Applied Genetic Technologies (AGTC) 10-K 26 Sep 19 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Sep. 24, 2019	Dec. 31, 2018
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	APPLIED GENETIC TECHNOLOGIES CORP
Entity Central Index Key	0001273636
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity File Number	001-36370
Entity Tax Identification Number	59-3553710
Trading Symbol	AGTC
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	14193 NW 119th Terrace, Suite 10
Entity Address, City or Town	Alachua
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32615
City Area Code	386
Local Phone Number	462-2204
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Public Float			$ 44.9
Entity Common Stock, Shares Outstanding		18,218,402

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Current assets:
Cash and cash equivalents	$ 26,703	$ 31,065
Investments	55,292	73,840
Grants receivable	13	210
Prepaid and other current assets	2,276	4,009
Total current assets	84,284	109,124
Property and equipment, net	4,430	5,254
Intangible assets, net	1,013	968
Investment in Bionic Sight	1,945	1,980
Other assets	544	1,206
Total assets	92,216	118,532
Current liabilities:
Accounts payable	1,331	945
Accrued and other liabilities	8,024	7,155
Deferred revenue		6,295
Total current liabilities	9,355	14,395
Deferred revenue, net of current portion		610
Other long-term liabilities	4,152	4,345
Total liabilities	13,507	19,350
Commitments and contingencies
Stockholders' equity:
Common stock, par value $.001 per share, 150,000 shares authorized; 18,226 and 18,137 shares issued; 18,207 and 18,126 shares outstanding as of June 30, 2019, and 2018, respectively	18	18
Additional paid-in capital	214,324	210,139
Shares held in treasury of: 19 and 11 as of June 30, 2019 and 2018 respectively	(85)	(49)
Accumulated deficit	(135,548)	(110,926)
Total stockholders' equity	78,709	99,182
Total liabilities and stockholders' equity	$ 92,216	$ 118,532

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Jun. 30, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	18,226,000	18,137,000
Common stock, shares outstanding	18,207,000	18,126,000
Treasury stock, shares held	19,000	11,000

Statements of Operations

Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Revenue:
Total revenue	$ 41,692	$ 24,186
Operating expenses:
Research and development	33,183	32,181
General and administrative	12,859	14,389
Total operating expenses	46,042	46,570
Loss from operations	(4,350)	(22,384)
Other income/(expense):
Investment income, net	2,009	1,301
Other income/(expense)	446	(125)
Total other income, net	2,455	1,176
Loss before provision for income taxes	(1,895)	(21,208)
Provision for income taxes	76	72
Loss before equity in net losses of affiliate	(1,971)	(21,280)
Equity in net losses of affiliate	(35)	(20)
Net Loss	$ (2,006)	$ (21,300)
Loss per share:
Basic	$ (0.11)	$ (1.18)
Diluted	$ (0.11)	$ (1.18)
Weighted average shares outstanding:
Basic	18,157	18,105
Diluted	18,157	18,105
Collaboration [Member]
Revenue:
Total revenue	$ 41,128	$ 24,057
Grant [Member]
Revenue:
Total revenue	$ 564	$ 129

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Jun. 30, 2017	$ 115,329	$ 18		$ 204,937	$ (89,626)
Beginning balance, shares at Jun. 30, 2017		18,088,000
Share-based compensation expense	5,193			5,193
Shares (purchased)/issued under employee plans	(40)		$ (49)	9
Shares (purchased)/issued under employee plans, shares		38,000	11,000
Net loss	(21,300)				(21,300)
Ending balance at Jun. 30, 2018	99,182	$ 18	$ (49)	210,139	(110,926)
Ending balance, shares at Jun. 30, 2018		18,126,000	11,000
Cumulative impact of adoption of ASC 606	(22,616)				(22,616)
Share-based compensation expense	4,029			4,029
Shares (purchased)/issued under employee plans	120		$ (36)	156
Shares (purchased)/issued under employee plans, shares		81,000	8,000
Net loss	(2,006)				(2,006)
Ending balance at Jun. 30, 2019	$ 78,709	$ 18	$ (85)	$ 214,324	$ (135,548)
Ending balance, shares at Jun. 30, 2019		18,207,000	19,000

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (2,006)	$ (21,300)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	4,029	5,193
Depreciation and amortization	1,273	1,175
Investment premium amortization/(discount accretion)	(790)	85
(Recovery)/provision for uncollectible accounts, net	(358)	375
Equity in net losses of affiliate	35	20
Loss on disposal of property, plant and equipment		1
Loss on disposal of intangible assets		126
Changes in operating assets and liabilities:
Grants receivable	186	(36)
Prepaid and other assets	1,635	(1,903)
Accounts payable	327	(53)
Deferred revenues	(28,392)	(18,529)
Accrued and other liabilities	604	2,326
Net cash used in operating activities	(23,457)	(32,520)
Cash flows from investing activities:
Purchase of property and equipment	(163)	(662)
Purchase of and capitalized costs related to intangible assets	(148)	(141)
Investment in Bionic Sight
Maturity of investments	94,119	100,900
Purchase of investments	(74,781)	(67,082)
Net cash provided by investing activities	19,027	33,015
Cash flows from financing activities:
Proceeds from exercise of common stock options	156	9
Taxes paid related to equity awards	(36)
Payments made toward capital lease obligations	(52)	(43)
Deferred offering costs		(102)
Net cash provided by/(used in) financing activities	68	(136)
Net (decrease)/increase in cash and cash equivalents	(4,362)	359
Cash and cash equivalents, beginning of year	31,065	30,706
Cash and cash equivalents, end of year	26,703	31,065
Supplemental information:
Cash paid during the year for income taxes		617
Capital lease obligation related to the purchase of equipment		240
Lease incentive obligation related to the purchase of leasehold improvements		2,588
Costs related to future offering costs included in accounts payable and accrued liabilities		163
Cost related to purchase of property and equipment included in accounts payable and accrued liabilities	124
Cost related to purchase of intellectual property included in accounts payable	59
Issuance of restricted stock for no consideration	$ 36	$ 49

