Applied Genetic Technologies (AGTC) 10-Q 17 May 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 31, 2021	May 13, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	APPLIED GENETIC TECHNOLOGIES CORP
Entity Central Index Key	0001273636
Current Fiscal Year End Date	--06-30
Entity 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
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		42,754,792

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 89,531	$ 38,463
Investments	21,496	41,995
Prepaid and other current assets	1,997	2,506
Total current assets	113,024	82,964
Property and equipment, net	4,019	4,311
Intangible assets, net	1,291	1,098
Investment in Bionic Sight, LLC	8,021	8,096
Right-of-use assets – operating leases	3,158	3,422
Right-of-use asset – finance lease	46	80
Other assets	107	348
Total assets	129,666	100,319
Current liabilities:
Accounts payable	1,926	1,355
Accrued and other liabilities	13,504	10,502
Lease liabilities – operating	1,072	1,058
Lease liability – finance	51	48
Total current liabilities	16,553	12,963
Lease liabilities – operating, net of current portion	3,540	4,070
Lease liability – finance, net of current portion		38
Long-term debt, net of debt discounts and deferred financing fees	9,929	9,677
Other liabilities	2,644	2,555
Total liabilities	32,666	29,303
Stockholders' equity:
Preferred stock, par value $0.001 per share, 5,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.001 per share, 150,000 shares authorized; 42,796 and 25,813 shares issued; 42,755 and 25,793 shares outstanding at March 31, 2021 and June 30, 2020, respectively	42	25
Additional paid-in capital	324,302	252,519
Treasury stock at cost; 41 and 20 shares at March 31, 2021 and June 30, 2020, respectively	(211)	(88)
Accumulated deficit	(227,133)	(181,440)
Total stockholders' equity	97,000	71,016
Total liabilities and stockholders' equity	$ 129,666	$ 100,319

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Jun. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	42,796,000	25,813,000
Common stock, shares outstanding	42,755,000	25,793,000
Treasury stock, shares held	41,000	20,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Total revenue				$ 2,453
Operating expenses:
Research and development	$ 10,960	$ 8,308	$ 34,397	25,325
General and administrative and other	3,528	3,134	10,268	9,490
Total operating expenses	14,488	11,442	44,665	34,815
Loss from operations	(14,488)	(11,442)	(44,665)	(32,362)
Other income (expense), net:
Investment income, net	13	281	106	1,063
Interest expense	(330)	(2)	(997)	(6)
Other income		6		6
Total other income (expense), net	(317)	285	(891)	1,063
Loss before provision for income taxes	(14,805)	(11,157)	(45,556)	(31,299)
Provision for income taxes	21	21	62	63
Loss before equity in net losses of an affiliate	(14,826)	(11,178)	(45,618)	(31,362)
Equity in net losses of an affiliate	(25)	(11)	(75)	(27)
Net loss	$ (14,851)	$ (11,189)	$ (45,693)	$ (31,389)
Weighted average shares outstanding:
Basic	36,751	22,272	29,431	19,558
Diluted	36,751	22,272	29,431	19,558
Net loss per common share:
Basic	$ (0.40)	$ (0.50)	$ (1.55)	$ (1.60)
Diluted	$ (0.40)	$ (0.50)	$ (1.55)	$ (1.60)
Collaboration and milestone [Member]
Revenue:
Total revenue				$ 2,297
Grant [Member]
Revenue:
Total revenue				$ 156

