Eloxx Pharmaceuticals (ELOX) 10-Q 17 Feb 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Dec. 31, 2014	Jan. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Sevion Therapeutics, Inc.
Entity Central Index Key	1035354
Current Fiscal Year End Date	-24
Entity Filer Category	Smaller Reporting Company
Trading Symbol	SVON
Entity Common Stock, Shares Outstanding		13,866,627

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Jun. 30, 2014
CURRENT ASSETS:
Cash and cash equivalents	$2,107,452	$6,111,340
Accounts receivable	203,915	43,133
Prepaid research supplies and expenses	62,447	1,069,925
Total Current Assets	2,373,814	7,224,398
Equipment, furniture and fixtures, net	259,277	233,475
Patent costs, net	283,393	2,178,867
Acquired research and development	9,800,000	9,800,000
Goodwill	5,780,951	13,902,917
Security deposits	55,941	5,171
TOTAL ASSETS	18,553,376	33,344,828
CURRENT LIABILITIES:
Accounts payable	1,305,241	901,180
Accrued expenses	1,094,017	923,990
Deferred revenue	150,000	0
Total Current Liabilities	2,549,258	1,825,170
Deferred tax liability	3,920,000	3,920,000
Deferred rent	45,224	0
Other liabilities	99,728	99,728
TOTAL LIABILITIES	6,614,210	5,844,898
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $0.01 par value, authorized 5,000,000 shares Series A 10,297 shares issued and 580 and 580 shares outstanding, respectively (liquidation preference of $594,500 at December 31, 2014 and June 30, 2014)	6	6
Common stock, $0.01 par value, authorized 500,000,000 shares, issued and outstanding 13,866,627 and 13,846,361, respectively	138,666	138,463
Capital in excess of par	116,042,917	115,631,726
Accumulated deficit	-104,242,423	-88,280,265
Total Stockholders' Equity	11,939,166	27,489,930
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$18,553,376	$33,334,828

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Preferred stock, par value	$0.01	$0.01
Preferred stock, authorized	5,000,000	5,000,000
Common stock, par value	$0.01	$0.01
Common stock, authorized	500,000,000	500,000,000
Common stock, issued	13,866,627	13,846,361
Common stock, outstanding	13,866,627	13,846,361
Series A Convertible Preferred Stock
Preferred stock, shares issued	10,297	10,297
Preferred stock, shares outstanding	580	580
Preferred stock, liquidation preference	$594,500	$594,500

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Licensing Revenue	$0	$0	$0	$100,000
Operating expenses:
General and administrative	1,253,226	858,090	2,027,826	1,714,721
Research and development	1,371,930	730,817	3,492,086	1,541,754
Impairment of goodwill	8,121,966	0	8,121,966	0
Write-off of patents	0	0	2,290,836	185,161
Total operating expenses	10,747,122	1,588,907	15,932,714	3,441,636
Loss from operations	-10,747,122	-1,588,907	-15,932,714	-3,341,636
Interest income (expense) - net	995	-30,731	2,780	-62,335
Net loss	-10,746,127	-1,619,638	-15,929,934	-3,403,971
Preferred dividends	-17,722	-20,617	-32,222	-42,240
Loss applicable to common shares	-10,763,849	-1,640,255	-15,962,156	-3,446,211
Other comprehensive loss	0	0	0	0
Comprehensive loss	($10,763,849)	($1,640,255)	($15,962,156)	($3,446,211)
Basic and diluted net loss per common share	($0.78)	($0.48)	($1.15)	($1.20)
Basic and diluted weighted-average number of common shares outstanding	13,866,627	3,443,109	13,856,439	2,875,517

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)	Total	Preferred stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit
Beginning Balance at Jun. 30, 2014	$27,489,930	$6	$138,463	$115,631,726	($88,280,266)
Beginning Balance (in shares) at Jun. 30, 2014		580	13,846,361
Stock-based compensation	379,171	0	0	379,171	0
Stock-based compensation (in shares)		0	0
Dividends paid	14,500	0	203	32,020	-17,723
Dividends paid (in shares)		0	20,266
Dividends accrued and unpaid at December 31, 2014	-14,500	0	0	0	-14,500
Net loss	-15,929,934	0	0	0	-15,929,934
Ending Balance at Dec. 31, 2014	$11,939,166	$6	$138,666	$116,042,917	($104,242,423)
Ending Balance (in shares) at Dec. 31, 2014		580	13,866,627

