Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.3.0.814
Share-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2015
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,
 
 
 
2015
 
2014
 
Research and development
 
$
-
 
$
97
 
General and administrative
 
 
914
 
 
978
 
Totals
 
$
914
 
$
1,075
 
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, 2015 and 2014:
 
 
 
 
 
 
 
Weighted-
 
 
 
 
 
 
 
Weighted-
 
average
 
 
 
 
 
 
 
average
 
Remaining
 
Aggregate
 
 
 
Stock
 
Exercise
 
Contractual
 
Intrinsic Value
 
 
 
Options
 
Price
 
Term (in years)
 
(in thousands)
 
Outstanding as of July 1, 2013
 
6,760,000
 
$
1.45
 
7.5
 
$
161
 
Granted
 
1,990,000
 
$
0.47
 
 
 
 
 
 
Forfeited/expired
 
(266,666)
 
$
0.62
 
 
 
 
 
 
Outstanding as of June 30, 2014
 
8,483,334
 
$
1.25
 
7.0
 
$
179
 
Granted
 
1,740,000
 
$
0.88
 
 
 
 
 
 
Forfeited/expired
 
(700,000)
 
$
0.75
 
 
 
 
 
 
Outstanding as of June 30, 2015
 
9,523,334
 
$
1.22
 
6.6
 
$
1,848
 
As of June 30, 2015 vested and expected to vest
 
9,499,292
 
$
1.22
 
6.6
 
$
1,836
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable as of June 30, 2015
 
6,156,677
 
$
1.42
 
5.6
 
$
1,105
 
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:
 
 
 
2015
 
2014
 
Risk-free interest rate
 
1.3% - 2.3%
 
2.3% - 2.7%
 
Dividend yield
 
0%
 
0%
 
Volatility
 
96.7% - 113.9%
 
97.4% - 100.6%
 
Expected term (in years)
 
4 - 9
 
9