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Jun. 30, 2019	$ 78,709	$ 18	$ (85)	$ 214,324	$ (135,548)
Beginning balance, shares at Jun. 30, 2019		18,207,000	19,000
Share-based compensation expense	810			810
Shares issued under employee plans and related share repurchases	31		$ (3)	34
Shares issued under employee plans and related share repurchases shares		11,000	1,000
Net loss	(11,577)				(11,577)
Ending balance at Sep. 30, 2019	67,973	$ 18	$ (88)	215,168	(147,125)
Ending balance, shares at Sep. 30, 2019		18,218,000	20,000
Beginning balance at Jun. 30, 2019	78,709	$ 18	$ (85)	214,324	(135,548)
Beginning balance, shares at Jun. 30, 2019		18,207,000	19,000
Net loss	(31,389)
Ending balance at Mar. 31, 2020	84,819	$ 25	$ (88)	251,819	(166,937)
Ending balance, shares at Mar. 31, 2020		25,764,000	20,000
Beginning balance at Sep. 30, 2019	67,973	$ 18	$ (88)	215,168	(147,125)
Beginning balance, shares at Sep. 30, 2019		18,218,000	20,000
Share-based compensation expense	689			689
Shares issued under employee plans and related share repurchases shares		1,000
Net loss	(8,623)				(8,623)
Ending balance at Dec. 31, 2019	60,039	$ 18	$ (88)	215,857	(155,748)
Ending balance, shares at Dec. 31, 2019		18,219,000	20,000
Issuance of common stock, net of issuance costs	34,811	$ 7		34,804
Issuance of common stock, net of issuance costs, shares		7,475,000
Share-based compensation expense	874			874
Shares issued under employee plans and related share repurchases	284			284
Shares issued under employee plans and related share repurchases shares		70,000
Net loss	(11,189)				(11,189)
Ending balance at Mar. 31, 2020	84,819	$ 25	$ (88)	251,819	(166,937)
Ending balance, shares at Mar. 31, 2020		25,764,000	20,000
Beginning balance at Jun. 30, 2020	71,016	$ 25	$ (88)	252,519	(181,440)
Beginning balance, shares at Jun. 30, 2020		25,793,000	20,000
Share-based compensation expense	646			646
Shares issued under employee plans and related share repurchases	(80)		$ (123)	43
Shares issued under employee plans and related share repurchases shares		67,000	21,000
Net loss	(15,380)				(15,380)
Ending balance at Sep. 30, 2020	56,202	$ 25	$ (211)	253,208	(196,820)
Ending balance, shares at Sep. 30, 2020		25,860,000	41,000
Beginning balance at Jun. 30, 2020	71,016	$ 25	$ (88)	252,519	(181,440)
Beginning balance, shares at Jun. 30, 2020		25,793,000	20,000
Net loss	(45,693)
Ending balance at Mar. 31, 2021	97,000	$ 42	$ (211)	324,302	(227,133)
Ending balance, shares at Mar. 31, 2021		42,755,000	41,000
Beginning balance at Sep. 30, 2020	56,202	$ 25	$ (211)	253,208	(196,820)
Beginning balance, shares at Sep. 30, 2020		25,860,000	41,000
Share-based compensation expense	624			624
Shares issued under employee plans and related share repurchases	158			158
Shares issued under employee plans and related share repurchases shares		45,000
Net loss	(15,462)				(15,462)
Ending balance at Dec. 31, 2020	41,522	$ 25	$ (211)	253,990	(212,282)
Ending balance, shares at Dec. 31, 2020		25,905,000	41,000
Issuance of common stock, net of issuance costs	69,261	$ 17		69,244
Issuance of common stock, net of issuance costs, shares		16,742,000
Share-based compensation expense	595			595
Shares issued under employee plans and related share repurchases	473			473
Shares issued under employee plans and related share repurchases shares		108,000
Net loss	(14,851)				(14,851)
Ending balance at Mar. 31, 2021	$ 97,000	$ 42	$ (211)	$ 324,302	$ (227,133)
Ending balance, shares at Mar. 31, 2021		42,755,000	41,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net loss	$ (45,693)	$ (31,389)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	1,865	2,373
Depreciation and amortization	1,123	919
Investment discount accretion, net	(10)	(306)
Amortization of debt discounts and deferred financing fees	252
Reduction in the carrying amount of operating lease right-of-use assets	264	222
Collaboration revenue from Bionic Sight, LLC		(2,197)
Equity in net losses of an affiliate	75	27
Changes in operating assets and liabilities:
Grants receivable		13
Prepaid and other assets	975	(660)
Deferred revenue		149
Accounts payable	571	1,603
Operating lease liabilities	(516)	(459)
Accrued and other liabilities	3,356	1,851
Cash used in operating activities	(37,738)	(27,854)
Investing activities:
Purchases of property and equipment	(987)	(812)
Purchases of and capitalized costs related to intangible assets	(363)	(349)
Investment in Bionic Sight, LLC		(4,000)
Maturities of investments	41,500	63,500
Purchases of investments	(20,992)	(33,928)
Cash provided by investing activities	19,158	24,411
Financing activities:
Proceeds from the issuance of common stock and accompanying warrants, net of issuance costs	69,261	34,949
Proceeds from exercises of common stock options	674	318
Payments for deferred financing fees	(129)
Taxes paid related to equity awards	(123)	(3)
Principal payments on finance lease	(35)	(33)
Cash provided by financing activities	69,648	35,231
Net increase in cash and cash equivalents	51,068	31,788
Cash and cash equivalents, beginning of the period	38,463	26,703
Cash and cash equivalents, end of the period	89,531	$ 58,491
Supplemental information:
Costs for intangible assets included in accrued and other liabilities	$ 27

Organization and Operations

Organization and Operations	9 Months Ended
	Mar. 31, 2021
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 people suffering from rare and debilitating ophthalmic, otologic and central nervous system diseases. 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 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 the ability to transition to large-scale production of products. As of March 31, 2021, the Company had (i) an accumulated deficit of $227.1 million and (ii) cash and cash equivalents and liquid investments of $111.0 million. Management believes that there is sufficient funding available to allow the Company to generate data from its ongoing and planned clinical programs and fund currently planned research and discovery programs. While the Company expects to generate some revenue from partnering, sponsored research, grants and licensing of its intellectual property, management believes that the Company will incur losses for the foreseeable future. The Company has funded its operations to date primarily through public offerings of its common stock and warrants to purchase its common stock, private placements of its preferred stock, collateralized borrowing and collaborations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with (i) U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and (ii) the instructions to Form 10-Q S-X. The Unaudited Condensed Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in its Annual Report on Form 10-K Form 10-K”). 2020 Form 10-K 10-Q The Company’s fiscal year is the twelve-month period from July 1 to June 30. The results of operations for the three and nine months ended March 31, 2021 are not necessarily indicative of the Company’s operating results for the full year ending June 30, 2021 or any subsequent interim period. Management views the Company’s operations and manages its business as one segment. Use of estimates The preparation of financial statements in conformity with U.S. GAAP and guidelines from the U.S. Securities and Exchange Commission 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 amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. Net income or loss per share Basic net income or loss per share is calculated by dividing net income or loss by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income or loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effects of common stock equivalents outstanding during the period, determined using the treasury stock method. For purposes of diluted net income or loss per share calculations, warrants to purchase the Company’s common stock, stock options, restricted stock awards and performance service awards are considered to be common stock equivalents if they are dilutive. The dilutive impact of common stock equivalents for (i) each of the three and nine months ended March 31, 2021 was approximately 0.4 million shares and (ii) the three and nine months ended March 31, 2020 was approximately 0.4 million shares and 0.2 million shares, respectively. However, the dilutive impact of common stock equivalents was excluded from the calculations of diluted net loss per share for all periods presented herein because their effects were anti-dilutive. The abovementioned dilutive impact of common stock equivalents for the three and nine months ended March 31, 2021 excluded certain warrants to purchase the Company’s common stock, which are described at Note 9 in these Notes to Unaudited Condensed Financial Statements, because the exercise price of such warrants was greater than the average market price of the Company’s common stock for the related periods. New Accounting Pronouncements Adopted during the nine months ended March 31, 2021 Fair Value Measurement In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Collaborative Arrangements In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 Revenue from Contracts with Customers Collaborative Arrangements the unit-of-account guidance To be adopted in future periods 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 Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Investments – Equity Securities, Investments – Equity Method and Joint Ventures, and Derivatives and Hedging In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 Financial Instruments

