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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Nov. 06, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
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		37,014,947

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 6,958	$ 8,458
Short term investments	40,065	45,107
Total cash, cash equivalents and short-term investments	47,023	53,565
Prepaid expenses and other current assets	641	1,758
Total current assets	47,664	55,323
Intangible assets, net	322	331
Property and equipment, net	45	50
Total assets	48,031	55,704
Current liabilities:
Accounts payable	751	585
Accrued liabilities	2,767	3,285
Deferred revenues	947	996
Total current liabilities	4,465	4,866
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.01 par value; 100 shares authorized; none outstanding
Common stock, $0.00000002 par value; 113,000 shares authorized; 36,950 and 36,772 shares issued and outstanding at September 30, 2017 and June 30, 2017, respectively	0	0
Additional paid-in-capital	226,685	225,169
Accumulated deficit	(183,119)	(174,331)
Total stockholders' equity	43,566	50,838
Total liabilities and stockholders' equity	$ 48,031	$ 55,704

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Jun. 30, 2017
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	36,950,000	36,772,000
Common stock, shares outstanding	36,950,000	36,772,000

Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Research and development revenue	$ 283	$ 1,096
Total revenues	283	1,096
Operating expenses:
Cost of research and development revenue	618	1,094
Research and development	6,064	1,646
General and administrative	2,488	2,680
Total operating expenses	9,170	5,420
Loss from operations	(8,887)	(4,324)
Other income (expense):
Interest and dividend income	100	55
Income tax expense	(1)	(1)
Net loss	$ (8,788)	$ (4,270)
Net loss per share, basic	$ (0.24)	$ (0.12)
Net loss per share, diluted	$ (0.24)	$ (0.12)
Shares used in computing net loss per share:
Basic	37,245	35,747
Diluted	37,245	35,747

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (8,788)	$ (4,270)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Share-based compensation	996	737
Depreciation and amortization	14	14
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,117	(910)
Accounts payable	166	(330)
Accrued liabilities	(18)	(2,005)
Deferred revenues	(49)	15,537
Net cash (used in) provided by operating activities	(6,562)	8,773
Cash flows from investing activities:
Purchases of property and equipment		(2)
Purchases of short-term investments	(4,999)	(20,054)
Proceeds from maturity of short-term investments	10,041	10,023
Net cash provided by (used in) investing activities	5,042	(10,033)
Cash flows from financing activities:
Proceeds from exercise of stock options	20
Proceeds from issuance of common stock		4,212
Net cash provided by financing activities	20	4,212
Net (decrease) increase in cash and cash equivalents	(1,500)	2,952
Cash and cash equivalents at beginning of the period	8,458	10,837
Cash and cash equivalents at end of the period	$ 6,958	$ 13,789

The Company

3 Months Ended

Sep. 30, 2017

The Company

Note 1.

The Company

We are an oncology company focused on the clinical development of novel therapies for cancer. Our common stock is listed on the NASDAQ Capital Market under the symbol “MEIP”.

Our business purpose is the development of drugs for the treatment of cancer. Our portfolio of clinical drug candidates includes pracinostat, an oral histone deacetylase (“HDAC”) inhibitor that is being developed in combination with azacitidine for the treatment of adults with newly diagnosed acute myeloid leukemia (“AML”) who are unfit for intensive chemotherapy, and patients with high or very high-risk myelodysplastic syndrome (“MDS”). In August 2016, we entered into an exclusive worldwide license, development and commercialization agreement with Helsinn Healthcare SA, a Swiss pharmaceutical corporation (“Helsinn”), for pracinostat in AML, MDS and other potential indications (the “Helsinn License Agreement”). Our clinical development portfolio also includes ME-401, an oral inhibitor of phosphatidylinositide 3-kinase (“PI3K”) delta being developed for B-cell malignancies, and voruciclib, an oral and selective cyclin-dependent kinase (“CDK”) inhibitor. In September 2017, we entered into an exclusive worldwide license, development, manufacturing and commercialization agreement with Presage Biosciences, Inc. (“Presage”) to acquire rights to voruciclib. We are also developing ME-344, a mitochondrial inhibitor that has shown evidence of clinical activity in refractory solid tumors. We own exclusive worldwide rights to ME-401, voruciclib 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 U.S. 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. We have 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, 2017, included in our Annual Report on Form 10-K (“2017 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on September 5, 2017. 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. We use estimates that affect the reported amounts (including assets, liabilities, revenues and expenses) and related disclosures. Actual results could materially differ from those estimates.