Organization and Operations

Organization and Operations	12 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [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 that uses a proprietary gene therapy platform to develop transformational genetic therapies for patients suffering from rare and debilitating diseases. In July 2015, the Company entered into a collaboration agreement (the “Collaboration Agreement”) with Biogen MA, Inc., a wholly owned subsidiary of Biogen Inc. (“Biogen”), pursuant to which the Company and Biogen collaborated to develop, seek regulatory approval for and commercialize gene therapy products to treat X-linked X-linked 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 June 30, 2019, the Company had an accumulated deficit of $135.5 million. While the Company expects to continue to generate some revenue from partnering, the Company expects to incur losses for the foreseeable future. The Company has funded its operations to date primarily through public offerings of its common stock, private placements of its preferred stock, and collaborations. As of June 30, 2019, the Company had cash and cash equivalents and liquid investments of $82.0 million.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, in the opinion of management, include all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for each period presented. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, we have viewed our operations and managed our business as one segment. Use of estimates The preparation of financial statements in conformity with U.S. GAAP and U.S. Securities and Exchange Commission (“SEC”), 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 periods. Actual results could differ from those estimates. Cash and cash equivalents Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 days or less at the time of purchase and generally include money market accounts. Investments The Company’s investments consist of certificates of deposit and debt securities classified as held-to-maturity. Management held-to-maturity maturity. Held-to-maturity held-to-maturity The Company uses the specific identification method to determine the cost basis of securities sold. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income/(expense) and a new cost basis in the investment is established. Concentrations of Credit Risk The Company maintains its cash and cash equivalents and certificates of deposit with two financial institutions that are federally insured. Some of these financial instruments are in excess of federally insured limits and as a result, could potentially expose the Company to significant concentrations of credit risk. To date, the Company has not experienced any losses associated with this credit risk and continues to believe that this exposure is not significant. The Company invests its excess cash primarily in money market funds, certificates of deposit, and debt instruments of corporations and U.S. government agencies. These investments generally mature within a two-year Inventory Purchases of clinical materials stored for master and working viral banks that remain at the sites in anticipation of their future use at that site are charged to expense when they are incurred. Since the Company can use each of the raw materials in only a single product, each raw material is deemed to have no future economic value independent of the development status of that single drug. 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 those 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 are unobservable. 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. Property and equipment Property and equipment, consisting of laboratory equipment, furniture and fixtures, computer equipment and leasehold improvements, are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are generally three to ten 6.8 Intangible assets Intangible assets primarily include licenses and patents. The Company obtains licenses from third parties and capitalizes the costs related to exclusive licenses that have alternative future use in multiple potential programs. The Company also capitalizes costs related to filing, issuance, and prosecution of patents. The Company reviews its capitalized costs periodically to determine that such costs relate to patent applications that have future value and an alternative future use and writes off any costs associated with patents that are no longer being actively pursued or that have no future benefit. Amortization expense is computed using the straight-line method over the estimated useful lives of the assets, which are generally eight to twenty 8.6 in-licensed Impairment of long-lived assets The Company reviews its long-lived assets for impairment when impairment indicators are present. If impairment indicators exist, management determines whether impairment in value has occurred by comparing the estimated undiscounted cash flows from future operations with the carrying values of the assets. Management considers several indicators in assessing impairment, including trends and prospects, as well as the effects of obsolescence, demand, competition and other economic factors. No impairment charges were recorded for each of the fiscal years ended June 30, 2019 and 2018. Revenue recognition Effective July 1, 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers, The adoption of the new revenue recognition guidance resulted in an increase of $22.6 million in deferred revenue and accumulated deficit as of July 1, 2018. For the year ended June 30, 2019, revenue increased by $25.4 million, net income increased by $25.4 million and basic and diluted earnings per share increased by $1.40 based on revenue recognition under Topic 606 as compared to the Company’s prior revenue recognition methodology under ASC 605, Revenue Recognition Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of Topic 606, the Company performs the following five steps: (i) identification of the contract; (ii) determination of whether the promised goods or services are performance obligations; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer. Performance obligations are promises to transfer distinct goods or services to the customer. Promised goods or services are considered distinct when (i) the customer can benefit from the good or service on its own or together with other readily available resources and (ii) the promised good or service is separately identifiable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available. The Company estimates the transaction price based on the amount expected to be received for transferring the promised goods or services in the contract. The consideration may include both fixed consideration or variable consideration. At the inception of an arrangement that includes variable consideration and at each reporting period, the Company evaluates the amount of potential payment and the likelihood that the payments will be received. The Company utilizes either the most likely amount method or expected amount method to estimate the amount to be received based on which method better predicts the amount expected to be received. If it is probable that a significant revenue reversal would not occur, the variable consideration is included in the transaction price. The Company will assess its revenue generating arrangements in order to determine whether a significant financing component exists and conclude that a significant financing component does not exist in any of its arrangements if: (a) the promised consideration approximates the cash selling price of the promised goods and services or any significant difference is due to factors other than financing; and (b) timing of payment approximates the transfer of goods and services and performance is over a relatively short period of time within the context of the entire term of the contract. The Company’s contracts will often include development and regulatory milestone payments. At contract inception and at each reporting period, the Company evaluates whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the customer’s control, such as regulatory approvals, are not included in the transaction price. At the end of each subsequent reporting period, the Company re-evaluates catch-up For arrangements that may include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of the Company’s collaboration arrangements. The Company allocates the transaction price based on the estimated standalone selling price of the underlying performance obligations or in the case of certain variable consideration to one or more performance obligations. The Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the stand-alone selling price, which may include other comparable transactions, pricing considered in negotiating the transaction and the estimated costs to complete the respective performance obligation. Certain variable consideration is allocated specifically to one or more performance obligations in a contract when the terms of the variable consideration relate to the satisfaction of the performance obligation and the resulting amounts allocated to each performance obligation are consistent with the amounts the Company would expect to receive for each performance obligation. For performance obligations consisting of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front non-refundable, up-front The Company receives payments from its customers based on billing terms established in each contract. Such billings generally have 30-day Collaboration revenue To date, the Company’s collaboration revenue has been generated from its collaboration arrangement with Biogen as further described in Note 7, “ Collaboration Agreements The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements Income taxes The Company uses the asset and liability method for accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Tax Cut and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act contains several key provisions including, among other things, reducing the U.S. federal corporate tax rate from 35% to 21%. In addition, federal net operating losses (“NOLs”) will be carried forward indefinitely but will be subject to an 80% utilization against taxable income. For the fiscal year ended June 30, 2019, the Company recorded an income tax provision, as a result of uncertainties related to state income tax. For the fiscal year ended June 30, 2018, the Company recorded an income tax provision, related to the Company’s Federal alternative minimum tax credit and uncertainties related to state income taxes. As required by U.S. GAAP, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not The uncertain tax position liability for years ended June 30, 2019 and 2018, was $2,035,000 and $1,959,000, respectively. Research and development expenses Research and development costs include costs incurred in identifying, developing and testing product candidates and generally comprise compensation and related benefits and non-cash pre-clinical As part of the process of preparing financial statements, the Company is required to estimate its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice the Company monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances known to it at that time. The significant estimates in the Company’s accrued research and development expenses are related to expenses incurred with respect to academic research centers, contract research organizations (“CROs”), and other vendors in connection with research and development activities for which it has not yet been invoiced. There may be instances in which the Company’s service providers require advance payments at the inception of a contract or in which payments made to these vendors will exceed the level of services provided, resulting in a prepayment of the research and development expense. Such prepayments are charged to research and development expense as and when the service is provided or when a specific milestone outlined in the contract is reached. Prepayments related to research and development activities were approximately $0.7 million and $1.0 million at June 30, 2019 and 2018, respectively, and are included within the prepaid and other current assets line item on the balance sheets. Share-based compensation The Company accounts for share-based awards issued to employees in accordance with ASC Topic 718, Compensation—Stock Compensation non-employees 505-50, Equity-Based Payments to Non-employees 505-50”). 505-50, non-employees re-measurement For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The determination of the fair value of share-based payment awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The expected volatility is primarily based on the historical volatility of peer company data while the expected life of the stock options is based on historical and other economic data trended into the future. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the Company’s stock options. The dividend yield assumption is based on the Company’s history and expectation of no dividend payouts. If factors change and the Company employs different assumptions, stock-based compensation expense may differ significantly from what has been recorded in the past. If there is a difference between the assumptions used in determining stock-based compensation expense and the actual factors which become known over time, specifically with respect to anticipated forfeitures, the Company may change the input factors used in determining stock-based compensation costs for future grants. These changes, if any, may materially impact the Company’s results of operations in the period such changes are made. Net loss per share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculations, stock options are considered to be common stock equivalents if they are dilutive. The dilutive impact of stock options for the years ended June 30, 2019 and 2018 was 0.2 million. The dilutive impact of stock options has been excluded from the calculation of diluted net loss per share for the year ended June 30, 2019 and 2018 as their effect would be anti-dilutive. Therefore, for the years ended June 30, 2019 and 2018 basic and diluted net loss per share were the same. Comprehensive loss Comprehensive loss consists of net loss and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources. The Company’s net loss equals comprehensive loss for all periods presented. New Accounting Pronouncements Adopted in the current period Revenue recognition In May 2014, Topic 606, replaced the existing accounting standards for revenue recognition with a single comprehensive five-step model. The core principle is to recognize revenue upon the transfer of goods or services to customers at an amount that reflects the consideration expected to be received. It also requires enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively, and improves guidance for multiple-element arrangements. The guidance was effective for public companies for annual periods beginning after December 15, 2017 as well as interim periods within those annual periods using either the full retrospective approach or modified retrospective approach. The Company adopted the new standard effective July 1, 2018 using the modified retrospective approach. Refer to Note 7 for the impact of adoption. Share-Based Compensation In May 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-09, Financial Instrument Accounting In January 2016, the FASB issued ASU No. 2016-01, (Subtopic 825-10): No. 2016-01 To be adopted in future periods Leases In February 2016, the FASB issued ASU No. 2016-02, right-of-use right-of-use right-of-use Financial Instruments—Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected and separately measure an allowance for credit losses that is deducted from the amortized cost basis of the financial assets. This standard will be effective for the Company on July 1, 2020. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s financial statements. Share-Based Compensation In June 2018, the FASB issued ASU No. 2018-07, Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Collaborative Arrangements In November 2018, the FASB issued ASU No. 2018-18, unit-of-account

Investments

Investments	12 Months Ended
	Jun. 30, 2019
Investments Schedule [Abstract]
Investments	3. Investments Cash in excess of our immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital. The net carrying amounts of the Company’s investments by category are as follows: In thousands As of June 30, As of June 30, Certificates of deposit $ — $ 2,106 Debt securities—held-to-maturity 55,292 71,734 Total investments $ 55,292 $ 73,840 A summary of the Company’s debt investment securities classified as held-to-maturity June 30, 2019 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury Securities $ 55,292 $ 78 $ — $ 55,370 Total investments $ 55,292 $ — $ — $ 55,370 June 30, 2018 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury Securities $ 69,731 $ — $ (60 ) $ 69,671 Corporate obligations 2,003 — (1 ) 2,002 Total investments $ 71,734 $ — $ (61 ) $ 71,673 The Company believes that the unrealized losses disclosed above were primarily driven by interest rate changes rather than by unfavorable changes in the credit ratings associated with these securities and as a result, the Company continues to expect to collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting neither a significant deterioration since purchase nor other factors leading to other-than-temporary impairment.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements Certain assets and liabilities are measured at fair value in the Company’s financial statements or have fair values disclosed in the notes to the financial statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by U.S. GAAP. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following methods and assumptions were used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument included in the table below: Cash and Cash Equivalents. Certificates of Deposit. Debt securities — held-to-maturity. held-to-maturity In thousands (Level 1) (Level 2) (Level 3) Total Fair Value June 30, 2019 Cash and cash equivalents $ 26,703 $ — $ — $ 26,703 Held-to-maturity U.S. Treasury Securities 55,370 — — 55,370 Total assets $ 82,073 $ — $ — $ 82,073 June 30, 2018 Cash and cash equivalents $ 31,065 $ — $ — $ 31,065 Certificates of deposit — 2,100 — 2,100 Held-to-maturity Corporate obligations — 2,002 — 2,002 U.S. Treasury Securities 69,671 — — 69,671 Total assets $ 100,736 $ 4,102 $ — $ 104,838

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, Net Property and equipment consist of the following: June 30, In thousands 2019 2018 Laboratory equipment $ 2,938 $ 2,929 Equipment construction in progress 206 — Leasehold improvements 3,851 3,835 Office equipment 1,074 1,077 Property and equipment, gross 8,069 7,841 Less: Accumulated depreciation (3,639 ) (2,587 ) Property and equipment, net $ 4,430 $ 5,254 Depreciation expense of $1.1 million and $0.9 million was recorded for fiscal years ended June 30, 2019 and 2018, respectively.

Intangible Assets, Net

Intangible Assets, Net	12 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	6. Intangible Assets, Net Intangible assets subject to amortization consist of the following: June 30, 2019 In thousands Cost Accumulated Net of Patents $ 2,392 $ (1,499 ) $ 893 Licenses 289 (199 ) 90 Other 49 (19 ) 30 Intangible assets, net $ 2,730 $ (1,717 ) $ 1,013 June 30, 2018 In thousands Cost Accumulated Net of Patents $ 2,193 $ (1,357 ) $ 836 Licenses 289 (182 ) 107 Other 54 (29 ) 25 Intangible assets, net $ 2,536 $ (1,568 ) $ 968 Amortization expense related to intangible assets for the years ended June 30, 2019 and 2018 was $163,000 and $266,000, respectively. Estimated amortization expense (in thousands) for the next five years and thereafter is as follows: Year Ending June 30, Amount 2020 $ 160 2021 160 2022 143 2023 60 2024 27 Thereafter 440 $ 990