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	($15,929,934)	($3,403,971)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	379,171	467,257
Depreciation and amortization	100,220	153,223
Impairment of goodwill	8,121,966	0
Write-off of intangibles	2,290,836	185,161
Write-off of prepaid research supplies	669,750	0
Deferred rent	45,224	0
(Increase) decrease in operating assets:
Accounts receivable	-160,782	0
Prepaid expenses and other current assets	337,728	430,755
Security deposit	-50,770	0
Increase (decrease) in operating liabilities:
Accounts payable	404,061	-159,692
Accrued expenses	170,026	234,863
Deferred revenue	150,000	0
Net cash used in operating activities	-3,472,504	-2,092,404
Cash flows from investing activities:
Capitalized Patent costs	-420,339	-253,232
Purchase of equipment, furniture and fixtures	-111,045	0
Net cash used in investing activities	-531,384	-253,232
Cash flows from financing activities:
Proceeds from issuance of common stock and warrants, net and exercise of warrants and options	0	6,865,237
Net cash provided by financing activities	0	6,865,237
Net (decrease) increase in cash and cash equivalents	-4,003,888	4,519,601
Cash and cash equivalents at beginning of period	6,111,340	1,602,294
Cash and cash equivalents at end of period	2,107,452	6,121,895
Supplemental disclosure of non-cash transactions:
Conversion of preferred stock into common stock	0	731
Issuance of common stock for dividend payments on preferred stock	32,222	47,739
Dividends accrued on preferred stock	-14,500	-14,500
Supplemental disclosure of cash flow information:
Cash paid for interest	$132	$64,351

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 - Basis of Presentation:
	The financial statements included herein have been prepared by Sevion Therapeutics, Inc. (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014.
	On September 29, 2014, the Company changed its name from Senesco Technologies, Inc. to Sevion Therapeutics, Inc.
	In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting solely of those which are of a normal recurring nature, necessary to present fairly its financial position as of December 31, 2014 and the results of its operations for the three and six months ended December 31, 2014 and cash flows for the six months ended December 31, 2014.
	Certain prior year amounts have been reclassified from general and administrative expenses to research and development expenses for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows from operations in the Consolidated Condensed Statement of Cash Flows, and had no effect on the previously reported Consolidated Condensed Statement of Operations for any period.
	Interim results are not necessarily indicative of results for the full fiscal year.