Revenue Recognition

Payments received under commercial arrangements, such as licensing technology rights, may include non-refundable fees at the inception of the arrangements, milestone payments for specific achievements designated in the agreements, and royalties on the sale of products. We consider a variety of factors in determining the appropriate method of accounting under our license agreements, including whether the various elements can be separated and accounted for individually as separate units of accounting.

Multiple Element Arrangements

Deliverables under an arrangement will be separate units of accounting, provided (i) a delivered item has value to the customer on a standalone basis; and (ii) the arrangement includes a general right of return relative to the delivered item, and delivery or performance of the undelivered item is considered probable and substantially in our control.

We account for revenue arrangements with multiple elements by separating and allocating consideration according to the relative selling price of each deliverable. If an element can be separated, an amount is allocated based upon the relative selling price of each element. We determine the relative selling price of a separate deliverable using the price we charge other customers when we sell that element separately. If the element is not sold separately and third party pricing evidence is not available, we will use our best estimate of selling price.

License Fee Revenue

Non-refundable, up-front fees that are not contingent on any future performance by us and require no consequential continuing involvement on our part are recognized as revenue when the license term commences and the licensed data, technology or product is delivered. We defer recognition of non-refundable upfront license fees if it has continuing performance obligations, without which the licensed data, technology, or product has no utility to the licensee separate and independent of our performance under the other elements of the applicable arrangement. The specific methodology for the recognition of the revenue is determined on a case-by-case basis according to the facts and circumstances of the applicable agreement.

Research and Development Revenue

Research and development revenue represents ratable recognition of fees allocated to research and development activities. We defer recognition of research and development revenue until the performance of the related research and development activities has occurred. Research and development revenue for the three months ended September 30, 2017 and 2016 related to services provided by third-party vendors related to research and development activities performed under the Helsinn License Agreement (Note 2).

Cost of Research and Development Revenue

Cost of research and development revenue primarily includes external costs paid to third-party contractors to perform research, conduct clinical trials and develop and manufacture drug materials, and internal compensation and related personnel expenses to support our research and development revenue. All cost of research and development revenue related to expenses incurred in connection with our development activities in accordance with the Helsinn License Agreement.

Research and Development Costs

Research and development costs are expensed as incurred and include costs paid to third-party contractors to perform research, conduct clinical trials and develop and manufacture drug materials. Clinical trial costs, including costs associated with third-party contractors, are a significant component of research and development expenses. We accrue research and development costs based on work performed. In determining the amount to accrue, management relies on estimates of total costs based on contract components completed, the enrollment of subjects, the completion of trials, and other events. Costs incurred related to the purchase of in-process research and development for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.

Costs incurred related to the licensing of products that have not yet received regulatory approval to be marketed, or that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.

Share-Based Compensation

Share-based compensation expense for employees and directors is recognized in the statement of operations based on estimated amounts, including the grant date fair value and the expected service period. For stock options, we estimate the grant date fair value using a Black-Scholes valuation model, which requires the use of multiple subjective inputs including estimated future volatility, expected forfeitures and the expected term of the awards. We estimate the expected future volatility based on the stock’s historical price volatility. The stock’s future volatility may differ from the estimated volatility at the grant date. For RSU equity awards, we estimate the grant date fair value using our closing stock price on the date of grant. Share-based compensation recorded in the statement of operations is based on awards expected to ultimately vest and has been reduced for estimated forfeitures. The estimated forfeiture rates may differ from actual forfeiture rates which would affect the amount of expense recognized during the period. We recognize the value of the awards over the awards’ requisite service or performance periods. The requisite service period is generally the time over which our share-based awards vest.

Income Taxes

Our income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of September 30, 2017 and June 30, 2017, we have established a valuation allowance to fully reserve our net deferred tax assets. Tax rate changes are reflected in income during the period such changes are enacted. Changes in our ownership may limit the amount of net operating loss carry-forwards that can be utilized in the future to offset taxable income.

The FASB Topic on Income Taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of September 30, 2017 or June 30, 2017.

There have been no material changes in our unrecognized tax benefits since June 30, 2017, and, as such, the disclosures included in our 2017 Annual Report on Form 10-K for the year ended June 30, 2017 continue to be relevant for the three-month period ended September 30, 2017.