Collaboration Agreements

Collaboration Agreements	12 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration Agreements	7. Collaboration Agreements Biogen On July 1, 2015, the Company entered into a Collaboration Agreement with Biogen, pursuant to which the Company and Biogen collaborated to develop, seek regulatory approval for and commercialize gene therapy products to treat XLRS, XLRP, and discovery programs targeting three indications based on the Company’s adeno-associated virus vector technologies. Effective March 8, 2019, Biogen terminated the Collaboration Agreement. Under the Collaboration Agreement, the Company granted to Biogen with respect to the XLRS and XLRP programs, and upon exercise of the option for the applicable discovery program, an exclusive, royalty-bearing license, with the right to grant sublicenses, to use adeno-associated virus vector technology and other technology controlled by the Company for the licensed products or discovery programs developed under the Collaboration Agreement. Biogen and the Company also granted each other worldwide licenses, with the right to grant sublicenses, of their respective interests in other intellectual property developed under the collaboration outside the licensed products or discovery programs. Biogen pre-funded pre-funded pre-funded “Pre-Funded In February 2016, the Company announced Biogen’s selection of adrenoleukodystrophy as the non-ophthalmic Pursuant to the Manufacturing Agreement, Biogen had an option to receive a manufacturing license for up to six genes for a fixed fee per gene elected. If exercised, the Company would have been eligible to receive certain event milestones and royalties. Under the Collaboration Agreement, the Company was paid an upfront nonrefundable fee of $94.0 million of which $58.4 million was contractually described as relating to the Pre-Funded (“Pre-Funded The Company was also eligible to receive total payments of up to $472.5 million based on the successful achievement of future milestones under its XLRS and XLRP programs. For XLRS, the Company was eligible to receive up to: (i) $45.0 million in milestone payments based upon the successful achievement of clinical milestones (relating to dosing in specified trials), (ii) $155.0 million in milestone payments based upon the achievement of regulatory approvals and first commercial sale in specified territories and (iii) $65.0 million in milestone payments based upon the achievement of worldwide sales targets. For the XLRS program, the Company had an option to share development costs and profits after the initial clinical trial data were available instead of receiving milestone payments. For XLRP, the Company was eligible to receive up to: (i) $42.5 million in milestone payments based upon successful achievement of clinical milestones (relating to dosing in specified trials), (ii) $102.5 million in milestone payments based upon the achievement of regulatory approvals and first commercial sale in specified territories and (iii) $62.5 million in milestone payments based upon the achievement of worldwide sales targets. For the XLRP program, the Company had an option to share development costs and profits after the initial clinical trial data were available instead of receiving milestone payments. In addition, the Company was eligible to receive payments of up to $592.5 million based on the exercise of the option for and the successful achievement of future milestones under its discovery programs. Each discovery program was categorized as Category A, Category B or Category C depending on the nature of the indication it sought to address. For Category A, the Company was eligible to receive payments of up to: (i) $20.0 million based upon the successful achievement of clinical milestones (relating to dosing in specified trials) and (ii) $70.0 million in milestone payments based upon the achievement of regulatory approvals and first commercial sale in specified territories. For Category B, the Company was eligible to receive payments of up to: (i) $27.5 million based upon the successful achievement of clinical milestones (relating to dosing in specified trials) and (ii) $105.0 million in milestone payments based upon the achievement of regulatory approvals and first commercial sale in specified territories. For Category C, the Company was eligible to receive payments of up to: (i) $40.0 million based upon the successful achievement of clinical milestones (relating to dosing in specified trials) and (ii) $140.0 million in milestone payments based upon the achievement of regulatory approvals and first commercial sale in specified territories. Under certain limited circumstances, if there were discovery products from more than one discovery program in any of Category A, Category B or Category C, then the milestone payments under the applicable category would have been payable for the applicable discovery product from each such discovery program to achieve the specified milestones. Prior to 2018, the Company received a $5.0 million milestone payment related to initial dosing of a XLRS patient. In April 2018, the Company triggered a $2.5 million milestone payment related to the initial dosing of a XLRP patient. In July 2018, the Company triggered a $10.0 million milestone payment related to the treatment of a first patient of second cohort in a Phase 1/2 Clinical XLRP Study. While the Company recognized additional revenue as it continued to perform under the Collaboration Agreement prior to March 8, 2019, the termination date of the agreement, the Company will not receive any milestone-based or royalty payments under the Collaboration Agreement after its termination. Accounting Analysis For the periods prior to July 1, 2018, the Company applied the provisions of ASC 605 in accounting for this arrangement. Under ASC 605 and Topic 606, the Company has concluded that the Collaboration Agreement, the Manufacturing Agreement and the Equity Agreement should be accounted for as one arrangement as the agreements were with the same party and were negotiated and executed contemporaneously. The performance obligations and the allocated transaction price as of the date of initial application of Topic 606 are as follows: In thousands Allocated Transaction Price XLRS License and Pre-Funded $ 52,060 XLRP License and Pre-Funded 43,570 Pre-Funded 16,700 $ 112,330 The Pre-Funded Pre-Funded Pre-Funded The Company concluded that Post-Funded Activities represent customer options that are not material rights as any services requested by Biogen and provided by the Company are reimbursed at a rate that reflects the estimated standalone selling price for the services. As such, the Company will recognize revenue related to Post-Funded Activities as the services are provided. Through the date of adoption of ASC 606, the Company recognized revenue of $4.7 million for Post-Funded Activities. The Company recorded revenue of $2.7 million for the year ended June 30, 2019 related to Post-Funded Activities. The Company concluded that the option to receive i) commercial licenses for the Discovery Programs that achieve clinical candidate designation, as defined in the Collaboration Agreement and ii) manufacturing licenses for up to six genes pursuant to the Manufacturing Agreement represent customer options that are not material rights as the exercise price for such options reflects the estimated standalone selling price for such option. As such, the Company would account for such option if and when the options are exercised. As of the date of the initial application of Topic 606, the total transaction price for the Biogen Agreement was $112.3 million which included a $5.0 million milestone payment for initiation of dosing of XLRS and a $2.5 million milestone payment for initiation of dosing of XLRP. The Company used the most-likely method to determine the amount of variable consideration in the Biogen Agreement. The Company believes that any estimated amount of variable consideration related to clinical and regulatory milestone payments should be fully constrained as the achievement of such milestones was highly susceptible to factors outside of the Company’s control. The Company determined that the commercial milestones and sales-based royalties would be recognized when the related sales occurred as they were deemed to relate predominately to the license granted and therefore were also excluded from the transaction price. In the quarter ended September 30, 2018, the Company received a $10.0 million milestone payment related to XLRP which increased the transaction price. Based on an understanding between the parties in the quarter ended September 30, 2018, the Company also reallocated $1.1 million of Pre-Funded Pre-Funded The reallocation between Discovery Programs generated an insignificant cumulative catch up adjustment to revenue in the quarter ended September 30, 2018. The cumulative catch-up Summary of Contract Assets and Liabilities The transaction price was allocated to the performance obligations based on the relative estimated standalone selling price of each performance obligation or, in the case of certain variable consideration, to one or more performance obligations. The estimated standalone selling prices for performance obligations, that include a license and Pre-Funded Pre-Funded The Company recognized revenue related to the performance obligations which included a license and Pre-Funded For the years ended June 30, 2019 and 2018, the Company recorded revenue of $41.1 million and $24.1 million, respectively, from its collaboration with Biogen. The Company had no accounts receivable balances as of June 30, 2019 and had $1.7 million as of June 30, 2018, related to the Biogen Agreement. As a result of the termination of the Collaboration Agreement with Biogen effective March 8, 2019, the Company recognized the remaining deferred revenue balance as of the termination date. Therefore, at June 30, 2019, the Company had no deferred revenue related to the Biogen Agreement. For further details regarding deferred revenue, refer to Summary of Contract Assets and Liabilities section. The Company’s revenue is comprised of the following related to the Biogen Agreement: In thousands June 30, 2019 June 30, 2018 Collaboration revenue Licenses and related services $ 27,000 $ 18,529 Development services 2,736 3,028 Milestone revenue 11,392 2,500 Total collaboration revenue $ 41,128 $ 24,057 License and related services revenue is comprised of revenue related to the Company’s completion of performance obligations that contain the delivery of licenses and Pre-Funded Summary of Contract Assets and Liabilities The following table presents changes in the balances of our contract assets and liabilities during the year ended June 30, 2019: In thousands June 30, 2018 Additions Deductions June 30, 2019 Contract assets $ — $ — $ — $ — Contract liabilities: Deferred revenue $ 29,521 $ 10,000 $ 39,521 $ — The Company recorded an entry to increase deferred revenue and accumulated deficit for $22.6 million as of July 1, 2018 related to the adoption of Topic 606. The impact of the adoption of Topic 606 is reflected within the beginning of period balance. Additions for the year ended June 30, 2019 include the $10 million milestone payment received associated with the XLRP program. For the year ended June 30, 2019, the Company recognized revenue of $29.5 million related to deferred revenue that existed as of June 30, 2018. Bionic Sight On February 2, 2017, the Company entered into a strategic research and development collaboration agreement with Bionic Sight, LLC (“Bionic Sight”), to develop therapies for patients with visual deficits and blindness due to retinal disease. Through the AGTC-Bionic Sight collaboration, the companies seek to develop a new optogenetic therapy that leverages AGTC’s deep experience in gene therapy and ophthalmology and Bionic Sight’s innovative neuro-prosthetic device and algorithm for retinal coding. Under the agreement, AGTC made an initial $2.0 million payment to Bionic Sight for an equity interest in that company. This initial investment represents an approximate 5% equity interest in Bionic Sight. In addition to the initial investment, AGTC is contributing ongoing research and development support costs through additional payments and other in-kind in-kind one in-kind If the IND Trigger is attained, AGTC will (i) receive additional equity, based on the valuation in place at the beginning of the agreement, for the AGTC Ongoing R&D Support payments and in-kind pre-determined Revenue from Contracts with Customers Investments — Equity Securities Due to the uncertainty of achieving the IND Trigger, the Company is expensing the AGTC Ongoing R&D Support payments and in-kind The Company recorded its initial $2.0 million investment in Bionic Sight using the equity method of accounting for investments, which is recorded as its own line item on the Company’s balance sheet. During fiscal 2019, the Company recorded a reduction of its investment in Bionic Sight of $35,000 and an investment loss on the statement of operations to reflect its equity interest in the net loss of this affiliate. As of June 30, 2019, the amount of the Company’s underlying equity in net assets of Bionic Sight is not representative of the amount at which the investment is carried due to retained losses experienced by Bionic Sight prior to the Company’s investment. The ongoing research and development costs and contributions will be recorded as a periodic cost until such time when or if the IND Trigger is achieved. The collaboration agreement grants to AGTC, subject to achievement by Bionic Sight of certain development milestones, an option to exclusively negotiate for a limited period of time to acquire (i) a majority equity interest in Bionic Sight, (ii) the Bionic Sight assets to which the collaboration agreement relates, or (iii) an exclusive license with respect to the product to which the collaboration agreement relates.

