Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 8-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'APPLIED GENETIC TECHNOLOGIES CORP | ' |
Entity Central Index Key | '0001273636 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 14,077,942 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $8,030 | $8,893 |
Short-term investments | 16,500 | 14,000 |
Grants receivable | 363 | 143 |
Other current assets | 690 | 475 |
Total current assets | 25,583 | 23,511 |
Property and equipment, net | 362 | 341 |
Intangible assets, net | 1,573 | 1,630 |
Other assets | 1,752 | 8 |
Total assets | 29,270 | 25,490 |
Current liabilities | ' | ' |
Accounts payable | 1,253 | 792 |
Accrued expenses | 921 | 359 |
Deferred revenue | ' | 212 |
Current portion of debt and capital lease | ' | 1 |
Total current liabilities | 2,174 | 3,460 |
Long-term liabilities | ' | ' |
Warrant liabilities | 551 | 110 |
Total liabilities | 2,725 | 3,570 |
Commitments and contingencies | ' | ' |
Stockholders' (deficit) equity | ' | ' |
Common stock, par value $.001 per share, 150,000 shares authorized, 166 shares issued and outstanding at June 30, 2013 and March 31, 2014, and 9,286 shares issued and outstanding pro forma | ' | ' |
Additional paid-in capital | 12,637 | 12,243 |
Accumulated deficit | -59,813 | -48,426 |
Total stockholders' (deficit) equity | -47,176 | -36,183 |
Total liabilities, convertible preferred stock and stockholders' (deficit) equity | 29,270 | 25,490 |
Series B purchase rights [Member] | ' | ' |
Current liabilities | ' | ' |
Series B purchase rights | ' | 2,096 |
Series A-1 convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | 21,527 | 21,526 |
Series A-1A convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | 10,998 | 10,998 |
Series B-1 convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | 6,539 | 6,539 |
Series B-2 convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | 19,040 | 19,040 |
Series B-3 convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | 15,617 | ' |
Pro forma [Member] | ' | ' |
Current assets | ' | ' |
Cash and cash equivalents | 8,030 | ' |
Short-term investments | 16,500 | ' |
Grants receivable | 363 | ' |
Other current assets | 690 | ' |
Total current assets | 25,583 | ' |
Property and equipment, net | 362 | ' |
Intangible assets, net | 1,573 | ' |
Other assets | 1,752 | ' |
Total assets | 29,270 | ' |
Current liabilities | ' | ' |
Accounts payable | 1,253 | ' |
Accrued expenses | 921 | ' |
Deferred revenue | ' | ' |
Current portion of debt and capital lease | ' | ' |
Total current liabilities | 2,174 | ' |
Long-term liabilities | ' | ' |
Warrant liabilities | ' | ' |
Total liabilities | 2,174 | ' |
Commitments and contingencies | ' | ' |
Stockholders' (deficit) equity | ' | ' |
Common stock, par value $.001 per share, 150,000 shares authorized, 166 shares issued and outstanding at June 30, 2013 and March 31, 2014, and 9,286 shares issued and outstanding pro forma | 9 | ' |
Additional paid-in capital | 86,900 | ' |
Accumulated deficit | -59,813 | ' |
Total stockholders' (deficit) equity | 27,096 | ' |
Total liabilities, convertible preferred stock and stockholders' (deficit) equity | 29,270 | ' |
Pro forma [Member] | Series B purchase rights [Member] | ' | ' |
Current liabilities | ' | ' |
Series B purchase rights | ' | ' |
Pro forma [Member] | Series A-1 convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | ' | ' |
Pro forma [Member] | Series A-1A convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | ' | ' |
Pro forma [Member] | Series B-1 convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | ' | ' |
Pro forma [Member] | Series B-2 convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | ' | ' |
Pro forma [Member] | Series B-3 convertible preferred stock [Member] | ' | ' |
Long-term liabilities | ' | ' |
Convertible preferred stock, value | ' | ' |
Balance_Sheets_Unaudited_Paren
Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000 | 150,000 |
Common stock, shares issued | 166 | 166 |
Common stock, shares outstanding | 166 | 166 |
Series A-1 convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 29,737 | 29,737 |
Convertible preferred stock, shares issued | 22,466 | ' |
Convertible preferred stock, shares outstanding | 22,466 | ' |
Aggregate liquidation preference | ' | ' |
Series A-1A convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 11,572 | 11,572 |
Convertible preferred stock, shares issued | 11,479 | ' |
Convertible preferred stock, shares outstanding | 11,479 | ' |
Series B-1 convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 67,570 | 67,570 |
Convertible preferred stock, shares issued | 66,147 | ' |
Convertible preferred stock, shares outstanding | 66,147 | ' |
Series B-2 convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 140,542 | 140,542 |
Convertible preferred stock, shares issued | 122,750 | ' |
Convertible preferred stock, shares outstanding | 122,750 | ' |
Series B-3 convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 82,670 | 82,670 |
Convertible preferred stock, shares issued | ' | ' |
Convertible preferred stock, shares outstanding | ' | ' |
Pro forma [Member] | ' | ' |
Common stock, par value | $0.00 | ' |
Common stock, shares authorized | 150,000 | ' |
Common stock, shares issued | 9,286 | ' |
Common stock, shares outstanding | 9,286 | ' |
Pro forma [Member] | Series A-1 convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | ' |
Convertible preferred stock, shares authorized | 29,737 | ' |
Convertible preferred stock, shares issued | 22,467 | ' |
Convertible preferred stock, shares outstanding | 22,467 | ' |
Aggregate liquidation preference | 21,699 | ' |
Pro forma [Member] | Series A-1A convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | ' |
Convertible preferred stock, shares authorized | 11,572 | ' |
Convertible preferred stock, shares issued | 11,479 | ' |
Convertible preferred stock, shares outstanding | 11,479 | ' |
Aggregate liquidation preference | 11,086 | ' |
Pro forma [Member] | Series B-1 convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | ' |
Convertible preferred stock, shares authorized | 67,570 | ' |
Convertible preferred stock, shares issued | 66,147 | ' |
Convertible preferred stock, shares outstanding | 66,147 | ' |
Aggregate liquidation preference | 8,579 | ' |
Pro forma [Member] | Series B-2 convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | ' |
Convertible preferred stock, shares authorized | 140,542 | ' |
Convertible preferred stock, shares issued | 122,750 | ' |
Convertible preferred stock, shares outstanding | 122,750 | ' |
Aggregate liquidation preference | 18,228 | ' |
Pro forma [Member] | Series B-3 convertible preferred stock [Member] | ' | ' |
Convertible preferred stock, par value | $0.00 | ' |
Convertible preferred stock, shares authorized | 82,670 | ' |
Convertible preferred stock, shares issued | 58,817 | ' |
Convertible preferred stock, shares outstanding | 58,817 | ' |
