Applied Genetic Technologies (AGTC) 10-Q 11 May 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	AGTC
Entity Registrant Name	APPLIED GENETIC TECHNOLOGIES CORP
Entity Central Index Key	1273636
Current Fiscal Year End Date	-24
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		16,475,654

Condensed_Balance_Sheets_Unaud

Condensed Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$44,483	$8,623
Investments	17,796	64,450
Grants receivable	1,255	487
Prepaid and other current assets	1,575	1,876
Total current assets	65,109	75,436
Investments	29,489
Property and equipment, net	533	402
Intangible assets, net	1,447	1,565
Other assets	7	4
Total assets	96,585	77,407
Current liabilities:
Accounts payable	764	949
Accrued and other liabilities	3,028	1,585
Total current liabilities	3,792	2,534
Total liabilities	3,792	2,534
Stockholders' equity:
Common stock, par value $.001 per share, 150,000 shares authorized; 16,486 and 14,082 shares issued; 16,476 and 14,082 shares outstanding at March 31, 2015 and June 30, 2014, respectively	16	14
Additional paid-in capital	173,468	139,193
Accumulated deficit	-80,691	-64,334
Total stockholders' equity	92,793	74,873
Total liabilities and stockholders' equity	$96,585	$77,407

Condensed_Balance_Sheets_Unaud1

Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Jun. 30, 2014
Statement Of Financial Position [Abstract]
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	16,486,000	14,082,000
Common stock, shares outstanding	16,476,000	14,082,000

Condensed_Statements_of_Operat

Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Grant revenue	$284	$182	$1,541	$648
Sponsored research and other revenue		50	100	357
Total revenue	284	232	1,641	1,005
Operating expenses:
Research and development	4,104	2,128	11,975	5,801
General and administrative	2,571	1,364	6,168	3,335
Total operating expenses	6,675	3,492	18,143	9,136
Loss from operations	-6,391	-3,260	-16,502	-8,131
Other income (expense):
Investment income	67	8	147	23
Fair value adjustments		-336		-441
Other expense	-2		-2
Total other income (expense), net	65	-328	145	-3,256
Net loss	-6,326	-3,588	-16,357	-11,387
Net loss per share, basic and diluted	($0.38)	($25.45)	($1.01)	($95.69)
Weighted average shares outstanding, basic and diluted	16,463	141	16,172	119
Series B Purchase Rights [Member]
Other income (expense):
Fair value adjustments				($2,838)

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net loss	($16,357)	($11,387)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	2,120	200
Depreciation and amortization	279	242
Fair value adjustments		441
Changes in operating assets and liabilities:
Increase in grants receivable	-768	-220
Decrease (increase) in prepaid and other assets	392	-1,963
(Decrease) increase in accounts payable	-185	461
Decrease in deferred revenues		-212
Increase in accrued and other liabilities	1,443	562
Net cash used in operating activities	-13,076	-9,038
Cash flows from investing activities
Purchase of property and equipment	-225	-89
Purchase of and capitalized costs related to intangible assets	-68	-113
Maturity of investments	108,130	22,000
Purchase of investments	-91,058	-24,500
Net cash provided by (used in) investing activities	16,779	-2,702
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	32,009
Proceeds from exercise of common stock options	148	194
Net cash provided by financing activities	32,157	10,877
Net increase (decrease) in cash and cash equivalents	35,860	-863
Cash and cash equivalents, beginning of period	8,623	8,893
Cash and cash equivalents, end of period	44,483	8,030
Series B Purchase Rights [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Fair value adjustments		2,838
Cash flows from financing activities
Proceeds from issuance of preferred stock and Series B purchase rights, net of issuance costs		$10,683