Share-based Compensation Plans

Share-based Compensation Plans	12 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation Plans	8. Share-based Compensation Plans The Company uses stock options and awards of restricted stock to provide long-term incentives for its employees, non-employee two The Compensation Committee of the Board of Directors, as the plan administrator, has the authority to select the individuals to whom share-based awards are granted and to determine the terms of each award, including (i) the number of shares of common stock subject to a stock option or restricted share award; (ii) the date on which the stock option becomes exercisable; (iii) the option exercise price, which, in the case of incentive stock options, must be at least 100% (110% in the case of incentive stock options granted to a stockholder owning in excess of 10% of the Company’s stock) of the fair market value of the common stock as of the date of grant; (iv) the vesting term; and (v) the duration of the option (which, in the case of incentive stock options, may not exceed ten years). Employee options typically vest over a three- or four A summary of the stock option activity is as follows: June 30, 2019 June 30, 2018 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding 3,107 $ 10.93 2,716 $ 12.95 Granted 1,172 4.5 914 4.72 Exercised (65 ) 2.4 (18 ) 0.35 Forfeited (317 ) 7.2 (415 ) 9.86 Expired (312 ) 12.4 (90 ) 15.92 Outstanding 3,585 $ 9.19 3,107 $ 10.93 Exercisable 2,167 1,900 Weighted average fair value of options granted during the year $ 2.89 $ 3.37 For the year ended June 30, 2019, the Company granted 24,000 restricted stock awards to employees with weighted average exercise price of $4.54, which vested on the grant date. Therefore, the weighted average exercise price for the granted stock awards and weighted average exercise price for vested stock awards is the same, and no restricted stock awards were outstanding as of June 30, 2019. The intrinsic value of options exercised during the years ended June 30, 2019 and 2018 was $0.2 million and $0.1 million, respectively. The total fair value of options that vested during the fiscal years ended June 30, 2019 and 2018 was $3.9 million and $5.1 million, respectively. The following table summarizes information about stock options exercisable, and vested and expected to vest as of June 30, 2019: (In thousands, except per share amounts) Shares Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Vested and expected to vest 3,447 $ 9.35 $ 518 7.07 Exercisable 2,167 $ 11.75 $ 505 6.02 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money as of June 30, 2019. In accounting for stock options to non-employees, re-measures non-vested, non-employee Share-based compensation expense related to stock options awarded to employees, non-employee Share-based compensation expense related to restricted shares of common stock awarded to employees and consultants amounted to $113,090 and $145,600 for the fiscal years ended June 30, 2019 and 2018, respectively. Total share-based expense associated with stock options and restricted shares of common stock was allocated as follows: In thousands June 30, 2019 June 30, 2018 General and administrative $ 2,134 $ 2,821 Research and development 1,895 2,372 $ 4,029 $ 5,193 The fair value of each option granted is estimated on the grant date using the Black-Scholes stock option pricing model. The following assumptions were made in estimating fair value: Assumption June 30, 2019 June 30, 2018 Dividend yield 0.00% 0.00% Expected term 6.00 to 6.25 years 6.00 to 6.50 years Risk-free interest rate 1.82% to 3.11% 1.83% to 2.87% Expected volatility 69.22% 83.53% The dividend yield is based upon the assumption that the Company will not declare a dividend over the life of the options. Since adopting ASC 718, the Company has been unable to use historical employee exercise and option expiration data to estimate the expected term assumption for the Black-Scholes grant-date valuation. The Company therefore has utilized the “simplified” method, as prescribed by the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment Unrecognized compensation expense related to non-vested

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Operating Leases Alachua, Florida The Company’s corporate headquarters are located in Alachua, Florida. In January 2016, the Company moved into a new combined-use five Cambridge, Massachusetts In August 2015, the Company entered into a two-year seven three For the fiscal years ended June 30, 2019 and, 2018, rent expense under these operating leases amounted to $1,109,000, and $909,000, respectively. Future annual minimum lease payments (in thousands) under these non-cancelable operating leases are as follows: Year Ending June 30, Amount 2020 $ 1,353 2021 1,376 2022 1,400 2023 1,425 2024 1,450 Thereafter 2,638 $ 9,642 License and Other Agreements Under various agreements, the Company will be required to pay royalties and milestone payments upon the successful development and commercialization of products. The Company has entered into funding agreements with various not-for-profit out-licenses The Company is also party to various agreements entered into in the ordinary course of its business, principally relating to licensed technology. The Company had seven license agreements with six different entities, including four with the University of Florida Research Foundation. The Company is responsible for all costs related to preparation, filing, issuance, prosecution and maintenance of the underlying patents covered in the license agreements. The Company is required to pay minimum annual royalty and license maintenance for all licenses until such time when the license is terminated by either expiration of underlying patents or voluntary termination by either party per the agreement. These license agreements also require future payments related to milestones or royalties on future sales of specified products. Payments under these agreements generally become due and payable only upon achievement of certain developmental, regulatory or commercial milestones. Amounts related to contingent milestone payments are not considered contractual obligations as they are contingent on the successful achievement of certain development, regulatory and commercial milestones. There is uncertainty regarding the various activities and outcomes needed to reach these milestones, and they may not be achieved. The Company may terminate its license agreements with zero to ninety days written notice depending upon the terms of each specific agreement. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. From time to time, the Company may be involved in claims and legal actions that arise in the normal course of business. Management has no reason to believe that the outcome of any such legal actions would have a significant adverse effect on the Company’s financial position, results of operations or cash flows.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes For the fiscal years ended June 30, 2019 and 2018, the Company recorded the following current and deferred income tax expense or (benefit). For the fiscal years ended June 30, 2019 and 2018, the federal and state income tax provision (benefit) summarized as follows: June 30, In thousands 2019 2018 Current provision: Federal $ — $ (790 ) State 76 862 76 72 Deferred tax liabilities: Federal $ — $ — State — — — — Provision for income taxes $ 76 $ 72 Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets (liabilities) are comprised of the following: June 30, In thousands 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 20,526 $ 13,910 Tax credit carryforwards 25,501 23,567 Accruals and other 3,513 4,625 Depreciation and amortization 238 112 Gross deferred tax assets 49,778 42,214 Deferred tax asset valuation allowance (49,778 ) (42,214 ) Total deferred tax assets, net of valuation allowance — — Deferred tax liabilities: Depreciation and amortization — — Total deferred tax liabilities — — Net deferred tax asset (liability) $ — $ — As of June 30, 2019, the Company had federal and state net operating losses of approximately $24.8 million and $5.1 million (tax effected), respectively, that may be applied against future taxable income and expire in various years ranging from 2022 to 2038 and federal net operating losses of $53.6 million that do not expire under the Tax Act. As of June 30, 2019, the Company also had federal and state research and development tax credits of approximately $25.5 million and $45,000, respectively, which may provide future tax benefits and expire in various years ranging from 2027 to 2048. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on its history of operating losses, the Company has concluded that as of June 30, 2019, it is more likely than not that the benefit of its deferred tax assets will not be realized. Therefore, any tax benefits to be realized in future years as a result of the utilization of the Company’s net operating loss carry forwards as of June 30, 2019, computed based on statutory federal and state rates, are completely offset by valuation allowances established because realization of the deferred tax benefits are not considered more likely than not as of that date. The valuation allowance by approximately $7.6 million during the fiscal year ended June 30, 2019, due primarily to the net increase in federal net operating losses and equity adjustments as a result of ASC 606 revenue recognition standards and its impact on deferred revenue. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (H.R. 1) (the “Tax Act”). The Act includes a number of changes in existing tax law impacting businesses including, among other things, a permanent reduction in the corporate income tax rate from 35% to The differences between the effective income tax rate reflected in the provision for income taxes and the amounts, which would be determined by applying a 21% rate for the year ended June 30, 2019 and a blended statutory federal income tax rate of 28% for the year ended June 30, 2018, is summarized as follows: June 30, 2019 June 30, 2018 Federal income tax benefit at statutory rate 21 % 28 % State income tax, net of federal benefit (3 ) 3 Permanent differences-incentive stock compensation (27 ) (2 ) Permanent differences-transportation and travel (9 ) — Permanent differences-research expenses — (7 ) Research and development tax credits 100 24 Tax Act- — 4 Rate change 14 — Other (9 ) (2 ) Change in unrecognized tax benefit — (3 ) Remeasurement of net deferred tax assets — (36 ) Change in valuation allowance, including remeasurement (91 ) (9 ) Effective income tax rate (4 )% 0 % Under the provisions of the Internal Revenue Code, the Company’s net operating loss and tax credit carry forwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carry forwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Since its inception, the Company has completed several financings and sales of common stock which have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code. Subsequent ownership changes may further affect the limitation in future years. A full valuation allowance has been provided against the Company’s net operating loss carryforwards and, if an adjustment were to be required, this adjustment would be offset by an adjustment to the deferred tax asset established for the net operating loss carryforwards and the valuation allowance. For fiscal years through June 30, 2019, the Company generated research credits but has not conducted a study to document the qualified activities. This study may result in an adjustment to the Company’s research and development tax credit carry forwards; however, until a study is completed, and any adjustment is known, no amounts are being presented as an uncertain tax position as of June 30, 2019 or 2018. A full valuation allowance has been provided against the Company’s research and development tax credits and, if an adjustment were to be required, this adjustment would be offset by an adjustment to the deferred tax asset established for the tax credit carry forwards and the valuation allowance. The Company files income tax returns in the United States and in multiple states. The federal and state returns are generally subject to tax examinations for the tax years ended June 30, 2015 through June 30, 2019. To the extent the Company has tax attribute carry forwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service (IRS), or state authorities, to the extent such attributes are utilized in a future period. On December 28, 2015, the IRS, notified the Company of an income tax audit for the tax period ending June 30, 2014. As of June 30, 2017, the IRS audit was closed and the Company incurred no The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination. For the year ended June 30, 2019, the Company increased the uncertain tax position reserve by $76,000 which includes interest and penalties. A reserve of $2,035,000 was recorded for the year ended June 30, 2019 and a reserve of $1,959,000 was recorded for the year ended June 30, 2018. The entire amount of the reserve would reduce the annual effective tax rate if recognized. The Company does not anticipate that the amount of unrecognized tax benefits as of June 30, 2019 will significantly change within the next twelve months. The Company’s practice is to recognize interest and/or penalties related to uncertain income tax positions in income tax expense. The Company had $424,000 of interest and/or penalties accrued on the Company’s balance sheets as of June 30, 2019. The Company had $348,000 of interest and/or penalties accrued on the Company’s balance sheet as of June 30, 2018. The Company recognized $76,000 of interest and/or penalties in the statement of operations for the year ended June 30, 2019 related to uncertain tax positions. The Company recognized $348,000 of interest and/or penalties in the statement of operations for the year ended June 30, 2018 related to uncertain tax positions. In thousands June 30, June 30, Balance at beginning of period $ 1,611 $ 950 Additions related to current period tax positions — — Additions related to prior period tax positions — 661 Balance at end of period $ 1,611 $ 1,611

Accrued Expenses

Accrued Expenses	12 Months Ended
	Jun. 30, 2019
Payables And Accruals [Abstract]
Accrued Expenses	11. Accrued Expenses Accrued expenses as of June 30, 2019 and 2018 consisted of the following: June 30, In thousands 2019 2018 Research and development-related $ 4,909 $ 4,164 Compensation-related 2,406 2,186 General and administrative- related 709 805 $ 8,024 $ 7,155

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Jun. 30, 2019
Compensation And Retirement Disclosure [Abstract]
Defined Contribution Plan	12. Defined Contribution Plan The Company sponsors an employee 401(k) salary deferral plan (“401(k) Plan”) that covers substantially all of its employees and is administered through its staff leasing company. Under the 401(k) Plan, employees may elect to defer up to 25% of their compensation per year (subject to a maximum limit prescribed by federal tax law) and the Company matches a portion of such employee contributions up to a maximum of 4% of the eligible salary. The Company’s matching contributions to the 401(k) Plan amounted to $327,000 and $302,000 for the years ended June 30, 2019 and 2018, respectively.