Liquidity

Liquidity	6 Months Ended
	Dec. 31, 2014
Liquidity [Abstract]
Liquidity	Note 2 – Liquidity:
	As shown in the accompanying condensed consolidated financial statements, the Company has a history of losses with an accumulated deficit of $104,242,423 and has generated minimal revenues by licensing its technology to companies willing to share in its development costs. In addition, the Company’s technology may not be ready for commercialization for several years. The Company expects to continue to incur losses for the next several years because it anticipates that its expenditures on research and development and administrative activities will significantly exceed its revenues during that period. The Company cannot predict when, if ever, it will become profitable.
	On October 22, 2014, the Company’s board of directors decided to suspend all development of the Company’s Factor 5A technology based on the Company’s limited capital resources and the totality of the safety and efficacy data resulting from our Phase 1b/2a clinical trial. Depending on the Company’s future capital resources, possible options for the program are to (i) reformulate the drug to alleviate some of the adverse events observed in the clinical trial and to enhance the efficacy, (ii) partner or sell the program or (iii) discontinue development. The Company’s board of directors continues to evaluate these alternatives.
	Also, on October 22, 2014, the Company’s board of directors decided to close the Company’s Bridgewater, New Jersey office on November 30, 2014 and to terminate the research agreement with the University of Waterloo on December 31, 2014 in order to consolidate all of the Company’s operations in its San Diego, California location. In connection with the closure and the termination of the agreement with the University of Waterloo, the Company accrued $65,000 of termination benefits and associated employee costs. These costs are reported as research and development expenses and as accrued expenses at December 31, 2014.
	In addition, given the Company’s limited capital resources, in December 2014, the Company decided to temporarily reduce its research and development spending on the Company’s antibody program.   In the meantime, the Company continues to evaluate all strategic alternatives, including strategic partnering arrangements, acquiring additional assets, divesting certain existing assets, and/or equity or debt financings.  We cannot assure you that the Company will be able to consummate a strategic transaction or a financing transaction.
	As of December 31, 2014, the Company had cash and cash equivalents in the amount of $2,107,452, which consisted of checking accounts. The Company estimates that its cash as of December 31, 2014 will cover its expenses through at least March 31, 2015.
	The Company will need additional capital to operate and expand its research program and plans to raise additional capital possibly through the exercise of outstanding warrants, placement of debt instruments, equity instruments or any combination thereof. However, the Company may not be able to obtain adequate funds for its operations when needed or on acceptable terms. If the Company is unable to raise additional funds, it will need to do one or more of the following:
		·	delay, scale-back or eliminate some or all of its research and product development programs;
		·	license third parties to develop and commercialize products or technologies that it would otherwise seek to develop and commercialize itself;
		·	seek strategic alliances or business combinations;
		·	attempt to sell the Company;
		·	cease operations; or
		·	declare bankruptcy.

Intangibles

Intangibles	6 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Patent Costs	Note 3 – Intangibles
	The Company conducts research and development activities, the cost of which is expensed as incurred, in order to generate patents that can be licensed to third parties in exchange for license fees and royalties. Because the patents are the basis of the Company’s future revenue, the patent costs are capitalized. The capitalized patent costs represent the outside legal and filing fees incurred by the Company to submit and undertake all necessary efforts to have such patent applications issued as patents. The Company incurred $159,862 and $110,289 of such costs for the three months ended December 31, 2014 and 2013, respectively. The Company incurred $420,339 and $253,232 of such costs for the six months ended December 31, 2014 and 2013, respectively.
	The length of time that it takes for an initial patent application to be approved is generally between four to six years. However, due to the unique nature of each patent application, the actual length of time may vary. If a patent application is denied, the associated cost of that application would be written off. Additionally, should a patent application become impaired during the application process, the Company would write down or write off the associated cost of that patent application.
	Issued patents are being amortized over a period of 17 years from inception, the expected economic life of the patent. During the three months ended December 31, 2014 and 2013, the Company recorded amortization expense in the amount of $0 and $77,910, respectively. During the six months ended December 31, 2014 and 2013, the Company recorded amortization expense in the amount of $24,977 and $152,180, respectively.
	The Company assesses the impairment in value of intangible assets whenever events or circumstances indicate that their carrying value may not be recoverable. Factors the Company considers important which could trigger an impairment review include the following:
		•	significant negative industry trends;
		•	significant underutilization of the assets;
		•	significant changes in how the Company uses the assets or its plans for their use; and
		•	changes in technology and the appearance of competing technology.
	If a triggering event occurs and the Company's review determines that the future undiscounted cash flows related to the asset group will not be sufficient to recover their carrying value, the Company will reduce the carrying values of these assets down to its estimate of fair value and continue amortizing them over their remaining useful lives.
	Due to the decrease in the market value of the Company, the Company determined that there was a triggering event that required the Company to review if there had been an impairment to the Acquired Research and Development in the amount of $9,800,000, capitalized patent costs in the amount of $283,393 and the Goodwill in the amount of $13,902,917 as of December 31, 2014. The Company first evaluated the Company’s Acquired Research and Development and Capitalized Patent Costs for impairment. Based on that review, the Company determined that no impairment exists at December 31, 2014. The Company then evaluated its goodwill. The Company’s evaluation used its market capitalization plus a control premium (which is considered a level 2 input in the fair value hierarchy) in determining the amount of the impairment. The Company concluded that there is an impairment based on the significant change in the Company’s market value during the period. As a result of this evaluation, the Company determined that the Goodwill was impaired and recorded an impairment charge in the amount of $8,121,966 at December 31, 2014.
	In October 2014, the Company decided to continue to develop its intellectual property only with respect to the human health therapeutic targets and would be reviewing such patents on a patent by patent basis to determine which specific ones to continue to develop. Also, in October 2014, the Company decided to suspend all development of the Factor 5A technology based on the Company’s limited capital resources and the totality of the safety and efficacy data resulting from our Phase 1b/2a clinical trial. As the Company is unable to determine if or when the development will be resumed, the Company was unable to determine what the future undiscounted cash flows from these patents could be. Therefore, as of September 30, 2014, the Company determined that carrying value of its patents and patent applications related to Factor 5A were impaired. Accordingly, the Company recorded an impairment of the full carrying value of its patents related to Factor 5A in the amount of $2,290,836 on September 30, 2014.
	Additionally, during the quarter ended September 30, 2014, the Company concluded its Phase 1b/2a clinical trial but did not use all of the material purchased for the clinical trial. As the Company has put the clinical program for this product candidate on hold, the Company wrote-off the cost of the remaining material in the amount of $669,750 at September 30, 2014.

