The following table summarizes the components of share-based compensation expense in the condensed consolidated statements of operations (in thousands):

 

		Three Months Ended September 30,
		2017			2016
Research and development		$	14		$	6
General and administrative			191			259
Total		$	205		$	265

 

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 September 30, 2017, there were approximately 1.45 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.

 

Issuance of stock options during Fiscal 2018 were as follows:

 

   

The following table summarizes all stock option activity during Fiscal 2018:

 

		Stock Options			Weighted- average Exercise Price			Weighted- average Remaining Contractual Term (in years)			Aggregate Intrinsic Value (in thousands)
Outstanding as of July 1, 2017			13,548,334		$	1.21			5.8		$	138
Granted			50,000			0.40
Outstanding as of September 30, 2017			13,598,334		$	1.21			5.6		$	83
Vested and, as of September 30, 2017, expected to vest			13,543,932		$	1.21			5.6		$	83
Exercisable as of September 30, 2017			10,911,679		$	1.30			4.8		$	83

 

The weighted-average grant date fair value of stock options granted during the three months ended September 30, 2017 was $0.34 per share. As of September 30, 2017, there was approximately $922,000 of total unrecognized compensation cost related to non-vested stock options that the Company expects to recognize over a weighted-average period of 1.6 years.

 

The Company estimated the fair value of options granted using the Black-Scholes option pricing model with the following assumptions:

 

Risk-free interest rate			2.23	%
Dividend yield			0	%
Volatility			103.10	%
Expected term (in years)			9