to have breached the MTA and to have been negligent by, among other things, using the materials beyond the agreed-upon Research Project, sharing confidential information, failing to provide Immunomedics with a right of first refusal, failing to notify Immunomedics of intended publications prior to publishing, and refusing to return the materials upon request. Immunomedics also asserts defendants: claims of conversion, tortious interference, unjust enrichment, and infringement of three patents owned by Immunomedics. On January 28, 2016, defendants filed an Answer to the Second Amended Complaint. On October 12, 2016, Immunomedics filed a Third Amended Complaint, and further added as defendants Sorrento Therapeutics, Inc. and its subsidiaries TNK Therapeutics, Inc., BDL Products, Inc., and CARgenix Holdings, LLC. Defendants Junghans, Katz, and RWMC subsequently moved to dismiss for failure to state a claim on November 14, 2016, but this motion was denied on January 4, 2017. On December 2, 2016, Sorrento, TNK, BDL, and CARgenix moved to dismiss for lack of personal jurisdiction over them in New Jersey. The court granted this motion on January 25, 2017. On January 20, 2017, the court held a Markman hearing to construe the claims in the patents in suit. A decision on claim construction is currently pending and is expected to issue shortly. Immunomedics and defendants are currently engaged in fact discovery and the exchange of patent disclosures. Stockholder complaints: Class Action Stockholder Federal Securities Cases Two purported class action cases have been filed in the United States District Court for the District of New Jersey; namely, Fergus v. Immunomedics, Inc., et al., No. 2:16-cv-03335, filed June 9, 2016; and Becker v. Immunomedics, Inc., et al., No. 2:16-cv-03374, filed June 10, 2016. These cases arise from the same alleged facts and circumstances, and seek class certification on behalf of purchasers of our common stock between April 20, 2016 and June 2, 2016 (with respect to the Fergus matter) and between April 20, 2016 and June 3, 2016 (with respect to the Becker matter). These cases concern the Company's statements in press releases, investor conference calls, and SEC filings beginning in April 2016 that the Company would present updated information regarding its IMMU-132 breast cancer drug at the 2016 American Society of Clinical Oncology ("ASCO") conference in Chicago, Illinois. The complaints allege that these statements were false and misleading in light of June 2, 2016 reports that ASCO had cancelled the presentation because it contained previously reported information. The complaints further allege that these statements resulted in artificially inflated prices for our common stock, and that the Company and certain of its officers are thus liable under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. An order of voluntarily dismissal without prejudice was entered on November 10, 2016 in the Becker matter. As of the date hereof, service of the initiating papers in the Fergus matter has not been made on the Company. Stockholder Derivative Action in the Superior Court of New Jersey On October 3, 2016, plaintiff commenced an action captioned Rosenfeld v. Goldenberg, et al., No. L-2200-16, alleging the same underlying facts and circumstances as in the pending federal securities class action, the Fergus matter. Specifically, this action concerns the Company’s statements in press releases, investor conference calls, and SEC filings beginning in April 2016 that the Company would present updated information regarding its IMMU-132 breast cancer drug at the 2016 ASCO conference in Chicago, Illinois. The complaint alleges that these statements were false and misleading in light of the June 2, 2016 reports that ASCO had cancelled the presentation because it contained previously reported information. The complaint further alleges that these statements resulted in artificially inflated prices for our common stock, and that certain directors and officers of the Company breached their fiduciary duties to the Company. In addition to monetary damages, the complaint seeks to require the Company to reform its corporate governance and internal procedures. As of the date hereof, service of the initiating papers has not been made on the Company. Class Action Stockholder Claim in the Court of Chancery of the State of Delaware On December 13, 2016, plaintiff commenced an action captioned Desanctis v. Goldenberg, C.A. No. 12981-VCL (Del. Ch. Ct.), alleging that the Company's Board of Directors failed to comply with Delaware law and breached their fiduciary duties when it rescheduled the Immunomedics 2016 Annual Meeting of Stockholders from December 14, 2016 to February 16, 2017. On December 22, 2016, the Delaware Court of Chancery refused to schedule an expedited hearing in the action and concluded that plaintiff failed to carry his burden of demonstrating that he had pleaded a colorable claim and that there was a threat of irreparable harm. The Court further stated that the Complaint failed to demonstrate that the Board's actions were unreasonable when it rescheduled the Annual Meeting in response to the proxy contest initiated by venBio Select Advisor LLC. Other matters: Immunomedics is also a party to various claims and litigation arising in the normal course of business, which includes some or all of certain of its patents. While it is not possible to determine the outcome of these matters, the Company believes that the resolution of all such matters will not have a material adverse effect on its consolidated financial position or liquidity, but could possibly be material to its consolidated results of operations in any one accounting period. Proxy Contest On November 16, 2016, venBio Select Advisor LLC and Behzad Aghazadeh (collectively, “venBio”), filed with the SEC a preliminary proxy statement on Schedule 14A for the purpose of electing four individuals nominated by venBio as directors of the Company at the Company’s 2016 annual meeting of stockholders, scheduled to be held on February 16, 2017. On December 6, 2016, venBio filed with the SEC its definitive proxy statement. If a settlement with venBio is not reached prior to the 2016 annual meeting, it is possible that the venBio nominees could constitute a majority of the Company’s board of directors following the 2016 annual meeting. Responding to the proxy contest is costly and time-consuming and will result, regardless of the outcome, in significant additional costs. The expenses for legal and advisory fees and administrative and associated costs incurred in connection with responding to proxy contests and any related litigation will be substantial. In addition, as a result of the proxy contest, the Company may choose to initiate, or may become subject to, litigation as a result of the proxy contest or matters arising from the proxy contest, which would require the Company to incur significant additional costs.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies
Principles of Consolidation and Presentation	Principles of Consolidation and Presentation The condensed consolidated financial statements include the accounts of Immunomedics and its subsidiaries. Noncontrolling interests in consolidated subsidiaries in the condensed consolidated balance sheets represent minority stockholders’ proportionate share of the deficit in such subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Financial Instruments	Financial Instruments The carrying amounts of cash and cash equivalents, other current assets and current liabilities approximate fair value due to the short-term maturity of these instruments. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Marketable Securities	Marketable Securities Marketable securities, all of which are available-for-sale, consists of corporate debt securities, U.S. bonds, U.S. sponsored agencies and municipal bonds. Corporate debt securities include Eurodollar issues of U.S. corporations, and U.S. dollar denominated issues of foreign corporations. Marketable securities are carried at fair value, with unrealized gains and losses, net of related income taxes, reported as accumulated other comprehensive loss, except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net loss and are included in interest and other income (net), at which time the average cost basis of these securities are adjusted to fair value. Fair values are based on quoted market prices at the reporting date. Interest and dividends on available-for-sale securities are included in interest and other income (net).
Inventory	Inventory Inventory, which consists of raw materials, work-in-process and the finished product of LeukoScan ® , is stated at the lower of cost (which approximates first-in, first-out) or market, and includes materials, labor and manufacturing overhead.
Revenue Recognition	Revenue Recognition The Company has accounted for revenue arrangements that include multiple deliverables as a separate unit of accounting if both of the following criteria are met: a) the delivered item has value to the customer on a standalone basis, and b) if the right of return exists, delivery of the undelivered items is considered probable and substantially in the control of the vendor. If these criteria are not met, the revenue elements must be considered a single unit of accounting for purposes of revenue recognition. The Company allocates revenue consideration, excluding contingent consideration, based on the relative selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Relative selling prices are determined using vendor specific objective evidence, if it exists; otherwise third-party evidence or the Company’s best estimate of selling price is used for each deliverable. Payments received under contracts to fund certain research activities are recognized as revenue in the period in which the research activities are performed. Payments received in advance that are related to future performance are deferred and recognized as revenue when the research projects are performed. Upfront nonrefundable fees associated with license and development agreements where the Company has continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. The Company estimates the period of continuing involvement based on the best evidential matter available at each reporting period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. In order to determine the revenue recognition for contingent milestones, the Company evaluates the contingent milestones using the criteria as provided by the Financial Accounting Standards Boards (“FASB”) guidance on the milestone method of revenue recognition, as explained in ASU 2010-17, “ Milestone Method of Revenue Recognition,” at the inception of a collaboration agreement. The criteria requires that (i) the Company determines if the milestone is commensurate with either its performance to achieve the milestone or the enhancement of value resulting from the Company’s activities to achieve the milestone, (ii) the milestone be related to past performance, and (iii) the milestone be reasonable relative to all deliverable and payment terms of the collaboration arrangement. If these criteria are met then the contingent milestones can be considered as substantive milestones and will be recognized as revenue in the period that the milestone is achieved. Royalties are recognized as earned in accordance with the terms of various research and collaboration agreements. Revenue from the sale of diagnostic products is recorded when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable or collectability is reasonably assured. Allowances, if any, are established for uncollectible amounts, estimated product returns and discounts. Since allowances are recorded based on management’s estimates, actual amounts may be different in the future.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Costs incurred for clinical trials for patients and investigators are expensed as services are performed in accordance with the agreements in place with the institutions.
Reimbursement of Research & Development Costs	Reimbursement of Research & Development Costs Research and development costs that are reimbursable under collaboration agreements are included as a reduction of research and development expenses. The Company records these reimbursements as a reduction of research and development expenses as the Company’s partner in the collaboration agreement has the financial risks and responsibility for conducting these research and development activities.
Stock-Based Compensation	Stock-Based Compensation The Company utilizes stock-based compensation in the form of stock options, stock appreciation rights, stock awards, stock unit awards, performance shares, cash-based performance units and other stock-based awards, each of which may be granted separately or in tandem with other awards. The grant-date fair value of stock awards is based upon the underlying price of the stock on the date of grant. The grant-date fair value of stock option awards must be determined using an option pricing model. Option pricing models require the use of estimates and assumptions as to (a) the expected term of the option, (b) the expected volatility of the price of the underlying stock and (c) the risk-free interest rate for the expected term of the option. The Company uses the Black-Scholes-Merton option pricing formula for determining the grant-date fair value of such awards. The expected term of the option is based upon the contractual term and expected employee exercise and expected post-vesting employment termination behavior. The expected volatility of the price of the underlying stock is based upon the historical volatility of the Company’s stock computed over a period of time equal to the expected term of the option. The risk free interest rate is based upon the implied yields currently available from the U.S. Treasury yield curve in effect at the time of the grant. Pre-vesting forfeiture rates are estimated based upon past voluntary termination behavior and past option forfeitures. The following table sets forth the weighted-average assumptions used to calculate the fair value of options granted for the six-month periods ended December 31, 2016 and 2015: Six Months Ended December 31, 2016 2015 Expected dividend yield 0% 0% Expected option term (years) 5.05 5.03 Expected stock price volatility 62% 56% Risk-free interest rate 1.16% - 1.91% 1.28% - 1.64% The Company uses historical data to estimate forfeitures. The expected term of options granted represents the period of time that options granted are expected to be outstanding. Expected stock price volatility was calculated based on the Company’s daily stock trading history. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Changes in any of these assumptions could impact, potentially materially, the amount of expense recorded in future periods related to stock-based awards.