Organization_and_Operations

Organization and Operations	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Organization and Operations	-1	Organization and Operations:
	Applied Genetic Technologies Corporation (the “Company” or “AGTC”) was incorporated as a Florida corporation on January 19, 1999 and reincorporated as a Delaware corporation on October 24, 2003. The Company is a clinical-stage biotechnology company developing gene therapy products designed to transform the lives of patients with severe diseases, primarily in ophthalmology.
	On April 1, 2014, the Company completed its initial public offering (“IPO”) in which it sold 4,166,667 shares of common stock at a price of $12.00 per share. The shares began trading on the Nasdaq Global Select Market on March 27, 2014 under the ticker symbol AGTC. On April 3, 2014, the Company sold an additional 625,000 shares of common stock at the offering price of $12.00 per share pursuant to the exercise of the underwriters’ over-allotment option. The aggregate net proceeds received by the Company from the IPO offering, including exercise of the over-allotment option, amounted to $51.6 million, net of underwriting discounts and commissions and other issuance costs incurred by the Company.
	On July 30, 2014, the Company completed a follow on public offering in which it sold 2,000,000 shares of common stock at a public offering price of $15.00 per share. On August 1, 2014, the Company sold an additional 300,000 shares of common stock at a public offering price of $15.00 per share pursuant to the full exercise of an overallotment option granted to the underwriters in connection with the follow on offering. The aggregate net proceeds received by the Company from the follow on offering, including exercise of the overallotment option, amounted to $32.0 million, net of underwriting discounts and commissions and other offering expenses.
	The Company has devoted substantially all of its efforts to research and development, including clinical trials. The Company has not completed the development of any products. The Company has generated revenue from collaboration agreements, sponsored research payments and grants, but has not generated product revenue to date and is subject to a number of risks similar to those of other early stage companies in the biotechnology industry, including dependence on key individuals, the difficulties inherent in the development of commercially viable products, the need to obtain additional capital necessary to fund the development of its products, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, protection of proprietary technology, compliance with government regulations and ability to transition to large-scale production of products. As of March 31, 2015, the Company had an accumulated deficit of $80.7 million and expects to continue to incur losses for the foreseeable future. The Company has funded its operations primarily through the private placement of preferred stock, common stock, convertible notes and warrants to purchase preferred stock and through public offerings consummated in 2014. At March 31, 2015, the Company’s capital resources, consisting of cash, cash equivalents, and investments, amounted to $91.8 million.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	-2	Summary of Significant Accounting Policies:
	(a)	Basis of Presentation – The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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.
	The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to U.S. Securities and Exchange Commission (“SEC”) rules and regulations for interim reporting.
	The Condensed Balance Sheet as of June 30, 2014 was derived from audited financial statements, but does not include all disclosures required by GAAP. These Condensed Financial Statements should be read in conjunction with the audited financial statements included in the Company’s 2014 Annual Report on Form 10-K. Results of operations for the three and nine months ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year or any other interim period.
	(b)	Use of estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	(c)	Cash and cash equivalents— The Company considers all highly liquid investments with a maturity of 90 days or less at the time of purchase to be cash equivalents.  Cash and cash equivalents include cash held in banks, investments in money market accounts, certificates of deposit, and debt securities.  The fair values of cash equivalents approximate their carrying amounts.
	(d)	Investments—The Company’s investments consist of certificates of deposit and debt securities classified as held-to-maturity.  Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet.  Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity.  Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity.  Such amortization is included in investment income.  Interest on securities classified as held-to-maturity is included in investment income.
	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.
	New information and the passage of time can change these judgments. The Company manages its investment portfolio to limit its exposure to any one issuer or market sector, and largely limits its investments to U.S. government and agency securities, commercial paper, and corporate debt obligations, all of which are investment grade quality. Securities downgraded below policy minimums after purchase will be disposed of in accordance with the investment policy.
	(e)	Fair value of financial instruments—The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below:
	Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and 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.
	(f)	Intangible assets – Intangible assets 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 costs recorded include costs for patent applications that have future value. The Company evaluates costs related to patents that it is not actively pursuing and writes off any of these costs. Amortization expense is computed using the straight-line method over the estimated useful lives of the assets, which are generally eight to twenty years. The Company amortizes in-licensed patents and patent applications from the date of the applicable license and internally developed patents and patent applications from the date of the initial application. Licenses and patents converted to research use only are expensed immediately.
	(g)	Revenue recognition – The Company has generated revenue through collaboration agreements, sponsored research arrangements with nonprofit organizations for the development and commercialization of product candidates and revenues from federal research and development grant programs. The Company recognizes revenue when amounts are realized or realizable and earned. Revenue is considered realizable and earned when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collection of the amounts due is reasonably assured.
	Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current liabilities. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses, as the Company has the risks and rewards as the principal in the research and development activities.
	The Company evaluates the terms of sponsored research agreement grants and federal grants to assess the Company’s obligations and if the Company’s obligations are satisfied by the passage of time, revenue is recognized on a straight-line basis. In situations where the performance of the Company’s obligations has been satisfied when the grant is received, revenue is recognized upon receipt of the grant. Certain grants contain refund provisions. The Company reviews those refund provisions to determine the likelihood of repayment. If the likelihood of repayment of the grant is determined to be remote, the grant is recognized as revenue. If the probability of repayment is determined to be more than remote, the Company records the grant as a deferred revenue liability, until such time that the grant requirements have been satisfied.
	(h)	Research and development – Research and development costs include costs incurred in identifying, developing and testing product candidates. Costs consist primarily of payroll expenses for research related employees, laboratory costs, animal and laboratory maintenance and supplies, rent, utilities, and clinical and pre-clinical expenses, as well as payments for sponsored research, scientific and regulatory consulting fees and testing. Costs are charged to expense as incurred. Costs for certain development activities are recognized based on an evaluation of the progress to completion of specific tasks using information and data provided by the Company’s vendors and clinical sites. When outside contracts for research products or testing require advance payments, these payments are recorded on the balance sheet as a prepaid expense and subsequently recognized as an operating expense when the service is provided or when a specific milestone outlined in the contract is reached. Advance payments related to research and development were $1.3 million and $1.4 million at March 31, 2015 and June 30, 2014, respectively, and are included in other current assets on the balance sheets.
	(i)	Share-based compensation – The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized on a straight-line basis over the period during which the employee is required to provide service in exchange for the award. The fair value of stock options on the date of grant is calculated using the Black-Scholes option pricing model based on key assumptions such as expected volatility, risk-free interest rate and expected term. For stock options awarded to employees, an assumption is also made for the estimated forfeiture rate based on the historical behavior of employees. The forfeiture rate reduces the total fair value of the awards to be recognized as compensation expense. The fair value of restricted stock awards is based on the Company’s closing share price on the date of grant.
	The Company accounts for stock options and awards of restricted stock issued to non-employees in accordance with the provisions of FASB ASC Subtopic 505-50, Equity-Based Payments to Non-employees, which states that equity instruments issued in exchange for the receipt of goods or services should be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
	(j)	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.
	(k)	New Accounting Pronouncements – In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The amendments require management to perform interim and annual assessments of an entity’s ability to continue as a going concern and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The standard applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact that this new guidance will have on its financial statements.
	In May 2014, the FASB issued guidance that requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. 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 applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance is effective for public companies for annual periods beginning after December 15, 2016 as well as interim periods within those annual periods using either the full retrospective approach or modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the impact of the new guidance on its financial statements.
	In July 2013, the FASB issued amended guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented as a reduction of a deferred tax asset when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists, with certain exceptions. This accounting guidance was effective for annual and interim periods beginning after December 15, 2013. The Company adopted this new guidance beginning with its interim financial statements for the three months ended March 31, 2014. The adoption of this standard did not have a material impact on the Company’s financial statements.

