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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May 04, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Trading Symbol	MEIP
Entity Registrant Name	MEI Pharma, Inc.
Entity Central Index Key	0001262104
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,155,997

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 14,291	$ 18,722
Short term investments	35,111	45,057
Total cash, cash equivalents and short-term investments	49,402	63,779
Prepaid expenses and other current assets	1,102	502
Total current assets	50,504	64,281
Intangible assets, net	374	401
Property and equipment, net	53	68
Total assets	50,931	64,750
Current liabilities:
Accounts payable	466	863
Accrued liabilities	3,559	4,096
Total current liabilities	4,025	4,959
Commitments and contingencies (Note 3)
Stockholders' equity:
Preferred stock, $0.01 par value; 100,000 shares authorized; none outstanding
Common stock, $0.00000002 par value; 113,000,000 shares authorized; 34,155,997 shares issued and outstanding at March 31, 2016 and June 30, 2015	0	0
Additional paid-in-capital	218,137	215,930
Accumulated deficit	(171,231)	(156,139)
Total stockholders' equity	46,906	59,791
Total liabilities and stockholders' equity	$ 50,931	$ 64,750

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Jun. 30, 2015
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00000002	$ 0.00000002
Common stock, shares authorized	113,000,000	113,000,000
Common stock, shares issued	34,155,997	34,155,997
Common stock, shares outstanding	34,155,997	34,155,997

Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Statements of Operations - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Operating expenses:
Research and development	$ (3,420)	$ (6,775)	$ (9,418)	$ (20,044)
General and administrative	(1,990)	(2,185)	(5,765)	(7,039)
Total operating expenses	(5,410)	(8,960)	(15,183)	(27,083)
Loss from operations	(5,410)	(8,960)	(15,183)	(27,083)
Other income (expense):
Interest and dividend income	39	30	92	52
Income tax expense			(1)	(1)
Net loss	$ (5,371)	$ (8,930)	$ (15,092)	$ (27,032)
Net loss per share, basic and diluted	$ (0.16)	$ (0.27)	$ (0.44)	$ (1.03)
Weighted average shares outstanding - basic and diluted	34,422,663	33,471,920	34,393,087	26,183,435

Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (15,092)	$ (27,032)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	2,207	3,730
Depreciation and amortization	45	48
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(600)	(95)
Accounts payable	(397)	1,003
Accrued liabilities	(537)	1,019
Net cash used in operating activities	(14,374)	(21,327)
Cash flows from investing activities:
Purchases of property and equipment	(3)	(16)
Purchases of short-term investments	(40,190)	(65,063)
Proceeds from maturity of short-term investments	50,136	50,024
Net cash provided by investing activities	9,943	(15,055)
Cash flows from financing activities:
Net proceeds from issuance of common stock		43,070
Net cash provided by financing activities		43,070
Net (decrease) increase in cash and cash equivalents	(4,431)	6,688
Cash and cash equivalents at beginning of the period	18,722	13,777
Cash and cash equivalents at end of the period	$ 14,291	$ 20,465

The Company

9 Months Ended

Mar. 31, 2016

The Company

1. The Company

MEI Pharma, Inc., or “the Company”, is an oncology company focused on the clinical development of novel therapies for cancer. The Company’s common stock is listed on the Nasdaq Capital Market under the symbol “MEIP”.

The Company’s business purpose is the development of drugs for the treatment of cancer. The Company’s portfolio of clinical drug candidates includes Pracinostat, an oral histone deacetylase (“HDAC”) inhibitor that is expected to enter a Phase III registration-oriented study for the treatment of elderly patients with newly diagnosed acute myeloid leukemia (“AML”) in the second half of calendar year 2016. The Company’s clinical development pipeline also includes ME-401 (formerly PWT143), an oral inhibitor of phosphatidylinositide 3-kinase (“PI3K”) delta that is expected to enter a Phase Ib study in patients with recurrent chronic lymphocytic leukemia (“CLL”) or follicular non-Hodgkin’s lymphoma (“fNHL”) in the second quarter of calendar year 2016. The Company is also developing ME-344, a mitochondrial inhibitor that is expected to enter an investigator-sponsored clinical study in human epidermal growth factor receptor 2 (“HER2”)-negative breast cancer in the second quarter of calendar year 2016. The Company owns exclusive worldwide rights to all of its drug candidates, including Pracinostat, ME-401 and ME-344.

