Immunomedics (IMMU) 10-Q 8 Feb 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2017	Feb. 08, 2018
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
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		165,783,572

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Current Assets:
Cash and cash equivalents	$ 60,960,134	$ 43,393,570
Marketable securities	78,788,621	111,508,225
Accounts receivable, net of allowance for doubtful accounts of $12,589 at December 31, 2017 and $9,371 at June 30, 2017	343,304	488,723
Inventory	43,295	580,016
Prepaid expenses	4,738,063	891,284
Other current assets	3,720,228	436,344
Total current assets	148,593,645	157,298,162
Property and equipment, net of accumulated depreciation of $30,187,906 and $29,560,955 at December 31, 2017 and June 30, 2017, respectively	7,300,102	5,245,230
Other long-term assets	60,000	30,000
Total Assets	155,953,747	162,573,392
Current Liabilities:
Accounts payable and accrued expenses	19,993,297	31,366,976
Warrant liabilities	97,926,944	90,706,206
Deferred revenues	125,543	170,967
Total current liabilities	118,045,784	122,244,149
Convertible senior notes – net of unamortized debt issuance costs of $310,174 at December 31, 2017 and $1,915,781 at June 30, 2017	19,689,826	98,084,219
Other liabilities	1,768,950	1,708,272
Commitments and Contingencies (Note 13)
Stockholders’ Equity (Deficit):
Common stock, $.01 par value; authorized 250,000,000 shares; issued 161,303,041 shares and outstanding 161,268,316 shares at December 31, 2017; issued 110,344,643 shares and outstanding 110,309,918 shares at June 30, 2017	1,613,030	1,103,446
Capital contributed in excess of par	659,467,034	462,666,366
Treasury stock, at cost: 34,725 shares at December 31, 2017 and at June 30, 2017	(458,370)	(458,370)
Accumulated deficit	(642,973,148)	(521,710,899)
Accumulated other comprehensive loss	(401,085)	(302,710)
Total Immunomedics, Inc. stockholders' equity (deficit)	17,247,461	(58,692,167)
Noncontrolling interest in subsidiary	(798,274)	(771,081)
Total stockholders’ equity (deficit)	16,449,187	(59,463,248)
Total Liabilities and Stockholders' Equity (Deficit)	155,953,747	162,573,392
Convertible preferred stock
Stockholders’ Equity (Deficit):
Convertible preferred stock, $.01 par value; authorized 10,000,000 shares; no shares issued and outstanding at December 31, 2017 and 1,000,000 shares issued and outstanding at June 30, 2017		$ 10,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Accounts receivable, allowance for doubtful accounts	$ 12,589	$ 9,371
Property and equipment, accumulated depreciation	30,187,906	29,560,955
Unamortized debt issuance costs	$ 310,174	$ 1,915,781
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	161,303,041	110,344,643
Common stock, shares outstanding	161,268,316	110,309,918
Treasury stock, shares	34,725	34,725
Convertible preferred stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	1,000,000
Preferred stock, shares outstanding	0	1,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Product sales	$ 523,884	$ 316,968	$ 1,050,272	$ 914,482
License fee and other revenues	63,975	10,007	65,070	25,114
Research and development	9,425	57,195	172,432	186,380
Total revenues	597,284	384,170	1,287,774	1,125,976
Costs and Expenses:
Costs of goods sold	496,610	46,762	566,790	301,867
Research and development	25,495,536	12,748,026	42,837,064	27,273,890
Sales and marketing	1,189,884	185,075	1,415,984	400,931
General and administrative	2,842,379	2,763,956	7,492,682	3,455,540
Total costs and expenses	30,024,409	15,743,819	52,312,520	31,432,228
Operating loss	(29,427,125)	(15,359,649)	(51,024,746)	(30,306,252)
Changes in fair market value of warrant liabilities	26,768,251	(7,230,340)	(59,610,079)	(7,230,340)
Interest expense	(273,991)	(1,369,956)	(2,920,892)	(2,739,911)
Interest and other income, net	382,083	69,756	798,322	154,962
Other financing expenses		(346,568)		(346,568)
Loss on induced exchanges of debt			(13,005,329)
Insurance reimbursement			4,366,137
Foreign currency transaction gain, net	23,524	(211,406)	107,145	(208,947)
Loss before income tax benefit	(2,527,258)	(24,448,163)	(121,289,442)	(40,677,056)
Net loss	(2,527,258)	(24,448,163)	(121,289,442)	(40,677,056)
Less: Net loss attributable to noncontrolling interest	(13,662)	(779)	(27,193)	(31,824)
Net loss attributable to Immunomedics, Inc. stockholders	$ (2,513,596)	$ (24,447,384)	$ (121,262,249)	$ (40,645,232)
Loss per common share attributable to Immunomedics, Inc. stockholders (basic and diluted):	$ (0.02)	$ (0.23)	$ (0.88)	$ (0.41)
Weighted average shares used to calculate loss per common share (basic and diluted)	154,486,782	104,657,280	138,518,463	100,270,504
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	$ (15,506)	$ 73,708	$ (88,639)	$ 110,816
Unrealized gain (loss) on securities available for sale	(41,869)	(25,347)	(9,736)	(57,956)
Other comprehensive (loss) income, net of tax:	(57,375)	48,361	(98,375)	52,860
Comprehensive loss	(2,584,633)	(24,399,802)	(121,387,817)	(40,624,196)
Less comprehensive loss attributable to noncontrolling interest	(13,662)	(779)	(27,193)	(31,824)
Comprehensive loss attributable to Immunomedics, Inc. stockholders	$ (2,570,971)	$ (24,399,023)	$ (121,360,624)	$ (40,592,372)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (121,289,442)	$ (40,677,056)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of warrant liabilities	59,610,079	7,230,340
Loss on induced exchanges of debt	13,005,329
Depreciation and amortization	627,687	459,402
Amortization of deferred revenue	(90,194)	(25,114)
Amortization of bond premiums	(5,600)	159,469
Amortization of debt issuance costs	1,605,607	364,911
Amortization of deferred rent	60,678	27,128
(Gain) loss on sale of marketable securities	(286)	15,040
Increase (decrease) in allowance for doubtful accounts	3,218	(45,819)
Other		346,568
Non-cash expense related to stock compensation	1,342,936	1,445,806
Changes in operating assets and liabilities	(18,648,975)	(809,080)
Net cash used in operating activities	(63,778,963)	(31,508,405)
Cash flows from investing activities:
Purchases of marketable securities	(10,244,890)	(29,160,546)
Proceeds from sales/maturities of marketable securities	42,961,482	24,750,000
Purchases of property and equipment	(1,989,626)	(730,627)
Net cash provided by (used in) investing activities	30,726,966	(5,141,173)
Cash flows from financing activities:
Sale of common stock and warrants, net of related expenses	50,475,941	28,578,473
Exercise of stock options and warrants	665,097	105,133
Direct cost of raising equity	(527,258)
Tax withholding payments for stock compensation	(51,133)	(194,050)
Net cash provided by financing activities	50,562,647	28,489,556
Effect of changes in exchange rates on cash and cash equivalents	55,914	(32,287)
Net increase (decrease) in cash and cash equivalents	17,566,564	(8,192,309)
Cash and cash equivalents beginning of period	43,393,570	13,203,625
Cash and cash equivalents end of period	60,960,134	5,011,316
Supplemental disclosure of cash flow information:
Interest paid	2,375,000	2,375,000
Schedule of non-cash investing and financing activities:
Convertible Senior Notes converted to common stock	80,000,000
Accrued capital expenditures	1,054,255	$ 389,778
Reclass of warrant liability to capital contributed in excess of par	$ 52,389,321