Share-based Compensation Plans

Share-based Compensation Plans	9 Months Ended
	Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Plans	3. Share-based Compensation Plans The Company uses stock options, performance service awards, restricted stock awards and restricted stock units to provide long-term incentives to its employees, non-employee directors and Information about the Company’s stock options that do not have performance conditions is provided below. Nine Months Ended March 31, 2021 2020 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at the beginning of the period 3,846 $ 7.82 3,585 $ 9.19 Granted 1,280 5.26 1,108 3.18 Exercised (165 ) 4.10 (81 ) 3.91 Forfeited (539 ) 4.38 (339 ) 3.97 Expired (87 ) 10.29 (324 ) 11.78 Outstanding at the end of the period 4,335 $ 7.58 3,949 $ 7.84 Exercisable at the end of the period 2,757 2,347 Weighted average fair value of options granted during the period $ 3.79 $ 2.04 The fair value of each stock option granted is estimated on the date of grant using a Black-Scholes stock option pricing model. Below are the assumptions that were used when estimating fair value for the periods indicated. Nine Months Ended March 31, Assumption 2021 2020 Dividend yield 0.00 % 0.00 % Expected term 6.00 to 6.25 years 6.00 to 6.25 years Risk-free interest rate 0.30% to 1.08 % 0.47% to 1.90 % Expected volatility 82.60 % 71.20 % In addition to the stock option activity described above, the Company also granted 100,000 performance-based stock options to a senior officer during July 2019 with an exercise price of $3.91. That award: (i) was issued under the 2013 Equity and Incentive Plan; (ii) has a term of ten years; and (iii) includes six separate tranches with performance criteria that will each vest 25% upon their achievement, with the remaining 75% of the tranche vesting on a monthly basis over a period of three years subsequent to achieving the underlying performance objective (assuming continued service by the awardee). Each tranche represents one-sixth of During August 2019, 175,500 restricted stock units, which included a market-based vesting condition related to the trading price of the Company’s common stock, were granted to certain employees under the 2013 Equity and Incentive Plan with a weighted average grant date fair value of $2.56. Prior to June 30, 2020, the market condition embedded in the award was met. On August 15, 2020, 76,500 restricted stock units vested and, through March 31, 2021, a total of 25,000 awards have been forfeited. Assuming continuing service by the grantees, the remaining restricted stock units that are outstanding will vest on August 15, 2021. The fair value of each restricted stock unit awarded was estimated on the grant date using a Monte Carlo simulation pricing model, which incorporated the probability of satisfying the related market-based vesting condition. Share-based compensation expense for the three and nine months ended March 31, 2021 was $0.6 million and $1.9 million, respectively, compared to $0.9 million and $2.4 million for the three and nine months ended March 31, 2020, respectively.

Investments

Investments	9 Months Ended
	Mar. 31, 2021
Schedule of Investments [Abstract]
Investments	4. Investments Cash in excess of immediate requirements is invested in accordance with the Company’s investment policy, which primarily seeks to maintain adequate liquidity and preserve capital. At both March 31, 2021 and June 30, 2020, the Company’s investments consisted entirely of held-to-maturity debt The Company’s debt securities that are classified as held-to-maturity In thousands March 31, 2021 June 30, 2020 U.S. Treasury securities: Amortized cost $ 21,496 $ 41,995 Gross unrealized gains 3 54 Gross unrealized losses — (3 ) Fair value of investments $ 21,499 $ 42,046 The Company expects to collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. At the end of each reporting period, the Company evaluates its securities for impairment, if and when, the fair value of an investment is less than its amortized cost. In the event that the fair value of an investment is less than its amortized cost, the Company will evaluate the underlying credit quality and credit ratings of the issuer. Specifically, the Company believes that the unrealized losses at June 30, 2020 that are disclosed in the above table were primarily driven by interest rate changes rather than by unfavorable changes in the credit ratings associated with those securities. The Company does not intend to sell any of its investments before recovering its amortized cost, which may be at maturity.