Sharebased_Compensation_Plans

Share-based Compensation Plans	9 Months Ended
	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation Plans	-3	Share-based Compensation Plans:
	The Company uses stock options and awards of restricted stock to provide long-term incentives for its employees, non-employee directors and certain consultants.   A summary of the stock option activity for the nine months ended March 31, 2015 and 2014 is as follows:
			For the Nine Months Ended March 31,
			2015					2014
	(In thousands, except per share amounts)		Shares			Weighted		Shares			Weighted
						Average					Average
						Exercise					Exercise
						Price					Price
	Outstanding, June 30			1,024		$	6.21		380		$	1.45
	Granted			409			19.64		559			6.88
	Exercised			(46	)		3.24		(57	)		3.39
	Terminated			(109	)		6.43		(10	)		3.5
	Outstanding, March 31			1,278		$	10.59		872		$	4.78
	Exercisable, end of period			408					166
	Weighted average fair value of options granted		$	14.43				$	4.48
	during the period
	For the three and nine months ended March 31, 2015, share-based expense related to stock options awarded to employees, non-employee directors and consultants amounted to $746 thousand and $1.7 million, respectively.
	In addition, during the three and nine months ended March 31, 2015, the Company granted restricted share awards of 10 thousand and 43 thousand shares to employees and non-employee consultants and recorded share-based expense of $147 thousand and $444 thousand, respectively, associated with these awards.  For the three and nine months ended March 31, 2014, share-based expense related to stock options awarded to employees, non-employee directors and consultants amounted to $89 thousand and $200 thousand, respectively.
	As of March 31, 2015, there was $7.4 million of unrecognized compensation expense related to non-vested stock options and $232 thousand of unrecognized compensation expense associated with non-vested restricted share awards.