Common stock warrants	Common Stock Warrants In connection with a public offering in October 2016, the Company issued warrants and recorded them as liability due to certain net cash settlement provisions. The warrants were recorded at fair value using the Black-Scholes valuation model. The Black-Scholes valuation model takes into account, as of the valuation date, factors including the current exercise price, the term of the warrant, the current price of the underlying stock and its expected volatility, expected dividends on the stock, and the risk-free interest rate for the term of the warrant. These warrants are subject to re-measurement at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in the fair value of warrant liability” in the consolidated statements of operations.
Income Taxes	Income Taxes The Company uses the asset and liability method to account for income taxes, including the recognition of deferred tax assets and deferred tax liabilities for the anticipated future tax consequences attributable to differences between financial statement amounts and their respective tax bases. The Company reviews its deferred tax assets for recovery. A valuation allowance is established when the Company believes that it is more likely than not that its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. The Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2016. At June 30, 2016, the Company has available net operating loss carry forwards for federal income tax reporting purposes of approximately $288.7 million and for state income tax reporting purposes of approximately $108.5 million, which expire at various dates between fiscal 2017 and 2036. Pursuant to Section 382 of the Internal Revenue Code of 1986, as amended, the annual utilization of a company’s net operating loss and research credit carry forwards may be limited if the Company experiences a change in ownership as defined in Section 382 of the Internal Revenue Code. The Company’s net operating loss carry forwards available to offset future federal taxable income arising before such ownership changes may be limited. Similarly, the Company may be restricted in using its research credit carry forwards arising before such ownership changes to offset future federal income tax expense. The Company’s U.S. operations reported net losses for the three and six-month periods ended December 31, 2016 and 2015, resulting in tax benefits that were fully offset by valuation allowances. The foreign jurisdictions during the three and six-month periods ended December 31, 2016 reported a net loss, resulting in a tax benefit that was fully offset by a valuation allowance. Income taxes provided for profitable foreign jurisdictions during the three-month period ended September 30, 2015 were reversed as a result of the net loss for the six-month period ended December 31, 2015 with respect to such jurisdictions. During the three and six-month periods ended December 31, 2015, the Company sold certain State of New Jersey State Net Operating Losses (“NOL”) and Research and Development (“R&D”) tax credits through the New Jersey Economic Development Authority Technology Business Tax Certificate Transfer Program. Pursuant to such sale, during the three and six-month periods ended December 31, 2015, the Company recorded a tax benefit of $3.2 million as a result of its sale of approximately $35.9 million of New Jersey State NOL and $1.3 million of New Jersey R&D tax credits. There was no such sale during the current fiscal year. The Company has no liability for uncertain tax positions as of December 31, 2016.
Net Loss Per Share Allocable to Common Stockholders	Net Loss Per Share Allocable to Common Stockholders Net loss per basic and diluted common share allocable to common stockholders is based on the net loss for the relevant period, divided by the weighted-average number of common shares outstanding during the period. For purposes of the diluted net loss per common share calculations, the exercise or conversion of all potential common shares is not included because their effect would have been anti-dilutive, due to the net loss recorded for the three and six-month periods ended December 31, 2016 and 2015. The common stock equivalents excluded from the diluted per share calculation are 30,900,783 and 27,902,219 shares at December 31, 2016 and 2015, respectively.
Net Comprehensive Loss	Net Comprehensive Loss Net comprehensive loss consists of net loss, unrealized loss on available for sale securities and foreign exchange translation adjustments and is presented in the condensed consolidated statements of comprehensive loss.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Clarification of Certain Cash Receipts and Cash Payments”, which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. ASU 2016-15 provides for retrospective application for all periods presented. The Company is assessing ASU 2016-15’s impact and will adopt it when effective. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Public companies will be required to adopt this standard in annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period provided that the entire standard is adopted. The Company does not expect ASU 2016-09 to have a material impact on the consolidated financial statement presentation. In February 2016, the FASB issued ASU 2016-02, “ Leases ”. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early application is permitted. The Company is assessing ASU 2016-02’s impact and will adopt it when effective. In August 2014, the FASB issued ASU 2014-15, “ Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ”. This guidance clarifies that an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The amendments in this update are effective for annual reporting periods ending after December 15, 2016, and annual and interim periods thereafter, and early application is permitted. The Company is assessing ASU 2014-15’s impact and will adopt it when effective. On May 28, 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, ” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, with the issuance of ASU 2015-14, the FASB amended the effective date of this ASU to fiscal years beginning after December 15, 2017, and early adoption is permitted only for fiscal years beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is assessing ASU 2014-09’s impact and will adopt it when effective.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies
Schedule of Options Weighted-Average Assumptions	The following table sets forth the weighted-average assumptions used to calculate the fair value of options granted for the six-month periods ended December 31, 2016 and 2015: Six Months Ended December 31, 2016 2015 Expected dividend yield 0% 0% Expected option term (years) 5.05 5.03 Expected stock price volatility 62% 56% Risk-free interest rate 1.16% - 1.91% 1.28% - 1.64%