Aggregate liquidation preference | $10,722 | ' |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue | ' | ' | ' | ' |
Grant revenue | $182 | $33 | $648 | $326 |
Sponsored research revenue | 50 | 83 | 357 | 239 |
Total revenue | 232 | 116 | 1,005 | 565 |
Operating expenses | ' | ' | ' | ' |
Research and development | 2,128 | 744 | 5,801 | 1,900 |
General and administrative | 1,364 | 323 | 3,335 | 972 |
Total operating expenses | 3,492 | 1,067 | 9,136 | 2,872 |
Loss from operations | -3,260 | -951 | -8,131 | -2,307 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 8 | 1 | 23 | 1 |
Interest expense | ' | -20 | ' | -172 |
Fair value adjustments | -336 | 3 | -441 | 8 |
Total other income (expense) | -328 | -671 | -3,256 | -1,255 |
Net loss | -3,588 | -1,622 | -11,387 | -3,562 |
Net loss per share, basic and diluted | ($25.45) | ($14.88) | ($95.69) | ($32.68) |
Weighted-average shares outstanding, basic and diluted | 141 | 109 | 119 | 109 |
Series B purchase rights [Member] | ' | ' | ' | ' |
Other income (expense) | ' | ' | ' | ' |
Fair value adjustments | ' | ($655) | ($2,838) | ($1,092) |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($11,387) | ($3,562) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Share-based compensation | 200 | 18 |
Depreciation and amortization | 242 | 202 |
Non-cash interest expense | ' | 145 |
Fair value adjustments | 441 | -8 |
Change in operating assets and liabilities | ' | ' |
Increase in grant receivable | -220 | -94 |
Increase in other current assets | -215 | -299 |
Increase in other assets | -1,748 | ' |
Increase (decrease) in accounts payable | 461 | -37 |
Decrease in deferred revenues | -212 | ' |
Increase (decrease) in accrued expenses | 562 | -55 |
Net cash used in operating activities | -9,038 | -2,598 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | -89 | -332 |
Purchase of and costs related to intangible assets | -113 | -118 |
Maturity of short-term investments | 22,000 | ' |
Purchase of short-term investments | -24,500 | ' |
Net cash used in investing activities | -2,702 | -450 |
Cash flows from financing activities | ' | ' |
Proceeds from exercise of convertible preferred stock warrants | 1 | ' |
Proceeds from exercise of common stock options | 194 | ' |
Proceeds from issuance of bank term note and warrants | ' | 507 |
Payment of bank term notes and capital lease | -1 | -193 |
Net cash provided by financing activities | 10,877 | 7,838 |
Net increase (decrease) in cash and cash equivalents | -863 | 4,790 |
Cash and cash equivalents, beginning of period | 8,893 | 774 |
Cash and cash equivalents, end of period | 8,030 | 5,564 |
Supplemental disclosure of cash flow information | ' | ' |
Cash paid for interest | ' | 27 |
Series B purchase rights [Member] | ' | ' |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Fair value adjustments | 2,838 | 1,092 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of preferred stock and Series B purchase rights, net of issuance costs | 10,683 | 7,524 |
Series B-1 convertible preferred stock [Member] | ' | ' |
Supplemental disclosure of non-cash financing activities | ' | ' |
Conversion of notes payable and accrued interest to Series B-1 convertible preferred stock | ' | 741 |
Series B-3 convertible preferred stock [Member] | ' | ' |
Supplemental disclosure of non-cash financing activities | ' | ' |
Conversion of Series B purchase rights to Series B-3 convertible preferred stock | $4,934 | ' |
Organization_and_Operations
Organization and Operations | 9 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Organization and Operations | ' | |
-1 | Organization and Operations: | |
Applied Genetic Technologies Corporation (the “Company” or “AGTC”) was incorporated as a Florida corporation on January 19, 1999 and reincorporated as a Delaware corporation on October 24, 2003. The Company is a clinical-stage biotechnology company developing gene therapy products designed to transform the lives of patients with severe inherited orphan diseases in ophthalmology. | ||
The Company has devoted substantially all of its efforts to research and development, including clinical trials. The Company has not completed the development of any products. The Company has generated revenue from collaboration agreements, sponsored research payments and grants, but has not generated product revenue to date and is subject to a number of risks similar to those of other early stage companies in the biotechnology industry, including dependence on key individuals, the difficulties inherent in the development of commercially viable products, the need to obtain additional capital necessary to fund the development of its products, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, protection of proprietary technology, compliance with government regulations and ability to transition to large-scale production of products. As of March 31, 2014, the Company had an accumulated deficit of $59,813. The Company has financed its operations to date primarily through private placements of its convertible preferred stock, collaborations, bank debt, convertible debt financings, grant funding and payments for sponsored research. The Company expects to continue to incur losses for the foreseeable future. At March 31, 2014, the Company had capital resources consisting of cash, cash equivalents and short-term investments of $24,530 and believes that these resources will be sufficient to allow the Company to fund its current operating plan for at least the next 12 months. On April 1, 2014, AGTC closed its initial public offering (“IPO”) and now trades on NASDAQ under the ticker symbol AGTC (see Note 6). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
-2 | Summary of Significant Accounting Policies: | ||
The Company’s significant accounting policies are more fully described in Note 2 of the Notes to the audited financial statements as of June 30, 2012 and 2013 included in the Company’s Prospectus that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-193309), which was filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424 on March 27, 2014 (the “Prospectus”). | |||
(a) | Basis of Presentation – The accompanying financial information as of March 31, 2014 and for the nine months ended March 31, 2013 and 2014 has been prepared by 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 U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The June 30, 2013 balance sheet was derived from the Company’s audited financial statements. The financial information as of March 31, 2014 and for the nine months ended March 31, 2014 and 2013 should be read in conjunction with the June 30, 2013 audited annual financial statements and notes thereto included in the Prospectus. | ||
In the opinion of management, the unaudited financial information as of March 31, 2014 and for the nine months ended March 31, 2014 and 2013 reflects all adjustments, which are normal recurring adjustments, necessary to present a fair statement of the Company’s financial position, results of operations and cash flows. The results of operations for the nine months ended March 31, 2014 are not necessarily indicative of the operating results to be expected for the full fiscal year or any future period. | |||