Recent Accounting Pronouncements

Adopted Accounting Standards

In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-01 (“ASU 2017-01”), Business Combinations (Topic 804): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update should be applied prospectively on or after the effective date. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those periods. Early adoption is permitted for acquisition or deconsolidation transactions occurring before the issuance date or effective date and only when the transactions have not been reported in issued or made available for issuance financial statements. We elected to early adopt ASU 2017-01 prospectively as of July 1, 2017, and this guidance was used in our assessment of the Presage License Agreement (Note 3).

Accounting Standards Not Yet Adopted

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective Date, which defers the required adoption date of ASU 2014-09 by one year. As a result of the deferred effective date, ASU 2014-09 will be effective for us in our first quarter of fiscal 2019. The following ASUs were subsequently issued by the FASB to clarify the implementation guidance in some areas and add practical expedients: In March 2016, ASU 2016-08, Revenue from Contracts with Customers, Principal versus Agent Considerations; in April 2016, ASU 2016-10, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing; in May 2016, ASU 2016-11, Revenue from Contracts with Customers and Derivatives and Hedging - Rescission of SEC Guidance; and ASU 2016-12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. We are in the process of evaluating the transition method that will be elected and the impact of adoption on our financial statements.

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.

Share-based Compensation

3 Months Ended

Sep. 30, 2017

Share-based Compensation

Note 8.

Share-based Compensation

We use equity-based compensation programs to provide long-term performance incentives for our 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 our non-employee directors, officers, employees and advisors. The 2008 Equity Plan was initially adopted in 2008 and was amended and restated in 2011, 2013, 2014, and 2015. Effective December 1, 2016, our 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 10,186,000 shares, among other changes. As of September 30, 2017, there were 3,661,161 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 September 30,
	2017		2016
Research and development	$	284	$	239
General and administrative		712		498

Total share-based compensation	$	996	$	737

Stock Options

Stock option activity for the three months ended September 30, 2017 was as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2017		4,259,083		$	3.21
Granted		1,592,000			2.84
Exercised		(11,207	)		1.73
Forfeited / Cancelled		(70,778	)		2.45
Expired		(72,343	)		3.01

Outstanding at September 30, 2017		5,696,755		$	3.12		7.3	$	3,458,176

Vested and exercisable at September 30, 2017		2,653,495		$	3.96		5.4	$	1,787,193

The fair value of each stock option granted during the three months ended September 30, 2017 is estimated on the grant date under the fair value method using a Black-Scholes valuation model. Stock options granted to employees during the three months ended September 30, 2017 vest 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 three months ended September 30, 2017 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 our 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:


	Three Months Ended September 30,
	2017			2016
Risk-free interest rate		2.1	%		1.2	%
Expected life (years)		5.9			5.9
Expected volatility		97.6	%		108.2	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	2.21		$	1.12

As of September 30, 2017, there was $3.6 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 1.8 years.

Restricted Stock Units

In March 2013, the Compensation Committee of the Board of Directors granted 400,000 RSUs to our Chief Executive Officer, Dr. Daniel P. Gold. Each RSU represents the contingent right to receive one share of our common stock. One-third of the RSUs vested on August 30, 2014, one-third vested on August 30, 2015, and the remaining one-third vested 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 us for any reason, or (iii) a change in control involving us. 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.

In June 2016, we granted 364,726 RSUs to employees. Each RSU represents the contingent right to receive one share of our common stock. The RSUs were subject to performance criteria that were met in August 2016. The RSUs will vest in August 2018. The fair value of the RSUs was measured at $1.61 per unit on the date the performance criteria were met. Under the terms of the 2008 Plan, each of these RSUs is calculated as 1.25 shares of common stock for purposes of determining the number of shares available for future grant. There were 342,467 unvested RSUs outstanding as of September 30, 2017.

As of September 30, 2017, unrecognized compensation expense related to the unvested portion of our RSUs was approximately $0.2 million and is expected to be recognized over approximately 0.8 years.