Investments

Investments	9 Months Ended
	Mar. 31, 2015
Investments Schedule [Abstract]
Investments	-4	Investments:
	The following is a summary of the Company’s investments by category for each of the periods presented:
			March 31,		June 30,
	In thousands		2015		2014
	Investments - Current:
	Certificates of deposit		$	10,350	$	64,450
	Debt securities - held-to-maturity			7,446		—
			$	17,796	$	64,450
	Investments - Noncurrent:
	Certificates of deposit		$	3,133	$	—
	Debt securities - held-to-maturity			26,356		—
			$	29,489	$	—
	As of March 31, 2015, a summary of the debt securities that were held-to-maturity is as follows:
	In thousands		Amortized Cost		Gross		Gross			Fair Value
					Unrealized		Unrealized
					Gains		Losses
	Investments - Current:
	Commercial paper		$	1,999	$	—	$	—			1,999
	Corporate obligations			5,447		—		(6	)		5,441
			$	7,446	$	—	$	(6	)	$	7,440
	Investments - Noncurrent:
	U.S. government and agency obligations		$	23,835	$	5	$	(13	)	$	23,827
	Corporate obligations			2,521		5		—			2,526
			$	26,356	$	10	$	(13	)	$	26,353
	The amortized cost and fair value of held-to-maturity debt securities as of March 31, 2015, by contractual maturity, were as follows:
	In thousands		Amortized Cost		Fair Value
	Due in one year or less		$	7,446	$	7,440
	Due after one year through two years			26,356		26,353
			$	33,802	$	33,793
	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 an other-than-temporary impairment. Therefore, the Company believes these losses to be temporary. As of March 31, 2015, the Company did not have the intent to sell any of the securities that were in an unrealized loss position at that date.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments and Investments	9 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Investments	-5	Fair Value of Financial Instruments and Investments:
	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 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. The carrying value of cash and cash equivalents approximates fair value as maturities are less than three months.
	Certificates of Deposit. The Company’s certificates of deposit are placed through an account registry service.  The fair value measurement of the Company’s certificates of deposit is considered Level 2 of the fair value hierarchy as the inputs are based on quoted prices for identical assets in markets that are not active.  The carrying amounts of the Company’s certificates of deposit reported in the balance sheets approximate fair value.
	Debt securities – held-to-maturity. The Company’s investments in debt securities classified as held-to-maturity include U.S. Treasury Securities, government agency obligations, commercial paper, and corporate obligations. U.S. Treasury Securities are valued using quoted market prices. Valuation adjustments are not applied. Accordingly, U.S. Treasury Securities are considered Level 1 of the fair value hierarchy. The fair values of U.S. government agency obligations, commercial paper and corporate obligations are generally determined using recently executed transactions, broker quotes, market price quotations where these are available or other observable market inputs for the same or similar securities. As such, the Company classifies its investments in U.S. government agency obligations, commercial paper and corporate obligations within Level 2 of the hierarchy.
	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		Quoted prices		Significant		Significant unobservable		Total Fair		Total
			in active		other observable inputs		inputs		Value		Carrying
			markets		(Level 2)		(Level 3)				Value
			(Level 1)
	31-Mar-15
	Cash and cash equivalents		$	44,483	$	—	$	—	$	44,483	$	44,483
	Certificates of deposit			—		13,483		—		13,483		13,483
	Held-to-maturity investments:
	Commercial paper			—		1,999		—		1,999		1,999
	Corporate obligations			—		7,967		—		7,967		7,968
	U.S. government and agency obligations			3,838		19,989		—		23,827		23,835
	Total assets		$	48,321	$	43,438	$	—	$	91,759	$	91,768
	30-Jun-14
	Cash and cash equivalents		$	8,623	$	—	$	—	$	8,623	$	8,623
	Certificates of deposit			—		64,450		—		64,450		64,450
	Total assets		$	8,623	$	64,450	$	—	$	73,073	$	73,073