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The Company has evaluated subsequent events through the date the financial statements were issued.

The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto as of and for the fiscal year ended June 30, 2015, included in the Company’s Annual Report on Form 10-K (“2015 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on September 2, 2015. Interim results are not necessarily indicative of results for a full year.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The Company uses estimates that affect the reported amounts (including assets, liabilities and expenses) and related disclosures. Actual results could materially differ from those estimates.

Significant Accounting Policies

On July 1, 2015, we changed our method of estimating the grant date fair value for stock options from a binomial valuation model to a Black-Scholes valuation model. The change was made as a result of the implementation of new accounting software. The overall result from applying either the Black-Scholes or binomial valuation model did not result in a material difference in the stock option valuation.

Recent Accounting Pronouncements

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). The standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. Subsequent to adoption, the Company will apply the guidance in ASU 2014-15 to assess its ability to continue as a going concern.

In February 2016, the FASB issued ASU 2016-02 Leases, which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact that the adoption of this standard will have on our financial statements.

In March 2016, the FASB issued ASU 2016-09 Improvements to Employee Share-Based Payment Accounting which simplifies several aspects of 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. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact that the adoption of this standard will have on our financial statements.

Commitments and Contingencies

9 Months Ended

Mar. 31, 2016

Commitments and Contingencies

3. Commitments and Contingencies

The Company has contracted with various consultants and third parties to assist it in pre-clinical research and development and clinical trials work for its leading drug compounds. The contracts are terminable at any time, but obligate the Company to reimburse the providers for any time and costs incurred through the date of termination. The Company also has employment agreements with certain of its current employees that provide for severance payments and accelerated vesting for share-based awards if their employment is terminated under specified circumstances.

As of March 31, 2016, the Company leases approximately 8,800 square feet of office space for the Company’s executive and administrative offices. The monthly rental rate is approximately $27,000 during the remaining term of the lease, plus a pro-rata share of certain building expenses. The lease expires in June 2016. Total future minimum payments under the lease are $81,000 through June 30, 2016. In April 2016, the Company signed a lease amendment to extend the lease term through June 30, 2017.

Asset Purchase Agreement

In August 2012, the Company entered into a definitive asset purchase agreement with S*Bio Pte Ltd (“S*Bio”), pursuant to which the Company agreed to acquire certain assets comprised of intellectual property and technology including rights to Pracinostat, in exchange for $500,000 of common stock. On August 22, 2012, the Company completed the asset purchase and issued 195,756 shares of common stock to S*Bio. The Company has also agreed to make certain milestone payments to S*Bio based on the achievement of certain clinical, regulatory and net sales-based milestones, as well as to make certain contingent earnout payments to S*Bio. Milestone payments will be made to S*Bio up to an aggregate amount of $75.2 million if certain U.S., E.U. and Japanese regulatory approvals are obtained and if certain net sales thresholds are met in North America, the E.U. and Japan. The first milestone payment of $200,000 plus shares of the Company’s common stock having a value of $500,000 will be due upon the first dosing of a patient in a Phase III clinical trial or other pivotal trial, for any indication. Subsequent milestone payments will be due upon certain regulatory approvals and sales-based events. As of March 31, 2016, the Company has accrued $250,000 for potential future payments.

License Agreement

In September 2012, the Company entered into a license agreement with CyDex Pharmaceuticals, Inc. (“CyDex”). Under the license agreement, CyDex granted to the Company an exclusive, nontransferable license to intellectual property rights relating to Captisol^® for use with the Company’s isoflavone-based drug compounds. The Company agreed to pay to CyDex a non-refundable license issuance fee, future milestone payments, and royalties at a low, single-digit percentage on future sales of the Company’s approved drugs utilizing Captisol. Contemporaneously with the license agreement, the Company and CyDex entered into a commercial supply agreement pursuant to which the Company agreed to purchase 100% of its requirements for Captisol from CyDex. The Company may terminate both the license agreement and the supply agreement for convenience at any time upon 90 days’ prior written notice. As of March 31, 2016, the Company has not accrued any amounts for potential future payments.