Business Overview and Basis of

Business Overview and Basis of Presentation	6 Months Ended
	Dec. 31, 2017
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 and other serious diseases. Our corporate objective is to become a fully-integrated biopharmaceutical company and a leader in the field of antibody-drug conjugates (“ADCs”). To that end, our immediate priority is to commercialize our most advanced ADC product candidate, sacituzumab govitecan (“IMMU-132”), beginning in the U.S., with metastatic triple-negative breast cancer (“mTNBC”) as the first indication. W e plan to submit a Biologics License Application (“BLA”) to the United States Food and Drug Administration (“FDA”) by the end of May 2018 for accelerated approval of sacituzumab govitecan for the treatment of patients with mTNBC who have failed at least two prior therapies for metastatic disease. 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 of its LeukoScan ® product and coordinating clinical trials in Europe. The Company intends to discontinue the sale of LeukoScan ® during the third quarter, FY 2018 to focus on its ADC business. The accompanying condensed financial statements include results for its two foreign subsidiaries and its 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-month period ended December 31, 2017 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2018, or any other period. Immunomedics is subject to significant risks and uncertainties, including, without limitation, 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 may be unable to secure regulatory approval of and market its drug candidates; 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, 2017 the Company had $139.7 million in cash, cash equivalents and marketable securities. On January 8, 2018, the Company announced that it had agreed to sell tiered, sales-based royalty rights on global net sales of sacituzumab govitecan to Royalty Pharma for $175 million. Royalty Pharma also purchased $75 million in common stock of Immunomedics, at $17.15 per share, which represented a more than 15% premium over the stock’s 15-day trailing average closing price at that time. The total $250 million funding in addition to its cash balance as of December 31, 2017, provided Immunomedics with the resources required to support the Company’s next phase of growth as it focuses on developing sacituzumab govitecan in mTNBC, advanced urothelial cancer and other indications of high medical need and on further building its clinical, medical affairs, commercial and manufacturing infrastructure and to fund operations into 2020. During that time the Company plans to file a BLA with the FDA for accelerated approval of sacituzumab govitecan for patients with mTNBC in the U.S.; to continue manufacturing sacituzumab govitecan at a large scale to prepare for and supply commercial operations in the U.S.; to continue the Phase 3 ASCENT trial of sacituzumab govitecan for mTNBC patients, invest in further clinical development of sacituzumab govitecan and other pipeline assets, and to launch sacituzumab govitecan as a commercial product in the U.S. initially as a treatment for patients with mTNBC who have failed at least two prior therapies for metastatic disease. The Company will require additional funding in 2020 to complete its clinical trials currently underway or planned, to continue research and new development programs, to expand commercial applications for sacituzumab govitecan into earlier lines of therapy for mTNBC patients and for patients with other types of cancer indications, such as advanced urothelial cancer and other indications with high, unmet medical need, as a mono and combination therapy, and to continue operations. Potential sources of funding include the exercise of outstanding warrants, the entrance into various potential strategic partnerships towards advancing and maximizing the Company’s full pipeline for mTNBC and beyond, the sales and marketing of sacituzumab govitecan as a third-line therapy for mTNBC in the U.S. (pending the submission of the BLA and FDA’s approval), and potential equity and debt financing. Until the Company can generate significant cash through the exercise of outstanding warrants, the entrance into various potential strategic partnerships towards advancing and maximizing the Company’s full pipeline for mTNBC and beyond, or the sales and marketing of sacituzumab govitecan as a third-line therapy for mTNBC in the U.S. (pending the submission of the BLA and FDA’s approval), it expects to continue to fund its operations with its current financial resources. In 2020, if the Company cannot obtain sufficient funding through the exercise of outstanding warrants, the entrance into various potential strategic partnerships towards advancing and maximizing the Company’s full pipeline for mTNBC and beyond, or through the sales and marketing of sacituzumab govitecan as a third-line therapy for mTNBC in the U.S. (pending the submission of the BLA and FDA’s approval), 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, 2017
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, as amended on Form 10-K/A for the year ended June 30, 2017. 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. Reclassifications Certain amounts presented on the Company's prior year consolidated balance sheet have been reclassified to conform to current period classification. 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, consist 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 the raw materials, work-in-process and finished product of LeukoScan ® , is stated at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company will capitalize inventory costs associated with the Company’s product candidate, sacituzumab govitecan, after regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to the realized; otherwise, such costs are expensed as research and development. In addition, the Company’s product is subject to strict quality control and monitoring which the Company performs throughout the manufacturing process. If certain batches or units of product no longer meet quality specification or become obsolete due to expiration, the Company records a charge to cost of sales sold to write down such unmarketable inventory to zero. 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 option pricing formula for determining the grant-date fair value of such awards. The fair value of option awards that vest based on achievement of certain market conditions are determined using a Monte Carlo simulation technique. 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, 2017 and 2016: Six Months Ended December 31, 2017 2016 Expected dividend yield 0% 0% Expected option term (years) 4.84 years 5.05 years Expected stock price volatility 69% 62% Risk-free interest rate 1.72% - 2.14% 1.16% - 1.91% The following table sets forth weighted average assumptions used to calculate the fair value of options that vest based upon achievement of certain market conditions for the six-month period ended December 31, 2017. There were no awards that vest based upon achievement of certain market conditions for the six-month period ended December 31, 2016. Six Months Ended December 31, 2017 2016 Expected option term (years) 2.11 years 0 Expected stock price volatility 74% 0% Risk-free interest rate 1.93% 0.00% 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 certain financing transactions in October 2016 and February 2017, the Company issued warrants and recorded them as liabilities 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, 2017. At June 30, 2017, the Company has available net operating loss carry forwards for federal income tax reporting purposes of approximately $371.1 million and for state income tax reporting purposes of approximately $186.0 million, which expire at various dates between fiscal 2018 and 2037. 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 and foreign jurisdictions reported a net loss for the three-month periods ended December 31, 2017 and 2016, resulting in a tax benefit that was fully offset by a valuation allowance. The Company has no liability for uncertain tax positions as of December 31, 2017. The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017. Among its numerous changes to the Internal Revenue Code, the Act reduces U.S. corporate rates from 35% to 21%. Additionally, the Act limits the use of net operating loss carry backs, however any future net operating losses will instead be carried forward indefinitely. Only 80% of current income will be able to be offset with a net operating loss carryforward, with the remainder of the net operating loss continuing to carry forward. Based on an initial assessment of the Act, the Company believes that the most significant impact on the Company’s consolidated financial statements will be reduction of deferred tax assets related to net operating losses and research and development tax credits. Such reduction is expected to be largely offset by changes to the Company’s valuation allowance. 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 exchange 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-month periods ended December 31, 2017 and 2016. The common stock equivalents excluded from the diluted per share calculation are 16,904,670 and 30,900,783 shares at December 31, 2017 and 2016, 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 May 2017, the FASB issued ASU 2017-09, "Stock Compensation - Scope of Modification Accounting" , guidance that clarifies that all changes to share-based payment awards are not necessarily accounted for as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. The amendments in this guidance should be applied prospectively in annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. This guidance will apply to any future modifications. The Company is assessing ASU 2017-09’s impact and if applicable, will adopt it when effective. 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 the impact of ASU 2016-15 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 are required to adopt this standard in annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. The Company implemented ASU 2016-09 effective July 1, 2017, which did not have a material impact on the consolidated financial statement presentation. In February 2016, the FASB issued ASU 2016-02, “ Leases ” and issued subsequent amendments to the initial guidance contained within ASU 2017-13. 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. On May 28, 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, ” and issued subsequent amendments to the initial guidance contained within ASU 2017-13, ASU 2016-20, ASU 2016-12, ASU 2016-10 and ASU 2016-08. Previous revenue recognition guidance in U.S. GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to been entitled in exchange for those goods or services. In addition, ASU 2014-09 expands and enhances disclosure requirements which require disclosing sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This includes both qualitative and quantitative information. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted. The guidance permits two methods of adoption: full retrospective in which the standard is applied to all of the periods presented or modified retrospective where an entity will have to recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. The Company is currently evaluating which transition approach it will utilize and the impact of adopting ASU 2014-09 and subsequent updates will have on its consolidated financial statements and related disclosures. The Company will adopt these standards with an effective date of July 1, 2018.

Marketable Securities

Marketable Securities	6 Months Ended
	Dec. 31, 2017
Marketable Securities
Marketable Securities	3. Marketable Securities Immunomedics considers all of its current investments to be available-for-sale. Marketable securities at December 31, 2017 consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 21,529 $ — $ (31) $ 21,498 Certificate of Deposits 11,051 — — 11,051 U.S. Government Sponsored Agencies 13,631 — (14) 13,617 Corporate Debt Securities 25,442 — (30) 25,412 Commercial Paper 7,212 1 (2) 7,211 $ 78,865 $ 1 $ (77) $ 78,789 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2017 (in thousands): Net Carrying Fair Value Amount Due within one year $ 73,789 $ 74,108 Due after one year through five years 5,000 5,000 $ 78,789 $ 79,108 Marketable securities at June 30, 2017 consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 35,086 $ — $ (24) $ 35,062 Certificate of Deposits 15,298 — — 15,298 U.S. Government Sponsored Agencies 18,357 — (13) 18,344 Corporate Debt Securities 32,692 — (33) 32,659 Commercial Paper 10,144 1 — 10,145 $ 111,577 $ 1 $ (70) $ 111,508 Maturities of debt securities classified as available-for-sale were as follows at June 30, 2017 (in thousands): Net Carrying Fair Value Amount Due within one year $ 89,477 $ 89,728 Due after one year through five years 22,031 22,149 $ 111,508 $ 111,877

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Dec. 31, 2017
Convertible Senior Notes
Convertible Senior Notes	4. In February 2015, the Company issued $100.0 million of Convertible Senior Notes (the “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”). 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, 2017. The Convertible Senior Notes are convertible at the option of holders into approximately 19.6 million shares of common stock at any time prior to the close of business on the day immediately preceding the maturity date. The exchange rate will initially be 195.8336 shares of common stock per $1,000 principal amount of Convertible Senior Notes (equivalent to an initial exchange price of approximately $5.11 per share of 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 exchange 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. On September 21, 2017, the Company entered into separate, privately negotiated exchange agreements, (the “Exchange Agreements”) with certain holders of the Convertible Senior Notes. Under the Exchange Agreements, such holders agreed to convert an aggregate $80.0 million of Convertible Senior Notes held by them. The Company initially settled each $1,000 principal amount of Convertible Senior Notes surrendered for exchange by delivering 176.2502 shares of common stock in three tranches occurring on September 19, 2017 through September 21, 2017. In total, the Company issued an aggregate 16,799,861 in the Exchange Agreements. The shares represent an aggregate of 1,133,173 shares more than the number of shares into which the exchanged Convertible Senior Notes were convertible under their original terms. As a result of the Exchange Agreements, the Company recognized a loss on induced exchanges of debt of $13.0 million representing the fair value of the incremental consideration paid to induce the holders to exchange their Convertible Senior Notes for equity (i.e., 1,133,173 Common Shares), based on the closing market price of the Company’s Common Stock on the date of the Exchange Agreements. As a result of the Exchange Agreements, the outstanding aggregate principal amount of the Convertible Senior Notes was reduced to $20.0 million. Total interest expense for the Convertible Senior Notes for the three and six-month periods ended December 31, 2017 was $0.3 million and $2.9 million, respectively, compared to interest expense of $1.4 million and $2.7 million for the three and six-month periods ended December 31, 2016. Included in interest expense is the amortization of debt issuance costs of $1.6 million ($1.4 million of which related to the accelerated amortization of debt issuance costs associated with the $80.0 million exchange of Convertible Senior Notes in September 2017) and less than $0.1 million for three-month periods ended December 31, 2017. 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, respectively.

Warrant Liabilities

Warrant Liabilities	6 Months Ended
	Dec. 31, 2017
Warrant Liabilities
Warrant Liabilities	5. In connection with a public offering conducted during October 2016, the Company issued warrants that contain net cash settlement provisions. Additionally, in connection with a stock purchase agreement entered into with Seattle Genetics, Inc. during February 2017 (the “SGEN Warrant”), the Company issued warrants that also have similar net cash settlement provisions. Accordingly, both warrants do not meet the criteria for classifications as equity and are recorded as liabilities on the Company’s balance sheet. The Company recorded these warrants as liabilities at their fair values as calculated at their respective dates of inception. The change in the fair value of each warrant is measured, and booked as an income or expense to adjust the warrant liability on a periodic basis at the end of each fiscal quarter or upon exercise of the warrants. On July 18, 2017, and September 1, 2017, 900,000 and 675,000 warrants, both related to the October 2016 offering were exercised, respectively. The fair value of the aggregate 1,575,000 exercised warrants increased $2.6 million from June 30, 2017 to the dates of exercise which has been recognized in the accompanying condensed consolidated statements of comprehensive loss. The fair value of the warrants at the exercise dates of $11.2 million was reclassified to Capital Contributed in Excess of Par. On December 5, 2017, and December 14, 2017, 575,000 warrants related to the October 2016 offering and 8,655,804 warrants related to the SGEN Warrant offering were exercised, respectively. The fair value of the aggregate 9,230,804 exercised warrants increased $2.2 million from June 30, 2017 to the dates of exercise which has been recognized in the accompanying condensed consolidated statements of comprehensive loss. The fair value of the warrants at the exercise dates of $41.1 million was reclassified to Capital Contributed in Excess of Par. The Company uses Level 2 inputs for its valuation methodology for the warrant liabilities. The estimated fair value was determined using a Black-Scholes valuation model based on various assumptions. The warrant liabilities are 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 liabilities. The estimated fair value of the warrant liabilities was approximately $97.9 million and $90.7 million, as of December 31, 2017 and June 30, 2017, respectively. The change in fair value of the warrant liabilities for the three and six-month periods ended December 31, 2017 resulted in a gain of approximately $26.8 million and a loss of approximately $59.6 million, respectively.