Common Stock, Preferred Stock a

Common Stock, Preferred Stock and Stockholders' Equity	12 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Common Stock, Preferred Stock and Stockholders' Equity	13. Common Stock, Preferred Stock and Stockholders’ Equity Common Stock As of June 30, 2019, there were 150,000,000 shares of $0.001 par value common stock and 5,000,000 shares of preferred stock that were authorized to be issued. As of that date, a total of 18,226,356 and 18,207,352 shares of common stock were issued and outstanding, respectively, while none The following shares of common stock were reserved for future issuance: In thousands June 30, 2019 Stock options issued and outstanding 3,585,351 Authorized for future grant under the 2013 Employee Stock Purchase Plan 128,571 Authorized for future grant under the 2013 Equity and Incentive Plan 1,244,754 4,958,676

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Jun. 30, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	14. Quarterly Financial Information (Unaudited) Summarized quarterly information for the two fiscal years ended June 30, 2019 and 2018, respectively, is as follows: Year 2019 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 14,034 $ 5,934 $ 21,318 $ 406 Income/loss from operations $ 756 $ (4,671 ) $ 11,005 $ (11,440 ) Net income/(loss) $ 1,200 $ (4,181 ) $ 11,489 $ (10,514 ) Net earnings/(loss) per common share, basic $ 0.07 $ (0.23 ) $ 0.63 $ (0.58 ) Net earnings/(loss) per common share, diluted $ 0.07 $ (0.23 ) $ 0.63 $ (0.58 ) Year 2018 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 10,315 $ 4,852 $ 3,603 $ 5,416 Loss from operations $ (1,667 ) $ (6,242 ) $ (7,696 ) $ (6,779 ) Net loss $ (1,397 ) $ (5,190 ) $ (8,101 ) $ (6,612 ) Net loss per common share, basic $ (0.08 ) $ (0.29 ) $ (0.45 ) $ (0.36 ) Net loss per common share, diluted $ (0.08 ) $ (0.29 ) $ (0.45 ) $ (0.36 )

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Jun. 30, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	ITEM 16. FORM 10-K SUMMARY None. SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Additions In thousands Beginning Charge To (from) Deductions End of Deferred Tax Valuation Allowance Year 2019 $ 42,214 $ 7,564 $ — $ — $ 49,778 Year 2018 $ 40,303 $ 1,911 $ — $ — $ 42,214 Year 2017 $ 37,412 $ 2,891 $ — $ — $ 40,303

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, in the opinion of management, include all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for each period presented.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, we have viewed our operations and managed our business as one segment.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP and U.S. Securities and Exchange Commission (“SEC”), 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 periods. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 days or less at the time of purchase and generally include money market accounts.
Investments	Investments The Company’s investments consist of certificates of deposit and debt securities classified as held-to-maturity. Management held-to-maturity maturity. Held-to-maturity held-to-maturity The Company uses the specific identification method to determine the cost basis of securities sold. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income/(expense) and a new cost basis in the investment is established.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company maintains its cash and cash equivalents and certificates of deposit with two financial institutions that are federally insured. Some of these financial instruments are in excess of federally insured limits and as a result, could potentially expose the Company to significant concentrations of credit risk. To date, the Company has not experienced any losses associated with this credit risk and continues to believe that this exposure is not significant. The Company invests its excess cash primarily in money market funds, certificates of deposit, and debt instruments of corporations and U.S. government agencies. These investments generally mature within a two-year
Inventory	Inventory Purchases of clinical materials stored for master and working viral banks that remain at the sites in anticipation of their future use at that site are charged to expense when they are incurred. Since the Company can use each of the raw materials in only a single product, each raw material is deemed to have no future economic value independent of the development status of that single drug.
Fair value of financial instruments	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 those 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 are unobservable. 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.
Property and equipment	Property and equipment Property and equipment, consisting of laboratory equipment, furniture and fixtures, computer equipment and leasehold improvements, are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are generally three to ten 6.8
Intangible assets	Intangible assets Intangible assets primarily include licenses and patents. The Company obtains licenses from third parties and capitalizes the costs related to exclusive licenses that have alternative future use in multiple potential programs. The Company also capitalizes costs related to filing, issuance, and prosecution of patents. The Company reviews its capitalized costs periodically to determine that such costs relate to patent applications that have future value and an alternative future use and writes off any costs associated with patents that are no longer being actively pursued or that have no future benefit. Amortization expense is computed using the straight-line method over the estimated useful lives of the assets, which are generally eight to twenty 8.6 in-licensed
Impairment of long-lived assets	Impairment of long-lived assets The Company reviews its long-lived assets for impairment when impairment indicators are present. If impairment indicators exist, management determines whether impairment in value has occurred by comparing the estimated undiscounted cash flows from future operations with the carrying values of the assets. Management considers several indicators in assessing impairment, including trends and prospects, as well as the effects of obsolescence, demand, competition and other economic factors. No impairment charges were recorded for each of the fiscal years ended June 30, 2019 and 2018.
Revenue recognition	Revenue recognition Effective July 1, 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers, The adoption of the new revenue recognition guidance resulted in an increase of $22.6 million in deferred revenue and accumulated deficit as of July 1, 2018. For the year ended June 30, 2019, revenue increased by $25.4 million, net income increased by $25.4 million and basic and diluted earnings per share increased by $1.40 based on revenue recognition under Topic 606 as compared to the Company’s prior revenue recognition methodology under ASC 605, Revenue Recognition Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of Topic 606, the Company performs the following five steps: (i) identification of the contract; (ii) determination of whether the promised goods or services are performance obligations; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer. Performance obligations are promises to transfer distinct goods or services to the customer. Promised goods or services are considered distinct when (i) the customer can benefit from the good or service on its own or together with other readily available resources and (ii) the promised good or service is separately identifiable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available. The Company estimates the transaction price based on the amount expected to be received for transferring the promised goods or services in the contract. The consideration may include both fixed consideration or variable consideration. At the inception of an arrangement that includes variable consideration and at each reporting period, the Company evaluates the amount of potential payment and the likelihood that the payments will be received. The Company utilizes either the most likely amount method or expected amount method to estimate the amount to be received based on which method better predicts the amount expected to be received. If it is probable that a significant revenue reversal would not occur, the variable consideration is included in the transaction price. The Company will assess its revenue generating arrangements in order to determine whether a significant financing component exists and conclude that a significant financing component does not exist in any of its arrangements if: (a) the promised consideration approximates the cash selling price of the promised goods and services or any significant difference is due to factors other than financing; and (b) timing of payment approximates the transfer of goods and services and performance is over a relatively short period of time within the context of the entire term of the contract. The Company’s contracts will often include development and regulatory milestone payments. At contract inception and at each reporting period, the Company evaluates whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the customer’s control, such as regulatory approvals, are not included in the transaction price. At the end of each subsequent reporting period, the Company re-evaluates catch-up For arrangements that may include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of the Company’s collaboration arrangements. The Company allocates the transaction price based on the estimated standalone selling price of the underlying performance obligations or in the case of certain variable consideration to one or more performance obligations. The Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the stand-alone selling price, which may include other comparable transactions, pricing considered in negotiating the transaction and the estimated costs to complete the respective performance obligation. Certain variable consideration is allocated specifically to one or more performance obligations in a contract when the terms of the variable consideration relate to the satisfaction of the performance obligation and the resulting amounts allocated to each performance obligation are consistent with the amounts the Company would expect to receive for each performance obligation. For performance obligations consisting of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front non-refundable, up-front The Company receives payments from its customers based on billing terms established in each contract. Such billings generally have 30-day Collaboration revenue To date, the Company’s collaboration revenue has been generated from its collaboration arrangement with Biogen as further described in Note 7, “ Collaboration Agreements The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements
Income taxes	Income taxes The Company uses the asset and liability method for accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Tax Cut and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act contains several key provisions including, among other things, reducing the U.S. federal corporate tax rate from 35% to 21%. In addition, federal net operating losses (“NOLs”) will be carried forward indefinitely but will be subject to an 80% utilization against taxable income. For the fiscal year ended June 30, 2019, the Company recorded an income tax provision, as a result of uncertainties related to state income tax. For the fiscal year ended June 30, 2018, the Company recorded an income tax provision, related to the Company’s Federal alternative minimum tax credit and uncertainties related to state income taxes. As required by U.S. GAAP, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not The uncertain tax position liability for years ended June 30, 2019 and 2018, was $2,035,000 and $1,959,000, respectively.
Research and development expenses	Research and development expenses Research and development costs include costs incurred in identifying, developing and testing product candidates and generally comprise compensation and related benefits and non-cash pre-clinical As part of the process of preparing financial statements, the Company is required to estimate its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice the Company monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances known to it at that time. The significant estimates in the Company’s accrued research and development expenses are related to expenses incurred with respect to academic research centers, contract research organizations (“CROs”), and other vendors in connection with research and development activities for which it has not yet been invoiced. There may be instances in which the Company’s service providers require advance payments at the inception of a contract or in which payments made to these vendors will exceed the level of services provided, resulting in a prepayment of the research and development expense. Such prepayments are charged to research and development expense as and when the service is provided or when a specific milestone outlined in the contract is reached. Prepayments related to research and development activities were approximately $0.7 million and $1.0 million at June 30, 2019 and 2018, respectively, and are included within the prepaid and other current assets line item on the balance sheets.
Share-based compensation	Share-based compensation The Company accounts for share-based awards issued to employees in accordance with ASC Topic 718, Compensation—Stock Compensation non-employees 505-50, Equity-Based Payments to Non-employees 505-50”). 505-50, non-employees re-measurement For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The determination of the fair value of share-based payment awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The expected volatility is primarily based on the historical volatility of peer company data while the expected life of the stock options is based on historical and other economic data trended into the future. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the Company’s stock options. The dividend yield assumption is based on the Company’s history and expectation of no dividend payouts. If factors change and the Company employs different assumptions, stock-based compensation expense may differ significantly from what has been recorded in the past. If there is a difference between the assumptions used in determining stock-based compensation expense and the actual factors which become known over time, specifically with respect to anticipated forfeitures, the Company may change the input factors used in determining stock-based compensation costs for future grants. These changes, if any, may materially impact the Company’s results of operations in the period such changes are made.
Net loss per share	Net loss per share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculations, stock options are considered to be common stock equivalents if they are dilutive. The dilutive impact of stock options for the years ended June 30, 2019 and 2018 was 0.2 million. The dilutive impact of stock options has been excluded from the calculation of diluted net loss per share for the year ended June 30, 2019 and 2018 as their effect would be anti-dilutive. Therefore, for the years ended June 30, 2019 and 2018 basic and diluted net loss per share were the same.
Comprehensive loss	Comprehensive loss Comprehensive loss consists of net loss and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources. The Company’s net loss equals comprehensive loss for all periods presented.
New Accounting Pronouncements	New Accounting Pronouncements Adopted in the current period Revenue recognition In May 2014, Topic 606, replaced the existing accounting standards for revenue recognition with a single comprehensive five-step model. The core principle is to recognize revenue upon the transfer of goods or services to customers at an amount that reflects the consideration expected to be received. It also requires enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively, and improves guidance for multiple-element arrangements. The guidance was effective for public companies for annual periods beginning after December 15, 2017 as well as interim periods within those annual periods using either the full retrospective approach or modified retrospective approach. The Company adopted the new standard effective July 1, 2018 using the modified retrospective approach. Refer to Note 7 for the impact of adoption. Share-Based Compensation In May 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-09, Financial Instrument Accounting In January 2016, the FASB issued ASU No. 2016-01, (Subtopic 825-10): No. 2016-01 To be adopted in future periods Leases In February 2016, the FASB issued ASU No. 2016-02, right-of-use right-of-use right-of-use Financial Instruments—Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected and separately measure an allowance for credit losses that is deducted from the amortized cost basis of the financial assets. This standard will be effective for the Company on July 1, 2020. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s financial statements. Share-Based Compensation In June 2018, the FASB issued ASU No. 2018-07, Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Collaborative Arrangements In November 2018, the FASB issued ASU No. 2018-18, unit-of-account

