Eloxx Pharmaceuticals (ELOX) 10-Q 16 Nov 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	Sevion Therapeutics, Inc.
Entity Central Index Key	1,035,354
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	SVON
Entity Common Stock, Shares Outstanding		20,420,608

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Jun. 30, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 3,354,869	$ 3,334,626
Prepaid expenses and other current assets	299,286	395,100
Total Current Assets	3,654,155	3,729,726
Equipment, furniture and fixtures, net	153,855	185,948
Acquired research and development	9,800,000	9,800,000
Goodwill	5,780,951	5,780,951
Security deposits	50,770	50,770
TOTAL ASSETS	19,439,731	19,547,395
CURRENT LIABILITIES:
Accounts payable	174,356	232,033
Accrued expenses	398,812	408,705
Other current liabilities	102,324	137,778
Total Current Liabilities	675,492	778,516
Warrant and stock right liabilities	2,233,267	2,502,047
Deferred tax liability	3,920,000	3,920,000
Other liabilities	105,832	122,038
TOTAL LIABILITIES	6,934,591	7,322,601
STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value, authorized 500,000,000 shares, issued and outstanding 20,387,809 and 18,752,813 at September 30, 2015 and June 30, 2015, respectively	203,878	187,528
Capital in excess of par	119,810,996	119,217,880
Accumulated deficit	(107,512,088)	(107,182,976)
Total Stockholders' Equity	12,505,140	12,224,794
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	19,439,731	19,547,395
Series A Convertible Preferred stock
STOCKHOLDERS' EQUITY:
Convertible preferred stock	4	4
Series C Convertible Preferred stock
STOCKHOLDERS' EQUITY:
Convertible preferred stock	$ 2,350	$ 2,358

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	500,000,000	500,000,000
Common stock, issued	20,387,809	18,752,813
Common stock, outstanding	20,387,809	18,752,813
Series A Convertible Preferred Stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, shares issued	10,297	380
Preferred stock, shares outstanding	10,297	380
Preferred stock, liquidation preference	$ 399,000	$ 399,000
Series C Convertible Preferred stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, shares issued	235,004	235,837
Preferred stock, shares outstanding	235,004	235,837
Preferred stock, liquidation preference	$ 2,350	$ 2,358

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Licensing Revenue	$ 37,500	$ 0
Operating expenses:
General and administrative	587,273	774,600
Research and development	601,583	2,120,156
Impairment and write-off of patents	0	2,290,836
Total operating expenses	1,188,856	5,185,592
Loss from operations	(1,151,356)	(5,185,592)
Other non-operating income (expense)
Change in fair value of stock right	22,334	0
Change in fair value of warrant liability	948,561	0
Interest income (expense) - net	(282)	1,785
Net loss	(180,743)	(5,183,807)
Preferred dividends	(148,369)	(14,500)
Loss applicable to common shares	(329,112)	(5,198,307)
Other comprehensive loss	0	0
Comprehensive loss	$ (329,112)	$ (5,198,307)
Basic and diluted net loss per common share	$ (0.02)	$ (0.38)
Basic and diluted weighted-average number of common shares outstanding	20,006,451	13,846,361

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Sep. 30, 2015 - USD ($)	Total	Preferred stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit
Beginning Balance at Jun. 30, 2015	$ 12,224,794	$ 2,362	$ 187,528	$ 119,217,880	$ (107,182,976)
Beginning Balance (in shares) at Jun. 30, 2015		236,217	18,752,813
Stock issued for Cash	1,152,397	$ 667	$ 9,600	1,142,130	0
Stock issued for Cash (in shares)		66,667	959,996
Warrant Liability	(559,261)	$ 0	$ 0	(559,261)	0
Derivative Stock Right	(142,854)	0	0	(142,854)	0
Stock-based compensation	23,475	0	0	23,475	0
Preferred stock converted into common stock	0	$ (675)	$ 6,750	(6,075)	0
Preferred stock converted into common stock (in shares)		(67,500)	675,000
Deemed Dividend Preferred stock	0	$ 0	$ 0	135,701	(135,701)
Dividends accrued and unpaid at September 30, 2015	(12,668)	0	0	0	(12,668)
Net loss	(180,743)	0	0	0	(180,743)
Ending Balance at Sep. 30, 2015	$ 12,505,140	$ 2,354	$ 203,878	$ 119,810,996	$ (107,512,088)
Ending Balance (in shares) at Sep. 30, 2015		235,384	20,387,809