Estimated Fair Value of Financi

Estimated Fair Value of Financial Instruments	6 Months Ended
	Dec. 31, 2017
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, 2017 and June 30, 2017. 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, 2017 and June 30, 2017 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, 2017 Level 1 Level 2 Level 3 Total Money Market Funds Note (a) $ 51,423 $ — $ — $ 51,423 Marketable Securities: U.S. Treasury Bonds 21,498 — — 21,498 Certificate of Deposits 11,051 — — 11,051 U.S. Government Sponsored Agencies 13,617 — — 13,617 Corporate Debt Securities 25,413 — — 25,413 Commercial Paper 7,210 — — 7,210 Total $ 130,212 $ — $ — $ 130,212 ($ in thousands) June 30, 2017 Level 1 Level 2 Level 3 Total Money Market Funds Note (a) $ 36,776 $ — $ — $ 36,776 Marketable Securities: U.S. Treasury Bonds 35,062 — — 35,062 Certificate of Deposits 15,298 — — 15,298 U.S. Government Sponsored Agencies 18,344 — — 18,344 Corporate Debt Securities 32,659 — — 32,659 Commercial Paper 10,145 — — 10,145 Total $ 148,284 $ — $ — $ 148,284 (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, 2017 As of June 30, 2017 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Convertible Senior Notes $ 19,690 $ 62,490 $ 98,084 $ 180,950 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 Liabilities The Company has determined its warrant liabilities to be a Level 2 fair value measurement and used the Black Scholes valuation model to calculate the fair value as of December 31, 2017 and June 30, 2017: At the measurement dates, the Company estimated the fair value for the warrants based on Black-Scholes valuation model and using the following assumptions: December 31, June 30, June 30, 2017 2017 (1) 2017 (2) Risk-free interest rate 1.48% 1.14% 1.38% Expected remaining term 0.8 0.51 years 1.28 years Expected volatility 74.02% 69.34% 73.85% Dividend yield 0% 0% 0% (1) Represents the fair value assumptions for the warrants issued in connection with February 10, 2017 stock purchase agreement. (2) Represents the fair value assumptions for the warrants issued in connection with October 11, 2016 on public offering. The following table sets forth the changes in the fair value for the warrant liability during the six -month period ended December 31, 2017 ($ in thousands): Warrants Level 2 Fair value – June 30, 2017 18,655,804 $ 90,706 Reclass of warrant liability to capital contributed in excess of par due to exercise (10,805,804) (52,389) Change in fair value — 59,610 Fair value – December 31, 2017 7,850,000 $ 97,927

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	6 Months Ended
	Dec. 31, 2017
Stockholders' Deficit
Stockholders' Deficit	7. At the June 29, 2017 Special Meeting, the Company’s stockholders approved the amendment and restatement of the Company’s Certificate of Incorporation to increase the maximum number of shares of the Company’s stock authorized up to 260,000,000 shares of stock consisting of 250,000,000 shares of common stock and 10,000,000 shares of preferred stock, (the “Charter Amendment”). Previously the Company’s Certificate of Incorporation authorized up to 165,000,000 shares of capital stock, consisting of 155,000,000 shares of common stock and 10,000,000 shares of preferred stock. Preferred Stock The Certificate of Incorporation of the Company authorizes 10,000,000 shares of preferred stock, $.01 par value per share. The preferred stock may be issued from time to time in one or more series, with such distinctive serial designations, rights and preferences as shall be determined by the Board of Directors. On May 10, 2017, the Company issued in a private placement 1,000,000 shares (the “Preferred Shares”) of the Company’s Series A-1 Convertible Preferred Stock at a price of $125 per share for gross proceeds to the Company of $125 million, before deducting fees and expenses. Each Preferred Share was exchanged into 23.10536 shares of common stock (or an aggregate of 23,105,348 shares of common stock). The exchange price per share of common stock was $5.41. Following the June 29, 2017 Special Meeting and filing the Charter Amendment with the State of Delaware, the Company had authorized a sufficient number of unreserved shares of common stock to permit the exchange of the Preferred Shares. On July 31, 2017, the Company filed a registration statement on Form S-3 to register for resale the 23,105,360 shares of the Company’s common stock issuable upon the exchange of the Series A-1 Convertible Preferred Stock. The Preferred Shares converted to shares of common stock on August 24, 2017. The registration statement was declared effective on September 19, 2017. Common stock On January 8, 2018, the Company announced that it had agreed to sell tiered, sales-based royalty rights on global net sales of sacituzumab govitecan to RPI Finance Trust, a Delaware statutory trust (“RPI”) for $175 million. Simultaneously, the Company also entered into a common stock purchase agreement with RPI pursuant to which the Company, in a private placement, agreed to issue and sell to RPI 4,373,178 shares (the “Shares”) of the Company’s Common Stock, at a price of $17.15 per share for gross proceeds to the Company of $75,000,000 before deducting fees and expenses. The Shares were offered, issued and sold in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), set forth under Section 4(a)(2) of the Securities Act relating to sales by an issuer not involving any public offering and in reliance on similar exemptions under applicable state laws. RPI represented that it is an accredited investor and that it acquired the Shares for investment purposes only and not with a view to any resale, distribution or other disposition of such securities in violation of the United States federal securities laws. On December 5, 2017, Seattle Genetics exercised the Warrants they held in full to acquire 8,655,804 shares of Common Stock for an aggregate purchase price of $42.4 million. 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, comprised of one share of common stock 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 became exercisable six months following the date of issuance, and will expire on the second anniversary of the date of issuance and have an exercise price of $3.75. On the date of issuance, the fair value of these warrants was determined to be $7.3 million and recognized as a liability. The warrants under certain situations require cash settlement by the Company. On July 18, 2017, September 1, 2017, and December 14, 2017, 900,000 , 675,000, and 575,000 warrants were exercised, respectively. The fair value of the 1,575,000 exercised warrants increased $4.5 million from June 30, 2017 to the dates of exercise which has been recognized in the accompanying condensed consolidated statements of comprehensive loss.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Dec. 31, 2017
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	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, 2017 $ (234) $ (69) $ (303) Amounts reclassified from accumulated other comprehensive income (loss) (a) (89) (9) (98) Net current-period other comprehensive income (89) (9) (98) Balance, December 31, 2017 $ (323) $ (78) $ (401) Balance, July 1, 2016 $ (172) $ 40 $ (132) Other comprehensive income before reclassifications 111 (73) 38 Amounts reclassified from accumulated other comprehensive income (a) — 15 15 Net current-period other comprehensive income 111 (58) 53 Balance, December 31, 2016 $ (61) $ (18) $ (79) (a) For the six-month periods ended December 31, 2017 and 2016, less than $1 thousand and $15 thousand was 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, 2017
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 on the first anniversary of the date of grant, provided that such Board members remain Board members on such date, and have seven year contractual terms. At December 31, 2017 there were 8,644,981 shares of common stock reserved for possible future issuance under the Plan, both currently outstanding (5,366,340 shares) and those available to be issued for future grants (8,644,981 shares). The weighted average fair value at the date of grant for options granted during the six-month periods ended December 31, 2017 and 2016 were $6.38 and $1.76 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, 2017 is summarized as follows: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life Value (in 000’s) Outstanding, July 1, 2017 2,893,240 $ 3.48 Granted 875,665 $ 11.39 Exercised (183,266) $ 3.63 Cancelled or forfeited (15,595) $ 3.40 Outstanding, December 31, 2017 3,570,044 $ 5.41 4.06 $ 37,003 Exercisable, December 31, 2017 2,417,963 $ 3.40 3.31 $ 30,849 A summary of the Company’s non-vested restricted and performance stock units at December 31, 2017, and changes during the six-month period ended December 31, 2017 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, 2017 1,500,000 $ 2.28 Restricted Units Granted 35,366 $ 8.46 Non-vested at December 31, 2017 1,535,366 $ 2.83 The Company has 2,687,447 non-vested options, restricted stock units and performance stock units outstanding as of December 31, 2017. As of December 31, 2017, there was $6.0 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 2.59 years. The Company recorded $1.3 million and $1.4 million for total stock-based compensation expense for employees, executive officers and non-employee Board members for the six-month periods ended December 31, 2017 and 2016, respectively. During the six-month period ended December 31, 2017 the Company awarded 35,366 restricted stock units to certain executive officers of the Company at the closing price on the grant date. The weighted average closing price on those dates was $8.46 per share. These restricted stock units will vest over a period of one to three years. As of December 31, 2017, there was $0.2 million of total unrecognized compensation costs related to the awards, excluding performance stock units. The cost is being recognized over a weighted-average period of 1.21 years. The Company recorded approximately $39 thousand and $63 thousand for stock-based compensation expense for these restricted stock units for the three and six-month periods ended December 31, 2017, respectively. As part of the Amended and Restated Employment Agreement with Dr. Goldenberg, the Company’s former Chief Scientific Officer and Chief Patent Officer, which became effective July 1, 2015, (see Note 13), Dr. Goldenberg received a grant of 1,500,000 restricted stock units (the “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 stock-based compensation for both the three and six month periods ended December 31, 2017 and 2016, respectively. There is $0.6 million of total unrecognized compensation cost related to these non-vested Restricted Stock Units granted as December 31, 2017. That cost is being recognized over a remaining weighted-average period of 0.53 years. The Company believes that a change in control occurred on or before May 4, 2017, as defined in Dr. Goldenberg's employment agreement, as a result of the new Board of Directors being seated. According to the terms of his employment agreement and notice of award, the Company believes that these 1.5 million restricted stock units did not vest since at the time of the change in control the actual price per share of the common stock had not achieved the specified target price required to trigger the vesting of the Restricted Stock Units. The Company understands that Dr. Goldenberg contests the Company’s interpretation of both the timing of the change in control and the vesting requirements of the Restricted Stock Units upon a change in control. The 1.5 million Restricted Stock Units are the subject of arbitration. During December 2017, we issued 151,678 non-qualified stock options to our CEO with a grant date fair value of $1.0 million that are subject to vesting only upon the market price of our underlying public stock closing above a certain price target within four years of the date of grant. These non-qualified stock options with market related vesting conditions were valued using a During December 2017, we issued 168,461 non-qualified stock options to our CEO with a grant date fair value of $1.1 million that are subject to vesting only upon the market price of our underlying public stock closing above a certain price target within four years of the date of grant. These non-qualified stock options with market related vesting conditions were valued using a Monte Carlo simulation model. Share-based compensation expense is recognized regardless of the number of awards that are earned based on the market condition and is recognized on a straight-line basis over the service period of four years. In the event that the Company’s underlying public stock achieves the target price of $35.58 per share or higher for the prior 15 day consecutive trading days, any remaining unamortized compensation cost will be recognized.

Geographic Segments

Geographic Segments	6 Months Ended
	Dec. 31, 2017
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 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 and six-months ended December 31, 2017 and 2016, respectively ($ in thousands): As of and for the three months ended December 31, 2017 United States Europe Total Total assets $ 154,095 $ 1,858 $ 155,953 Property and equipment, net 7,216 84 7,300 Revenues 73 524 597 Income (loss) before taxes (2,643) 116 (2,527) As of and for the three months ended December 31, 2016 United States Europe Total Total assets $ 51,747 $ 1,377 $ 53,124 Property and equipment, net 4,195 83 4,278 Revenues 67 317 384 Loss before taxes (24,334) (114) (24,448) For the six months ended December 31, 2017 United States Europe Total Revenues $ 720 $ 568 $ 1,288 Income (loss) before taxes (121,504) 215 (121,289) For the six months ended December 31, 2016 United States Europe Total Revenues $ 212 $ 914 $ 1,126 Loss before taxes (40,433) (244) (40,677)

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2017
Related Party Transactions
Related Party Transactions	11 . Related Party Transactions Certain of the Company’s affiliates, including members of its senior management and Board, 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 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 $2 thousand of legal expenses on behalf of CMMI for patent related matters for each of the three and six-month periods ended December 31, 2017 and $3 thousand and $4 thousand for the three and six-month periods ended December 31, 2016, respectively. The Company has first rights to license those patents, and may decide whether or not to support them. For each of the three and six-month periods ended December 31, 2017 and 2016, Dr. Goldenberg received approximately $3 thousand and $13 thousand, in compensation for his services to IBC, respectively.