(b) | Pro forma information – The pro forma balance sheet as of March 31, 2014, gives effect to: the conversion of all the convertible preferred stock into shares of common stock upon the closing of the IPO; and the conversion of all outstanding warrants exercisable for shares of Series A-1, Series A-1A and Series B-1 preferred stock into warrants exercisable for shares of common stock, resulting in the preferred stock warrant liability being reclassified to additional paid-in capital. The pro forma balance sheet as of March 31, 2014 does not give effect to the Company’s receipt of the net proceeds of the IPO discussed in Note 6. | ||
(c) | Use of estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. | ||
(d) | Fair value of financial instruments – The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: | ||
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||
Level 2 – Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | |||
Level 3 – Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and observable. | |||
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||
Items measured at fair value on a recurring basis include short-term investments, Series B purchase rights and warrant liabilities (Note 4). | |||
(e) | Warrants to purchase convertible preferred stock – In conjunction with various financing transactions, the Company issued warrants to purchase shares of the Company’s Series A-1, Series A-1A and Series B-1 preferred stock. The Company’s Series A-1, Series A-1A and Series B-1 preferred stock are subject to redemption under circumstances outside of the Company’s control. Therefore, the associated shares are presented as temporary equity. Consequently, the warrants to purchase shares of Series A-1, Series A-1A and Series B-1 preferred stock are accounted for as liabilities and adjusted to fair value at the end of each reporting period. The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option pricing model. The estimates in the Black-Scholes option pricing model are based, in part, on subjective assumptions, including stock price volatility, term of the warrants, risk free interest rate, dividend yield, and fair value of the preferred stock underlying the warrants. Such assumptions could differ materially in the future. The gain or loss associated with the change in the fair value of the preferred stock warrant liability from the prior period is recognized as a component of other (expense) income, net. | ||
(f) | Share-based compensation – The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized on a straight-line basis over the period during which the employee is required to provide service in exchange for the award. The fair value of options on the date of grant is calculated using the Black-Scholes option pricing model based on key assumptions such as stock price, expected volatility and expected term. The Company’s estimates of these assumptions are primarily based on third-party valuations, historical data, peer company data and judgment regarding future trends and factors. The Company accounts for stock options issued to non-employees in accordance with the provisions of ASC Subtopic 505-50, Equity-Based Payments to Non-employees, which requires valuing the stock options and measuring such stock options to their current fair value when they vest. | ||
(g) | Deferred issuance costs – The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process probable equity financings as Other Assets until such financings are consummated. After consummation of an in-process probable equity financing, these costs are recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the offering. As of March 31, 2014, the Company recorded deferred financing costs of $1,748 in other assets in the accompanying balance sheet in contemplation of a probable equity financing. These costs were netted against the proceeds of the Company’s initial public offering discussed in Note 6. | ||
(h) | New Accounting Pronouncements – In July 2013, the FASB issued amended guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented as a reduction of a deferred tax asset when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists, with certain exceptions. This accounting guidance is effective prospectively for the Company beginning in the first quarter of fiscal year 2015, with early adoption permitted. While the Company is currently evaluating the impact, its adoption is not expected to have a material impact on the Company’s financial statements. | ||
(i) | Revenue recognition – The Company has primarily generated revenue through collaboration agreements, sponsored research arrangements with nonprofit organizations for the development and commercialization of product candidates and revenues from federal research and development grant programs. The Company recognizes revenue when amounts are realized or realizable and earned. Revenue is considered realizable and earned when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collection of the amounts due are reasonably assured. | ||
Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current liabilities. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses, as the Company has the risks and rewards as the principal in the research and development activities. | |||
The Company evaluates the terms of sponsored research agreement grants and federal grants to assess the Company’s obligations and if the Company’s obligations are satisfied by the passage of time, revenue is recognized on a straight-line basis. In situations where the performance of the Company’s obligations has been satisfied when the grant is received, revenue is recognized upon receipt of the grant. Certain grants contain refund provisions. The Company reviews those refund provisions to determine the likelihood of repayment. If the likelihood of repayment of the grant is determined to be remote, the grant is recognized as revenue. If the probability of repayment is determined to be more than remote, the Company records the grant as a deferred revenue liability, until such time that the grant requirements have been satisfied. | |||
(j) | Research and development – Research and development costs include costs incurred in identifying, developing and testing product candidates. Costs consist primarily of payroll expenses for research related employees, laboratory costs, animal and lab maintenance and supplies, rent, utilities, clinical and pre-clinical expenses, as well as payments for sponsored research, scientific and regulatory consulting fees and testing. Costs are charged to expense as incurred. Costs for certain development activities are recognized based on an evaluation of the progress to completion of specific tasks using information and data provided to us by our vendors and our clinical sites. When outside contracts for research products or testing require advance payments, they are recorded on the balance sheet as a prepaid item and expensed when the service is provided or reaches a specific milestone outlined in the contract. Advance payments related to research and development were $614 and $350, at March 31, 2014 and 2013, respectively, and are included in other current assets on the balance sheets. |