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Investments	9 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Investments	5. Fair Value of Financial Instruments and Investments The Company is required to disclose information regarding all assets and liabilities reported at fair value that enables an assessment of the inputs used when determining the reported fair values. ASC Topic 820, Fair Value Measurements and Disclosures 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 unobservable. To the extent that a 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 when determining fair value is greatest for financial 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. Certain assets and liabilities are measured at fair value in the Company’s financial statements or have fair values disclosed in these Notes to Unaudited Condensed Financial Statements. Such assets and liabilities are classified into one of the three levels of the fair value hierarchy. 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 methods and assumptions described below were used to estimate fair values and determine the fair value hierarchy classification of each class of financial instrument held by the Company. Cash and Cash Equivalents. Debt securities—held-to-maturity. held-to-maturity The fair value hierarchy table below provides information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis or disclosed at fair value in these Notes to Unaudited Condensed Financial Statements. In thousands Level 1 Level 2 Level 3 Total Fair Value March 31, 2021 Cash and cash equivalents $ 89,531 $ — $ — $ 89,531 Held-to-maturity 21,499 — — 21,499 Total assets $ 111,030 $ — $ — $ 111,030 June 30, 2020 Cash and cash equivalents $ 38,463 $ — $ — $ 38,463 Held-to-maturity 42,046 — — 42,046 Total assets $ 80,509 $ — $ — $ 80,509 The Company’s financial instruments also include its variable-rate borrowing under a debt agreement that is described at Note 6 in these Notes to Unaudited Condensed Financial Statements. The Company believes that the carrying amount of such debt (i.e., $9.9 million and $9.7 million at March 31, 2021 and June 30, 2020, respectively) reasonably approximates its fair value because the rate of interest on such borrowing reflects current market rates of interest for similar instruments with comparable maturities and risk profiles. This assessment primarily uses Level 2 inputs under the fair value hierarchy.

Debt

Debt	9 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	6. Debt The following discussion of the Company’s debt should be read in conjunction with Note 8 to the Notes to Financial Statements in the 2020 Form 10-K. On June 30, 2020, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as the “Lenders”) and Hercules Capital, Inc. in its capacity as administrative agent and collateral agent for itself and the Lenders. The Loan Agreement provides for a term loan in an aggregate principal amount of up to $25.0 million to be delivered in multiple tranches (the “Term Loan”). The first tranche consisted of an initial term loan advance of $10.0 million on June 30, 2020 (the “Closing Date”). Thereafter, subject to the Lenders’ investment committee’s sole discretion, the Company had the right to request that the Lenders make additional term loan advances in an aggregate principal amount of up to $15.0 million prior to January 1, 2022. Effective May 13, 2021, the Loan Agreement was amended (the “Amendment”) whereby, among other things, (i) a second term loan advance of $10.0 million was authorized by the Lenders and advanced to the Company on such date and (ii) the period of time to request additional discretionary term loan advances of up to $5.0 million was changed to be prior to April 1, 2022 or, if certain conditions are satisfied, then prior to January 1, 2023. However, there can be no assurances that any term loan advances will be funded by the Lenders in the future. The Amendment also extended (i) the period that the Company will make interest-only payments on outstanding borrowings from December 31, 2021 to March 31, 2022, with the possibility to extend the interest-only period to December 31, 2022 upon the Company’s achievement of certain performance milestones, and (ii) the maturity date of the Term Loan from December 1, 2023 to April 1, 2024; provided that, in the event that the Company meets certain conditions, including achievement of performance milestones, then the Term Loan maturity date will be July 1, 2024. There were no other material changes to the Loan Agreement as a result of the Amendment. Pursuant to the Amendment, no principal payments are due on the Term Loan until April 1, 2022. Accordingly, as of March 31, 2021, the Company classified the outstanding balance under the Loan Agreement as a long-term liability. As of March 31, 2021, the Company had not borrowed any amount under the Loan Agreement other than the initial term loan advance on the Closing Date, which resulted in net loan proceeds to the Company of $9.9 million , before consideration of any related debt financing fees. As a result of the Amendment and the Company’s additional borrowing on May 13, 2021, future minimum principal payments of the outstanding term loan advances, excluding certain end of term charges, are now as follows: $2.2 million in the year ending June 30, 2022; $9.3 million in the year ending June 30, 2023; and $8.5 million in the year ending June 30, 2024. As of both March 31, 2021 and June 30, 2020, the variable contractual interest rate on the Term Loan was 9.75% per annum and the effective rate on the Term Loan was 13.53%. As of March 31, 2021, the Company was in full compliance with all covenants of the Loan Agreement.