Stockholders' Equity

9 Months Ended

Mar. 31, 2016

Stockholders' Equity

5. Stockholders’ Equity

Equity Transactions

Shelf Registration Statement

In April 2014, the Company filed a shelf registration statement on Form S-3 with the SEC (“shelf registration statement”). The shelf registration statement was declared effective by the SEC in April 2014. The shelf registration statement permits the Company to sell, from time to time, up to $150 million of common stock, preferred stock and warrants. As of March 31, 2016, there is $104 million aggregate value of securities available under the shelf registration statement. Pursuant to SEC regulations, if the market value of the Company’s public float is below $75 million, the Company cannot sell securities from the shelf registration statement which represent more than one-third of the market value of the Company’s non-affiliated public float during any 12-month period. The market value of the Company’s non-affiliated public float was less than $75 million as of March 31, 2016. Accordingly, until the Company’s non-affiliated public float exceeds $75 million, the Company may not sell shares with a market value greater than one-third of its non-affiliated public float during any 12-month period under the shelf registration statement. No shares were sold under the shelf registration statement in calendar year 2015 or 2016.

Underwritten Registered Offering

In December 2014, the Company completed an underwritten registered offering of 11,500,000 shares of its common stock at a price per share of $4.00, pursuant to the shelf registration statement. The Company received net cash proceeds of $43.1 million associated with the offering, after costs of $2.9 million.

Warrants

As of March 31, 2016, there were outstanding warrants to purchase 315,484 shares of the Company’s common stock at an exercise price of $7.14 per share, which expire in May 2017, issued in conjunction with the Company’s May 2012 rights offering; outstanding Series A warrants and warrants issued to the Company’s placement agent for its May 2011 private placement to purchase up to 215,721 shares of common stock at an exercise price of $6.00 per share, which expire in November 2016; and warrants to purchase 3,230,202 shares of the Company’s common stock at an exercise price of $3.12 per share, which expire in December 2017, issued in conjunction with its December 2012 private placement.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Share-based Compensation

9 Months Ended

Mar. 31, 2016

Share-based Compensation

6. Share-based Compensation

The Company uses equity-based compensation programs to provide long-term performance incentives for its employees. These incentives consist primarily of stock options and restricted stock units (“RSUs”).

MEI Pharma’s 2008 Stock Omnibus Equity Compensation Plan (the “2008 Equity Plan”) provides for the grant of options and/or other share-based or share-denominated awards to the Company’s non-employee directors, officers, employees and advisors. The 2008 Equity Plan was initially adopted in 2008 and was amended and restated in 2011 and 2012. Effective December 3, 2015, the Company’s stockholders voted to further amend and restate the 2008 Equity Plan to increase the number of shares of common stock authorized for issuance under the plan to 6,686,000 shares, among other changes. As of March 31, 2016, there were 3,443,920 shares available for future grant under the 2008 Equity Plan.

Total share-based compensation expense for all stock awards consists of the following, in thousands:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2016		2015		2016		2015
Research and development	$	216	$	317	$	681	$	1,177
General and administrative		423		751		1,526		2,553

Total share-based compensation	$	639	$	1,068	$	2,207	$	3,730

Stock Options

As of March 31, 2016, there were a total of 2,871,683 options outstanding, including options representing the right to purchase a total of 29,603 shares of common stock which were granted to one of the Company’s officers outside of the Plan.

Stock option activity for the nine months ended March 31, 2016 was as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2015		1,614,317		$	7.07
Granted		1,546,625			1.59
Forfeited / Cancelled		(262,392	)		5.10
Expired		(26,867	)		5.53

Outstanding at March 31, 2016		2,871,683		$	4.32		6.2	$	8,607

Vested and exercisable at March 31, 2016		1,188,713		$	5.78		4.3	$	—

The fair value of each stock option granted during the nine months ended March 31, 2016 is estimated on the grant date under the fair value method using a Black-Scholes valuation model. Stock options granted to employees during the nine months ended March 31, 2016 vest either ratably each month for a period of 36 months, or 25% one year from the date of grant and ratably each month thereafter for a period of 36 months and expire ten years from the date of grant. Stock options granted to directors during the nine months ended March 31, 2016 vest ratably each month for a period of 12 months from the date of grant and expire ten years from the date of grant. The RSU equity awards are measured using the grant date fair value of the Company’s common stock. The estimated fair values of the stock options and RSUs, including the effect of estimated forfeitures, are expensed over the service period.