Stock_Option_Plans
Stock Option Plans | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Option Plans | ' | ||||||||||||||||
-3 | Stock Option Plans: | ||||||||||||||||
On September 18, 2013, the Company’s board of directors approved a grant of 372 incentive stock options and 31 nonqualified stock options under the Company’s 2011 Stock Incentive Plan. Effective upon the closing of the Company’s sale of shares of Series B-3 preferred stock on November 5, 2013, the Company’s stockholders approved an amendment to the 2011 Stock Incentive Plan to increase the total number of shares available for issue under the plan to 909. | |||||||||||||||||
Upon the effectiveness on March 26, 2014 of the Company’s registration statement on Form S-1 relating to its IPO, the Company’s stockholders approved the 2013 Equity and Incentive Plan. The total number of shares available for issue under the 2013 Equity and Incentive plan is 1,151. The Company’s board of directors approved a grant of 100 incentive stock options and 56 nonqualified stock options under this plan on March 26, 2014. | |||||||||||||||||
(a) | Incentive stock options – Incentive stock options are granted to employees at the discretion of the board. The exercise price of the options must at least be equal to 100% of the stock’s fair market value on the date of the award. | ||||||||||||||||
(b) | Nonqualified stock options – Nonqualified stock options can be granted to employees or non-employees at the discretion of the board. | ||||||||||||||||
Incentive stock options | |||||||||||||||||
A summary of the employee option activity is as follows: | |||||||||||||||||
Nine Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding, June 30 | 262 | $ | 1.18 | 69 | $ | 3.5 | |||||||||||
Granted | 472 | 6.4 | 192 | 0.35 | |||||||||||||
Exercised | (15 | ) | 3.5 | — | — | ||||||||||||
Terminated | — | — | — | — | |||||||||||||
Outstanding, March 31 | 719 | $ | 4.56 | 261 | $ | 1.18 | |||||||||||
Exercisable, March 31 | 136 | 71 | |||||||||||||||
Weighted average fair value of options granted during the period | $ | 4.08 | $ | 0.21 | |||||||||||||
As of March 31, 2014 and June 30, 2013, there was approximately $1,542 and $30, respectively of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock incentive plans. | |||||||||||||||||
Nonqualified stock options issued to non-employees | |||||||||||||||||
A summary of non-employee option activity follows: | |||||||||||||||||
Nine Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding, June 30 | 118 | $ | 2.06 | 64 | $ | 3.5 | |||||||||||
Granted | 87 | 9.47 | 54 | 0.35 | |||||||||||||
Exercised | (42 | ) | 3.35 | — | — | ||||||||||||
Terminated | (10 | ) | 3.5 | — | — | ||||||||||||
Outstanding, March 31 | 153 | $ | 5.82 | 118 | $ | 2.06 | |||||||||||
Exercisable, March 31 | 30 | 62 | |||||||||||||||
Weighted average fair value of options granted during the period | $ | 6.66 | $ | 0.21 | |||||||||||||
In accounting for stock options to non-employees, the value of goods and services related to the options granted is recognized as the awards vest, which is generally consistent with receipt of services. Therefore, vested portions vary based upon services and terms of each option. The Company revalues non-vested, non-employee options each reporting period using the estimated fair value of the Company’s common stock as of the last day of each reporting period. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments and Investments | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments and Investments | ' | ||||||||||||||||
-4 | Fair Value of Financial Instruments and Investments: | ||||||||||||||||
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Description | Total | Quoted prices | Significant other | Significant | |||||||||||||
in active markets | observable inputs | unobservable inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
June 30, 2013 | |||||||||||||||||
Short-term investments | $ | 14,000 | $ | — | $ | 14,000 | $ | — | |||||||||
March 31, 2014 | |||||||||||||||||
Short-term investments | $ | 16,500 | $ | — | $ | 16,500 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
June 30, 2013 | |||||||||||||||||
Series B purchase rights | $ | 2,096 | $ | — | $ | — | $ | 2,096 | |||||||||
Warrant liabilities | 110 | — | — | 110 | |||||||||||||
Total | $ | 2,206 | $ | — | $ | — | $ | 2,206 | |||||||||
March 31, 2014 | |||||||||||||||||
Series B purchase rights | $ | — | $ | — | $ | — | $ | — | |||||||||
Warrant liabilities | 551 | — | — | 551 | |||||||||||||
Total | $ | 551 | $ | — | $ | — | $ | 551 | |||||||||
Short-term investments – Short-term investments consist of certificates of deposit placed through an account registry service, with maturities up to one year, for which the fair market value is measured based on level 2 inputs (quoted prices for identical assets in markets that are not active). | |||||||||||||||||
Warrant liabilities – The fair value of the warrants on the date of issuance, and on each financial reporting date for those warrants classified as liabilities, is estimated using the Black-Scholes option pricing model. The significant assumptions used in preparing the option pricing model for valuing the Company’s warrants include: | |||||||||||||||||
Assumption | Nine Months Ended | ||||||||||||||||
31-Mar-14 | |||||||||||||||||
Exercise price | $0.1297 to $0.9658 | ||||||||||||||||
Fair value of preferred shares | $0.23 to $0.90 | ||||||||||||||||
Expected life (in years) | 0.12 to 5.67 | ||||||||||||||||
Risk-free interest rate | 0.01% to 1.75% | ||||||||||||||||
Expected volatility | 70.00% to 85.00% | ||||||||||||||||
Series B purchase rights | |||||||||||||||||
In October 2013, the holders of the Series B-1 and B-2 shares (“Series B holders”) exercised their rights with respect to the optional third tranche and the Company entered into a First Amendment to Series B-1, B-2 and B-3 Preferred Stock Purchase Agreement (the “Series B Amendment”) to amend the terms under which the Company could sell Series B-3 Shares. In November 2013, the Company issued and sold an aggregate of 58,817 shares of Series B-3 preferred stock at a price per share of $0.1823. The Series B Amendment provides that if the two remaining milestones specified in the Series B Purchase Agreement entered into in November 2012 are not satisfied by the Company by September 2014, Series B holders who still hold their Series B-3 shares will be entitled to receive up to an aggregate of 13,387 additional shares of Series B-3 preferred stock. The automatic conversion of the Company’s preferred stock to common stock upon the consummation of the Company’s IPO extinguished this right. During the nine months ended March 31, 2014, a change in value of the Series B purchase right liability of $2,838 was recorded to other expense, and $4,934 allocated to the Series B-3 purchase right immediately prior to the closing of the third tranche was reallocated to the carrying value of the Series B-3 preferred stock on the Company’s balance sheet. | |||||||||||||||||