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Dec. 31, 2016
Marketable Securities
Components of Marketable Securities	Marketable securities at December 31, 2016 consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ $ $ — $ Certificate of Deposits — U.S. Government Sponsored Agencies — Corporate Debt Securities $ $ $ $ Marketable securities at June 30, 2015 consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ $ $ — $ Certificate of Deposits — U.S. Government Sponsored Agencies — Corporate Debt Securities $ $ $ $
Maturities of Debt Securities Classified as Available-for-Sale	Maturities of debt securities classified as available-for-sale were as follows at December 31, 2016 (in thousands): Net Carrying Fair Value Amount Due within one year $ $ Due after one year through five years — — $ $ Maturities of debt securities classified as available-for-sale were as follows at June 30, 2015 (in thousands): Net Carrying Fair Value Amount Due within one year $ $ Due after one year through five years — — $ $

Estimated Fair Value of Finan22

Estimated Fair Value of Financial Instruments (Tables)	6 Months Ended
	Dec. 31, 2016
Estimated Fair Value of Financial Instruments
Financial Instruments Recorded on Condensed Consolidated Balance Sheets	Cash equivalents and marketable securities: ($ in thousands) December 31, 2016 Level 1 Level 2 Level 3 Total Money Market Funds Note (a) $ $ — $ — $ Marketable Securities: U.S. Treasury Bonds — — Certificate of Deposits — — U.S. Government Sponsored Agencies — — Corporate Debt Securities — — Commercial Paper — — Total $ $ — $ — $ ($ in thousands) June 30, 2016 Level 1 Level 2 Level 3 Total Money Market Funds Note (a) $ $ — $ — $ Marketable Securities: U.S. Treasury Bonds — — Certificate of Deposits — — U.S. Government Sponsored Agencies — — Corporate Debt Securities — — Total $ $ — $ — $
Schedule of Carrying Amounts and Estimated Fair Values (Level 2) of Debt Instruments	The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows (in thousands): As of December 31, 2016 As of June 30, 2016 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Convertible Senior Notes $ $ $ $
Schedule of changes in the estimated fair value for the warrant liability	October 11, December 31, 2016 2016 Risk-free interest rate 0.87% 1.20% Expected remaining term 2.0 years 1.78 years Expected volatility 75.00% 77.87% Dividend yield 0% 0%
Schedule of assumptions used in estimating fair value of the warrant liability	Level 2 Fair value – July 1, 2016 $ — Additions, pursuant to October 11, 2016 public offering Change in fair value Fair value – December 31, 2016 $

Accumulated Other Comprehensi23

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Dec. 31, 2016
Stockholders' Deficit [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss were as follows (in thousands): Currency Net Unrealized Gains Accumulated Other Translation (Losses) on Available- Comprehensive Adjustments for-Sale Securities (Loss) Income Balance, July 1, 2016 $ $ $ Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive income (a) — Net current-period other comprehensive income Balance, December 31, 2016 $ $ $ Balance, July 1, 2015 $ $ $ Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss (a) — Net current-period other comprehensive loss Balance, December 31, 2015 $ $ $ (a) For the six-month periods ended December 31, 2016 and 2015, a $15 thousand loss and a $2 thousand gain were reclassified from accumulated other comprehensive loss to interest and other income, respectively.