The following weighted-average assumptions were used to determine the fair value of options granted during the period:


	Nine Months Ended March 31,
	2016			2015
Risk-free interest rate		1.7	%		1.6	%
Expected life (years)		5.8			5.0
Expected volatility		116.8	%		115.7	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.35		$	5.00

As of March 31, 2016, there was $1.8 million of unrecognized compensation expense related to the unvested portion of stock options. Such compensation expense is expected to be recognized over a weighted-average period of 1.5 years.

Restricted Stock Units

In March 2013, the Compensation Committee of the Board of Directors granted 400,000 RSUs to the Company’s Chief Executive Officer, Dr. Daniel P. Gold. Each RSU represents the contingent right to receive one share of the Company’s common stock. One-third of the RSUs vested on August 30, 2014, one-third vested on August 30, 2015, and the remaining one-third will vest on August 30, 2016. The shares underlying the RSUs will be delivered to Dr. Gold on the earliest to occur of (i) March 29, 2018, (ii) Dr. Gold’s death, disability or separation from service from the Company for any reason, or (iii) a change in control involving the Company.

The fair value of the RSUs on the date of grant was $3.5 million. The grant date fair value per unit was $8.63. As of March 31, 2016, unrecognized compensation expense related to the unvested portion of the Company’s RSUs was approximately $0.1 million and is expected to be recognized over a weighted-average period of 0.4 years.

The Company (Policies)	9 Months Ended
The Company (Policies)	Mar. 31, 2016
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The Company has evaluated subsequent events through the date the financial statements were issued. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto as of and for the fiscal year ended June 30, 2015, included in the Company’s Annual Report on Form 10-K (“2015 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on September 2, 2015. Interim results are not necessarily indicative of results for a full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The Company uses estimates that affect the reported amounts (including assets, liabilities and expenses) and related disclosures. Actual results could materially differ from those estimates.
Significant Accounting Policies	Significant Accounting Policies On July 1, 2015, we changed our method of estimating the grant date fair value for stock options from a binomial valuation model to a Black-Scholes valuation model. The change was made as a result of the implementation of new accounting software. The overall result from applying either the Black-Scholes or binomial valuation model did not result in a material difference in the stock option valuation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). The standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. Subsequent to adoption, the Company will apply the guidance in ASU 2014-15 to assess its ability to continue as a going concern. In February 2016, the FASB issued ASU 2016-02 Leases, which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact that the adoption of this standard will have on our financial statements. In March 2016, the FASB issued ASU 2016-09 Improvements to Employee Share-Based Payment Accounting which simplifies several aspects of 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. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact that the adoption of this standard will have on our financial statements.

Share-based Compensation (Tables)

9 Months Ended

Mar. 31, 2016

Share-Based Compensation Expense for Stock Awards

Total share-based compensation expense for all stock awards consists of the following, in thousands:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2016		2015		2016		2015
Research and development	$	216	$	317	$	681	$	1,177
General and administrative		423		751		1,526		2,553

Total share-based compensation	$	639	$	1,068	$	2,207	$	3,730

Summary of Stock Option Activity

Stock option activity for the nine months ended March 31, 2016 was as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2015		1,614,317		$	7.07
Granted		1,546,625			1.59
Forfeited / Cancelled		(262,392	)		5.10
Expired		(26,867	)		5.53

Outstanding at March 31, 2016		2,871,683		$	4.32		6.2	$	8,607

Vested and exercisable at March 31, 2016		1,188,713		$	5.78		4.3	$	—

Fair Value of Stock Options Weighted-Average Assumptions Used

The following weighted-average assumptions were used to determine the fair value of options granted during the period:


	Nine Months Ended March 31,
	2016			2015
Risk-free interest rate		1.7	%		1.6	%
Expected life (years)		5.8			5.0
Expected volatility		116.8	%		115.7	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	1.35		$	5.00

Commitments and Contingencies - Additional Information (Detail)		1 Months Ended			9 Months Ended
	Aug. 22, 2012 shares	Apr. 30, 2016	Sep. 30, 2012	Aug. 31, 2012 USD ($)	Mar. 31, 2016 USD ($) ft²	Jun. 30, 2015 USD ($)
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Lease expiration month and year					2016-06
Lease arrangement rent area, square feet \| ft²					8,800
Lease rental rate					$ 27,000
Future minimum payment next year					81,000
Issuance of common stock to acquire intellectual property and technology rights				$ 500,000
Issuance of common stock to purchase asset, shares \| shares	195,756
Future aggregate milestone payments				75,200,000
First milestone payment				200,000
Common stock value					0	$ 0
Accrued potential future payments					$ 250,000
Percentage of Purchase Requirement			100.00%
License and supply agreement notice period			90 days
Subsequent Event
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Lease expiration date		Jun. 30, 2017
Phase Three Clinical Trial
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Common stock value				$ 500,000