Collaboration Agreements and Co

Collaboration Agreements and Contract Liabilities	9 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration Agreements and Contract Liabilities	7. Collaboration Agreements and Contract Liabilities 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. 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. Under the agreement, AGTC made an initial $2.0 million payment to Bionic Sight for an equity interest in that company. This initial investment represented an equity interest of approximately 5% in Bionic Sight. In addition to the initial investment, AGTC contributed ongoing research and development support costs through additional payments and other in-kind contributions and in-kind contributions and in-kind contributions, Upon achievement of the IND Trigger, AGTC was (i) entitled to receive additional equity in Bionic Sight, based on a valuation that was in place at the beginning of the agreement, for the AGTC Ongoing R&D Support payments and in-kind contributions, certain pre-determined valuation additional in-kind contributions The Company concluded that the AGTC Ongoing R&D Support was within the scope of Topic 606 because the services rendered represented a distinct service delivered to a counterparty that meets the definition of a customer. The Company further concluded that those services represented one combined performance obligation. Because the consideration that the Company was entitled to was contingent upon achievement of the IND Trigger, that consideration was determined to be variable and the amount was fully constrained until achievement of the IND Trigger. As a result of achieving the IND Trigger, the Company recognized $2.2 million of collaboration revenue during December 2019. With regard to the obligation to purchase additional equity in Bionic Sight, the Company concluded at contract inception that such option represented a forward contract to be accounted for within the scope of ASC 321, Investments—Equity Securities The Company recorded its initial investment in Bionic Sight using the equity method of accounting for investments. Upon receipt of additional shares in March 2020, the Company concluded that equity method accounting was still appropriate. Because the conversion price used to calculate the number of additional shares that the Company was to receive was based on contractually fixed valuation amounts, the Company assessed whether there was a difference between the cost of the investment and the underlying equity in the net assets of Bionic Sight. The Company concluded that any such difference was not material to the Company’s financial statements and, therefore, recorded its additional investment in Bionic Sight at $6.2 million during March 2020. Otonomy, Inc. During October 2019, the Company entered into a strategic collaboration agreement with Otonomy, Inc. (“Otonomy”) to co-develop and co-commercialize an have severe-to-profound deafness The Company concluded that the Otonomy collaboration agreement is within the scope of Topic 808, which defines collaborative arrangements and addresses the presentation of transactions between the parties in an entity’s statement of operations and the related disclosures. However, Topic 808 does not provide guidance on the recognition of consideration exchanged or accounting for the obligations that may arise between the parties. The Company concluded that ASC Topic 730, Research and Development, Contract Liabilities As of March 31, 2021 and June 30, 2020, accrued and other liabilities on the Condensed Balance Sheets included $374,000 and $149,000, respectively, of deferred revenue, which did not pertain to either the Bionic Sight or Otonomy collaboration agreements. The deferred revenue balance at March 31, 2021 included $225,000 that was billed to a customer but remained uncollected as of such date. Management is unable to estimate when the Company will satisfy the performance obligations pertaining to its deferred revenue at March 31, 2021.

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	8. 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 threshold, the Income tax expense for the three and nine months ended March 31, 2021 was $21,000 and $62,000, respectively, compared to $21,000 and $63,000 for the three and nine months ended March 31, 2020, respectively. During those periods, income tax expense was primarily attributable to estimated interest and penalties on uncertain tax positions. The Company’s reserve for uncertain tax positions was $2.2 million and $2.1 million on March 31, 2021 and June 30, 2020, respectively, including aggregate interest and penalties of $0.6 million on March 31, 2021 and $0.5 million on June 30, 2020. For the nine months ended March 31, 2021, the Company’s gross unrecognized tax benefits, excluding interest and penalties, was unchanged at $1.6 million. The Company’s liability for uncertain tax positions is included in other long-term liabilities on its Condensed Balance Sheets. Subsequent to March 31, 2021, the statutes of limitations pertaining to the state tax matters that gave rise to the aforementioned uncertain tax positions expired with no payments being required by the Company and no action taken by any tax authority. As such, the Company’s entire uncertain tax position liability, including accrued interest and penalties, will be reversed. This accounting treatment will favorably affect the Company’s income tax expense or benefit and its annual effective tax rate for the three months and year ending June 30, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	9. Stockholders’ Equity February 2021 Public Offering of AGTC Equity Securities On February X-linked The warrants have an exercise price of $6.00 per share (subject to certain adjustments), are immediately exercisable and expire on February 1, 2026. The warrants are legally detachable from the common stock that was issued on February 1, 2021 and are separately exercisable by the warrant holders. While the warrants are outstanding (but unexercised), the warrant holders will participate in any dividend or other distribution of the Company’s assets to its common stockholders by way of return of capital or otherwise. The warrants have been evaluated to determine the appropriate accounting and classification pursuant to ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging February 2020 Public Offering of AGTC Common Stock On February 11, 2020, the Company closed an underwritten public offering of 6.5