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	6 Months Ended
	Dec. 31, 2016
Stockholders' Deficit [Abstract]
Summary of options activity	Information concerning options for the six-month period ended December 31, 2016 is summarized as follows: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life Value (in 000’s) Outstanding, July 1, 2016 $ Granted $ Exercised $ Cancelled or forfeited $ Outstanding, December 31, 2016 $ 3.66 $ Exercisable, December 31, 2016 $ 2.81 $
Summary of RSU and PSU activity	A summary of the Company’s non-vested restricted and performance stock units at December 31, 2016, and changes during the six-month period ended December 31, 2016 are presented below: Weighted-Average per Share of Outstanding Non-Vested Market Value on Restricted and Performance Stock Units Number of Awards Grant Date Non-vested at July 1, 2016 $ Restricted Units Granted (a) $ Vested/Exercised $ Cancelled $ Non-vested at December 31, 2016 $ (a) For the six-month period ended December 31, 2016, 106,061 restricted stock units were awarded to the Company’s President and Chief Executive Officer.

Geographic Segments (Tables)

Geographic Segments (Tables)	6 Months Ended
	Dec. 31, 2016
Geographic Segments
Financial Information Based on Geographic Location of Facilities	As of and for the three months ended December 31, 2016 United States Europe Total Total assets $ $ $ Property and equipment, net Revenues Loss before taxes As of and for the three months ended December 31, 2015 United States Europe Total Total assets $ $ $ Property and equipment, net Revenues Loss before taxes As of and for the six months ended December 31, 2016 United States Europe Total Revenues $ $ $ Loss before taxes As of and for the six months ended December 31, 2015 United States Europe Total Revenues $ $ $ Loss before income tax expense

Business Overview and Basis o26

Business Overview and Basis of Presentation (Details) $ in Millions	6 Months Ended
	Dec. 31, 2016USD ($)subsidiary	Nov. 16, 2016director
Number of subsidiaries | subsidiary	2
Cash, cash equivalents and marketable securities | $	$ 46.6
Board Members [Member] | VenBio [Member]
Number of individuals nominated as directors | director		4

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Significant Accounting Policies [Line Items]
Highly liquid investments, original maturity period		3 months
Deferred Tax Assets, Operating Loss Carryforwards, Domestic				$ 288,700,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local				$ 108,500,000
Income tax benefit	$ 3,204,250		$ 3,185,000
Liability for uncertain tax positions		$ 0
Common stock equivalents excluded from the diluted per share calculation		30,900,783	27,902,219
New Jersey Division of Taxation [Member]
Significant Accounting Policies [Line Items]
Income tax benefit	3,200,000		$ 3,200,000
Net operating loss	35,900,000		35,900,000
NOLs and/or R&D tax credits sold		$ 0
New Jersey Division of Taxation [Member] | Research Tax Credit Carryforward [Member]
Significant Accounting Policies [Line Items]
Research and development credits	$ 1,300,000		$ 1,300,000
Minimum [Member]
Significant Accounting Policies [Line Items]
Operating Loss Carry Forward Expiration Year		2,017
Maximum [Member]
Significant Accounting Policies [Line Items]
Operating Loss Carry Forward Expiration Year		2,036

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Schedule of Options (Details)	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Stock Incentive Plan
Expected dividend yield	0.00%	0.00%
Expected option term (years)	5 years 18 days	5 years 11 days
Expected stock price volatility	62.00%	56.00%
Risk-free interest rate, minimum	1.16%	1.28%
Risk-free interest rate, maximum	1.91%	1.64%

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 41,620	$ 37,384
Gross Unrealized Gain	3	42
Gross Unrealized (Loss)	(21)	(2)
Fair Value	41,602	37,424
Certificates of Deposits
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,362	3,000
Gross Unrealized Gain	1	3
Fair Value	5,363	3,003
Commercial Paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,512
Gross Unrealized (Loss)	(2)
Fair Value	7,510
U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,700	5,059
Gross Unrealized Gain	1	6
Gross Unrealized (Loss)	(5)
Fair Value	9,696	5,065
U.S. Government Sponsored Agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,309	14,311
Gross Unrealized Gain	1	31
Gross Unrealized (Loss)	(3)
Fair Value	9,307	14,342
Corporate Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,737	15,014
Gross Unrealized Gain		2
Gross Unrealized (Loss)	(11)	(2)
Fair Value	$ 9,726	$ 15,014