The Company (Policies)	3 Months Ended
The Company (Policies)	Sep. 30, 2017
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 U.S. 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. We have 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, 2017, included in our Annual Report on Form 10-K (“2017 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on September 5, 2017. 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. We use estimates that affect the reported amounts (including assets, liabilities, revenues and expenses) and related disclosures. Actual results could materially differ from those estimates.
Revenue Recognition	Revenue Recognition Payments received under commercial arrangements, such as licensing technology rights, may include non-refundable fees at the inception of the arrangements, milestone payments for specific achievements designated in the agreements, and royalties on the sale of products. We consider a variety of factors in determining the appropriate method of accounting under our license agreements, including whether the various elements can be separated and accounted for individually as separate units of accounting. Multiple Element Arrangements Deliverables under an arrangement will be separate units of accounting, provided (i) a delivered item has value to the customer on a standalone basis; and (ii) the arrangement includes a general right of return relative to the delivered item, and delivery or performance of the undelivered item is considered probable and substantially in our control. We account for revenue arrangements with multiple elements by separating and allocating consideration according to the relative selling price of each deliverable. If an element can be separated, an amount is allocated based upon the relative selling price of each element. We determine the relative selling price of a separate deliverable using the price we charge other customers when we sell that element separately. If the element is not sold separately and third party pricing evidence is not available, we will use our best estimate of selling price. License Fee Revenue Non-refundable, up-front fees that are not contingent on any future performance by us and require no consequential continuing involvement on our part are recognized as revenue when the license term commences and the licensed data, technology or product is delivered. We defer recognition of non-refundable upfront license fees if it has continuing performance obligations, without which the licensed data, technology, or product has no utility to the licensee separate and independent of our performance under the other elements of the applicable arrangement. The specific methodology for the recognition of the revenue is determined on a case-by-case basis according to the facts and circumstances of the applicable agreement. Research and Development Revenue Research and development revenue represents ratable recognition of fees allocated to research and development activities. We defer recognition of research and development revenue until the performance of the related research and development activities has occurred. Research and development revenue for the three months ended September 30, 2017 and 2016 related to services provided by third-party vendors related to research and development activities performed under the Helsinn License Agreement (Note 2). Cost of Research and Development Revenue Cost of research and development revenue primarily includes external costs paid to third-party contractors to perform research, conduct clinical trials and develop and manufacture drug materials, and internal compensation and related personnel expenses to support our research and development revenue. All cost of research and development revenue related to expenses incurred in connection with our development activities in accordance with the Helsinn License Agreement.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred and include costs paid to third-party contractors to perform research, conduct clinical trials and develop and manufacture drug materials. Clinical trial costs, including costs associated with third-party contractors, are a significant component of research and development expenses. We accrue research and development costs based on work performed. In determining the amount to accrue, management relies on estimates of total costs based on contract components completed, the enrollment of subjects, the completion of trials, and other events. Costs incurred related to the purchase of in-process research and development for early-stage products or products that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred. Costs incurred related to the licensing of products that have not yet received regulatory approval to be marketed, or that are not commercially viable and ready for use, or have no alternative future use, are charged to expense in the period incurred.
Share-Based Compensation	Share-Based Compensation Share-based compensation expense for employees and directors is recognized in the statement of operations based on estimated amounts, including the grant date fair value and the expected service period. For stock options, we estimate the grant date fair value using a Black-Scholes valuation model, which requires the use of multiple subjective inputs including estimated future volatility, expected forfeitures and the expected term of the awards. We estimate the expected future volatility based on the stock’s historical price volatility. The stock’s future volatility may differ from the estimated volatility at the grant date. For RSU equity awards, we estimate the grant date fair value using our closing stock price on the date of grant. Share-based compensation recorded in the statement of operations is based on awards expected to ultimately vest and has been reduced for estimated forfeitures. The estimated forfeiture rates may differ from actual forfeiture rates which would affect the amount of expense recognized during the period. We recognize the value of the awards over the awards’ requisite service or performance periods. The requisite service period is generally the time over which our share-based awards vest.
Income Taxes	Income Taxes Our income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for the future tax consequences attributable to tax credits and loss carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of September 30, 2017 and June 30, 2017, we have established a valuation allowance to fully reserve our net deferred tax assets. Tax rate changes are reflected in income during the period such changes are enacted. Changes in our ownership may limit the amount of net operating loss carry-forwards that can be utilized in the future to offset taxable income. The FASB Topic on Income Taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. There were no unrecognized tax benefits as of September 30, 2017 or June 30, 2017. There have been no material changes in our unrecognized tax benefits since June 30, 2017, and, as such, the disclosures included in our 2017 Annual Report on Form 10-K for the year ended June 30, 2017 continue to be relevant for the three-month period ended September 30, 2017.
Recent Accounting Pronouncements	Recent Accounting Pronouncements *Adopted Accounting Standards* In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-01 (“ASU 2017-01”), Business Combinations (Topic 804): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update should be applied prospectively on or after the effective date. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those periods. Early adoption is permitted for acquisition or deconsolidation transactions occurring before the issuance date or effective date and only when the transactions have not been reported in issued or made available for issuance financial statements. We elected to early adopt ASU 2017-01 prospectively as of July 1, 2017, and this guidance was used in our assessment of the Presage License Agreement (Note 3). *Accounting Standards Not Yet Adopted* In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective Date, which defers the required adoption date of ASU 2014-09 by one year. As a result of the deferred effective date, ASU 2014-09 will be effective for us in our first quarter of fiscal 2019. The following ASUs were subsequently issued by the FASB to clarify the implementation guidance in some areas and add practical expedients: In March 2016, ASU 2016-08, Revenue from Contracts with Customers, Principal versus Agent Considerations; in April 2016, ASU 2016-10, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing; in May 2016, ASU 2016-11, Revenue from Contracts with Customers and Derivatives and Hedging - Rescission of SEC Guidance; and ASU 2016-12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. We are in the process of evaluating the transition method that will be elected and the impact of adoption on our financial statements. 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.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Share-based Compensation (Tables)