Investments (Tables)

Investments (Tables)	12 Months Ended
	Jun. 30, 2019
Investments Schedule [Abstract]
Summary of Company's Investments	The net carrying amounts of the Company’s investments by category are as follows: In thousands As of June 30, As of June 30, Certificates of deposit $ — $ 2,106 Debt securities—held-to-maturity 55,292 71,734 Total investments $ 55,292 $ 73,840
Summary of Company's Debt Securities Held-to-Maturity	A summary of the Company’s debt investment securities classified as held-to-maturity June 30, 2019 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury Securities $ 55,292 $ 78 $ — $ 55,370 Total investments $ 55,292 $ — $ — $ 55,370 June 30, 2018 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury Securities $ 69,731 $ — $ (60 ) $ 69,671 Corporate obligations 2,003 — (1 ) 2,002 Total investments $ 71,734 $ — $ (61 ) $ 71,673

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
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. In thousands (Level 1) (Level 2) (Level 3) Total Fair Value June 30, 2019 Cash and cash equivalents $ 26,703 $ — $ — $ 26,703 Held-to-maturity U.S. Treasury Securities 55,370 — — 55,370 Total assets $ 82,073 $ — $ — $ 82,073 June 30, 2018 Cash and cash equivalents $ 31,065 $ — $ — $ 31,065 Certificates of deposit — 2,100 — 2,100 Held-to-maturity Corporate obligations — 2,002 — 2,002 U.S. Treasury Securities 69,671 — — 69,671 Total assets $ 100,736 $ 4,102 $ — $ 104,838

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Components of Property and Equipment	Property and equipment consist of the following: June 30, In thousands 2019 2018 Laboratory equipment $ 2,938 $ 2,929 Equipment construction in progress 206 — Leasehold improvements 3,851 3,835 Office equipment 1,074 1,077 Property and equipment, gross 8,069 7,841 Less: Accumulated depreciation (3,639 ) (2,587 ) Property and equipment, net $ 4,430 $ 5,254

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	12 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets Subject to Amortization	Intangible assets subject to amortization consist of the following: June 30, 2019 In thousands Cost Accumulated Net of Patents $ 2,392 $ (1,499 ) $ 893 Licenses 289 (199 ) 90 Other 49 (19 ) 30 Intangible assets, net $ 2,730 $ (1,717 ) $ 1,013 June 30, 2018 In thousands Cost Accumulated Net of Patents $ 2,193 $ (1,357 ) $ 836 Licenses 289 (182 ) 107 Other 54 (29 ) 25 Intangible assets, net $ 2,536 $ (1,568 ) $ 968
Schedule of Estimated Amortization Expense	Estimated amortization expense (in thousands) for the next five years and thereafter is as follows: Year Ending June 30, Amount 2020 $ 160 2021 160 2022 143 2023 60 2024 27 Thereafter 440 $ 990

Collaboration Agreements (Table

Collaboration Agreements (Tables)	12 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Performance Obligations and Transaction Price	The performance obligations and the allocated transaction price as of the date of initial application of Topic 606 are as follows: In thousands Allocated Transaction Price XLRS License and Pre-Funded $ 52,060 XLRP License and Pre-Funded 43,570 Pre-Funded 16,700 $ 112,330
Components of Collaboration Revenue	The Company’s revenue is comprised of the following related to the Biogen Agreement: In thousands June 30, 2019 June 30, 2018 Collaboration revenue Licenses and related services $ 27,000 $ 18,529 Development services 2,736 3,028 Milestone revenue 11,392 2,500 Total collaboration revenue $ 41,128 $ 24,057
Summary of Changes in Contract Assets and Contract Liabilities	The following table presents changes in the balances of our contract assets and liabilities during the year ended June 30, 2019: In thousands June 30, 2018 Additions Deductions June 30, 2019 Contract assets $ — $ — $ — $ — Contract liabilities: Deferred revenue $ 29,521 $ 10,000 $ 39,521 $ —

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	12 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	A summary of the stock option activity is as follows: June 30, 2019 June 30, 2018 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding 3,107 $ 10.93 2,716 $ 12.95 Granted 1,172 4.5 914 4.72 Exercised (65 ) 2.4 (18 ) 0.35 Forfeited (317 ) 7.2 (415 ) 9.86 Expired (312 ) 12.4 (90 ) 15.92 Outstanding 3,585 $ 9.19 3,107 $ 10.93 Exercisable 2,167 1,900 Weighted average fair value of options granted during the year $ 2.89 $ 3.37
Summary of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable	The following table summarizes information about stock options exercisable, and vested and expected to vest as of June 30, 2019: (In thousands, except per share amounts) Shares Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Vested and expected to vest 3,447 $ 9.35 $ 518 7.07 Exercisable 2,167 $ 11.75 $ 505 6.02
Summary of Total Share-based Expense Associated with Stock Options and Restricted Shares	Total share-based expense associated with stock options and restricted shares of common stock was allocated as follows: In thousands June 30, 2019 June 30, 2018 General and administrative $ 2,134 $ 2,821 Research and development 1,895 2,372 $ 4,029 $ 5,193
Stock Option Pricing Model Assumption	The following assumptions were made in estimating fair value: Assumption June 30, 2019 June 30, 2018 Dividend yield 0.00% 0.00% Expected term 6.00 to 6.25 years 6.00 to 6.50 years Risk-free interest rate 1.82% to 3.11% 1.83% to 2.87% Expected volatility 69.22% 83.53%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Future Annual Minimum Lease Payments Under Non-Cancelable Operating Leases	Future annual minimum lease payments (in thousands) under these non-cancelable operating leases are as follows: Year Ending June 30, Amount 2020 $ 1,353 2021 1,376 2022 1,400 2023 1,425 2024 1,450 Thereafter 2,638 $ 9,642

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Summary of Federal And State Income Tax Provision (Benefit)	For the fiscal years ended June 30, 2019 and 2018, the federal and state income tax provision (benefit) summarized as follows: June 30, In thousands 2019 2018 Current provision: Federal $ — $ (790 ) State 76 862 76 72 Deferred tax liabilities: Federal $ — $ — State — — — — Provision for income taxes $ 76 $ 72
Significant Components of Deferred Tax Assets (Liabilities)	The significant components of the Company’s deferred tax assets (liabilities) are comprised of the following: June 30, In thousands 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 20,526 $ 13,910 Tax credit carryforwards 25,501 23,567 Accruals and other 3,513 4,625 Depreciation and amortization 238 112 Gross deferred tax assets 49,778 42,214 Deferred tax asset valuation allowance (49,778 ) (42,214 ) Total deferred tax assets, net of valuation allowance — — Deferred tax liabilities: Depreciation and amortization — — Total deferred tax liabilities — — Net deferred tax asset (liability) $ — $ —
Reconciliation of Income Tax Expense	The differences between the effective income tax rate reflected in the provision for income taxes and the amounts, which would be determined by applying a 21% rate for the year ended June 30, 2019 and a blended statutory federal income tax rate of 28% for the year ended June 30, 2018, is summarized as follows: June 30, 2019 June 30, 2018 Federal income tax benefit at statutory rate 21 % 28 % State income tax, net of federal benefit (3 ) 3 Permanent differences-incentive stock compensation (27 ) (2 ) Permanent differences-transportation and travel (9 ) — Permanent differences-research expenses — (7 ) Research and development tax credits 100 24 Tax Act- — 4 Rate change 14 — Other (9 ) (2 ) Change in unrecognized tax benefit — (3 ) Remeasurement of net deferred tax assets — (36 ) Change in valuation allowance, including remeasurement (91 ) (9 ) Effective income tax rate (4 )% 0 %
Reconciliation of Changes in Unrecognized Tax Benefits	In thousands June 30, June 30, Balance at beginning of period $ 1,611 $ 950 Additions related to current period tax positions — — Additions related to prior period tax positions — 661 Balance at end of period $ 1,611 $ 1,611

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Jun. 30, 2019
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses as of June 30, 2019 and 2018 consisted of the following: June 30, In thousands 2019 2018 Research and development-related $ 4,909 $ 4,164 Compensation-related 2,406 2,186 General and administrative- related 709 805 $ 8,024 $ 7,155

Common Stock, Preferred Stock_2

Common Stock, Preferred Stock and Stockholders' Equity (Tables)	12 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Shares of Common Stock Reserved for Future Issuance	The following shares of common stock were reserved for future issuance: In thousands June 30, 2019 Stock options issued and outstanding 3,585,351 Authorized for future grant under the 2013 Employee Stock Purchase Plan 128,571 Authorized for future grant under the 2013 Equity and Incentive Plan 1,244,754 4,958,676

Quarterly Financial Informati_2

Quarterly Financial Information (Tables)	12 Months Ended
	Jun. 30, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Information	14. Quarterly Financial Information (Unaudited) Summarized quarterly information for the two fiscal years ended June 30, 2019 and 2018, respectively, is as follows: Year 2019 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 14,034 $ 5,934 $ 21,318 $ 406 Income/loss from operations $ 756 $ (4,671 ) $ 11,005 $ (11,440 ) Net income/(loss) $ 1,200 $ (4,181 ) $ 11,489 $ (10,514 ) Net earnings/(loss) per common share, basic $ 0.07 $ (0.23 ) $ 0.63 $ (0.58 ) Net earnings/(loss) per common share, diluted $ 0.07 $ (0.23 ) $ 0.63 $ (0.58 ) Year 2018 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 10,315 $ 4,852 $ 3,603 $ 5,416 Loss from operations $ (1,667 ) $ (6,242 ) $ (7,696 ) $ (6,779 ) Net loss $ (1,397 ) $ (5,190 ) $ (8,101 ) $ (6,612 ) Net loss per common share, basic $ (0.08 ) $ (0.29 ) $ (0.45 ) $ (0.36 ) Net loss per common share, diluted $ (0.08 ) $ (0.29 ) $ (0.45 ) $ (0.36 )

