Three Months Ended March 31,
		2017			2016
Research and development		$	5		$	6
General and administrative			202			291
Totals		$	207		$	297

		Nine Months Ended March 31,
		2017			2016
Research and development		$	16		$	15
General and administrative			697			925
Totals		$	713		$	940

		Stock Options			Weighted- average Exercise Price			Weighted- average Remaining Contractual Term (in years)			Aggregate Intrinsic Value (in thousands)
Outstanding as of July 1, 2016			12,273,334		$	1.31			6.4		$	993
Granted			150,000			0.40
Forfeited			(116,665)			1.54
Outstanding as of March 31, 2017			12,306,669		$	1.30			5.6		$	196
Vested and, as of March 31, 2017, expected to vest			12,276,498		$	1.30			5.6		$	196
Exercisable as of March 31, 2017			9,478,362		$	1.30			4.8		$	191

Risk-free interest rate		2.37	%
Dividend yield		0	%
Volatility		104.38	%
Expected term (in years)		9

The following table summarizes the components of share-based compensation expense in the Consolidated Statements of Operations (in thousands):

 

		Year Ended June 30,
		2016			2015
Research and development		$	20		$	-
General and administrative			1,245			914
Totals		$	1,265		$	914

On August 12, 2008, the Company adopted the iBioPharma 2008 Omnibus Equity Incentive Plan (the “Plan”) for employees, officers, directors and external service providers. The original Plan provided that the Company may grant options to purchase stock and/or make awards of restricted stock up to an aggregate amount of 10 million shares. On December 18, 2013, the Plan was amended to increase the number of shares reserved for awards under the Plan from 10 million to 15 million. As of June 30, 2016, there were approximately 2.9 million shares of common stock reserved for future issuance under the Plan. Stock options granted under the Plan may be either incentive stock options (as defined by Section 422 of the Internal Revenue Code of 1986, as amended) or non-qualified stock options at the discretion of the Board of Directors. Vesting of service awards occurs ratably on the anniversary of the grant date over the service period, generally three or five years, as determined at the time of grant. Vesting of performance awards occurs when the performance criteria have been satisfied. The Company uses historical data to estimate forfeiture rates.

On September 5, 2014, the Company granted stock options to members of the Board of Directors, officers and employees to purchase 1.64 million shares of common stock. These options vest ratably on the anniversary of the date of grant over a three year service period, expire ten years from the date of grant, and have a weighted-average exercise price of $0.86 per share.