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended		9 Months Ended
	Dec. 31, 2014	Apr. 30, 2014	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Public float maximum market value		$ 75,000,000
Aggregate value of securities available under shelf registration statement			$ 104,000,000
Market value of non-affiliated public float			The market value of the Company's non-affiliated public float was less than $75 million as of March 31, 2016. Accordingly, until the Company's non-affiliated public float exceeds $75 million, the Company may not sell shares with a market value greater than one-third of its non-affiliated public float during any 12-month period under the shelf registration statement.
Issuance of common stock (in shares)			0
Net proceeds from issuance of common stock				$ 43,070,000
Series A warrants
Class of Stock [Line Items]
Warrants outstanding			215,721
Exercise price			$ 6.00
Warrants expiration date			2016-11
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement		$ 150,000,000
Rights Offering
Class of Stock [Line Items]
Warrants outstanding			315,484
Exercise price			$ 7.14
Warrants expiration date			2017-05
Underwritten Registered Offering
Class of Stock [Line Items]
Issuance of common stock (in shares)	11,500,000
Common stock, sales price per share	$ 4.00
Net proceeds from issuance of common stock	$ 43,100,000
Payment of stock offering cost	$ 2,900,000
December 2012 Private Placement
Class of Stock [Line Items]
Warrants outstanding			3,230,202
Exercise price			$ 3.12
Warrants expiration date			2017-12

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding		2,871,683	1,614,317
Unrecognized compensation expense related to non-vested stock options		$ 1.8
Expected weighted average period for recognition of compensation expense		1 year 6 months
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		12 months
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
2008 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized		6,686,000
Shares available for future grant		3,443,920
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding		2,871,683
Stock Compensation Plan \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding		29,603
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted average period for recognition of compensation expense		4 months 24 days
Fair value of RSUs on the date of grant	$ 3.5
RSUs grant date fair value per unit	$ 8.63
Unrecognized compensation expense related to non-vested RSUs		$ 0.1
Restricted Stock Units (RSUs) \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	400,000
Number of common stock to be received for each RSUs	1
Restricted Stock Units (RSUs) \| Chief Executive Officer \| Vested on August 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vested percentage	33.33%
Restricted Stock Units (RSUs) \| Chief Executive Officer \| Vested on August 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vested percentage	33.33%
Restricted Stock Units (RSUs) \| Chief Executive Officer \| Vested on August 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vested percentage	33.33%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		36 months
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Employee Stock Option \| Vesting one year from the date of grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vested percentage		25.00%

Summary of Stock Option Activity (Detail)	9 Months Ended
Summary of Stock Option Activity (Detail)	Mar. 31, 2016 USD ($) $ / shares shares
Number of Options
Beginning Balance \| shares	1,614,317
Granted \| shares	1,546,625
Forfeited / Cancelled \| shares	(262,392)
Expired \| shares	(26,867)
Ending balance \| shares	2,871,683
Vested and exercisable at end of period \| shares	1,188,713
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 7.07
Granted \| $ / shares	1.59
Forfeited / Cancelled \| $ / shares	5.10
Expired \| $ / shares	5.53
Ending balance \| $ / shares	4.32
Vested and exercisable at end of period \| $ / shares	$ 5.78
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	6 years 2 months 12 days
Vested and exercisable at end of period	4 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 8,607
Vested and exercisable at end of period \| $	$ 0

Fair Value of Stock Options Weighted-Average Assumptions Used (Detail) - $ / shares	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.70%	1.60%
Expected life (years)	5 years 9 months 18 days	5 years
Expected volatility	116.80%	115.70%
Dividend yield	0.00%	0.00%
Weighted-average grant date fair value	$ 1.35	$ 5.00

Short-Term Investments - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Short term investments	$ 35,111	$ 45,057
Maximum
Schedule of Equity Method Investments [Line Items]
Short-term investments, maturity	1 year	1 year