Contingencies

Contingencies	9 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Contingencies	10. Contingencies COVID-19 Pandemic On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (“COVID-19”) and the risks to the international community as the virus spread globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic based on the rapid increase in exposure globally. National, state and local governments in affected regions have implemented, and are likely to continue to implement, safety precautions, including quarantines, border closures, increased border controls, travel restrictions, shelter in place orders and shutdowns, business closures, cancellations of public gatherings and other measures. Organizations and individuals are taking additional steps to avoid or reduce infection, including limiting travel and staying home from work. The worldwide spread of COVID-19 led to stay-at-home orders to COVID-19 could by COVID-19, which Notwithstanding the rapid development and rollout of certain vaccines, it is unknown how long the COVID-19 outbreak which the COVID-19 outbreak may General 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events At-The-Market On April 2, 2021, the Company entered into a Controlled Equity Offering SM “at-the-market $50.0 million. However, the Company is not obligated to sell any shares under the Sales Agreement. Cantor will be entitled to aggregate compensation equal to 3.0% of the gross sales price of the shares sold through it pursuant to the Sales Agreement. Licensing Agreement Effective April 13, 2021, the Company entered into an agreement that licenses certain of its proprietary technology to SparingVision SAS, a genomic medicine company developing vision-saving treatments for ocular diseases. Under the terms of the agreement, SparingVision SAS receives nonexclusive rights to the Company’s proprietary cone-specific promoter technology for use in the development of two non-competing Build-To-Suit On May 13, 2021, the Company entered into a non-cancelable to-be-constructed build-to-suit 21,250 square feet in Alachua, Florida (the “Premises”) for office, research and development, laboratory, light pharmaceutical and medical systems manufacturing and fabrication and distribution use. The new facility will be adjacent to the Company’s corporate headquarters. The landlord will be responsible for all permitting, site and infrastructure preparation work and construction of the shell and core of the building and the quality control laboratory portion of the building. The Company will be responsible for completion of the remaining tenant fit out work. The landlord will be responsible for the cost of the base building work and will contribute approximately $6.0 million towards the tenant fit out work, with the Company responsible for all costs in excess of such amount. The lease will commence upon substantial completion of the Premises, including the tenant fit out work, estimated to be completed in the second half of calendar year 2022 (the “Commencement Date”), and the rent commencement date will occur simultaneous with the Commencement Date. The initial lease term is 20 years from the Commencement Date (the “Term”). Under the lease, the Company will pay annual base rent during the Term (beginning on the Commencement Date) as set forth below. Lease Months 1-12 $ — 13-18 $ 637,500 19-30 $ 1,253,750 Base rent shall increase 1.5% each lease year (12-month During the Term, the Company will also pay its share of operating expenses, taxes and any other expenses payable under the lease. The lease includes three extension options of five years each at an annual base rent rate of the greater of a 1.5% increase from the previous year or pursuant to the increase in the Consumer Price Index for the applicable prior year. In addition, the lease provides the Company with a one-time th The lease also includes customary representations, warranties and covenants on behalf of the parties and provides for certain customary mutual indemnities. No security deposit is required upon lease execution, provided that the landlord reserves the right to instate a security deposit if the Company defaults in its lease obligations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with (i) U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and (ii) the instructions to Form 10-Q S-X. The Unaudited Condensed Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in its Annual Report on Form 10-K Form 10-K”). 2020 Form 10-K 10-Q The Company’s fiscal year is the twelve-month period from July 1 to June 30. The results of operations for the three and nine months ended March 31, 2021 are not necessarily indicative of the Company’s operating results for the full year ending June 30, 2021 or any subsequent interim period. Management views the Company’s operations and manages its business as one segment.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP and guidelines from the U.S. Securities and Exchange Commission 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 amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates.
Net income or loss per share	Net income or loss per share Basic net income or loss per share is calculated by dividing net income or loss by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income or loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effects of common stock equivalents outstanding during the period, determined using the treasury stock method. For purposes of diluted net income or loss per share calculations, warrants to purchase the Company’s common stock, stock options, restricted stock awards and performance service awards are considered to be common stock equivalents if they are dilutive. The dilutive impact of common stock equivalents for (i) each of the three and nine months ended March 31, 2021 was approximately 0.4 million shares and (ii) the three and nine months ended March 31, 2020 was approximately 0.4 million shares and 0.2 million shares, respectively. However, the dilutive impact of common stock equivalents was excluded from the calculations of diluted net loss per share for all periods presented herein because their effects were anti-dilutive. The abovementioned dilutive impact of common stock equivalents for the three and nine months ended March 31, 2021 excluded certain warrants to purchase the Company’s common stock, which are described at Note 9 in these Notes to Unaudited Condensed Financial Statements, because the exercise price of such warrants was greater than the average market price of the Company’s common stock for the related periods.
New Accounting Pronouncements	New Accounting Pronouncements Adopted during the nine months ended March 31, 2021 Fair Value Measurement In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Collaborative Arrangements In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 Revenue from Contracts with Customers Collaborative Arrangements the unit-of-account guidance To be adopted in future periods 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 Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Investments – Equity Securities, Investments – Equity Method and Joint Ventures, and Derivatives and Hedging In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 Financial Instruments

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	9 Months Ended
	Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	Information about the Company’s stock options that do not have performance conditions is provided below. Nine Months Ended March 31, 2021 2020 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at the beginning of the period 3,846 $ 7.82 3,585 $ 9.19 Granted 1,280 5.26 1,108 3.18 Exercised (165 ) 4.10 (81 ) 3.91 Forfeited (539 ) 4.38 (339 ) 3.97 Expired (87 ) 10.29 (324 ) 11.78 Outstanding at the end of the period 4,335 $ 7.58 3,949 $ 7.84 Exercisable at the end of the period 2,757 2,347 Weighted average fair value of options granted during the period $ 3.79 $ 2.04
Stock Option Pricing Model Assumption	The fair value of each stock option granted is estimated on the date of grant using a Black-Scholes stock option pricing model. Below are the assumptions that were used when estimating fair value for the periods indicated.​​​​​​​ Nine Months Ended March 31, Assumption 2021 2020 Dividend yield 0.00 % 0.00 % Expected term 6.00 to 6.25 years 6.00 to 6.25 years Risk-free interest rate 0.30% to 1.08 % 0.47% to 1.90 % Expected volatility 82.60 % 71.20 %

Investments (Tables)

Investments (Tables)	9 Months Ended
	Mar. 31, 2021
Schedule of Investments [Abstract]
Summary of Company's Debt Securities Held-to-Maturity	The Company’s debt securities that are classified as held-to-maturity In thousands March 31, 2021 June 30, 2020 U.S. Treasury securities: Amortized cost $ 21,496 $ 41,995 Gross unrealized gains 3 54 Gross unrealized losses — (3 ) Fair value of investments $ 21,499 $ 42,046