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Stockholders' Equity	(6)     Stockholders’ Equity:
	On April 1, 2014, the Company completed its IPO in which it sold 4,166,667 shares of common stock at a price of $12.00 per share. The shares began trading on the Nasdaq Global Select Market on March 27, 2014. On April 3, 2014, an additional 625,000 shares were sold pursuant to the exercise of the underwriters’ over-allotment option, also at the offering price of $12.00 per share. The aggregate net proceeds received by the Company from the offering, including exercise of the over-allotment option, amounted to $51.6 million, net of underwriting discounts and commissions and other issuance costs incurred by the Company. Upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 9,120,081 shares of common stock; and warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for 49,811 shares of common stock, resulting in the reclassification of the related convertible preferred stock warrant liability of $551 thousand to additional paid-in capital.
	On July 30, 2014, the Company completed a follow on public offering in which it sold 2,000,000 shares of common stock at a public offering price of $15.00 per share. On August 1, 2014, the Company sold an additional 300,000 shares of common stock at a public offering price of $15.00 per share pursuant to the full exercise of an overallotment option granted to the underwriters in connection with the follow on offering. The aggregate net proceeds received by the Company from the offering, including the exercise of the overallotment option, amounted to $32.0 million, net of underwriting discounts and commissions.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	(a)	Basis of Presentation – The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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.
	The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to U.S. Securities and Exchange Commission (“SEC”) rules and regulations for interim reporting.
	The Condensed Balance Sheet as of June 30, 2014 was derived from audited financial statements, but does not include all disclosures required by GAAP. These Condensed Financial Statements should be read in conjunction with the audited financial statements included in the Company’s 2014 Annual Report on Form 10-K. Results of operations for the three and nine months ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year or any other interim period.
Use of estimates	(b)	Use of estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents	(c)	Cash and cash equivalents— The Company considers all highly liquid investments with a maturity of 90 days or less at the time of purchase to be cash equivalents.  Cash and cash equivalents include cash held in banks, investments in money market accounts, certificates of deposit, and debt securities.  The fair values of cash equivalents approximate their carrying amounts.
Investments	(d)	Investments—The Company’s investments consist of certificates of deposit and debt securities classified as held-to-maturity.  Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet.  Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity.  Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity.  Such amortization is included in investment income.  Interest on securities classified as held-to-maturity is included in investment income.
	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.
	New information and the passage of time can change these judgments. The Company manages its investment portfolio to limit its exposure to any one issuer or market sector, and largely limits its investments to U.S. government and agency securities, commercial paper, and corporate debt obligations, all of which are investment grade quality. Securities downgraded below policy minimums after purchase will be disposed of in accordance with the investment policy.
Fair value of financial instruments	(e)	Fair value of financial instruments—The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below:
	Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and 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.
Intangible assets	(f)	Intangible assets – Intangible assets 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 costs recorded include costs for patent applications that have future value. The Company evaluates costs related to patents that it is not actively pursuing and writes off any of these costs. Amortization expense is computed using the straight-line method over the estimated useful lives of the assets, which are generally eight to twenty years. The Company amortizes in-licensed patents and patent applications from the date of the applicable license and internally developed patents and patent applications from the date of the initial application. Licenses and patents converted to research use only are expensed immediately.
Revenue Recognition	(g)	Revenue recognition – The Company has generated revenue through collaboration agreements, sponsored research arrangements with nonprofit organizations for the development and commercialization of product candidates and revenues from federal research and development grant programs. The Company recognizes revenue when amounts are realized or realizable and earned. Revenue is considered realizable and earned when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collection of the amounts due is reasonably assured.
	Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current liabilities. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses, as the Company has the risks and rewards as the principal in the research and development activities.
	The Company evaluates the terms of sponsored research agreement grants and federal grants to assess the Company’s obligations and if the Company’s obligations are satisfied by the passage of time, revenue is recognized on a straight-line basis. In situations where the performance of the Company’s obligations has been satisfied when the grant is received, revenue is recognized upon receipt of the grant. Certain grants contain refund provisions. The Company reviews those refund provisions to determine the likelihood of repayment. If the likelihood of repayment of the grant is determined to be remote, the grant is recognized as revenue. If the probability of repayment is determined to be more than remote, the Company records the grant as a deferred revenue liability, until such time that the grant requirements have been satisfied.
Research and Development	(h)	Research and development – Research and development costs include costs incurred in identifying, developing and testing product candidates. Costs consist primarily of payroll expenses for research related employees, laboratory costs, animal and laboratory maintenance and supplies, rent, utilities, and clinical and pre-clinical expenses, as well as payments for sponsored research, scientific and regulatory consulting fees and testing. Costs are charged to expense as incurred. Costs for certain development activities are recognized based on an evaluation of the progress to completion of specific tasks using information and data provided by the Company’s vendors and clinical sites. When outside contracts for research products or testing require advance payments, these payments are recorded on the balance sheet as a prepaid expense and subsequently recognized as an operating expense when the service is provided or when a specific milestone outlined in the contract is reached. Advance payments related to research and development were $1.3 million and $1.4 million at March 31, 2015 and June 30, 2014, respectively, and are included in other current assets on the balance sheets.
Share-Based Compensation	(i)	Share-based compensation – The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized on a straight-line basis over the period during which the employee is required to provide service in exchange for the award. The fair value of stock options on the date of grant is calculated using the Black-Scholes option pricing model based on key assumptions such as expected volatility, risk-free interest rate and expected term. For stock options awarded to employees, an assumption is also made for the estimated forfeiture rate based on the historical behavior of employees. The forfeiture rate reduces the total fair value of the awards to be recognized as compensation expense. The fair value of restricted stock awards is based on the Company’s closing share price on the date of grant.
	The Company accounts for stock options and awards of restricted stock issued to non-employees in accordance with the provisions of FASB ASC Subtopic 505-50, Equity-Based Payments to Non-employees, which states that equity instruments issued in exchange for the receipt of goods or services should be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
Comprehensive Loss	(j)	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	(k)	New Accounting Pronouncements – In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The amendments require management to perform interim and annual assessments of an entity’s ability to continue as a going concern and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The standard applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact that this new guidance will have on its financial statements.
	In May 2014, the FASB issued guidance that requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. 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 applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance is effective for public companies for annual periods beginning after December 15, 2016 as well as interim periods within those annual periods using either the full retrospective approach or modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the impact of the new guidance on its financial statements.
	In July 2013, the FASB issued amended guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented as a reduction of a deferred tax asset when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists, with certain exceptions. This accounting guidance was effective for annual and interim periods beginning after December 15, 2013. The Company adopted this new guidance beginning with its interim financial statements for the three months ended March 31, 2014. The adoption of this standard did not have a material impact on the Company’s financial statements.
Certificates of Deposit	Certificates of Deposit. The Company’s certificates of deposit are placed through an account registry service.  The fair value measurement of the Company’s certificates of deposit is considered Level 2 of the fair value hierarchy as the inputs are based on quoted prices for identical assets in markets that are not active.  The carrying amounts of the Company’s certificates of deposit reported in the balance sheets approximate fair value.
Debt securities - held-to-maturity	Debt securities – held-to-maturity. The Company’s investments in debt securities classified as held-to-maturity include U.S. Treasury Securities, government agency obligations, commercial paper, and corporate obligations. U.S. Treasury Securities are valued using quoted market prices. Valuation adjustments are not applied. Accordingly, U.S. Treasury Securities are considered Level 1 of the fair value hierarchy. The fair values of U.S. government agency obligations, commercial paper and corporate obligations are generally determined using recently executed transactions, broker quotes, market price quotations where these are available or other observable market inputs for the same or similar securities. As such, the Company classifies its investments in U.S. government agency obligations, commercial paper and corporate obligations within Level 2 of the hierarchy.