Loss_Per_Share

Loss Per Share	6 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Loss Per Share	Note 4 - Loss Per Share:
	Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of the Company’s Common Stock assumed to be outstanding during the period of computation. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional shares of Common Stock that would have been outstanding if the potential shares of Common Stock had been issued and if the additional shares of Common Stock were dilutive.
	For all periods presented, basic and diluted loss per share are the same, as any additional Common Stock equivalents would be anti-dilutive. Potentially dilutive shares of Common Stock have been excluded from the calculation of the weighted average number of dilutive shares of Common Stock as follows:
		December 31,
		2014		2013
	Common Stock to be issued upon conversion of convertible preferred stock		290,000		232,000
	Outstanding warrants		3,977,744		5,682,661
	Outstanding options		1,568,223		275,319
	Total potentially dilutive shares of Common Stock		5,835,967		6,189,980

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 5 – Stock-Based Compensation:
	The terms and vesting schedules for share-based awards vary by type of grant and the employment status of the grantee. Generally, the awards vest based upon time-based conditions or achievement of specified goals and milestones.
	During the six months ended December 31, 2014, the Company issued 421,000 options that are subject to vesting first based upon specified goals and milestones and then based upon time-based conditions. On the issuance date, such options had an aggregate Black-Scholes value of $256,929. As of December 31, 2014, the Company reviewed the specified goals and milestones on an employee by employee basis. Based upon the review, the Company has estimated that it was probable that, on average, the employees would achieve 36% of the target goals. As a result, the Company has is recognizing 36% of the fair value of the options ratably over the time-based period.
	Also, during the six months ended December 31, 2014, the Company issued an additional 244,484 options that are either vested immediately or subject to time-based conditions only. On the issuance date, such options had an aggregate Black-Scholes value of $144,042.
	On November 30, 2014, Leslie J. Browne Ph.D.’s employment with the Company was terminated. Under the terms of his retention agreement, all of his unvested options were accelerated and became immediately exercisable. Accordingly, the Company recognized the full Black-Scholes value of the options granted to Dr. Browne on November 18, 2014 in the amount of $25,495.
	Other employees that held options were also terminated by the Company on November 30, 2014. As such, all unvested performance options that were granted to such employees on November 18, 2014 will not vest and the Company will not be recognizing the Black-Scholes value of those options in the amount of $17,601.
	Additionally, on January 8, 2015, Ronald A. Martell resigned from the Company. In connection with his resignation, all unvested options granted to Mr. Martell will not vest and the Company will not be recognizing the Black-Scholes value of those options in the amount of $34,044.
	The fair value of each stock option granted or vesting has been determined using the Black-Scholes model. The material factors incorporated in the Black-Scholes model in estimating the value of the options include the following:
			Three Months Ended December 31,				Six Months Ended December 31,
			2014		2013		2014		2013
	Risk-free interest rate (1)			1.63 - 2.32%		1.75 - 2.66%		1.63 - 2.32%		1.65 - 2.66%
	Expected volatility (2)			85%		99%		85%		99%
	Dividend yield			None		None		None		None
	Expected life (3)			5.0 - 10.0		6.25 - 10.0		5.0 - 10.0		5.5 - 10.0
		-1	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
		-2	Estimated volatility was determined based upon the historical volatility of the Company’s common stock.
		-3	Expected life for time based stock options was estimated using the “simplified” method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No. 110. Expected life for performance based stock options was the actual term of the option.
	The economic values of the options will depend on the future price of the Company's Common Stock, which cannot be forecast with reasonable accuracy.
	Stock option activity under the Company’s 2008 Plan and 1998 Plan for the six months ended December 31, 2014 is summarized as follows:
					Weighted
			Aggregate		Average		Exercise Price
			Number		Exercise Price		Range
	Outstanding, June 30, 2014			979,304	$	9.49		$2.65 –  $345.00
	Granted			665,484		0.83		0.83
	Exercised			-		-		-
	Cancelled			-73,168		2.02		0.83 - 23.00
	Expired			-3,397		301.7		29.00 - 345.00
	Outstanding, December 31, 2014			1,568,223	$	9.52		$ 0.83 - $ 140.00
	Options exercisable at December 31, 2014			659,208	$	10.58