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (180,743)	$ (5,183,807)
Noncash income related to change in fair value
stock right	(22,334)	0
warrant liability	(948,561)	0
Stock-based compensation expense	23,475	139,133
Depreciation and amortization	32,093	60,146
Write-off of intangibles	0	2,290,836
Write-off of prepaid research supplies	0	669,750
Deferred rent	(14,160)	0
(Increase) decrease in operating assets:
Prepaid expenses and other current assets	95,814	237,028
Increase (decrease) in operating liabilities:
Accounts payable	(57,677)	(288,160)
Accrued expenses	(22,561)	135,677
Deferred revenue	(37,500)	0
Net cash used in operating activities	(1,132,154)	(1,939,397)
Cash flows from investing activities:
Capitalized Patent costs	0	(260,477)
Purchase of equipment, furniture and fixtures	0	(74,327)
Net cash used in investing activities	0	(334,804)
Cash flows from financing activities:
Proceeds from issuance of common stock and warrants, net and exercise of warrants and options	1,152,397	0
Net cash provided by financing activities	1,152,397	0
Net (decrease) increase in cash and cash equivalents	20,243	(2,274,201)
Cash and cash equivalents at beginning of period	3,334,626	6,111,340
Cash and cash equivalents at end of period	3,354,869	3,837,139
Supplemental disclosure of non-cash transactions:
Conversion of preferred stock into common stock	6,075	0
Allocation of equity proceeds to warrants	559,261	0
Allocation of equity proceeds to stock rights	142,854	0
Allocation of preferred stock proceeds to beneficial conversion feature	135,701	0
Dividends accrued on preferred stock	12,668	14,500
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 0	$ 543

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2015
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, 2015. 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 September 30, 2015 and the results of its operations for the three months ended September 30, 2015 and cash flows for the three months ended September 30, 2015. Interim results are not necessarily indicative of results for the full fiscal year.

Liquidity

Liquidity	3 Months Ended
	Sep. 30, 2015
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 $ 107,512,088 As of September 30, 2015, the Company had cash and cash equivalents in the amount of $ 3,354,869 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	3 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Patent Costs	Note 3 – Intangibles: 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 if the Company's review determines that the future undiscounted cash flows related to the groups, including these assets, will not be sufficient to recover their carrying value, the Company will reduce the carrying values of these assets down to the Company’s estimate of fair value.

Loss Per Share

Loss Per Share	3 Months Ended
	Sep. 30, 2015
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. September 30, 2015 2014 Common Stock to be issued upon conversion 506,666 290,000 Common Stock to be issued upon conversion 2,350,040 - Outstanding warrants 8,698,634 7,237,774 Outstanding options 1,534,088 970,392 Total potentially dilutive shares of Common Stock 13,089,428 8,498,166

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2015
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. The Company did not issue any options during the three month period ended September 30, 2015. 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. Weighted Aggregate Average Exercise Price Number Exercise Price Range Outstanding, June 30, 2015 1,626,919 $ 4.45 $ 0.54 - $ 140.00 Granted - - - Exercised - - - Cancelled (92,289) 5.69 $ .83 - $ 140.00 Expired (542) 32.00 32.00 Outstanding, Sept 30, 2015 1,534,088 $ 4.12 $ 0.54 - $ 140.00 Options exercisable at September 30, 2015 1,213,946 $ 5.25 As of September 30, 2015, the aggregate intrinsic value of stock options outstanding was $ 1,343 9.4 0 8.8 3,383,582 Stock-based compensation expense for the three months ended September 30, 2015 and September 30, 2014 amounted to $ 23,475 139,133 As of September 30, 2015, total stock-based compensation expense not yet recognized related to stock option grants amounted to approximately $ 145,322 40

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes: No provision for income taxes has been made for the three months ended September 30, 2015 and 2014 given the Company’s losses in 2015 and 2014 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

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 – Fair Value Measurements: Fair Value Measurement at Sept 30, 2015 Carrying Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,354,869 $ 3,354,869 $ - $ - Warrant Liabilities $ 2,233,267 $ - $ - $ 2,233,267 Fair Value Measurement at June 30, 2015 Carrying Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,334,626 $ 3,334,626 $ - $ - Warrant Liabilities $ 2,502,047 $ - $ - $ 2,502,047 Beginning Balance $ 2,502,047 Recognition of common stock warrant liability 559,261 Recognition of stock right 142,854 Change in fair value of warrant liabilities, net (948,561) Change in fair value of stock right net (22,334) Ending Balance $ 2,233,267