Sharebased_Compensation_Plans_

Share-based Compensation Plans (Tables)	9 Months Ended
	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	A summary of the stock option activity for the nine months ended March 31, 2015 and 2014 is as follows:
		For the Nine Months Ended March 31,
		2015					2014
	(In thousands, except per share amounts)	Shares			Weighted		Shares			Weighted
					Average					Average
					Exercise					Exercise
					Price					Price
	Outstanding, June 30		1,024		$	6.21		380		$	1.45
	Granted		409			19.64		559			6.88
	Exercised		(46	)		3.24		(57	)		3.39
	Terminated		(109	)		6.43		(10	)		3.5
	Outstanding, March 31		1,278		$	10.59		872		$	4.78
	Exercisable, end of period		408					166
	Weighted average fair value of options granted	$	14.43				$	4.48
	during the period

Investments_Tables

Investments (Tables)	9 Months Ended
	Mar. 31, 2015
Investments Schedule [Abstract]
Summary of the Company's Investments	The following is a summary of the Company’s investments by category for each of the periods presented:
		March 31,		June 30,
	In thousands	2015		2014
	Investments - Current:
	Certificates of deposit	$	10,350	$	64,450
	Debt securities - held-to-maturity		7,446		—
		$	17,796	$	64,450
	Investments - Noncurrent:
	Certificates of deposit	$	3,133	$	—
	Debt securities - held-to-maturity		26,356		—
		$	29,489	$	—
Summary of Debt Securities Held-to-Maturity	As of March 31, 2015, a summary of the debt securities that were held-to-maturity is as follows:
	In thousands	Amortized Cost		Gross		Gross			Fair Value
				Unrealized		Unrealized
				Gains		Losses
	Investments - Current:
	Commercial paper	$	1,999	$	—	$	—			1,999
	Corporate obligations		5,447		—		(6	)		5,441
		$	7,446	$	—	$	(6	)	$	7,440
	Investments - Noncurrent:
	U.S. government and agency obligations	$	23,835	$	5	$	(13	)	$	23,827
	Corporate obligations		2,521		5		—			2,526
		$	26,356	$	10	$	(13	)	$	26,353
Summary of Amortized Cost and Fair Value of Held-to-Maturity Debt Securities	The amortized cost and fair value of held-to-maturity debt securities as of March 31, 2015, by contractual maturity, were as follows:
	In thousands	Amortized Cost		Fair Value
	Due in one year or less	$	7,446	$	7,440
	Due after one year through two years		26,356		26,353
		$	33,802	$	33,793