The significant assumptions used as inputs in the Black-Scholes valuation were as follows: | |||||||||||||||||
Assumption | Nine Months Ended | ||||||||||||||||
31-Mar-14 | |||||||||||||||||
Exercise price | $ 0.1485 to $0.1823 | ||||||||||||||||
Years to maturity | 0.00 to 1.00 | ||||||||||||||||
Risk-free interest rate | 0.06% to 0.10% | ||||||||||||||||
Volatility | 55.00% to 85.00% | ||||||||||||||||
The Company reports the change in fair value during each period as a non-operating gain or loss recorded as a component of other (expense) income, net in the statement of operations. The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for warrant liabilities and Series B purchase rights for the fiscal year ended June 30, 2013 and the nine months ended March 31, 2014: | |||||||||||||||||
Warrant | Series B | ||||||||||||||||
liabilities | purchase | ||||||||||||||||
rights | |||||||||||||||||
Beginning balance as of July 1, 2012 | $ | 80 | $ | — | |||||||||||||
Fair value of warrants issued | 22 | — | |||||||||||||||
Fair value of Series B purchase rights issued | — | 1,723 | |||||||||||||||
Change in fair value during the period | 8 | 1,207 | |||||||||||||||
Series B purchase rights converted to Series B-2 convertible preferred stock | — | (834 | ) | ||||||||||||||
Ending balance as of June 30, 2013 | 110 | 2,096 | |||||||||||||||
Change in fair value during the period | 441 | 2,838 | |||||||||||||||
Series B purchase rights converted to Series B-3 convertible preferred stock | — | (4,934 | ) | ||||||||||||||
Ending balance as of March 31, 2014 | $ | 551 | $ | — | |||||||||||||
Accrued_Expenses
Accrued Expenses | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
-5 | Accrued Expenses: | ||||||||
Accrued expenses consist of the following: | |||||||||
March 31, 2014 | June 30, 2013 | ||||||||
Research and development-related | $ | 546 | $ | 61 | |||||
Compensation-related | 375 | 298 | |||||||
$ | 921 | $ | 359 | ||||||
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Mar. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
-6 | Subsequent Events: | |
The Company has completed an evaluation of all subsequent events through May 14, 2014, to ensure appropriate disclosure of events both recognized in the financial statements as of March 31, 2014, and events which occurred subsequently but were not recognized in the financial statements. | ||
On April 1, 2014, the Company completed its IPO whereby the Company sold 4,167 shares of common stock at a price of $12.00 per share. The shares began trading on the Nasdaq Global Select Market on March 27, 2014. The aggregate net proceeds received by the Company from the offering were $44,850, net of underwriting discounts and commissions and estimated offering expenses payable by the Company. Upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 9,120 shares of common stock; and warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for 50 shares of common stock, resulting in the reclassification of the related convertible preferred stock warrant liability of $428 to additional paid-in capital. | ||
On April 3, 2014, the Company sold 625 shares of common stock pursuant to the full exercise of an overallotment option granted to the underwriters in connection with the IPO. The aggregate net proceeds received by the Company were $6,975, net of underwriting discounts and commissions. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
(a) | Basis of Presentation – The accompanying financial information as of March 31, 2014 and for the nine months ended March 31, 2013 and 2014 has been prepared by 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 U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The June 30, 2013 balance sheet was derived from the Company’s audited financial statements. The financial information as of March 31, 2014 and for the nine months ended March 31, 2014 and 2013 should be read in conjunction with the June 30, 2013 audited annual financial statements and notes thereto included in the Prospectus. | ||
In the opinion of management, the unaudited financial information as of March 31, 2014 and for the nine months ended March 31, 2014 and 2013 reflects all adjustments, which are normal recurring adjustments, necessary to present a fair statement of the Company’s financial position, results of operations and cash flows. The results of operations for the nine months ended March 31, 2014 are not necessarily indicative of the operating results to be expected for the full fiscal year or any future period. | |||
Pro forma Information | ' | ||
(b) | Pro forma information – The pro forma balance sheet as of March 31, 2014, gives effect to: the conversion of all the convertible preferred stock into shares of common stock upon the closing of the IPO; and the conversion of all outstanding warrants exercisable for shares of Series A-1, Series A-1A and Series B-1 preferred stock into warrants exercisable for shares of common stock, resulting in the preferred stock warrant liability being reclassified to additional paid-in capital. The pro forma balance sheet as of March 31, 2014 does not give effect to the Company’s receipt of the net proceeds of the IPO discussed in Note 6. | ||
Use of Estimates | ' | ||
(c) | |||
Use of estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |||
Fair Value of Financial Instruments | ' | ||
(d) | Fair value of financial instruments – The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: | ||
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||
Level 2 – Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | |||
Level 3 – Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and observable. | |||
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||
Items measured at fair value on a recurring basis include short-term investments, Series B purchase rights and warrant liabilities (Note 4). | |||
Warrants to Purchase Convertible Preferred Stock | ' | ||
(e) | |||