Marketable Securities - Maturit

Marketable Securities - Maturities of Debt Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Marketable Securities
Fair Value, Due within one year	$ 41,602	$ 37,424
Fair Value	41,602	37,424
Net Carrying Amount, Due within one year	41,748	37,601
Net Carrying Amount	$ 41,748	$ 37,601

Convertible Senior Notes (Detai

Convertible Senior Notes (Details) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2015USD ($)$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Amortization of debt issuance costs				$ 364,911	$ 364,911
4.75% Convertible Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100,000,000
Net proceeds from debt	96,300,000
Debt issuance costs	$ 3,700,000
Frequency of interest payments				Interest at 4.75% is payable semiannually on February 15 and August 15
Debt instrument, stated percentage	4.75%
Debt instrument, effective interest rate		5.48%		5.48%
Number of shares issuable under conversion of debt | shares	19.6
Debt conversion ratio				0.1958336
Conversion price of debt | $ / shares	$ 5.11
Percentage of principal amount redeemable	100.00%
Interest expense		$ 1,400,000	$ 2,700,000	$ 1,400,000	2,700,000
Amortization of debt issuance costs		$ 200,000	$ 400,000	$ 200,000	$ 400,000

Warrant Liability (Details)

Warrant Liability (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Oct. 11, 2016
Class of Warrant or Right [Line Items]
Warrant liability	$ 14,543,343	$ 14,543,343
Changes in fair value of warrant liability	7,230,340	7,230,340
Warrant Liability
Class of Warrant or Right [Line Items]
Warrant liability	$ 14,500,000	$ 14,500,000	$ 7,300,000

Estimated Fair Value of Finan33

Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 45,363	$ 47,436
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	3,761	10,012
U.S. Treasury Bonds | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	9,696	5,065
Certificates of Deposits | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	5,363	3,003
U.S. Government Sponsored Agencies | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	9,307	14,342
Corporate Debt Securities | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	9,726	15,014
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	7,510
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	45,363	47,436
Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	3,761	10,012
Level 1 | U.S. Treasury Bonds | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	9,696	5,065
Level 1 | Certificates of Deposits | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	5,363	3,003
Level 1 | U.S. Government Sponsored Agencies | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	9,307	14,342
Level 1 | Corporate Debt Securities | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	9,726	$ 15,014
Level 1 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 7,510

Estimated Fair Value of Finan34

Estimated Fair Value of Financial Instruments - Schedule of Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Senior Notes	$ 97,719	$ 97,354
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Senior Notes	$ 93,877	$ 71,359

Estimated Fair Value of Finan35

Estimated Fair Value of Financial Instruments - Warrant Liability (Details) - USD ($) $ / shares in Units, shares in Millions	Oct. 11, 2016	Dec. 31, 2016	Dec. 31, 2016
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	10
Exercise price of warrant	$ 3.75
Changes in the estimated fair value for warrant liability
Changes in fair value of warrant liability		$ 7,230,340	$ 7,230,340
Warrant Liability
Fair value assumptions for warrants
Risk-free interest rate	0.87%		1.20%
Expected remaining term	2 years		1 year 9 months 11 days
Expected volatility	75.00%		77.87%
Dividend yield	0.00%		0.00%
Warrant Liability | Level 2
Changes in the estimated fair value for warrant liability
Additions, pursuant to October 11, 2016 public offering			$ 7,313,000
Changes in fair value of warrant liability			7,230,000
Fair value at end of period		$ 14,543,000	$ 14,543,000

Stockholders' Deficit (Details)

Stockholders' Deficit (Details) - USD ($) $ / shares in Units, shares in Millions	Oct. 11, 2016	Dec. 31, 2016	Jun. 30, 2016
Shares that warrants can purchase	10
Common stock, par value	$ 3	$ 0.01	$ 0.01
Gross proceeds from sale of common stock	$ 30,000,000
Net proceeds from sale of common stock	$ 28,600,000	$ 28,578,473
Exercise price of warrant	$ 3.75
Over-Allotment Option
Underwritten public offering	10

Accumulated Other Comprehensi37

Accumulated Other Comprehensive (Loss) Income - (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning, Balance			$ (132,226)	$ (161,000)
Other comprehensive income (loss) before reclassifications			38,000	(115,000)
Amounts reclassified from accumulated other comprehensive income (loss)			15,000	(2,000)
Net current-period other comprehensive income (loss)	$ 48,361	$ (167,703)	52,860	(116,538)
Ending, Balance	(79,366)	(278,000)	(79,366)	(278,000)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning, Balance			(172,000)	(173,000)
Other comprehensive income (loss) before reclassifications			111,000	(37,000)
Net current-period other comprehensive income (loss)			111,000	(37,000)
Ending, Balance	(61,000)	(210,000)	(61,000)	(210,000)
Net Unrealized Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning, Balance			40,000	12,000
Other comprehensive income (loss) before reclassifications			(73,000)	(78,000)
Amounts reclassified from accumulated other comprehensive income (loss)			15,000	(2,000)
Net current-period other comprehensive income (loss)			(58,000)	(80,000)
Ending, Balance	$ (18,000)	$ (68,000)	$ (18,000)	$ (68,000)