Warrant Liabilities

Warrant Liabilities	3 Months Ended
	Sep. 30, 2015
Warrant Liabilities [Abstract]
Warrant Liabilities	Note 8 – Warrant Liabilities: The warrant liabilities represent the fair value of Common Stock purchase warrants which have exercise price reset features estimated using a Monte Carlo valuation model. The Company computes a valuation using the Monte Carlo model for such warrants to account for the various possibilities that could occur due to changes in the inputs to the model as a result of contractually-obligated changes. These estimates of the likelihood of completing an equity raise that would meet the criteria to trigger the reset provisions are based on numerous factors, including the remaining term of the financial instruments and the Company’s overall financial condition. Changes in the unobservable input values would have likely caused material changes in the fair value of the Company’s Level 3 financial instruments. The significant unobservable input used in the fair value measurement was the estimation of the likelihood of the occurrence of a change to the strike price of the warrants. A significant increase (decrease) in this likelihood would have resulted in a higher (lower) fair value measurement. Date of Issuance September 30, 2015 Estimated life in years 2.50 2.08 Risk-free interest rate (1) 0.91 % 0.69 % Volatility 108.60 % 105.40 % Dividend paid 0.00 % 0.00 % (1) Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the warrant term.

Series C Preferred Stock

Series C Preferred Stock	3 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Series C Preferred Stock	Note 9 – Series C Preferred Stock. In connection with allocation of the gross proceeds to the issuance of the Series C Preferred Stock, the Company determined that the Series C Preferred Stock’s conversion feature was considered to be beneficial. A beneficial conversion feature requires the Company to record a deemed dividend for a non-detachable conversion feature that is in the money at the issuance date. As a result, the Company recorded a deemed dividend amounting to $ 135,701 During the three months ended September 30, 2015, 67,500 675,000

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
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 May 2014, the FASB issued ASU No. 2014- 09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 requires that a company recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). In July 2015, the FASB approved a proposal to defer the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. The Company does not anticipate that the adoption of this standard will have a material impact on the Company’s financial statements. In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period,” (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The Company does not anticipate that the adoption of this standard will have a material impact on the Company’s financial statements. In August 2014, the FASB issued ASU No. 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,” (“ASU 2014-15”). ASU 2014-15 amended existing guidance related to the disclosures about an entity’s ability to continue as a going concern. These amendments are intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. These amendments provide guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. The Company does not anticipate that the adoption of this standard will have a material impact on the Company’s financial statements. In November 2014, the FASB issued ASU No. 2014-16, “Derivatives and Hedging (Topic 815), Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity,” (“ASU 2014-16”). All entities are required to use what is called the “whole instrument approach” to determine the nature of a host contract in a hybrid financial instrument issued in the form of a share. The guidance requires issuers and investors to consider all of a hybrid instrument’s stated and implied substantive terms and features, including any embedded derivative features being evaluated for bifurcation. The guidance eliminates the “chameleon approach,” under which all embedded features except the feature being analyzed are considered. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. The Company does not anticipate that the adoption of this standard will have a material impact on the Company’s financial statements. The Company has assessed other recently issued accounting pronouncements and has determined that they do not apply.

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Note 11 – Subsequent Events The Company has evaluated for any subsequent events through the date of issuance of the financial statements and has determined that no subsequent events have occurred.

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Sep. 30, 2015
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: September 30, 2015 2014 Common Stock to be issued upon conversion 506,666 290,000 Common Stock to be issued upon conversion 2,350,040 - Outstanding warrants 8,698,634 7,237,774 Outstanding options 1,534,088 970,392 Total potentially dilutive shares of Common Stock 13,089,428 8,498,166

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Activity	Stock option activity under the Company’s 2008 Plan and 1998 Plan for the three months ended September 30, 2015 is summarized as follows: Weighted Aggregate Average Exercise Price Number Exercise Price Range Outstanding, June 30, 2015 1,626,919 $ 4.45 $ 0.54 - $ 140.00 Granted - - - Exercised - - - Cancelled (92,289) 5.69 $ .83 - $ 140.00 Expired (542) 32.00 32.00 Outstanding, Sept 30, 2015 1,534,088 $ 4.12 $ 0.54 - $ 140.00 Options exercisable at September 30, 2015 1,213,946 $ 5.25

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2015
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 September 30, 2015 and June 30, 2015: Fair Value Measurement at Sept 30, 2015 Carrying Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,354,869 $ 3,354,869 $ - $ - Warrant Liabilities $ 2,233,267 $ - $ - $ 2,233,267 Fair Value Measurement at June 30, 2015 Carrying Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 3,334,626 $ 3,334,626 $ - $ - Warrant Liabilities $ 2,502,047 $ - $ - $ 2,502,047
Changes in Fair Value of the Company's Level 3 Financial Instruments	For the quarter ended September 30, 2015 Beginning Balance $ 2,502,047 Recognition of common stock warrant liability 559,261 Recognition of stock right 142,854 Change in fair value of warrant liabilities, net (948,561) Change in fair value of stock right net (22,334) Ending Balance $ 2,233,267

Warrant Liabilities (Tables)

Warrant Liabilities (Tables)	3 Months Ended
	Sep. 30, 2015
Warrant Liabilities [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The assumptions used to value the warrants at the date of issuance and at September 30, 2015 are as follows: Date of Issuance September 30, 2015 Estimated life in years 2.50 2.08 Risk-free interest rate (1) 0.91 % 0.69 % Volatility 108.60 % 105.40 % Dividend paid 0.00 % 0.00 % (1) Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the warrant term.