Collaboration Agreement

Collaboration Agreement	6 Months Ended
	Dec. 31, 2017
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. In each of January 2017 and 2016, the Company recorded revenue of $0.3 million representing an anniversary payment under the agreement. This agreement has been extended to December 30, 2018 and, as amended, provides for the Company to receive a similar anniversary payment of $0.3 million in January 2018.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	13. a. Employment Contracts Dr. David M. Goldenberg 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 was to continue until July 1, 2020. On November 2, 2017, a stipulation and agreement of settlement, compromise, and release (the “Settlement Agreement”) (see below) was entered into between Dr. Goldenberg and other parties as described below. Effective immediately upon execution of the Settlement Agreement, Dr. Goldenberg resigned from all officer and other positions of the Company and all director, officer and other positions at any of the Company’s affiliates (other than Dr. Goldenberg’s position as a member of the board The Parties to the Settlement Agreement, have agreed to arbitrate these disputes. The Company has agreed to pay the arbitrator in full for such arbitration, as well as reasonable attorneys’ fees and expenses incurred by Dr. Goldenberg and Ms. Sullivan in connection with any such arbitration, up to a maximum amount of $650,000 combined. As of December 31, 2017 no expenses have been incurred regarding such arbitration. Under the Settlement Agreement Dr. Goldenberg is 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, and payments are to continue for the life of the patent, as defined in the Amended and Restated Goldenberg Agreement. 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, even if the Company actually receives the consideration at some time after the three (3) year period elapses. For the 2017 and 2016 fiscal years, Dr. Goldenberg received the minimum payment under the Amended and Restated Goldenberg 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”). The Amended Sullivan Agreement expired in accordance with its terms on July 1, 2017. On November 2, 2017, the Settlement Agreement was entered into (see below) by Ms. Sullivan and other parties. Immediately upon the execution of the Settlement Agreement, Ms. Sullivan resigned from her position as a director of the Company and to resign from all office and director positions with any of the Company’s affiliates, effective as of the date of the Settlement Agreement. The Settlement Agreement provides that Ms. Sullivan will abide by all post-termination covenants and obligations contemplated by the Amended Sullivan Agreement. In exchange for a release of claims as required by the Amended Sullivan Agreement and subject to compliance with the terms of the Settlement Agreement, Ms. Sullivan will be entitled to (i) termination payments in accordance with the Amended Sullivan Agreement for a termination without Good Cause after a Change in Control, (ii) accelerated vesting or extension of the exercise period for equity awards already earned, pursuant to the Amended Sullivan Agreement, and (iii) COBRA payments. The foregoing cash payments, which the Company has paid pursuant to the terms of the Settlement Agreement, accumulated to approximately $3.1 million. Additionally, certain restricted stock units and performance stock units that accelerated or otherwise became vested as set forth in the Settlement Agreement were settled in accordance with the terms of applicable award agreements. In addition to this amount, an additional cash payment of $0.9 million is in dispute. The Parties to the Settlement Agreement have agreed to arbitrate this dispute. The Company has agreed to pay in full the arbitrator in such arbitration as well as reasonable attorneys’ fees and expenses incurred by Dr. Goldenberg and Ms. Sullivan in connection with any such arbitration, up to a maximum amount of $650,000 combined. As of December 31, 2017 no expenses have been incurred regarding such arbitration. b. Change of Control Agreements Certain employees 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. c. Legal Matters Settlement Agreement On November 2, 2017 (the “Settlement Date”), the Company, venBio, Dr. Goldenberg, Ms. Sullivan, Mr. Markison, and Greenhill (collectively the “Parties”), entered into the Settlement Agreement. The terms and conditions of the Settlement Agreement supersede the binding settlement term sheet entered into on May 3, 2017, by and among the Company, venBio, Dr. Goldenberg, Ms. Sullivan and Mr. Markison (the “Initial Term Sheet”), and the second term sheet entered into on June 8, 2017, by and among the Company, venBio and Greenhill (the “Greenhill Term Sheet”). Resolution of Litigation The Settlement Agreement includes (i) a mutual release of all claims that were or could have been asserted in the Federal Action or in the 225 Action (each as defined in Item 8.01 hereof) and (ii) a comprehensive release of all direct and derivative claims that have been or could be asserted by or on behalf of (a) venBio or the Company, whether known or unknown, against Greenhill, Dr. Goldenberg, Ms. Sullivan and Mr. Markison and their affiliates and related persons, (b) Dr. Goldenberg, Ms. Sullivan or Mr. Markison, whether known or unknown, against venBio or the Company and their affiliates and related persons, and (c) Greenhill, whether known or unknown, against venBio, the Company, Dr. Goldenberg, Ms. Sullivan and Mr. Markison and their affiliates and related persons, relating to the Company’s private placement of $125 million of Series A-1 Convertible Preferred Stock, the 2016 Annual Meeting (defined below), the proxy contest waged by venBio in advance of the 2016 Annual Meeting, the engagement of Greenhill, the settlement of the venBio Action, the licensing transaction with Seattle Genetics, Inc. (“Seattle Genetics”), and the Termination Agreement, dated May 4, 2017, between the Company and Seattle Genetics. The settlement of claims against Greenhill, Dr. Goldenberg, Ms. Sullivan and Mr. Markison in the venBio Action are subject to approval of the Court of Chancery (the first business day after such approval becomes final and unappealable is referred to herein as the “Effective Date”). The Settlement Agreement contemplates that the venBio Action will remain stayed and that the Company and venBio will submit the claims that remain pending against the remaining individual defendants (former directors Robert Forrester, Jason Aryeh, Geoff Cox and Bob Oliver) to non-binding mediation. The Company agreed to reimburse venBio for reasonable fees and expenses it incurred in connection with the proxy contest between venBio and the Company, the venBio Action, the 225 Action, and the Federal Action. On December 1, 2017, venBio and the Company entered into an agreement and undertaking regarding the advancement of venBio’s legal fees and expenses. Pursuant thereto, the Company has advanced to venBio $4.9 million for fees and expenses incurred in connection with the Federal Action, the 225 Action, the venBio Action and the proxy contest. Advancement of fees and expenses incurred in connection with the venBio Action shall be subject to repayment by venBio in the event that the Court determines that venBio is not entitled to the full amount of its fees and expenses. Such amounts must be repaid by venBio, plus six and three quarters percent interest per annum, compounded quarterly (calculated from the date of the advancement of the fees and expenses through the date of repayment), no later than ninety days following the foregoing determination by the Court. Indemnification The Settlement Agreement provides that the Company will, to the extent not covered by the Company’s insurance policies, (i) indemnify Dr. Goldenberg, Ms. Sullivan and Mr. Markison from attorneys’ fees and expenses or other losses in connection with the Actions, and (ii) reimburse and indemnify Dr. Goldenberg and Ms. Sullivan for legal fees for actions taken with respect to the Actions and negotiation of the Settlement Agreement. The Settlement Agreement provides that the indemnification agreements entered into between the Company and each of Dr. Goldenberg, Ms. Sullivan and Mr. Markison on or about February 9, 2017 shall be terminated and not apply to acts, transactions, legal fees or expenses incurred after the Effective Date. Intellectual Property Assignments Pursuant to the Settlement Agreement, Dr. Goldenberg and Ms. Sullivan have assigned all global intellectual property rights, other than express rights to royalties pursuant to existing agreements with the Company and Dr. Goldenberg’s patent and related intellectual property relating to cyber space medicine, to the Company, and have agreed to perform all acts reasonably requested by the Company to perfect title in and to all such assigned intellectual property. Sullivan Resignation Pursuant to the Settlement Agreement, on the Settlement Date, Ms. Sullivan resigned from all director, officer and other positions of the Company and any of its affiliates. The Settlement Agreement provides that Ms. Sullivan will abide by all post-termination covenants and obligations contemplated by her employment agreement with the Company (the “Sullivan Agreement”). In exchange for a release of claims as required by the Sullivan Agreement and subject to compliance with the terms of the Settlement Agreement, Ms. Sullivan is entitled to (i) termination payments in accordance with the Sullivan Agreement for a termination without Cause after a Change in Control, (ii) accelerated vesting or extension of the exercise period for equity awards already earned, pursuant to the Sullivan Agreement, and (iii) COBRA payments. The foregoing cash payments which the Company has paid accumulated to approximately $3.1 million. An additional cash payment of $0.9 million is in dispute and will be addressed in arbitration. The Company has agreed to pay in full the arbitrator in such arbitration as well as reasonable attorneys’ fees and expenses incurred by Dr. Goldenberg and Ms. Sullivan in connection with any such arbitration, up to a maximum amount of $650,000 combined. As of December 31, 2017 no expenses have been incurred regarding such arbitration. Goldenberg Resignation Pursuant to the Settlement Agreement, on the Settlement Date, Dr. Goldenberg resigned from all officer and other positions of the Company and all director, officer and other positions at any of the Company’s affiliates (other than Dr. Goldenberg’s position as a member of the board of directors of IBC Pharmaceuticals, the Company’s majority owned U.S. subsidiary), but will remain a director of the Company until his successor is elected and qualified or until his earlier resignation or removal. The Settlement Agreement provides that Dr. Goldenberg will abide by all post-termination covenants and obligations contemplated by the Goldenberg Agreement. In exchange for a release of claims as required by the Goldenberg Agreement and subject to compliance with the terms of the Settlement Agreement, Dr. Goldenberg is entitled to (i) termination payments in accordance with the Goldenberg Agreement for a termination without Cause after a Change in Control, (ii) accelerated vesting or extension of exercise period for equity awards already earned, pursuant to the Goldenberg Agreement, (iii) COBRA and other welfare