Warrants to purchase convertible preferred stock – In conjunction with various financing transactions, the Company issued warrants to purchase shares of the Company’s Series A-1, Series A-1A and Series B-1 preferred stock. The Company’s Series A-1, Series A-1A and Series B-1 preferred stock are subject to redemption under circumstances outside of the Company’s control. Therefore, the associated shares are presented as temporary equity. Consequently, the warrants to purchase shares of Series A-1, Series A-1A and Series B-1 preferred stock are accounted for as liabilities and adjusted to fair value at the end of each reporting period. The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option pricing model. The estimates in the Black-Scholes option pricing model are based, in part, on subjective assumptions, including stock price volatility, term of the warrants, risk free interest rate, dividend yield, and fair value of the preferred stock underlying the warrants. Such assumptions could differ materially in the future. The gain or loss associated with the change in the fair value of the preferred stock warrant liability from the prior period is recognized as a component of other (expense) income, net. | |||
Share-based Compensation | ' | ||
(f) | |||
Share-based compensation – The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized on a straight-line basis over the period during which the employee is required to provide service in exchange for the award. The fair value of options on the date of grant is calculated using the Black-Scholes option pricing model based on key assumptions such as stock price, expected volatility and expected term. The Company’s estimates of these assumptions are primarily based on third-party valuations, historical data, peer company data and judgment regarding future trends and factors. The Company accounts for stock options issued to non-employees in accordance with the provisions of ASC Subtopic 505-50, Equity-Based Payments to Non-employees, which requires valuing the stock options and measuring such stock options to their current fair value when they vest. | |||
Deferred Issuance Costs | ' | ||
(g) | |||
Deferred issuance costs – The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process probable equity financings as Other Assets until such financings are consummated. After consummation of an in-process probable equity financing, these costs are recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the offering. As of March 31, 2014, the Company recorded deferred financing costs of $1,748 in other assets in the accompanying balance sheet in contemplation of a probable equity financing. These costs were netted against the proceeds of the Company’s initial public offering discussed in Note 6. | |||
New Accounting Pronouncements | ' | ||
(h) | |||
New Accounting Pronouncements – In July 2013, the FASB issued amended guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented as a reduction of a deferred tax asset when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists, with certain exceptions. This accounting guidance is effective prospectively for the Company beginning in the first quarter of fiscal year 2015, with early adoption permitted. While the Company is currently evaluating the impact, its adoption is not expected to have a material impact on the Company’s financial statements. | |||
Revenue Recognition | ' | ||
(i) | Revenue recognition – The Company has primarily generated revenue through collaboration agreements, sponsored research arrangements with nonprofit organizations for the development and commercialization of product candidates and revenues from federal research and development grant programs. The Company recognizes revenue when amounts are realized or realizable and earned. Revenue is considered realizable and earned when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collection of the amounts due are reasonably assured. | ||
Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current liabilities. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses, as the Company has the risks and rewards as the principal in the research and development activities. | |||
The Company evaluates the terms of sponsored research agreement grants and federal grants to assess the Company’s obligations and if the Company’s obligations are satisfied by the passage of time, revenue is recognized on a straight-line basis. In situations where the performance of the Company’s obligations has been satisfied when the grant is received, revenue is recognized upon receipt of the grant. Certain grants contain refund provisions. The Company reviews those refund provisions to determine the likelihood of repayment. If the likelihood of repayment of the grant is determined to be remote, the grant is recognized as revenue. If the probability of repayment is determined to be more than remote, the Company records the grant as a deferred revenue liability, until such time that the grant requirements have been satisfied. | |||
Research and Development | ' | ||
(j) | |||
Research and development – Research and development costs include costs incurred in identifying, developing and testing product candidates. Costs consist primarily of payroll expenses for research related employees, laboratory costs, animal and lab maintenance and supplies, rent, utilities, clinical and pre-clinical expenses, as well as payments for sponsored research, scientific and regulatory consulting fees and testing. Costs are charged to expense as incurred. Costs for certain development activities are recognized based on an evaluation of the progress to completion of specific tasks using information and data provided to us by our vendors and our clinical sites. When outside contracts for research products or testing require advance payments, they are recorded on the balance sheet as a prepaid item and expensed when the service is provided or reaches a specific milestone outlined in the contract. Advance payments related to research and development were $614 and $350, at March 31, 2014 and 2013, respectively, and are included in other current assets on the balance sheets. |
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Summary of Employee Option Activity | ' | ||||||||||||||||
A summary of the employee option activity is as follows: | |||||||||||||||||
Nine Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding, June 30 | 262 | $ | 1.18 | 69 | $ | 3.5 | |||||||||||
Granted | 472 | 6.4 | 192 | 0.35 | |||||||||||||
Exercised | (15 | ) | 3.5 | — | — | ||||||||||||
Terminated | — | — | — | — | |||||||||||||
Outstanding, March 31 | 719 | $ | 4.56 | 261 | $ | 1.18 | |||||||||||
Exercisable, March 31 | 136 | 71 | |||||||||||||||
Weighted average fair value of options granted during the period | $ | 4.08 | $ | 0.21 | |||||||||||||
Nonqualified Stock Options [Member] | ' | ||||||||||||||||
Summary of Non-employee Option Activity | ' | ||||||||||||||||
A summary of non-employee option activity follows: | |||||||||||||||||
Nine Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding, June 30 | 118 | $ | 2.06 | 64 | $ | 3.5 | |||||||||||
Granted | 87 | 9.47 | 54 | 0.35 | |||||||||||||
Exercised | (42 | ) | 3.35 | — | — | ||||||||||||
Terminated | (10 | ) | 3.5 | — | — | ||||||||||||
Outstanding, March 31 | 153 | $ | 5.82 | 118 | $ | 2.06 | |||||||||||
Exercisable, March 31 | 30 | 62 | |||||||||||||||