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments and Investments (Tables)	9 Months Ended
	Mar. 31, 2015
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	Quoted prices		Significant		Significant unobservable		Total Fair		Total
		in active		other observable inputs		inputs		Value		Carrying
		markets		(Level 2)		(Level 3)				Value
		(Level 1)
	31-Mar-15
	Cash and cash equivalents	$	44,483	$	—	$	—	$	44,483	$	44,483
	Certificates of deposit		—		13,483		—		13,483		13,483
	Held-to-maturity investments:
	Commercial paper		—		1,999		—		1,999		1,999
	Corporate obligations		—		7,967		—		7,967		7,968
	U.S. government and agency obligations		3,838		19,989		—		23,827		23,835
	Total assets	$	48,321	$	43,438	$	—	$	91,759	$	91,768
	30-Jun-14
	Cash and cash equivalents	$	8,623	$	—	$	—	$	8,623	$	8,623
	Certificates of deposit		—		64,450		—		64,450		64,450
	Total assets	$	8,623	$	64,450	$	—	$	73,073	$	73,073

Organization_and_Operations_Ad

Organization and Operations - Additional Information (Detail) (USD $)	9 Months Ended	0 Months Ended
	Mar. 31, 2015	Apr. 03, 2014	Aug. 01, 2014	Jun. 30, 2014	Apr. 01, 2014	Jul. 30, 2014
Summary Of Organization And Operations [Line Items]
Common stock, shares issued	16,486,000			14,082,000
Aggregate net proceeds received	$32,009,000
Accumulated deficit	-80,691,000			-64,334,000
Cash, cash equivalents and short-term and long term investments	91,800,000
IPO [Member]
Summary Of Organization And Operations [Line Items]
Initial public offering closing date	1-Apr-14
Common stock, shares issued					4,166,667
Common stock, share price					$12
Over Allotment Option [Member]
Summary Of Organization And Operations [Line Items]
Common stock, shares issued		625,000
Common stock, share price		$12
IPO and Over Allotment Option [Member]
Summary Of Organization And Operations [Line Items]
Proceeds from initial public offering		51,600,000
Follow on Public Offerings [Member]
Summary Of Organization And Operations [Line Items]
Common stock, shares issued						2,000,000
Common stock, share price						$15
Underwritten Follow On Offering [Member]
Summary Of Organization And Operations [Line Items]
Common stock, shares issued			300,000
Common stock, share price			$15
Aggregate net proceeds received			$32,000,000

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Jun. 30, 2014
Research and development-related [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advance payments	1.3	$1.40
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of intangible assets	8 years
Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of intangible assets	20 years

Sharebased_Compensation_Plans_1

Share-based Compensation Plans - Summary of Stock Option Activity (Detail) (USD $)	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Shares	1,024	380
Granted, Shares	409	559
Exercised, Shares	-46	-57
Terminated, Shares	-109	-10
Ending Balance, Shares	1,278	872
Exercisable, end of period, Shares	408	166
Weighted average fair value of options granted during the period, Shares	$14.43	$4.48
Beginning Balance, Weighted Average Exercise Price	$6.21	$1.45
Granted, Weighted Average Exercise Price	$19.64	$6.88
Exercised, Weighted Average Exercise Price	$3.24	$3.39
Terminated, Weighted Average Exercise Price	$6.43	$3.50
Ending Balance, Weighted Average Exercise Price	$10.59	$4.78

Sharebased_Compensation_Plans_2

Share-based Compensation Plans - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended		3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$89	$2,120	$200
Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted		43		10
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		1,700		746
Unrecognized compensation expenses		7,400		7,400
Restricted Shares Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses		232		232
Restricted Shares Awards [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$444		147

Investments_Summary_of_Company

Investments - Summary of Company's Investments (Detail) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Investments - Current:
Certificates of deposit	$10,350	$64,450
Debt securities - held-to-maturity	7,446
Total Investments Current	17,796	64,450
Investments - Noncurrent:
Certificates of deposit	3,133
Debt securities - held-to-maturity	26,356
Total Investments Noncurrent	$29,489