	Weighted average fair value of options granted during the six months ended December 31, 2014		$	0.6
	As of December 31, 2014, the aggregate intrinsic value of stock options outstanding was $0, with a weighted-average remaining term of 9.4 years. The aggregate intrinsic value of stock options exercisable at that same date was $0, with a weighted-average remaining term of 8.4 years. As of December 31, 2014, the Company has 3,351,701 shares available for future stock option grants.
	Stock-based compensation expense for the three months ended December 31, 2014 and December 31, 2013 amounted to $240,038 and $342,791, respectively. Stock based compensation expense for the six months ended December 31, 2014 and December 31, 2013 amounted to $379,171 and $467,257, respectively.
	As of December 31, 2014, total stock-based compensation expense not yet recognized related to stock option grants amounted to approximately $995,000 , which will be recognized over the next 47 months.

Income_Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes:
	No provision for income taxes has been made for the three months and six months ended December 31, 2014 and 2013 given the Company’s losses in 2014 and 2013 and available net operating loss carryforwards. A benefit has not been recorded as the realization of the net operating losses is not assured and the timing in which the Company can utilize its net operating loss carryforwards in any year or in total may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations.
	The deferred tax liability in the amount of $3,920,000 was recorded in connection with the related intangible assets from the Company’s acquisition of Fabrus, Inc. in May 2014.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 - Fair Value Measurements:
	The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2014 and June 30, 2014:
		Carrying		Fair Value Measurement at December 31, 2014
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	2,107,452	$	2,107,452	$	-	$	-
		Carrying		Fair Value Measurement at June 30, 2014
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	6,111,340	$	6,111,340	$	-	$	-

Revenue_Recognition

Revenue Recognition	6 Months Ended
	Dec. 31, 2014
Revenue Recognition [Abstract]
Revenue Recognition	Note 8 – Revenue Recognition
	During the three month period ended December 31, 2014, the Company received certain nonrefundable upfront fees in connection with a collaboration agreement. The Company has determined that the upfront fees do not have standalone value and was not separable from the research and development services to be delivered. Due to the lack of standalone value for the collaboration agreement and research and development services, the upfront payment is being recognized ratably using the straight line method through December 2015, the expected term of the agreement. For the quarter ended December 31, 2014, the Company did not recognize any revenue, under this agreement.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Dec. 31, 2014
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 9 – Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.
	In August 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for annual and interim periods thereafter. We are currently evaluating the potential impact that this ASU may have on our financial statements or disclosures.
	In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” This ASU requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and apply existing guidance under the Stock Compensation Topic of the ASC as it relates to awards with performance conditions that affect vesting to account for such awards. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. We are currently evaluating the potential impact that this ASU may have on our financial position and results of operations.
	In May 2014, FASB issued an ASU that amends the FASB ASC by creating a new Topic 606, Revenue from Contracts with Customers. The new guidance will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance on revenue recognition throughout the Industry Topics of the Codification.
	The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:
	Step 1: Identify the contract(s) with a customer.
	Step 2: Identify the performance obligations in the contract.
	Step 3: Determine the transaction price.
	Step 4: Allocate the transaction price to the performance obligations in the contract.
	Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.
	In addition, an entity should disclose sufficient qualitative and quantitative information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue, and cash flows arising from contracts with customers.
	The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. This amendment is to be either retrospectively adopted to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application. We are currently evaluating the impact of the adoption of this guidance to our consolidated financial statements.