Accumulated Other Comprehensi38

Accumulated Other Comprehensive (Loss) Income - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassified from accumulated other comprehensive income	$ 69,756	$ 83,762	$ 154,962	$ 175,720
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassified from accumulated other comprehensive income			$ 15,000	$ 2,000

Stock Incentive Plan - (Details

Stock Incentive Plan - (Details) - $ / shares	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period	4 years
Contractual terms of stock option	7 years
Common stock reserved for possible future issuance upon exercise of stock options	15,645,708
Stock options available for future grants	5,991,336
Performance Units available for grant	9,654,372
Options granted, weighted average grant date fair value	$ 1.76	$ 1
Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual terms of stock option	7 years

Stock Incentive Plan - Summary

Stock Incentive Plan - Summary of Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2016USD ($)$ / sharesshares
Stock Incentive Plan
Number of Shares, Options outstanding, beginning of year | shares	4,015,895
Number of Shares, Options granted | shares	239,032
Number of Shares, Options exercised | shares	(54,621)
Number of Shares, Options cancelled or forfeited | shares	(196,288)
Number of Shares, Options outstanding, end of year | shares	4,004,018
Number of Shares, Options exercisable, end of year | shares	2,804,409
Weighted Average Exercise Price, Options outstanding, beginning of year | $ / shares	$ 3.42
Weighted Average Exercise Price, Options granted | $ / shares	3.31
Weighted Average Exercise Price, Options exercised | $ / shares	1.92
Weighted Average Exercise Price, Options cancelled or forfeited | $ / shares	4.25
Weighted Average Exercise Price, Options outstanding, end of year | $ / shares	3.39
Weighted Average Exercise Price, Options exercisable, end of year | $ / shares	$ 3.57
Weighted Average Remaining Contractual Life of outstanding stock options	3 years 7 months 28 days
Weighted Average Remaining Contractual Life of exercisable stock options	2 years 9 months 22 days
Aggregate Intrinsic Value of outstanding stock options | $	$ 1,925
Aggregate Intrinsic Value of exercisable stock options | $	$ 917

Stock Incentive Plan - Non-Vest

Stock Incentive Plan - Non-Vested Restricted and Performance Stock Units (Details)	6 Months Ended
	Dec. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at beginning of period | shares	2,066,041
Vested/Exercised | shares	(170,315)
Cancelled | shares	14,469
Non-vested at end of period | shares	1,987,318
Non-vested, Weighted-Average per Share of Market Value on Grant Date, Beginning balance | $ / shares	$ 2.57
Vested/Exercised, Weighted-Average per Share of Market Value on Grant Date | $ / shares	2.99
Cancelled, Weighted-Average per Share of Market Value on Grant Date | $ / shares	3.11
Non-vested, Weighted-Average per Share of Market Value on Grant Date, Ending balance | $ / shares	$ 2.57
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted | shares	106,061
Non-vested, Weighted-Average per Share of Market Value on Grant Date | $ / shares	$ 3.30

Stock Incentive Plan - Narrativ

Stock Incentive Plan - Narratives (Details) $ / shares in Units, $ in Thousands	Aug. 20, 2015$ / sharesshares	Dec. 31, 2016USD ($)itemshares	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)itemshares	Dec. 31, 2015USD ($)	Jun. 30, 2016shares	Jun. 30, 2015shares	Jul. 14, 2015shares	Jun. 30, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested options outstanding		3,186,927		3,186,927
Unrecognized compensation costs related to non-vested share-based compensation | $				$ 4,500
Weighted-average period recognized				2 years 1 month 6 days
Stock vesting period				4 years
Performance Units available for grant		9,654,372		9,654,372
Performance Units, awarded				170,315
Milestones | item		4		4
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units awarded				106,061
Unrecognized compensation costs related to non-vested share-based compensation | $				$ 1,700
Weighted-average period recognized				1 year 6 months 11 days
Stock-based compensation | $		$ 300	$ 300	$ 600	$ 500
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units awarded				126,706
Unrecognized compensation costs related to non-vested share-based compensation | $				$ 100
Weighted-average period recognized				1 year
Performance Units available for grant									389,864
Performance Units, awarded						136,453	116,959
Stock-based compensation | $		$ 47	100	$ 100	200
President and Chief Executive Officer | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units awarded				106,061
Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units awarded	214,205
Unrecognized compensation costs related to non-vested share-based compensation | $				$ 1,000
Restricted stock units, closing price | $ / shares	$ 1.76
Restricted stock units		9,746		9,746
Executive Officers [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related stock options | $		$ 100	200	$ 300	300
Stock vesting period	4 years
Executive Officers [Member] | Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period recognized				2 years 5 months 19 days
Employees, Executive Officers and Non-Employee Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related stock options | $		$ 700	$ 1,100		$ 2,000
Goldenberg Agreement [Member] | Employment Agreement [Member] | Restricted Units Vesting Based on Certain Market Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Units available for grant								1,500,000