Liquidity - Additional Informat

Liquidity - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 3,354,869	$ 3,334,626	$ 3,837,139	$ 6,111,340
Development Stage Enterprise Deficit Accumulated During Development Stages	$ 107,512,088	$ 107,182,976

Calculation of Weighted Average

Calculation of Weighted Average Number of Dilutive Shares of Common Stock (Detail) - shares	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Summary Of Significant Accounting Policies [Line Items]
Common Stock to be issued upon conversion of convertible preferred stock	13,089,428	8,498,166
Series A Preferred stock
Summary Of Significant Accounting Policies [Line Items]
Common Stock to be issued upon conversion of convertible preferred stock	506,666	290,000
Series C Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Common Stock to be issued upon conversion of convertible preferred stock	2,350,040	0
Outstanding options
Summary Of Significant Accounting Policies [Line Items]
Common Stock to be issued upon conversion of convertible preferred stock	1,534,088	970,392
Outstanding warrants
Summary Of Significant Accounting Policies [Line Items]
Common Stock to be issued upon conversion of convertible preferred stock	8,698,634	7,237,774

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding intrinsic value	$ 1,343
Option outstanding weighted average remaining term	9 years 4 months 24 days
Exercisable aggregate intrinsic value	$ 0
Weighted average option exercisable remaining life	8 years 9 months 18 days
Shares available for future stock option grant	3,383,582
Stock based compensation	$ 23,475	$ 139,133
Stock based compensation expense related to stock options, not yet recognized, period of recognition	40 months
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 145,322

Stock-Based Compensation Stock

Stock-Based Compensation Stock Option Activity (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Jun. 30, 2013
Aggregate Number
Beginning Balance	1,626,919
Granted	0
Exercised	0
Cancelled	(92,289)
Expired	(542)
Ending Balance	1,534,088
Options exercisable at end of Period	1,213,946
Weighted Average Exercise Price
Beginning Balance	$ 4.45
Granted	0
Exercised	0	$ 0
Cancelled	5.69
Expired	32
Ending Balance	4.12
Options exercisable at end of Period	5.25
Exercise Price Range
Granted	0
Expired	32
Maximum [Member]
Exercise Price Range
Beginning Balance	140
Cancelled	140
Ending Balance	140
Minimum [Member]
Exercise Price Range
Beginning Balance	0.54
Cancelled	0.83
Ending Balance	$ 0.54

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
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) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liabilities	$ 2,233,267	$ 2,502,047
Fair Value Measurements Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,354,869	3,334,626
Warrant Liabilities	2,233,267	2,502,047
Level 1 | Fair Value Measurements Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair Value	3,354,869	3,334,626
Warrant Liabilities	0	0
Level 2 | Fair Value Measurements Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair Value	0	0
Warrant Liabilities	0	0
Level 3 | Fair Value Measurements Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair Value	0	0
Warrant Liabilities	$ 2,233,267	$ 2,502,047

Changes in Fair Value of the Co

Changes in Fair Value of the Company's Financial Instruments (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Beginning Balance	$ 2,502,047
Recognition of common stock warrant liability	559,261	$ 0
Recognition of stock right	142,854	0
Change in fair value of warrant liabilities, net	(948,561)	0
Change in fair value of stock right net	(22,334)	$ 0
Ending Balance	$ 2,233,267

Warrant Liabilities (Detail)

Warrant Liabilities (Detail) - Warrant [Member]	3 Months Ended
	Sep. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated life in years	2 years 29 days
Risk-free interest rate	0.69%	[1]
Volatility	105.40%
Dividend paid	0.00%
Date of Issuance [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated life in years	2 years 6 months
Risk-free interest rate	0.91%	[1]
Volatility	108.60%
Dividend paid	0.00%
[1]	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the warrant term.

Series C Preferred Stock - Addi

Series C Preferred Stock - Additional Information (Detail)	3 Months Ended
	Sep. 30, 2015USD ($)shares
Deemed Dividends On Preferred Stock	$ 0
Common Stock [Member]
Deemed Dividends On Preferred Stock	$ 0
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares	675,000
Series C Preferred Stock [Member]
Deemed Dividends On Preferred Stock	$ 135,701
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares	67,500