Loss_Per_Share_Tables

Loss Per Share (Tables)	6 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Weighted Average of Dilutive Shares of Common Stock	Potentially dilutive shares of Common Stock have been excluded from the calculation of the weighted average number of dilutive shares of Common Stock as follows:
		December 31,
		2014		2013
	Common Stock to be issued upon conversion of convertible preferred stock		290,000		232,000
	Outstanding warrants		3,977,744		5,682,661
	Outstanding options		1,568,223		275,319
	Total potentially dilutive shares of Common Stock		5,835,967		6,189,980

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Material Factors Incorporated in Black Scholes Model in Estimating Value of Options and Warrants	The material factors incorporated in the Black-Scholes model in estimating the value of the options include the following:
			Three Months Ended December 31,				Six Months Ended December 31,
			2014		2013		2014		2013
	Risk-free interest rate (1)			1.63 - 2.32%		1.75 - 2.66%		1.63 - 2.32%		1.65 - 2.66%
	Expected volatility (2)			85%		99%		85%		99%
	Dividend yield			None		None		None		None
	Expected life (3)			5.0 - 10.0		6.25 - 10.0		5.0 - 10.0		5.5 - 10.0
		-1	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
		-2	Estimated volatility was determined based upon the historical volatility of the Company’s common stock.
		-3	Expected life for time based stock options was estimated using the “simplified” method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No. 110. Expected life for performance based stock options was the actual term of the option.
Stock Option Activity	Stock option activity under the Company’s 2008 Plan and 1998 Plan for the six months ended December 31, 2014 is summarized as follows:
					Weighted
			Aggregate		Average		Exercise Price
			Number		Exercise Price		Range
	Outstanding, June 30, 2014			979,304	$	9.49		$2.65 –  $345.00
	Granted			665,484		0.83		0.83
	Exercised			-		-		-
	Cancelled			-73,168		2.02		0.83 - 23.00
	Expired			-3,397		301.7		29.00 - 345.00
	Outstanding, December 31, 2014			1,568,223	$	9.52		$ 0.83 - $ 140.00
	Options exercisable at December 31, 2014			659,208	$	10.58
	Weighted average fair value of options granted during the six months ended December 31, 2014		$	0.6

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis	The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2014 and June 30, 2014:
		Carrying		Fair Value Measurement at December 31, 2014
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	2,107,452	$	2,107,452	$	-	$	-
		Carrying		Fair Value Measurement at June 30, 2014
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	6,111,340	$	6,111,340	$	-	$	-

Liquidity_Additional_Informati

Liquidity - Additional Information (Detail) (USD $)	6 Months Ended
	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013
Cash and Cash Equivalents [Line Items]
Deficit accumulated during the development stage	$104,242,423	$88,280,265
Cash and cash equivalents	2,107,452	6,111,340	6,121,895	1,602,294
University of Waterloo, Research Agreement [Member]
Cash and Cash Equivalents [Line Items]
Termination Benefits And Associated Employee Costs	$65,000