3 Months Ended

Sep. 30, 2017

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 September 30,
	2017		2016
Research and development	$	284	$	239
General and administrative		712		498

Total share-based compensation	$	996	$	737

Summary of Stock Option Activity and Related Data

Stock option activity for the three months ended September 30, 2017 was as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2017		4,259,083		$	3.21
Granted		1,592,000			2.84
Exercised		(11,207	)		1.73
Forfeited / Cancelled		(70,778	)		2.45
Expired		(72,343	)		3.01

Outstanding at September 30, 2017		5,696,755		$	3.12		7.3	$	3,458,176

Vested and exercisable at September 30, 2017		2,653,495		$	3.96		5.4	$	1,787,193

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:


	Three Months Ended September 30,
	2017			2016
Risk-free interest rate		2.1	%		1.2	%
Expected life (years)		5.9			5.9
Expected volatility		97.6	%		108.2	%
Dividend yield		0.0	%		0.0	%
Weighted-average grant date fair value	$	2.21		$	1.12

Presage License Agreement - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Research and development expenses		$ 6,064,000	$ 1,646,000
Presage License Agreement \| Presage Biosciences, Inc.
Related Party Transaction [Line Items]
Payment for license upfront fees	$ 1,900,000
Compensation payable for grant of rights	4,900,000	4,900,000
Presage License Agreement \| Presage Biosciences, Inc. \| Additional Near Term Payment \| Accrued Liabilities
Related Party Transaction [Line Items]
Compensation payable for grant of rights	1,000,000	1,000,000
Presage License Agreement \| Presage Biosciences, Inc. \| Potential Payments on Achievement of Development Regulatory and Commercial Milestones \| Maximum
Related Party Transaction [Line Items]
Milestone payments payable amount	179,000,000	179,000,000
Presage License Agreement \| Presage Biosciences, Inc. \| Incremental Payment
Related Party Transaction [Line Items]
Compensation payable for grant of rights	$ 2,000,000	2,000,000
Presage License Agreement \| Presage Biosciences, Inc. \| Up-front and near term payments
Related Party Transaction [Line Items]
Research and development expenses		$ 2,900,000

Calculation of Weighted Average Shares Used to Calculate Basic and Diluted Loss Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares outstanding	36,845	35,436
Effect of vested restricted stock units	400	311
Weighted average shares used in calculating basic earnings per share	37,245	35,747
Potentially dilutive shares shares excluded from calculation due to anti-dilutive effect	9,179	8,122