payments, and (iv) royalties or payment in accordance with existing agreements. The foregoing cash payments, which the Company has paid pursuant to the terms of the Settlement Agreement, accumulated to approximately $2.4 million. In addition to these amounts an additional cash payment of approximately $1.8 million is in dispute. Additionally, the vesting of the grant of 1,500,000 Restricted Stock Units to Dr. Goldenberg under the terms of the Amended and Restated Goldenberg Agreement, is also in dispute. Arbitration of Disputed Matters The Company, Dr. Goldenberg and Ms. Sullivan have agreed to arbitrate disputes relating to Dr. Goldenberg’s claimed entitlement to certain equity awards and severance payments, and Dr. Goldenberg’s and Ms. Sullivan’s claimed rights to certain bonus payments. The Company has agreed to pay in full the arbitrator in such arbitration as well as reasonable attorneys’ fees and expenses incurred by Dr. Goldenberg and/or Ms. Sullivan in connection with any such arbitration, up to a cap of $650,000. Termination of Greenhill Engagement Effective as of the Effective Date, the two engagement letters between Greenhill and the Company (the “Greenhill Agreements”) were terminated. The Settlement Agreement provides further that Greenhill has agreed to forgo and not seek any and all fees, expenses or indemnification from the Company, except that the Company shall reimburse Greenhill up to $200,000 for reasonable and documented expenses incurred in connection with Greenhill providing services to the Company pursuant to the Greenhill Agreements, including expenses incurred in connection with the venBio Action. In addition, 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., seeking lost profits, unjust enrichment damages and compensatory damages resulting from the infringement of its patents. 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. On February 28, 2017, the court issued an opinion and order finding, inter alia, that the term “effective amount” in the patents in suit is not indefinite and should be given its plain and order meaning, as proposed by Immunomedics, of “an amount capable of producing the claim result.” On May 11, 2017, the court entered an order referring the matter to mediation and designating Garrett E. Brown, Jr. (ret.) as the mediator. The mediation did not result in a settlement. Discovery in this case is ongoing and no trial date has been set. Stockholder complaints: Class Action Stockholder Federal Securities Cases Two purported class action cases were 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. An order granting motion to consolidate cases, appoint lead plaintiff, and approve lead and liaison counsel was entered on February 7, 2017 in the Fergus matter. A consolidated complaint was filed on October 4, 2017. The Company filed a motion to dismiss the consolidated complaint on January 26, 2018. 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. Service was effectuated on all defendants on April 7, 2017. Defendants moved to dismiss the complaint on June 19, 2017. In lieu of responding, an amended complaint was filed on October 13, 2017. John Neff was substituted for plaintiff Seymour Rosenfeld in the amended complaint. The Company filed a motion to dismiss the amended complaint on December 4, 2017. Class Action Stockholder Claim in the Court of Chancery of the State of Delaware On December 13, 2016, plaintiff commenced an action seeking to compel an annual meeting and relief for breaches of fiduciary duty for not holding such a meeting, 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 venBio Select Advisor LLC’s (“venBio”) proxy contest. Stockholder Claim in the Court of Chancery of the State of Delaware On February 13, 2017, venBio commenced an action captioned venBio Select Advisor LLC v. Goldenberg, et al. , C.A. No. 2017-0108-VCL (Del. Ch.) (the “venBio Action”), alleging that Company’s Board breached their fiduciary duties when the Board (i) amended the Company’s Amended and Restated By-laws (the “By-Laws”) to call for a plurality voting regime for the election of directors instead of majority voting, and providing for mandatory advancement of attorneys’ fees and costs for the Company’s directors and officers, (ii) rescheduled the Company’s 2016 Annual Meeting of Stockholders (the “2016 Annual Meeting”) from December 14, 2016 to February 16, 2017, and then again to March 3, 2017, and (iii) agreed to the proposed Licensing Transaction with Seattle Genetics. venBio also named Seattle Genetics as a defendant and sought an injunction preventing the Company from closing the licensing transaction with Seattle Genetics. On March 6, 2017, venBio amended its complaint, adding further allegations. The Court of Chancery entered a temporary restraining order on March 9, 2017, enjoining the closing of the Licensing Transaction. venBio amended its complaint a second time on April 19, 2017, this time adding Greenhill & Co. Inc. and Greenhill & Co. LLC (together “Greenhill”), the Company’s financial advisor on the Licensing Transaction, as an additional defendant. On May 3, 2017, venBio and the Company and individual defendants Dr. Goldenberg, Ms. Sullivan and Mr. Brian Markison, a director of the Company (collectively, the “Individual Defendants”) entered into the Initial Term Sheet. On June 8, 2017, venBio, the Company and Greenhill entered into the Greenhill Term Sheet. Pursuant to the Settlement Agreement, if the Court of Chancery approves the settlement, all claims that were asserted by venBio against the Individual Defendants or Greenhill in the venBio Action will be released. The claims asserted against the remaining individual defendants (former directors Robert Forrester, Jason Aryeh, Geoff Cox and Bob Oliver) will remain stayed pending non-binding mediation. Lawsuit Against venBio Select Advisor LLC in the U.S. District Court (Delaware) (the “District Court”) On February 17, 2017, the Company commenced an action captioned Immunomedics, Inc. v. venBio Select Advisor LLC , No. 17-176-LPS (D. Del.) (the “Federal Action”), seeking for the District Court to invalidate the proxies solicited by venBio in furtherance of its contest for the election of directors of the Company. The Company named as defendants venBio and its then-nominees, Behzad Aghazadeh, Scott Canute, Peter Barton Hutt, and Khalid Islam. The Company alleged that venBio had conducted its proxy contest and solicited proxies in violation of the federal securities laws and regulations, namely by failing to timely file a Schedule 13D form indicating venBio’s intent to effectuate change at the Company, publishing early voting results of the Company’s annual election of directors, publishing improper statements about the then-incumbent Board, forming a “group” of like-minded stockholders without publicly disclosing the group, and soliciting proxies without disclosing the solicitations to the SEC. On February 21, 2017, the Company sought an injunction preventing, among other things, the venBio nominees from benefiting from the allegedly illegal shadow proxy contest, including, but not limited to, by asserting any claimed right to take office as a member of the Board until venBio made corrective disclosures and the stockholders were permitted time to consider them. On March 2, 2017, the District Court denied the Company the requested relief. On April 6, 2017, the District Court entered a stipulation and order pursuant to which the Company’s claims were voluntarily dismissed without prejudice. On April 17, 2017, Dr. Goldenberg, the Company’s Chief Scientific Officer and Chief Patent Officer and director, notified the District Court that he may maintain the claims initially brought by the Company. Pursuant to the Settlement Agreement, all claims that were or could have been asserted in the Federal Action have been released. Upon execution of the Settlement Agreement, the parties submitted a stipulation dismissing the Federal Action with prejudice. On November 2, 2017, the District Court closed the Federal Action. Lawsuit Challenging the Results of the 2016 Election of Directors On March 3, 2017, six of the seven then-incumbent members of the Company’s Board commenced an action captioned Goldenberg, et al. vs Aghazadeh, et al. , C.A. No. 2017-0163-VCL (Del. Ch.) (the “225 Action”), challenging the results of the election of directors at the 2016 Annual Meeting that took place on March 3, 2017, in which all four of venBio’s nominees won seats on the Company’s Board. The director-plaintiffs named as defendants venBio and its then-nominees, Behzad Aghazadeh, Scott Canute, Peter Barton Hutt, and Khalid Islam. The incumbent directors alleged the same underlying facts as the Company alleged in its lawsuit against venBio in federal court. On March 13, 2017, the Court of Chancery entered an order (the “Status Quo Order”) seating all four venBio nominees (with the three incumbent directors who also won election (based on the plurality vote standard), the “Status Quo Board”) and limiting the Company’s Board to actions within the “ordinary course of business,” unless either waived by the parties on a case-by-case basis or ordered by the Court of Chancery. On March 24, 2017, the defendants, venBio and its four nominees, moved to dismiss the action. The plaintiffs in the action have opposed this motion to dismiss, which remains pending. On April 7, 2017, three of the six plaintiffs voluntarily withdrew their claims, leaving Dr. Goldenberg, Ms. Sullivan and Mr. Markison as plaintiffs. On April 20, 2017, the parties agreed to permit the Status Quo Board to explore a potential financing plan for the Company and negotiate a termination of the Licensing Transaction. On May 3, 2017, the Parties entered into the Initial Term Sheet, pursuant to which, among other things, the Parties agreed to submit to the Court of Chancery a stipulation and proposed order lifting the Status Quo Order. On May 4, 2017, the Parties submitted that stipulation, which confirmed that the Status Quo Board is the lawful Board of the Company. Pursuant to the Settlement Agreement, all claims that were or could have been asserted in the 225 Action have been released. Upon execution of the Settlement Agreement, the parties submitted a stipulation dismissing the 225 Action with prejudice. On November 6, 2017, the Court of Chancery entered an Order dismissing the 225 Action with prejudice. Material supplier litigation: On July 21, 2017, Lonza Sales AG (“Lonza”) commenced an action captioned Lonza Sales AG v. Immunomedics, Inc., United States District Court for the Southern District of New York, 1:17-cv-05384 (the “Litigation) regarding the development and manufacturing of an antibody intermediate (the “Product”) pursuant to a Development and Manufacturing Services Agreement (the “MSA”) dated on or about October 2015. Specifically, the disputes that have arisen between Lonza and the Company with respect to the MSA, include, but are not limited to: (i) the Company’s alleged failure and refusal to pay for Lonza’s services, and, delivery of the Product; and (ii) Lonza’s failure to provide the Product in an acceptable condition for the Company’s use. On or about September 29, 2017 the Court dismissed this action without prejudice for lack of jurisdiction. On December 27, 2017, the Parties resolved this dispute and all claims were or could have been asserted in the Litigation have been released. 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.