Organization and Operations - A

Organization and Operations - Additional Information (Detail) $ in Thousands	Mar. 08, 2019TargetIndication	Jul. 01, 2015TargetIndication	Jul. 31, 2015TargetIndication	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Summary Of Organization And Operations [Line Items]
Accumulated deficit				$ (135,548)	$ (110,926)
Cash and cash equivalents and liquid investments				$ 82,000
Collaboration Agreement [Member] | BIOGEN [Member]
Summary Of Organization And Operations [Line Items]
Number of target indications | TargetIndication	3	3	3

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, shares in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2017	Jun. 30, 2019USD ($)Segment$ / sharesshares	Jun. 30, 2018USD ($)shares	Jul. 01, 2018USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of operating segments | Segment			1
Property and equipment, weighted average useful life			6 years 9 months 18 days
Weighted average amortization period of intangible assets			8 years 7 months 6 days
Impairment charges			$ 0	$ 0
Federal statutory income tax rate	21.00%	35.00%	21.00%	28.00%
Utilization of taxable income			80.00%
Uncertain tax position liability	$ 1,959,000		$ 2,035,000	$ 1,959,000
Dilutive impact of stock options and warrants | shares			0.2	0.2
Net income increased per share, basic and diluted | $ / shares			$ 1.40
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Property and equipment, weighted average useful life			3 years
Estimated useful life of intangible assets			8 years
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Property and equipment, weighted average useful life			10 years
Estimated useful life of intangible assets			20 years
Prepaid and Other Current Assets [Member]
Summary of Significant Accounting Policies [Line Items]
Advance payments	$ 1,000,000		$ 700,000	$ 1,000,000
Accounting Standards Update 2014-09 [Member]
Summary of Significant Accounting Policies [Line Items]
Increase in deferred revenue and accumulated deficit					$ 22,600,000
Increased in revenue			25,400,000
Increase decrease in net income			$ 25,400,000

Investments - Summary of Compan

Investments - Summary of Company's Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Short-term Investments [Abstract]
Certificates of deposit	$ 0	$ 2,106
Debt securities—held-to-maturity (due in one year or less)	55,292	71,734
Total investments	$ 55,292	$ 73,840

Investments - Summary of Comp_2

Investments - Summary of Company's Debt Securities Held-to-Maturity (Detail) - Investments [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 55,292	$ 71,734
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(61)
Fair Value	55,370	71,673
US Treasury Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	55,292	69,731
Gross Unrealized Gains	78	0
Gross Unrealized Losses	0	(60)
Fair Value	$ 55,370	69,671
Corporate Obligations [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		2,003
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Fair Value		$ 2,002

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value on a Recurring Basis [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 82,073	$ 104,838
Cash and Cash Equivalents [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	26,703	31,065
Certificate of Deposit [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		2,100
Corporate Obligations [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		2,002
US Treasury Securities [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	55,370	69,671
Quoted Prices in Active markets (Level 1) [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	82,073	100,736
Quoted Prices in Active markets (Level 1) [Member] | Cash and Cash Equivalents [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	26,703	31,065
Quoted Prices in Active markets (Level 1) [Member] | US Treasury Securities [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	55,370	69,671
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 0	4,102
Significant Other Observable Inputs (Level 2) [Member] | Certificate of Deposit [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		2,100
Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		$ 2,002

Property and Equipment, Net - C

Property and Equipment, Net - Components of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,069	$ 7,841
Less: Accumulated depreciation	(3,639)	(2,587)
Property and equipment, net	4,430	5,254
Laboratory equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,938	2,929
Equipment construction in progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	206
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,851	3,835
Office equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,074	$ 1,077

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1.1	$ 0.9

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Cost	$ 2,730	$ 2,536
Accumulated Amortization	(1,717)	(1,568)
Intangible assets, net	1,013	968
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,392	2,193
Accumulated Amortization	(1,499)	(1,357)
Intangible assets, net	893	836
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	289	289
Accumulated Amortization	(199)	(182)
Intangible assets, net	90	107
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	49	54
Accumulated Amortization	(19)	(29)
Intangible assets, net	$ 30	$ 25

Intangible Assets, Net - Additi

Intangible Assets, Net - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible assets amortization expense	$ 163,000	$ 266,000

Intangible Assets, Net - Sche_2

Intangible Assets, Net - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
2020	$ 160
2021	160
2022	143
2023	60
2024	27
Thereafter	440
Intangible assets, net	$ 1,013	$ 968

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Detail)	Mar. 08, 2019TargetIndication	Jul. 01, 2018USD ($)	Feb. 02, 2017USD ($)Site	Jul. 01, 2015TargetIndication	Jul. 31, 2018USD ($)	Apr. 30, 2018USD ($)	Jul. 31, 2015TargetIndication	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2019USD ($)shares	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)shares	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)shares
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Common stock, shares issued | shares									18,226,000				18,137,000					18,226,000	18,137,000
Aggregate cash purchase price									$ 18,000				$ 18,000					$ 18,000	$ 18,000
Revenue									406,000	$ 21,318,000	$ 5,934,000	$ 14,034,000	5,416,000	$ 3,603,000	$ 4,852,000	$ 10,315,000		41,692,000	24,186,000
Account Receivables													$ 1,700,000						1,700,000
Consideration									10,800,000									10,800,000
Equity in net losses of affiliate																		35,000	20,000
Discovery Programs [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Decrease in transaction price																		1,800,000
Accounting Standards Update 2014-09 [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Increase in deferred revenue and accumulated deficit		$ 22,600,000
Deferred revenue recognized																		29,500,000
Accounting Standards Update 2014-09 [Member] | XLRP [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone Revenue												10,000,000						10,000,000
Collaboration Agreement [Member] | BIOGEN [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of target indications | TargetIndication	3			3			3
Non-refundable upfront fee paid								$ 94,000,000
Common stock, shares issued | shares								1,453,957
Purchase price of common stock | $ / shares								$ 20.63
Aggregate cash purchase price								$ 30,000,000
Percentage common stock post-issuance								8.10%
Portion of upfront fee related to pre-funded activities								$ 58,400,000
Portion of upfront fee related to access of licenses								$ 35,600,000
Milestone Revenue		112,300,000															$ 5,000,000
Revenue																		41,128,000	$ 24,057,000
Decrease in transaction price												1,100,000
Decrease in deferred revenue												$ 1,100,000
Collaboration Agreement [Member] | BIOGEN [Member] | XLRS [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone Revenue		5,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | XLRP [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone Revenue		2,500,000				$ 2,500,000
Collaboration Agreement [Member] | BIOGEN [Member] | XLRP [Member] | Clinical Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone Revenue					$ 10,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | Accounting Standards Update 2014-09 [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue		$ 4,700,000																2,700,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | XLRS and XLRP [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									472,500,000									472,500,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | XLRS [Member] | Clinical Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									45,000,000									45,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | XLRS [Member] | Regulatory Approvals and First Commercial Sale in Specified Territories [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									155,000,000									155,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | XLRS [Member] | Worldwide Sales Targets [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									65,000,000									65,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | XLRP [Member] | Clinical Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									42,500,000									42,500,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | XLRP [Member] | Regulatory Approvals and First Commercial Sale in Specified Territories [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									102,500,000									102,500,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | XLRP [Member] | Worldwide Sales Targets [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									62,500,000									62,500,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | Discovery Programs [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									592,500,000									592,500,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | Category A Discovery Program [Member] | Clinical Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									20,000,000									20,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | Category A Discovery Program [Member] | Regulatory Approvals and First Commercial Sale in Specified Territories [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									70,000,000									70,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | Category B Discovery Program [Member] | Clinical Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									27,500,000									27,500,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | Category B Discovery Program [Member] | Regulatory Approvals and First Commercial Sale in Specified Territories [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									105,000,000									105,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | Category C Discovery Program [Member] | Clinical Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									40,000,000									40,000,000
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | Category C Discovery Program [Member] | Regulatory Approvals and First Commercial Sale in Specified Territories [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future milestone payments receivable									$ 140,000,000									140,000,000
Strategic Research And Development Collaboration Agreement [Member] | Bionic Sight LLC [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payments to acquire equity interest			$ 2,000,000
Percentage of initial investment in equity interest			5.00%
Equity method investments			$ 2,000,000
Equity in net losses of affiliate																		35,000
Ongoing research and development support costs																		$ 2,000,000
Strategic Research And Development Collaboration Agreement [Member] | Bionic Sight LLC [Member] | If IND Trigger Attained [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Obligated to purchase additional equity at pre-determined valuation			$ 4,000,000
Strategic Research And Development Collaboration Agreement [Member] | Bionic Sight LLC [Member] | Minimum [Member] | IND Trigger [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of clinical site required to conduct clinical trials | Site			1

Collaboration Agreements - Summ

Collaboration Agreements - Summary of Performance Obligations and Transaction Price (Detail) - Collaboration Agreement [Member] - BIOGEN [Member] - Accounting Standards Update 2014-09 [Member] $ in Thousands	Jun. 30, 2019USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allocated Transaction Price	$ 112,330
XLRS [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allocated Transaction Price	52,060
XLRP [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allocated Transaction Price	43,570
Discovery Programs [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allocated Transaction Price	$ 16,700

Collaboration Agreements - Comp

Collaboration Agreements - Components of Collaboration Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue	$ 406	$ 21,318	$ 5,934	$ 14,034	$ 5,416	$ 3,603	$ 4,852	$ 10,315	$ 41,692	$ 24,186
Collaboration Agreement [Member] | BIOGEN [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue									41,128	24,057
Collaboration Agreement [Member] | BIOGEN [Member] | Licenses and Related Services
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue									27,000	18,529
Collaboration Agreement [Member] | BIOGEN [Member] | Development Services
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue									2,736	3,028
Collaboration Agreement [Member] | BIOGEN [Member] | Milestone Revenue
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue									$ 11,392	$ 2,500

Collaboration Agreements - Su_2

Collaboration Agreements - Summary of Changes in Contract Assets and Liabilities (Detail) - Deferred Revenue [Member] $ in Thousands	12 Months Ended
	Jun. 30, 2019USD ($)
Contract with Customer, Asset and Liability [Line Items]
Balance at Beginning of Period	$ 29,521
Additions	10,000
Deductions	39,521
Balance at End of Period	$ 0