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Aug. 31, 2012 USD ($)	Sep. 30, 2017 USD ($) ft² shares	Jun. 30, 2017 USD ($)
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Lease expiration month and year		2020-05
Lease commencement month and year		2017-06
Lease arrangement rent area, square feet \| ft²		13,700
Lease rental rate		$ 44,000
Remaining contractual obligation		1,400,000
Issuance of common stock to acquire intellectual property and technology rights	$ 500,000
Future aggregate milestone payments		75,200,000
Common stock value		0	$ 0
Accrued payment for potential future milestone		$ 0
Percentage of Purchase Requirement		100.00%
License and supply agreement notice period		90 days
Phase Three Clinical Trial
Purchase Commitment, Excluding Long-term Commitment [Line Items]
First milestone payment		$ 200,000
Common stock value		$ 500,000
Issuance of common stock to purchase asset, shares \| shares		166,527

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended
	May 31, 2017	Aug. 31, 2016	Sep. 30, 2017
Class of Stock [Line Items]
Aggregate value of securities available under shelf registration statement			$ 150,000,000
Helsinn Investment Fund SA \| Helsinn Equity Agreement
Class of Stock [Line Items]
Sale of stock, number of common stock issued		2,616,431
Proceeds from sale of equity method investment		$ 5,000,000
December 2012 Private Placement
Class of Stock [Line Items]
Warrants outstanding			3,230,202
Exercise price			$ 3.12
Warrants expiration date			2017-12
Maximum
Class of Stock [Line Items]
Sale of shares and warrants under agreement	$ 150,000,000

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Jun. 30, 2016	Mar. 31, 2013	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to unvested stock options			$ 3.6
Expected weighted average period for recognition of compensation expense			1 year 9 months 18 days
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			10,186,000
Shares available for future grant			3,661,161
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted average period for recognition of compensation expense			9 months 18 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			$ 0.2
Restricted Stock Units (RSUs) \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted	364,726
Number of common stock to be received for each RSUs	1
RSUs grant date fair value per unit	$ 1.61
RSUs outstanding			342,467
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%
Restricted Stock Units (RSUs) \| 2008 Omnibus Plan \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock considered per unit in determining shares for future grant	1.25
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vested percentage			25.00%
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

Summary of Stock Option Activity (Detail)	3 Months Ended
Summary of Stock Option Activity (Detail)	Sep. 30, 2017 USD ($) $ / shares shares
Number of Options
Beginning Balance \| shares	4,259,083
Granted \| shares	1,592,000
Exercised \| shares	(11,207)
Forfeited / Cancelled \| shares	(70,778)
Expired \| shares	(72,343)
Ending balance \| shares	5,696,755
Vested and exercisable at end of period \| shares	2,653,495
Weighted- Average Exercise Price
Beginning Balance \| $ / shares	$ 3.21
Granted \| $ / shares	2.84
Exercised \| $ / shares	1.73
Forfeited / Cancelled \| $ / shares	2.45
Expired \| $ / shares	3.01
Ending balance \| $ / shares	3.12
Vested and exercisable at end of period \| $ / shares	$ 3.96
Weighted Average Remaining Contractual Term (in years)
Outstanding at end of period	7 years 3 months 19 days
Vested and exercisable at end of period	5 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 3,458,176
Vested and exercisable at end of period \| $	$ 1,787,193

Fair Value of Stock Options Weighted-Average Assumptions Used (Detail) - $ / shares	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.10%	1.20%
Expected life (years)	5 years 10 months 25 days	5 years 10 months 25 days
Expected volatility	97.60%	108.20%
Dividend yield	0.00%	0.00%
Weighted-average grant date fair value	$ 2.21	$ 1.12

Helsinn License Agreement - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Aug. 31, 2016	Sep. 30, 2016
Potential Regulatory and Sales-Based Milestone Payment \| Maximum
Related Party Transaction [Line Items]
Milestone payment receivable amount		$ 444,000,000
Helsinn License Agreement \| Helsinn
Related Party Transaction [Line Items]
Compensation receivable for grant of rights		20,000,000
Deferred license revenue			$ 15,500,000
Helsinn License Agreement \| Helsinn \| Payment in August 2016
Related Party Transaction [Line Items]
Compensation receivable for grant of rights		$ 15,000,000
Helsinn License Agreement \| Helsinn \| Balance Payment
Related Party Transaction [Line Items]
Compensation receivable for grant of rights	$ 5,000,000

Short-Term Investments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Short term investments	$ 40,065	$ 45,107

The Company - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Jun. 30, 2017
Targeted or Tracking Stock, Stock [Line Items]
Unrecognized tax benefits	$ 0	$ 0

Share-Based Compensation Expense for Stock Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 996	$ 737
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	284	239
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 712	$ 498