Subsequent Event

Subsequent Event	6 Months Ended
	Dec. 31, 2017
Subsequent Events
Subsequent Events	14. Funding and Purchase Agreements On January 7, 2018, the Company, entered into a funding agreement (the “Funding Agreement”) with RPI Finance Trust, a Delaware statutory trust (“RPI”). Pursuant to the Funding Agreement, the Company issued to RPI the right to receive certain royalty amounts, subject to certain reductions, based on the net sales of the antibody-drug conjugate IMMU-132 (sacituzumab govitecan) (the “Products”), for each calendar quarter during the term of the Funding Agreement (“Revenue Participation Right”), in exchange for $175,000,000 in cash (the “Purchase Price”). Specifically, the royalty rate commences at 4.15 percent on net annual sales of up to $2 billion, declining step-wise based on sales tiers to 1.75 percent on net global annual sales exceeding $6 billion. In addition, after the seventh anniversary of the First Commercial Sale (as defined in the Funding Agreement) in the United States and following a change of control of the Company, the Company shall have the option (“Call Option”) to repurchase fifty percent (50%) of the Revenue Participation Right from RPI, at the net present value (calculated using a 5% discount rate) of the projected royalty payments based upon the then projected sales of the Product. On December 23, 2017 the Company disclosed to the U.S. government that certain subject inventions (as defined in 37 C.F.R. Section 401.14(a)(2)) relating to the Product were made under National Institutes of Health or any successor agency thereto (“NIH”) grant numbers CA072324, CA114802 and CA171388 and that the Company was electing to retain title in such subject inventions. Pursuant to the Funding Agreement, in the event the NIH issues a formal written request to the Company to convey title to NIH to any patent right set forth in the Funding Agreement, RPI shall have the right to terminate the Funding Agreement and, if RPI exercises such right, the Company shall refund the Purchase Price to RPI. If NIH has not issued such formal written request to the Company prior to May 7, 2018, the Company shall have the right to demand RPI irrevocably (i) waive its right to terminate the Funding Agreement or (ii) terminate the Funding Agreement and, if RPI exercises such right to terminate, the Company shall refund the Purchase Price to RPI; however, such termination and refund of the Purchase Price shall have no impact on the proceeds received by the Company in the Financing (as defined below). On January 7, 2018, in connection with the Funding Agreement, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with RPI, pursuant to which the Company, in a private placement, agreed to issue and sell to RPI 4,373,178 shares (the “Shares”) of the Company’s Common Stock, at a price of $17.15 per share for gross proceeds to the Company of $75,000,000 before deducting fees and expenses (the “Financing”). The Shares were offered, issued and sold in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), set forth under Section 4(a)(2) of the Securities Act relating to sales by an issuer not involving any public offering and in reliance on similar exemptions under applicable state laws. RPI represented that it is an accredited investor and that it acquired the Shares for investment purposes only and not with a view to any resale, distribution or other disposition of such securities in violation of the United States federal securities laws.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2017
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.
Reclassifications	Reclassifications Certain amounts presented on the Company's prior year consolidated balance sheet have been reclassified to conform to current period classification.
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, consist 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 the raw materials, work-in-process and finished product of LeukoScan ® , is stated at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company will capitalize inventory costs associated with the Company’s product candidate, sacituzumab govitecan, after regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to the realized; otherwise, such costs are expensed as research and development. In addition, the Company’s product is subject to strict quality control and monitoring which the Company performs throughout the manufacturing process. If certain batches or units of product no longer meet quality specification or become obsolete due to expiration, the Company records a charge to cost of sales sold to write down such unmarketable inventory to zero.
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 and 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 option pricing formula for determining the grant-date fair value of such awards. The fair value of option awards that vest based on achievement of certain market conditions are determined using a Monte Carlo simulation technique. 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, 2017 and 2016: Six Months Ended December 31, 2017 2016 Expected dividend yield 0% 0% Expected option term (years) 4.84 years 5.05 years Expected stock price volatility 69% 62% Risk-free interest rate 1.72% - 2.14% 1.16% - 1.91% The following table sets forth weighted average assumptions used to calculate the fair value of options that vest based upon achievement of certain market conditions for the six-month period ended December 31, 2017. There were no awards that vest based upon achievement of certain market conditions for the six-month period ended December 31, 2016. Six Months Ended December 31, 2017 2016 Expected option term (years) 2.11 years 0 Expected stock price volatility 74% 0% Risk-free interest rate 1.93% 0.00% 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 certain financing transactions in October 2016 and February 2017, the Company issued warrants and recorded them as liabilities 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, 2017. At June 30, 2017, the Company has available net operating loss carry forwards for federal income tax reporting purposes of approximately $371.1 million and for state income tax reporting purposes of approximately $186.0 million, which expire at various dates between fiscal 2018 and 2037. 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 and foreign jurisdictions reported a net loss for the three-month periods ended December 31, 2017 and 2016, resulting in a tax benefit that was fully offset by a valuation allowance. The Company has no liability for uncertain tax positions as of December 31, 2017. The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017. Among its numerous changes to the Internal Revenue Code, the Act reduces U.S. corporate rates from 35% to 21%. Additionally, the Act limits the use of net operating loss carry backs, however any future net operating losses will instead be carried forward indefinitely. Only 80% of current income will be able to be offset with a net operating loss carryforward, with the remainder of the net operating loss continuing to carry forward. Based on an initial assessment of the Act, the Company believes that the most significant impact on the Company’s consolidated financial statements will be reduction of deferred tax assets related to net operating losses and research and development tax credits. Such reduction is expected to be largely offset by changes to the Company’s valuation allowance.
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 exchange 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-month periods ended December 31, 2017 and 2016. The common stock equivalents excluded from the diluted per share calculation are 16,904,670 and 30,900,783 shares at December 31, 2017 and 2016, 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 May 2017, the FASB issued ASU 2017-09, "Stock Compensation - Scope of Modification Accounting" , guidance that clarifies that all changes to share-based payment awards are not necessarily accounted for as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. The amendments in this guidance should be applied prospectively in annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. This guidance will apply to any future modifications. The Company is assessing ASU 2017-09’s impact and if applicable, will adopt it when effective. 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 the impact of ASU 2016-15 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 are required to adopt this standard in annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. The Company implemented ASU 2016-09 effective July 1, 2017, which did not have a material impact on the consolidated financial statement presentation. In February 2016, the FASB issued ASU 2016-02, “ Leases ” and issued subsequent amendments to the initial guidance contained within ASU 2017-13. 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. On May 28, 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, ” and issued subsequent amendments to the initial guidance contained within ASU 2017-13, ASU 2016-20, ASU 2016-12, ASU 2016-10 and ASU 2016-08. Previous revenue recognition guidance in U.S. GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to been entitled in exchange for those goods or services. In addition, ASU 2014-09 expands and enhances disclosure requirements which require disclosing sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This includes both qualitative and quantitative information. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted. The guidance permits two methods of adoption: full retrospective in which the standard is applied to all of the periods presented or modified retrospective where an entity will have to recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. The Company is currently evaluating which transition approach it will utilize and the impact of adopting ASU 2014-09 and subsequent updates will have on its consolidated financial statements and related disclosures. The Company will adopt these standards with an effective date of July 1, 2018.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2017
Schedule of Options Weighted-Average Assumptions	Six Months Ended December 31, 2017 2016 Expected dividend yield 0% 0% Expected option term (years) 4.84 years 5.05 years Expected stock price volatility 69% 62% Risk-free interest rate 1.72% - 2.14% 1.16% - 1.91%
Vested based on achievement of certain market condition
Schedule of Options Weighted-Average Assumptions	Six Months Ended December 31, 2017 2016 Expected option term (years) 2.11 years 0 Expected stock price volatility 74% 0% Risk-free interest rate 1.93% 0.00%

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Dec. 31, 2017
Marketable Securities
Components of Marketable Securities	Marketable securities at December 31, 2017 consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ $ — $ $ Certificate of Deposits — — 11,051 U.S. Government Sponsored Agencies — Corporate Debt Securities 25,442 — (30) 25,412 Commercial Paper $ 78,865 $ $ (77) $ 78,789 Marketable securities at June 30, 2017 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 — (13) Corporate Debt Securities — Commercial Paper — $ $ $ $
Maturities of Debt Securities Classified as Available-for-Sale	Maturities of debt securities classified as available-for-sale were as follows at December 31, 2017 (in thousands): Net Carrying Fair Value Amount Due within one year $ $ 74,108 Due after one year through five years 5,000 $ 78,789 $ 79,108 Maturities of debt securities classified as available-for-sale were as follows at June 30, 2017 (in thousands): Net Carrying Fair Value Amount Due within one year $ 89,477 $ Due after one year through five years 22,031 22,149 $ 111,508 $ 111,577

Estimated Fair Value of Finan23

Estimated Fair Value of Financial Instruments (Tables)	6 Months Ended
	Dec. 31, 2017
Estimated Fair Value of Financial Instruments
Financial Instruments Recorded on Condensed Consolidated Balance Sheets	Cash equivalents and marketable securities: ($ in thousands) December 31, 2017 Level 1 Level 2 Level 3 Total Money Market Funds Note (a) $ 51,423 $ — $ — $ 51,423 Marketable Securities: U.S. Treasury Bonds 21,498 — — 21,498 Certificate of Deposits 11,051 — — 11,051 U.S. Government Sponsored Agencies 13,617 — — 13,617 Corporate Debt Securities 25,413 — — 25,413 Commercial Paper 7,210 — — 7,210 Total $ 130,212 $ — $ — $ 130,212 ($ in thousands) June 30, 2017 Level 1 Level 2 Level 3 Total Money Market Funds Note (a) $ 36,776 $ — $ — $ 36,776 Marketable Securities: U.S. Treasury Bonds 35,062 — — 35,062 Certificate of Deposits 15,298 — — 15,298 U.S. Government Sponsored Agencies 18,344 — — 18,344 Corporate Debt Securities 32,659 — — 32,659 Commercial Paper 10,145 — — 10,145 Total $ 148,284 $ — $ — $ 148,284 (a) The money market funds noted above are included in cash and cash equivalents.
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, 2017 As of June 30, 2017 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Convertible Senior Notes $ 19,690 $ 62,490 $ 98,084 $ 180,950
Schedule of assumptions used in estimating fair value of the warrant liability	December 31, June 30, June 30, 2017 2017 (1) 2017 (2) Risk-free interest rate 1.48% 1.14% 1.38% Expected remaining term 0.8 0.51 years 1.28 years Expected volatility 74.02% 69.34% 73.85% Dividend yield 0% 0% 0% (1) Represents the fair value assumptions for the warrants issued in connection with February 10, 2017 stock purchase agreement. (2) Represents the fair value assumptions for the warrants issued in connection with October 11, 2016 on public offering.
Schedule of warrant liability	The following table sets forth the changes in the fair value for the warrant liability during the six -month period ended December 31, 2017 ($ in thousands): Warrants Level 2 Fair value – June 30, 2017 18,655,804 $ 90,706 Reclass of warrant liability to capital contributed in excess of par due to exercise (10,805,804) (52,389) Change in fair value — 59,610 Fair value – December 31, 2017 7,850,000 $ 97,927

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Dec. 31, 2017
Accumulated Other Comprehensive Loss
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, 2017 $ (234) $ (69) $ (303) Amounts reclassified from accumulated other comprehensive income (loss) (a) (89) (9) (98) Net current-period other comprehensive income (89) (9) (98) Balance, December 31, 2017 $ (323) $ (78) $ (401) Balance, July 1, 2016 $ (172) $ 40 $ (132) Other comprehensive income before reclassifications 111 (73) 38 Amounts reclassified from accumulated other comprehensive income (a) — 15 15 Net current-period other comprehensive income 111 (58) 53 Balance, December 31, 2016 $ (61) $ (18) $ (79) (a) For the six-month periods ended December 31, 2017 and 2016, less than $1 thousand and $15 thousand was 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, 2017
Stock Incentive Plan
Summary of options activity	Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life Value (in 000’s) Outstanding, July 1, 2017 2,893,240 $ 3.48 Granted 875,665 $ 11.39 Exercised (183,266) $ 3.63 Cancelled or forfeited (15,595) $ 3.40 Outstanding, December 31, 2017 3,570,044 $ 5.41 4.06 $ 37,003 Exercisable, December 31, 2017 2,417,963 $ 3.40 3.31 $ 30,849
Summary of RSU and PSU activity	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, 2017 1,500,000 $ 2.28 Restricted Units Granted 35,366 $ 8.46 Non-vested at December 31, 2017 1,535,366 $ 2.83

Geographic Segments (Tables)

Geographic Segments (Tables)	6 Months Ended
	Dec. 31, 2017
Geographic Segments
Financial Information Based on Geographic Location of Facilities	As of and for the three months ended December 31, 2017 United States Europe Total Total assets $ 154,095 $ 1,858 $ 155,953 Property and equipment, net 7,216 84 7,300 Revenues 73 524 597 Income (loss) before taxes (2,643) 116 (2,527) As of and for the three months ended December 31, 2016 United States Europe Total Total assets $ 51,747 $ 1,377 $ 53,124 Property and equipment, net 4,195 83 4,278 Revenues 67 317 384 Loss before taxes (24,334) (114) (24,448) For the six months ended December 31, 2017 United States Europe Total Revenues $ 720 $ 568 $ 1,288 Income (loss) before taxes (121,504) 215 (121,289) For the six months ended December 31, 2016 United States Europe Total Revenues $ 212 $ 914 $ 1,126 Loss before taxes (40,433) (244) (40,677)

Business Overview and Basis o27

Business Overview and Basis of Presentation (Details)	Jan. 08, 2018USD ($)$ / shares	Jan. 07, 2018USD ($)$ / shares	Oct. 11, 2016USD ($)	Dec. 31, 2017USD ($)subsidiaryitem
Minimum number of failed prior therapies | item				2
Number of subsidiaries | subsidiary				2
Cash, cash equivalents and marketable securities				$ 139,700,000
Gross proceeds from sale of common stock			$ 30,000,000
Subsequent Event | RPI
Collaborative agreement purchase price	$ 175,000,000
Number of trailing days	15 days
Increase in cash due to collaborative agreements	$ 250,000,000
Subsequent Event | RPI | Minimum
Premium over the stock’s	15.00%
Funding and Purchase Agreements [Member] | Subsequent Event | RPI
Collaborative agreement purchase price	$ 175,000,000	$ 175,000,000
Private placement | Common stock purchase agreement | Subsequent Event
Gross proceeds from sale of common stock	$ 75,000,000
Share Price | $ / shares	$ 17.15
Private placement | Common stock purchase agreement | Subsequent Event | RPI
Gross proceeds from sale of common stock	$ 75,000,000	$ 75,000,000
Share Price | $ / shares	$ 17.15	$ 17.15