Share-based Compensation Plan_2

Share-based Compensation Plans - Additional Information (Detail)	12 Months Ended
	Jun. 30, 2019USD ($)Plan$ / sharesshares	Jun. 30, 2018USD ($)
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of equity compensation plans | Plan	2
Percentage of exercise price stock option	100.00%
Share-based compensation expense	$ 4,029,000	$ 5,193,000
Stockholder Owning in Excess of 10% [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of exercise price stock option	110.00%
2013 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based awards issued | shares	0
Number of shares authorized | shares	128,571
2013 Equity and Incentive Plan [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance | shares	1,244,754
Stock Options [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 3,900,000	5,000,000
Unrecognized compensation expense	4,500,000
Options exercised in intrinsic value	200,000	100,000
Fair value of options vested	$ 3,900,000	5,100,000
Weighted average period of expenses to be recognized	2 years 6 months 14 days
Stock Options [Member] | Maximum [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option vesting period	4 years
Stock Options [Member] | Minimum [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option vesting period	3 years
Restricted Shares Awards [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 113,090	$ 145,600
Restricted stock awards to employees, Granted | shares	24,000
Restricted stock awards to employees, Weighted average exercise price | $ / shares	$ 4.54

Share-based Compensation Plan_3

Share-based Compensation Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding Beginning Balance, Shares	3,107	2,716
Granted, Shares	1,172	914
Exercised, Shares	(65)	(18)
Forfeited, Shares	(317)	(415)
Expired, Shares	(312)	(90)
Outstanding Ending Balance, Shares	3,585	3,107
Exercisable, end of year, Shares	2,167	1,900
Weighted average fair value of options granted during the year	$ 2.89	$ 3.37
Outstanding Beginning Balance, Weighted Average Exercise Price	10.93	12.95
Granted, Weighted Average Exercise Price	4.5	4.72
Exercised, Weighted Average Exercise Price	2.4	0.35
Forfeited, Weighted Average Exercise Price	7.2	9.86
Expired, Weighted Average Exercise Price	12.4	15.92
Outstanding Ending Balance, Weighted Average Exercise Price	$ 9.19	$ 10.93

Share-based Compensation Plan_4

Share-based Compensation Plans - Summary Of Stock Options Exercisable, And Vested and Expected to Vest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Vested and expected to vest, Shares	3,447
Exercisable, Shares	2,167	1,900
Vested and expected to vest, Weighted Average Exercise Price	$ 9.35
Exercisable, Weighted Average Exercise Price	$ 11.75
Vested and expected to vest, Aggregate Intrinsic Value	$ 518
Exercisable, Aggregate Intrinsic Value	$ 505
Vested and expected to vest, Weighted Average Contractual Life (in Years)	7 years 25 days
Exercisable, Weighted Average Contractual Life (in Years)	6 years 7 days

Share-based Compensation Plan_5

Share-based Compensation Plans - Summary of Total Share-based Expense Associated with Stock Options and Restricted Shares (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 4,029	$ 5,193
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,134	2,821
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,895	$ 2,372

Share-based Compensation Plan_6

Share-based Compensation Plans - Stock Option Pricing Model Assumption (Detail)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	1.82%	1.83%
Risk-free interest rate, maximum	3.11%	2.87%
Expected Volatility	69.22%	83.53%
Minimum [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 years	6 years
Maximum [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 years 3 months	6 years 6 months

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Jul. 31, 2017ft²	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017AgreementEntity	Jun. 30, 2015ft²	Jan. 31, 2016ft²	Aug. 31, 2015ft²
Commitments and Contingencies [Line Items]
Rent expenses under operating leases | $		$ 1,109,000	$ 909,000
Licenses [Member]
Commitments and Contingencies [Line Items]
Number of license agreements | Agreement				7
Number of entities under the license agreement | Entity				6
Alachua, Florida [Member]
Commitments and Contingencies [Line Items]
Office and laboratory space for lease					7,000	21,500
Term of operating lease agreement						12 years
Renewal term of operating lease agreement						5 years
Additional options for extending operating lease term		the Company has options to extend the term of the lease for three additional five-year periods.
Lease expiration date					Dec. 31, 2015
Cambridge, Massachusetts [Member]
Commitments and Contingencies [Line Items]
Office and laboratory space for lease	5,000						3,000
Term of operating lease agreement							2 years
Renewal term of operating lease agreement	7 years
Aggregate space for office and laboratory	8,000
Further extended renewal term of operating lease agreement	3 years

Commitments and Contingencies_2

Commitments and Contingencies - Future Annual Minimum Lease Payments Under Non-Cancelable Operating Leases (Detail) - Cambridge, Massachusetts [Member] $ in Thousands	Jun. 30, 2019USD ($)
Commitments and Contingencies [Line Items]
2020	$ 1,353
2021	1,376
2022	1,400
2023	1,425
2024	1,450
Thereafter	2,638
Total minimum future lease payments	$ 9,642

Income Taxes - Summary of Feder

Income Taxes - Summary of Federal And State Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Current provision:
Federal		$ (790)
State	76	862
Total current tax provision	76	72
Deferred tax liabilities:
Federal
State
Total deferred tax benefit
Provision for income taxes	$ 76	$ 72

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and (Liabilities) (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 20,526	$ 13,910
Tax credit carryforwards	25,501	23,567
Accruals and other	3,513	4,625
Depreciation and amortization	238	112
Gross deferred tax assets	49,778	42,214
Deferred tax asset valuation allowance	(49,778)	(42,214)
Total deferred tax assets, net of valuation allowance
Deferred tax liabilities:
Depreciation and amortization
Total deferred tax liabilities
Net deferred tax asset (liability)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Taxes [Line Items]
Operating loss carryforwards not subject to expiration			$ 53,600,000
Increase in valuation allowance			$ 7,600,000
Federal statutory income tax rate	21.00%	35.00%	21.00%	28.00%
Decrease in deferred tax assets and valuation reserve	$ (7,600,000)
Increase in uncertain tax position liability			$ 76,000
Interest and/or penalties accrued related to uncertain income tax positions	348,000		424,000	$ 348,000
Interest and/or penalties recognized related to uncertain income tax positions in income tax expense			76,000	348,000
Uncertain tax position reserve recorded	$ 1,959,000		$ 2,035,000	$ 1,959,000
Maximum [Member]
Income Taxes [Line Items]
Net operating losses carryforwards expiration year			2038
Minimum [Member]
Income Taxes [Line Items]
Net operating losses carryforwards expiration year			2022
Internal Revenue Service (IRS) [Member]
Income Taxes [Line Items]
Payment liabilities for income tax positions					$ 0
Penalties for income tax positions					$ 0
Federal [Member]
Income Taxes [Line Items]
Net operating losses carryforwards			$ 24,800,000
Research and development tax credits carry forwards			25,500,000
State [Member]
Income Taxes [Line Items]
Net operating losses carryforwards			5,100,000
Research and development tax credits carry forwards			$ 45,000
Research And Development Tax Credit [Member] | Maximum [Member]
Income Taxes [Line Items]
Research and development tax credits carry forwards			2048
Research And Development Tax Credit [Member] | Minimum [Member]
Income Taxes [Line Items]
Research and development tax credits carry forwards			2027

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Detail)	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Federal income tax benefit at statutory rate	21.00%	35.00%	21.00%	28.00%
State income tax, net of federal benefit			(3.00%)	3.00%
Permanent differences- incentive stock compensation			(27.00%)	(2.00%)
Permanent differences-transportation and travel			(9.00%)
Permanent differences- research expenses			0.00%	(7.00%)
Research and development tax credits			100.00%	24.00%
Tax Act- refundable AMT credit			0.00%	4.00%
Rate change			14.00%
Other			(9.00%)	(2.00%)
Change in unrecognized tax benefit			0.00%	(3.00%)
Remeasurement of net deferred tax assets			0.00%	(36.00%)
Change in valuation allowance, including remeasurement			(91.00%)	(9.00%)
Effective income tax rate			(4.00%)	0.00%

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 1,611	$ 950
Additions related to current period tax positions
Additions related to prior period tax positions		661
Balance at end of period	$ 1,611	$ 1,611

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Payables And Accruals [Abstract]
Research and development-related	$ 4,909	$ 4,164
Compensation-related	2,406	2,186
General and administrative-related	709	805
Accrued expenses, total	$ 8,024	$ 7,155

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Defined Contribution Plan Disclosure [Line Items]
Percentage of deferred compensation	25.00%
Total matching contributions to the plan	$ 327,000	$ 302,000
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of deferred compensation match by employer	4.00%

Common Stock, Preferred Stock_3

Common Stock, Preferred Stock and Stockholders' Equity - Additional Information (Detail) - $ / shares	Jun. 30, 2019	Jun. 30, 2018
Class of Stock [Line Items]
Common stock, shares issued	18,226,000	18,137,000
Common stock, shares authorized	150,000,000	150,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	18,207,000	18,126,000
Preferred stock, shares authorized	5,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0

Common Stock, Preferred Stock_4

Common Stock, Preferred Stock and Stockholders' Equity - Shares of Common Stock Reserved for Future Issuance (Detail) shares in Thousands	Jun. 30, 2019shares
Class Of Stock [Line Items]
Common stock reserved for future issuance	4,958,676
Employee Stock Purchase Plan 2013 [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	128,571
Equity and Incentive Plan 2013 [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	1,244,754
Stock Options Issued and Outstanding [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	3,585,351

Quarterly Financial Informati_3

Quarterly Financial Information - Summary of Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 406	$ 21,318	$ 5,934	$ 14,034	$ 5,416	$ 3,603	$ 4,852	$ 10,315	$ 41,692	$ 24,186
Income/loss from operations	(11,440)	11,005	(4,671)	756	(6,779)	(7,696)	(6,242)	(1,667)	(4,350)	(22,384)
Net income/(loss)	$ (10,514)	$ 11,489	$ (4,181)	$ 1,200	$ (6,612)	$ (8,101)	$ (5,190)	$ (1,397)	$ (2,006)	$ (21,300)
Net earnings/(loss) per common share, basic	$ (0.58)	$ 0.63	$ (0.23)	$ 0.07	$ (0.36)	$ (0.45)	$ (0.29)	$ (0.08)	$ (0.11)	$ (1.18)
Net earnings/(loss) per common share, diluted	$ (0.58)	$ 0.63	$ (0.23)	$ 0.07	$ (0.36)	$ (0.45)	$ (0.29)	$ (0.08)	$ (0.11)	$ (1.18)

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts (Detail) - Deferred Tax Valuation Allowance [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning of Period	$ 42,214	$ 40,303	$ 37,412
Additions, Charge (Benefit) to Expenses	7,564	1,911	2,891
End of Period	$ 49,778	$ 42,214	$ 40,303