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Investments (Tables)	9 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The fair value hierarchy table below provides information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis or disclosed at fair value in these Notes to Unaudited Condensed Financial Statements. In thousands Level 1 Level 2 Level 3 Total Fair Value March 31, 2021 Cash and cash equivalents $ 89,531 $ — $ — $ 89,531 Held-to-maturity 21,499 — — 21,499 Total assets $ 111,030 $ — $ — $ 111,030 June 30, 2020 Cash and cash equivalents $ 38,463 $ — $ — $ 38,463 Held-to-maturity 42,046 — — 42,046 Total assets $ 80,509 $ — $ — $ 80,509

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Summary of company annual base rent	Under the lease, the Company will pay annual base rent during the Term (beginning on the Commencement Date) as set forth below. Lease Months 1-12 $ — 13-18 $ 637,500 19-30 $ 1,253,750 Base rent shall increase 1.5% each lease year (12-month

Organization and Operations - A

Organization and Operations - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Summary Of Organization And Operations [Line Items]
Accumulated deficit	$ (227,133)	$ (181,440)
Cash and cash equivalents and liquid investments	$ 111,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021shares	Mar. 31, 2020shares	Mar. 31, 2021Segmentshares	Mar. 31, 2020shares
Summary of Significant Accounting Policies [Line Items]
Number of operating segments | Segment			1
Dilutive impact of common stock equivalents | shares	0.4	0.4	0.4	0.2

Share-based Compensation Plan_2

Share-based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2019$ / sharesshares	Jul. 31, 2019$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2021USD ($)Plan$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Aug. 15, 2020shares	Jun. 30, 2020$ / shares	Jun. 30, 2019$ / shares
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of equity compensation plans | Plan					2
Stock options granted					1,280,000	1,108,000
Exercise price | $ / shares			$ 7.58	$ 7.84	$ 7.58	$ 7.84		$ 7.82	$ 9.19
Grant date fair value | $ / shares					$ 3.79	$ 2.04
2013 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based awards issued					0
Number of shares authorized			128,571		128,571
Stock Options [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense | $			$ 0.6	$ 0.9	$ 1.9	$ 2.4
Restricted Shares Awards [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards to employees, Granted	175,500
Grant date fair value | $ / shares	$ 2.56
Restricted stock awards to employees, forfeited					25,000
Restricted stock awards vested							76,500
Six Performance Criteria Based Stock Options [Member] | Senior Executive [Member] | 2013 Equity and Incentive Plan [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted		100,000
Exercise price | $ / shares		$ 3.91
Expiration period		10 years
Award vesting period		3 years
Six Performance Criteria Based Stock Options [Member] | Senior Executive [Member] | 2013 Equity and Incentive Plan [Member] | Vesting Period One [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights, percentage		25.00%
Six Performance Criteria Based Stock Options [Member] | Senior Executive [Member] | 2013 Equity and Incentive Plan [Member] | Vesting Period Two [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights, percentage		75.00%
First Performance Criteria Based Stock Options [Member] | Senior Executive [Member] | 2013 Equity and Incentive Plan [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value | $ / shares		$ 2.58

Share-based Compensation Plan_3

Share-based Compensation Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Beginning Balance, Shares	3,846	3,585
Granted, Shares	1,280	1,108
Exercised, Shares	(165)	(81)
Forfeited, Shares	(539)	(339)
Expired, Shares	(87)	(324)
Outstanding Ending Balance, Shares	4,335	3,949
Exercisable, end of period, Shares	2,757	2,347
Weighted average fair value of options granted during the year	$ 3.79	$ 2.04
Outstanding Beginning Balance, Weighted Average Exercise Price	7.82	9.19
Granted, Weighted Average Exercise Price	5.26	3.18
Exercised, Weighted Average Exercise Price	4.10	3.91
Forfeited, Weighted Average Exercise Price	4.38	3.97
Expired, Weighted Average Exercise Price	10.29	11.78
Outstanding Ending Balance, Weighted Average Exercise Price	$ 7.58	$ 7.84

Share-based Compensation Plan_4

Share-based Compensation Plans - Stock Option Pricing Model Assumption (Detail)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	0.30%	0.47%
Risk-free interest rate, maximum	1.08%	1.90%
Expected volatility	82.60%	71.20%
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 3 months

Investments - Summary of Compan

Investments - Summary of Company's Debt Securities Held-to-Maturity (Detail) - US Treasury securities [Member] - Investments [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 21,496	$ 41,995
Gross Unrealized Gains	3	54
Gross Unrealized Losses		(3)
Fair value of investments	$ 21,499	$ 42,046

Fair Value of Financial Instr_3

Fair Value of Financial Instruments and Investments - Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value on a Recurring Basis [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 111,030	$ 80,509
Cash and Cash Equivalents [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	89,531	38,463
US Treasury Securities [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	21,499	42,046
Quoted Prices in Active markets (Level 1) [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	111,030	80,509
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	89,531	38,463
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	$ 21,499	$ 42,046

Fair Value of Financial Instr_4

Fair Value of Financial Instruments and Investments - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Carrying amount of long-term debt, net of unamortized deferred financing costs and debt discounts	$ 9.9	$ 9.7