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
Significant Accounting Policies [Line Items]
Highly liquid investments, original maturity period	3 months
Unmarketable inventory value	$ 0			$ 0
Operating loss carry forwards for federal income tax					$ 371.1
Operating loss carry forwards for state income tax					$ 186
Liability for uncertain tax positions	$ 0			$ 0
Statutory rate				35.00%
Common stock equivalents excluded from the diluted per share calculation	16,904,670	30,900,783
Scenario, Forecast [Member]
Significant Accounting Policies [Line Items]
Statutory rate			21.00%
Percentage of current income able to be offset by operating loss carryforward			80.00%
Minimum
Significant Accounting Policies [Line Items]
Net operating loss carry forwards expiration year	2,018
Maximum
Significant Accounting Policies [Line Items]
Net operating loss carry forwards expiration year	2,037

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Options (Details)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Expected dividend yield	0.00%	0.00%
Expected option term (years)	4 years 10 months 2 days	5 years 18 days
Expected stock price volatility	69.00%	62.00%
Risk-free interest rate, minimum	1.72%	1.16%
Risk-free interest rate, maximum	2.14%	1.91%
Vested based on achievement of certain market condition
Expected option term (years)	2 years 1 month 10 days	0 years
Expected stock price volatility	74.00%	0.00%
Risk-free interest rate	1.93%	0.00%

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 78,865	$ 111,577
Gross Unrealized Gain	1	1
Gross Unrealized (Loss)	(77)	(70)
Fair Value	78,789	111,508
Certificate of Deposits
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,051	15,298
Fair Value	11,051	15,298
Commercial Paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,212	10,144
Gross Unrealized Gain	1	1
Gross Unrealized (Loss)	(2)
Fair Value	7,211	10,145
U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	21,529	35,086
Gross Unrealized (Loss)	(31)	(24)
Fair Value	21,498	35,062
U.S. Government Sponsored Agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	13,631	18,357
Gross Unrealized (Loss)	(14)	(13)
Fair Value	13,617	18,344
Corporate Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	25,442	32,692
Gross Unrealized (Loss)	(30)	(33)
Fair Value	$ 25,412	$ 32,659

Marketable Securities - Maturit

Marketable Securities - Maturities of Debt Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Marketable Securities
Fair Value, Due within one year	$ 73,789	$ 89,477
Fair Value, Due after one year through five years	5,000	22,031
Fair Value	78,789	111,508
Net Carrying Amount, Due within one year	74,108	89,728
Net Carrying Amount, Due after one year through five years	5,000	22,149
Net Carrying Amount	$ 79,108	$ 111,877

Convertible Senior Notes (Detai

Convertible Senior Notes (Details)	Sep. 21, 2017USD ($)itemshares	Sep. 21, 2017USD ($)item	Feb. 28, 2015USD ($)$ / sharesshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Conversion of debt						$ 80,000,000
Loss on induced exchanges of debt						13,005,329
Amortization of debt issuance costs						$ 1,605,607	$ 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
Payment of debt issuance costs			$ 3,700,000
Debt instrument, stated percentage			4.75%	4.75%		4.75%
Frequency of interest payments						semiannually
Debt instrument, effective interest rate				5.48%		5.48%
Number of shares issuable under conversion of debt | shares			19,600,000
Debt conversion ratio		176.2502				195.8336
Principal amount of Convertible Senior Notes	$ 1,000		$ 1,000
Conversion price of debt | $ / shares			$ 5.11
Percentage of principal amount redeemable			100.00%
Conversion of debt	$ 80,000,000
Number of tranches | item	3	3
Shares issued in exchange | shares	16,799,861
Number of shares converted | shares	1,133,173
Loss on induced exchanges of debt	$ 13,000,000
Outstanding aggregate principal amount	$ 20,000,000	$ 20,000,000
Interest expense				$ 300,000	$ 1,400,000	$ 2,900,000	2,700,000
Amortization of debt issuance costs				1,600,000	$ 200,000		400,000
Accelerated amortization of debt issuance costs				$ 1,400,000
4.75% Convertible Senior Notes Due 2020 [Member] | Maximum
Debt Instrument [Line Items]
Amortization of debt issuance costs							$ 100,000

Warrant Liabilities (Details)

Warrant Liabilities (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 14, 2017	Dec. 05, 2017	Sep. 01, 2017	Jul. 18, 2017	Jun. 30, 2016
Fair value assumptions for warrants
Warrants exercised						575,000		675,000	900,000
Changes in fair value of warrant liabilities	$ 4,500,000	$ (26,768,251)	$ 7,230,340	$ 59,610,079	$ 7,230,340
Reclass of warrant liability to capital contributed in excess of par				52,389,321
Warrant liabilities	$ 90,706,206	$ 97,926,944		$ 97,926,944
Warrant Liability.
Fair value assumptions for warrants
Warrants outstanding	18,655,804	7,850,000		7,850,000						1,575,000
Warrant Liability. | Level 2
Fair value assumptions for warrants
Changes in fair value of warrant liabilities				$ 59,610,000
Reclass of warrant liability to capital contributed in excess of par				$ 52,389,000
Warrant one
Fair value assumptions for warrants
Warrants exercised								675,000	900,000
Warrants outstanding		1,575,000		1,575,000
Changes in fair value of warrant liabilities				$ 2,600,000
Reclass of warrant liability to capital contributed in excess of par				$ 11,200,000
Warrant two
Fair value assumptions for warrants
Warrants exercised							575,000
Warrants outstanding		9,230,804		9,230,804
Changes in fair value of warrant liabilities				$ 2,200,000
Reclass of warrant liability to capital contributed in excess of par				$ 41,100,000
Seattle Genetics, Inc., (“SGEN”) | Warrant two
Fair value assumptions for warrants
Warrants exercised						8,655,804

Estimated Fair Value of Finan34

Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 130,212	$ 148,284
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	51,423	36,776
U.S. Treasury Bonds | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	21,498	35,062
Certificate of Deposits | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	11,051	15,298
U.S. Government Sponsored Agencies | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	13,617	18,344
Corporate Debt Securities | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	25,413	32,659
Commercial Paper | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	7,210	10,145
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	130,212	148,284
Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	51,423	36,776
Level 1 | U.S. Treasury Bonds | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	21,498	35,062
Level 1 | Certificate of Deposits | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	11,051	15,298
Level 1 | U.S. Government Sponsored Agencies | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	13,617	18,344
Level 1 | Corporate Debt Securities | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	25,413	32,659
Level 1 | Commercial Paper | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 7,210	$ 10,145

Estimated Fair Value of Finan35

Estimated Fair Value of Financial Instruments - Schedule of Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Senior Notes	$ 19,690	$ 98,084
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Senior Notes	$ 62,490	$ 180,950

Estimated Fair Value of Finan36

Estimated Fair Value of Financial Instruments - Warrant Liability (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Changes in the estimated fair value for warrant liability
Reclass of warrant liability to capital contributed in excess of par due to exercise				$ (52,389,321)
Change in fair value	$ 4,500,000	$ (26,768,251)	$ 7,230,340	$ 59,610,079	$ 7,230,340
Warrant Liability.
Fair value assumptions for warrants
Risk-free interest rate				1.48%
Expected remaining term				9 months 18 days
Expected volatility				74.02%
Dividend yield				0.00%
Number of Warrants
Warrants outstanding at beginning of year				18,655,804	1,575,000	1,575,000
Reclass of warrant liability to capital contributed in excess of par due to exercise				(10,805,804)
Warrants outstanding at end of period	18,655,804	7,850,000		7,850,000		18,655,804
Warrant Liability. | Level 2
Changes in the estimated fair value for warrant liability
Fair value at beginning of year				$ 90,706,000
Reclass of warrant liability to capital contributed in excess of par due to exercise				(52,389,000)
Change in fair value				59,610,000
Fair value at end of year	$ 90,706,000	$ 97,927,000		$ 97,927,000		$ 90,706,000
Warrant Liability. | February 10, 2017 stock purchase agreement
Fair value assumptions for warrants
Risk-free interest rate						1.14%
Expected remaining term						6 months 4 days
Expected volatility						69.34%
Dividend yield						0.00%
Warrant Liability. | October 11, 2016 public offering
Fair value assumptions for warrants
Risk-free interest rate						1.38%
Expected remaining term						1 year 3 months 11 days
Expected volatility						73.85%
Dividend yield						0.00%

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details) - USD ($)	Jan. 08, 2018	Jan. 07, 2018	Dec. 05, 2017	Jul. 31, 2017	Jun. 30, 2017	May 10, 2017	Oct. 11, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 14, 2017	Sep. 01, 2017	Jul. 18, 2017	Jun. 29, 2017	Jun. 30, 2016
Total shares authorized															260,000,000
Common stock, shares authorized					250,000,000			250,000,000		250,000,000					250,000,000
Preferred stock, shares authorized															10,000,000
Common stock, par value					$ 0.01		$ 3	$ 0.01		$ 0.01
Common stock, shares issued					110,344,643			161,303,041		161,303,041
Gross proceeds from sale of common stock							$ 30,000,000
Net proceeds from sale of common stock							$ 28,600,000			$ 50,475,941	$ 28,578,473
Number of months warrants exercisable							6 months
Exercise price of warrant							$ 3.75
Shares that warrants can purchase							10,000,000
Warrants exercised												575,000	675,000	900,000
Changes in fair value of warrant liabilities					$ 4,500,000			$ (26,768,251)	$ 7,230,340	$ 59,610,079	$ 7,230,340
Warrant Liability.
Warrants outstanding					18,655,804			7,850,000		7,850,000						1,575,000
Warrant Liability. | Level 2
Changes in fair value of warrant liabilities										$ 59,610,000
Convertible preferred stock
Preferred stock, shares authorized					10,000,000			10,000,000		10,000,000
Preferred stock, par value					$ 0.01			$ 0.01		$ 0.01
Preferred stock, shares issued					1,000,000			0		0
Preferred stock, shares outstanding					1,000,000			0		0
Seattle Genetics, Inc., (“SGEN”)
Aggregate purchase price			$ 42,400,000
RPI | Subsequent Event
Collaborative agreement purchase price	$ 175,000,000
Securities Purchase Agreement | Seattle Genetics, Inc., (“SGEN”)
Fair value of warrants							$ 7,300,000
Private placement | Subsequent Event
Common stock, shares issued	4,373,178
Private placement | Convertible preferred stock
Preferred stock, shares issued						1,000,000
Share price (in dollars per share)						$ 125
Gross proceeds						$ 125,000,000
Conversion ratio						23.10536
Conversion of shares				23,105,360		23,105,348
Average stock price						$ 5.41
Private placement | Common stock purchase agreement | Subsequent Event
Average stock price	$ 17.15
Gross proceeds from sale of common stock	$ 75,000,000
Private placement | Common stock purchase agreement | RPI | Subsequent Event
Average stock price	$ 17.15	$ 17.15
Agreement purchase shares of common stock		4,373,178
Gross proceeds from sale of common stock	$ 75,000,000	$ 75,000,000
Over-Allotment Option
Agreement purchase shares of common stock							10,000,000
Previously Reported [Member]
Total shares authorized															165,000,000
Common stock, shares authorized															155,000,000
Preferred stock, shares authorized															10,000,000