Weighted average fair value of options granted during the period | $ | 6.66 | $ | 0.21 | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments and Investments (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Description | Total | Quoted prices | Significant other | Significant | |||||||||||||
in active markets | observable inputs | unobservable inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
June 30, 2013 | |||||||||||||||||
Short-term investments | $ | 14,000 | $ | — | $ | 14,000 | $ | — | |||||||||
March 31, 2014 | |||||||||||||||||
Short-term investments | $ | 16,500 | $ | — | $ | 16,500 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
June 30, 2013 | |||||||||||||||||
Series B purchase rights | $ | 2,096 | $ | — | $ | — | $ | 2,096 | |||||||||
Warrant liabilities | 110 | — | — | 110 | |||||||||||||
Total | $ | 2,206 | $ | — | $ | — | $ | 2,206 | |||||||||
March 31, 2014 | |||||||||||||||||
Series B purchase rights | $ | — | $ | — | $ | — | $ | — | |||||||||
Warrant liabilities | 551 | — | — | 551 | |||||||||||||
Total | $ | 551 | $ | — | $ | — | $ | 551 | |||||||||
Summary of Changes in Fair Value of Company's Level 3 Valuation for Warrant Liabilities and Series B Purchase Rights | ' | ||||||||||||||||
The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for warrant liabilities and Series B purchase rights for the fiscal year ended June 30, 2013 and the nine months ended March 31, 2014: | |||||||||||||||||
Warrant | Series B | ||||||||||||||||
liabilities | purchase | ||||||||||||||||
rights | |||||||||||||||||
Beginning balance as of July 1, 2012 | $ | 80 | $ | — | |||||||||||||
Fair value of warrants issued | 22 | — | |||||||||||||||
Fair value of Series B purchase rights issued | — | 1,723 | |||||||||||||||
Change in fair value during the period | 8 | 1,207 | |||||||||||||||
Series B purchase rights converted to Series B-2 convertible preferred stock | — | (834 | ) | ||||||||||||||
Ending balance as of June 30, 2013 | 110 | 2,096 | |||||||||||||||
Change in fair value during the period | 441 | 2,838 | |||||||||||||||
Series B purchase rights converted to Series B-3 convertible preferred stock | — | (4,934 | ) | ||||||||||||||
Ending balance as of March 31, 2014 | $ | 551 | $ | — | |||||||||||||
Warrant liabilities [Member] | ' | ||||||||||||||||
Schedule of Significant Assumptions Used for Valuation | ' | ||||||||||||||||
The significant assumptions used in preparing the option pricing model for valuing the Company’s warrants include: | |||||||||||||||||
Assumption | Nine Months Ended | ||||||||||||||||
31-Mar-14 | |||||||||||||||||
Exercise price | $0.1297 to $0.9658 | ||||||||||||||||
Fair value of preferred shares | $0.23 to $0.90 | ||||||||||||||||
Expected life (in years) | 0.12 to 5.67 | ||||||||||||||||
Risk-free interest rate | 0.01% to 1.75% | ||||||||||||||||
Expected volatility | 70.00% to 85.00% | ||||||||||||||||
Series B purchase rights [Member] | ' | ||||||||||||||||
Schedule of Significant Assumptions Used for Valuation | ' | ||||||||||||||||
The significant assumptions used as inputs in the Black-Scholes valuation were as follows: | |||||||||||||||||
Assumption | Nine Months Ended | ||||||||||||||||
31-Mar-14 | |||||||||||||||||
Exercise price | $ 0.1485 to $0.1823 | ||||||||||||||||
Years to maturity | 0.00 to 1.00 | ||||||||||||||||
Risk-free interest rate | 0.06% to 0.10% | ||||||||||||||||
Volatility | 55.00% to 85.00% |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
March 31, 2014 | June 30, 2013 | ||||||||
Research and development-related | $ | 546 | $ | 61 | |||||
Compensation-related | 375 | 298 | |||||||
$ | 921 | $ | 359 | ||||||
Organization_and_Operations_Ad
Organization and Operations - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' |
Accumulated deficit | ($59,813) | ($48,426) |
Cash, cash equivalents and short-term investments | $24,530 | ' |
Initial public offering closing date | '2014-04-01 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Deferred financing costs | $1,748 | ' |
Research and development-related [Member] | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Advance payments | $614 | $350 |
Stock_Option_Plans_Additional_
Stock Option Plans - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 26, 2014 | Sep. 18, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 26, 2014 | Sep. 18, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 05, 2013 | Mar. 26, 2014 |
Incentive Stock Options [Member] | Incentive Stock Options [Member] | Incentive Stock Options [Member] | Incentive Stock Options [Member] | Nonqualified Stock Options [Member] | Nonqualified Stock Options [Member] | Nonqualified Stock Options [Member] | Nonqualified Stock Options [Member] | Two Thousand Eleven Stock Incentive Plan [Member] | 2013 Equity and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | ' | ' | 100 | 372 | 472 | 192 | 56 | 31 | 87 | 54 | ' | ' |
Increase in total number of shares available for issue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 909 | ' |
Number of shares available for issue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,151 |
Percentage of exercise price stock option | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | $1,542 | $30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Option_Plans_Summary_of_
Stock Option Plans - Summary of Employee Option Activity (Detail) (Incentive Stock Options [Member], USD $) | 0 Months Ended | 9 Months Ended | ||
Mar. 26, 2014 | Sep. 18, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Incentive Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Beginning Balance, Shares | ' | ' | 262 | 69 |
Granted, Shares | 100 | 372 | 472 | 192 |
Exercised, Shares | ' | ' | -15 | ' |
Terminated, Shares | ' | ' | ' | ' |
Ending Balance, Shares | ' | ' | 719 | 261 |
Exercisable, Shares | ' | ' | 136 | 71 |
Weighted average fair value of options granted during the period, Shares | ' | ' | $4.08 | $0.21 |
Beginning Balance, Weighted Average Exercise Price | ' | ' | $1.18 | $3.50 |
Granted, Weighted Average Exercise Price | ' | ' | $6.40 | $0.35 |
Exercised, Weighted Average Exercise Price | ' | ' | $3.50 | ' |
Terminated, Weighted Average Exercise Price | ' | ' | ' | ' |
Ending Balance, Weighted Average Exercise Price | ' | ' | $4.56 | $1.18 |
Stock_Option_Plans_Summary_of_1
Stock Option Plans - Summary of Non-Employee Option Activity (Detail) (Nonqualified Stock Options [Member], USD $) | 0 Months Ended | 9 Months Ended | ||
Mar. 26, 2014 | Sep. 18, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Nonqualified Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Beginning Balance, Shares | ' | ' | 118 | 64 |
Granted, Shares | 56 | 31 | 87 | 54 |
Exercised, Shares | ' | ' | -42 | ' |
Terminated, Shares | ' | ' | -10 | ' |
Ending Balance, Shares | ' | ' | 153 | 118 |
Exercisable, Shares | ' | ' | 30 | 62 |
Weighted average fair value of options granted during the period, Shares | ' | ' | $6.66 | $0.21 |
