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STOCKHOLDERS' EQUITY (Tables)
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9 Months Ended |
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Mar. 31, 2014
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| Stockholders' Equity Note [Abstract] |
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| Warrant Activity and Related Balances Outstanding |
Warrant activity during the nine months ended March 31, 2014, and related balances outstanding as of such dates are reflected below: | | | Number | | Weighted
Average
Exercise
Price Per
Share | | Remaining
Contract
Term (#
years) | | | Shares purchasable under outstanding warrants at June 30, 2013, repriced | | 2,907,347 | | $ | 0.27 | | 3.21 | | | Stock purchase warrants issued | | 17,991,000 | | | 0.19 | | 5.0 | | | Stock purchase warrants exercised | | | | | | | | | | Shares purchasable under outstanding warrants at March 31, 2014 | | 20,898,347 | | $ | 0.20 | | 3.21 - 5.0 | | Warrant activity during the nine months ended March 31, 2013, and related balances outstanding as of such dates are reflected below: | | | Number | | Weighted
Average
Exercise
Price Per
Share | | Remaining
Contract
Term (#
years) | | | Shares purchasable under outstanding warrants at June 30, 2012 | | 2,400,328 | | $ | 0.41 | | | | | Stock purchase warrants issued | | 507,019 | | | 0.41 | | | | | Stock purchase warrants exercised | | | | | | | | | | Shares purchasable under outstanding warrants at March 31, 2013 | | 2,907,347 | | $ | 0.41 | | 4.59 4.21 | |
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| Stock Options Activity |
Activity in stock options during the nine months ended March 31, 2014, and related balances outstanding as of that date are reflected below: | | | Number of
Shares | | Weighted
Average
Exercise Price
Per Share | | Weighted
Average
Remaining
Contract
Term (# years) | | | Outstanding at June 30, 2013 | | | 2,527,389 | | $ | 0.15 | | | 5.85 | | | Granted | | | 5,310,973 | | | | | | | | | Exercised | | | | | | | | | | | | Forfeited and cancelled | | | (792,836) | | | | | | | | | Outstanding at March 31, 2014 | | | 7,045,526 | | $ | 0.18 | | | 8.57 | | | Exercisable at March 31, 2014 | | | 3,317,097 | | $ | 0.14 | | | 8.02 | | Activity in stock options during the nine months ended March 31, 2013, and related balances outstanding as of that date are reflected below: | | | Number of
Shares | | Weighted
Average
Exercise Price
Per Share | | Weighted
Average
Remaining
Contract
Term (# years) | | | Outstanding at June 30, 2012 | | | 4,536,949 | | $ | 0.17 | | | 7.61 | | | Granted | | | | | | | | | | | | Exercised | | | (549,552) | | | | | | | | | Forfeited and cancelled | | | (1,430,050) | | | | | | | | | Outstanding at March 31, 2013 | | | 2,557,347 | | $ | 0.15 | | | 7.19 | | | Exercisable at March 31, 2013 | | | 1,843,217 | | $ | 0.21 | | | 6.56 | |
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| Employee Option Grants and Non-employee Option Grants |
We allocated stock-based compensation expense included in the condensed consolidated statements of operations for employee option grants and non-employee option grants as follows: | | | For the Three Months Ended | | For the Nine Months Ended | | | | | March 31,
2014 | | March 31,
2013 | | March 31,
2014 | | March 31,
2013 | | | Research and development | | $ | 4,000 | | $ | 3,000 | | $ | 7,000 | | $ | 10,000 | | | General and administration | | | 129,000 | | | 26,000 | | | 186,000 | | | 57,000 | | | Total stock-based compensation expense | | $ | 133,000 | | $ | 29,000 | | $ | 193,000 | | $ | 67,000 | |
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| Stock Options Valuation Assumptions |
The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below: | Nine months ended March 31, | | 2014 | | 2013 | | | Expected volatility | | 218% | | 100% | | | Risk free interest rate | | 0.7% to 1.7% | | 0.8% to 3.0% | | | Forfeiture rate | | 13% | | 5% | | | Dividend yield | | 0% | | 0% | | | Expected term | | 3-5 years | | 5-10 years | |
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