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Loss - (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning, Balance			$ (302,710)	$ (132,000)
Other comprehensive income before reclassifications				38,000
Amounts reclassified from accumulated other comprehensive income (loss)			(98,000)	15,000
Net current-period other comprehensive income	$ (57,375)	$ 48,361	(98,375)	52,860
Ending, Balance	(401,085)	(79,000)	(401,085)	(79,000)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning, Balance			(234,000)	(172,000)
Other comprehensive income before reclassifications				111,000
Amounts reclassified from accumulated other comprehensive income (loss)			(89,000)
Net current-period other comprehensive income			(89,000)	111,000
Ending, Balance	(323,000)	(61,000)	(323,000)	(61,000)
Net Unrealized Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning, Balance			(69,000)	40,000
Other comprehensive income before reclassifications				(73,000)
Amounts reclassified from accumulated other comprehensive income (loss)			(9,000)	15,000
Net current-period other comprehensive income			(9,000)	(58,000)
Ending, Balance	$ (78,000)	$ (18,000)	$ (78,000)	$ (18,000)

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Loss - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive (Loss) Income [Line Items]
Reclassified from accumulated other comprehensive income	$ 382,083	$ 69,756	$ 798,322	$ 154,962
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive (Loss) Income [Line Items]
Reclassified from accumulated other comprehensive income			$ 1,000	$ 15,000

Stock Incentive Plan - (Details

Stock Incentive Plan - (Details) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
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	8,644,981		8,644,981
Stock options available for future grants	5,366,340		5,366,340
Performance Units available for grant	8,644,981		8,644,981
Options granted, weighted average grant date fair value	$ 6.38	$ 1.76
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, 2017USD ($)$ / sharesshares
Stock Incentive Plan
Number of Shares, Options outstanding, beginning of year | shares	2,893,240
Number of Shares, Options granted | shares	875,665
Number of Shares, Options exercised | shares	(183,266)
Number of Shares, Options cancelled or forfeited | shares	(15,595)
Number of Shares, Options outstanding, end of year | shares	3,570,044
Number of Shares, Options exercisable, end of year | shares	2,417,963
Weighted Average Exercise Price, Options outstanding, beginning of year | $ / shares	$ 3.48
Weighted Average Exercise Price, Options granted | $ / shares	11.39
Weighted Average Exercise Price, Options exercised | $ / shares	3.63
Weighted Average Exercise Price, Options cancelled or forfeited | $ / shares	3.40
Weighted Average Exercise Price, Options outstanding, end of year | $ / shares	5.41
Weighted Average Exercise Price, Options exercisable, end of year | $ / shares	$ 3.40
Weighted Average Remaining Contractual Life of outstanding stock options	4 years 22 days
Weighted Average Remaining Contractual Life of exercisable stock options	3 years 3 months 22 days
Aggregate Intrinsic Value of outstanding stock options | $	$ 37,003
Aggregate Intrinsic Value of exercisable stock options | $	$ 30,849

Stock Incentive Plan - Non-Vest

Stock Incentive Plan - Non-Vested Restricted and Performance Stock Units (Details)	6 Months Ended
	Dec. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at beginning of period | shares	1,500,000
Non-vested at end of period | shares	1,535,366
Non-vested, Weighted-Average per Share of Market Value on Grant Date, Beginning balance | $ / shares	$ 2.28
Non-vested, Weighted-Average per Share of Market Value on Grant Date, Ending balance | $ / shares	$ 2.83
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Units Granted | shares	35,366
Non-vested, Weighted-Average per Share of Market Value on Grant Date | $ / shares	$ 8.46

Stock Incentive Plan - Narrativ

Stock Incentive Plan - Narratives (Details) $ in Thousands	Nov. 02, 2017shares	May 03, 2017shares	Jul. 14, 2015shares	Dec. 31, 2017USD ($)$ / sharesitemshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested options outstanding | shares				2,687,447	2,687,447		2,687,447
Unrecognized compensation costs related to non-vested share-based compensation | $							$ 6,000
Weighted-average period recognized							2 years 7 months 2 days
Stock vesting period							4 years
Performance Units available for grant | shares				8,644,981	8,644,981		8,644,981
Non-qualifed stock options grant date value | $				$ 30,849	$ 30,849		$ 30,849
Non-qualifed stock options vesting period							4 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted | shares							35,366
Unrecognized compensation costs related to non-vested share-based compensation | $							$ 600
Weighted-average period recognized							6 months 11 days
Stock-based compensation | $					300	$ 300	$ 600	$ 600
CEO | Nonqualified Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period				4 years
Non-qualifed stock options granted | shares				168,461
Non-qualifed stock options grant date value | $				$ 1,100	$ 1,100		$ 1,100
Non-qualifed stock options vesting period				4 years
Non-qualifed stock options service period				4 years
Targeted share price | $ / shares				35.58	35.58		35.58
Number of trading days | item				15
CEO | Nonqualified Plan Two Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period				4 years
Non-qualifed stock options granted | shares				151,678
Non-qualifed stock options grant date value | $				$ 1,000	$ 1,000		$ 1,000
Non-qualifed stock options vesting period				4 years
Non-qualifed stock options service period				4 years
Targeted share price | $ / shares				23.72	23.72		23.72
Number of trading days | item				15
Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted | shares							35,366
Restricted stock units, closing price | $ / shares				$ 8.46	$ 8.46		$ 8.46
Unrecognized compensation costs related to non-vested share-based compensation | $							$ 200
Executive Officers [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense related stock options | $					$ 39		$ 63
Executive Officers [Member] | Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period recognized							1 year 2 months 16 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 | $					$ 1,300	$ 1,400
Goldenberg Agreement | Employment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted | shares	1,500,000
Goldenberg Agreement | Employment Agreement | Restricted Units Vesting Based on Certain Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted | shares		1,500,000
Stock vesting period			3 years
Performance Units available for grant | shares			1,500,000
Non-qualifed stock options vesting period			3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period							1 year
Non-qualifed stock options vesting period							1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period							3 years
Non-qualifed stock options vesting period							3 years

Geographic Segments (Details)

Geographic Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Segment Reporting Information [Line Items]
Total assets	$ 155,953,747	$ 53,124,000	$ 155,953,747	$ 53,124,000	$ 162,573,392
Property and equipment, net	7,300,102	4,278,000	7,300,102	4,278,000	$ 5,245,230
Revenues	597,284	384,170	1,287,774	1,125,976
Income (loss) before taxes	(2,527,258)	(24,448,163)	(121,289,442)	(40,677,056)
United States
Segment Reporting Information [Line Items]
Total assets	154,095,000	51,747,000	154,095,000	51,747,000
Property and equipment, net	7,216,000	4,195,000	7,216,000	4,195,000
Revenues	73,000	67,000	720,000	212,000
Income (loss) before taxes	(2,643,000)	(24,334,000)	(121,504,000)	(40,433,000)
Europe
Segment Reporting Information [Line Items]
Total assets	1,858,000	1,377,000	1,858,000	1,377,000
Property and equipment, net	84,000	83,000	84,000	83,000
Revenues	524,000	317,000	568,000	914,000
Income (loss) before taxes	$ 116,000	$ (114,000)	$ 215,000	$ (244,000)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Center for Molecular Medicine and Immunology [Member]
Related Party Transaction [Line Items]
Legal expenses incurred by the company	$ 2	$ 3	$ 2	$ 4
Goldenberg Agreement
Related Party Transaction [Line Items]
Compensation received for services	$ 3	$ 13	$ 3	$ 13

Collaboration Agreement (Detail

Collaboration Agreement (Details) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
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	$ 63,975	$ 10,007	$ 65,070	$ 25,114
Scenario Plan
Guarantor Obligations [Line Items]
License fee and other revenues	$ 300,000
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

Commitments and Contingencies (

Commitments and Contingencies (Details)	Dec. 01, 2017USD ($)	Nov. 02, 2017USD ($)shares	May 03, 2017USD ($)shares	Mar. 13, 2017item	Jun. 09, 2016item	Dec. 31, 2017USD ($)	Apr. 07, 2017plaintiff	Mar. 03, 2017item	Oct. 22, 2015patent
Guarantor Obligations [Line Items]
Number of incumbent members commenced action | item								6
Total number of incumbent members | item								7
Number of plaintiffs that withdrew claims | plaintiff							3
Number of plaintiffs | plaintiff							6
VenBio Action
Guarantor Obligations [Line Items]
Reimbursement expense	$ 4,900,000
Number of nominees | item				4
Number of incumbent directors | item				3
Percentage of interest on repayment of fees and expenses	6.75%
VenBio Action | Maximum
Guarantor Obligations [Line Items]
Number of days following Court decision	90 days
Greenhill Agreements | Maximum
Guarantor Obligations [Line Items]
Reimbursement expense						$ 200,000
Goldenberg Sullivan And Markison | Greenhill Agreements | Convertible preferred stock
Guarantor Obligations [Line Items]
Proceeds from Issuance of Convertible Preferred Stock		$ 125,000,000
Employment Agreement | Goldenberg Agreement
Guarantor Obligations [Line Items]
Total foregoing cash payments		2,400,000	$ 2,400,000
Litigation Settlement Payment In Dispute One		$ 1,800,000	$ 1,800,000
Restricted stock units granted | shares		1,500,000
Employment Agreement | Goldenberg Agreement | Minimum
Guarantor Obligations [Line Items]
Percentage Of Consideration Received From Dispositions			20.00%
Employment Agreement | Goldenberg Agreement | Maximum
Guarantor Obligations [Line Items]
Term Of Compensation Contract Upon Dispositions Of Undeveloped Assets			3 years
Employment Agreement | Sullivan Agreement
Guarantor Obligations [Line Items]
Total foregoing cash payments		$ 3,100,000	$ 3,100,000
Litigation Settlement Payment In Dispute One		900,000	900,000
Employment Agreement | Goldenberg and Sullivan
Guarantor Obligations [Line Items]
Arbitration costs incurred						0
Employment Agreement | Goldenberg and Sullivan | Maximum
Guarantor Obligations [Line Items]
Arbitration costs incurred		$ 650,000	$ 650,000			$ 650,000
Employment Agreement | Restricted Units Vesting Based on Certain Market Conditions | Goldenberg Agreement
Guarantor Obligations [Line Items]
Restricted stock units granted | shares			1,500,000
Patent litigation
Guarantor Obligations [Line Items]
Number of patents owned | patent									3
Stockholder Federal Securities Cases
Guarantor Obligations [Line Items]
Number of purported class action cases filed | item					2

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jan. 08, 2018	Jan. 07, 2018	Oct. 11, 2016
Subsequent Events
Gross proceeds from sale of common stock			$ 30,000,000
Funding and Purchase Agreements [Member] | Subsequent Event
Subsequent Events
Percentage of revenue participation rights to repurchase		50.00%
Discount rate to calculate net present value of projected royalty payments		5.00%
RPI | Subsequent Event
Subsequent Events
Collaborative agreement purchase price	$ 175,000,000
RPI | Funding and Purchase Agreements [Member] | Subsequent Event
Subsequent Events
Collaborative agreement purchase price	$ 175,000,000	$ 175,000,000
Collaborative arrangement royalty rate		4.15%
Collaborative arrangement maximum royalty		$ 2,000,000
Percentage of excess of global annual sales threshold limit		1.75%
Collaborative arrangement excess of global annual sales threshold limit		$ 6,000,000
Private placement | Common stock purchase agreement | Subsequent Event
Subsequent Events
Share Price	$ 17.15
Gross proceeds from sale of common stock	$ 75,000,000
Private placement | RPI | Common stock purchase agreement | Subsequent Event
Subsequent Events
Agreement purchase shares of common stock		4,373,178
Share Price	$ 17.15	$ 17.15
Gross proceeds from sale of common stock	$ 75,000,000	$ 75,000,000