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2021	May 13, 2021	Jun. 30, 2020
Debt instrument,interest rate	9.75%		9.75%
Debt instrument, Effective interest rate	13.53%		13.53%
Term loan [Member]
Debt instrument maximum borrowing capacity			$ 25
Long-term Debt, Gross			10
Aggregate loan amount received , Net	$ 9.9
Line of credit facility additional borrowing capacity			$ 15
Long-term debt, maturity date	Jul. 1, 2024
Long-term debt, maturity, year one	$ 0
Long-term debt, maturity, year two	2.2
Long-term debt, maturity, year three	9.3
Long-term debt, maturity, year four	$ 8.5
Term loan [Member] | Subsequent Event [Member]
Long-term Debt, Gross		$ 10
Line of credit facility additional borrowing capacity		$ 5

Collaboration Agreements and _2

Collaboration Agreements and Contract Liabilities - Additional Information (Detail)	Feb. 02, 2017USD ($)Site	Mar. 31, 2020USD ($)	Jan. 31, 2020USD ($)	Oct. 31, 2019	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payments to acquire equity interest						$ 4,000,000
Number of clinical site required to conduct clinical trials | Site	1
Collaboration revenue						2,453,000
Deferred revenue balance							$ 225,000
Deferred revenue							$ 374,000	$ 149,000
Mutations in GJB2 [Member] | Otonomy Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage on mutations in GJB2 account				30.00%
Bionic Sight LLC [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Additional Equity method investments		$ 6,200,000
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		$ 4,000,000			$ 4,000,000
Percentage of investment in equity interest	5.00%	15.50%				15.50%
Collaboration revenue					$ 2,200,000
Ongoing research and development support costs	$ 2,200,000
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

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Income Taxes [Line Items]
Uncertain tax position reserve recorded	$ 2,200		$ 2,200		$ 2,100
Interest and/or penalties accrued related to uncertain income tax positions	600		600		$ 500
Unrecognised tax benefits that would impact effective income tax rate	1,600		1,600
Provision for income taxes	$ 21	$ 21	$ 62	$ 63

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Feb. 01, 2021	Feb. 13, 2020	Feb. 11, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Class of Stock [Line Items]
Common stock, shares issued	16,741,573		6,500,000	42,796,000		25,813,000
Maximum number of stocks acquired by outstanding warrants	8,370,786
Common stock, share price	$ 4.45		$ 5
Aggregate proceeds received	$ 74,500,000		$ 32,500,000	$ 69,261,000	$ 34,949,000
Payments of Stock Issuance Costs	$ 5,200,000
Warrants exercise price	$ 6
Warrants expiration date	Feb. 1, 2026
Unpaid issuance costs					$ 138,000
Underwritten Public Offering [Member]
Class of Stock [Line Items]
Common stock, shares issued		975,000
Aggregate proceeds received		$ 4,900,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions	May 13, 2021USD ($)ft²	Apr. 02, 2021USD ($)
Subsequent Event [Line Items]
Area of land | ft²	21,250
Build To Suit Manufacturing and Quality Control Facility in Alachua Florida [Member]
Subsequent Event [Line Items]
Lessee operating lease not yet comenced term of contract	20 years
Lessee operating lease annual base rent percentage increase	1.50%
Lesee operating lease not yet commenced termination fees payable	$ 3.3
Lesee operating lease not yet commenced term after which the termination may take place	16 years 6 months
Lesee operating lease not yet commenced term before which notice shall be given	15 years
Build To Suit Manufacturing and Quality Control Facility in Alachua Florida [Member] | Operating Lease Renewal One [Member]
Subsequent Event [Line Items]
Lessee operating lease not yet commenced renewal term	5 years
Build To Suit Manufacturing and Quality Control Facility in Alachua Florida [Member] | Operating Lease Renewal Two [Member]
Subsequent Event [Line Items]
Lessee operating lease not yet commenced renewal term	5 years
Build To Suit Manufacturing and Quality Control Facility in Alachua Florida [Member] | Operating Lease Renewal Three [Member]
Subsequent Event [Line Items]
Lessee operating lease not yet commenced renewal term	5 years
Commitement Of The Landlord [Member] | Build To Suit Manufacturing and Quality Control Facility in Alachua Florida [Member]
Subsequent Event [Line Items]
Commitement to contribute towards building taken on operating lease for fit out works	$ 6
Cantor Fitzgerald & Co [Member]
Subsequent Event [Line Items]
Percentage of compensation cost on gross sales price of shares		3.00%
Cantor Fitzgerald & Co [Member] | Maximum [Member]
Subsequent Event [Line Items]
Aggregate offering price		$ 50

Subsequent Events - Summary of

Subsequent Events - Summary of Company Annual Base Rent (Detail) - Subsequent Event [Member] - Build To Suit Manufacturing and Quality Control Facility in Alachua Florida [Member]	May 13, 2021USD ($)
1-12 Months [Member]
Subsequent Event [Line Items]
Operating lease base rent payable during the period	$ 0
13-18 Months [Member]
Subsequent Event [Line Items]
Operating lease base rent payable during the period	637,500
19-30 Months [Member]
Subsequent Event [Line Items]
Operating lease base rent payable during the period	$ 1,253,750

Subsequent Events - Summary o_2

Subsequent Events - Summary of Company Annual Base Rent (Parenthetical) (Detail) - Subsequent Event [Member] - Build To Suit Manufacturing and Quality Control Facility in Alachua Florida [Member]	May 13, 2021
Subsequent Event [Line Items]
Lessee operating lease annual base rent percentage increase	1.50%
From The Thirty First Month Of The Lease Term [Member]
Subsequent Event [Line Items]
Lessee operating lease annual base rent percentage increase	1.50%