Intangibles_Additional_Informa

Intangibles - Additional Information (Detail) (USD $)	3 Months Ended			6 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Payments to acquire intangible assets	$159,862		$110,289	$420,339	$253,232
Issued patents and agricultural patent applications pending amortization period				17 years
Amortization of intangible assets	0		77,910	24,977	152,180
Impairment of intangible assets, finite-lived	0	2,290,836	0	2,290,836	185,161
Write-off of prepaid research supplies		669,750		669,750	0
Acquired research and development	9,800,000			9,800,000		9,800,000
Finite-Lived Intangible Assets, Net	283,393			283,393		2,178,867
Goodwill	5,780,951			5,780,951		13,902,917
Goodwill, Impairment Loss	$8,121,966		$0	$8,121,966	$0

Calculation_of_Weighted_Averag

Calculation of Weighted Average Number of Dilutive Shares of Common Stock (Detail)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,835,967	6,189,980
Outstanding options
Summary Of Significant Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,568,223	275,319
Outstanding warrants
Summary Of Significant Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,977,744	5,682,661
Common Stock to be issued upon conversion of convertible preferred stock
Summary Of Significant Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	290,000	232,000

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Nov. 18, 2014	Jan. 08, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued			244,484
Aggregate Black-Scholes value			$144,042
Stock option outstanding intrinsic value	0		0
Option outstanding weighted average remaining term			9 years 4 months 24 days
Exercisable aggregate intrinsic value	0		0
Weighted average option exercisable remaining life			8 years 4 months 24 days
Shares available for future stock option grant	3,351,701		3,351,701
Stock based compensation	240,038	342,791	379,171	467,257
Unrecognized compensation expense			995,000
Stock based compensation expense related to stock options, not yet recognized, period of recognition			47 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested					17,601
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued			421,000
Aggregate Black-Scholes value			256,929
Ronald A. Martell | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested						34,044
Dr. Browne
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value					$25,495

BlackScholes_OptionPricing_Mod

Black-Scholes Option-Pricing Model Assumptions used to Estimate Fair Value of Each Warrant and Option Grant (Detail)	3 Months Ended				6 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	85.00%	[1]	99.00%	[1]	85.00%	[1]	99.00%	[1]
Dividend yield	0.00%		0.00%		0.00%		0.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	2.32%	[2]	2.66%	[2]	2.32%	[2]	2.66%	[2]
Expected life	10 years	[3]	10 years	[3]	10 years	[3]	10 years	[3]
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	1.63%	[2]	1.75%	[2]	1.63%	[2]	1.65%	[2]
Expected life	5 years	[3]	6 years 3 months	[3]	5 years	[3]	5 years 6 months	[3]
[1]	Estimated volatility was determined based upon the historical volatility of the Companybs common stock.
[2]	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
[3]	Expected life for time based stock options was estimated using the bsimplifiedb method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No. 110. Expected life for performance based stock options was the actual term of the option.

Stock_Option_Activity_Detail

Stock Option Activity (Detail) (USD $)	6 Months Ended
	Dec. 31, 2014
Aggregate Number
Beginning Balance	979,304
Granted	665,484
Exercised	0
Cancelled	-73,168
Expired	-3,397
Ending Balance	1,568,223
Options exercisable at end of Period	659,208
Weighted average fair value of options granted during the six months ended December 31, 2014	$0.60
Weighted Average Exercise Price
Beginning Balance	$9.49
Granted	$0.83
Exercised	$0
Cancelled	$2.02
Expired	$301.70
Ending Balance	$9.52
Options exercisable at end of Period	$10.58
Exercise Price Range
Beginning Balance (Minimum)	$2.65
Beginning Balance (Maximum)	$345
Granted	$0.83
Exercised	$0
Ending Balance (Minimum)	$0.83
Ending Balance (Maximum)	$140
Maximum [Member]
Exercise Price Range
Cancelled	$23
Expired	$345
Minimum [Member]
Exercise Price Range
Cancelled	$0.83
Expired	$29

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Income Tax [Line Items]
Deferred Tax Liabilities, Net	$3,920,000	$3,920,000

Assets_and_Liabilities_at_Fair

Assets and Liabilities at Fair Value Measured on Recurring Basis (Detail) (Fair Value Measurements Recurring Basis, USD $)	Dec. 31, 2014	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$2,107,452	$6,111,340
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair Value	2,107,452	6,111,340
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair Value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair Value	$0	$0