We enter 2017 on solid financial ground, armed with a fully funded Phase III program, lucrative economics on its future commercial success and a strong cash position to support our emerging pipeline of drug candidates.

Our strong cash position will enable us to execute our clinical development plan and advance each of our drug candidates to meaningful inflection points. Thomas Zech, MBA, Chief Financial Officer

We ended our fiscal year on June 30, 2016 with $45.9 million in cash, cash equivalents and short-term investments, with no outstanding debt. In August, we received a $15 million upfront payment in connection with our license, development and commercialization agreement with Helsinn, along with an additional $5 million in a related equity transaction.

We are also set to receive another $5 million payment from Helsinn upon the earlier to occur of (i) dosing of the first patient in the upcoming Phase III study of Pracinostat in newly diagnosed AML patients unfit to receive induction therapy, or (ii) March 1, 2017. In addition, we will be eligible to receive up to $444 million in potential regulatory and sales-based milestones, along with royalty payments on the net sales of Pracinostat. In exchange, Helsinn gets exclusive worldwide rights to Pracinostat and will be responsible for funding its global development and commercialization.

With a global strategic partner in place, we are now well positioned to accelerate the late-stage clinical development of Pracinostat while retaining substantial long-term upside and the flexibility to continue development of our earlier stage drug candidates.

For a more in-depth discussion of our financials, we invite you to review our Annual Report on Form 10-K.