Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v2.4.0.8
Share-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
The following table summarizes the components of share-based compensation expense in the Consolidated Statements of Operations (in thousands):
 
 
 
Year Ended
June 30,
 
 
 
2014
 
2013
 
Research and development
 
$
97
 
$
192
 
General and administrative
 
 
978
 
 
1,071
 
Totals
 
$
1,075
 
$
1,263
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following table summarizes all stock option activity during the years ended June 30, 2014 and 2013:
 
 
 
Stock
Options
 
Weighted-
average
Exercise
Price
 
Weighted-
average
Remaining
Contractual
Term (in years)
 
Aggregate
Intrinsic Value
(in thousands)
 
Outstanding as of July 1, 2012
 
 
5,510,000
 
$
1.56
 
 
8.1
 
$
494
 
Granted
 
 
1,330,000
 
$
1.02
 
 
 
 
 
 
 
Forfeited
 
 
(80,000)
 
$
1.55
 
 
 
 
 
 
 
Outstanding as of June 30, 2013
 
 
6,760,000
 
$
1.45
 
 
7.5
 
$
161
 
Granted
 
 
1,990,000
 
$
0.47
 
 
 
 
 
 
 
Forfeited
 
 
(266,666)
 
$
0.62
 
 
 
 
 
 
 
Outstanding as of June 30, 2014
 
 
8,483,334
 
$
1.25
 
 
7.0
 
$
179
 
As of June 30, 2014 vested and expected to vest
 
 
8,396,500
 
$
1.25
 
 
7.0
 
$
178
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable as of June 30, 2014
 
 
5,288,542
 
$
1.48
 
 
6.2
 
$
161
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The Company estimated the fair value of options granted using the Black-Scholes option pricing model with the following assumptions:
 
 
 
2014
 
2013
 
Risk-free interest rate
 
2.3% - 2.7%
 
1.3% - 2.0%
 
Dividend yield
 
0%
 
0%
 
Volatility
 
97.4% - 100.6%
 
98.9% - 100.8%
 
Expected term (in years)
 
9
 
9