Geographic Segments (Details)

Geographic Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Segment Reporting Information [Line Items]
Total assets	$ 53,124,449	$ 81,964,000	$ 53,124,449	$ 81,964,000	$ 56,950,268
Property and equipment, net	4,277,895	3,137,000	4,277,895	3,137,000	$ 3,969,163
Revenues	384,170	671,104	1,125,976	1,401,982
Loss before taxes	(24,448,163)	(16,976,872)	(40,677,056)	(32,373,661)
United States [Member]
Segment Reporting Information [Line Items]
Total assets	51,747,000	80,833,000	51,747,000	80,833,000
Property and equipment, net	4,195,000	3,109,000	4,195,000	3,109,000
Revenues	67,000	81,000	212,000	231,000
Loss before taxes	(24,334,000)	(16,761,000)	(40,433,000)	(32,188,000)
Europe [Member]
Segment Reporting Information [Line Items]
Total assets	1,377,000	1,131,000	1,377,000	1,131,000
Property and equipment, net	83,000	28,000	83,000	28,000
Revenues	317,000	590,000	914,000	1,171,000
Loss before taxes	$ (114,000)	$ (216,000)	$ (244,000)	$ (186,000)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Center for Molecular Medicine and Immunology [Member]
Related Party Transaction [Line Items]
Legal expenses incurred by the company	$ 1	$ 5	$ 4	$ 14
Goldenberg Agreement [Member]
Related Party Transaction [Line Items]
Compensation received for services	$ 10	$ 22	$ 20	$ 44

Collaboration Agreement (Detail

Collaboration Agreement (Details)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2016USD ($)	Jan. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)payment	Dec. 31, 2015USD ($)	Jun. 30, 2015USD ($)
Guarantor Obligations [Line Items]
Upfront cash payment and other payments received under collaboration agreement					$ 6,000,000
License fee and other revenues	$ 300,000	$ 300,000	$ 10,007	$ 25,403	$ 25,114	$ 36,228	$ 1,000,000
The Bayer Group (formerly Algeta ASA) [Member]
Guarantor Obligations [Line Items]
Period of time for prior written notice to exercise right to terminate agreement					3 months
Number of payments receivable per contract | payment					1

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jul. 14, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Guarantor Obligations [Line Items]
Stock vesting period				4 years
Goldenberg Agreement [Member]
Guarantor Obligations [Line Items]
Officers' Compensation		$ 10	$ 22	$ 20	$ 44
Additional compensation percentage				1.50%
Minimum annual advance payments against additional incentive compensation, royalty payments and dispositions of undeveloped assets				$ 150
Goldenberg Agreement [Member] | License Agreement [Member]
Guarantor Obligations [Line Items]
Additional compensation percentage				0.75%
Restricted Units Vesting Based on Certain Market Conditions [Member] | 2014 Long Term Incentive Plan [Member]
Guarantor Obligations [Line Items]
Restricted stock units granted in period	1,500,000
Stock vesting period	3 years
Employment Agreement [Member] | Goldenberg Agreement [Member]
Guarantor Obligations [Line Items]
Officers' Compensation				$ 600
Annual bonus target as percentage of base salary				50.00%
Employment Agreement [Member] | Goldenberg Agreement [Member] | Minimum [Member]
Guarantor Obligations [Line Items]
Potential bonus payout as a percent of the target amount				0.00%
Percent of consideration received by entity to be paid to Dr. Goldenberg in event of the disposition of undeveloped assets for which Dr. Goldenberg was an inventor				20.00%
Employment Agreement [Member] | Goldenberg Agreement [Member] | Maximum [Member]
Guarantor Obligations [Line Items]
Potential bonus payout as a percent of the target amount				150.00%
Employment Agreement [Member] | Sullivan Agreement [Member]
Guarantor Obligations [Line Items]
Officers' Compensation				$ 700
Annual bonus target as percentage of base salary				50.00%
Employment Agreement [Member] | Sullivan Agreement [Member] | Minimum [Member]
Guarantor Obligations [Line Items]
Potential bonus payout as a percent of the target amount				0.00%
Employment Agreement [Member] | Sullivan Agreement [Member] | Maximum [Member]
Guarantor Obligations [Line Items]
Potential bonus payout as a percent of the target amount				150.00%