Investment_Summary_of_Debt_Sec

Investment - Summary of Debt Securities Held-to-Maturity (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Investments - Current [Member]
Investment
Amortized Cost	$7,446
Gross Unrealized Losses	-6
Fair Value	7,440
Investments - Noncurrent [Member]
Investment
Amortized Cost	26,356
Gross Unrealized Gains	10
Gross Unrealized Losses	-13
Fair Value	26,353
Commercial Paper [Member] | Investments - Current [Member]
Investment
Amortized Cost	1,999
Fair Value	1,999
Corporate Obligations [Member] | Investments - Current [Member]
Investment
Amortized Cost	5,447
Gross Unrealized Losses	-6
Fair Value	5,441
Corporate Obligations [Member] | Investments - Noncurrent [Member]
Investment
Amortized Cost	2,521
Gross Unrealized Gains	5
Fair Value	2,526
US Government and Agencies Obligations [Member] | Investments - Noncurrent [Member]
Investment
Amortized Cost	23,835
Gross Unrealized Gains	5
Gross Unrealized Losses	-13
Fair Value	$23,827

Investments_Summary_of_Amortiz

Investments - Summary of Amortized Cost and Fair Value of Held-to-Maturity Debt Securities (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Investments Schedule [Abstract]
Amortized cost due in one year or less	$7,446
Amortized cost due after one year through two years	26,356
Total amortized cost	33,802
Fair value due in one year or less	7,440
Fair value due after one year through two years	26,353
Total fair value	$33,793

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments and Investments - Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, carrying value	$96,585	$77,407
Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	91,759	73,073
Assets, carrying value	91,768	73,073
Fair Value on a Recurring Basis [Member] | Cash and Cash Equivalents [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	44,483	8,623
Assets, carrying value	44,483	8,623
Fair Value on a Recurring Basis [Member] | Certificate of Deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	13,483	64,450
Assets, carrying value	13,483	64,450
Fair Value on a Recurring Basis [Member] | Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	1,999
Assets, carrying value	1,999
Fair Value on a Recurring Basis [Member] | Corporate Obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	7,967
Assets, carrying value	7,968
Fair Value on a Recurring Basis [Member] | US Government and Agencies Obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	23,827
Assets, carrying value	23,835
Fair Value on a Recurring Basis [Member] | Quoted Prices in Active markets (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	48,321	8,623
Fair Value on a Recurring Basis [Member] | 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	44,483	8,623
Fair Value on a Recurring Basis [Member] | Quoted Prices in Active markets (Level 1) [Member] | US Government and Agencies Obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	3,838
Fair Value on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	43,438	64,450
Fair Value on a Recurring Basis [Member] | 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	13,483	64,450
Fair Value on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	1,999
Fair Value on a Recurring Basis [Member] | 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	7,967
Fair Value on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | US Government and Agencies Obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	$19,989

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	9 Months Ended	0 Months Ended
	Mar. 31, 2015	Apr. 01, 2014	Apr. 03, 2014	Aug. 01, 2014	Jun. 30, 2014	Jul. 30, 2014
Changes In Equity And Comprehensive Income [Line Items]
Common stock, shares issued	16,486,000				14,082,000
Aggregate net proceeds received	$32,009,000
IPO [Member]
Changes In Equity And Comprehensive Income [Line Items]
Common stock, shares issued		4,166,667
Common stock, share price		$12
Reclassification of convertible preferred stock warrant liability to additional paid-in capital		551,000
IPO [Member] | Common Stock [Member]
Changes In Equity And Comprehensive Income [Line Items]
Convertible preferred stock, shares issued upon conversion		9,120,081
Warrants exercisable for common stock, converted from warrants exercisable for preferred stock		49,811
Over Allotment Option [Member]
Changes In Equity And Comprehensive Income [Line Items]
Common stock, shares issued			625,000
Common stock, share price			$12
IPO and Over Allotment Option [Member]
Changes In Equity And Comprehensive Income [Line Items]
Proceeds from initial public offering			51,600,000
Follow on Public Offerings [Member]
Changes In Equity And Comprehensive Income [Line Items]
Common stock, shares issued						2,000,000
Common stock, share price						$15
Underwritten Follow On Offering [Member]
Changes In Equity And Comprehensive Income [Line Items]
Common stock, shares issued				300,000
Common stock, share price				$15
Aggregate net proceeds received				$32,000,000