Beginning Balance, Weighted Average Exercise Price | ' | ' | $2.06 | $3.50 |
Granted, Weighted Average Exercise Price | ' | ' | $9.47 | $0.35 |
Exercised, Weighted Average Exercise Price | ' | ' | $3.35 | ' |
Terminated, Weighted Average Exercise Price | ' | ' | $3.50 | ' |
Ending Balance, Weighted Average Exercise Price | ' | ' | $5.82 | $2.06 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments and Investments - Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities: | ' | ' |
Liabilities | $551 | $2,206 |
Short-term investments [Member] | ' | ' |
Assets: | ' | ' |
Assets | 16,500 | 14,000 |
Series B purchase rights [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | ' | 2,096 |
Warrant liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | 551 | 110 |
Quoted prices in active markets (Level 1) [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | ' | ' |
Quoted prices in active markets (Level 1) [Member] | Short-term investments [Member] | ' | ' |
Assets: | ' | ' |
Assets | ' | ' |
Quoted prices in active markets (Level 1) [Member] | Series B purchase rights [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | ' | ' |
Quoted prices in active markets (Level 1) [Member] | Warrant liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | ' | ' |
Significant other observable input (Level 2) [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | ' | ' |
Significant other observable input (Level 2) [Member] | Short-term investments [Member] | ' | ' |
Assets: | ' | ' |
Assets | 16,500 | 14,000 |
Significant other observable input (Level 2) [Member] | Series B purchase rights [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | ' | ' |
Significant other observable input (Level 2) [Member] | Warrant liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | ' | ' |
Significant unobservable inputs (Level 3) [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | 551 | 2,206 |
Significant unobservable inputs (Level 3) [Member] | Short-term investments [Member] | ' | ' |
Assets: | ' | ' |
Assets | ' | ' |
Significant unobservable inputs (Level 3) [Member] | Series B purchase rights [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | ' | 2,096 |
Significant unobservable inputs (Level 3) [Member] | Warrant liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities | $551 | $110 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments and Investments - Schedule of Significant Assumptions Used for Valuation (Detail) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Warrant liabilities [Member] | Minimum [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Exercise price | $0.13 |
Expected life (in years) | '1 month 13 days |
Fair value of preferred shares | $0.23 |
Risk-free interest rate | 0.01% |
Expected volatility | 70.00% |
Warrant liabilities [Member] | Maximum [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Exercise price | $0.97 |
Expected life (in years) | '5 years 8 months 1 day |
Fair value of preferred shares | $0.90 |
Risk-free interest rate | 1.75% |
Expected volatility | 85.00% |
Series B purchase rights [Member] | Minimum [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Exercise price | $0.15 |
Expected life (in years) | '0 years |
Risk-free interest rate | 0.06% |
Expected volatility | 55.00% |
Series B purchase rights [Member] | Maximum [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Exercise price | $0.18 |
Expected life (in years) | '1 year |
Risk-free interest rate | 0.10% |
Expected volatility | 85.00% |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments and Investments - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 | Nov. 30, 2013 | Mar. 31, 2014 |
Series B purchase rights [Member] | Series B purchase rights [Member] | Series B-3 convertible preferred stock [Member] | Series B-3 convertible preferred stock [Member] | |
Series B amendment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Preferred stock, shares issued and sold | ' | ' | 58,817 | ' |
Preferred stock, shares issued and sold, price per share | ' | ' | $0.18 | ' |
Additional shares receivable by Series B holders | ' | ' | ' | 13,387 |
Change in fair value | $2,838,000 | $1,207,000 | ' | ' |
Fair value allocated to purchase rights | $4,934,000 | ' | ' | ' |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments and Investments - Summary of Changes in Fair Value of Company's Level 3 Valuation for Warrant Liabilities and Series B Purchase Rights (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
Warrant liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning balance | $110 | $80 |
Fair value of warrants issued | ' | 22 |
Fair value of purchase rights issued | ' | ' |
Change in fair value during the period | 441 | 8 |
Ending balance | 551 | 110 |
Warrant liabilities [Member] | Series B-2 convertible preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Purchase rights converted to convertible preferred stock | ' | ' |
Warrant liabilities [Member] | Series B-3 convertible preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Purchase rights converted to convertible preferred stock | ' | ' |
Series B purchase rights [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning balance | 2,096 | ' |
Fair value of warrants issued | ' | ' |
Fair value of purchase rights issued | ' | 1,723 |
Change in fair value during the period | 2,838 | 1,207 |
Ending balance | ' | 2,096 |
Series B purchase rights [Member] | Series B-2 convertible preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Purchase rights converted to convertible preferred stock | ' | -834 |
Series B purchase rights [Member] | Series B-3 convertible preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Purchase rights converted to convertible preferred stock | ($4,934) | ' |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Accrued Liabilities [Line Items] | ' | ' |
Accrued expenses | $921 | $359 |
Research and development-related [Member] | ' | ' |
Schedule Of Accrued Liabilities [Line Items] | ' | ' |
Accrued expenses | 546 | 61 |
Compensation-related [Member] | ' | ' |
Schedule Of Accrued Liabilities [Line Items] | ' | ' |
Accrued expenses | $375 | $298 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 03, 2014 |
Subsequent event [Member] | Subsequent event [Member] | Subsequent event [Member] | |||
IPO [Member] | Underwriters Overallotment Option [Member] | ||||
IPO [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Common stock , shares issued | 166 | 166 | ' | 4,167 | 625 |
Common stock, share price | ' | ' | ' | $12 | ' |
Proceeds from initial public offering | ' | ' | $44,850 | ' | ' |
Convertible preferred stock, shares issued upon conversion | ' | ' | ' | 9,120 | ' |
Warrants exercisable for common stock, converted from warrants exercisable for preferred stock | ' | ' | ' | 50 | ' |
Reclassification of convertible preferred stock warrant liability to additional paid-in capital | ' | ' | ' | 428 | ' |
Aggregate net proceeds received | $194 | ' | ' | ' | $6,975 |